The Twenty Minute VC (20VC): Venture Capital | Startup Funding

Latest Episodes:

20VC: Why Venture Is A Service Product? Why There Is No Such Thing As Product Market Fit & Why Startups Need To Be More Design Orientated with Ben Blumenfeld, Co-Founder & General Partner @ Designer Fund Feb 22, 2017

Show notes

Ben Blumenfeld is the Co-Founder & General Partner @ Designer Fund, they invest in startups co-founded by designers and build and educate design teams through their program, Bridge. Designer Fund's portfolio includes the likes of Gusto, Stripe, Shyp, Operator and many more incredible companies. As for Ben, previously Ben was a design lead at Facebook for over 5 years where he helped build products for nearly a billion people and grow Facebook's world-class design team. He was also the design director at Varien which he helped build into one of the world's leading e-commerce firms.

In Today's Episode You Will Learn:

1.) How Ben made the move from designer to General Partner @ Designer Fund?

2.) How does Ben's design background inform how he invests in companies and then supports them post-investment? How does he evaluate design opportunities from the design perspective?

3.) Why now has design become such a competitive advantage in tech? What has changed? What are the fundamentals of beautifully designed products today?

4.) How does Ben believe the current crop of VCs view design? What do they not understand? What should they look to understand? Will we see a new class of design-centric VCs?

5.) From seeing the likes of Facebook, Medium and Asana scale deign teams, what have been the takeaways to effectively scaling design teams with the growth of an organisation? What is required for this to be successful?

Items Mentioned In Today's Show:

Ben's Fave Book: The Power of One

Ben's Fave Blog or Newsletter: Social Snippets, Charles Hudson @ Precursor

Ben's Most Recent Investment: Hustle

As always you can follow Harry, The Twenty Minute VC and Ben on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

Intercom is the first to bring messaging products for marketing and customer support together on one integrated platform. With Intercom, businesses can chat directly with prospective customers on their website, engage current users with targeted messages based on their behavior, and provide personal support at scale with an integrated help desk and knowledge base. This is perfect for Businesses that want to help people visiting their website become customers. Marketing and growth teams that want to onboard and retain users by sending the right messages at the right time and Support teams that want to move beyond email to provide personalized, scalable support so simply head over to Intercom.com/20MVC

Cooley are the global law firm built around startups and venture capital. Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 50+ years working with VCs. They help VCs form and manage funds, make investments and handle the myriad issues that arise through a fund's lifetime. So to learn more about the #1 most active law firm representing VC-backed companies going public. Head over to cooley.com and also at cooleygo.com.

20VC: Pejman Nozad: Tech's Most Unlikely VC: From Yoghurt Shop To Investing In Startups Now Worth $20Bn+ Feb 20, 2017

Show notes

Pejman Nozad is the Founding Managing Partner @ Pear.vc, one of the leading seed stage funds in the valley. However, Pejman did not enter the tech industry like most venture capitalists. Having immigrated from Iran, he lived in an attic above a yogurt shop and took a job at a rug store in the Valley. But he immersed himself in what was happening in technology. Slowly, with a few small investments, he developed a reputation for identifying talent and helping take promising ideas to the next level. From next to nothing, he built a $20B portfolio, investing in over 100 startups and seeding several multi-billion dollar companies such as Dropbox, Lending Club, SoundHound and Gusto.

In Today's Episode You Will Learn:

1.) How Pejman made his way from football in Iran to rug dealer in Palo Alto to leading seed stage VC?

2.) Mike Moritz has previously said that 'a call from Pejman is a call he will always take'. What led Mike to say this? What makes Pejman the brilliant networker and community builder that he is?

3.) How does Pejman assess early stage founders and teams? From seeing an early Andy Rubin, what did Pejman take from that as to what makes the best founders?

4.) Pejman invested $400K in Andy Rubin's Danger which exited 8 years later for $500m yet Pejman only 2x his money. What did he take from this? What have been the other major learning inflection points for Pejman in the journey?

5.) From working alongside some of the best investors of our generation, what does Pejman perceive to be the commonalities of the best investors? How do they operate? How do they evaluate early stage opportunities?

Items Mentioned In Today's Show:

Pejman's Fave Book: Power of Now

Pejman's Most Recent Investment: Gfycat

As always you can follow Harry, The Twenty Minute VC and Pejman on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: Why Founders Should Not Focus On Top Line Valuation, Why Capital Efficiency Is Key To Returns And Investment Success & Why Despite Popular Thought, $100m Is An Exciting Exit For VC with Micah Rosenbloom, Managing Partner @ Founder Collective Feb 15, 2017

Show notes

Micah Rosenbloom is Managing Partner @ Founder Collective, one of the leading seed funds in the world with investments in Uber, Buzzfeed, Makerbot, PillPack, Coupang and Cruise, just to name a few. As for Micah, prior to VC with Founder Collective, his career was varied starting as a Hollywood agent before becoming a serial entrepreneur founding 3 companies with the last, a successful exit alongside his now Partner Eric Paley with Brontes Technology. Micah also is a Board Member with Sequoia Funded Dia and Co and board observer with both MoveWith and Sense360.

In Today's Episode You Will Learn:

1.) How Micah made the move from Hollywood agent to leading seed stage VC?

2.) Why does Micah believe it is wrong to have themes to invest against? Why does he believe that the most interesting businesses can be found in weird and wonderful places?

3.) Why does Micah believe it is a problem for founders to focus exclusively on top line valuation? Why does Micah disagree with the common notion that a $100m exit is not exciting for VC?

4.) Why does Micah believe it is wrong for founders to build their company for the next round? Why does Micah disagree with Jason Lemkin in stating, 'the best investors know the benchmarks clearly for the next round'.

5.) How does Micah deal with the fire hose of activities inherent within venture? How does he prioritise those activities? What thesis does he base all his decisions around?

Items Mentioned In Today's Show:

Micah's Fave Book: Thinking Fast and Slow

Micah's Most Recent Investment: Skysafe

As always you can follow Harry, The Twenty Minute VC and Micah on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: Why We Are Valuation & Ownership Insensitive, Why We Do Not Take Board Seats & The Effects Of The Series A Crunch with Topher Conway, Co-Managing Partner @ SV Angel Feb 13, 2017

Show notes

Topher Conway is a Co-Managing Partner of SV Angel, one of Silicon Valley's leading seed funds with investments in the likes of Facebook, AirBnB, Twitter, Dropbox and many more. At SV Angel, Topher works particularly close with Gusto, Github, Lookout and many more incredible companies. He was included in Forbes Magazine's 30 Under 30 in 2015. Prior to SV Angel, he worked at EQAL, Inc. At EQAL, he worked with the Business Development and Sales teams and lead efforts in creating new business opportunities. Prior to EQAL, he held positions at eCost and a 2004 summer internship in Google's Direct Sales Organization. He is also a member of the UCLA VC Fund, helping foster entrepreneurship at the University.

In Today's Episode You Will Learn:

1.) How Topher made his way into the wonderful world of VC and came to be Managing Partner @ SV Angel?

2.) How has the rise of the pre-seed market affected Topher's access to deals? How has Topher reacted to the creation of this new market segment with their new fund size?

3.) How does Topher evaluate grit within founders? Do Topher and SV prefer serial or first-time founders? How does Topher and SV approach startup pivots? Where is the line between stubbornness and vision?

4.) To what extent does Topher focus on valuation and ownership? Why does he believe that it is not important at this stage? What is his determinant to see whether it will be a problem?

5.) To what extent has Topher witnessed the Series A Crunch? Where does he see gaps in the investment landscape? Why does Topher not have a problem with bridge rounds?

Items Mentioned In Today's Show:

Topher's Fave Book: The Score Takes Care Of Itself

Topher's Most Recent Investment: BetterUp

As always you can follow Harry, The Twenty Minute VC and Topher on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: How Startups & VCs Can Build Relationships with Potential Corporate Acquirers? The Challenge Of Operating Both A B2B & B2C Business Model & Why Fundraising Is The One Element Founders Cannot Control with Gautam Gupta, Founder & CEO @ NatureBox Feb 10, 2017

Show notes

Gautam Gupta is the Founder & CEO at NatureBox, the startup that allows consumers to discover new & healthy foods through a monthly subscription service. They have raised over $50m in VC funding from the likes of General Catalyst, Redpoint, SoftBank and many more. Prior to launching NatureBox, Gautam was a Principal at General Catalyst Partners. While at General Catalyst, he sourced and was actively involved with the firm's investments in GoodData, Bigcommerce, Honest Company and many more. Gautam joined General Catalyst from Procter and Gamble, where he analyzed brand strategy and consumer preferences in the Consumer Market Knowledge group.

In Today's Episode You Will Learn:

1.) How Gautam made his way into VC straight from college and then came to found NatureBox?

2.) What did Gautam take with him from his time in VC to founding NatureBox? How did the experience change the way he handled fundraising? How does Gautam view the 'career VC'?

3.) Why does Gautam look to operate both a B2B and B2C model with NatureBox? Does that not go against the startup advice of 'focus'? What are the inherent benefits and challenges of both models?

4.) Why does Gautam believe we have seen such an increase in VC interest in the food space? Does it concern Gautam that VCs are beginning to invest where they have little domain knowledge?

5.) Why is Gautam so bullish on the exit opportunities for food startups in the coming years? What is the liquidity event and how is that changing with time?

Items Mentioned In Today's Show:

Gautam's Fave Book: Shoe Dog

Gautam's Fave Blog: The Twenty Minute VC

As always you can follow Harry, The Twenty Minute VC on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: The Radical Changes In Public Market Expectations, The Right Way To Assess Valuation & What It Means To Be A Disciplined & Diligent Investor with Randy Glein, Partner @ DFJ Growth Feb 08, 2017

Show notes

Randy Glein is a Co-Founder & Partner @ DFJ Growth where he looks to partner with entrepreneurs that have achieved market validation and are looking to scale rapidly. Randy's investments include the likes of Twitter, Tumblr, SpaceX and Tesla just to name a few. Prior to DFJ, Randy was CFO @ Feedburner (acq by Google), a business development executive at DIRECTV. Randy was also named to the Forbes Midas List in 2013, 2014, and 2015 as one of the world's top tech investors and to the New York Times / CB Insights list of top 100 venture capital investors in 2016.

In Today's Episode You Will Learn:

1.) How Randy made his way into VC and came to found DFJ growth?

2.) What does it mean to be a diligent and disciplined investor? How can a futuristic mindset be balanced with an analytical and academic approach to evaluation and due diligence?

3.) How does Randy evaluate invest time horizons? How important is it to push for liquidity events as soon as possible? What is it that LPs really want to see?

4.) How have we seen public market expectations of tech companies change over the last 10 years? What are public market investors willing to give up in exchange for predictability? What are the benefits of tech companies staying private longer?

5.) What are the metrics that suggest a company with market validation and ready to scale into hyper-growth? What are the required levels of revenue and ARR?

Items Mentioned In Today's Show:

Randy's Fave Book: Being Digital

Randy's Fave Blog: Brad Feld, Fred Wilson

Randy's Most Recent Investment: Unity 3D

As always you can follow Harry, The Twenty Minute VC and Randy on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: What Does It Take To Gain A Late Stage Cheque Today? The Fundamental Mistakes CEOs Make In The Scaling Process & The Importance Of Building The Next S Curve For Founders with Jules Maltz, General Partner @ IVP Feb 06, 2017

Show notes

Jules Maltz, is a General Partner @ Insight Venture Partners (IVP) where he has made investments in the likes of Slack, Zendesk, Twitter, Zenefits and many more incredible companies. Prior to IVP, Jules held roles at the likes of 3i, Admob and Bank of America. Jules has also been named to The Top 40 Under 40 Growth Investors and been featured in the likes of Inc and Fast Company. I also want to say a huge thank you to Rebecca Lynn @ Canvas and Clark Landry for the intros to Jules today.

In Today's Episode You Will Learn:

1.) How Jules made his way into growth stage investing with IVP?

2.) What are the major trends that Jules has observed in the later stages over the last few years? Where is there funding gaps and room for opportunity?

3.) What does it take for companies to attain later stage cheques today? What are the benchmarks required? How have we seen these benchmarks change?

4.) What are the fundamental mistakes that CEO's make in these scaling stages? When is the right time to scale rapidly? How does Jules view product market fit?

5.) Jules has previously stated the importance of building the next S curve. What does he mean by this and how should founders adopt this mentality?

Items Mentioned In Today's Show:

Jules' Fave Book: All The Light We Cannot See

Jules' Fave Blog or Newsletter: Nir and Far

Jules' Most Recent Investment: Checkr

As always you can follow Harry and The Twenty Minute VC on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: Why I Do Not Regret Taking 'Peter Thiel Money', What Is The Difference Between Leadership & Management & What Conversations Are For The Founding Team Only with Tim Junio, Founder & CEO @ Qadium Feb 03, 2017

Show notes

Tim Junio is the Co-Founder and CEO @ Qadium, the startup that creates and organizes knowledge about the world's devices. They are backed by some of the best in the business including the likes of Founders Fund (Peter Thiel), NEA (Scott Sandell) and our good friends at Susa Ventures. Prior to Qadium, Tim started his career at the Central Intelligence Agency, and also worked in the Office of the Secretary of Defense, the RAND Corporation, and DARPA. Tim remains a research affiliate at Stanford, where he lectures and advises students on cybersecurity research topics.

In Today's Episode You Will Learn:

1.) How Tim made his way from the world of the CIA to founding venture backed, Qadium?

2.) How does Tim view his role as CEO? Why does he view leadership and management as 2 different things?

3.) How does Tim view transparency as a leader? What are the conversations that must only be for the founding team? How are those decisions managed and discussed?

4.) Considering Peter Thiel's recent press coverage how does Tim feel about taking 'Thiel Money'? Why does he think Thiel is one of the most interesting and brilliant minds? What are the challenges for Silicon Valley in eschewing the world of politics for the next 4 years?

5.) What does Tim see as the worst of Silicon Valley? What are the benefits to many 'shallow apps' not getting funded? How does this affect startup economics and hiring programmes?

Items Mentioned In Today's Show:

Tim's Fave Book: Snowcrash

Tim's Fave Blog or Newsletter: Bruce Schneier

As always you can follow Harry and The Twenty Minute VC on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: The Fundamentals To Creating A Successful Venture Partnership & The Optimal Investment Decision Making Process with Ryan McIntyre, Co-Founder @ Foundry Group Feb 01, 2017

Show notes

Ryan McIntyre is a Co-Founder @ Foundry Group, one of the leading VC funds of the last decade with investments in the likes of Fitbit, SendGrid and Makerbot. Prior to Foundry, Ryan started his career in VC at Mobius Venture Capital in January 2000. While at Mobius Venture Capital, Ryan led the firm's investments in Postini (acq. GOOG) and Sling Media (acq. DISH). Prior to Mobius, Ryan co-founded Excite in 1993, which went public in 1996 and later became Excite@Home following the $6.7 billion merger of Excite and @Home in 1999. At the time this acquisition was the largest internet transaction to date and created a company that achieved peak revenues of $616 million in 2000.

In Today's Episode You Will Learn:

1.) How Ryan made his way into the wonderful world of VC and came to co-found Foundry?

2.) At what moment did Ryan realise that he wanted to be a VC rather than his previous life of an entrepreneur? What was the catalyst moment for Ryan?

3.) What does the investment decision making process look like @ Foundry Group? What are the benefits and challenges of implementing such a model?

4.) What are the fundamentals to creating a successful venture partnership? How important is differing skill sets and contrarian thinking?

5.) What makes the great board members to Ryan? How has Ryan seen his style of being a board member alter over the time he has been on boards?

Items Mentioned In Today's Show:

Ryan's Fave Book: Dune by Frank Herbert

Investment Ryan Is Most Excited By: Sendgrid

As always you can follow Harry, The Twenty Minute VC and Ryan on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.

20VC: How 50% Of VCs Hurt Entrepreneurs, How To Build A Relationship Of Trust With Your VC and How Entrepreneurs Can Detect VC BS with Jason Mendelson, Co-Founder @ Foundry Group Jan 30, 2017

Show notes

Jason Mendelson is Co-Founder @ Foundry Group, one of the leading VC funds of the past decade with investments in the likes of Fitbit, SendGrid and Makerbot just to name a few. Prior to Foundry Jason co-founded SRS Acquiom, the largest merger and acquisition closing platform that completed over $200Bn in merger transactions. Prior to co-founding SRS, Jason was a Managing Director and General Counsel for Mobius Venture Capital, where he also acted as its chief administrative partner overseeing all operations of the firm. If this was not enough Jason is also the Co-Author, alongside Brad Feld, of the best-selling book, Venture Deals: How To Be Smarter Than Your Lawyer, a must read for all.

In Today's Episode You Will Learn:

1.) How Jason made his way into the wonderful world of VC having been a lawyer?

2.) Why does Jason believe there is too much BS in VC? What does Jason think causes this opaqueness? How does he look to build a relationship of trust and clarity with his entrepreneurs?

3.) How has the rise of social media affected the transparency and BS element in VC and startups? How can entrepreneurs know when a VC is lying to them? What are the tells?

4.) Jason has previously said that some VC behaviour is 'rather narcissistic'. What does he mean by this? How would he like to see this change in the future?

5.) How does Jason look to optimise board meetings? What are the expectations of both founders and VCs prior to board meetings when it comes to preparation?

Items Mentioned In Today's Show:

Jason's Fave Book: Atlas Shrugged

Jason's Most Recent Investment: Borrowed and Blue

As always you can follow Harry, The Twenty Minute VC and Jason on Twitter here!

Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.