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20VC: Why Historical Loss Ratios Are Simply Too High, Why Data Is The #1 Most Important Piece When Evaluating Effective Reserve Allocation & Why Nothing Is Truly Defensible Today with Jonathan Hsu, Co-Founder and General Partner @ Tribe Capital

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Release Date: 06/17/2019

20VC: Ash Fontana on The 5 Core Characteristics That Make Data Valuable, What VCs Can Learn From Italian Craftsmen and Howard Marks & The Importance of Vertical Integration In Scaling Today show art 20VC: Ash Fontana on The 5 Core Characteristics That Make Data Valuable, What VCs Can Learn From Italian Craftsmen and Howard Marks & The Importance of Vertical Integration In Scaling Today

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Ash Fontana is a Managing Director @ Zetta Venture Partners, the fund that invests in AI-first companies with B2B business models. As for Ash, prior to Zetta he started the money side of AngelList, where, he launched online investing, created the first startup ‘index fund’. He also ran special projects like AngelList’s expansion into Europe and the UK. Simultaneously, Ash led syndicates and made investments in Canva, Mixmax and others. Before AngelList, Ash co-founded Topguest, a Founders Fund-backed company that built customer analytics technology and was...

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20VC: Why Speed Is The Biggest Differentiator a Founder Can Have, How To Hire Seasoned Tier 1 Talent To An Early Stage Startup & How To Start, Scale and Manage Remote Teams with Domm Holland, Founder & CEO @ Fast show art 20VC: Why Speed Is The Biggest Differentiator a Founder Can Have, How To Hire Seasoned Tier 1 Talent To An Early Stage Startup & How To Start, Scale and Manage Remote Teams with Domm Holland, Founder & CEO @ Fast

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Dom Holland is the Founder & CEO @ Fast, the world's fastest login and checkout with no more passwords, no more typing credit card details or shipping addresses. The special announcement today, Fast have just raised their seed round led by Jan Hammer @ Index, joined by Susa Ventures, Kleiner Perkins, Global Founders Capital and then angels including Nick Molnar, Founder @ Afterpay and proud to say I joined the round as an angel also. Prior to Fast, Domm was a Director @ Tap Tins, a network of smart tap-to-donate collection terminals. Domm was also the Founder & CEO @...

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20VC: Firstmark's Rick Heitzmann on The Rise of Pre-Emptive Rounds, His Biggest Learnings From The Pinterest Board, 2 Things VCs Can Do To Prepare Their Companies For The Downturn and Why Now Is A Good Time to Be Contrarian and Invest In Consumer show art 20VC: Firstmark's Rick Heitzmann on The Rise of Pre-Emptive Rounds, His Biggest Learnings From The Pinterest Board, 2 Things VCs Can Do To Prepare Their Companies For The Downturn and Why Now Is A Good Time to Be Contrarian and Invest In Consumer

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Rick Heitzmann is a Founder and Partner @ Firstmark Capital, one of the leading East Coast venture funds of the last decade with a portfolio including the likes of Airbnb, Pinterest, InVision, Shopify and Discord to name a few. As for Rick, he led the seed round for Pinterest and also led the deals from Firstmark in Ro, Riot Games, Draft Kings, Discord and Airbnb. Prior to founding FirstMark, Rick was an entrepreneur as a founding member at First Advantage which he helped grow and sell to First American (NYSE: FAF). Rick has been recognized by CB Insights and the New York...

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20VC: Why Pre-Product Market Fit Is About Systems Design Not Engineering, The Right Way For Leaders To Approach Wartime Leadership Today & A Guide To Recruitment Forward Planning with Ryan Denehy, Founder & CEO @ Electric show art 20VC: Why Pre-Product Market Fit Is About Systems Design Not Engineering, The Right Way For Leaders To Approach Wartime Leadership Today & A Guide To Recruitment Forward Planning with Ryan Denehy, Founder & CEO @ Electric

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Ryan Denehy is the Founder & CEO @ Electric.ai, the company that provides a world-class IT solution that's centralized, secure, and lightning-fast. To date, Ryan has raised over $37m in funding from some dear friends of the show in Rich @ GGV, Bessemer, Primary, Bowery, just to name a few. As for Ryan, he started his career at the tender age of 17 launching an action sports video production company, which was acquired just 4 years later. Ryan then spent 5 years at USA Today in numerous different roles. Following USA Today, Ryan started his second company, Swarm, acquired by...

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20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners show art 20VC: Inside The Mind of A Leading LP: How LPs Evaluate New Fund Managers on Everything from First Meeting to Portfolio Construction To Fees and Carry with Lisa Edgar, Managing Director @ Top Tier Capital Partners

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Lisa Edgar is a Managing Director @ Top Tier Capital Partners, one of the leading venture fund of funds over the last decade. Included in their stellar fund portfolio is the likes of Index, Initialized, True Ventures, a16z and Boldstart, to name a few. Prior to Top Tier, Lisa was part of the asset management team at WR Hambrecht + Co focusing on new and emerging private equity funds. Before that, Lisa spent ten years at Horsley Bridge. In Today’s Episode You Will Learn: 1.) How did Lisa make her way into the world of investing in funds and how did that lead to her...

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20VC: Webflow's Vlad Magdalin on The Journey To Breakeven and Raising A Monster $72m Series A, The Single Most Important Question To Ask When Determining Which Investor To Select & The Challenges of Founders Angel Investing show art 20VC: Webflow's Vlad Magdalin on The Journey To Breakeven and Raising A Monster $72m Series A, The Single Most Important Question To Ask When Determining Which Investor To Select & The Challenges of Founders Angel Investing

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Vlad Magdalin is the Founder & CEO @ Webflow, the startup that allows you to build better business websites, faster, without coding. To date, Vlad has raised over $73m with Webflow from some dear friends of the show including Accel, Ron @ Rainfall, Brianne @ Work Life, Benjamin Ling and Y Combinator to name a few. Prior to founding Webflow, Vlad was a Senior Software Engineer @ Intuit. Before Intuit, Vlad co-founded Chatterfox, a web application allowing people to stay in touch with groups of friends, family, or co-workers. In Today’s Episode You Will Learn:...

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20VC: a16z's Ben Horowitz on How To Create An Environment of Trust with Founders, How and Why Creating Shocking Rules Is So Impactful To Culture & What The Samurai, Shaka Senghor and Toussaint Teach Us About Company Culture Building show art 20VC: a16z's Ben Horowitz on How To Create An Environment of Trust with Founders, How and Why Creating Shocking Rules Is So Impactful To Culture & What The Samurai, Shaka Senghor and Toussaint Teach Us About Company Culture Building

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Ben Horowitz is a Co-Founder and General Partner at Andreessen Horowitz, one of the leading and most prestigious venture firms of the last decade with a portfolio including the likes of Facebook, Github, Slack, Lyft, Coinbase and many more incredible companies. Ben is also the author of the New York Times bestseller, The Hard Thing About Hard Things, and the upcoming Harper Business book, What You Do Is Who You Are, available October 29. Prior to a16z, Ben was Co-Founder and CEO of Opsware, acquired by Hewlett-Packard for $1.6 billion in 2007. Previously, Ben ran several product...

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20VC: Reddit CEO Steve Huffman on Scaling Teams; What Works and What Does Not, A CEO's Relationship with Stress and Managing It & How To Structure Internal Decision-Making Effectively show art 20VC: Reddit CEO Steve Huffman on Scaling Teams; What Works and What Does Not, A CEO's Relationship with Stress and Managing It & How To Structure Internal Decision-Making Effectively

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Steve Huffman is the Co-Founder & CEO @ Reddit, home to thousands of communities, endless conversation, and authentic human connection. To date, Reddit has raised over $550m in funding from some of the world's leading investors including Sequoia Capital, Marc Andreesen, Peter Thiel, Ron Conway, Sam Altman, Josh Kushner, Alfred Lin and Tencent, just to name a few. Steve started his career at Y Combinator as one of their first alumni back in 2005. At YC, Steve co-founded Reddit with Alexis Ohanian, which they sold in 2006 to Conde Naste Publications. In 2010, Steve co-founded...

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20VC: Lightspeed's Arif Janmohamed on Why Market Risk Is The Most Dangerous Risk To Underwrite As A VC, How To Determine When to Stretch vs Not on Price Today & The $TRN of Market Cap Up For Grabs Today In Enterprise show art 20VC: Lightspeed's Arif Janmohamed on Why Market Risk Is The Most Dangerous Risk To Underwrite As A VC, How To Determine When to Stretch vs Not on Price Today & The $TRN of Market Cap Up For Grabs Today In Enterprise

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Arif Janmohamed is a Partner @ Lightspeed Venture Partners, one of the leading firms of the last decade with a portfolio including the likes of Snapchat, Mulesoft, Max Levchin’s Affirm, AppDynamics and many more incredible companies. Some of Arif's most notable companies that he has led or been involved with for LSVP includel; TripActions, Blend, Nutanix, AppZen, MoveWorks and more. Prior to Lightspeed, Arif worked in the corporate business development team @ Cisco as part of transaction leadership and execution on a number of deals including WebEx. Before WebEx, Arif...

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20VC Exclusive: Roy Bahat on Bloomberg Beta's New Fund, The Truth About Valuation That Very Few VCs Will Tell You & Why Founders of Venture Backed Startups Make The Best Angels show art 20VC Exclusive: Roy Bahat on Bloomberg Beta's New Fund, The Truth About Valuation That Very Few VCs Will Tell You & Why Founders of Venture Backed Startups Make The Best Angels

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch

Roy Bahat is the Head of Bloomberg Beta, one of the leading early-stage funds in the valley and NYC with a portfolio that includes the likes of Flexport, Kobalt, Textio, Rigetti Computing and more incredible companies. Prior to Bloomberg Beta, Roy was the Co-Founder & Chairman @ Ouya, the company that created a new kind of games console and raised over $33m from the likes of Kleiner, Alibaba and even $8.6m on Kickstarter. Before the world of startups, Roy held numerous incredible and fascinating roles including Director of International Strategy at New York's bid for the...

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Jonathan Hsu is Co-Founder & General Partner @ Tribe Capital, one of Silicon Valley's newest funds on the block being founded by Jonathan, Arjun Sethi and Ted Maidenberg. To date, Tribe has invested in the likes of Carta, Cover, Mode Analytics, Prodigy and SFOX. As for Jonathan, before founding Tribe he was a Partner @ Social Capital where he utilized data and technology to augment sourcing, evaluation of investment opportunities and the management and value add for portfolio companies. Before that he led the creation of the analytics and data science team at Facebook, including leading the hiring of 200 of the world's leading data scientists and analysts.

In Today’s Episode You Will Learn:

1.) How Jonathan made his way from leading 200 data scientists at Facebook to the world of venture and founding his own firm in the form of Tribe Capital today?

2.) If we structure VC simplistically, there are 4 core components:

  • Sourcing: How does Jonathan think about the role of data in actively surfacing the best opportunities? that are the leading data fields that Jonathan would track? Why does Jonathan believe most early-stage firms are just using Linkedin Sales Navigator intelligently?
  • Evaluating: How does Jonathan think about the potential for data to really aid in the picking process? At what stage does this really become possible? How much data is required for data to evaluate opportunities?
  • Winning: Winning deals is seemingly a case of human relationships but how does Jonathan think intelligent data usage and benchmarking can actually help firms win the most competitive deals?
  • Value Add: How does Jonathan think about portfolio management with data? How does this differ from the more traditional "value add" that other VCs provide? Where are the common pitfalls Series A companies you work with face in not achieving product-market fit?

3.) Given the data-driven nature of the approach, does Jonathan think that there is an optimal portfolio construction? Why does Jonathan strongly believe that historical loss ratios are too high? Does data allow firms to really intelligently price these assets at the Series A and B? What are the challenges in pricing these assets so early?

4.) How does Jonathan think about reserve allocation? Why is data more critical than ever in the decision to re-invest or not? What are the leading data signals that Jonathan looks for when determining reserve allocation? Why does Jonathan think that so many firms go wrong in how they approach reserve management and distribution?

5.) Question from Henry Ward @ Carta: What does N of 1 markets mean to you Jonathan? Why are they so inherently attractive? How do pricing dynamics play out in markets that are N of 1? How does Jonathan think about defensibility when analysing opportunities today? Is anything truly defensible anymore?

Items Mentioned In Today’s Show:

Jonathan’s Fave Book: The Origins of Political Order: From Prehuman Times to the French Revolution

Jonathan’s Most Recent Investment: Carta

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