How Many Startups Will Survive OpenAI? | E2288
This Week In Startups is made possible by:Pilot - https://Pilot.com/TWISTGrasshopper Bank - https://Grasshopper.bank/TWISTQuo - https://Quo.com/TWiSTPlaud - https://Plaud.ai/twistAnthropic just declared every unauthorized secondary sale of its stock "void" — naming Hiive, Forge, Sydecar, Upmarket, and others in a public hit list. Jason and Alex sit down with Jenny Fielding (Everywhere Ventures), Dave McClure (Practical VC), and Sam Lessin (Slow Ventures) to unpack what the AI lab’s move to limit secondary trades means for SPV operators, brokers, and the founders trying to keep control of their cap tables. Plus: a real story of a founder who returned a $15M Series A six months after closing because Claude was going to eat his startup, SaaS moats, and just what does it mean to be rich?Timestamps:0:00 Guest introductions0:48 Anthropic voids unauthorized SPV trades8:41 Accredited investor reform & the SEC sophisticated investor test8:58 Quo (formerly OpenPhone) - Quo gives you a clean, modern way to handle every customer call, text, and thread all in one place. Try it free at https://quo.com/TWiST11:43 Naval's USVC closed-end fund as a workaround16:41 Plaud: If your work depends on conversations — interviews, meetings, calls — you need a Plaud NotePin. You can check it out at https://Plaud.ai/twist and use code TWIST for 10% off!17:48 Pro-rata rights battles: when Series A investors push seed investors out19:36 Grasshopper Bank: Time is money. Don't waste either. Go to https://grasshopper.bank/twist and get an exclusive $500 cash bonus just for opening an account.29:13 Pilot: Focus on your product, let Pilot handle your bookkeeping. Pilot provides the most reliable accounting, CFO, and tax services for startups and small businesses. Head to https://pilot.com/twist and get $1,200 off your first year.30:23 Storing wealth in stories vs. cash flows34:19 Cerebras and Fervo Energy IPOs — meaningful liquidity?37:54 Will SpaceX, Anthropic, OpenAI IPOs redistribute capital or compound it?45:58 The $15M Series A founder who returned the money because of Claude50:01 Should founders pivot or return capital when the world changes?56:43 OpenAI's $6.6B tender and Shruti Gandhi's viral SF cost-of-living tweet1:00:25 Intercom rebrands to Fin: the AI-first late-stage pivotSubscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.comCheck out the TWIST500: https://www.twist500.comSubscribe to This Week in Startups on Apple: https://rb.gy/v19fcpFollow Lon:X: https://x.com/lonsFollow Alex:X: https://x.com/alexLinkedIn: https://www.linkedin.com/in/alexwilhelmFollow Jason:X: https://twitter.com/JasonLinkedIn: https://www.linkedin.com/in/jasoncalacanisCheck out all our partner offers: https://partners.launch.co/Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarlandCheck out Jason’s suite of newsletters: https://substack.com/@calacanisFollow TWiST:Twitter: https://twitter.com/TWiStartupsYouTube: https://www.youtube.com/thisweekinInstagram: https://www.instagram.com/thisweekinstartupsTikTok: https://www.tiktok.com/@thisweekinstartupsSubstack: https://twistartups.substack.com
The End of the ZIRP Era, and why recruiting is SO PAINFUL | E2164
Today’s show:
We’re back with another all-star VC roundtable discussion.
Joining Jason are Dave McClure of Practical VC, NVNG’s Grady Buchanan, and Tomasz Tunguz of Theory VC. Together, they’re having a deep insider discussion of the state of venture, secondary markets, running funds of funds, the legacy of Lina Khan, the difficulty of recruiting, and why the pendulum has potentially swung in founders’ favor.
Timestamps
(0:00) INTRO, The origins of Practical VC and how secondary funds work.
(05:44) So… how does Dave decide what to BUY?
(09:27) Melanie - Companies are staying private longer… Is this good for fund managers?
(10:02) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://www.Squarespace.com/TWIST
(11:18) Show Continues…
(14:17) We’ve all heard about unicorns but… what about centaurs?!
(16:19) Jacob - Are VC marks… bullsh*t?! How long until your LPs should see DPI? The panel debates.
(17:22) Jacob - Is Jason too hard on Lina Khan? Dave says VCs created the problem!
(20:07) AWS Activate - AWS Activate helps startups bring their ideas to life. Apply to AWS Activate today to learn more. Visit aws.amazon.com/startups/credits
(21:30) Show Continues…
(30:01) Public - Take your investing to the next level with Public. Build a multi-asset portfolio and earn 4.1% APY on your cash—with no fees or minimums. Start now at public.com/twist.
(31:16) Show Continues…
(31:34) When it’s time to embed an expert into a struggling startup
(34:15) How investing in SO MANY COMPANIES gave Dave a trove of data
(40:33) Sometimes VCs have to be the “voice of reality”…
(45:53) Are stock buybacks the best use of capital?
(49:29) Jacob - The End of the ZIRP Era meets the Dawn of the AI Era
(51:04) Why running your business on debt, not equity, requires tough choices
(58:23) When you need to “take the medicine” on returns and live to fight another day.
(01:11:17) Is Grady actively seeking managers that have shown a demonstrated ability to produce liquidity?
(01:13:24) Dave says the pendulum has swung into founders’ favor.
(01:20:25) Dave teases his new secondary podcast, “Trading Places”!
Subscribe to the TWiST500 newsletter: https://ticker.thisweekinstartups.com
Check out the TWIST500: https://www.twist500.com
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Follow Lon:
X: https://x.com/lons
Follow Alex:
X: https://x.com/alex
LinkedIn: https://www.linkedin.com/in/alexwilhelm
Follow Jason:
X: https://twitter.com/Jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
Thank you to our partners:
(10:02) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://www.Squarespace.com/TWIST
(20:07) AWS Activate - AWS Activate helps startups bring their ideas to life. Apply to AWS Activate today to learn more. Visit aws.amazon.com/startups/credits
(30:01) Public - Take your investing to the next level with Public. Build a multi-asset portfolio and earn 4.1% APY on your cash—with no fees or minimums. Start now at public.com/twist.
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
Follow TWiST:
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Substack: https://twistartups.substack.com
Subscribe to the Founder University Podcast: https://www.youtube.com/@founderuniversity1916
20Growth: The Six Channels Startups Need to Dominate to Grow, Why the Best Growth Talent Never Comes from Marketing or Product, Who and How to Hire Growth Leaders and Teams and Why in a World of AI, Growth is More Science than Art with Matt Lerner
Matt Lerner is one of the OGs of growth having spent 11 years leading growth teams at PayPal. Post PayPal, Matt led the growth marketing program at 500 Startups. He is also the bestselling author of Growth Levers and How to Find Them. Today, Matt is the Co-Founder and CEO of SYSTM, an accelerator program helping startups find their growth drivers.
In Today's Episode with Matt Lerner We Discuss:
From Philosophy Student to PayPal Growth Leader:
How did Matt make his way into the world of growth?
What were Matt's biggest lessons from 11 years at PayPal?
What did Matt know now that he wished he'd known when he entered the world of growth?
How to Master Growth in a World of AI:
What is growth to Matt? What is it not?
Why does Matt think growth is more science than art?
Does Matt Agee with Adam Gross @ Vimeo that paid acquisition below $100M ARR isn't PLG?
How does Matt think AI will change the world of growth today?
What does Matt think are the most common growth mistakes founders make?
Optimizing Growth Channels: Dos & Don'ts
Why does Matt believe there are only six types of growth channels?
What is the "locksmith moment" & how do startups find channels that work for them?
How does Matt pick a Northstar metric?
What are the most common mistakes founders make when picking North Star metrics? When is the right time to change them?
How does Matt approach horizontal product messaging? What works? What doesn't work?
How to Hire & Manage Growth Teams
What does Matt look for in the first head of growth hire?
What questions does Matt ask when interviewing?
What were Matt's biggest hiring mistakes? What did he learn?
Why does Matt think the best growth hires have no marketing experience?
What are Matt's two steps to master onboarding?
What are the 3 most common patterns in leaders according to Matt?
Dave Mcclure & Jordan Stein on YC, "Spray and Pray", and Games VCs Play | E1923
This Week in Startups is brought to you by…
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Todays show:
David Weisburd hosts Dave McClure, Jordan Stein, and Jason Calacanis to discuss the evolution of fund spaces. The discuss investing in the YC ecosystem (00:28), the role of secondary funds today (40:26), and the importance of betting on outliers (1:00:49).
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Timestamps:
(0:00) David Weisburd intros Dave McClure, Jordan Stein, and Jason Calacanis
(00:28) Reddit's IPO adds to YC's track record of successful public listings
(10:21) Mantle - Get your first 12 months free at https://withmantle.com/TWIST
(11:39) Strategy of investing in YC ecosystem and the importance of entry point evaluation
(18:40) YC's demo day and opportunities for other accelerators
(26:12) Hubspot - Marketing Against the Grain https://www.youtube.com/watch?v=fMNgyVFsk4g https://lnk.to/h3vKHnTW
(27:18) YC's demo day and opportunities for other accelerators cont.
(32:24) Carta’s report on the rise of capital call requests
(39:15) Curotec - Check out http://www.curotec.com/twist and get $5000 off
(40:26) The role of secondary funds in the current macroeconomic conditions and the potential for more company shutdowns
(1:00:49) Betting on outliers and the decision-making process for doubling down
(1:14:16) Lightning round: Top 3 investments from each guest
(1:25:20) Discussing the upcoming https://www.liquiditypod.com/summit
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Check out:
https://mercury.com
https://www.gropyus.com
https://recargapay.com.br
https://www.ridemotive.com
https://testrigor.com
https://www.krepling.com
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Follow Dave:
X: https://twitter.com/davemcclure
LinkedIn: https://www.linkedin.com/in/davemcclure
Check out: https://practicalvc.com
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Follow Jordan:
LinkedIn: https://www.linkedin.com/in/jordan-stein17
Check out: https://cressetcapital.com
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Follow David:
X: https://twitter.com/DWeisburd
LinkedIn: https://www.linkedin.com/in/dweisburd
Check out: https://10xcapital.com
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Follow Jason:
X: https://twitter.com/jason
Instagram: https://www.instagram.com/jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
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Thank you to our partners:
(10:21) Mantle - Get your first 12 months free at https://withmantle.com/TWIST
(26:12) Hubspot - Marketing Against the Grain https://www.youtube.com/watch?v=fMNgyVFsk4g https://lnk.to/h3vKHnTW
(39:15) Curotec - Check out http://www.curotec.com/twist and get $5000 off
*
Check out the Launch Accelerator: https://launchaccelerator.co
*
Check out Founder University: https://www.founder.university
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Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
*
Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Check out Jason’s suite of newsletters: https://substack.com/@calacanis
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Follow TWiST:
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Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
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TikTok: https://www.tiktok.com/@thisweekinstartups
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Subscribe to the Founder University Podcast: https://www.founder.university/podcast
20VC: 500 Startups' Dave McClure on Whether Unicorns Are Necessary For Venture Returns & Why Ownership Is Not The Math To Think About When Investing
Dave McClure is the founding partner of 500 Startups, who have made over 1500 investments in the likes of Twilio, SendGrid, Intercom and Makerbot just to name a few. Prior to 500 Dave was on the investment team at Founders Fund, he also led the Facebook Fund Incubator and was Head of Marketing @ Paypal pre IPO.
In Today's Episode with Dave You Will Learn:
How Dave made his way into VC and came to found 500 Startups?
Do you need unicorn exits to have significant venture returns? What is the 500 view with regards to the hit ratio of finding unicorns?
How much ownership does 500 typically take? Does this allow Dave enough of a right to follow on in further rounds with such a small initial slice?
How does Dave and 500 avoid the inherent signalling risk involved with their fund and accelerator? How prominent is signalling in today's market?
What did Dave think of Sam Altman's statement on YC not accepting companies from other accelerators? How does Dave view YC companies?
Items Mentioned In Today's Show:
Dave's Fave Blog and Newsletter: Brad Feld, AVC, Mark Suster
Dave's Fave Book: Guns Germs and Steel, The Mystery of Capital
Dave's Most Recent Investment: Markhor
As always you can follow Harry, The Twenty Minute VC and Dave on Twitter here!
Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.
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20 VC 083: 500 Startups Week: New Funds, Startup Mentoring and Dave's Masterplan with Marvin Liao, Partner @ 500 Startups
Marvin is a Partner at 500 Startups, running the SF based accelerator program as well as investing in Seed stage start ups. Prior to 500 Marvin is a 10.5 year veteran of Yahoo! Inc., having held roles in various departments from Sales, Business Development, Ad Operations and Marketing and presently serves on the boards/advisory boards of several internet advertising and ad technology companies across the globe.
In Today's Episode You Will Learn:
1.) How did Marvin make his move into technology and the investing game?
2.) How was Marvin's time at Yahoo? How did Marvin see the company change over the 10 years he was there? How do you feel your position at Yahoo equipped you for 500 Startups?
3.) So coming from 10 years at Yahoo you could have had your pick of VCs to join. What was it about 500 that attracted you and why do you believe this very early stage is the biggest opportunity to exploit?
4.) 500 has now ironically invested in 1000+ startups, leading me to ask, what is the admissions process like and what Marvin's criteria at 500 for investment decisions? What are the key metrics you look at?
5.) How does Marvin respond to the notion that investing with 500 Startups removes the talent of investing through the spray and pray method?
6.) Now 500 Startups has recently raises an new $85m fund, alongside a new fund of $30m for Japan, $10m for South East Asia and a $10m fund for Thailand. So firstly, does this prove that the 500 model is successfully scaling? What does the future hold for 500? Where do you see the most innovation and progress?
Items Mentioned In Today's Episode:
Marvin's Fave Book:The Art of Worldly Wisdom, The 4 Hour Work Week
Marvin's Fave Productivity Tool: Evernote, Calendly.com
Marvin's Fave Blog: James Clear, James Altucher, Tim Ferriss, Fred Wilson, Mark Suster
Marvin's Most Interesting Investments: Neighborly, Agfunder
As always you can follow Harry, The Twenty Minute VC, Marvin and 500 on Twitter here!
If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here!
We would like to say a special thank you to our partner for this very special 500 Startups Feature Week, LawTrades, the go to place for startups and VCs to get their legal work done. For all 20VC listeners LawTrades are offering a special $150 off your first piece of legal work when you mention ‘The Twenty Minute VC’. You can follow them on Twitter here!
20 VC 082: 500 Startups Week: Growth Hacking 101: How To 10x Your Conversion with Matt Lerner, Head of Distro Dojo London
Matt Lerner is a Distro Partner with 500 Startups, and runs their London office. He specializes in conversion optimization, analytics, engagement and retention. As a member of the in-house growth (AKA “Distro”) team, he partners with 500 portfolio companies to help them build growth engines and scale. Previously, as a 500 Startups Mentor, Matt helped over 40 companies develop and execute growth strategies. Prior to joining 500 Startups, he worked as a Marketing Director at PayPal, where he built and managed three growth teams that generated hundreds of millions of dollars in additional revenue across the funnel. Here are some of Matt's amazing growth hacking slide decks:
10 Growth Hacking Tools To Disrupt Your Competitors
Growth Hacking 101
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In Today's Episode You Will Learn:
1.) How Matt made his move from Paypal to VC with 500Startups?
2.) What is the mission at 500 in London with the Distro? What is the investment thesis? Preferred round? Sector? What process do you take the companies through when they are with you in the Dojo?
3.) What does growth hacking really mean? Is it not another BS new techie term?
4.) What has Matt found to be some of the most effective growth hacks and why? What are the biggest mistakes companies make with regards to growth? How can they avoid them?
5.) When does Matt think a company should start to focus on growth?
6.) Who does Matt personally admire and think has been extremely effective and why? What campaigns or pieces of work have led him to this conclusion?
Items Mentioned In Today's Episode:
Matt's Recent Investments: Tom Beverly: Fy, Tamatem
Matt's Fave Book: Do You Talk Funny: The Guide To Public Speaking, The One Thing You Need To Know
Matt's Fave Newsletter: Doug Scott, Susan Su: Distro Snack, Tim Ferriss Podcast
Matt's Growth Hacking Idols: Dave McClure: Pirate Metrics Talk, Sean Ellis: Inventor of Growth Hacking Term, Andy Johns @ WealthFront,
As always you can follow Harry, The Twenty Minute VC, Matt and 500 Startups on Twitter here!
If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here!
We would like to say a special thank you to our partner for this very special 500 Startups Feature Week, LawTrades, the go to place for startups and VCs to get their legal work done. For all 20VC listeners LawTrades are offering a special $150 off your first piece of legal work when you mention 'The Twenty Minute VC'. You can follow them on Twitter here!