Mastering Venture Capital and Founder Strategies with Rory O’Driscoll and Mark Suster
This Week in Startups is brought to you by…
Northwest Registered Agent. Start your business fast and secure with Northwest Registered Agent! In just 10 clicks and 10 minutes, set up your entire business identity—name, address, mail service, phone, email, website, and domain. Everything You Need to Launch Your Business in Minutes! For just $39 plus state fees, Northwest will handle your complete business identity. visit https://www.northwestregisteredagent.com/twist
Wistia - The all-in-one video platform for business, with tools that help you create, manage, and measure the impact of your videos. Try Wistia for free at https://www.wistia.com/startups1
HiddenLayer - Generative AI is revolutionizing industries. HiddenLayer’s AI Detection & Response Solution secures your Generative AI & LLMs from malicious attack. Helping you generate more – by enabling seamless & secure Generative AI. Visit https://www.HiddenLayer.com/TWiST to learn more.
*
Todays show:
Rory O’Driscoll joins guest host Mark Suster to discuss: advice for founders with traction but not yet booming (2:33), thirty years of internet cycles and their impact on venture capital (13:25), the approach to big-picture thinking vs. immediate traction and strategizing exits (36:58), and more!
*
Timestamps:
(0:00) Rory O’Driscoll joins guest host Mark Suster.
(2:33) Rory’s advice for founders with traction but not yet booming.
(9:09) Aligning incentives between founders and venture; reminding CEOs to be "selfish.”
(10:23) Northwest Registered Agent - For just $39 plus state fees, Northwest will handle your complete business identity. Visit https://www.northwestregisteredagent.com/twist today.
(13:25) Reflections on thirty years of internet cycles and their impact on venture capital.
(18:25) Debating AI: Does it favor the incumbents?
(20:07) Wistia - Try Wistia for free at https://www.wistia.com/startups
(21:35) What Rory and Scale Venture looks for when investing in AI.
(26:20) How OpenAI has changed the landscape
(29:18) HiddenLayer - HiddenLayer’s AI Detection & Response Solution secures your Generative AI & LLMs from malicious attack. Visit https://www.HiddenLayer.com/TWiST to learn more.
(30:30) Debating “faux-mentum” vs. long-term sustainability in investments.
(34:34) Balancing deep passion and business savvy when evaluating founders.
(36:58) Rory’s approach to big-picture thinking vs. immediate traction and strategizing exits
(44:02) The importance of picking vs. price discipline.
(1:00:58) Advice for founders dealing with “busted cap tables.”
(1:08:07) Rory’s advice for his younger self.
*
Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
*
Check out Scale Venture Partners: https://www.scalevp.com/
*
Follow Rory:
X: https://x.com/rodriscoll
LinkedIn: https://www.linkedin.com/in/roryodriscoll/
*
Follow Mark:
X: https://twitter.com/msuster
LinkedIn: https://www.linkedin.com/in/marksuster/
*
Thank you to our partners:
(10:23) Northwest Registered Agent - For just $39 plus state fees, Northwest will handle your complete business identity. Visit https://www.northwestregisteredagent.com/twist today.
(20:07) Wistia - Try Wistia for free at https://www.wistia.com/startups
(29:18) HiddenLayer - ****HiddenLayer’s AI Detection & Response Solution secures your Generative AI & LLMs from malicious attack. Visit https://www.HiddenLayer.com/TWiST to learn more.
*
Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
*
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
*
Follow TWiST:
Substack: https://twistartups.substack.com
Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
Instagram: https://www.instagram.com/thisweekinstartups
TikTok: https://www.tiktok.com/@thisweekinstartups
*
Subscribe to the Founder University Podcast: https://www.founder.university/podcast
20VC: Mark Suster on The Biggest Fundraising Lessons for VCs, Why the Correction in Venture is Still to Come, Why Private Equity Will Replace IPOs and M&A as the Exit Path & The Woke Left and a Trump Administration; What Happens?
Mark Suster is a General Partner @ Upfront Ventures, one of LA's leading early-stage venture firms. Prior to leading Upfront, Mark was a serial entrepreneur having founded two software companies, selling both with the last selling to Salesforce.com. Mark is also a prolific writer and one of his favourite pieces, Lines Not Dots is one for the ages.
In Today's Episode With Mark Suster We Discuss:
1. From Serial Entrepreneur to Leading VC:
How Mark made his way into the world of venture having sold two prior companies?
What does Mark know now that he wishes he had known when he started in venture?
What advice does Mark give to all young investors starting their career today?
2. How to Raise a Fund:
What are Mark's single biggest lessons from 15 years of fundraising for funds?
Should managers look to institutions or friends and family first?
Are LPs sheep? Do institutions anchoring funds lead to many others jumping in?
What is the right amount to do a first close on? What is the right way to message the first close?
What are the single biggest mistakes Mark sees managers make when raising?
3. Exit Environments are F******: What Now:
Why are IPOs not the liquidity events that everyone thinks they are?
When does Mark believe IPO windows will open again?
How does Mark evaluate the M&A landscape today?
With little M&A and IPO activity, why does Mark believe private equity will step into their shoes?
With the change to private equity being the buyer, what does that mean for the sale price of the assets? What does that mean for the future of venture returns?
4. Trump, The Woke Left and The World Around Us:
Is Mark concerned about the potential of Trump winning the election?
Would Mark rather a Biden administration as the alternative?
Why is Mark so worried by the woke left?
Does Mark always believe there has been this deep-seated anti-semitism in the US education system? What can be done to remove this from our education system?
How to score $200M: Angel City’s playbook for women’s soccer
The high-flying Angel City Football Club is rising to a historic valuation in professional women’s soccer, nearing $200 million. When the Los Angeles team started four years ago, franchises in its league went for as little as $2 million. Co-founders Kara Nortman and Julie Uhrman reveal the game-changing strategies behind this seismic shift, created with a third co-founder, actor and activist Natalie Portman. The tale of ACFC holds valuable lessons, from harnessing an outsider's advantage to tapping an underserved market with fresh perspectives. Their bold vision: prove women's sports is a lucrative enterprise, champion equitable recognition and pay across gender, and craft an iconic brand fueling community impact. Kara and Julie’s big dreams, brilliant execution, and unstoppable determination have transformed an industry.
Read a transcript of this episode: https://mastersofscale.com
Subscribe to the Masters of Scale weekly newsletter: https://mastersofscale.com/subscribe
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Mark Suster and Samir Kaji on the 2024 Venture Market, IPOS, and Secondaries | E1899
This Week in Startups is brought to you by…
Squarespace. Turn your idea into a new website! Go to Squarespace.com/TWIST for a free trial. When you’re ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain.
MEV. Tired of the dev shop rollercoaster? Mev is your reliable technical partner, offering a well-established software development process designed to consistently deliver unparalleled value to their clients. Get $30,000 off your first three months at http://mev.com/twist!
Northwest Registered Agent. When starting your business, it's important to use a service that will actually help you. Northwest Registered Agent is that service. They'll form your company fast, give you the documents you need to open a business bank account, and even provide you with mail scanning and a business address to keep your personal privacy intact. Visit - https://www.northwestregisteredagent.com/twist to get a 60% discount on your next LLC.
*
Todays show:
David Weisburd hosts Mark Suster, Samir Kaji, and Jason Calacanis to discuss the 2024 venture market (1:24), VCs selling secondaries (23:04), IPOS in 2024 (45:56), and much more!
*
Timestamps:
(0:00) David Weisburd hosts Mark Suster, Samir Kaji,, and Jason Calacanis
(1:24) Thoughts on IVP raising $1.3 Billion for their 18th fund and different angles on the current fundraising market
(14:28) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/twist
(15:53) Mark's strategy today for DPI (Distributed to Paid-In Capital)
(23:04) VCs selling secondaries and best practices when disclosing selling after hitting targets
(28:00) MEV - Get $30,000 off your first three months at http://mev.com/twist
(29:21) Thoughts on strip sales, continuation funds, and exotic secondary vehicles. When should GPs pursue that strategy?
(40:56) Northwest Registered Agent - Get a 60% discount on your next LLC at - https://www.northwestregisteredagent.com/twist
(45:56) F-Prime's 2024 State of Fintech Report, the IPO market in 2024, and early stage fintech
(54:47) Kleiner Perkins and how a firm reboots
(1:03:01) The apprenticeship model in Venture Capital, and mistakes GPs make when interacting with LPs
(1:17:44) Rapid-fire segment on top recent investments
*
Mentioned on the show:
https://www.theinformation.com/articles/ivps-new-fund-shows-growth-investors-are-ready-to-get-off-sidelineshttps://techcrunch.com/2024/02/03/mamoon-hamid-and-ilya-fushman-of-kleiner-perkins-more-than-80-of-pitches-now-involve-ai/
https://fprimecapital.com/blog/the-2024-state-of-fintech-report
https://www.bland.ai
https://kuberahealth.com
https://www.stonealgo.com
https://giggster.com
*
Follow Mark
X: https://twitter.com/msuster
*
Follow Samir
X: https://twitter.com/Samirkaji
*
Follow David:
X: https://twitter.com/DWeisburd
LinkedIn: https://www.linkedin.com/in/dweisburd
Check out: https://10xcapital.com
*
Follow Jason:
X: https://twitter.com/jason
Instagram: https://www.instagram.com/jason
LinkedIn: https://www.linkedin.com/in/jasoncalacanis
*
Thank you to our partners:
(14:28) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/twist
(28:00) MEV - Get $30,000 off your first three months at http://mev.com/twist
(40:56) Northwest Registered Agent - Get a 60% discount on your next LLC at - https://www.northwestregisteredagent.com/twist
*
Check out the Launch Accelerator: https://launchaccelerator.co
*
Check out Founder University: https://www.founder.university
*
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
*
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
*
Follow TWiST:
Substack: https://twistartups.substack.com
Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
Instagram: https://www.instagram.com/thisweekinstartups
TikTok: https://www.tiktok.com/@thisweekinstartups
*
Subscribe to the Founder University Podcast: https://www.founder.university/podcast
ANGEL: Upfront’s Mark Suster on the power of alignment, setting reality, and raising capital | E1683
Jason is joined by Mark Suster of Upfront Ventures to cover raising capital in the early 2000s (1:22), aligning board members (21:19), the three variables VCs need to bet on (40:51), and so much more!
(0:00) Molly kicks off the show
(1:22) A recap of the previous 3 market cycles
(5:23) The hurdles founders will face starting a company in 2023
(6:55) Raising capital in the early 2000s
(9:15) LinkedIn Jobs - Go to https://linkedIn.com/angel and post your first job for free.
(10:37) Upfront’s strategy and changes to the market
(15:35) Misalignment of investors
(19:48) Prenuvo - Get $300 off a full-body MRI scan at https://prenuvo.com/twist
(21:19) Aligning of board members
(29:13) Setting reality as an investor/board member
(33:40) Cutting Burn & Mark’s decision framework
(39:23) Orgspace - Get $2000 of credits on pro plans with a 30-day free trial at https://orgspace.io/twist
(40:51) The 3 variables VCs need to bet on
(48:28) The power law and mission-aligned founders
(52:13) Feed the family money
(58:33) Company killers + Investing in lines not dots
FOLLOW Mark: https://twitter.com/msuster
FOLLOW Jason: https://linktr.ee/calacanis
FOLLOW Molly: https://twitter.com/mollywood
Bitcoin Miner Capitulation | Cassie Clifton & Kevin Zhang
In this episode of Empire, Jason is joined by two experts in the Bitcoin mining industry, Cassie Clifton (Galaxy Digital) and Kevin Zhang (Foundry). Since the start of the bear market in November 2021, we've seen prices crash and contagion run through DeFi. But it wasn't until May 2022 that rumors started to spread of pain in the Bitcoin mining industry.
Profit margins are collapsing, debt obligations are coming due, and miners are fighting to stay solvent. Tune in for a complete breakdown of the state of bitcoin mining!
Highlights include:
- Miner economics
- Understanding the ASICs market
- How debt-fueled insane growth
- What China's ban meant for the industry
- Why Miners hodl their Bitcoin
- What led to today's pain
- Consolidation and M&A
- Bitcoin Mining pools
- What to expect next
- -
Follow Cassie: https://twitter.com/bitcoincass
Follow Kevin: https://twitter.com/SinoCrypto
Follow Jason: https://twitter.com/JasonYanowitz
Follow Empire: https://twitter.com/theempirepod
Subscribe on YouTube: https://tinyurl.com/4fdhhb2j
Subscribe on Apple: https://tinyurl.com/mv4frfv7
Subscribe on Spotify: https://tinyurl.com/wbaypprw
--
Core, from Ava Labs, is more than just a wallet. It’s a free, non-custodial browser extension that gives Avalanche users a more seamless and secure Web3 experience. Download Core today at https://www.core.app/
- -
Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/
--
(00:00) Introduction
(01:45) Starting in March 2020
(07:10) The inputs to miner profitability
(10:42) How miners procure ASICs
(17:34) Miners prefer to HODL
(21:58) How miners reacted to macro volatility
(24:26) Avalanche Core Ad
(25:54) Second Order Effects of the China ban
(36:30) The State of Bitcoin Miners Today
(45:40) Are manufactures in trouble?
(47:08) Will miners flood the market with BTC?
(48:25) The end of ASIC backed loans?
(51:30) Consolidation and M&A
(54:30) Will Miners form an OPEC like committee?
(57:03) Renewable energy
(59:36) Changes in the energy market
(1:03:54) Bitcoin mining pools
(1:08:10) When will we hit rock bottom?
--
Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.
Robinhood earnings breakdown, Amazon launching department stores + Mark Suster deep dives VC | E1268
Jason breaks down the 2 metrics he uses to to assess Robinhood's Q2 earnings (1:43) and Amazon entering Department Store retail (16:39). Then, Mark Suster from Upfront Ventures joins (24:07) to discuss venture metrics, community as a moat, why high valuations don't necessarily mean a bubble & more.
The Bitcoin Hash Rate Has Dropped. How Long Will It Take to Return? - Ep.252
Kevin Zhang, vice president of business development at Foundry, breaks down the latest developments surrounding China and bitcoin mining. Show highlights:
how he came across crypto and which Bitcoin OG he joined at Bitcoin.com to help start its mining operations arm
what Foundry does and its relationship with Digital Currency Group (DCG)
why DCG wanted to build out a mining infrastructure business
what news from China in early March kickstarted the process of the mining ban
how China’s Central Television broadcasting company might have brought extra scrutiny to cryptocurrencies
what the 100th anniversary of the Chinese Communist Party has to do with its Bitcoin mining ban
why the Inner Mongolia and Sichuan Bitcoin mining bans were especially disruptive for Chinese miners
how much of China’s hash rate Kevin estimates has been shut down since May
where are miners relocating to
why Chinese mining equipment will not be allowed to turn on in the US
whether or not China’s Bitcoin mining ban will stick
why China banning bitcoin mining will be good for the network in the long run
what significant risk to Bitcoin’s network is solved by China banning bitcoin mining
how much Bitcoin’s hash rate will drop and what effect this will have on miner revenue
why Kevin thinks that Bitcoin is good for renewable energy
how immersion cooling technology works
what tangible benefits miners could find by moving to North America
if El Salvador’s volcanic bitcoin mining plan is feasible
what Kevin predicts will happen in the Bitcoin mining industry for the latter half of 2021
Thank you to our sponsors!
Crypto.com: https://crypto.onelink.me/J9Lg/unchainedcardearnfeb2
Tezos: https://tezos.com/discover?utm_source=laura-shin&utm_medium=podcast-sponsorship-unconfirmed&utm_campaign=tezos-campaign&utm_content=hero
Conjure: https://conjure.finance
Episode Links
Kevin Zhang
Twitter: https://twitter.com/SinoCrypto
Mining tweet storms:
https://twitter.com/SinoCrypto/status/1407524150885994497
https://twitter.com/SinoCrypto/status/1409227438262046723
Content from previous work experience:
Greenridge Generation
https://www.theblockcrypto.com/linked/57943/a-power-plant-in-new-york-is-reportedly-mining-roughly-50000-in-bitcoin-each-day
Project Spokane
https://medium.com/@derekbrouwer/the-bitcoin-barons-how-a-marketer-and-a-money-launderer-sold-montana-on-digital-gold-2a255c96c981
Foundry, Subsidiary of DCG
Twitter: https://twitter.com/foundryservices
Website: https://foundrydigital.com/
Foundry USA Pool
Bit Digital: https://www.prnewswire.com/news-releases/bit-digital-joins-foundry-usa-pool-with-5-679-machines-adding-up-to-280-phs-of-compute-power-to-the-pool-301283792.html
Bitfarms partnership: https://www.globenewswire.com/news-release/2021/04/23/2215897/0/en/Bitfarms-Partners-with-Foundry-to-Expand-Bitcoin-Mining-Fleet-and-Join-Foundry-USA-Pool-Instantly-Boosts-Operating-Hashrate-By-15.html
China’s Bitcoin Mining Ban
Travis Kling noted 25 different announcements from China in June alone:
https://twitter.com/Travis_Kling/status/1410630499748388865
Glassnode: mining difficulty to face its largest decrease ever
https://insights.glassnode.com/the-week-on-chain-week-26-2021/
The Block: hash rate dropped 50%, Foundry up while everyone else is hurting
https://www.theblockcrypto.com/post/109315/bitcoin-hashrate-declines-50-percent-china-mining-crackdown
Nic Carter: breaking down the hashrate migration
https://www.coindesk.com/bitcoin-unpacking-hashrate-nic-cart-migration
Secondhand mining equipment prices are spiking
https://www.coindesk.com/chinese-logistics-firm-airlifting-bitcoin-mining-machines-to-maryland-report
https://www.theblockcrypto.com/post/109301/secondhand-bitcoin-miner-supply-spiking-bitmain
Bitcoin miners shut down, 26 farms affected after Sichuan bans BTC mining
https://www.coindesk.com/sichuan-becomes-latest-chinese-province-to-order-bitcoin-miner-shutdown
https://decrypt.co/74075/bitcoin-hashrate-falls-17-overnight-after-china-mining-crackdown
China’s Inner Mongolia announced eight measures in its crypto ban
https://www.theblockcrypto.com/post/105973/china-inner-mongolia-crypto-bitcoin-mining-ban-measures
Hash rate hits yearly low
https://www.coindesk.com/bitcoin-mining-hashrate-drops-low
Miners are moving to Kazakhstan
https://www.coindesk.com/chinese-bitcoin-mining-company-delivers-first-machines-to-kazakhstan
Tweet thread on how bitcoin miners reacted to the PRC’s May crackdown
https://twitter.com/MustafaYilham/status/1396574185598590979
Learn more about your ad choices. Visit megaphone.fm/adchoices
E1121: Mark Suster on investing in human-computer interfaces & sustainability, what he looks for in founders, SPACs impact on early-stage investing & more
Check out Mark's Blog: https://bothsidesofthetable.com
FOLLOW Mark: https://twitter.com/msuster
FOLLOW Jason: https://linktr.ee/calacanis
SaaStr 340: Mark Suster, Managing Partner at Upfront Ventures, on Funding In the Time of Coronavirus
Mark Suster is a managing partner at Upfront Ventures, the largest venture capital firm in Los Angeles, and a prominent blogger in the startup venture capital world.
In this episode of the SaaStr podcast, he shares his learnings on the current landscape of funding in the time of Coronavirus, including:
Valuation and compression
Forecasting market trends
The slowdown in VC
His best advice for surviving the downturn and raising a round of funding
You can find the full video and transcript of this talk on our blog: https://www.saastr.com/funding-in-the-time-of-coronavirus-with-mark-suster-video-transcript/
20VC: Upfront's Mark Suster on COVID Redefining What A Great Company Looks Like and What Valuations Look Like, Why Pay-To-Play Is Back On The Table & Why We Will See The Death of Party Rounds
Mark Suster is the Managing Partner @ Upfront Ventures, one of LA's leading and largest venture firms with a portfolio including the likes of Bird, GOAT, Maker Studios and Ring.com to name a few. Prior to joining the world of venture, Mark was the founder & CEO of two successful enterprise software companies, the most recent of which was sold to Salesforce.com where Mark became VP, Products. Mark is also the author of one of my favourite industry blogs, Both Sides of The Table.
In Today's Episode You Will Learn:
1.) How Mark made his way from founding enterprise companies to joining "the dark side" of venture with his move to Upfront?
2.) How does the current economic landscape change the world of B2B? How will renewals be impacted? How will customers approach discounting? Similarly, how will the world of B2C be impacted by COVID? How does this impact marketing and ad spend?
3.) How does Mark think about reserve allocation today with Upfront? How does that change in the face of COVID? Why does Mark believe this environment will redefine valuations? How should founders respond in the face of heavily changed valuations?
4.) Does Mark believe we will see a graveyard of new venture firms who have deployed too quickly and have too many hungry mouths to feed? How does Mark think about building temporal diversification into the portfolio? How can managers use reserves more intelligently moving forward?
5.) Does Mark agree with the Twittersphere that VCs remain "open for business"? How will we see deal volume impact? How will we see size of transaction impacted? What is the most important role a VC can play today? How will the M&A market also be impacte din the face of COVID?
Items Mentioned In Today's Show:
Mark's Fave Book: Disunited Nations: The Scramble for Power in an Ungoverned World
Mark's Most Recent Investment: Solve
As always you can follow Harry, The Twenty Minute VC and Mark and on Twitter here!
Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
Reinventing Upfront and building LA (with Upfront partner Kevin Zhang)
We’re joined by Upfront Ventures partner Kevin Zhang to discuss the evolution of both Upfront as a venture firm and the LA tech ecosystem more broadly. We cover the journey from Upfront’s founding as “Global Retail Partners” in 1996 to its place today as the premier and largest tech investor in Southern California. We talk about rebranding the firm and choosing Upfront as a name, launching the Upfront Summit, what LA is "good and not good at", and Kevin’s thesis around gaming as a great place for venture investing.
Sponsors:
Sierra: https://bit.ly/acquiredsierra
SaaStr 211: The Ultimate Guide To SaaS Pricing From Investors @ Benchmark, Matrix, Upfront Ventures & Operators @ Figma, Snyk and Kustomer
In Today's Episode We Discuss:
David Skok: General Partner @ Matrix Partners: Why does David believe that all good products have at least one variable pricing axis? How can founders determine which variable they should choose for their product? What are the pros and cons?
Chetan Puttagunta: General Partner @ Benchmark: Why does Chetan believe we have seen a strong decline in the per seat pricing model? What are the major drawbacks of it? What are we seeing replace it? What has Chetan seen work well amongst his portfolio?
Mark Suster: General Partner @ Upfront Ventures: What were Mark's two biggest lessons on pricing from seeing the hyper-growth of Salesforce first hand? WHat does Mark advise founders when it comes to price anchoring and discounting? How does Mark view the sale of professional services with this in mind?
Amanda Kleha: Chief Customer Officer @ Figma: What were Amanda's biggest learnings from running the Zendesk pricing playbook? What does Amanda mean when she says that successful pricing is broke up into 3 separate product features?
Brad Birnbaum: Founder & CEO @ Kustomer:Why does Brad push back on the common suggestion of a "no man's land in SaaS pricing"? Why is innovation in pricing actually detrimental to sales in most cases?
Guy Podjarney, Founder & CEO @ Snyk: How does Guy think about having a large enough base to test pricing strategies? How does Guy think about the balance between freemium and paid? Does one have to come first?
Read the full transcript on our blog.
If you would like to find out more about the show and the guests presented, you can follow us on Twitter here:
Jason Lemkin
Harry Stebbings
SaaStr
Recode Decode: Mark Suster, managing partner, Upfront Ventures
Upfront Ventures Managing Partner Mark Suster talks with Recode’s Kara Swisher about leading the oldest and largest venture capital firm in Los Angeles. He explains why he rejects the term “Silicon Beach,” preferring “LA Tech,” and what people miss when they think of Southern California as a less-techie place than Silicon Valley. Suster says the increasingly common overfunding of tech companies and overpaying of tech workers in the San Francisco area are discouraging innovation. He also discusses how the geography of entrepreneurship in SoCal is changing, why Upfront-backed smart doorbell maker Ring sold to Amazon, and what people get wrong about one of LA's sexiest tech companies, Snap.
Learn more about your ad choices. Visit podcastchoices.com/adchoices
SaaStr 124: Upfront's Mark Suster on The One Thing That Kills Sales, Why You Have To Price High and Discount & Why Sales People Are Either Farmers or Hunters?
Mark Suster is Managing Partner at Upfront Ventures which he joined in 2007, having previously worked with Upfront for nearly 8 years as a two-time entrepreneur. Before joining Upfront Mark was Vice President, Product Management at Salesforce.com following its acquisition of Koral, where Mark was Founder and CEO. Prior to Koral, Mark was Founder and CEO of BuildOnline, a European SaaS company that was acquired by SWORD Group. Mark is also the writer of one of my favourite VC blogs, Both Sides Of The Table which is a centre piece to the whole VC community and is a must read for all interested in entrepreneurship and VC.
In Today's Episode You Will Learn:
How Mark made his way into the world of startups and came to invest in SaaS with Upfront today?
What are 4 reasons why startups should prioritise professional services in the early days? Why do most VCs disagree with this? How did Salesforce do this right in their period of hyper-growth?
How should early stage startups approach the topic of pricing? How can they evaluate whether to call high or low? What are the pros and cons of doing both?
Mark has previously discussed the importance of finding your champion in the buying process. How can startups determine whether your champion is a decision-maker? What questions can you ask to find this out?
What changes as a SaaS business scales? What are the key inflection points of company development? How does Mark view the amount B2B startups are raising today? How does Mark evaluate responsible and right spend?
60 Second SaaStr
What should your first sales reps be really good at?
How has Mark seen early stage SaaS startups go wrong most often?
IPO markets, frothy or fantastic?
What does Mark know now that he wishes he had known before?
If you would like to find out more about the show and the guests presented, you can follow us on Twitter here:
Jason Lemkin
Harry Stebbings
SaaStr
Mark Suster
20VC: How To Assess Founder Psychology, Why Talking About Financial Returns In The First Meeting Is Always Wrong & How To Allocate Time Amongst A VC Portfolio with Kara Nortman, Partner @ Upfront Ventures
Kara Nortman is a Partner @ Upfront Ventures, one of LA's leading venture funds. Kara is also co-founder of Seedling where she currently serves as Chairman. Prior to starting Seedling, Kara spent close to seven years at IAC where she acted as the Senior Vice President and General Manager of Urbanspoon and Citysearch. Prior to Urbanspoon/Citysearch, Kara co-headed the M&A group at IAC where she lead some of their most successful acquisitions, notably Urbanspoon, Dictionary.com and Aston Hotels. While at IAC, Kara also served as a board member to Hatch Labs, IAC's mobile technology incubator, where she recruited and advised Tinder. Kara also spent time at Morgan Stanley, Microsoft, and Battery Ventures.
In Today's Episode You Will Learn:
1.) How Kara made her way into the wonderful world of VC?
2.) Question from Greg Betinelli and Jenny Lefcourt: What is the most surprising thing about moving from an operator to a VC? What does Kara prefer more about being a VC?
3.) Having been an entrepreneur with a board, what does a good board member look like to Kara? How does Kara allocate her time amongst her portfolio?
4.) How does Kara assess founder psychology? How does Kara look to get to know the founder both post and pre-investment? What are some signs and tells for Kara of the truly successful operators?
5.) How does Kara view diversity in the VC landscape? What are prime examples of where it is going wrong? What can be done to change this? What are Kara's hopes and concerns for the future?
Items Mentioned In Today's Show:
Kara's Fave Blog: Both Sides of The Table
Kara's Fave Book: Grit by Angela Duckworth
Kara's Most Recent Investment: Stem
As always you can follow Harry, The Twenty Minute VC and Kara on Twitter here!
Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.
Pearl believes the latest automotive technology should be available to every driver – whether it's time for you to buy a new car or not. RearVision is our first step in driving this commitment forward. Pearl RearVision is the only wireless backup camera and alert system that installs in minutes and updates throughout its lifetime. Pearl literally takes less than 10minutes to install and is completely wireless because it's solar powered. Since RearVision is software based, we're able to push updates and new features over the Pearl App in the exact same way you receive updates for other apps on your phone. Pearl RearVision is perfect for anyone who wants to upgrade their car in minutes. Pearl RearVision is $499.99 and available at PearlAuto.com. It's also available on Amazon and through Crutchfield.
Xero is beautiful, easy-to- use online accounting software for small businesses. With Xero, you can easily manage your accounting anytime, anywhere from your computer or mobile device.When you add Xero to your small business you are able to: Send online invoices and get paid faster. Get an instant view of your cash flow. Track your payroll and keep tabs on your inventory. Partner with your accountant and bookkeeper in real time whenever you like. You can also customize your Xero experience with over five hundred business apps, including advanced solutions for point-of- sale, time tracking, ecommerce and more. Sign up for a free thirty-day trial at xero.com/20vc
20VC: Upfront Ventures' Greg Bettinelli on Testing For Founder 'Grit' & What It Takes To Build A Successful Consumer Brand Today
Greg Bettinelli is a Partner at Upfront Ventures where he specialises in businesses at the juncture of retail and technology. Prior to Upfront, Greg was the CMO for HauteLook, a leading online flash-sale retailer that was acquired by Nordstrom for $270mm. Before HauteLook, Greg was Executive Vice President of Business Development and Strategy at Live Nation, responsible for strategic direction and key business partnerships for Live Nation's ticketing and digital businesses. Before Live Nation, Greg held a number of leadership positions at eBay and StubHub and was the business leader who led eBay's acquisition of StubHub in 2007.
In Today's Episode You Will Learn:
1.) How Greg made his way into VC from the unconventional world of retail and consumer?
2.) How has Greg's unconventional background altered how he views investments and founders? How does Greg test for the 'grit' required to be a founder?
3.) With the rise of direct to consumer, will we see the end of the physical retail store? Why do big retailers still have such little e-commerce presence?
4.) To what extent does Greg view brand as a form of IP in a prospective investment? How have we seen changing brand loyalty in the last decade?
5.) What are the fundamentals for growing a consumer brand successfully? Who has exemplified this?
Items Mentioned In Today's Show:
Greg's Fave Blog and Newsletter: Dan Primack: Term Sheet
Greg's Fave Book: Michael Lewis
Greg's Most Recent Investment: Happy Returns
As always you can follow Harry, The Twenty Minute VC and Greg on Twitter here!
Likewise, you can follow Harry on Snapchat here for mojito madness and all things 20VC.
WeAreLATech is the number one resource uniting the LA startup community. Immediately integrate into the explosive LA tech scene by visiting WeAreLATech.com/VC. WeAreLATech offers a unique combination of curated offline experiences, the #1 LA Tech podcast called "WeAreLATech", and the only mobile app that keeps you in the know with a full calendar of events. Make sure go to WeAreLATech.com/VC to explore and learn all about everything LA tech and silicon beach. You'll also get access to a private LA tech immersion call exclusively for 20 Minute VC listeners. Eve make 1 perfect mattress – made with 3 layer technology and next generation memory foam. It comes packaged in a beautiful box and arrives the day after you order. You get 100 nights to try it with free return pick-up – it really is the perfect mattress for everyone. Just go online to evemattress.co.uk and enter the code 20VC for £50 off. Everybody deserves the perfect start with Eve.
20 VC 085: Mark Suster @ Upfront Ventures on Being A Super Entrepreneur Driven VC
Mark Suster is Managing Partner at Upfront Ventures which he joined in 2007, having previously worked with Upfront for nearly 8 years as a two-time entrepreneur. Before joining Upfront Mark was Vice President, Product Management at Salesforce.com following its acquisition of Koral, where Mark was Founder and CEO. Prior to Koral, Mark was Founder and CEO of BuildOnline, a European SaaS company that was acquired by SWORD Group. Mark is also the writer of one of my favourite VC blogs, Both Sides Of The Table which is a centre piece to the whole VC community and is a must read for all interested in entrepreneurship and VC.
In Today's Episode You Will Learn:
1.) How did Mark make his way into the world of tech and later make the transition to VC?
2.) How have Mark's entrepreneurial origins influenced his investment style and approach to startups?
3.) What really gets Mark excited in terms of the founders and the companies they have built?
4.) How does Mark recommend that startup founders can meet investors and get those initial meetings?
5.) What sector is Mark most excited by and why?
6.) Mark has said in the past 'too much money too early often fucks companies up'. Why is that and how should founders determine what is the right amount to raise?
Items Mentioned In Today's Show:
My Fave of Mark's Posts: Entrepreneur DNA, I Invest In Lines Not Dots
Mark's Fave Book: The Accidental Superpower
Mark's Fave Blog or Newsletter: Stratechery, Ben Evans, Chris Dixon, Tom Tunguz
Mark's Most Recent Investment: Mitu Networks
As always you can follow Harry, Mark, The Twenty Minute VC and Upfront Ventures 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!