Podcast appearances and mentions of Andy Rachleff

Guest: Jason Kilar, former CEO & co-founder of Hulu and former CEO of WarnerMediaWhen Jason Kilar was a child, he was obsessed with Walt Disney — not just as a filmmaker or the creator of Disneyland, but as an entrepreneur. He started his career at the Walt Disney Company (where else?) but then got his first opportunity to help build something new when a young startup entrepreneur from Seattle visited his business school classroom. Most of Jason's classmates predicted the failure of this startup, Amazon.com, which elicited “this awesome laugh, the Jeff Bezos trademark laugh.” How a leader reacts to criticism or doubts, Jason learned, says a lot about their conviction and intelligence.Chapters:(01:08) - Bing Gordon and John Doerr (04:11) - Warner Bros. (06:12) - Walt Disney (11:10) - Working at Disney (14:32) - What makes it special (18:31) - Meeting your heroes (20:06) - “Walt's folly,” Disneyland (22:45) - Harvard and Amazon (25:09) - Meeting Jeff Bezos (29:10) - “Help people understand Amazon exists” (33:25) - Amazon's culture (38:07) - What Warner Bros. makes (40:55) - Obscurity and relevance (45:53) - Feeling the lows (50:09) - Launching Hulu (53:36) - NewCo or ClownCo? (59:13) - Over-communication (01:03:14) - The future of TV memo (01:06:46) - Innovator's dilemma (01:08:57) - No labels (01:14:04) - Unfinished business (01:16:22) - Staying present (01:20:26) - The theatrical window (01:26:19) - What's next? Mentioned in this episode: Amazon, The Matrix, Star Wars: A New Hope, Disney World, Diane Disney Miller, Honey, I Shrunk the Kids, Michael Eisner, Universal Studios and Harry Potter, Disney University, Jeffrey Rayport, Barnes & Noble, Joel Spiegel, David Risher, Joy Covey, Garry Trudeau and Doonesbury, Andy Jassy, Brian Birtwistle, Jim Kingsbury, Vessel and Verizon, HBO, Friends, Hogwarts Legacy, Sony, Netflix, NBCUniversal, Paramount, AT&T, Discovery, Richard Tom, Kara Swisher, Fox, YouTube and Google, Saturday Night Live, Peter Chernin, Jeff Zucker, Bob Iger, Andy Rachleff and Benchmark, CBS, Miracle on 34th Street, Marissa Mayer and Yahoo, Rony Abovitz and Magic Leap, House of the Dragon and Industry, Dune, Christopher Nolan, and the TSA.Links:Connect with JasonTwitterLinkedInConnect with JoubinTwitterLinkedInEmail: grit@kleinerperkins.com Learn more about Kleiner PerkinsThis episode was edited by Eric Johnson from LightningPod.fm

Send us a textMiguel Armaza travels to San Francisco for an interview with David Fortunato, CEO of Wealthfront, an asset management giant with $70+ billion in assets under management and over a million clients.Founded by Andy Rachleff almost 15 years ago, Wealthfront is now one of the most defining financial brands for millennials and Gen Zers. David joined the company in 2009 as a junior software engineer and became CEO almost four years ago.In this episode, we discuss:Building a culture of engineers and automationProduct expansion strategiesA sustainable business model that looks a lot more like SaaS and not a financial institutionBuy, Build, or Partner, and what it takes to successfully build most of your tech in-house… and a lot more!Want more podcast episodes? Join me and follow Fintech Leaders today on Apple, Spotify, or your favorite podcast app for weekly conversations with today's global leaders that will dominate the 21st century in fintech, business, and beyond.Do you prefer a written summary? Check out the Fintech Leaders newsletter and join ~70,000+ readers and listeners worldwide!Miguel Armaza is Co-Founder and General Partner of Gilgamesh Ventures, a seed-stage investment fund focused on fintech in the Americas. He also hosts and writes the Fintech Leaders podcast and newsletter.Miguel on LinkedIn: https://bit.ly/3nKha4ZMiguel on Twitter: https://bit.ly/2Jb5oBcFintech Leaders Newsletter: bit.ly/3jWIp

#174: Legendary investor Andy Rachleff shares invaluable lessons to accelerate your personal and professional growth. He explores how success can be achieved through the power of intellectual curiosity, non-consensus thinking, effective writing and questioning, and decision-making. He also offers practical advice on career advancement and leadership. Andy Rachleff co-founded Benchmark Capital, one of the most successful venture capital firms, and is currently the co-founder and executive chairman of Wealthfront. He teaches at the Stanford Graduate School of Business and serves as chairman of the endowment investment committee at the University of Pennsylvania. Link to Full Show Notes: https://allthehacks.com/andy-rachleff-life-lessons-for-success Partner Deals Storyworth: $10 off a custom book of your father's stories HubSpot: All-in-one customer platform to get more out of your business Facet: Personalized financial planning + $250 enrollment fee waived Shopify: $1/month trial for the easiest e-commerce platform Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Full Show Notes (00:00) Introduction (02:42) Learn It All vs. Know It All Mindset (06:33) The Importance of Writing (09:17) How to Navigate the Early Stages of Your Career (10:33) Andy's Non-Consensus Point of View (14:04) How to Learn from Success and Failure (20:19) Balancing Passion with Practical Experience (23:41) Things to Look for When Hiring People (26:15) The Difference Between Being Good, Very Good, and Exceptional (29:39) What Is a Product Market Fit and How Do You Find It? (38:16) Traits of Successful Managers and Leaders (42:35) Andy's Golden Rule in Life (43:37) Role of Optimism and Pessimism in Business (45:40) How to Foster Relationships with Experts and Mentors (47:25) Introductions and What Not to Do When Making Them (50:37) Can You Achieve Work-Life Balance and Be Successful? (53:04) How Andy Makes Big Life and Work Decisions (58:11) Can Graduate School Pivot Your Career? (1:02:09) The Best Way to Optimize Your Time (1:03:10) Ways to Invest Successfully Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: X | Instagram | Website | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL's in these archive episodes are still relevant. Andy is Wealthfront's co-founder and CEO. He serves as chairman of the UPenn endowment investment committee and teaches technology entrepreneurship at Stanford GSB. Previously, Andy co-founded and was general partner of Benchmark Capital. Top 3 Value Bombs 1. Not every business is meant to be mission-driven. If you build a commodity product, it's hard to be mission-driven. You have to have an element of changing the world to be mission-driven. 2. You don't find the idea. They find you from your authenticity to the opportunity because you will recognize that inflection point well before someone else might. 3. Don't focus on the percentage of times that you're right. Focus on the magnitude of when you are. Get data-driven, actionable finance advise - Wealthfront Sponsor HubSpot Scale support and drive retention and revenue all in one place with HubSpot's all-new Service Hub. Visit HubSpot.com/service to learn how this all-new solution can help you deliver for your customers

From the archive: This episode was originally recorded and published in 2021. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL's in these archive episodes are still relevant. Andy is Wealthfront's co-founder and CEO. He serves as chairman of the UPenn endowment investment committee and teaches technology entrepreneurship at Stanford GSB. Previously, Andy co-founded and was general partner of Benchmark Capital. Top 3 Value Bombs 1. Not every business is meant to be mission-driven. If you build a commodity product, it's hard to be mission-driven. You have to have an element of changing the world to be mission-driven. 2. You don't find the idea. They find you from your authenticity to the opportunity because you will recognize that inflection point well before someone else might. 3. Don't focus on the percentage of times that you're right. Focus on the magnitude of when you are. Get data-driven, actionable finance advise - Wealthfront Sponsor HubSpot Scale support and drive retention and revenue all in one place with HubSpot's all-new Service Hub. Visit HubSpot.com/service to learn how this all-new solution can help you deliver for your customers

#168: Former portfolio manager Chris Doyle joins to discuss strategic ways to build and manage your investment portfolio. They do a deep dive on diversification, tax-award allocation, capacity and tolerance for risk, tax-loss harvesting, rebalancing and more. Chris Doyle is a Research Scientist at the Stanford Autonomous Agents Lab. He co-founded the technology startup Grove to make financial services accessible and affordable for everyone. Before that, he was an investor at a macro hedge fund and had a trading career at Barclays Capital. Link to Full Show Notes: https://allthehacks.com/investment-portfolios-chris-doyle Partner Deals Vuori: 20% off the most comfortable performance apparel I've ever worn Storyworth: Capture your Mom's stories and memories in a custom book ($10 off) Fabric: Affordable term life insurance for you and your family MasterClass: Learn from the world's best with 15% off Daffy: Free $25 to give to the charity of your choice For all our deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Resources Mentioned Chris Doyle: LinkedIn | Website Wealthfront (Get $5k managed free and get a 0.5% APY boost) Triumph of the Optimists: 101 Years of Global Investment Returns All the Hacks Episodes #19: Becoming a Better Investor with Andy Rachleff #59: Save Money, Build Wealth and Just Keep Buying with Nick Maggiulli Full Show Notes (02:14) Important Factors to Consider Before Building a Financial Portfolio (05:54) One of the Major Mistakes Made by Retail Investors (07:50) How to Think About Financial Risk (08:33) Importance of Asset Class Diversification (13:47) How to Determine Which Asset Classes to Include (20:19) Why People Add Emerging Markets to Their Portfolio (21:15) The Argument for International Stocks (22:18) The Case For or Against Real Estate (23:41) Trading Commodity Futures (28:18) Investing in Crypto (30:52) Non-Traditional Investments (37:04) Bonds and Fixed Income Allocation (43:30) Cash Interest Rate vs. Long-Term Bond Interest Rate (46:11) How to Think About Investing (50:34) Ways to Migrate from One Portfolio to Another (54:06) The Role of Tax Rates (1:01:31) Rebalancing Portfolios (1:03:04) Tax Loss Harvesting (1:09:39) Direct Indexing (1:12:37) How Often Should You Change Your Portfolio? (1:14:50) Uninvested Cash (1:17:22) How to Pick the Right Perfect Portfolio (1:20:22) Financial Advisors: Humans vs. Software Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

#154: Entrepreneur Noah Kagan shares tips for launching a 7-figure business in 48 hours. The conversation wealth creation, achieving your freedom number, the importance of pre-selling, lessons from millionaires, the do's and don'ts for effective follow-ups and more. Noah Kagan is the founder of 7 million-dollar business and is currently the CEO of AppSumo, a company that teaches lessons on how to start a business, grow a business, and improve your marketing. He also has a popular YouTube Channel and was an early employee at Facebook and Mint. Link to Full Show Notes: https://www.allthehacks.com/noah-kagan-million-dollar-weekend Partner Deals Pique Tea: 15% off delicious teas + a free quiver with 12 tea samples Facet: Personalized Financial Planning + $250 enrollment fee waived DeleteMe: 20% off removing your personal info from the web Gelt: Skip the waitlist on personalized tax guidance to maximize your wealth Netsuite: Free KPI checklist to upgrade your business performance For all the deals, discounts and promo codes from our partners, go to: allthehacks.com/deals Resources Mentioned Noah Kagan: YouTube | AppSumo Million Dollar Weekend: Book | Website Merry Makery Greeting Cards Stern Pinball The Artist's Way: A Spiritual Path to Higher Creativity My Body Tutor All the Hacks Episodes: #19: Becoming a Better Investor with Andy Rachleff #40: The Power of Regret, Motivation and Good Timing with Daniel Pink #118: Unleashing the Power of Kindness, Self-Awareness, and Passion with Gary Vaynerchuk #151: Master the Skill of Sleep with Mollie Eastman #130: The Art of Confidence: Find It, Grow It and Use It to Your Advantage with Aziz Gazipura Full Show Notes (02:45) Ways to Create Unlimited Wealth (08:25) Achieving Your Freedom Number (14:32) The Million Dollar Weekend Business Process (20:24) Three Ways to Get Business (23:55) How Pre-Selling Works (27:36) Why You Need to Find Work You Love (35:54) Lessons Learned from Millionaires (39:40) Noah's Daily Routine (43:38) Entrepreneurship vs. Employment (48:28) Learning the Skill to Get Going (58:10) Following Up: Do's & Don'ts (1:07:14) Learning To Spend (1:11:02) Goal Setting Connect with All the Hacks All the Hacks: Newsletter | Website | Membership | Email Chris Hutchins: Twitter | Instagram | Website | LinkedIn Editor's Note: The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Opinions expressed here are the author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post. Learn more about your ad choices. Visit megaphone.fm/adchoices

The IO podcast with Sterling and Tyler features Andy Rachleff, the founder of Benchmark Capital and unicorn startup Wealthfront, and explores the intersection between investing and operating. Ratcliffe believes that finding product-market fit and being ambidextrous in finding new opportunities while optimizing existing ones is more important than being paranoid in either role. He also discusses the importance of learning from success and putting entrepreneurs first. Venture capitalist Bill Gurley emphasizes the importance of product market fit and finding an inflection point in technology to identify a non-consensus market that is desperate for a product. Rachleff admires investors Howard Marks, John Dora, and John Valentine, and considers Reed Hastings as an exemplary operator who makes asymmetric bets. The success of running a company or making investments is determined by the magnitude of success when you are right, and great CEOs must be like venture capitalists in adding businesses to their portfolio and betting the company through major development initiatives and acquisitions with a high chance of failure.Timestamps[00:00:00] Interview with Investor Operator Andy Rachleff[00:01:40] Investing vs. Operating Skills[00:03:32] Product Market Fit and the Art of Being Ambidextrous[00:05:41] From VC to Entrepreneur: How Wealthfront Was Born[00:09:41] Making Money & Taking Leaps of Faith in Non-Consensus Ventures[00:12:37] The History and Success of Benchmark's Equal Partnership Model[00:16:41] Insight on Product Market Fit with Andy Keen[00:19:03] Spotting Inflection Points: Technology Entrepreneurship and Venture Capitalism[00:20:22] Product Market Fit and the Thesis of Everything Going Wrong[00:22:51] Key Trait of Successful Entrepreneurs: Deep Understanding of Technology[00:27:07] Finding Desperate Customers for Startup Success[00:28:41] Why Great CEOs Layer New Businesses to Succeed[00:33:04] Best Startup for Asymmetric Bets Today?

Join us in the BreakLine Arena for a conversation with Andy Rachleff, Executive Chairman of Wealthfront, Co-Founder of Benchmark Capital, and faculty member at Stanford Graduate School of Business.Andy shares his perspective on why Silicon Valley Bank collapsed (including the 'monstrous mistake' that led to a bank run), the actions that regulators took, and how these circumstances might affect the employment landscape and the broader economic environment. “Cash is oxygen and oxygen is life. This became a crisis for startups and young companies.”Please like, rate, subscribe, or review our show if you've liked what you've heard! We'd love to hear your thoughts. If you're interested in joining our community, please visit www.

Wealthfront Chairman and Co-Founder Andy Rachleff joins Jason for an incredible interview! They start the show by discussing the SVB situation before breaking down different tech mini-crashes throughout Silicon Valley history (2:28). Then, they break down Wealthfront's business and how to know if a business has market pull (40:49). They finish up the show by covering a range of topics, from AI to stock-based comp (1:13:45). (0:00) Jason kicks off the show (2:28) SVB situation (9:26) The FDIC's $250K limit (13:27) MasterClass - Get 15% off an annual membership at https://masterclass.com/startups (14:49) The bank run (16:17) The SVB ecosystem (22:20) Merge - Integrate up to 5 customers for free today at https://merge.dev/twist (23:45) Cycle changes (36:15) How to judge a VC (39:27) Issuu - Get 50% off when you go to https://issuu.com/podcast and use promo code twist (40:49) Wealthfront's operation (48:58) Reactions to the market (55:00) Modern analysis and stock buybacks (1:01:24 ) Caring about profitability (1:02:06) Attaining market pull (1:13:45) Andy's thoughts on AI (1:16:31) The makeup of a great entrepreneur (1:18:50) Stock-based compensation (1:25:06) How we avoided inflation FOLLOW Andy: https://twitter.com/arachleff FOLLOW Jason: https://linktr.ee/calacanis

My podcast with the brilliant Marc Andreessen is out!We discuss:* how AI will revolutionize software* whether NFTs are useless, & whether he should be funding flying cars instead* a16z's biggest vulnerabilities* the future of fusion, education, Twitter, venture, managerialism, & big techDwarkesh Patel has a great interview with Marc Andreessen. This one is full of great riffs: the idea that VC exists to restore pockets of bourgeois capitalism in a mostly managerial capitalist system, what makes the difference between good startup founders and good mature company executives, how valuation works at the earliest stages, and more. Dwarkesh tends to ask the questions other interviewers don't.Byrne Hobart, The DiffWatch on YouTube. Listen on Apple Podcasts, Spotify, or any other podcast platform. Read the full transcript here. Follow me on Twitter for updates on future episodes.Similar episodesYou may also enjoy my interview of Tyler Cowen about the pessimism of sex and identifying talent, Byrne Hobart about FTX and how drugs have shaped financial markets, and Bethany McLean about the astonishing similarities between FTX and the Enron story (which she broke).Side note: Paying the billsTo help pay the bills for my podcast, I'm turning on paid subscriptions on Substack.No major content will be paywalled - please don't donate if you have to think twice before buying a cup of coffee.But if you have the means & have enjoyed my podcast, I would appreciate your support

Lenny's Podcast: Product | Growth | Career ✓ Claim Podcast Notes Key Takeaways Having a podcast is a great excuse to talk to someone interesting for an hour Do not start a podcast if you wouldn't do it for free in perpetuity Focus on what excites you and not what  you think will move the metrics Tim Ferriss did a podcast with a person on how to make violins; 80% of his subscribers probably ignored it but 20% reached out to Tim and told him it was their favorite podcast episode of the yearWhen you're at a dinner table, what's the thing that you talk about that causes people to lean in to hear what you have to say?The answer to this question is what your podcast should be about Read the full notes @ podcastnotes.orgChris Hutchins recently left his position as Head of New Product Strategy at Wealthfront to focus full-time on his podcast, All the Hacks. If you're thinking about starting your own podcast or are simply interested in the process, be sure to check out today's episode. We dive deep on all things podcasting: the pros and cons, how to climb the charts, and how much time you should expect to spend on each episode from start to finish. We talk in-depth about the process, from pre-production to publication, and share all of the products we use for recording, editing, and publishing. Chris also offers some important tips and tricks on how to get your first subscribers and how to market and grow your podcast, as well as some incredible money-saving hacks that you can start implementing today.—Find the full transcript here: https://www.lennyspodcast.com/launching-and-growing-a-podcast-chris-hutchins-all-the-hacks-wealthfront-google/#transcript—Thank you to our wonderful sponsors for supporting this podcast:• Notion—One workspace. Every team: https://www.notion.com/lennyspod• Vanta—Automate compliance. Simplify security: https://vanta.com/lenny• Lenny's Job Board—Hire the best product people. Find the best product gigs: https://www.lennysjobs.com/talent—Where to find Chris Hutchins:• Twitter: https://twitter.com/hutchins• LinkedIn: https://www.linkedin.com/in/chrishutchins/• Website: https://chrishutchins.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• Twitter: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—Referenced:• All the Hacks podcast: https://www.allthehacks.com/• All the Hacks newsletter: https://allthehacks.com/email• Andy Rachleff on Twitter: https://twitter.com/arachleff• Kerri Walsh Jennings on All the Hacks: https://www.allthehacks.com/performance-psychology-kerri-walsh-jennings/• Descript: https://www.descript.com/• Erika Taught Me podcast: https://podcasts.apple.com/us/podcast/erika-taught-me/id1650076906• Leigh Rowan on All the Hacks: https://www.allthehacks.com/travel-hacks-leigh-rowan/• Kevin Kelly's “1,000 True Fans”: https://kk.org/thetechnium/1000-true-fans/• Emily Oster's books: https://emilyoster.net/writing/• Chris Hutchins on The Kevin Rose Show: https://podcast.kevinrose.com/guests/chris-hutchins/• Nick Gray's newsletter: https://nickgray.net/signup-for-email-updates/• The 2-Hour Cocktail Party: How to Build Big Relationships with Small Gatherings: https://www.amazon.com/2-Hour-Cocktail-Party-Relationships-Gatherings-ebook/dp/B0B2KW6T7J• MrBeast on YouTube: https://www.youtube.com/channel/UCX6OQ3DkcsbYNE6H8uQQuVA• Gary Vaynerchuk on Twitter: https://twitter.com/garyvee• The Danny Miranda Podcast: https://podcasts.apple.com/us/podcast/the-danny-miranda-podcast/id1532160275• Ray Dalio on Twitter: https://twitter.com/RayDalio• Danny Miranda's newsletter on Substack: https://dannymiranda.substack.com/• ATRX2100 mic bundle on Amazon: https://www.amazon.com/Audio-Technica-ATR2100X-USB-Microphone-Bundle-Filter/dp/B082SYHRY9/r• Riverside: https://riverside.fm/• Focusrite Scarlett 2i2 on Amazon: https://www.amazon.com/Focusrite-Scarlett-Audio-Interface-Tools/dp/B07QR73T66• Sony Alpha 7C mirrorless full-frame camera on Amazon: https://www.amazon.com/Sony-Alpha-Full-Frame-Mirrorless-Camera/dp/B08HVZLQ4F• Adobe Audition: https://www.adobe.com/products/audition.html• Pro Tools: https://www.avid.com/pro-tools• Podpage: https://www.podpage.com/• Simplecast: https://www.simplecast.com/• Chartable: https://chartable.com/• Podstatus: https://podstatus.com/• Overcast: https://overcast.fm/• Happy Money: https://www.amazon.com/Happy-Money-Ken-Honda-audiobook/dp/B07MJHJ57T/• Vagabonding: An Uncommon Guide to the Art of Long-Term World Travel: https://www.amazon.com/Vagabonding-Uncommon-Guide-Long-Term-Travel/dp/0812992180• Die with Zero: https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358099765• Animal Spirits Podcast: https://podcasts.apple.com/us/podcast/animal-spirits-podcast/id1310192007• Mythic Quest on AppleTV+: https://tv.apple.com/us/show/mythic-quest• Unclaimed money: https://www.usa.gov/unclaimed-money• Savendeals.com: https://www.savendeals.com/—In this episode, we cover:(00:00) Chris's background(03:25) Lesson's from Wealthfront(09:25) Why storytelling and communication are every bit as important as the product(11:04) Why you need to understand the user's experience and keep up with what others are building(14:56) Why you should focus on overall impact, not just doing what your boss wants(17:39) Why Chris likes working on big, crazy ideas(19:10) The early days of Chris's All the Hacks podcast(21:34) The pros and cons of starting a podcast(24:19) The time required to produce an episode(27:09) How Lenny started his podcast (28:29) Launch lessons and how Apple rankings work(30:49) Why you need to create authentic content(32:57) Be one person's favorite podcast(35:01) How Chris ideated and titled All the Hacks(40:09) How to get started and get your first subscribers(43:52) How Gary Vaynerchuk used Twitter to establish authority (45:07) How to take advantage of platforms with built-in growth engines(47:42) The power of in-person interviews(48:57) How to pitch to other podcasts(51:27) Equipment and products for producing podcasts(57:36) How many downloads it takes in order to be taken seriously(1:01:28) Using Overcast as a growth lever(1:09:02) Lightning round—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe

Lenny's Podcast: Product | Growth | Career ✓ Claim : Read the notes at at podcastnotes.org. Don't forget to subscribe for free to our newsletter, the top 10 ideas of the week, every Monday --------- Chris Hutchins recently left his position as Head of New Product Strategy at Wealthfront to focus full-time on his podcast, All the Hacks. If you're thinking about starting your own podcast or are simply interested in the process, be sure to check out today's episode. We dive deep on all things podcasting: the pros and cons, how to climb the charts, and how much time you should expect to spend on each episode from start to finish. We talk in-depth about the process, from pre-production to publication, and share all of the products we use for recording, editing, and publishing. Chris also offers some important tips and tricks on how to get your first subscribers and how to market and grow your podcast, as well as some incredible money-saving hacks that you can start implementing today.—Find the full transcript here: https://www.lennyspodcast.com/launching-and-growing-a-podcast-chris-hutchins-all-the-hacks-wealthfront-google/#transcript—Thank you to our wonderful sponsors for supporting this podcast:• Notion—One workspace. Every team: https://www.notion.com/lennyspod• Vanta—Automate compliance. Simplify security: https://vanta.com/lenny• Lenny's Job Board—Hire the best product people. Find the best product gigs: https://www.lennysjobs.com/talent—Where to find Chris Hutchins:• Twitter: https://twitter.com/hutchins• LinkedIn: https://www.linkedin.com/in/chrishutchins/• Website: https://chrishutchins.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• Twitter: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—Referenced:• All the Hacks podcast: https://www.allthehacks.com/• All the Hacks newsletter: https://allthehacks.com/email• Andy Rachleff on Twitter: https://twitter.com/arachleff• Kerri Walsh Jennings on All the Hacks: https://www.allthehacks.com/performance-psychology-kerri-walsh-jennings/• Descript: https://www.descript.com/• Erika Taught Me podcast: https://podcasts.apple.com/us/podcast/erika-taught-me/id1650076906• Leigh Rowan on All the Hacks: https://www.allthehacks.com/travel-hacks-leigh-rowan/• Kevin Kelly's “1,000 True Fans”: https://kk.org/thetechnium/1000-true-fans/• Emily Oster's books: https://emilyoster.net/writing/• Chris Hutchins on The Kevin Rose Show: https://podcast.kevinrose.com/guests/chris-hutchins/• Nick Gray's newsletter: https://nickgray.net/signup-for-email-updates/• The 2-Hour Cocktail Party: How to Build Big Relationships with Small Gatherings: https://www.amazon.com/2-Hour-Cocktail-Party-Relationships-Gatherings-ebook/dp/B0B2KW6T7J• MrBeast on YouTube: https://www.youtube.com/channel/UCX6OQ3DkcsbYNE6H8uQQuVA• Gary Vaynerchuk on Twitter: https://twitter.com/garyvee• The Danny Miranda Podcast: https://podcasts.apple.com/us/podcast/the-danny-miranda-podcast/id1532160275• Ray Dalio on Twitter: https://twitter.com/RayDalio• Danny Miranda's newsletter on Substack: https://dannymiranda.substack.com/• ATRX2100 mic bundle on Amazon: https://www.amazon.com/Audio-Technica-ATR2100X-USB-Microphone-Bundle-Filter/dp/B082SYHRY9/r• Riverside: https://riverside.fm/• Focusrite Scarlett 2i2 on Amazon: https://www.amazon.com/Focusrite-Scarlett-Audio-Interface-Tools/dp/B07QR73T66• Sony Alpha 7C mirrorless full-frame camera on Amazon: https://www.amazon.com/Sony-Alpha-Full-Frame-Mirrorless-Camera/dp/B08HVZLQ4F• Adobe Audition: https://www.adobe.com/products/audition.html• Pro Tools: https://www.avid.com/pro-tools• Podpage: https://www.podpage.com/• Simplecast: https://www.simplecast.com/• Chartable: https://chartable.com/• Podstatus: https://podstatus.com/• Overcast: https://overcast.fm/• Happy Money: https://www.amazon.com/Happy-Money-Ken-Honda-audiobook/dp/B07MJHJ57T/• Vagabonding: An Uncommon Guide to the Art of Long-Term World Travel: https://www.amazon.com/Vagabonding-Uncommon-Guide-Long-Term-Travel/dp/0812992180• Die with Zero: https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358099765• Animal Spirits Podcast: https://podcasts.apple.com/us/podcast/animal-spirits-podcast/id1310192007• Mythic Quest on AppleTV+: https://tv.apple.com/us/show/mythic-quest• Unclaimed money: https://www.usa.gov/unclaimed-money• Savendeals.com: https://www.savendeals.com/—In this episode, we cover:(00:00) Chris's background(03:25) Lesson's from Wealthfront(09:25) Why storytelling and communication are every bit as important as the product(11:04) Why you need to understand the user's experience and keep up with what others are building(14:56) Why you should focus on overall impact, not just doing what your boss wants(17:39) Why Chris likes working on big, crazy ideas(19:10) The early days of Chris's All the Hacks podcast(21:34) The pros and cons of starting a podcast(24:19) The time required to produce an episode(27:09) How Lenny started his podcast (28:29) Launch lessons and how Apple rankings work(30:49) Why you need to create authentic content(32:57) Be one person's favorite podcast(35:01) How Chris ideated and titled All the Hacks(40:09) How to get started and get your first subscribers(43:52) How Gary Vaynerchuk used Twitter to establish authority (45:07) How to take advantage of platforms with built-in growth engines(47:42) The power of in-person interviews(48:57) How to pitch to other podcasts(51:27) Equipment and products for producing podcasts(57:36) How many downloads it takes in order to be taken seriously(1:01:28) Using Overcast as a growth lever(1:09:02) Lightning round—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe

Lenny's Podcast: Product | Growth | Career ✓ Claim Podcast Notes Key Takeaways Having a podcast is a great excuse to talk to someone interesting for an hour Do not start a podcast if you wouldn't do it for free in perpetuity Focus on what excites you and not what  you think will move the metrics Tim Ferriss did a podcast with a person on how to make violins; 80% of his subscribers probably ignored it but 20% reached out to Tim and told him it was their favorite podcast episode of the yearWhen you're at a dinner table, what's the thing that you talk about that causes people to lean in to hear what you have to say?The answer to this question is what your podcast should be about Read the full notes @ podcastnotes.orgChris Hutchins recently left his position as Head of New Product Strategy at Wealthfront to focus full-time on his podcast, All the Hacks. If you're thinking about starting your own podcast or are simply interested in the process, be sure to check out today's episode. We dive deep on all things podcasting: the pros and cons, how to climb the charts, and how much time you should expect to spend on each episode from start to finish. We talk in-depth about the process, from pre-production to publication, and share all of the products we use for recording, editing, and publishing. Chris also offers some important tips and tricks on how to get your first subscribers and how to market and grow your podcast, as well as some incredible money-saving hacks that you can start implementing today.—Find the full transcript here: https://www.lennyspodcast.com/launching-and-growing-a-podcast-chris-hutchins-all-the-hacks-wealthfront-google/#transcript—Thank you to our wonderful sponsors for supporting this podcast:• Notion—One workspace. Every team: https://www.notion.com/lennyspod• Vanta—Automate compliance. Simplify security: https://vanta.com/lenny• Lenny's Job Board—Hire the best product people. Find the best product gigs: https://www.lennysjobs.com/talent—Where to find Chris Hutchins:• Twitter: https://twitter.com/hutchins• LinkedIn: https://www.linkedin.com/in/chrishutchins/• Website: https://chrishutchins.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• Twitter: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—Referenced:• All the Hacks podcast: https://www.allthehacks.com/• All the Hacks newsletter: https://allthehacks.com/email• Andy Rachleff on Twitter: https://twitter.com/arachleff• Kerri Walsh Jennings on All the Hacks: https://www.allthehacks.com/performance-psychology-kerri-walsh-jennings/• Descript: https://www.descript.com/• Erika Taught Me podcast: https://podcasts.apple.com/us/podcast/erika-taught-me/id1650076906• Leigh Rowan on All the Hacks: https://www.allthehacks.com/travel-hacks-leigh-rowan/• Kevin Kelly's “1,000 True Fans”: https://kk.org/thetechnium/1000-true-fans/• Emily Oster's books: https://emilyoster.net/writing/• Chris Hutchins on The Kevin Rose Show: https://podcast.kevinrose.com/guests/chris-hutchins/• Nick Gray's newsletter: https://nickgray.net/signup-for-email-updates/• The 2-Hour Cocktail Party: How to Build Big Relationships with Small Gatherings: https://www.amazon.com/2-Hour-Cocktail-Party-Relationships-Gatherings-ebook/dp/B0B2KW6T7J• MrBeast on YouTube: https://www.youtube.com/channel/UCX6OQ3DkcsbYNE6H8uQQuVA• Gary Vaynerchuk on Twitter: https://twitter.com/garyvee• The Danny Miranda Podcast: https://podcasts.apple.com/us/podcast/the-danny-miranda-podcast/id1532160275• Ray Dalio on Twitter: https://twitter.com/RayDalio• Danny Miranda's newsletter on Substack: https://dannymiranda.substack.com/• ATRX2100 mic bundle on Amazon: https://www.amazon.com/Audio-Technica-ATR2100X-USB-Microphone-Bundle-Filter/dp/B082SYHRY9/r• Riverside: https://riverside.fm/• Focusrite Scarlett 2i2 on Amazon: https://www.amazon.com/Focusrite-Scarlett-Audio-Interface-Tools/dp/B07QR73T66• Sony Alpha 7C mirrorless full-frame camera on Amazon: https://www.amazon.com/Sony-Alpha-Full-Frame-Mirrorless-Camera/dp/B08HVZLQ4F• Adobe Audition: https://www.adobe.com/products/audition.html• Pro Tools: https://www.avid.com/pro-tools• Podpage: https://www.podpage.com/• Simplecast: https://www.simplecast.com/• Chartable: https://chartable.com/• Podstatus: https://podstatus.com/• Overcast: https://overcast.fm/• Happy Money: https://www.amazon.com/Happy-Money-Ken-Honda-audiobook/dp/B07MJHJ57T/• Vagabonding: An Uncommon Guide to the Art of Long-Term World Travel: https://www.amazon.com/Vagabonding-Uncommon-Guide-Long-Term-Travel/dp/0812992180• Die with Zero: https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358099765• Animal Spirits Podcast: https://podcasts.apple.com/us/podcast/animal-spirits-podcast/id1310192007• Mythic Quest on AppleTV+: https://tv.apple.com/us/show/mythic-quest• Unclaimed money: https://www.usa.gov/unclaimed-money• Savendeals.com: https://www.savendeals.com/—In this episode, we cover:(00:00) Chris's background(03:25) Lesson's from Wealthfront(09:25) Why storytelling and communication are every bit as important as the product(11:04) Why you need to understand the user's experience and keep up with what others are building(14:56) Why you should focus on overall impact, not just doing what your boss wants(17:39) Why Chris likes working on big, crazy ideas(19:10) The early days of Chris's All the Hacks podcast(21:34) The pros and cons of starting a podcast(24:19) The time required to produce an episode(27:09) How Lenny started his podcast (28:29) Launch lessons and how Apple rankings work(30:49) Why you need to create authentic content(32:57) Be one person's favorite podcast(35:01) How Chris ideated and titled All the Hacks(40:09) How to get started and get your first subscribers(43:52) How Gary Vaynerchuk used Twitter to establish authority (45:07) How to take advantage of platforms with built-in growth engines(47:42) The power of in-person interviews(48:57) How to pitch to other podcasts(51:27) Equipment and products for producing podcasts(57:36) How many downloads it takes in order to be taken seriously(1:01:28) Using Overcast as a growth lever(1:09:02) Lightning round—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe

Chris Hutchins recently left his position as Head of New Product Strategy at Wealthfront to focus full-time on his podcast, All the Hacks. If you're thinking about starting your own podcast or are simply interested in the process, be sure to check out today's episode. We dive deep on all things podcasting: the pros and cons, how to climb the charts, and how much time you should expect to spend on each episode from start to finish. We talk in-depth about the process, from pre-production to publication, and share all of the products we use for recording, editing, and publishing. Chris also offers some important tips and tricks on how to get your first subscribers and how to market and grow your podcast, as well as some incredible money-saving hacks that you can start implementing today.—Find the full transcript here: https://www.lennyspodcast.com/launching-and-growing-a-podcast-chris-hutchins-all-the-hacks-wealthfront-google/#transcript—Thank you to our wonderful sponsors for supporting this podcast:• Notion—One workspace. Every team: https://www.notion.com/lennyspod• Vanta—Automate compliance. Simplify security: https://vanta.com/lenny• Lenny's Job Board—Hire the best product people. Find the best product gigs: https://www.lennysjobs.com/talent—Where to find Chris Hutchins:• Twitter: https://twitter.com/hutchins• LinkedIn: https://www.linkedin.com/in/chrishutchins/• Website: https://chrishutchins.com/—Where to find Lenny:• Newsletter: https://www.lennysnewsletter.com• Twitter: https://twitter.com/lennysan• LinkedIn: https://www.linkedin.com/in/lennyrachitsky/—Referenced:• All the Hacks podcast: https://www.allthehacks.com/• All the Hacks newsletter: https://allthehacks.com/email• Andy Rachleff on Twitter: https://twitter.com/arachleff• Kerri Walsh Jennings on All the Hacks: https://www.allthehacks.com/performance-psychology-kerri-walsh-jennings/• Descript: https://www.descript.com/• Erika Taught Me podcast: https://podcasts.apple.com/us/podcast/erika-taught-me/id1650076906• Leigh Rowan on All the Hacks: https://www.allthehacks.com/travel-hacks-leigh-rowan/• Kevin Kelly's “1,000 True Fans”: https://kk.org/thetechnium/1000-true-fans/• Emily Oster's books: https://emilyoster.net/writing/• Chris Hutchins on The Kevin Rose Show: https://podcast.kevinrose.com/guests/chris-hutchins/• Nick Gray's newsletter: https://nickgray.net/signup-for-email-updates/• The 2-Hour Cocktail Party: How to Build Big Relationships with Small Gatherings: https://www.amazon.com/2-Hour-Cocktail-Party-Relationships-Gatherings-ebook/dp/B0B2KW6T7J• MrBeast on YouTube: https://www.youtube.com/channel/UCX6OQ3DkcsbYNE6H8uQQuVA• Gary Vaynerchuk on Twitter: https://twitter.com/garyvee• The Danny Miranda Podcast: https://podcasts.apple.com/us/podcast/the-danny-miranda-podcast/id1532160275• Ray Dalio on Twitter: https://twitter.com/RayDalio• Danny Miranda's newsletter on Substack: https://dannymiranda.substack.com/• ATRX2100 mic bundle on Amazon: https://www.amazon.com/Audio-Technica-ATR2100X-USB-Microphone-Bundle-Filter/dp/B082SYHRY9/r• Riverside: https://riverside.fm/• Focusrite Scarlett 2i2 on Amazon: https://www.amazon.com/Focusrite-Scarlett-Audio-Interface-Tools/dp/B07QR73T66• Sony Alpha 7C mirrorless full-frame camera on Amazon: https://www.amazon.com/Sony-Alpha-Full-Frame-Mirrorless-Camera/dp/B08HVZLQ4F• Adobe Audition: https://www.adobe.com/products/audition.html• Pro Tools: https://www.avid.com/pro-tools• Podpage: https://www.podpage.com/• Simplecast: https://www.simplecast.com/• Chartable: https://chartable.com/• Podstatus: https://podstatus.com/• Overcast: https://overcast.fm/• Happy Money: https://www.amazon.com/Happy-Money-Ken-Honda-audiobook/dp/B07MJHJ57T/• Vagabonding: An Uncommon Guide to the Art of Long-Term World Travel: https://www.amazon.com/Vagabonding-Uncommon-Guide-Long-Term-Travel/dp/0812992180• Die with Zero: https://www.amazon.com/Die-Zero-Getting-Your-Money/dp/0358099765• Animal Spirits Podcast: https://podcasts.apple.com/us/podcast/animal-spirits-podcast/id1310192007• Mythic Quest on AppleTV+: https://tv.apple.com/us/show/mythic-quest• Unclaimed money: https://www.usa.gov/unclaimed-money• Savendeals.com: https://www.savendeals.com/—In this episode, we cover:(00:00) Chris's background(03:25) Lesson's from Wealthfront(09:25) Why storytelling and communication are every bit as important as the product(11:04) Why you need to understand the user's experience and keep up with what others are building(14:56) Why you should focus on overall impact, not just doing what your boss wants(17:39) Why Chris likes working on big, crazy ideas(19:10) The early days of Chris's All the Hacks podcast(21:34) The pros and cons of starting a podcast(24:19) The time required to produce an episode(27:09) How Lenny started his podcast (28:29) Launch lessons and how Apple rankings work(30:49) Why you need to create authentic content(32:57) Be one person's favorite podcast(35:01) How Chris ideated and titled All the Hacks(40:09) How to get started and get your first subscribers(43:52) How Gary Vaynerchuk used Twitter to establish authority (45:07) How to take advantage of platforms with built-in growth engines(47:42) The power of in-person interviews(48:57) How to pitch to other podcasts(51:27) Equipment and products for producing podcasts(57:36) How many downloads it takes in order to be taken seriously(1:01:28) Using Overcast as a growth lever(1:09:02) Lightning round—Production and marketing by https://penname.co/. For inquiries about sponsoring the podcast, email podcast@lennyrachitsky.com. Get full access to Lenny's Newsletter at www.lennysnewsletter.com/subscribe

In today's episode, we hear from Andy Rachleff, who coined the term “product-market fit” which served as the inspiration for this podcast. Andy Rachleff is a legendary Venture Capitalist who originally coined the term "product-market fit." Andy has had an incredibly accomplished career in the tech industry, co-founding Benchmark Capital in 1995 and Wealthfront in 2008. Andy has mentored and guided hundreds of founders and investors, and in this episode talks about why understanding product-market fit is the only thing that matters and all the pitfalls founders face along the way. Join us as we discuss: How Andy got into venture capital and ended up starting Benchmark Who and what inspired Andy to coin the term product-market fit The core concepts behind product-market fit and why it's the only things that matters for founders and investors What truly defines an MVP and how it should test the desperation hypothesis About Unusual Ventures — Unusual Ventures is a seed-stage venture capital firm designed from the ground up to give a distinct advantage to founders building infrastructure software and application-level companies. Unusual was founded in 2018 with the mission to reinvent the venture capital engagement model by serving entrepreneurs with an unprecedented level of hands-on services. Described as a partner versus a top-down stakeholder by its portfolio companies, Unusual is laser-focused on serving exceptional founders and teams building innovative products. With offices in Menlo Park, San Francisco, and Boston, Unusual has invested in category-defining companies like Arctic Wolf Networks, Carta, Robinhood, Harness, 
and Vivun. About Sandhya Hegde — Sandhya is a General Partner at Unusual Ventures, leading investments in enterprise SaaS companies. Previously an early employee and executive at Amplitude, Sandhya is a product-led growth (PLG) coach and mentor. She can be reached at sandhya@unusual.vc and on Twitter (https://twitter.com/sandhya) and LinkedIn (https://www.linkedin.com/in/sandhyahegde/). Further reading: Building conviction in a startup: https://www.field-guide.unusual.vc/field-guide-enterprise/building-conviction Customer validation: going from idea to sellable product: https://www.field-guide.unusual.vc/field-guide-enterprise/pmf-customer-validation What are design partners, and how do you acquire the right ones? https://www.field-guide.unusual.vc/field-guide-enterprise/picking-design-partners 12 tips to improve your MVP with early adopters: https://www.field-guide.unusual.vc/field-guide-enterprise/shape-your-mvp-with-design-partners

Julio Vasconcellos is the Founder and Managing Partner @ Atlantico, one of the leading early-stage funds in Latin America. Prior to the world of venture, Julio got his break in the world of startups as Facebook's first country lead for Brazil. Julio then went on to co-found Peixe Urbano, a company he scaled to over 1,200 employees and $100M+ in revenue. Post the sale of Peixe Urbano, Julio became an EiR @ Benchmark Capital where he met Scott Belsky. Scott and Julio went on to co-found Prefer, a Benchmark backed company transforming the future of work. If that was not enough, Julio has a stellar angel track record with prior investments in the likes of Ipsy and Quinto Andar. In Today's Episode with Julio Vasconcellos We Discuss: 1.) Entry into Startups: What are 1-2 of Julio's biggest takeaways from being Facebook's first hire in Brazil? What does Julio know now that he wishes he had known at the start of his career in startups? 2.) Lessons from Scaling Peixe Urbano to $100M in Revenue: How does Julio advise founders on when is the right time to launch a second product or market? How does Julio advise founders on the right balance between growth and unit economics? When times are tougher, should founders cut fast or cut slower? What is irreversible? What are the single biggest and worst things to break in hyper-scaling? 3.) Investing: Why Not Enough Play To Win: What is more important, a great market or a great founder? Why do not enough VCs today play to win? If they do not play to win, what do they play to do? Why is greed the number one enemy of venture returns? What are the single biggest investing lessons Julio has learned from Benchmark Founder, Andy Rachleff? How have they impacted his investing mindset? Why does Julio believe you can have a close relationship with founders as an angel and not a VC? How did Julio's approach to investing change with the transition from angel to VC? Does Julio believe that boards really add any value? If so, how? What is Julio's biggest investing hit? How did it change his approach? What is his biggest miss? How did that impact his mindset? 4.) The Future for LATAM: Is Julio as concerned as I am by the removal of growth stage capital from the LATAM ecosytem? Does this mean a higher mortality rate for LATAM companies? How does Julio advise founders? How did COVID adoption of technology in LATAM fundamentally differ to the US?

Venture Capital - a hallmark of the B2B SaaS start-up industry has evolved over the past twenty years - but how have the primary value and responsibilities evolved?Marcelino Pantoja has had a front-row seat in many positions, starting as an analyst at the investment office at Stanford University. Then Marcelino worked with Greg Sands to help stand-up Costanoa Ventures. These views provided insights over six years from over 500 start-ups founded by Stanford alumni.The most surprising component of our conversation was that Marcelino believes that attaining Product Market Fit is a VC firm's first and primary role. What is Product Market Fit - Marcelino defines it using Andy Rachleff's (Co-Founder Benchmark Ventures) definition, as when you build a product that people desperately want and organic word of mouth is the primary source of new customers.VCs need the skill and experience to help a company during the Customer Development Phase of the journey to find Product Market Fit. Finding Product Market Fit is the most challenging and risky phase of the entrepreneurial journey. I pushed Marcelino on why "VCs" primary role is to help founders find Product Market Fit. He responded that capital has become a commodity and that the best VCs deliver company-building experience and expertise to complement the founder's efforts. Other than that, VCs are like any other capital source and should be viewed as such - HOT TAKE!One fundamental change today versus 10-15 years ago is the amount of accessible information on company building from successful founders. Another fundamental change in the technology start-up ecosystem is the number of start-ups that have scaled to become large enterprises. A by-product of this success is the number of people with the experience to help today's founders build and scale their idea and business...experiential advice is much easier to leverage than conference room theory.Another fundamental difference to starting a B2B SaaS start-up today is the low cost of building and delivering the product. Thus "experience" from proven founders and operators who have been there, done that, and possess their own capital from previous successes are a great source of CAPITAL and KNOWLEDGE at the early stages of a founder's journey.Marcelino's experience and perspectives motivated him to create a Venture Capital Index Fund, which simply stated is applying the concepts of traditional asset management to allow institutional investors access to a portfolio of VC funds. A VC Index fund is especially applicable to "early stage funds" which are harder to access for a traditional Limited Partner (LP), such as a University endowment or family office.The value of a VC Index Fund to the entrepreneur? The primary benefit is to reduce the amount of time a founder needs to invest in fundraising by working with a fund comprised primarily of previous founders, who have the capital and operational experience that many traditional VCs cannot provide.If you are a student of, or founder in the B2B SaaS industry, Marcelino provides a unique perspective on gaining access to two of the primary assets every first-time founder requires - capital and experience...in a single source.

当投资人问初创企业，你达到了 product-market fit （PMF）没，投资人到底是在关心什么问题？对不少人来说，PMF 可能都一个非常模糊的概念。关于如何定义 PMF，每个行业和每个周期会不会出现差异，每个投资人和创业者都可以给出不同的解读，然而 PMF 却是衡量初创企业在早期能否取得成功的重要标志。PMF 的老祖宗，传奇投资人和硅谷创业者 Andy Rachleff， 在解释这个概念时强调，创业者和投资人需要思考的最高优先级，应该是市场的需求。在思考一家初创企业的未来时，不能光看增长，还要关注它的价值，即它是否填补市场的真实需求。然而对 PMF 理论知识精专如 Andy Rachleff，在创立智能投顾公司 Wealthfront 的路上也并非一帆风顺。 本集节目是「科技早知道」主播 Howie 与「OnBoard!」的主播 Monica 合作串台的下半部分。在上集探讨本轮科技企业危机之下的 SaaS 生态后，本集的 Howie 和 Monica 从实践出发，围绕着企业如何理解并找到 PMF， 做了信息密度极大的分享。一个 SaaS 行业在初期要实现成功的关键步骤是什么？创业者如何才能听到客户最真实的意见？SaaS 行业的产品与销售逻辑与 ToC 行业有哪些本质区别？什么样的 SaaS 产品才叫解决了客户的痛点？国内的SaaS 行业为什么总需要考虑一揽子服务的能力，而海外的同行却不需要？技术出身的创始人走到 IPO 这一步后，又必须得做哪些高风险的选择？ 本期人物 Howie，硅谷人工智能创投家，「科技早知道」主播，推特账号（@H0wie_Xu），公众号（硅谷云） Monica，经纬创投投资人，公众号：M小姐研习录，播客「OnBoard!」 主理人 主要话题 [01:17] 什么算实现 product-market fit（PMF）？错误的信号有哪些？ [10:15] ToB 厂商可以创造需求吗？客户说的最前面的三件事就是最大的痛点？ [24:27] 怎么识别公司是不是能收到钱？PMF 实现前的销售更多是 problem solver ？ [39:04] 空降高管如何做？不完美的 CEO 如何成长？不应该指望投资人解决大部分的创业中问题？ [48:23] IPO 前后为什么迭代团队？冒险也是实现自我突破的一部分？ 延伸阅读 - 串台播客：OnBoard! 的小宇宙链接 (https://www.xiaoyuzhoufm.com/podcast/61cbaac48bb4cd867fcabe22?s=eyJ1IjogIjYwYjVhNzYxZTBmNWU3MjNiYjU4ZmNlYSJ9) - Howie 在最后推荐的书籍：High Output Management by Andrew S. Grove (https://www.goodreads.com/book/show/324750.High_Output_Management) - 更多关于 Howie 如何解读 PMF 的信息：Twitter账号：@H0wie_Xu (https://twitter.com/h0wie_xu) - 更多关于 Howie 在自己公众号上所分享的 SaaS 商业模式：独角兽泡沫分析及未来走向（第一集） (https://mp.weixin.qq.com/s/KoI8RjCI631e1hF_AoCofg) - Howie 在 2019 年所分享的 SaaS 商业模式：Howie Xu, Zscaler | CUBEconversation, May 2019 (https://www.youtube.com/watch?v=DpuVNuHlRfc&t=933s) - Monica 在 2017年对 PMF 的分享：一场关于融资的激辩，竟无意解锁了创投圈的核心命门（上） (https://mp.weixin.qq.com/s?__biz=MzUzNTEyNjc0OA==&mid=2247483715&idx=1&sn=273556c615cbdd1d40a50f003ca37b36&chksm=fa8b76f0cdfcffe64120620126dc5a918b340ad097d4ebc1108b33ee185b373921d6bfc57639&scene=126&&sessionid=1654937551#rd) - Andy Rachleff 在 2012 年关于企业如何获得成功的分享：Andy Rachleff: What Do Entrepreneurs Need to Succeed? (https://www.youtube.com/watch?v=7G9Cb6sCjL8) - A16Z 的 Marc Andreessen 关于 PMF 的解读：On product/market fit for startups (https://pmarchive.com/guide_to_startups_part4.html) - Zoom 创始人 Eric Yuan 在 2022 年与 Greylock 的 Sarah 对谈视频：Zoom CEO Eric Yuan on the Full Screen Ahead (https://www.youtube.com/watch?v=W1UzOCID7SY) - 关于 Frank Slootman 的创业故事：SNOWFLAKE APPOINTS FRANK SLOOTMAN AS CHAIRMAN AND CEO (https://www.snowflake.com/news/snowflake-appoints-frank-slootman-as-chairman-and-ceo/) - 「Techcrunch」关于 Greylock 投资 Docker 的新闻：Docker Raises $15M For Its Open-Source Platform That Helps Developers Build Apps In The Cloud (https://techcrunch.com/2014/01/21/docker-raises-15m-for-popular-open-source-platform-designed-for-developers-to-build-apps-in-the-cloud/) 使用音乐 Deliverance-Epidemic Sound That Rabbit Again!-David Celeste 幕后制作 监制：刘灿 后期：Luke 运营：Yao 封面设计：饭团 声动活泼年度新节目「跳进兔子洞」上线啦！ 这档「声音特稿」节目将带你去探索那些被商业科技浪潮淹没的个体故事，期待你的关注和订阅！点击这里 (https://sourl.cn/BMFMVk)了解更多本期节目信息。 #声动游乐场实习生计划第二期# 在公号「声动活泼」后台回复 实习 可查看更多详情。 五类岗位：节目监制、声动早咖啡、声音后期制作、媒体运营、商业发展 实习亮点：更丰富的实习模块，更成熟的培养计划，更多的留任机会。 投递方式（3 选 1 ）： 方式一：投递简历至邮箱 hr@shengfm.cn，邮件名称注明「姓名+岗位+声动游乐场实习生计划」 方式二：点击链接 (https://wenjuan.feishu.cn/m?t=suoqoSKeHUxi-sq0t) 直接投递 方式三：扫描下方二维码一键投递 internwanted https://files.fireside.fm/file/fireside-uploads/images/4/4931937e-0184-4c61-a658-6b03c254754d/k3ddTvSE.png 关于节目 原「硅谷早知道」，全新改版后为「What's Next｜科技早知道」。放眼全球，聚焦科技发展，关注商业格局变化。 关于我们 声动活泼的宗旨是「用声音碰撞世界」，致力于为人们提供源源不断的思考养料。 - 我们还有这些播客：声东击西 (https://etw.fm/episodes)、声动早咖啡 (https://sheng-espresso.fireside.fm/)、反潮流俱乐部 (https://fanchaoliuclub.fireside.fm/)、泡腾 VC (https://popvc.fireside.fm/)、商业WHY酱 (https://msbussinesswhy.fireside.fm/)、跳进兔子洞 (https://therabbithole.fireside.fm) - 欢迎在即刻 (https://okjk.co/Qd43ia)、微博等社交媒体上与我们互动，搜索 声动活泼 即可找到我们 - 期待你给我们写邮件，邮箱地址是：ting@sheng.fm - 如果你喜欢我们的节目，欢迎 打赏 (https://afdian.net/@shengfm)支持或把我们的节目推荐给一两位朋友 欢迎加入声动胡同小社区！ 也许你知道「声动活泼」办公室在北京二环内的胡同里，事实上我们也有一个线上的「声动胡同小社区」。成为社区会员，你可以收到一周不少于三次的来自「声动小邮筒」的邮件，同时还可以参加我们各种各样的线上和线下活动，或者是一些有趣的游戏。 点击这里 (https://shengpodcasts.notion.site/a977c74222484894a9fe6245bc0f4dba)即可了解社区氛围。我们期待你加入这个虚拟胡同社区来支持我们，并和我们一起亲近交流，和有趣的人进行「碰撞」，收获新知、友谊并看见更大的世界。 国内用户（年付）：加入声动胡同小社区 (https://sourl.cn/G4B2Wt) 海外用户（月付）：加入声动胡同小社区 (https://sdhp.memberful.com/join) 期待你的加入！ Special Guest: Monica.

Key Points: James explains how his trading background led him to founding Cognism (01:04) Cognism's first major pivot (02:25) My thoughts on early pivots with a quote from Eric Ries (03:39) James describes how Cognism's market size meant there was plenty of growth opportunity, despite competition (06:24) I explain the advantage of starting your business outside the hyper-competitive US market with a quote from Jean-René Boidron (07:18) James talks through why friendly, warm relationships with your early customers is key (08:53) My opinion on networking and why you should begin marketing efforts years before your product is available (09:57) I unpack why even mediocre companies can succeed if they have excellent product-market fit, with a quote from Wealthfront's Andy Rachleff (12:28) James discusses the importance of mentorship (13:28) My advice on seeking out mentors (14:21) Why Cognism did things in the early days that wouldn't scale, with a quote from Y Combinator's Paul Graham (16:26) My thoughts on building out your brand narrative once you've identified your competitive edge (18:55) James describes the moats Cognism is building for the future (23:57) Advice James would give to fellow SaaS founders (26:40) Wrap up (28:09) Mentioned:James Isilay LinkedInJames Isilay TwitterCognism LinkedInCognism WebsiteLean Startup by Eric RiesExpanding internationally into market openings with Kameleoon's Jean-René BoidronAndy Rachleff LinkedInPaul Graham TwitterMy Links:TwitterLinkedInWebsiteWynterSpeeroCXL

#41: This short episode is all about the podcast itself and a look the plans for the show in 2022 and beyond. It's also a recap of some takeaways from the recent listener survey. Full show notes at: https://allthehacks.com/plans-for-2022 Listener AsksShare the show (or your favorite episode) with a friend or family member you think would like itLeave a 5-star rating + review on Apple Podcasts (link) or Spotify (link)Subscribe to the newsletter at allthehacks.com/emailSend feedback or "subtopics" in personal finance, investing, travel and credit cards points for future episode to chris@allthehacks.com Survey Respondents Top 5 Episodes (+ Listener Q&As):#32 Health Hacks, Crypto and NFTs with Kevin Rose#27 Upgrade Your Travel with The Points Guy, Brian Kelly#1 Pro Travel Hacks for Every Aspect of Your Next Trip with Leigh Rowan#3 Hacking Credit Card Points and Miles with Alex Miller#19 Becoming a Better Investor with Andy Rachleff#20 Redeeming Points for Max Value and Listener Q&A#33 Optimizing Points, Miles and More Listener Q&A Connect with All the HacksAll the Hacks: Newsletter | Website | Facebook | EmailChris Hutchins: Twitter | Instagram | Website | LinkedIn

Listen to Village Global: https://www.listennotes.com/podcasts/village-globals/andy-rachleff-on-investing-YaXZIM2WHuj/ (15 mins in) Don Valentine If a startup can screw something up it will only way it can succeed is if the market pulls the product out of its hands Steve Blank:  Value hypothesis (what are you building, for whom is it relevant, whats your business model) THEN Growth hypothesis (acquire customers cost effectively) Almost no company succeeds with its original value hypothesis - they succeed and then they revise history Great tech companies don't start by evaluating the market and coming up with solutionsThey observe an inflection point in tech that allows them to build a product, then figure out what they can do with that iterate on the who, don't iterate on the what most people change product - you lose insight on tech differentiation iterate on the customer base to find what you have to offer find desperate people - they dont say maybe, they say WHEN CAN I HAVE IT

Ever since Andy Rachleff coined the term ‘Product-Market Fit', it has reached a near mythical status among founders. Many might have an idea about what Product-Market Fit means, but how should one define it? Joining us to open up the concept is Georgie Smallwood, Chief Product Officer at Tier.  In this episode Georgie helps founders identify the concrete actions needed to reach product/market fit, to understand what it feels like to have it, and how to ensure you don't lose it.

This episode was produced remotely using the ListenDeck standardized audio production system.  If you're looking to upgrade or jumpstart your podcast production please visit www.listendeck.com.  You can subscribe to this podcast and stay up to date on all the stories here on Apple Podcasts, Google Play, Stitcher, Spotify, Amazon and iHeartRadio. In this episode the host John Siracusa chats remotely with Andy Rachleff, Co-founder & Executive chairman of Wealthfront. Wealthfront is a next-gen banking service that helps in managing the money for both the short term and long term.   Tune in and Listen. Subscribe now on Apple Podcasts, Google , Stitcher, Spotify, Amazon and iHeartRadio to hear Thursdays episode with Shawn Melamed from Spiral. About the host:   John, is the host of the  ‘Bank On It' podcast recorded onsite in Wall Street at OpenFin and the founder of the remotely recorded, studio quality standardized podcast production system ListenDeck. Follow John on LinkedIn, Twitter, Medium

This episode was produced remotely using the ListenDeck standardized audio production system.  If you're looking to upgrade or jumpstart your podcast production please visit www.listendeck.com.  You can subscribe to this podcast and stay up to date on all the stories here on Apple Podcasts, Google Play, Stitcher, Spotify, Amazon and iHeartRadio. In this episode the host John Siracusa chats remotely with Jason Wenk, Founder & CEO of Altruist. Altruist is a FinTech company that develops a commission-free digital investment platform.   Tune in and Listen. Subscribe now on Apple Podcasts, Google , Stitcher, Spotify, Amazon and iHeartRadio to hear Next Tuesdays episode with Andy Rachleff from Wealthfront. About the host:   John, is the host of the  ‘Bank On It' podcast recorded onsite in Wall Street at OpenFin and the founder of the remotely recorded, studio quality standardized podcast production system ListenDeck. Follow John on LinkedIn, Twitter, Medium

Andy Rachleff (@arachleff), president and CEO of Wealthfront, joins Anne Dwane and Lucas Bagno to discuss:- What Andy learned from endowment investing and his quest to democratize excellent investing advice at Wealthfront.- Why you shouldn't try to time the market and why in his opinion all-time highs are “absolutely irrelevant.”- Andy's lessons from witnessing four day-trading frenzies in his career and why you should think about absolute return rather than relative returns.- How his position on crypto has evolved over time and why he's optimistic about its ability to revolutionize commerce but skeptical about its place in an investment portfolio.- His learnings on product market fit from Don Valentine, and why Don said that if a startup can screw something up, it will. He also said that to succeed, it needs the market to pull the product out of the startup's hands.- Why operating investors often make better investment decisions because operating experience is a proxy for network rather than because of the operating experience itself. - His top book recommendations.Thanks for listening — if you like what you hear, please review us on your favorite podcast platform. Check us out on the web at www.villageglobal.vc or get in touch with us on Twitter @villageglobal.Want to get updates from us? Subscribe to get a peek inside the Village. We'll send you reading recommendations, exclusive event invites, and commentary on the latest happenings in Silicon Valley. www.villageglobal.vc/signup

Legendary investor Andy Rachleff chats with Chris about how you should be investing your money to build your wealth. They discuss the investing mistakes so many make, when it makes sense to pick stocks and why you might not want to max out your 401k.Andy Rachleff (@arachleff) is the co-founder and CEO of Wealthfront. He also serves as a the chairman of the endowment investment committee for University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business. Previously, Andy co-founded Benchmark Capital, one of the most successful venture capital firms of all time.Full show notes available at: https://www.allthehacks.com/investing-andy-rachleff Selected Links From The EpisodeGet $5k Managed for free at WealthfrontConnect with Andy: Twitter | LinkedInWealthfront: Website | Blog | Guide to Financial HealthWhy Angel Investors Don't Make Money: TechCrunch ArticleWhy Rental Properties Are Not Good Investments: Wealthfront ArticleBurt Malkiel's Book: A Random Walk Down Wall Street Full Show NotesWho is Andy Rachleff? (episode overview).  [00:32]Andy's first investment. [01:58]Andy's path from Investment Banking to Venture Capital. [05:54]How great companies are started. [08:39]Why did Andy feel the need to start Wealthfront? [10:50]Can you be successful picking stocks? [14:36]Is an angel investment in a startup a good investment? [19:48]How can you make passive investing more exciting? [21:42]What about investing in alternatives like art? [23:17]Is real estate or a rental property a good investment? [24:09]Investing hacks to save money on taxes. [27:19]How to make changes to your investment portfolio. [33:39]Does it make sense to invest when markets are at all-time highs? [34:56]When should you  speculate with your investments? [39:02]Don't always evaluate your investment decisions by how much you made or lost. [40:46]How should you change your investing strategy when you have more money? [41:38]Are wealth managers worth their fee? [42:40]Why a good tax advisor is better than a wealth manager. [45:01]Andy's winning tactics for negotiating. [46:10]Why you should always be pareto optimal. [48:35]The value of liquidity and why you might not want to max out your 401(k). [50:06]How to connect with Andy Rachleff. [55:24] Connect with All the HacksAll the Hacks: Newsletter | Website | Facebook | EmailChris Hutchins: Twitter | Instagram | Website | LinkedIn

Joe Percoco could not stand the idea that the best financial products were inaccessible to the common person, so he co-founded Titan. Titan is a fintech startup that aims to be this century's Fidelity Investments   The startup is growing rapidly with 500% growth in the last 12 months, 30,000+ users, nearly 1 billion in assets under management, and a recent valuation of $450 Million. Their investors include Andreessen Horowitz, Kevin Durant, Odell Beckham Jr., and Will Smith.   Joe has been able to build this company so quickly thanks to his pedigree at some of the world's top business institutions; Wharton business school, Goldman Sachs, and McKinsey.   In this interview, Joe and Aaron discuss the building blocks of a fintech startup, why index funds & day trading aren't right for everyone, and the near-death experiences Titan has survived. Sign up for a Weekly Email that will Expand Your Mind.   Joe Percoco's Challenge; Answer the question; What is your personal KPI for the week?   Connect with Joe Percoco Linkedin Instagram titan.com If you liked this interview, check out episode 231 with Andy Rachleff where we discuss Wealthfront, index investing, and a framework for successful venture investing. Underwritten by Piper Creative Piper Creative makes creating podcasts, vlogs, and videos easy.    How? Click here and Learn more.   We work with Fortune 500s, medium-sized companies, and entrepreneurs.   Follow Piper as we grow YouTube Instagram Subscribe on iTunes | Stitcher | Overcast | Spotify

Andy Rachleff is the Executive Chairman of Wealthfront. He Co-Founded Benchmark Capital where he was responsible for investing in several successful companies eBay, OpenTable, Equinix, etc. Andy joined the Stanford Graduate School of Business faculty to teach a variety of courses on technology entrepreneurship. He also serves as a Member of the Board of Trustees and Vice Chairman of the Endowment Investment Committee for the University of Pennsylvania. Listen to this podcast and know Andy's very interesting entrepreneurial journey Please Enjoy! If you enjoyed the podcast, would you please consider being 1% and leaving a short review on Apple Podcasts/ iTunes? It takes less than 30 seconds, and it makes a world of difference in reaching new interesting guests! To sign up for Kevin's Podcast email Newsletter and to view the show notes & past guests please visit-https://officialkevindavid.com/podcast Follow Kevin: https://mmini.me/@FollowKD

Andy is Wealthfront's co-founder and CEO. He serves as chairman of the UPenn endowment investment committee and teaches technology entrepreneurship at Stanford GSB. Previously Andy co-founded and was general partner of Benchmark Capital. Top 3 Value Bombs: 1. Not every business is meant to be mission-driven. If you build a commodity product, it's hard to be mission-driven. You have to have an element of changing the world to be mission-driven. 2. You don't find the idea. They find you from your authenticity to the opportunity because you will recognize that inflection point well before someone else might. 3. Don't focus on the percentage of times that you're right. Focus on the magnitude of when you are. Get data-driven, actionable finance advise - Wealthfront Sponsors: Klaviyo: Customers want more from brands. Delivering more means owning the customer experience. Klaviyo calls this “owned marketing” and they believe it's the best path to growth. For more, visit Klaviyo.com/fire! LaunchMyBiz: With complete end- to- end training & support LaunchMyBiz guarantees your success and revenue! Apply today at LaunchMyBiz.com!

Andy is Wealthfront's co-founder and CEO. He serves as chairman of the UPenn endowment investment committee and teaches technology entrepreneurship at Stanford GSB. Previously Andy co-founded and was general partner of Benchmark Capital. Top 3 Value Bombs: 1. Not every business is meant to be mission-driven. If you build a commodity product, it's hard to be mission-driven. You have to have an element of changing the world to be mission-driven. 2. You don't find the idea. They find you from your authenticity to the opportunity because you will recognize that inflection point well before someone else might. 3. Don't focus on the percentage of times that you're right. Focus on the magnitude of when you are. Get data-driven, actionable finance advise - Wealthfront Sponsors: Klaviyo: Customers want more from brands. Delivering more means owning the customer experience. Klaviyo calls this “owned marketing” and they believe it's the best path to growth. For more, visit Klaviyo.com/fire! LaunchMyBiz: With complete end- to- end training & support LaunchMyBiz guarantees your success and revenue! Apply today at LaunchMyBiz.com!

As the Senior Director of Product Management at Wealthfront, Dan Slate oversees teams that are building products to create a financial system that favors people over institutions.  Wealthfront's CEO, Andy Rachleff, is famous for saying you can't iterate your way to product market fit, "Either the dog eats the food or they don't." This rings true in everything Dan does throughout his product development process. From delighting early adopters to utilizing data from his consumer insights team, Dan aims to build a loyal, trusting consumer base. To build successful products, Dan believes the top skill all product managers need to have is curiosity. Being a product manager is all about assumptions, so you need to be able to ask great questions, investigate the world around you, and always find ways to learn new things. On the premiere episode of People Driven Products, Dan breaks down his rigorous product development process, how he tests what customers think of a product, his go-to consumer insight methods, and the essential trait every great product manager needs.

Andy Rachleff, Chief Executive Officer at Wealthfront, discusses the integration of banking and investing. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

Andy Rachleff, Chief Executive Officer at Wealthfront, discusses the integration of banking and investing. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

Elizabeth MacBride is an award-winning journalist and an entrepreneur with deep expertise in finance, technology and international business. She has talked her way into Gaza for a story, reported on business in refugee camps and written stories about entrepreneurs everywhere from Northern Idaho to Helena, Arkansas, to Cambodia. She is the co-author of The New Builders and founder of Times of Entrepreneurship, a weekly web publication covering entrepreneurs beyond Silicon Valley, launched in Feb. 2020, with support from the Kauffman Foundation and the Walton Family Foundation. Elizabeth has written or edited for Quartz, Forbes Magazine, Atlantic.com, Stanford GSB, CNBC, HBR.com, BBC Capital, Advertising Age, Newsweek and many others. Her stories have been viewed by millions of people worldwide and translated into languages including Arabic, Turkish and Armenian. Her recent work includes a viral story: “Why Venture Capital Doesn’t Build What We Really Need,” for MIT Tech Review; an award-winning feature on the lack of diversity among investment advisors for Investment News, the most efficient form of aid for Syrian refugees for Quartz, and a feature for CNBC on one of the few successful economic development projects in Bethlehem, led by Greek businessman, Samer Khoury.Elizabeth's work for corporate and startup clients includes thought leadership with Andy Rachleff, co-founder of Benchmark Capital and Wealthfront, as well as a number of internationally known Stanford professors in management and finance, including Huggy Rao and Benham Tabrizi. She edited two books on investing for Charley Ellis, founder of Greenwich Associates, and the author of the classic Winning the Loser's Game.

Paul Martino is a venture capital investor and has raised 5 funds totaling over $350 million in capital. That money has been deployed into FanDuel, Grove, Ipsy, and SpotHero.   Before forming Bullpen, Paul was an active angel investor and personally invested in the first rounds of Zynga, TubeMogul, and uDemy.   Prior to his investing career, Paul founded four companies including Ahpah Software (a computer security firm acquired by InterTrust) and Aggregate Knowledge (a big data advertising attribution company acquired in 2014 by Neustar). He is the holder of over a dozen core patents covering social networking and big data.    In this episode, Paul and Aaron discuss the FanDuel success, his advice for startups going through tough times, and the different space that venture capital investors make their mark.   Sign up for a Weekly Email that will Expand Your Mind.   Paul Martino’s Challenge; Start every meeting on time   Connect with Paul Martino Linkedin Twitter Bullpen Capital Website paul@bullpencap.com If you liked this interview, check out episode 231 with Andy Rachleff where we discuss how to find non-consensus investing ideas that work.   Text Me What You Think of This Episode 412-278-7680 Underwritten by Piper Creative Piper Creative makes creating podcasts, vlogs, and videos easy.    How? Click here and Learn more.   We work with Fortune 500s, medium-sized companies, and entrepreneurs.   Follow Piper as we grow YouTube Instagram Subscribe on iTunes | Stitcher | Overcast | Spotify 

See my notes here on DX Circle!Audio Source: https://a16z-live.simplecast.com/episodes/a16z-infra-1-2iEyBTf5a16z on InfraIntroductions and Backgrounds [00:00:00]Martin Casado: [00:00:00] So this is the a16z infrastructure show. This is actually the very first one.  Where are we going to be talking about infrastructure companies investing in them, building them products? It just turns out that we're three GPS at a16z, and we all have a lot of experience in info.Like all of our companies were infrastructure companies. We do a lot of infra investing. So the way that we're going to structure this session is first, we're going to introduce, our backgrounds in context of that. Many of you know, us, many of you have worked with us. But we do want to give you a sense our relationship with infrastructure and how we went through it.So we'll and we each go through our own kind of bios that way and I'll orchestrate that. Okay. Th then we're going to talk about why infrastructure is different. This isn't B2B, this is an enterprise, this isn't vertical SAS. It's specifically infrastructure. And it's my it's my favorite topic and my favorite area.So we'll go through that. We've got a lot of great questions on Twitter, and so we're going to try and get through those. And then if we still have time, then we'll open up to questions. Uh, for everybody else. So that's rough, we plan to have this every two weeks and we want to cover everything as things go, we want to cover category creation and we want to cover open-source and we want to cover the shifts and go to market and the cloud and investing and everything else.So we're going to go ahead and start with our intros and just, yeah, very quickly. So for the, if you don't know, so I'm Martine I'm a GPN Andreessen Horowitz, and. I actually want to start by introducing Ben actually having him introduce himself, but I want to let you know how I met Ben. So I was doing my PhD at Stanford in the networking space, and we spun out and we started a company called this Sera.This is the software defined networking space. And we started it right before. Like the great recession, the nuclear winter had set in and we were struggling. And one of our investors who was also on our board was Andy Rachleff, who was actually a professor at Stanford at the time, but he's this super famous investor from benchmark.And we were at the, we were at the bottom of the recession and we're like, we had a professor as a CEO and he needed a new CEO and we were talking with Andy Rachleff and we're like, who would be the best person on earth? It's well, there's this guy that just sold the company to HP.And his name is Ben. And I had never heard of him at the time. And and we should talk to him. So this I, this was in 2008, so I got introduced in the band and he came in, of course, Ben's you have so insightful and he'd just done it. Like he just built a company at the same thing. And uh, so I asked Ben if he would be our CEO, actually.Ben, do you remember what you said in response to that? I don't. I don't. I said, no, you said I'm too rich.You're like to be CEO of a company like this. You gotta be piped in. And so instead, however, Ben and Mark invested Ben ended up joining the board. And so much of what I've learned has been with Ben. And so I thought it'd be great if Ben, most of you know him, but it'd be great if he just gave you a quick rundown of kind of his background with respect to infrastructure that we'll move on to David.So Ben, if you wouldn't mind. Ben Horowitz: [00:02:36] Yeah. Sure. And that, that did bring that a, man's got to know his limitations. If you know how hard a job is if you're going to give somebody a really, really hard, nearly impossible job, it's it really helps if they're not rich, I have to say, yeah, that's a good hiring tip as well.At some point, rich people are just like, this is too hard. I'm going to the Martin Casado: [00:02:54] beach. Things we learned multiple times, I think, in, in our Ben Horowitz: [00:02:57] careers. Yeah. Yeah. So yeah kinda my career, actually, my, probably my career in infrastructure, I started way back when I was an engineer at Silicon graphics and kind of the first.I was working on, we were, we had to put, we had an operating system called IRX or truss Unix-based and we were the first we had built the, the original multiprocessor machines. And so there was this task of having to. Put semaphores on all the Colonel processes and so forth so that they went collide and you wouldn't have all these weird race conditions, which was I would say probably the most complicated engineering job I ever had, but.Eventually then eventually went to a company called Netscape where I was in charge of kind of the web servers and then we needed a directory kind of project. And so we that's where we. I got the idea to  popularize LDAP and kind of make up the directory standard.And that was like my big infrastructure thing there. And then Mark and I founded a company called LoudCloud, which was one of the first or the original kind of cloud computing company started much too early. Ironically, because there wasn't enough infrastructure like principally, there was no virtualization, for example.And so you couldn't really do cloud computing in that way, but the tools that we had so we transformed that company into a company called Opsware and that's the one that I sell to HP, which made me to to rich, to take Martine stock. Martin Casado: [00:04:21] And since joining Andreesen, you've done a lot of infra investing actually so comfortable.It'd be great to just go through that a bit. Ben Horowitz: [00:04:28] Yeah, sure. Made a bunch of introduced structure investments. The first  investment I've made is on a company called Okta, which was very familiar to me from my directory days. And more recently I've invested in a company called Databricks.And then, most recently one called any scale and Databricks is infrastructure for AI and big data. And any scale is a new way to, how do you get the kind of processing power that you need, at the growth rate that you need. Now that Moore's law is definitely not going fast enough to support the hunger of AI and it can turn it can basically Make the cloud look like your laptop and make it very easy to program in parallel.Martin Casado: [00:05:10] Awesome. All right. Cool. So I was one of Ben's investments. He joined, we were definitely for a journalist Sarah networks. I was gonna say there was another one, sorry about that. Yeah we so very honestly I learned so much of what I know by having been on my board.We ended up selling the company to VMware where I ran that business. And when I left, there was about a $600 million business and end to end, that was about an 11 year journey. And then I joined Andreessen Horowitz where I also focus on core infrastructure. And as part of that, I'd always heard of DaveBut I met him and I don't know if you ever have these moments where you're like, I dunno, you meet someone new and it's like talking to a long lost brother, but I feel like he's lived this parallel life to me as far as the company he's built and what he's done. And so super happy he was able to join as well.And do you, if you're cool with it, it'd be great to get your personal journey through infra just to set the stage before we actually dive in. Sure, sure. David Ulevitch: [00:06:03] And this is great. This is a favorite topic. So. I was one of those people probably like you Martina and who fell into infrastructure early in my computing career.And I had an internship at a mom and pop ISP in Sydney, Diego because I had demanded to our family that we get real internet. Not like AOL or prodigy much to the dismay. I think of my sister because all her friends were, her prints were on like AOL, but when I wanted internet, so we got that. And then I was able to get an internship in eighth grade at this company and learned all about this.This is a company that's run on Sonos and later on a Solaris, which are just a slightly marginally better than IRX that Ben was talking about. But only marginally and So I learned all about routing and networking and Unix, and started my career as a mediocre or programmer there. It was great to understand how appearing works and how the internet worked.And I really, at that point fell in love with the internet and how it cross borders and how, you had this asymmetric opportunity to either write code or do something that could reach a whole bunch of people. And then there was sort of one technology in particular that I fell in love with, which was the DNS or the domain name system.And I started buying domain names. I would eventually went off to to college and built a domain name management sort of service because I started to own a bunch of domain names and all these other tech people started to use my free service. And we had the founder of Rackspace using my service.We had distinguished engineers at sun and chief scientist at Microsoft. And at that point we became big enough that we needed to build a network. And so I started to learn about things like any CAS networking and how the internet really started to come together from a commercial standpoint. And we got Rackspace that data centers, things you don't have to do any more.Cause we have AWS and GCP and Azure, but we started to build out a global network. We got IP addresses allocated to us, and I really had an incredible experience learning how to scale up and infrastructure. And that eventually paved the way to building a company called open DNS, which was a cybersecurity company that started out.As a consumer company to give people a faster and safer and better internet experience. Many, many millions of people wanted that none of those people wanted to pay for it. They'd rather go buy a cup of Starbucks once a month, instead of paying me three or four bucks a month for a better internet and safer internet.But it turned out a lot of businesses were using our product and the timing, this was We started the company at the end of 2005. And so by the 2007, 2008, the iPhone was out. People were bringing all kinds of wireless devices into the office devices, you couldn't install traditional end point security onto.And so a lot of it administrators were using open DNS to provide better protection as a network service, without having to install endpoint software, because we were delivering all of our security as a service using the DNS. And that was a novel innovation that we had. We'd come up with.And so all these businesses were using it. None of them were paying us and we needed to make money. And so in 2009, we went through a major transition to becoming an enterprise cyber security company and starting with all those millions of free users, eventually figuring out what two ones are businesses.And we'll talk about some of that today, but it started to go down that sort for enterprise, go to market and. That's what ended up becoming a decent sized enterprise cybersecurity company. We sold to Cisco. And like you said, we were you and I have a very mirrored career path. And in some ways I went on to run the security business at Cisco, which was a great experience working with really great people.We had about 240,000 customers. It was really an exciting opportunity to both operate and lead at scale, we did a bunch of acquisitions and I was very happy after three and a half years in Cisco to to get a call from someone that people that know a16z well know, Jeff stump is on our team here and talk to him and Ben and you, and a whole bunch of folks.And they've been here ever since now. It's two and a half years, and I invest in enterprise software, but a little bit of, a little bit of the infrastructure stuff. I think the one investment that we've announced in this space is is census, which sort of operated the, at the data layer. We can talk about that later.What is Infra? [00:09:51]Martin Casado: [00:09:51] So I think maybe for starters, especially since we've got a very varied audience, it's probably good to cover, like what infrastructure actually is. So what do we mean by infra? Why is it exciting? Why does it make sense to actually have a separate, talk around in for us?It for traditionally has meant that the stuff that apps are dealt on. And so it, traditionally has been compute network storage. These days is everything from dev tools to security, to API APIs. But think about it is the underlying layers that we use to, to build modern compute apps.And, it actually is quite different. Like companies and infra are, tend to be quite different than other, and that, they tend to be like quite technical. They tend to be horizontal. They they tend to have, complex insertions. They tend to be the product of. Real tactical work.They tend to be a little disconnected from business users. And so if you look at an infrastructure company, they often look quite different than, a typical app company. But they've really had a moment in the last couple of years. If you heard names like Okta and snowflake and GitHub and Databricks and do on MuleSoft and Datadog, et cetera, et cetera, et cetera, these are all core infrastructure companies.Will Infra Ever Be Over? [00:10:56]And so I think, actually, it'd be interesting to hear your thoughts. Ben and David, which is, it's always been these underlying. The underlying technology, but you always have to wonder is is the day of infra ever over like steel? Are we ever done, like building like the concrete and like the rebar and whatever, and it's just about apps or is it going to continue to be a growth area?Because this year, last year just been phenomenal for infra. And if you have any opinions on that, it would be fun to talk through it. Ben Horowitz: [00:11:20] I think we're very far away from Infrastructure being over and it being done. And what happens is the needs of the applications change.And then the infrastructure has to change. The kind of, one of the first big shifts in our careers in infrastructure was the shift to cloud computing, which completely changed the requirement. As one of the brilliant things about Nycira networks is that networking got completely, just got devastated in terms of all of its architectural flaws. Once you move into the cloud environment. And, we used to talk about, okay, East West traffic versus North South traffic and. You know what Cisco could do and what kind of and so forth. And then, but that happened at every layer in the stack, storage was broken, the operating systems were broken every kind of piece of infrastructure wasn't built for that kind of an architecture.And so it has to be completely rebuilt and, and then as, things have scaled, then things have to be upgraded, on, on the other side, as we move from just procedural programming so AI, and now we're, the data is the program. There needs to be a whole tool chain to support that.And then, a lot of people are going, Oh, wow. Like this NFT thing is an amazing craze and it seems like it popped up overnight. But the, those of us who are infrastructure, people know that this thing has been, decentralized computing. And, trustless state, across machines is something that's been worked on since 2009.And and the first kind of cut at NFTs for things like crypto kitties blew up the infrastructure, so the infrastructure needed to be revamped. And so anytime there's a new important application need, I think, it ends up causing an evolution of the infrastructure. And that evolution of the infrastructure is, maybe the best thing to look at.If you're trying to understand. Stan what's going to happen in the future because, like I say, a lot of people are like shocked and amazed by NFTs and they just think it's some wackadoo thing. But, for those of us who have been like an infrastructure where Oh yeah, this is coming and we're surprised it took this long.And now that it's here, we know exactly what it is. So it's a a great way to fortune tell what's going to happen in apps world as well. Martin Casado: [00:13:32] Yeah. Yeah. I was, I always find it interesting to walk through like the major trends that we track and infra, particularly with respect to this, because it just drags on so much behind it, an early, I think an early lesson that I learned building an infra company as.It just seems like lower layers of the stack never go away, but there's always something that you build on top of them. And so it's almost like we're just gaining in complexity over time. And so I want to talk to a few of the trends that we track at a 16 Z and then, and then David, as I end up, it'd be great.Trends - Data [00:13:59]If you want to add any of them, but it'll just give you a sense of the disruptive power of infrastructure, how big the markets are, and how it, it opens up future potentials for say what's companies or investment. One of them, this is going to sound like a cliche.But but it, I, there is a lot deep there and that is that as data. And what do we mean by data? Data is just so central to how we build businesses, right? And again, like this is one of these cliches, which everybody has been saying. It we've been saying it for 20 years, but like we have these massive proof points recently of, large companies, large startups, snowflake Databricks, for example that are centered around data, but then applications and.And all of in front of is really to empower applications of using data for differentiation. In fact, actually, if you look at the application space, you're like okay, like what differs like three different SAS? Those let's look at three different, like whatever, three different SAS apps say that they're consumer apps.And you're like, okay, to build one of those things, Yeah, you have to understand distributed systems, but we know that yeah, you have to build a big cloud service. You have to know that, like these things are hard things to do. But they're pretty well understood, but to actually do good personalization and actually to do good prediction, to actually use data in a way that's differentiated, that's almost where a lot of the battle has moved to.And as a result, we're seeing this kind of explosion  of companies and tooling around data. And what they're trying to do is they're trying to enable those that are building SAS apps, the ability to to do, whatever on the business side they're wanting to do with kind of higher accuracy, whether this is wait time prediction, whether this is personalization, but this is pricing, whether this is fraud detection.And so from an investor standpoint, there's probably too many companies to track and you always have seems an infrastructure. You've got these kinds of explosions and then these contractions, right? Like you see an explosion of apps. Companies, and then they consolidate, we're seeing an explosion of data companies and they're going to consolidate.So if you look at data as as a market segment, it's growing about twice as fast, the cagar is the rest of infrastructure. So it's a major area, it's a major area of focus and investment. And again, you've got dozens of companies that underlie it. So that's one trend that we're very focused on.Trend - SaaS [00:15:59] Another trend that's quite interesting is, when David Ben and I got into the game decades ago, like software companies were actually software companies. Like they shipped software that's where I cut my teeth. There's you'd write code and you'd ship it. And you built companies around that.Like you built companies around having releases and getting them out and being able to debug remotely and supporting, complex HCLs Hardware compatibility lists. It's in different environments. And that was really what the companies looked like. These days it's very tough actually to find Harbor company or sorry, shipping software companies, almost every company is becoming basically a SAS company or an operations company.And it's just a very. Different type of company, right? The way that you write software, the way that you support the software. It all is becoming operations and there's huge impacts to infrastructure because rather than having something that I can give to somebody else, that's easy to debug and run.The question is how can I have high up times internally? And listen, we've seen massive increase in, or like changes in personnel. Like for example, SREs now are very much in demand. There's change in the programming style to do this change in development methodology, changing in the tool set and so forth.So this is also another kind of cross vertical area. That's very interesting. Do you mean be, want to talk a little bit about the pro-sumer ization of infrastructure or bottom up, because that's an area that you focus on quite a bit.Trends - Security Analytics, Billing, Metering [00:17:14]David Ulevitch: [00:17:14] Yeah, actually I was thinking, as I'm listening to you talk about these things, I was thinking that, all of these trends are talking about have the.These massive derivative sort of downstream effects, right? So when people talk about the massive amounts of data, that creates opportunities, not just for the storage companies and the database companies, but then it creates new opportunities for the analytics companies. It creates a new surface area for security companies to focus on data privacy and data governance and all this regulatory controls around data.And that all of those standalone, all of those derivatives, sorry. Sort of our categories of their own. When you talk about every company is becoming a SAS company and we don't ship perpetual license software anymore. One of the things I think you and I have heard over and over again, especially when we talk to infrastructure companies and I'm sure Ben sees this as well, is that all these companies are now dealing with major issues around billing and metering of their customers.And, AWS may have a major metering solution for being able to do billing and metering. But all of the SAS companies building on top of these platforms have almost nothing, right? There's, they're older tools around subscription billing, but not a lot around usage based billing. I'm sure companies like Twilio have had to build their own.Then, you mentioned the SREs and all this operational sophistication that companies need that creates whole new opportunities around management tools. Around, across cloud and private cloud sort of management tools that people need. And so all these major trends end up coming up with all these derivatives categories that ended up getting created that are brand new surface areas for new companies to be made.And many of them are just very large, even on their own. That's what I was thinking about as you were. Martin Casado: [00:18:46] I do think it's worth it. And just a moment, we'll get more in kind of the weeds and questions that are, I know, on, on many folks minds, things like, open source and so forth.Trends - Prosumerization of Tech [00:18:55]But I do think it's worth talking through what makes it infrastructure companies. Different like how we look at it on David Ulevitch: [00:19:02] the, on the bottom, on the bottoms up point, you were asking about, developers have way more power and control than they've ever had before in terms of the buying decisions of technology, especially for technology companies.And that has changed. I think the entire go to market for infrastructure companies. You're no longer a sales person reaching out to a CIO to arrange a golf game, to talk about. While your database is better or why your data center is better. Like all those days are gone. Now you're basically doing content marketing to get somebody excited about the technology that you've created.The developer is just going to download it. Maybe it's open source at the heart of it. They're going to download it and play with it. Or they're going to set up an account and start using it right away. They have to have time to value that's measured in minutes or hours. And then eventually you're going to start tracking all the analytics and data of how people use it.And that then eventually feeds over to a sales person who tries to go create a much larger opportunity, but that transformation has been, I think a, not a major shift in how every infrastructure company has ever gone to market before compared to how they're going to market today.And it's been a major re-imagining of even the stack and how sales teams and marketing teams come together inside of infrastructure companies. Martin Casado: [00:20:12] One thing that's super, I think maybe unique to infrastructure, which is you almost have this weird barbell construction with the team, which is most infrastructure companies require a kind of a deep understanding of the market or technology, right?Like you had to understand DNS, Ben had to understand the cloud. I had to understand the networking. And so the people that do it tend to be the, tend to be, technical founders, very focused on that. But at the same time at the same time, there's like actually tends to be a much more difficult go to market as well.Just because, often you're selling something that's low level, that's relatively technical. Normally you're actually somewhat removed from the business, value. You're like, yes, I get the case of software defined networking, yeah. makes things operationally more flexible or like whatever it is.It's very difficult to actually tie that to our revenue. And so I think one of the things that's tough about being a founder for an infrastructure and even an investor is you do need someone that, both has to be very good at go to market and has to be very good at tech and product.And and we see this in a lot of the founders and then everybody up here, and I don't know, Ben, I don't want to put you too much on the spot, but you saw, like my evidence. So I just, I just look how naive I was early on. I was just so tech focused and later I just had to learn, go to market and it took about 10 years and this and that.And I'm just wondering do you have any thoughts about how you bridge that gap either as a founder or as a board, or, how do you think through that? Because I think it is probably the broadest gap between technology and go to market in the industry. Ben Horowitz: [00:21:37] Yeah, that's a great lead up. I would say, one, it varies a little, so it depends where in the infrastructure stack you are. So in a Sarah was, I would say the worst case scenario in terms of go to market challenge, because it was infrastructure that.Was basically at the bottom of the stack. So if something went wrong with Nicera, then you basically get fired as the customer. And that's always a tough place to start with a new company. You really have to be. Comprehensively good at product marketing sales, lead generation story.Every everything's gotta be exactly perfect to get that off. These days, just no matter how compelling your value proposition or how great your technology is that ends up being a thing. But it is always. I would say challenging because you are going, you're the underpinning and if your stuff doesn't work and if your company doesn't last and all the things that people have to trust about, you have to be in place and, Oh, by the way, if you ever, God forbid have some kind of breach, you'd just die right there.A lot of the things that I look at are, most of what I do with the infrastructure companies that I'm on the board on are focused on and, helping the founders, CEO get the right kind of partners, I would say on the kind of sales and marketing side To do that product.And I always assume that the founder doesn't quite know what they're doing. And like really one of my favorite stories on this was, Okta has got off to a very rough start because of this go to market problem. And what happened was, they had come from salesforce.com and salesforce.com had a very kind of specific go-to market idea, which worked for an app, which was, Hey, we have.One 10th, the features of CBO, the on-premise product. So we're not going to go sell to those guys. We'll sell the guys. They can't get to because it's too heavyweight. And so they start at the bottom of the market and they work their way up. So Octa tried that, but it turns out. Little companies don't care that much about their security infrastructure.So it was a terrible place to start. And so just, me, a lot of the things we worked on is, okay, not only are we selling to the wrong customer, but because we're selling to the wrong customer, we have the wrong channel. We have the wrong pricing. We have the wrong marketing, like everything is wrong and we have to make that shift.And of course, once they made the shift, they went from being a company that looked like it. Wasn't going to make it to a very successful company, just highlight how important, go to market ends up being usually what makes an infrastructure company succeed or fail. Yeah. It's Martin Casado: [00:24:08] it's just so you would hope that this is the challenge for those that have spent, whatever their schooling to learn business.So they understand all the challenges, but in France almost, primarily product and tech founders, right? Like David  like DNS, and it's interesting when you see I remember when I first met David I'm like, listen, this guy is like a head of sales, right? All he thinks about as good a marketer you've talked with Ali or any of.Any of these founders for these companies is just, such a big focus. And even like D David, th just to pull you in really quickly, I remember you're like the last three years I've been like a student of go to market. Like, how did I. Did you know, and now as you take board seats, for example and you work with, infrastructure founders do you feel tempted to drag them into, go to market or focus on product or, David Ulevitch: [00:24:51] yeah, I think I look, I think there's different phases of the company journey.And I think, that when I think about my own experience and then. The companies that we work with, and then we spend time with people. Basically you have the technical founder hat, which is you need to have a technology that works. That's really good. It's differentiated at solving a real problem.And it really, 10 X way to what the world looks like in me, to Ben's point about Salesforce. I may not do everything that the incumbent solution does, but it does something else just in a dramatically better fashion that, so you wear that technical hat and product hat and you build that, but then eventually.Every founder sort realized. I was like, just because you build it does not mean that the customers will come. And so I found that out in multiple painful ways, because every time you solve that problem, then you want to Uplevel your company. Then you have to resolve that problem. And so figuring out and spending time with customers and really putting on that sort of sales CEO, hat, I think is one of the best ways to actually become a great CEO.Because it means that you're listening to your customers. It means you're understanding exactly what the market is telling you. People always ask questions, like how should I price my product? What, how should I package it up? A lot of those questions actually get answered just by being in the market.And you, as a CEO of, I think of an infrastructure company, you can't outsource that. Like you can get help from your product team, from your product marketing team, but you actually can't outsource it. You have to be out there with your customers, especially if you're aspirational and who you want your customers to be.You can spend time with your current customers. That's great. But if you want bigger customers or you want a different segment of the customer base or a different vertical to go after, you have to get out of there. So I was spending, this is like the period of my life, where, and I think, Ben and Martina and lots of people that are listening can relate to this.You ended up getting the, United global services and you realize that's actually a status you'd never want to get, because it means just spending too much time Martin Casado: [00:26:34] on the road, seven years, seven years of golden services, man. David Ulevitch: [00:26:37] It feels really good when you first get it for cancer.Yeah. Ben Horowitz: [00:26:41] Yeah. That's a. It's very bad for your health. It turns out. David Ulevitch: [00:26:44] Yeah, that's right. Yeah. Ultimate Pyrrhic victory and, and but, so I really enjoyed the experience of getting out in front of customers and recognizing that the software and the services we had built in the infrastructure we had built to deliver that service.Was powering some of the biggest companies out there are some of the companies I respected the most. And so that, and then we're actually one of the most interesting things about that journey is you actually find out your whole company really loves that experience too. Like engineers that are working on really hard engineering problems, love finding out that, you went from having your biggest deal, be like a hundred thousand dollar.Annual deal to closing a customer, that's paying you now a million dollars a year. And like the satisfaction of knowing that, the code that you write and the services you've stood up are now I'm getting paid for in that way, because people are finding that value. Like I found that really satisfying and exhilarating, but the only way to go through that journey is I think to be as close to the customers as possible then brought up like, 500 really important threads.You talking, he mentioned channels. He mentioned pricing. Like all of these things are things that you just have to spend a lot of time on. And the worst part about all of them is that once you actually get one working and get it right, it's only going to work for a while and you create more Slack somewhere else in the system where you dedicate your attention, but then once you then go, tighten up the Slack somewhere else, you have to come back to pricing.You have to come back to packaging. We have to come back to your channels and distribution strategy. And that, that for the, the right kind of founders, I think is really an exciting part of the company building process. Deplatforming and Decentralization [00:28:13]Martin Casado: [00:28:13] Awesome. Okay. Let's I'm going to, so I think we should get a little bit into the nuts and bolts now.There's one topic I want to go too into David. I actually, so this, we've had an amazing few years in infrastructure. Like many of the top enterprise companies are like core and for companies, it's data it's, whatever, but Going forward. There's also a lot of opportunity, both in frontier tech.Like whether it's satellites, but we're also just seeing like the traditional players being blown up. And I know one that you've been focused on is listen. There's a lot that's going on with kind of regulation and compliance. And when you see companies taking political stands and you and I hit this and I helped run a CDN, many years ago.And. You ran a DNS server and this has always been an issue. But often when you try and deep platform, infrastructure is what reshapes to provide hosting. And so love your thoughts on the current environment and what that might mean to infrastructure.And those in this audience that are thinking about building infrastructure companies. Oh, yeah. We'll call David Ulevitch: [00:29:10] this a leading question, but I know, my views on this, so I'll share them widely, which is that, I think companies have a right to operate. They want the way they want to operate.But when I looked at what was happening, around the election, when AWS kicked parlor off their services, like I, and I say this about actually any opinion about parlor or, and, I guess I've only seen AWS do it. They want what it really is to me signaled, it was like, this is a great.Infrastructure opportunity because for a long time, I think people felt like the lower layers of the stack were fully baked. There's no room for innovation, Azure GCP, and AWS have cornered the market on standing up hosting and infrastructure and services at those low layers. But, if you're running a service like parlor and you can just get thrown off by one of those services that, you just get thrown off by the other two as well.Then all of a sudden. There's going to be people that are now like fully invigorated and have been now catalyzed in action to go re-imagine. How do you build truly like Bulletproof globally, distributed, decentralized hosting and infrastructure solutions. And we know that in the crypto world we're seeing this across a number of of the crypto initiatives to create file hosting, file distribution content distribution, and all of these things now are going to, I think, start to get a ton of R and D effort because one of the great things about the internet has been that it's been decentralized and, as these Cod platforms of urgent and offered a lot of flexibility, they've also now centralized a lot of that control that the internet used to de-centralized.And so I, I get excited about the idea that, maybe parlor, which, good writtens are not good writtens, but it may end up being the greatest catalyst to re-imagining infrastructure that we thought was done fully baked in that no room left for innovation. And I'm sure someone's going to start to tie together new pieces of new ways.And I'm excited for that. Ben Horowitz: [00:30:56] Yeah, and really interesting on that, parlor, there's a lot of things that would be very hard to run on a decentralized service right now. Like Netflix kind of comes to mind as something you would rather not try, but parlor could definitely work. So that is a, like a really interesting idea.Like parlor is something that you could probably decentralize right now Martin Casado: [00:31:16] for sure. I just love the info when this whole thing went down or just funny to see the different personas and yours is definitely like the, I think the infrastructure founder view, which is, this goes down and some people like, this is good, parlor's a bad thing.Others are like, Oh, this is council culture. This is terrible. This shouldn't happen at central ship. But my reaction was yours, which is this is totally a failure and infrastructure. That's right. David Ulevitch: [00:31:38] Yeah. And we know it can be done the pirate failures than online the parent days, like two decades now.And this is a site that has been legally shut down so many times. It's it's still on there. Totally. And we know what can be done, but it can be done better in a more scalable way. And in a more general purpose Martin Casado: [00:31:52] way. So my sensibilities were totally offended just because I'm like, how is it possible that you can actually shut something like this down?Whether it's politically the right or the wrong thing to do, I was less concerned with, it's just, when we ran a set CDN back in the early two thousands, there were these sites that like, Interpol would show up, every couple of months asking to take it down and whatever, and they would just pop up somewhere else going for, and so in this day and age, especially with crypto, the fact that you actually could cancel something means that like it's time to rethink.The stack not by the way, because of any political agenda, positive or negative. It's just like infrastructure is meant to be ubiquitous in everywhere. And this is just, I think either a failure of imagination on the case of partner, or maybe we've gotten to a place where infrastructure, isn't what it used to be.And that's David Ulevitch: [00:32:35] exactly right. That's exactly right. There's still room for innovation Open Source is becoming Irrelevant [00:32:38]Martin Casado: [00:32:38] Let's talk opensource. I actually, so I have a bit of a, I think I'm a contrarian position on opensource. Ben, it'd be great. If you could backstop me on this one or contradicting or contradictory. Sorry.Here's the thing. For those that are listening, what is open source? So open source has been around for quite a while. It's the idea that, if you're writing code, the code should be, visible for. For everybody so they can look whether it's, to modify it, to build a community around it, to make sure that, it's correct to to address bugs, et cetera. This is a massive movement and, there's just been a lot of, focus on open source as the way to build these businesses. Yeah I can't help, but think that actually opensource. Is actually becoming a little bit irrelevant and not for the reasons, people say meaning it's fine to build an open-source company and it's fine to have open source, but in the era of SAS, Whether it's infrastructure satisfied in the era of you're actually running a SAS service, it's not super clear the role that open-source plays.Certainly not as clear as it did say 10 years ago. So if I'm shipping you software, if that's my business model, I'm shipping you software open source is something that people can get and like download and run. And it's a great kind of go-to-market channel. You get, the actual users of the open source become your customers.But if I'm building a SAS service, even if I open source the actual functionality of it, there's so much of the operations, which is actually really hard about this stuff, that is an open source, right? If you think about AWS as an open source, there's nothing open source about it. Get hub, isn't open source snowflake, isn't open source, but these are these kind of developer focused companies that are all very huge, that, and we had this question on Twitter and I think it's a great question. Like where does the source fit? It yeah. Going forward. I actually think, listen it's still like what it used to be. However I do think it's it's diminishing and relevance because the consumption model is becoming a service and listen, David, I know you've got an opinion on this.Would love to hear that. And Ben would love to hear yours as well. David Ulevitch: [00:34:28] I'll just say mine really quickly. Cause I, my view that people are conflating multiple things here, which is, I always view SaaS as basically a way of outsourcing IT. And so when you sign up for a SaaS service, you're effectively saying, I don't want to pay somebody inside my IT organization to run something, on-prem manage it, install patches and updates.And so it's a little bit orthogonal and I agree with you that. People are paying for SaaS, whether it's open-source underneath the hood or not, they're not paying for open-source, they're paying for it basically to not have to pay to manage something themselves. And in fact, they often pay a premium for that.I think the open source angle is often I'd go to marketing. What's a marketing way to get to build awareness to give people competence in your product. But I don't think that open source. Component isn't important at all. Like I'm agreeing with you, but it's really because of the framing to me is about outsourcing it.Not about whether they're paying for software or not paying Martin Casado: [00:35:22] for something. It's just, I've just felt like there's so much industry focused on open source. And this, I have a long personal history with open source, I've funded it, I've worked on it. I think it's fantastic. It's transformed the industry.It will continue, but if you look at a new company in the infrastructure space, It's most likely they're going to monetize with a SAS service. Not all the case and if that's the case, it's just not super clear how relevant open-source it's like you can have it and it's great. And yeah, it's great from maybe a marketing community standpoint, but it's not clear to me that going forward, like this is the thing to rotate on.Ben, did you have a comment?  Ben Horowitz: [00:35:51] it's funny when you think about the history of it, right? Because the thing that made open source destroy. Closed source were these big internet services because if you were running Facebook or Google, there's no way you can take a closed source piece of infrastructure and build Facebook on it.Because if there is a bug it's way, way, not okay to be dependent on some software company to patch it and ship it to you. That's just too long, a low. And so that moved everything to the thing that made everything open source was running these big services. But when the open source became services, Themselves then the kind of value of the open source went away.And I agree with David, it became a marketing tool. It actually is. Weirdly analogy is like an industry where, but when it went to streaming, then, the song is almost more of a marketing thing for building the brand of the artist than a way to make money. And. In a way open source is more, just a branding thing for the company and not how they make money.They make money on the service. Martin Casado: [00:36:54] Yeah. I mean it just, for everybody listening, we love open source. We're huge fans of it. I'm on the board of maybe seven open-source companies and they're all great. It's just, we used to hand ring as founders and investors so much about, Oh, can you do open source and still monetize it?And we just don't worry about that anymore. If you have an open-source company, great. Don't worry about monetizing it because we know you're going to most likely monetize as a, a SAS offering. And that just doesn't count isn't cannibalized because nobody wants to operate their own infrastructure.Infra Company Margins [00:37:22]So I actually want to take this moment to dovetail a little bit into another question on Twitter. Which is another thing that we actually obsess about a lot, which is the margin question. So yeah, I feel like so many of the, so many of the the way to think about software companies, the unit economics came from the days of like shippable software, right?You're like, Oh, 80% margins. Cause you ship it and people run it. But more and more in particularly for infrastructure, like we've mentioned. Like the companies are monetized as services. I think AWS, or whatever platform, any scale Databricks. And the thing about, a service, especially in infra is, the Mo the margin structure actually can start to matter.We've been doing this internal study, hopefully it'll turn into a blog post soon, but it's interesting if you take a an average. SAS company that's built on top of the cloud. The amount of contribution that cloud has to margin to the actual cogs is significant, right? It can be like double points of margin.And as long as the company is growing, that doesn't really matter. Especially in this macro economic time or debts, basically free, like these companies that get these great valuations cause they're growing very well. But while they're doing that, whether they're taking on VC funding or. Or whatever, they're writing all of this unoptimized code, that's running on these clouds.And then let's assume that at some point in time, the growth slows down then margin really starts to matter. And if you've got multiple points of margin, Like the impact to the market cap of the company is significant. So let's say you've got a $20 billion company that's doing this.The difference in 10 points of margin could be, billions of dollars in market cap. And when, and then, so you hit these very interesting situations where it totally made sense to use the public cloud early on hundred percent because you're growing very quickly. Then let's say, you saturate your market and you go public or whatever, then you slow down.Then all of a sudden, like it's hard to pay that margin tax. And then when you have actually pretty good arguments for repatriating like Dropbox, did you basically say, listen, it will never make sense from a cashflow perspective to build a data center, but this is probably 10 billion of dollars of market cap that we can save.Oh, sorry. I'm just, David wants to do a question. Oh yeah. So maybe, yeah. Yeah. So let me explain a little better. What I mean by this, which is if you're offering a SAS service. And let's say you're running it on AWS or you're running on the cloud. And let's assume that you're doing some level of compute while you're doing it.Like you're paying AWS. So you actually have a co like a cogs cost, like a cost of goods. So to bring on a new customer, it's expensive. On your AWS bill, for example, that hits your balance sheet as margins. And when you're a growth company, when you're invested like, by David or Ben or myself and your invest, when you're being investigated by a VC, you don't really worry about that as much because you're growing very fast and you're mostly valued on growth, but as soon as growth slows.It really matters and there's probably, tens of billions of dollars right now, trapped in kind of cloud margins. It's something that we're very focused on. And so I don't think that we fully rationalized how much margins are going to play a role going forward, but you have to believe with all these SAS companies, IPO, knowing that there's going to be a reckoning and Ben, I know, you've been watching the data space as well.There's been a lot of discussions around margin. I'm wondering if you think is there a big reckoning coming where this has to be reconciled? Can we just grow forever? Is this like a non-issue. Ben Horowitz: [00:40:34] I think that, it's funny, the data space is a little bit special with regards to your ability to get out of the monster clouds because of the data gravity problem in that let's say you're an analytics company, you have to be proximate to the data because the thing that's more expensive than the regular, storage and compute is bandwidth.And specifically been with. Out of the cloud. So if you are an analytics tool and you have your own data center and you're talking to say Databricks or snowflake or Redshift and another cloud that's going to be a very expensive proposition for your customers to move that data across. Whereas moving data within a cloud of course is nothing.So I think that's a special case, but I do think that. On the other hand for things that don't necessarily interact with a lot of other kind of components in the cloud yeah, like it's real, it is a gigantic amount of money at scale. So I do think that's going to. FIA thing for certain companies.Here's Martin Casado: [00:41:30] this thing I'm just kidding, just from an industry standpoint. And here's what I'm curious on. We're in this very special macro economic time where debt is very cheap, right? And the public markets are valuing. Companies based on growth. And then of course, on the private markets, we value companies a lot on growth because it's so hard to even calculate margin.It's just so early, and they're just mature. And so let's assume that there's this whole cohort of companies in the last five years that are funded by VCs. They get to scale, they go public, they all have great growth and then they start to slow down and then you find that.There's you know, 10 points of margin plus captured, by the cloud, this could be hundreds of billions of dollars of market cap, I just wonder if there's going to be a reckoning here. And does that mean that we're going to see a layer that optimizes that? Are we going to see repatriation or, it's a very open question in my mind.Ben Horowitz: [00:42:21] And so what is the thing that causes debt not to be cheapest? Also, that's a macroeconomic question. These countries are printing money, like crazy good. It would basically destroy the country to raise interest rates now. It's a very. Dangerous given how much money we owe, but Martin Casado: [00:42:39] I feel so much, it's an odd thing to say, but I feel so much of the current state of infrastructure is being dictated by exactly this, which is, it's a weird thing.It's basically yeah. We're printing money. And a lot of it's going to AWS because we don't care about margins. That's basically the collection of it because we're just focused on growth. Uh, but if the growth slows and or infrastructure interest rates go up, I do feel we're going to have Like a significant portion of the economy is going to be trapped in this layer.And I think it's very interesting to see whether, we can dig our way out of it. Are we going to see optimization companies? Are we going to see repatriation? This is going to blow up infrastructure yet again. I don't really know the answer. David Ulevitch: [00:43:14] I don't know the answer either, Martin. One thing I think people underestimate is that there is a level of competition in the infrastructure space and people forget that pretty, but it's easy. It's easy to actually remember it when you need to. So I think most of us who are on boards have gotten an email at one point or another from a company that we've invested in.It says, Hey, great news. We found out about these things called reserved instances. And all of a sudden we've lowered our Amazon bill by 25%. We're saving millions of dollars a month. And you're like, great. You figured this out now. It's fine. It's good. But the same thing happens when they say, wait a minute, we just got an incentive to move to Azure and we can save 30% on our bill.'cause like to use the Bezos quote, " your margin is my opportunity" that will eventually get used against all the major cloud players. And even the old school providers, like the Equinixes of the world are now starting to offer more and more sort of dynamic like services elastic like services.And I think that the margin issues and tends to solve as there's contraction in the market. And that people find ways, whether it's an overlay tools, the pride optimization, and as the virtualization to us continue to get better and better. You're just going to see more and more people be able to move more nimbly and that'll push pricing down.Martin Casado: [00:44:26] I think. I'm going to take the, I'm going to take the counterpoint on that, which I think is totally reasonable. A reasonable thing to say is it's not an issue right now. And once it becomes an issue, like we can move workloads around or optimize here's okay. Listen, you're all you all are hearing it now.Here's my prediction, which is there's so much money at stake. I think fractions of, a trillion dollars, right? So much money. If the macro economic environment changes that we're going to see a thermonuclear detonation on the cloud, it's just going to be like, Holy shit. We've got just, so much money in market cap trapped on this layer.And yes, we could do these 20% optimizations, but Oh, by the way, if I have a. Focused. If I built my own data center, for example, I can drop it by a factor of 10 and we're going to see just like the cloud kind of decimated PCs. I think there's a chance that we see it moving back. Who knows, but I do think we're talking of numbers of that size, right?David Ulevitch: [00:45:15] Yeah, but I'm okay with people building their own data centers. We, when you and I were having that discussion about parlor and infrastructure, I think that the more structure we have out there and the more choices, the better Martin Casado: [00:45:25] that was good, every section stays relevant.David Ulevitch: [00:45:27] There's a related point, Martine that in the discussion of sort of margin, which is that. Usually the cost of the company is incurring to run. Their service is not at all related to the way they price their offering. In fact, usually in the in fact, the best companies don't connect those things at all, because usually the customer has some axes of pricing that might be users or storage, but the actual cost of the service might be based on compute cycles or processes or something else.And th that's actually, I think where companies need to be a little bit more in tune with what their actual costs are and what the incremental cost of a customer is, and that they can certainly do independent of the macro environment. Martin Casado: [00:46:05] I dunno. I just think everybody talks about technical debt and we're like, Oh, it's bad  but like it's all fun and games until it's a $200 billion problem. And somebody looks like, literally somebody looks at the, like the U S economy. And it was like, Oh my God. Again, like some percentage of market cap is being owned by AWS or whatever.And then I think that people get very motivated to make big dramatic changes. And we'll just see. 

Wealthfront CEO Andy Rachleff joins Fintech Beat to explain the operational mechanics and economics of roboadvising, and how the technology in the industry differs from the rest of the fintech ecosystem. Learn more about your ad choices. Visit megaphone.fm/adchoices

Wealthfront CEO Andy Rachleff joins Fintech Beat to explain the operational mechanics and economics of roboadvising, and how the technology in the industry differs from the rest of the fintech ecosystem. Learn more about your ad choices. Visit megaphone.fm/adchoices

Former podcast host, Daniel McAuley, is joined by former podcast guest, Andy Rachleff — Co-Founder & CEO of Wealthfront, the only company that integrates banking and investing to automate your savings. We discuss: - Andy’s storied and career as both an investor and entrepreneur - His experience coming out of retirement to found Wealthfront - The ride of day trading app such as Robinhood - Whether payment for order flow is good for retail investors - The current crypto bull run - Market bubbles and what investors can do in today’s environment - Self-Driving Money™ and Wealthfront’s future Andy Rachleff Andy is Wealthfront’s co-founder and CEO. He serves as a member of the board of trustees and chairman of the endowment investment committee for University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business, where he teaches courses on technology entrepreneurship. Prior to Wealthfront, Andy co-founded and was general partner of Benchmark Capital, where he was responsible for investing in a number of successful companies including Equinix, Juniper Networks, and Opsware. He also spent ten years as a general partner with Merrill, Pickard, Anderson & Eyre (MPAE). Andy earned his BS from University of Pennsylvania and his MBA from Stanford Graduate School of Business. About Wealthfront Wealthfront is the only company that integrates banking and investing to automate your savings. They provide all of the financial services you need like high-interest checking that offers an ATM/debit card, low-cost investment portfolios managed for you, one-click loans and free advice and planning tools all through a five-star rated mobile app. The company recently began implementing the first of its Self-Driving Money™ services to automate your savings plan so you don’t need to worry about monitoring accounts and moving money around. To learn more please visit wealthfront.com or download the app on the App Store or Google Play.

Do you want to simplify your investing? The CEO of Wealthfront, Andy Rachleff, stops by the show to talk about his fintech company and how they have brought innovation to investing. We also talk about startups, management, and entrepreneurship.~ ~ ~Andy Rachleff is Wealthfront co-founder and CEO. He started Wealthfront with Dan Carroll to democratize access to sophisticated financial advice and pioneered the robo-advisor category, which now accounts for over $1 trillion in assets. Andy also serves as a member of the board of trustees and Chairman of the endowment investment committee for The University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business, where he teaches courses on technology entrepreneurship. Prior to Wealthfront, Andy co-founded and was general partner of Benchmark Capital and is well known in Silicon Valley for coining the term “product market fit”. He and his wife are also very active in philanthropy and are founding members of the Damon Runyon Foundation for cancer research.~ ~ ~Support the show on Patreon @norlundCheck out more details about the show at https://www.chrisnorlund.com/podcastFollow on Twitter @chris_norlundFollow on Instagram @norlundStay positive and thank you so much for listening!

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The post Andy Rachleff on management theory, Reed Hastings’ genius, lessons from passing on Netflix & more | E1158 appeared first on This Week In Startups.

In this episode, my co-host Alex Patel and I talk to Andy Rachleff, the CEO of Wealthfront, about automated money management. We delve into topics like passive investing, the benefits of automation, financial advisory, and much more! Check out the episode to learn about automated money management in a simplified way! Andy Rachleff is the co-founder and Chief Executive Officer of Wealthfront, a next-gen banking service for millennials. He serves as a member of the board of trustees and chairman of the endowment investment committee for University of Pennsylvania and as a member of the faculty at Stanford Graduate School of Business, where he teaches courses on technology entrepreneurship. Prior to Wealthfront, Andy co-founded and was general partner of Benchmark Capital, where he was responsible for investing in a number of successful companies including Equinix, Juniper Networks, and Opsware. He also spent ten years as a general partner with Merrill, Pickard, Anderson & Eyre (MPAE). Andy earned his undergraduate degree from University of Pennsylvania and his MBA from Stanford Graduate School of Business. Follow Andy Rachleff on Twitter here! Follow StreetFins on Twitter, Instagram, and Facebook here, and follow me on Twitter @rohaninvest! Find and subscribe to Finance Simplified on Apple Podcasts, Google Podcasts, Spotify, and Anchor.fm! Want to learn more? Check out some StreetFins articles and videos relating to topics mentioned in the episode: Intro to Day Trading Intro to Automated Money Management Intro to Passive Investing --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

This episode was produced remotely using the ListenDeck standardized audio production system.   You can subscribe to this podcast and stay up to date on all the stories here on Apple Podcasts, Google Play, Stitcher, Spotify and iHeartRadio. In this episode the host John Siracusa chats remotely with Andy Rachleff, Co-founder & CEO of  Wealthfront.  Wealthfront is a next-gen banking service that helps in managing the money for both the short term and long term by providing a cash accounts.  Andy co-founded Benchmark Capital, a venture capital firm, in 1995.  The firm invested in companies including eBay, OpenTable, Snapchat, Twitter and Uber.  Have you ever heard the term product/market fit?  Andy coined it.     Tune in and Listen. Subscribe now on Apple Podcasts, Google , Stitcher, Spotify and iHeartRadio to hear next Tuesday's remote interview with Gabriele Columbro from Finos.    About the host: John, is the host of the ‘Bank On It’ podcast recorded onsite in Wall Street at OpenFin.   He's also the founder of the remotely recorded, studio quality standardized audio production system ListenDeck. Follow John on LinkedIn, Twitter, Medium

This episode was produced remotely using the ListenDeck standardized audio production system.   You can subscribe to this podcast and stay up to date on all the stories here on Apple Podcasts, Google Play, Stitcher, Spotify and iHeartRadio. In this episode the host John Siracusa chats remotely with Tim Sheehan, Co-founder & CEO of  Greenlight.  Greenlight Financial Technology is a financial services company that specializes in the fields of debit cards for kids and mobile apps. It provides parents with convenient controls to manage family finances and create teachable moments around earning, spending, saving, and giving.    Tune in and Listen. Subscribe now on Apple Podcasts, Google , Stitcher, Spotify and iHeartRadio to hear Thursdays remote interview with Andy Rachleff from Wealthfront.    About the host: John, is the host of the ‘Bank On It’ podcast recorded onsite in Wall Street at OpenFin.   He's also the founder of the remotely recorded, studio quality standardized audio production system ListenDeck. Follow John on LinkedIn, Twitter, Medium

Andy Rachleff, CEO at Wealthfront, discusses fintech and the recent wave of day trading. He also talks about ways his "next gen" banking service has changed the way investors manage money. Hosts: Carol Massar and Paul Sweeney. Producer: Doni Holloway. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

02:04 - Sam welcomes Erik to Outsized Returns and tells us about the problem Audios solves. 04:30 - Erik tells us how he came up with the idea for Audios, prior to focusing on product-market fit 11:47 - The lightbulb moment when Erik finds a pain point to solve for a friend 14:35 - Erik shares how he got connected to Andy Rachleff 21:00 - "If you want a mentor, you need to be of value to them" 23:48 - @mrpatents tells us how many patents he has, as well as Audios 28:38 - Erik tells us about his crowdfunding campaign (www.republic.co/audios) to help execute the go-to-market strategy and pay for manufacturing 32:55 - Why Erik chose Republic to raise funds on versus other crowdfunding sites 35:42 - What does success look like for Audios? --- Support this podcast: https://podcasters.spotify.com/pod/show/outsizedreturns/support

Connect with Fintech One-on-One: Tweet me @PeterRenton Connect with me on LinkedIn Find previous Fintech One-on-One episodes

Andy Rachleff (@arachleff) is the co-founder and Executive Chairman (prev CEO) of Wealthfront, an automated investment service startup to provide wealth advisor-like management to everyday folks. Andy co-founded Benchmark Capital in 1995 (one of the most successful venture capital firms of all time) and was a general partner until 2004. [spreaker type=player resource="episode_id=19608102" width="100%" height="80px" theme="light" playlist="false" playlist-continuous="false" autoplay="false" live-autoplay="false" chapters-image="true" episode-image-position="right" hide-logo="true" hide-likes="false" hide-comments="false" hide-sharing="false" hide-download="true"]