Podcast appearances and mentions of ben narasin

Today's guest is Ben Narasin, a seasoned entrepreneur turned venture capitalist with over 25 years of entrepreneurial experience and a decade in early-stage investing. Ben is the Founder and General Partner of Tenacity Venture Capital, a firm dedicated to high-conviction investments in early-stage technology companies. His portfolio boasts early investments in notable companies like Dropcam,…

FinTech and Digital Assets Panel - at 361Firm's NY Tech Summit Feb. 25, 2025SUMMARY KEYWORDSFinTech, digital assets, blockchain, stable coins, tokenization, payments, regulatory policy, venture capital, AI, decentralized finance, financial infrastructure, crypto winter, institutional investors, innovation, emerging markets.SPEAKERSMark Sanor, Brian Neirby, Speaker 6, Bill Deuchler, Ben Narasin, Rich Sobel, Speaker 4, Margaret Butler of BakerHostetler, Stephen Burke, Speaker 2, Will Wolf Mark Sanor  00:00But we're very I'll come see in a second. We're very lucky to be here. Baker, host, teller, I once practiced law in Cleveland, Ohio. Baker, we love Cleveland, and that's Baker's head quarters, and we are here at their home. And I'd like Margaret to say a few words. Margaret Butler of BakerHostetler  00:21Mark, thank you so much. Thank you. Thank you. It's really a very few words, because all I want to say is thank you to Olga. I hope she's here for connecting me with Mark. And thank you, Mark, for bringing all these amazing people here. I have had such an amazing day listening to all of you, and I Well, thank you. I love all of you. I'm Margaret Butler. I am the head of the financial services industry team here at Baker, Hostetler. And so I want to thank my team, definitely. Joe Matteo, who's been putting everything together, Cynthia, Kevin e who is here, my Managing Partner, George Sam bollitus, who was also around for making this possible for all of us and for me. Because, like I said, I really just enjoy this so much. Thank you all for being here and get to the good stuff. I don't know if you need this one. I 01:18don't know how he has it set up, probably. So 01:22thank you for having us, Bill Deuchler  01:27I guess so. So this is Mark style. He just leaves the room and lets the panelists take over. Okay, so we can go ahead and do introductions when you talking about digital assets and fin tech and well, no, hey, I'm buying you time. Mark Sanor  01:47Get mark out of the way. 01:51Go ahead. Okay, Mark Sanor  01:55that was your 2024, go ahead. Sorry. Go right. Bill Deuchler  01:59So I'll introduce myself, and then hand the mic over to my colleagues up here. For those of you who don't know me, I'm Bill D clear. Currently, I serve as trustee for our municipal police pension fund. I've been on the board there for eight years. We have more of a traditional portfolio, but more recently, we've we have an active conversation, and actually an allocation for private equity that we've yet to fund, private credit, which has been funded and specialty real estate, which is another asset class. Previously, I was CIO for two two family offices, and have been around the institutional world quite a bit, and also currently advise a venture capital fund in the fin tech and AI space that has some very interesting characteristics, and I'll talk a little bit about that generally, as far as what an allocator looks for. But I will hand the mic over to my esteemed friend and colleague, Rich Sobel, Rich Sobel  02:55thanks. It's nice to be here. Nice to see everybody I am kind of wearing multiple hats. The hat that brings me up here is I'm a founder partner in a $50 million early stage fund that invests in blockchain and web three fin tech fund was set up three years ago, four years ago, I knew relatively little about this, and it's been a tough couple of years in the digital asset space. We went through what some people would call crypto winter. That's over, and I think we're coming into a period that could arguably be called a tipping point, kind of a renaissance, in the penetration of these technologies and tools and business models that are going to disrupt major markets, and we'll talk a little bit more about that catalyst. One of the catalysts is the change in regulatory policy. I'm sure we'll talk a little bit about that. So I'm quite excited about the changes that come but it's clearly a risky area. So it's not some place you put the majority of your of your assets, but it's something that I'm quite excited about, and I'm happy to share my perspectives. Will Wolf  04:18Yeah, thanks. Thanks everyone for being here and for having me. I This is me and my partner, Vanessa's first time here. My name is Will. I'm a managing partner and co founder of arc capital, which is an early stage Digital Asset Fund we just got off the ground last year, and I met Mark, I think, last week or two weeks ago, and we joined and so this is our first time here. So Thanks for welcoming us. We we are basically inter I am also a fin tech co founder. Back in 2012 I co founded a company in the fin tech space. We went through Y Combinator and ended up getting acquired into Airbnb, and I manage some of their back end payments infrastructure. So I know a bit about the the payment rails, Rails, at least in the West, and sort of the fin tech ecosystem. Them, but we're very excited at arch capital to be investing in what we think is the future of financial infrastructure globally, which is web three, and what's being built there, all Mark Sanor  05:11right, this is what happens when I don't lead off. So this is good. It's good. But what I want are insights. What are you seeing that we don't know? Or what scares or excites, hopefully both. Rich Sobel  05:25I know in some of the areas that we're focused, there's tremendous change going on under the surface that's starting to come out of the ground. And one of those areas is payments, and payments using Blockchain and stable coins, is a 1,000% improvement on the old, incumbent way of making payments. It's particularly impactful when payments are going across border to emerging markets, which is reducing, or, in fact, sometimes eliminating, the volatility and risk in emerging markets currencies, which is making the world closer, so incumbents are being disrupted, and we're invested in a company I spoke about, I think, back in December, that is making remittances to Africa, and they're using the data on the chain to help those people who are making payments improve their credit scores, which opens up all kinds of new financial products to the UN banked folks right here in America. And so there are growing number of companies that are doing that. Some of the incumbents, like Visa and others, are coming around and looking to partner in this space. And the second area I'll mention, and then I'll leave, there's many areas, so I'm clearly leaving some out of respect for my esteemed colleagues. Here is tokenization of assets. So there is a better model for holding and trading securities, funds and real assets, and the tokenization model now works, and so it's been held up by the US SEC and the litigation and impediments that they had established. But those litigations, last week, they dropped the litigation against coin base, which is really like the red light, and they're also changing policy. So there's an executive order going on that Trump signed in his first week. Within 180 days, he expects a whole new set of policies to be proposed, and that's going to make major financial institutions see a green light to move more actively into this space, on bringing assets on chain, democratizing access, improving liquidity. I mean, it's like the frog in the frying pan that if you know people don't see it on a day to day, week to week, basis, but I assure you that within five years, there's going to be dramatic changes. And this year, 2024 there was one and a half billion, one and a half trillion, of tokenized assets. Conservative estimates put it at 16 trillion by 2030 so it's really going to change the way we deal with financial assets, and eventually all assets. I Mark Sanor  08:10like everything. Just didn't quite understand the frog and the frying plan. You don't see it 08:15on a day to day basis, the frog in the well, you're not from Will Wolf  08:17Ohio, the boiling pot of water. Yeah, there you go. No, I agree with that completely. I think, I definitely do think that stable coins in this ecosystem, people sort of outside the ecosystem, don't appreciate maybe what's going on there. You know, we're very close with the teams at both Master Card and visa that have very intelligent blockchain web, three teams building very interesting things. A lot of people don't know. Visa has been settling actual, real payments on both Ethereum and Solana for almost two years, and they're growing that volume, and they, you know, that gets you to on Solana, 400 millisecond settlement times on global payments for visa. So that's pretty powerful for them, and that this is stuff that's really happening. And I also think in terms of the new administration in the US, I think they may not fully understand this yet, but I think the stable coin market right now, the is a couple 100 billion dollars, but the rate that it's been growing is, I mean, I think a couple years ago it was 10s of billions or less. And this is a new source of global demand for dollars, which is important with what's going on in sort of our treasury markets right now. You know, circle whole, which is one of the stable coin providers, holds 100 $50 billion of treasuries. And if that gets to a trillion or 2 trillion, that makes them pretty important. And people all over the world want dollar stable coins instead of their African currency or their South East Asian currency, and they can get it because it's just, you just need an internet connection. And so I think this is very powerful for the dollar, for the US system. I think the administration is going to realize that. And I think even broader, what the technology means is, over time, getting rid of middle men everywhere, globally in the financial system. I. Them because we don't need them anymore, and so this is going to take multiple decades, but I think that's the inevitable end game. Bill Deuchler  10:10One of the central themes, from an allocator standpoint, is investing in innovation. And you know, both ourselves and some of my colleagues from a much larger pension system were quite interested. You know, back actually around 18 or so in the blockchain space. Back then, it was much more nascent. Not much was going on, except people knew that Bitcoin was used by drug dealers and other nefarious schemes. But none the less, the idea of investing in innovation and seeing the kind of radical transformation to fundamental systems, to our economy was, was the attraction. And I think that things somewhat got put on pause with the FTX debacle and the crypto winter, but now things have matured considerably. And so you see, you know, the tremendous growth of the stable coin market and the ability to transact much more efficiently there, it's a great opportunity to participate in something that it's truly going to change the fundamental systems of how we interact. And I think also from an investor standpoint, both on the fin tech side, as well as the blockchain side, you can see various companies that have good ideas and who can master the go to market exercise. Well, all of a sudden, at very, very early stages of their growth, they are actually revenue positive. And if you can find companies that are revenue positive, and you can still get in at the seed and pre seed stage, that is a tremendous advantage, because then you can track them in a way that you can't track companies that are still pre revenue and and that's the whole venture capital exercise is either an exercise in the law of large numbers or just spray and pray, which is how it turns out. And there are very few who do it, but I think that this space facilitates a much more disciplined way to attack venture capital. And again, as an allocator, I've seen just two firms who have been able to master that. One is a master at understanding the law of large numbers and how to put the statistics in your favor. The other one goes after these types of companies, as I say, that are revenue producing and being able to act more like incubators or not. So I think that that again, you know, for an allocator perspective, the idea to be able to participate in significant innovation and then also seeing unique circumstances of the individual companies that you can then use to your advantage and build out your portfolios in a more robust way. There's two really great opportunities associated with this space, Rich Sobel  13:02I think it's probably clear to everybody here, but you know, what we do is not pure and simple crypto, and what we're doing is not trading currencies and trading staking or tokens on the secondary market. That's a different business. There are people who are good at it. We don't think that that's nearly as compelling as investing in companies and protocols that are building applications and tools that leverage the infrastructure that's been built. And so those are what we're looking at. Are more application, asset, light businesses that don't require a lot of money until until you figure out if it's going to work. So the risk return on those types of venture early stage investments is much more interesting. Again, I'm not speaking just for us, but I'm speaking for a class of investors. There are relatively few early stage GPS doing this, and most of them don't have a three fund track record. So it's an emerging market. I spent 20 plus years of my life working in another emerging market. That's how I ended up here. I have kind of an appetite for risk and comfort working in new environments where the model is you really have to underwrite the people and understand their business model. If they can't succinctly tell you what their business model they probably haven't figured it out yet, and they might, but it's a much higher risk. So we're investing in what I call my partners. Don't really like this, but because I'm kind of an older guy in this team, I call it the App Store for web three. So you're basically thinking about the phone comes out, the infrastructure is in place. Now you want the tools that solve real problems, and those are coming. And just to put a little icing on the cake, if you look at the NVCA data in 2021 a lot of money was raised. It was a. Hyped market, and in the last couple of years, relatively little capital has been raised for what they broadly call crypto and digital asset venture. So on top of all the other things that have been putting pressure on companies and funds, the lack of new capital flowing in creates a very interesting dynamic for capital that becomes available. So I fundamentally think there's a combination of reasons going to make it quite interesting. But as Tim Draper said to a group here, when people say, How's it going with your early stage deals? He said it's like raising kids. It's going to take a long time till you really know. But we're proud about the way things are going. We like talking about the portfolio. That's the way of giving people a tangible idea about the kinds of things that are coming out of the ground that will change our lives and our kids lives before you really know it. Will Wolf  15:54Yeah, I like that last part you talked about. One of the things we think about is, or a phrase I like to use is, every fin tech startup today is a crypto company. Some of them just don't know it yet, because I think that is what the new features that we'll be able to push the envelope and provide new functionality are going to be built on, like we've already got the stripes, and these guys that have, like, milked everything out of the current like legacy financial system with t plus one settlement and stuff like that. And so to push the envelope, I think they're going to have to offer crypto services underneath. And that's what I'm excited about, is to see, you know, PayPal now is another example. They have their own stable coin, and they're trying to integrate more utility into their consumer app, which I think is a little more interesting than, like the visa Master Card stuff, because they're not really targeting consumers, but we're seeing it with PayPal. Stripe, you know, I mentioned earlier, just did a billion dollar cash acquisition of a stable Coin Company, and stripe is arguably the, you know, the expert of the traditional credit card and payment rails, and they understood the value of this new ecosystem that they were willing to pay up for it. So I think that speaks a lot. But I think we're going to see a lot of even just traditional fin techs offering new products that wouldn't be possible without crypto rails, and I don't think a lot of their users are going to need to know or care that they're using stable coins or blockchains underneath. It will just be transparent, and we'll be able to do much more than we can today. Mark Sanor  17:13So questions to this group as we talked about fin tech 2019 we were in Detroit, and the guy runs a swimming school, and he said, even swimming school, everybody's a fin tech company, because, yeah, you interact with a customer. So I guess there's so by definition, every company is a crypto company. Potentially. Vince got a question. It's Ben Narasin  17:41going to push back a little, I think, stable coins and powering and amazing things. Basically, it's an alternative rail with no real cost associated, compared to the existing stuff and remittances. But I've always bridled at the term web three. The web changed everything for everybody. I'd love any of you didn't tell me anything that web three has changed in a material way. There's speculative currencies, there's meme coins, also speculative. There's an enormous amount of speculative products. Stable coin, though, to me, feels like a totally separate thing, and fractionalized ownership of assets is interesting, but I could just as easily do that in Oracle server. You have to trust me, if you're going to buy a 16 of the Mona Lisa from me. So I'm still questing for I did one blockchain related investment in 2014 I've never done any sense. I just can't find the the there. There other than stable coin transfers. Mark Sanor  18:36I love it when we don't all agree. Rich Sobel  18:39First of all, since 2017 the kind of power of the technology of blockchain has improved about 1,000% so the things that you could do in 2014 is kind of very, very insignificant compared to what the technology can do today. Second of all is, everybody talks about this boom on AI and how great AI is, and how much capital is flowing in, how many new businesses are having an AI component to them. But for AI to really work, you need to have smart contracts and blockchain based tools to help these agents interact with each other, for agents to make payments to each other for these automatic things to work. Software driven by blockchain is a key determinant to a big part of its pulling it along. And actually, interestingly, William and Vanessa and my partners and I are invested in a company together, nap the AI, that sort of services that space social is another one of the spaces that is allowing decentralized use of content and information to give users more control and allow users to essentially retain more of the economic value. So in. Say 10 years models like Facebook will not be monopolizing, that those tools will be decentralized. So it's 20:09been 1,000% better since 2017 we're 10 years past that. Again, eight. Only where? Rich Sobel  20:17Okay, okay, listen, in the United States. I'm sorry, in the United States, the regulatory policy has been so hostile that they have essentially litigated and driven money and entrepreneurship away from this. So I think we're when you build a building, first you go down, and then it comes out of the ground. When you have a plant, first it goes down, you build the infrastructure, and then it comes out of the ground. So if we meet in a year or three, I think you'll be buying me lunch. Will Wolf  20:47So first off, I think it's a very good, good criticism. Oh, can I answer this one? Yeah, I think, I think it's a good criticism that that we get a lot, I think from a Western centric view, I think it's, it's fairly valid. Because I think, you know, for all the bad things I said earlier. Our financial systems work, you know, but I think there are those in, say, Venezuela or almost any African country, where they are just devouring stable coins us, dollar denominated stable coins, because their currencies are devaluing by 15% to the dollar, they can hold a stable coin just on their phone with internet connection, the government can't stop them from doing it, and they can get 8% yield in US dollar terms, while their currency goes down 15% a year. And that's literally saving people's lives. For a more anecdotal example, you know, there have been people. There was one, one girl, specifically that I know, did an interview, and she was able to escape Afghanistan with her family's wealth because she put it into Bitcoin and wrote down her 12 seed words where, you know, they couldn't find it when she left. So she could actually bring her wealth and, like, have a family somewhere else. So I think these things are happening, and it's, it's not Western centric, mainly the stable coin, which is that one was Bitcoin with the Afghanistan girl, but, yeah, sort Ben Narasin  21:59of like Charlie Munger argument the dollar is freely available all over the world, and there are many ways to hold it, but this is a pH I do like stable coin, as I led with, yeah, I think that's rational. I don't I think the dollar is not available 22:13to Speaker 6  22:16Zimbabwe. And my thing is, I'm with him to where I'm going to push back as well, especially on the decentralization aspect of it, because you have large institutional players who are who see it as a threat to their to existing business models, right, and are innovating in that space in order to maintain some type of central control over what happens in this area. So I'm kind of also hesitant on saying, oh, that's going to decentralize everything, and you're going to completely eliminate middle men. I think they're just going to transform into something where they have some some grasp over the transactions. Will Wolf  23:01I also think it's a valid point. I don't know specifically, if you're talking about banks, Mark Sanor  23:05can you disagree with somebody not joking? Will Wolf  23:07Well, that doesn't that doesn't mean that I agree with it. I think it's a valid point. It's true. That's true. But I think, you know, part of me, I like that, maybe the Trojan horse analogy. But if you've been following, like with the new administration, a bunch has come out. I don't know if you've heard the term operation choke point 2.0 you know, we had silver gate bank go under, and it's become clear, and basically factual, that it didn't really fail. The Fed forced them to shut down by stopping them from doing crypto business. And I think we've seen now that there are over 47 banks in the last two years in the US that wanted to offer crypto products proactively, but the FDIC, and the FDIC shut them down and didn't let them do that. So I think to say that they don't want these things, you know, I think maybe some of them don't understand that it may ultimately destroy their businesses very far down the road. And maybe I'm wrong and they won't. So that's where I get the Trojan horse example. But I think a lot of these businesses want to offer these, whether it's a Bitcoin product or a stable coin product, to their customers getting involved, because there is Speaker 6  24:06a risk to the existing Speaker 4  24:10business model, right? So they're hedging Exactly. So that kind of makes my Brian Neirby  24:13point slightly different, pivot on the conversation. So we have what the state of Utah, Wisconsin, I know there's another one in there that's Louisiana, or this their treasury secretaries, you know, backing a crypto reserve, right? So those are three. We know that Don Junior loves crypto. We know that senior loves crypto. We know that Bobby loves crypto. So we have some tail winds coming out of this new administration. You. So I'm a nerd. I love the blockchain from a tech standpoint, I love the utilization and elasticity of Bitcoin. In particular, I believe all roads lead to Bitcoin. You walk around Istanbul, you see i. Are tickers everywhere of what's happening within all the coins. What's it going to take for the US to get to that point? Bill Deuchler  25:12You raise an excellent point, because since, since we are the world reserve currency, and because our economy, arguably, is the most robust in the world. A lot of the advantages of digital don't aren't readily apparent to us, but I think it's, as will has pointed out, if you're at all outside the US, if you are definitely in in a third world country, the advantage of the decentralized currency is huge. It is the litter, literally, night and day. And so I, I hate to say that it would be a crisis that would cause that, you know, to all of a sudden the light bulb go on. But it could very well be, but we're in a very enviable situation. I think the opportunity for the US is to be able to take advantage of all the features that digital offers and be able to build it into the system. The one thing that I'll say, that I've been saying for a real long time, is that one does have to be careful about Central Bank digital currencies, because digital currencies are programmable money, and if a central bank issues it, number one, it's tied to the monetary policy of that central bank and the state authority that oversees it. The other thing is that they can, for better or for worse, direct or Yeah, or imp, thank you. How the currency is used, and it is so easy. You know, everybody says, oh, micro monetary policy. Wouldn't that be just terrific, because then we can target like certain areas of the economy where it needs to be spent, things like that. Think about your bank account. All of a sudden you have digital currency in there. The next morning, you wake up and you don't so digital central bank digital currencies, will compromise freedom. They will compromise privacy in ways that we have no idea other than that. So I think kind of that's great. It's the decentralization aspect of it that is so critical for a real successful Mark Sanor  27:21so look, before you know, it's 330 just Stephen Burke  27:23on that bill. Isn't the bank financial settlements pushing for such beneficial currencies? Yeah, Speaker 2  27:33yeah. Certainly the the operational characteristics you know, are good, but one Mark Sanor  27:38so every, every quarter we revisit this subject. So it's time to revisit it. I Will Wolf  27:44think, I think they are and I think they will happen elsewhere. I think they're very unlikely to happen in the United States, at the Federal Reserve. Because what people usually mean, I think, by a central bank digital currency is the retail, the end user, you and I would have accounts directly at the Fed on this system. It would get rid of the banks entirely, like JP Morgan Chase would be gone, right? Like, we don't need them anymore. You would just have accounts directly with the Fed, because, because, other than that, the dollar is a central bank digital currency already. I mean, 98% of the dollars are digital. They just have to flow through the retail bank. But only the only the banks can have accounts with the Fed, not you or I, and so the banks own the Fed, so they're not going to let the Fed do a central bank digital currency, because they don't want to kill themselves. So that's that's my take. Mark Sanor  28:28Okay, so there will be a break out soon, and you can hammer this these questions, and we'll come back and have a de brief, and we'll have a I'll be here again, but let's thank this panel for kicking off the fin tech, digital. Now I'm joined our 361 firm community of investors and thought leaders. We have a lot of events created by the community as we collaborate on investments and philanthropic interests. Join us. You. You can subscribe to various 361 events and content at https://361firm.com/subs. 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Artificial Intelligence (AI) Panel - 361Firm's NY Tech Summit Feb. 25, 2025SUMMARY KEYWORDSArtificial Intelligence, generative AI, venture capital, seed funding, Hippocratic, LLM, job displacement, AI revolution, energy solutions, food security, humanoid robots, quantum computing, stakeholder model, economic impact, technological advancement.SPEAKERSSpeaker 1, Alex Zhuk, Rashmi Joshi, Ben Narasin, Speaker 2, Maisy Ng, Mark Sanor, Zoe Cruz Mark Sanor  00:00Um, introduce yourself again, share an insight and what scares and excites you about AI, there you Ben Narasin  00:06go. What is this the one? All right, Hi, I'm Ben Naris, and I run tenacity venture capital. I spent of any a large venture firm about three years ago. I focus on seed. I've been doing that for about 18 years. Last year, I saw 2000 companies. I funded three. They were all generative. Ai related. It it is not because I have an explicit focus on AI. By the way, focused funds of under perform generalist funds for 40 years, find that data out there and think about how you invest. It's that the best and brightest always go to the shiniest, most exciting thing, and that is certainly generative AI right now, I even have I paid them personally, the most I've ever paid for company, $500 million for a company called Hippocratic, which is creating LLM based nurses. And what's fascinating about AI, I guess there's so many things, but one, we don't know how it works and how it thinks. These machines are thinking. And people that are in the business will acknowledge they don't actually understand how, two, it totally changes the value and reality of time. So let's use the example of Hippocratic they have an LLM that is trained on the nursing notes from major medical facilities. It calls in audio every person that leaves a hospital or doctor's office and checks in on them to make sure they are staying in tune with the things they need to do to get better. When in the past, would that ever have been possible? You know, 1000 people leaves a hospital in a day, there is zero chance you can afford to get the people to do it. But AI can spend infinite amounts of time and spin up infinite instances, and it will totally change things that we are able to do. I make one more example of that. I was listening on calls that the AI made to different patients. And it called a woman that had diabetes, and it, you know, did its check in. And then she said, Hey, can I eat, you know, beans? Yeah, beans are fine. Can I eat bread? Well, bread is bad at spikes. And then she listed off one by 156, foods to see if they were okay to eat. And the AI, very patiently, said, yes, no, yes, no, that would never happen. But not only can the AI allow infinite time to be utilized to do things in parallel, but the people on the other side can take advantage of it in ways they never would have with a traditional nurse in this instance. So I think there are going to be so many things that happen that we are not expecting. I am not worried about I am a little worried about the single purpose tool labor, the person that is not able to be retrained well, because that's not the culture they grew up in. They didn't value education there, you know? But hey, I walk down New York City streets today, a lot of people swing and sledge hammers and dig in dirt. There'll be plenty of things to be done. It's just if you have a single if you're that high or gal in the call center in Bangladesh. Woo. I hope you can find someone else. Mark Sanor  02:45Okay, so Maisie, also introduce yourself. And again, what scares, excites, insights. Maisy Ng  02:53Hi. My name is May Z. I'm founder, managing partner of the light capital. We're VC head quarter in Singapore. We're now doing our second fund, the first invest in Southeast Asia tech companies that celebrate the UN SDGs. The second fund will invest in AI companies across the AI tech stack. We're really excited about this opportunity because, I mean, AI is like a tech East dream, right? So, because it's so revolutionary, the same O, same o doesn't work anymore. We need a whole new class of semi conductors, data center technologies, new software that will empower new applications. So this is, we think it's like, I think the aircraft guy, this is once in 100 years as well. So, and what excites me, I think, well, the sort of paradigm shift that AI brings, it enables us humans to do things we never thought was possible. And initially, for example, when deep mine was started, it started by trying to play chess. And initially it basically took all the grand master strategies and train the software to play like a grand master. And so it played against grand masters, and they win some and they lose some, and then they decide, okay, fine, we just tell the computer, these are the rules, and you just go play. And because computers can basically, you know, like, work really fast, they could play, like, a million games overnight, and very soon they learn how to play. And then they did this go, which is a far more complex game than chess, and just by playing against itself, they found new strategies that Grand Masters would not think of like in the chess game. They be sacrificing pieces, left, right and Sanor, and then they win. And people just can't understand how they did that. And a couple of days ago, I read this article about scientists using AI to design basically micro wave circuits, and they said that the design that comes out looks really weird. It's not something that an engineer would design, because it's not something you've been taught in school. But so it looks really weird. Doesn't look like a circuit board, but apparently it worked better than any other circuit. So I think that is opportunity that we can have with AI. What? What scares me a bit to what Zoe said. I mean, someone once said that basically, software would eat the world. So guess what? Ai. Eat the software. And to Ben's point, people will lose jobs, and this is a major program shift. Some of the jobs aren't ever coming back, and so you gonna have, like, massive layoffs, and what people are gonna do so the consumption will drop, because people just don't have jobs they can spend. So I think the governments and the companies need to know and try to plan ahead, because the core, I guess, social compound we have capitalism is that if you make money as a capitalist, you are supposed to invest the money to create more jobs, build factories. But what we saw in the past decades is that people who made money from outsourcing globalization, they didn't build more factories. They did hire more workers. What did they do? They bought Yach, they bought art. And so all this rent seeking behavior didn't help the economy, and that is a problem. So if you take AI, that's going to be like compounded a train in times exponentially. So I think companies need to be aware of that. Governments need to be aware of that. It may be that we have to do either tax on robots or UBI just to what people picking up. Pitch Fox, Mark Sanor  06:00okay, let Alex go next. Alex Zhuk  06:05Thank you, Mark. Thank you for having me. Great to see all of you. I'm going to give you a very short introduction by myself, because I haven't met many of you. I'm a founder of an AI company that uses satellites to map the environmental footprint of every farm on the planet to help ensure food security through resilience, but also decarbonize agriculture, which is the second largest emitting sector in the world. I'm also on the side involved in critical mission asset development, primarily energy solutions and data centers, starting with building a digital twin of the electrical grid, because it's becoming very hard to connect to it, as many of now, in terms of an insight that I think hasn't been shared by these experts near me, I think we are under appreciating, or at least I did for a very long time, the way in which industries that have been established as part of humanity's operation for 1000s of years will be disrupted. So I work in agriculture. We've been farming in a mechanized, or at least structured manner for centuries, but you could argue 1000s of years we are actually for writing of climate reasons, but also just the way we've been farming since the 19th century, are on track to erode the size of arable land. It's about the size of Latin America, which puts in tricky position, especially with a growing global population, right? What do you mean by a road? So the way we farm, we've been farming for past 100 years is we've been blank to chemicals non stop on the soil, mechanically turning it over same crops. And what we found recently is that process over time kills us well. Now the question is, how do you deal with that? One way is to improve how we've been farming before. So precision agriculture, but you know, there's a completely different paradigm on hand, right? So, much like a century ago, in order to get a diamond, you would go down a mine shaft, you would dig it up, you would clean it, you process it, you ship it over. Now you can start with a kernel of carbon and grow it, right? Similarly, for example, with meat, we're getting to a point where we can grow real patties that are juicy, feel more or less the same taste and a real meat in a lab, what the consumption and the water and the energy needed to raise through animals at scale. So I think it's an opportunity in that AI can provide real resource abundance and a quality of life for each and one of us in terms of volume, that is fundamentally different from how we've been approaching it as humanity for hundreds of years. The question comes back to actually something you mentioned and several other panelists, which is, how do we tackle the social question, and how do we deal with the tension if the haves, if the gap between the haves and the have nots increases far greater than we've seen before. Mark Sanor  09:17So thank you, Alex, somewhat hopeful, maybe, maybe. Zoe, you're now on an AI panel. If you stick around, you could be on a health tech panel. What are your thoughts on on AI specifically scary and exciting. I Zoe Cruz  09:35mean, to me, this young man is Exhibit A why it all is going to be very good again. My concern is the transition. And right now, the way we allocate capital to wonderful things like AI is in at the traditional paradigm, which is, you know, stocks and bonds go up if x. Why, you see, there's a paradigm. I went and re read actually, and that's where AI is helpful. There is a book that was written in 1955 and it's basically the Structure of Scientific Revolutions. And it was the first time they talked about paradigm shifts. And in that they said scientists do a lot of work in a particular paradigm, and then Copernicus says, no, no, no, the sun doesn't go around the Earth. It's the other way around. That's a paradigm shift. So you do something different. So for me right now, as my 29 year old son says, technology exists to take the carbon out of the air to even get these meteorites to go off. The technology exists. How do you deal with the existing capitalist model, where you have existing capital allocated to things that will go to zero? So I do believe this is something spectacular and exciting, but I can't put the two and two together. That comes up with four in terms of regular transition. And you know, one of the things I said to my son, because the world is now run by HEPA gene octogenarians, never mind heptogenarians, why don't you guys get more involved? I mean, he's a brilliant young man. He started evolutionary biology. He plays the classical piano. He should get involved. And you know what he said? Talk about socio economic issues. What's the point? We have to wait until you guys die off. Now he didn't mean me, but hopefully, but Mark Sanor  11:42so we were in Germany at a round table, and apparently there's, there's legislation afoot to reduce or incentivize you to reduce voting at later ages. So you've sort of heard the panel, if you guys want to make some comments. But otherwise, I started opening Ben Narasin  12:04it up to comment on something I very much disagree with. Maisie. I don't think the evidence is that people are greedy, venal yacht buyers. I think it's quite the opposite look at so I look spend a lot of time in trucking space. Trucking is the number one job in the world by head count, although nobody wants to do it anymore, and there's an issue with aging out, etc, etc. But I was very concerned for a long time, because I was also looking at autonomous trucks and the massive displacement number one job in the world by head count, it should be done by machines. Okay, these people are out of work over time. So I started looking backwards. And one of the great example. See what the very one of the very first commercialized robots was the card scanner at the gas station. Now, if you're unfortunate enough to live in New Jersey and drive a car, you are in one of two states that unions which, by the way, I could not despise an entity more than I despise union. So please, no union leaders here have insisted that a human being pump your gas, an incredibly inefficient experience that drives me insane whenever I'm forced to deal with it. By the way, yesterday I was in a apartment. We were looking at buying an apartment here, and they have a man who pushes the button in the elevator like talk about it doesn't matter how much we do, the unions will make sure people have ridiculously stupid jobs and get paid. So anyway, what happened with all that great wealth that was created because now they didn't have to employ people to pump the gas in 48 states the United States, did people just stick with what they were doing? Absolutely not. They created what is now known as the convenience store when you go to a gas station, instead of just having gas pumps, which back then was all there was, maybe a counter with gum and candy, full fledged stores with all kinds of food and drinks and slushies, those stores ended up employing more people than the gas station attendant jobs represented same thing with the ATM everybody said, Oh my God, all these banks, the tellers ought to work more banks today than there Were with ATMs. I Mark Sanor  13:59think maisie's Point was different, because and Esther again, Esther Dyson asked, What billionaires, you know, have become better people in the last 1020, years, some have, but we, of Ben Narasin  14:13course, remind me, exaggerates you. It doesn't change you. Rashmi Joshi  14:18Hi. Thanks for that. I have actually three questions, so you might have to come back to me in a bit, but I'm curious, as an AI founder myself, what industries or new verticals Do you feel like are going to be established as a by factor or a consequence of us getting rid of all of these mundane tasks and grunt work type of jobs? Alex Zhuk  14:42Sure, happy to so the near term industry that has gone from, I would say, sort of in the shadows, a little bit boring, to very exciting. That was obviously energy. So we're realizing that if we're in a race at international level, we. Can't afford to lose, to concentrate now, as to how do we power these machines, both to train the models, but also humanoids, once automation is commercialized, which we're seeing happening very rapidly, that's exciting. How that will be solved, whether it's nuclear, whether it's other source of energy, is a guessing game, but that's a very exciting space. We haven't seen this growth infrastructure in decades. Personally. You know, I mentioned example of how we can similar to how we can synthesize proteins for medicine, create new foods, right? So, there is a company that was able to create cow free milk, and they tasked an AI to come up with ingredients that would when combined, taste, smell and feel like milk. And when you know, you might wonder what those ingredients were. Those were pineapple and strawberries, right? So ingredients are completely unintuitive to the human mind, that when combined, we're able to synthesize something that we want to consume. And I think we'll see that across food, I think we'll see that across health care. Mark Sanor  16:03But those are interesting vectors. But I think your question was the people, sort of your earlier point about job, you know, people who are going to be out of out of jobs, was your question like, Where will they be going? Where should they be where's the puck going for people? Is that it Alex Zhuk  16:20very difficult question for me to ask Mark, I would say the best bet would be for the verticals that are growing the fastest, Mark Sanor  16:29or maybe this goes back to Steven SPI about education. Anyone else want to answer that skill set Speaker 1  16:38would be, oh, I will cycle into something different, maybe more productive, just like, Well, Ben Narasin  16:41that was a great example. One of my one of my founders, made the point we brought a YPO group in, and he said, you know, you were talking about farming before the Civil War, 90% of the US population farmed. So we have seen a massive wipe out of an entire population of workers before it was all of America, but then they moved to cities. And guess what? When you're on a farm, you don't cut you cut your own hair. So all kinds of jobs were created that didn't exist when we had a mono culture of farming as the primary job, hair cutter, barber being one, and there were infinitely more. I think, by the way, if we could answer your question, we wouldn't tell you, because we'd be investing in at least two of us would be investing in it right now to get ahead of it. Yeah, well, yeah, I'm you must not have met many VCs, because we're very greedy in the first round to get all the ownership we can. That's the only chance we get. But it's, I think it's unpredictable, but I'm not worried that it won't happen. I think that, look, we have been through this before. The difference is that this is the first time software ever attacked the labor force instead of just process. But the labor force has been attacked many, many times. I mean, the Luddites are obviously the most commonly quoted example. But you know, it's like labor is lake water. It flows to the place it's needed. I do have material concern about, I'll just say, because I'm not gonna go too deep and dark here certain populations that might not have the historic advantage of or desire to reinvest in their own education. And I think that sometimes it's unrealistic for highly educated people to believe that everybody can be re educated, and that they'll even want to be and so where does that end up going? But here you want hope there's 100,000 unfilled jobs the United States right now in construction that are paying over $100,000 it's a good place to start. There's many places where jobs are unfilled. And lastly, a lot of the AI will augment people's ability and take over jobs that aren't filled, that are wanted and needed. As someone once said, You're not at threat of a of being your job being taken by AI. You're at threat of somebody that's better of using AI, taking your job. Maisy Ng  19:01I think I might have mis understood your question. So if you allow me, I'll give you a misunderstood answer. So I think there's, I mean, AI could be used also for, like robotics. So for example, I think, you know, we have really seen from Boston Dynamics that like dancing robots, but that isn't too useful for most of us. You don't buy a dancing robot. But a couple days ago, I saw this really interesting video. I think it's a US company that has basically built robots that can be used for domestic work. So can you imagine a robot that cleans your house? And this one was cool. So there's like two humanoid robots and standing side by side, and basically the owner comes in and gives them a bag of groceries, and the robot just look at them, and they sort it out. And if they took up a ketchup and they know its ketchup, they put at the top shelf of the fridge, they open it and they see there's eggs. And one robot picks up the eggs very gently, hands it to the other robot, who then puts it in the fridge. I mean, that's pretty cool, because you need computer vision. You also need an LL. Am, and you know, you can train a domestic robot for all scenarios, right? So the robot has to know that if it's an egg, you handle carefully, and this may be a quills egg, so he would know to the LLM that is a quills egg, it's an egg, so I handle it gently as well, so that, I think would bring tremendous, I mean, advantage for us, because nobody wants, you know, to do housework these days. Can I Rashmi Joshi  20:20just piggyback off that for a Mark Sanor  20:24second? One second, piggyback on the mic. Rashmi Joshi  20:27So as humanoid robots become more and more similar to us, let's say I can build you a robot that would be your perfect husband or partner, right? And it's indistinguishable from the real thing. Maisy Ng  20:44I think I can distinguish that Rashmi Joshi  20:47today, sure, but maybe five years from now, maybe not, right? So my question is, then, what is the value in being human? Maisy Ng  20:57I think we still have a soul, which I don't think that. I mean, we could probably train the robots at some point, but I don't know, it's a tough question to answer. So I think, I mean, that's something that we had discussed internally as well. I mean, so do we teach robots about, you know, like life after life and so forth? I mean, do do when you Mark Sanor  21:17say So internally? I mean, your fund internally discuss this friends Maisy Ng  21:20and within the partners and so what it means to be human, and basically, what do we need to teach, you know, the robots and so forth. So I don't know. I mean, it's an honest answer. I really don't know good to see how it goes, Zoe Cruz  21:33because I'm gonna leave after this. Are you gonna drop the mic and just go? What an amazing question, in the sense that, first of all, the idea that I'm going to have this made in my home, this robot that I can't control, that somebody else actually can control, I don't know that I'm going to get to that dysfunction. To me, we're not again, we don't need we can take off the table. How amazing AI is going to be. Let's take it. It's not. You don't need to argue it. It's going to be amazing. Okay, the land of plenty. This thing about human beings, my experience at Morgan Stanley was, if you in the ability of human beings to do amazing things if you inspired them, is mind boggling. If you inspired them, that's what humanity is. And so this idea that we're going to replace human beings, you're going to build me the perfect partner. No, thank you. What I want to ask again, of all of us, why is it that we talk in terms of the stakeholder? We're talking about is the shareholder of a company that's going to make a lot of money because they're going to fire employees, and therefore productivity is going to go up, and therefore you're going to be rich. That's basically the discussion. Yes. Now the old capitalist system that I started growing up in as a young, you know, graduate of a business school was you had three stakeholders as a company, shareholders at the head of the que, clearly, your employees and your community, those were the stakeholders. And I think how we got to the only stakeholder in any kind of for profit organization is your equity holders. Is what stops us from doing inspiring things. I'm not inspired to be rich or they say the shroud has no pockets, so when you're six feet under, it doesn't matter whether you are multi billionaire or sent a millionaire. Did your life make a difference? So with that, sorry. 23:53Thank you. Ben Narasin  23:54Just one comment on humanoid robots. I mean, Japan has been trying to do humanoid robots for decades. It is not clear that human beings want them, and I'm looking think about your eggs, example. So what's better a humanoid with two hands and two feet, or an octopod, pod like creature that has eight you know, building for functionality will ultimately so you'll go back to one thing. You wanna know, it really scares me. So I was a writer for 10 years. I got a lot of freelance of freelance writing. I want to write a science fiction book on the following. Jump forward 10 years. Quantum works. Okay? I don't know how many of you spent time looking at Quantum. We have no flipping clue what it can do, right? It changes everything. And the only thing we worry about is end point, security. Well, how about literally everything else? It's things differently than human beings find ways to do things that we would never consider okay. So now we're 10 years forward. We're at chat GPT 10. Now someone express some optimism that China and the United States would get together for some positive Oh, hallelujah moment, which, yeah, good luck with. That I'll take 10 to one odds against it happening. China wants to replace us, not to be our buddy. So now you take chi and you take Putin. They, you know, probably two of the richest people on the planet, considering certainly how Putin has raped this country of its capital. And they each put a half a trillion dollars in a bucket, and they build out the largest data farm in the world that runs entirely quantum computing. And they bring in all the best people who, by the way, if they don't perform, get a bullet in their head and get buried in the back yard. And they get them to run the newest issues of chat, GPT, and they ask that system, that trillion dollar system, do just one thing, figure out how to destroy the United States. That's what I worry about. I hope we can stay strong enough that we have a really good chance. And while I'm not a political person and we, you know, the pendulum is a nightmare, we will spend well on defense. We will allow AI to flourish. And if we're not a leader, we have a very good chance of being a distant 12th 10 years from Mark Sanor  25:57now. And what's your last thought, Alex, actually, you're going to stick around because you do AG, so the panel you originally on, you'll stay, you'll stay for and rash me is going to come up along with Chris, and we're at two. This is why there's an AI for that. There's not an AI for my glasses. 229, so last, any last questions or thoughts for AI? Yes, sorry, David, Speaker 2  26:27so Alex, love what you doing. The thought is, you know, 50 years ago, there's probably people in a room, and they were talking about how spectacular we'd gotten at crop farming and the use of these fertilizers and this mechanization, all the stuff that's now proven problematic at that point seen ground breaking. What are your views on how we've grown in terms of thinking about the how of technology and being able to mitigate for all of because everything has trade off, so everything has unforeseen circumstances. Are we just plowing ahead, same as we did 6070, years ago, expecting perfect results, when actually we've seen that. That doesn't often happen. That's Alex Zhuk  27:06a fantastic point. And to give context to that comment, you know that process, which is the HP process, which allowed us to manufacture these chemicals for farm and very cheap and scalable, did prevent famines, and, you know, solved a lot of issues at the time were post World War Two, especially, really pressing. I think today, there's a component of that, which is, there are problems we can see in the near term, and it's extremely appealing to solve those at the expense of, you know, something we will have to figure out later down the line. And I will also compound on the comment I've heard earlier I can remember who mentioned it, which is that both great powers Today, China and America, realize that in particular, the AI race is the new nuclear race, and it's a race neither one of them can totally afford to lose, and the importance of which supersedes profits. So you combine that dynamic with where we today, and I don't see not only any one of us stopping, but how we could, even in the in national interest, slow down our progress given the dynamic internationally. Hope that answers your question, do you Mark Sanor  28:22want to hit that or you good. There's one other thing that I think you all should know. You all know open ai, llms, just give, give 3060, seconds on, on pricing model, Maisy Ng  28:34right? Yeah, we are investing in a new company that does the world's first large pricing model. So basically, there's lot of content in the world, but there's no price on it. So this company has figured out a way how to price different content. So just like you train an LLM with text input, I mean, with lots of text, so that you can figure out, using transformer model, what's the probability of the next word, and therefore, in doing so, be a performance sentence and reply to a query. So basically, LM has been trained on copious amounts of text to give you an answer when you input a tax query. So what these guys have done is, again, they've trained the large pricing model on a huge amount of content. And instead of figuring out a tax output, what it does is, when then confronted with a content input, it can then spit out the monetary value of that content. And so the use is immense. Because right now, if imagine, if I go to farmers market that was sharing this angle, we don't have time for the farmers market, but they can price any content. Mark Sanor  29:31But the point is this, this is, yeah, this is another new frontier that I think, is talk to talk. We'll be having round tables very soon. So thank you to this panel. We appreciate it. Alex, stay I'm joined our 361 firm community of investors and thought leaders. We have a lot of events created by the community as we collaborate on investments and philanthropic interests. Join us. You. You can subscribe to various 361 events and content at https://361firm.com/subs. For reference: Web: www.361firm.com/homeOnboard as Investor: https://361.pub/shortdiagOnboard Deals 361: www.361firm.com/onbOnboard as Banker: www.361firm.com/bankersEvents: www.361firm.com/eventsContent: www.youtube.com/361firmWeekly Digests: www.361firm.com/digest

The most decorated American woman in Olympic history, Katie Ledecky has written a memoir, “Just Add Water.” In a special interview with Andrew Ross Sorkin, Ledecky shares details about her swimming life–including both leisurely and competitive moments in the pool. She explains what she thinks about, while swimming 1500 meters, and how she'll prepare for the 2028 Olympic Games. Plus, CNBC's Megan Cassella reports on the CEOs backing former President Donald Trump and Vice President Kamala Harris, but venture capitalist Ben Narasin is unhappy with both candidates running for President this year. The startup investor explains why he votes as an Independent every election. Berkshire Hathaway is selling Bank of America shares (again), Red Lobster's hoping for a turnaround, and the August jobs report did very little to clarify the Fed's path forward.   Megan Cassella - 11:21Ben Narasin - 12:59Katie Ledecky - 23:04 In this episode:Ben Narasin, @BNarasinBecky Quick, @BeckyQuickJoe Kernen, @JoeSquawkAndrew Ross Sorkin, @andrewrsorkinKatie Kramer, @Kramer_Katie 

Benjamin Narasin is the Founder and General Partner of Tenacity Venture Capital, a Palo Alto-based firm dedicated to backing innovative Pre-Series A founders. Ben spent 8 years as a seed investor and 7 as a traditional VC, the last 5 of which were at New Enterprise Associates, before launching Tenacity with NEA's support. Tenacity focuses on the earliest stages of venture: Seed and Pre-Seed.    Ben's curiosity has him engaged with a wide variety of fields, activities, and interests, including fintech, mobile, and emerging markets, as well as freelance writing about wine, food, travel and entrepreneurship for print and online publications.   Ben first realized his passion for entrepreneurship as a child, when an experience in a comic book store led to him launching his first business. Find out how this experience resulted in a lifetime of entrepreneurship today on the One Away Show.   Read the show notes on Arcbound's Podcast Page: https://arcbound.com/podcasts/    Find Arcbound here: Homepage: Arcbound.com Services/Work with Us: https://arcbound.com/work-with-us/ About: https://arcbound.com/about/ Founders Corner: https://arcbound.com/category/founders-corner/ Connect: https://arcbound.com/connect/  

Holiday cheers with a visionary on Drinks With A VC featuring Ben Narasin of Tenacity Venture Capital. Tracing back to his roots as an e-commerce pioneer with Fashionmall.com, Ben shares tales of early-stage triumphs, from DropCam to Kabbage. Vik and Bree tap into his love for comic books, his recent puppy adoption, and why Dungeons & Dragons aligns with venture strategy. Tune in for an episode filled with insights and Ben's philosophy: "Life is not about having what you want, it's about wanting what you have."Links:www.tenacity.vcwww.twitter.com/BNarasinFoster puppies here.www.nikubutchershop.com/ (Restaurant!)

If you're a budding entrepreneur, venture capitalist or angel investor, you have to listen to this episode on The Look Back with the one and only Ben Narasin of TenacityVC (not to be confused with Tenacious D) who brings his secret recipes for investing and building successful startups. Ben's a renowned entrepreneur with many amazing startups who went on to connect with the venerable NEA before launching his own firm.

Today, Jason and Molly speak with Ben Narasin of Tenacity VC about raising a new venture capital fund in the down market (1:30). Then, for this week's segment of OK Boomer, Producer Rachel sits down with Natalie Barbu of Rella (1:00:33). (0:00) Jason intros today's show! (1:30) Jason and Molly speak with Ben Narasin of Tenacity VC (11:45) Masterworks - Skip the waitlist to invest in art using promo code TWIST at https://Masterworks.io/twist (13:07) How do you make a decision to sell a percent of your position? (26:59) Bubbles - Get your point across with unlimited screen and video recordings for free at https://usebubbles.com/twist (29:06) Valuations, 2022 (39:39) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist (40:47) Crypto is a speculator's game (45:25) Are these tokens securities? (59:19) Producer Rachel tees up this week's OK Boomer (1:00:33) OKB: Natalie Barbu of Rella 1:25:16 Outro + Plugs

Many startups are growing with the right investment. How to find investors who believe in your idea? Ben Nasarin shares his valuable insights. Watch or listen to the entire episode to know a lot more. Wanna get more traffic? Submit your request on my website – https://unmiss.com/ Here is our sponsor – Ahrefs which provides…

In this special replay of Episode 154, Ben Narasin of NEA joins Nick to discuss NEA's Investment Process & The Key Ingredients for Startup Success. In this episode we cover:  - Why he made the move to NEA - His Investment focus - The investment process the firm and if decisions are made by committee - Ben's Evaluation Process - The key factor that every successful founder possesses - The common red flags that pop up and cause him to say no to strong startups - Why he believes his job is to say no - How he assess opportunities with 100 reasons to say yes and one reason to say no - Ben's evolving approach toward weighing risk factors in startups - How the tech and investing industry has changed over the past decade - How AUM is driving a bifurcation in venture Missed a recent episode? Go to The Full Ratchet blog and catch up! Also, follow us on LinkedIn and Twitter.

Benjamin (Ben) Narasin Talks about starting his own venture fund, his learnings from 14+ years of investing , The Silicon Valley Exodus and much more.

Produced by Foundersuite (www.foundersuite.com), "How I Raised It" goes behind the scenes with startup founders who have raised capital. This episode is with Ben Narasin of Tenacity Venture Capital, a new seed stage fund that invests in FinTech, mobile, marketplaces, gaming, and other categories. In this episode, Ben talks about how he raised 2/3rds of the $50 million target in only 25 days, what multiples on investment he expects at the seed stage, how he plans to use SPVs, how to set a target amount for a new fund, what types of startups he's looking to invest in, and much more. Founders can pitch Ben at... wait for it... https://pitch-ben.com/ How I Raised It is produced by Foundersuite, makers of software to raise capital and manage investor relations. Foundersuite's customers have raised over $3 Billion since 2016. Create a free account at https:/www.foundersuite.com/

Ben Narasin is the Founder and General Partner of Tenacity Venture Capital, a pre-Series A venture fund. Immediately previously, Narasin wes a full time investor and Venture Partner at New Enterprise Associates (NEA), one of the worlds largest and oldest traditional venture firms. A prolific entrepreneur and highly regarded early-stage investor with three decades of company-building expertise, Narasin has focused on emerging technologies and new markets throughout his investment career. With a portfolio comprising key early successes in some of today's fastest growing sectors, such as fintech, digital marketplaces, mobile and connected devices. His overarching focus in seeking new investments is, in his words, “to find founders whho make me say wow.” Narasin is a 25-year entrepreneur and 10-year early-stage investor. His knack for spotting emerging trends led him to make seed investments in companies like Dropcam, Lending Club, TellApart, Kabbage and Zenefits. Before NEA, Narasin served as a General Partner at Canvas Ventures, and was prior to that was President of TriplePoint Ventures, the equity arm of TriplePoint Capital, where he oversaw the firm's seed funding investment activities. Narasin's path to investing is rooted in entrepreneurship. He founded several consumer companies before launching his investing career, including Fashionmall.com, one of the first e-commerce companies, which he founded in 1993 and led to a successful IPO in 1999. Narasin frequently writes and speaks about technology and investing, as well as food and wine, a lifelong passion. He holds a B.A. in Entrepreneurial Studies from Babson College. LinkedIn: https://www.linkedin.com/in/bennarasin/ Website: https://pitch-ben.com/ Twitter: https://twitter.com/BNarasin --- Support this podcast: https://anchor.fm/geeksofthevalley/support

Ben Narasin is Founder and General Partner at Tenacity Venture Capital, a new Seed fund.

Benjamin Narasin, Venture Partner at New Enterprise Associates talks about changes in the VC space over the last decade+, about getting one of his companies public and about growing your network. We also discussed the alternatives to the pitch decks and ways founders can speed up their fundraising process. Benjamin's LinkedIn: https://www.linkedin.com/in/bennarasin/ NEA: https://www.nea.com/ Ben's Twitter: https://twitter.com/BNarasin Ben's blog: Ben Narasin's Writings. Sybaritic & Silicon Valley.

Produced by Foundersuite (www.foundersuite.com), "How I Raised It" goes behind the scenes with startup founders who have raised capital. This episode is with Dejan Pralica of SoleSavy.com, an online community for sneaker aficionados. In this episode, Dejan shares how he came up with the idea, the evolution of the sneakerhead community, his experience going through Jason Calacanis' LAUNCH Accelerator, raising capital from VCs like Ben Narasin and musical acts like Diplo, and more The Company recently raised a $2 million party round from Panache Ventures, Jason Calacanis’ LAUNCH, Turner Novak, Ben Narasin, Morning Brew’s Alex Lieberman and Austin Rief, Tiny Capital, Wesley Pentz (yes, Diplo), Matthew Hauri aka Yung Gravy, Ryan Holmes, Roham Gharegozlou and Bedrock Capital. How I Raised It is produced by Foundersuite, makers of software to raise capital and manage investor relations. Foundersuite's customers have raised over $3 Billion since 2016. Create a free account at https://foundersuite.com/

On Wednesday, May 5th, on the Hardcore Finance Show (http://hardcorefinance.com), Shimon and Alex welcome famed entrepreneur and star VC – Ben Narasin of NEA. We discuss what founders should look for in VCs, where pockets of opportunity are in the market, how to think about innovation, the Biden proposed Capital Gains Tax increases, and even Bitcoin and crypto. -------------------NEA is a global venture capital firm focused on helping entrepreneurs build transformational businesses with nearly $24 billion in cumulative committed capital. NEA focuses on tech and healthcare companies. Ben is a prolific entrepreneur and a highly regarded early-stage investor with mega hits such as: Dropcam, Lending Club, TellApart, Kabbage and Zenefits. And his own IPO of Fashionmall.com in 1999. http://hardcorefinance.com@ShimonLazarov@MrEBITDA@BNarasinPitch-ben.com https://www.linkedin.com/in/bennarasin/Support the show (https://www.hardcorefinance.com/donate)

00:01:45 The genesis of Ben’s career as an entrepreneur and venture investor00:18:57 Are valuations too high for seed stage Venture Capital rounds right now?00:28:40 What are Ben’s best investments right now and what investments is Ben looking for?00:34:53 Is there a better way for entrepreneurs to match with a VC? What should they look for?00:44:59 How ben honed his skill at instant ‘lie detection’?01:04:28 Can science fiction be an investment guide? What are Ben’s favorite science fiction books?01:14:22 Will AI be a huge investment theme? Or is just a hype?01:27:22 Will we go to Mars? Is it a good idea?01:40:12 Is our inbuilt pioneering spirit rational? Will it pay off? You may watch this episode on Youtube – #73 Ben Narasin (What makes a smart venture investor and how to find one). Ben Narasin is a Venture Partner at NEA and early-stage investor and former entrepreneur. Ben loves hearing your investment video pitch for his upcoming seed fund at Pitch Ben.

Garage to Global – Pitch Your Startup: Highly regarded early-stage investor Ben Narasin, a Venture Partner at NEA, a global venture capital firm, joins co-hosts Richard Levick of LEVICK and Louis Lehot, a partner with Foley & Lardner, on the latest episode of Garage to Global. Ben, who successfully spotted trends leading him to make seed investments in companies such as Dropcam, Lending Club, TellApart, Kabbage and Zenefits, discusses what moves him to invest and why he is looking for “founders who make me say wow.” Pitch Ben: https://pitch-ben.com/

Ben Narasin is a Venture Partner at NEA. A prolific entrepreneur and highly regarded early-stage investor with three decades of company-building expertise, Narasin has focused on emerging technologies and new markets throughout his investment career. With a portfolio comprising key early successes in some of today’s fastest growing sectors, such as fintech, digital marketplaces, mobile and connected devices. His overarching focus in seeking new investments is, in his words, “to find founders who make me say wow.” Narasin is a 25-year entrepreneur and 10-year early-stage investor. His knack for spotting emerging trends led him to make seed investments in companies like Dropcam, Lending Club, TellApart, Kabbage and Zenefits. Before NEA, Narasin most recently served as a General Partner at Canvas Ventures, and was previously with TriplePoint Capital, where he oversaw the firm’s seed funding investment activities. Like many of NEA’s partners, Narasin’s path to investing is rooted in entrepreneurship. He founded several consumer companies before launching his investing career, including Fashionmall.com, one of the first e-commerce companies, which he founded in 1993 and led to a successful IPO in 1999. Narasin frequently writes and speaks about technology and investing, as well as food and wine, a lifelong passion. He holds a B.A. in Entrepreneurial Studies from Babson College. LinkedIn: https://www.linkedin.com/in/bennarasin/ Website: https://pitch-ben.com/ Twitter: https://twitter.com/BNarasin

Miguel Armaza sits down with the fascinating Ben Narasin, Venture Partner at New Enterprise Associates (NEA), a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors, and geographies. Founded in 1977, NEA has received nearly $24 billion in cumulative committed capital since day one. Ben is not only a prolific investor but also a celebrated founder who launched fashionmall.com in 1993 and took the company public six years later. We talked about - Ben’s journey and entrepreneurial ambitions - A deep dive into his experience taking FashionMall public via IPO and the challenges it entails - The transition from entrepreneur to investor - The elements he looks for in every founder and how COVID has influenced his investment process - And plenty of stories and anecdotes from his exciting journey! Ben Narasin Ben Narasin is a Venture Partner at NEA. A prolific entrepreneur and highly regarded early-stage investor with three decades of company-building expertise, Narasin has focused on emerging technologies and new markets throughout his investment career. With a portfolio comprising key early successes in some of today’s fastest-growing sectors, such as fintech, digital marketplaces, mobile and connected devices. His overarching focus in seeking new investments is, in his words, “to find founders who make me say wow.” Narasin is a 25-year entrepreneur and 10-year early-stage investor. His knack for spotting emerging trends led him to make seed investments in companies like Dropcam, Lending Club, TellApart, Kabbage and Zenefits. Before NEA, Narasin most recently served as a General Partner at Canvas Ventures, and was previously with TriplePoint Capital, where he oversaw the firm’s seed funding investment activities. Like many of NEA’s partners, Narasin’s path to investing is rooted in entrepreneurship. He founded several consumer companies before launching his investing career, including Fashionmall.com, one of the first e-commerce companies, which he founded in 1993 and led to a successful IPO in 1999. Narasin frequently writes and speaks about technology and investing, as well as food and wine, a lifelong passion. He holds a B.A. in Entrepreneurial Studies from Babson College. About NEA New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $24 billion in cumulative committed capital since the firm's founding in 1977, NEA invests in technology and healthcare companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 230 portfolio company IPOs and more than 390 mergers and acquisitions. www.nea.com.

Ben Narasin is a prolific entrepreneur and early-stage investor with three decades of company-building expertise. His portfolio comprises of key early successes in fintech, digital marketplaces, mobile and connected devices. His seed investments include Dropcam, Lending Club, TellApart, Kabbage and Zenefits. Before NEA, Narasin most recently served as a General Partner at Canvas Ventures, and was previously with TriplePoint Capital, where he oversaw the firm’s seed funding investment activities. He founded several consumer companies before launching his investing career, including Fashionmall.com which led to a successful IPO. He holds a B.A. in Entrepreneurial Studies from Babson College.

The post E1068 AMA: NEA’s Ben Narasin takes questions from founders: most important content in a pitch deck, COVID’s impact on dealmaking, traits he looks for in founders & more! appeared first on This Week In Startups.

The post E1068 AMA: NEA’s Ben Narasin takes questions from founders: most important content in a pitch deck, COVID’s impact on dealmaking, traits he looks for in founders & more! appeared first on This Week In Startups.

Eva Ho of Fika Ventures, Ben Narasin of NEA Ventures, and Erik Rannala of Mucker Capital discuss their strategy for identifying and investing in companies in the SoCal SaaS space – and pinpoint the critical nature of Investor-Founder communication in a panel moderated by Katherine Ku of WSGR.

How to do Crossfit for your brain, not finishing books and why tenacity is the only thing that matters.

The post E832: The Future of Global VC: Seizing opportunities, markets, customers & money in the U.S., Australia & beyond with Ben Narasin (NEA), Samantha Wong (Blackbird Ventures), Stonly Baptiste (Urban.us) @ LAUNCH Festival Sydney appeared first on This Week In Startups.

The post E832: The Future of Global VC: Seizing opportunities, markets, customers & money in the U.S., Australia & beyond with Ben Narasin (NEA), Samantha Wong (Blackbird Ventures), Stonly Baptiste (Urban.us) @ LAUNCH Festival Sydney appeared first on This Week In Startups.

Ben and Owen discuss the definition of 'angel investment' and early stage investment into tech companies in Silicon Valley and Canada

Show Highlights Terri answers Jacqueline’s questions about pitch events and demo days Terri talks about the Ada program in Berlin to encourage more women to be founders and entrepreneurs where she will be a mentor in their first cohort. Terri talks about the SwissNex event last year where she met Anne Cocquyt of The Guild where she had to ask to be on the all-male panel and the facilitator said they would be declaring the king of the evening.  Terri had to shout out “or queen.” The winner ended up being a female founder.  Terri comments on how she dislikes pitch events where winners are declared but there’s no actual financial reward. Terri attends events to learn about what is going on, the latest technology, and potentially find new startups to invest in.  She also looks for founders/startups to help even if she doesn’t invest in the startups.  Terri clarifies her understanding of an evergreen fund for her own investing. How long does it take a company to exit?  Typically, 7-10 years.  But it depends on the business and the exit strategy (IPO, acquisition).  What is an accredited investor?  Terri talks about the discussions around investing in startups and the SEC requirements and that the net worth and income requirements limit who can invest regardless of knowledge and experience.  Terri shares what she is listening for at the various pitch events.  It depends on which hat she is wearing.  In addition to the standard pitch elements, she is looking for ability to communicate.  Is Terri looking for leadership style in the pitches?  Indirectly, yes.  The point of the pitch is to pique interest for follow up conversations.  In early stage startups, you are generally investing in the team.  Terri is excited about one of her investments, Zum, that just announced their $19M Series B raise. Zum is on demand and scheduled rides for kids ages 5-15.  They have a female co-founder/CEO.  At what point do big VCs invest in startups?  What are the various rounds?  Seed, Series A, Series B, etc.  Terri talks about the current landscape with more money coming into startups earlier and VCs investing earlier in the startups.  Geography impacts this as well.  Terri talks about when she invests in convertible notes versus priced rounds. Terri is excited about the first deal, Sendaride, she is syndicating on AngelList.  (This is not a solicitation for funds).  Terri is sharing out to folks in her network who she knows are accredited investors to get them onto the AngelList platform.  Terri found getting onto the platform a bit confusing without a specific deal to invest in.  Terri and Jacqueline were saved by the bell when Terri’s neighbor, Sean,  came over with a cocktail to discuss cryptocurrency, blockchain and ICO’s.    Call to Action Subscribe to one podcast or one newsletter about angel investing and get into the groove of listening and reading.  Feel free to reach out to Terri if you have any questions or comments or other suggestions for resources for new angel investors.  PilotingYourLife@gmail.com   References in the Podcast The Guild: https://theguilded.org/guild/home/index.html#/ Founder Institute: https://fi.co/ Sand Hill Angels: http://www.sandhillangels.com/ Terri’s Medium post on what she looks for in a pitch: https://medium.com/@terrihansonmead/pitching-to-angel-investors-or-at-least-to-me-30696345ebe6 Y Combinator: http://www.ycombinator.com/ 500 Startups: https://500.co/ Acceleprise: http://acceleprise.vc/ Alchemist Accelerator: http://alchemistaccelerator.com/ Ada Accelerator (Ignore Gravity):  https://www.ada-accelerator.com/ SwissNex: https://www.swissnexsanfrancisco.org/ Terri’s Medium post on cryptocurrency, blockchain, ICOs: https://medium.com/@terrihansonmead/cryptocurrency-and-ico-resources-55766cae29e GoBambino: http://www.gobambino.com/ Ben Narasin: https://www.linkedin.com/in/bennarasin/ NEA: http://www.nea.com/ Accredited investor requirements: https://www.investopedia.com/terms/a/accreditedinvestor.asp SeedInvest: https://www.seedinvest.com/ Jason Calacanis: http://calacanis.com/ Launch Festival: https://www.launchfestival.com/ Jobs Act: https://en.wikipedia.org/wiki/Jumpstart_Our_Business_Startups_Act Clara Brenner of Urban Venture Fund talks about the Series A crunch at a Founder University event: http://thisweekinstartups.com/founder-university-clara-brenner/ Sequoia Capital: https://www.sequoiacap.com/ AngelList: https://angel.co/ Sendaride: https://sendaride.com/   Contact You can follow Terri on Twitter at @terrihansonmead or go to her website at www.terrihansonmead.com or on Medium:  https://medium.com/@terrihansonmead.  Feel free to email Terri at PilotingYourLife@gmail.com. To continue the conversation, go to Twitter at @PilotingLife and use hashtag #PilotingYourLife.

Ben Narasin of NEA joins Nick to discuss how NEA makes decisions, why he joined the firm and the key traits he looks for in founders. In this episode, we cover: -Why he made the move to NEA -His Investment focus -the role of Venture Partner at NEA -the investment process the firm... and if decisions are made by committee -Ben's Evaluation Process -the key factor that every successful founder possesses -The common red flags that pop up and cause him to say no to strong startups -Why he believes his job is to say no -How he assess opportunities with 100 reasons to say yes and one reason to say no -Ben's evolving approach toward weighing risk factors in startups -how the tech and investing industry has changed over the past decade -how AUM is driving a bifurcation in venture -finally we get Ben's response to the recent Techcrunch article highlighting the crash in early-stage VC funding   To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes. Also, follow us on twitter @TheFullRatchet for updates and more information.

Ben Narasin has a unique view on early-stage investing, quite different than Jason's, and today on "Angel," he shares his proven thesis and dives into a track record that speaks for itself, with over half of his seed companies reaching Series A, and 3 unicorns. Ben explains what he looks for in a startup (teams factors heavily, but not exclusively), the absolute critical characteristic a founder must have to succeed, and executing on the strength of your convictions. Plus, portfolio hits, misses, regrets, and more.

Ben Narasin has a unique view on early-stage investing, quite different than Jason's, and today on "Angel," he shares his proven thesis and dives into a track record that speaks for itself, with over half of his seed companies reaching Series A, and 3 unicorns. Ben explains what he looks for in a startup (teams factors heavily, but not exclusively), the absolute critical characteristic a founder must have to succeed, and executing on the strength of your convictions. Plus, portfolio hits, misses, regrets, and more.

In this episode, recorded live at Canvas Ventures in Portola Valley, I speak with Ben Narasin, a partner with Canvas and an avid venture investor in AI and ML companies, some of which we've interviewed (Crowdflower and Mulesoft), along with many others that we haven't (like Siri). Ben doesn't look for AI to invest in; instead, he looks for companies to invest in, a subtle but important difference in a business world increasingly caught up in the explosion of AI and ML technologies. From investments in Nuance to more recent one such as Houzz, Narasin has solid ideas as to what makes an investment interesting when AI is involved, what might actually add value to a model with AI, and what's wholly irrelevant when it comes to overall business model. Besides making important distinctions on where investments can make a return and how to raise money for your AI startup, this interview is also chock full of great analogies (give me golden dragons all day long—anyone?)

  Episode Summary Ben Narasin is the General Partner for Canvas Venture Fund. He has 25 years experience has an entrepreneur and started the company Fashionmall.com, one of the first e-commerce sites in 1993. Ben tells the audience that he likes to look for tenacity in an entrepreneur and breaks down what he likes to see in pitch slides. Ben also gives a deep dive into what kind of financial ranges you can expect to find in a pre-seed, seed, and series A round. Key Takeaways 02:00 - Ben started his first company when he was 12. He shares a bit of his background. 03:50 - What makes a winning pitch in Ben's eyes? 07:25 - Remember, your pitch is the table of contents. 07:40 - Ben breaks down in what order he usually likes to see pitch slides. 09:40 - What does Ben look for in an entrepreneur? Tenacity. 12:40 - You have to say no to the hundred million exit offers if you want to build a billion dollar company. 13:35 - Ben talks Fido Labs. 18:35 - There's nothing worse than being right at the wrong time. Get in early, but not too early. 21:50 - Ben is always looking for the next big shift/idea. 25:50 - How much is pre-seed, seed, and series A investing usually? 29:20 - Money as a sole-driving force just doesn't cut it. 30:55 - Ben recommends a couple of books. 32:45 - The dollars that come with your successful are just a natural consequence. Tweetables The pitch deck is the table of contents in a navigational way.It's hot for someone else, it's cold for you.I need five things to make an investment, people, people, people, the great idea, and a huge market if it works.Tenacity is the key trait in a founder.Nothing worse than the right idea at the wrong time.Team, idea and huge market all needed.  Links Mentioned Predictably Irrational by Dan Ariely Road Less Traveled by Scott Peck Self-Reliance by Ralph Waldo Emerson Ben Narasin Twitter Folloze Want the Transcription? Click Here to Download Share The Show Did you enjoy the show? I'd love it if you subscribed today and left us a 5-star review! Click this link Click on the 'Subscribe' button below the artwork Go to the 'Ratings and Reviews' section Click on 'Write a Review'