Venture capital firm
POPULARITY
7 episodes with benchmark capital
4 episodes with benchmark capital
3 episodes with benchmark capital
2 episodes with benchmark capital
2 episodes with benchmark capital
4 episodes with benchmark capital
2 episodes with benchmark capital
2 episodes with benchmark capital
2 episodes with benchmark capital
My guest today is Bill Gurley. Bill was the general partner at Benchmark Capital. He joins me for his sixth time on Invest Like the Best with his most comprehensive market analysis yet, examining the realities reshaping venture capital. Bill tackles the uncomfortable math underlying today's venture returns, with companies staying private for far longer. He also walks through why no one—from GPs to LPs to founders—has proper incentives to mark assets accurately, creating a system-wide coordination problem. And, we dig into the investment implications of AI as a platform shift, ranging from evaluating AI revenue quality to international competitive dynamics. Bill offers crucial perspective on playing the game both as it exists today and as it may evolve. Please enjoy my conversation with Bill Gurley. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ramp. Ramp's mission is to help companies manage their spend in a way that reduces expenses and frees up time for teams to work on more valuable projects. Go to Ramp.com/invest to sign up for free and get a $250 welcome bonus. – This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. Head to ridgelineapps.com to learn more about the platform. – This episode is brought to you by Arcana. Arcana is the world's most advanced portfolio intelligence platform, trusted by institutional investors managing trillions in AUM — including market neutral, long-short, long-only, and capital allocators. Arcana enables portfolio managers, risk teams, analysts, and CIOs to drill into exposures and idio, construct optimal portfolios, and decompose performance at incredible granularity. Visit arcana.io to request a demo and learn more. ----- Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com). Show Notes: (00:00:00) Welcome to Invest Like the Best (00:05:23) State of the Union: Venture Capital Edition (00:07:58) The Rise of Mega VC Funds (00:09:38) Zombie Unicorns: The Overvalued Giants (00:17:29) The IPO and M&A Market Stalemate (00:24:08) The AI Wave and Its Impact (00:26:03) Private Markets and LP Liquidity Issues (00:29:57) The Future of Capital Markets (00:37:49) Advice for Founders in a Changing Landscape (00:39:27) The High-Stakes Game of Capital Battles (00:41:35) AI: The New General Purpose Technology (00:42:57) Challenges and Opportunities in AI Revenue Models (00:44:37) The Role of Founders in the AI Revolution (00:46:44) The Impact of Time and Liquidity on Venture Capital (00:50:35) Navigating the Future of Venture Capital (00:58:45) International Dynamics in the AI Race (01:13:58) Advice for Founders in the AI Era
Eric Vishria is a General Partner at Benchmark Capital.Our conversation goes inside the new class of startups going zero to $100 million ARR in 12 months, the ways AI is changing company building, and how Eric and Benchmark make new investments.We get into the risk rewards of Series As today, how Benchmark competes to work with founders, and and why the best storytellers win.We also talk about parallels between the 90's, 2000's, and today, and how the archetype of successful founders has changed in the age of AI.Thanks to Spenser Skates, Sajith Wickramasekara, Bobby DeSimone, and Semil Shah for help brainstorming topics for Eric!Special thanks to this episode's sponsors:Bolt: Help them break a world record for the largest hackathon - up to $1m in prizes. Sign-up here. Numeral: The end-to-end platform for sales tax and compliance. Try it here.Timestamps:(5:17) What gets Eric excited about a new investment(7:48) Backing learning machines(12:34) Backing Cerebras at inception(16:20) Why the best storytellers win(21:17) How Eric works with founders(26:38) Companies going zero to $100m in 12 months(31:09) Revenue quality of AI products(32:41) Moats and business models in AI(38:41) AI margins and runway(41:14) Parallels between winners of the 90's and today(44:54) Archetypes of the best AI founders(50:43) SaaS companies successfully pivoting to AI(53:43) LLMs are most comparable to transistors in the 1950s(56:19) Ways Eric uses AI personally(58:05) How VC has changed over the past decade(1:01:40) VC is a hustler's business(1:03:20) Backing extraordinary companies is all that matters(1:09:36) What makes Benchmark unique(1:17:03) How Benchmark makes investment decisions(1:18:38) Skipping senior year of high school(1:20:21) Working with Ben Horowitz and Marc Andreessen ‘00-'08(1:24:42) Starting RockMelt, selling to Yahoo(1:26:28) Joining Benchmark in 2014(1:28:08) Investing in Confluent one month later(1:28:50) Lessons from Spenser at Amplitude(1:29:36) Fireworks AI's hyper growth(1:30:49) Pricing in AI changing from tokens to outcomes(1:32:23) Ways Eric's perception of VCs changed after becoming one(1:34:07) How to build a management team(1:38:21 )The best CEOs make new mistakes(1:39:50) Why there should be more public companies(1:44:03) “Even great companies can be overvalued”ReferencedBenchmarkCerebrasBenchlingBen Thompson + Mark Zuckerberg InterviewConfluentAmplitudeFireworks AIAndy Price at Artisinal TalentFollow EricX / TwitterLinkedInFollow TurnerX/ TwitterLinkedInSubscribe to my newsletter to get every episode + the transcript in your inbox every week
With so many AI startups these days, how do you identify which will be home-runs and which will be flops?In this episode of the I/O Podcast, Tyler and Sterling sit down with Eric Vishria, a General Partner at the legendary Benchmark Capital, who uncovers their exact process for finding and funding some of the world's fastest-growing and most successful AI startups.Chapters:(00:07:28) Exponential Rise of AI Startups(00:10:21) Diverse Revenue Paths in AI Startups(00:14:10) LLM-enhanced Vertical AI Solutions for Industry(00:18:25) Tech Product Success through Market Awareness(00:20:05) Balancing Human Expertise with AI Automation(00:35:22) The Value of Venture Capital Partnerships(00:37:48) Founders' Partnerships in Early-Stage Investing(00:47:10) Key Questions: The Core of Investing Decisions(00:54:22) Supporting Founders in Venture Capital Industry———Learn more about Benchmark here: https://www.benchmark.com/This podcast was brought to you by Pelion Venture Partners. Have a great startup idea? Learn more about Pelion here: https://pelionvp.com/
מייקל אייזנברג הוא שותף-מנהל בקרן ההון-סיכון Aleph, המתמקדת בשלבים הראשונים של חברות סטארט-אפ, עם נכסים בהיקף של 850 מיליון דולר שהושקעו ביותר מ-60 חברות, בהן Lemonade, Windward, Melio ו-Empathy.לפני אלף, היה שותף בקרן Benchmark Capital ואחראי על הפורטפוליו הישראלי שלה, שם השקיע והיה חבר בדירקטוריונים של כמה מהסטארט-אפים המובילים בישראל, כולל Wix. מייקל פרסם 8 ספרים (6 בעברית ו-2 באנגלית) ומעביר הרצאות על הון-סיכון, ישראל ויזמות. הוא מנחה את הפודקאסט "Invested", בו משוחח עם מנהלי עסקים על הערכים העומדים בבסיס העסק שלהם, השפעת הטכנולוגיה על האנושות, והאנושיות העומדת מאחורי הדיגיטציה. בשנת 2020 ייסד מייקל את רשת "נבו" (בה משמש כיו"ר), תוכנית מלגות לקידום עולים חדשים לישראל העובדים בתחום ההייטק, כמו כן הוא מכהן כיו"ר ארגון "השומר החדש". מייקל מתגורר בירושלים עם אשתו ושמונת ילדיהם. (*) ללינקדאין שלי: https://www.linkedin.com/in/guykatsovich/ (*) לאינסטגרם שלי: https://www.instagram.com/guykatsovich/ (*) עקבו אחרינו ב"עוד פודקאסט לסטארטאפים" וקבלו פרק מדי שבוע: ספוטיפיי:https://open.spotify.com/show/0dTqS27ynvNmMnA5x4ObKQ אפל פודקאסט:https://podcasts.apple.com/podcast/id1252035397 גוגל פודקאסט:https://bit.ly/3rTldwq עוד פודקאסט - האתר שלנו:https://omny.fm/shows/odpodcast ה-RSS פיד שלנו:https://www.omnycontent.com/.../f059ccb3-e0c5.../podcast.rssSee omnystudio.com/listener for privacy information.
In this engaging conversation, Ed takes us through his career from aspiring car designer to a leading figure in financial services.Key topics discussed:
Fondata nel 2017 insieme a Massimo Scardellato, Commerce Layer si occupa di sviluppare headless commerce. Ovvero fornisce un insieme di integrazioni API per le aziende per aiutarle a costruire i loro siti e-commerce in tal modo che possano concentrarsi solo sullo sviluppo dell'interfaccia con cui entra in contatto l'utente finale. Da Prato, a maggio 2020, Filippo e Massimo hanno chiuso un round di finanziamento di Serie A da $6 milion guidato da Benchmark Capital, uno dei più importanti VC della Silicon Valley, a Maggio 2023 hanno chiuso un round B da $16 milioni guidato da Coatue, un altro importante fondo di VC. Hanno anche ricevuto una proposta di acquisizione da Shopify che hanno deciso di rifiutare, ma non è stata una decisione facile. L'avventura di Commerce Layer è stata talmente emozionante che Filippo sta pensando di scrivere un libro per raccontarla che si chiamerà “Come nascono gli unicorni, la Silicon Valley vista dall'Italia” e in questa chiacchierata ripercorriamo tutti i turning point. NEWSLETTER Iscriviti a Il Digestivo: https://ildigestivo.substack.com/ SPONSOR Quest'episodio è sponsorizzato da Turnover, l'agenzia che aiuta i brand a crescere su Amazon. Maggiori informazioni su https://www.digitalturnover.it/ SOCIAL MEDIA Se vi piace il podcast, il modo migliore per dircelo o per darci un feedback (e quello che ci aiuta di più a farlo diffondere) è semplicemente lasciare una recensione a 5 stelle o un commento su Spotify o l'app di Apple Podcast. Ci ha aiuta davvero tantissimo, quindi non esitate :) Se volete farci delle domande o seguirci, potete farlo qui: Instagram @madeit.podcast LinkedIn @madeitpodcast
Willkommen zum Podcast von deutsche-startups.de. Im Insider #156 geht es heute unter anderem um: Benchmark Capital - 11x - Point Nine Capital - Root Global - Cusp Capital - Recyda - Cavalry Ventures - Headline - 468 Capital - VSquared Ventures - Project A Ventures - Capnamic Ventures - Ladenzeile +++ Benchmark Capital investiert in Project A-Investment 11x #EXKLUSIV +++ Point Nine Capital investiert in Root Global #EXKLUSIV +++ Cusp Capital investiert in Recyda #EXKLUSIV +++ 468 Capital investiert in Cartken #EXKLUSIV +++ Cavalry Ventures schließt neuen Fonds #EXKLUSIV +++ Headline legt Growth Fonds auf (800 Millionen) #EXKLUSIV +++ 468 Capital: Growth Fonds erreicht bald 700 Millionen #EXKLUSIV +++ VSquared Ventures legt neuen Fonds auf (200 Millionen) #EXKLUSIV +++ Project A Ventures und Capnamic Ventures planen neue Fonds #EXKLUSIV +++ Ladenzeile wird eingestellt #ANALYSE Unser Sponsor Die heutige Ausgabe wird Euch präsentiert von Drake Star. Die globale Technologie-Investmentbank Drake Star ist spezialisiert auf die Beratung bei Unternehmensverkäufen und Late Stage Growth Equity Finanzierungsrunden. Einer der wichtigsten Märkte ist dabei Deutschland, wo Drake Star unter der Leitung von Ralf Philipp Hofmann und Julian Ostertag, beide Managing Partner und Co-Gründer von Drake Star, vertreten ist. Anfang des Jahres hat sich das Team durch den Neuzugang Julian Riedlbauer als Partner mit deutlich verstärkter Präsenz in Berlin erweitert. Mit darüber hinaus mehreren Büros in den USA aber auch in London, Paris und Dubai kann Drake Star einen erstklassigen Zugang zu strategischen Käufern und Finanzinvestoren auf globaler Basis sicherstellen. www.drakestar.com Kommt mit uns ins Startupland Sei dabei, wenn wir deutsche startupus endlich auf die ganz große Bühne bringen! Am 6. November findet im Rheinenergiestadion in Köln unsere erste Startupland Conference statt. Sichere Dir jetzt Dein Ticket um Early Bird-Preis: www.startupland.de Vor dem Mikro Alexander Hüsing, deutsche-startups.de - www.linkedin.com/in/alexander-huesing/ Sven Schmidt, Maschinensucher - www.linkedin.com/in/sven-schmidt-maschinensucher/ Hintergrund Der deutsche-startups.de-Podcast besteht aus den Formaten #Insider, #StartupRadar, #Interview und #Startup101. Mehr unter: www.deutsche-startups.de/tag/Podcast/ Anregungen bitte an podcast@deutsche-startups.de. Unseren anonymen Briefkasten findet ihr hier: www.deutsche-startups.de/stille-post/
#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
You may know not the name of our guest Mitch Lasky, but you absolutely know his work. He created Activision's third-party business and basically kicked off mobile gaming. As a VC he played a key role in the creation of Riot, Discord, Twitter and a dozen other hit businesses. Longtime partner at Benchmark Capital he's now an owner of the LAFC soccer team. We talk the role of venture capital, marketing takeovers and more this week!Thank you for listening to our podcast all about videogames and the amazing people who bring them to life!Hosted by Alexander Seropian and Aaron MarroquinFind us at www.thefourthcurtain.comCome join the conversation at https://discord.gg/KWeGE4xHfeVideos available at https://www.youtube.com/@thefourthcurtainFollow us on twitter: @fourthcurtainEdited and mastered at https://noise-floor.comFeaturing the music track Liberation by 505
Sarah Tavel is a general partner at Benchmark Capital. She serves on the board of Chainalysis, Hipcamp, Medely, Rekki, and Cambly. On this episode of World of DaaS, Auren and Sarah discuss the concept of selling work in the SaaS industry and how it differs from selling traditional productivity software. Sarah explains how selling work could unlock whole new verticals for software penetration and disrupt existing SaaS giants. Auren and Sarah explore the areas where these new, leaner software companies could flourish and discuss the broader impacts of AI in SaaS. As one of the earliest hires at Pinterest, Sarah also has deep expertise with consumer social, which is set to be transformed by AI. She and Auren talk chatbots, AI avatars, and the responsibilities founders have as AI begins to replace more human interaction. The conversation wraps up by touching on Harvard as an institution, conspiracy theories about UAPs and TikTok, and questioning conventional wisdom about fundraising and growth. World of DaaS is brought to you by SafeGraph & Flex Capital. For more episodes, visit safegraph.com/podcasts.Follow World of DaaS @WorldOfDaaSYou can find Auren Hoffman on X at @auren and Sarah Tavel on X at @sarahtavel.
Emil Michael was the Chief Business Officer at $UBER during its hyperscale period from 2013 to 2017. He's currently the CEO of DPCM Capital, and he's also a strategic advisor to a number of amazing companies, including Codecademy, GroupMe and Taser. On this episode of World of DaaS, Auren and Emil cover everything from tech IPOs and Uber's stock performance to the future of AI, the relationship between Uber and Benchmark, and more. Emil shares insights into the reasons behind the delay in tech IPOs, the profitability of ridesharing companies, and the future for Uber and Lyft as they expand their food delivery businesses and explore new verticals. He also discusses the impact of higher interest rates on startups and the nuances of launching and operating marketplace businesses. Emil and Auren also have a candid conversation about Uber's relationship with Benchmark Capital and how it affected the trajectory of the company– Emil thinks Uber could have been 2 or 3 times as large as it is now. He offers key advice for founders on choosing your VCs and keeping execs and the board in alignment. To close out, Emil also shares some counterintuitive management advice and insights from conducting over 3,000 interviews at Uber. World of DaaS is brought to you by SafeGraph & Flex Capital. For more episodes, visit safegraph.com/podcasts.You can find Auren Hoffman on X at @auren and Emil on X at @emilmichael. Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)
(0:00) Intro(1:20) The role of venture capitalists(5:52) Characteristics of Successful Entrepreneurs(12:00) commonalities in investments that you haven't done(14:05) The best CEOs(17:40) The Impact of Artificial Intelligence on Business(21:16) The role of market trends in investment decisions(27:46) Reflecting on investment successes(39:41) Benefits as an investor vs board member(42:17) From Memphis to Stanford(44:29) The early days at LoudCloud(46:49) The Aspiration to be a Great CEO(49:33) The Journey to Joining Benchmark(53:20) Bringing new people to Benchmark(1:01:26) The Evolution of Early Stage Investing(1:14:07) What career advice would you give?(1:19:56) The value of Benchmark's Dinners Produced: Rashad Assir & Leah ClapperMixed and edited: Justin HrabovskyExecutive Producer: Josh Machiz
My guest this week is Brent Franson, an entrepreneur and founder and CEO of a company called Most Days. I met Brent a while back when he had me on his podcast. I really wanted to talk with him after I listened to an episode of his podcast where he described the things that led him to the work he does now, which is focused on helping people make positive changes in their lives. Brent talked about his history of addiction and what helped him overcome it. We talked about self-compassion, which is built into the Most Days approach, and the limits of self-improvement. Topics we got into included: The events that led to Brent's interest in and motivation for positive behavior change Brent's history of addiction The destructive dynamics of addiction My guest's experience in rehab Honest with oneself as an essential starting place for change The importance of self-compassion Balancing self-compassion with structure and discipline The important difference between self-criticism and self-critique The limits of self-improvement Allowing yourself to have some off-days The influence of meditation and mindfulness on my guest's life and work Learning about one's “inner talk track” Focusing on consistency before intensity when building new habits Check out the Most Days Show and the Most Days app, and contact Brent here. You can hear Brent tell his story on his podcast: Part 1: The Story of Most Days and Part 2: The Importance of Big Decisions. Brent Franson is the founder and CEO of Most Days. A serial entrepreneur, Brent's interest in entrepreneurial endeavors began in high school when he founded a full-service search technology marketing agency. After moving to Palo Alto in 2005, Brent was on the founding team of Reputation.com, the worldwide leader in online reputation management. Reputation.com was named a Technology Pioneer by the World Economic Forum and was backed by Kleiner Perkins, Bessemer Venture Partners, and August Capital. Most recently, Brent was the CEO of Euclid Analytics, a leader in retail data and analytics backed by Benchmark Capital, NEA, Harrison Metal, and Groupe Arnault. Under his leadership, Euclid was acquired by WeWork in 2019. Brent has been named a LinkedIn Top Voice, and has regularly contributed to Forbes, LinkedIn, Inc, Entrepreneur, and other publications. Brent is a father, and an athlete who enjoys his routine, reading, running, skiing, skydiving, and anything that involves pushing his own boundaries.
In this episode Keith Hare, CEO of Goya Consulting Ltd talks to us about his relationship with Time Management, the power of efficiency and effectiveness, leadership by example, multiple wake up calls, what he learned from 12 months of Gardening Leave and his take on The 888 Formula, sharing how he allocates his 24 hours to create the 'successful life' he wants to be living. As well as: Work/life balance, is it possible & what could it look like for you Seeing time as your asset to allocate The power of daily habits for goal success Time boxing & how to find 7 hours a week to workout Not being afraid to be 'selfish' The importance of career breaks Making time for the things that matter most (Family, Friends & Self) “Habits are the journey & your goals are the destination.” Keith Hare This episode is for: → Busy CEO's, Senior Leaders, C-Level Executives, Support Professionals, Executives and Entrepreneurs that want to learn valuable Time Management strategies from a 30 year plus practitioner. → Discover how he makes time for exercise, family, friends and himself → As well as find out more about how his relationship with time has evolved over the course of his successful Financial Services Career & Business journey. Join us as we uncover valuable insights and discuss the tips, tools and strategies you can use to navigate the complex world of work, life, mental health and wellbeing. ⏰ It's your Time! I can't wait to hear what you take away from this episode, your ah has & questions. Be sure to connect with me on Linkedin or Instagram so that we can continue the conversation there! About Keith Hare Keith has over 25 years experience working in financial services primarily in Financial Planning & Wealth Management. Most recently leading the Corporate Development team at Benchmark Capital, one of the UK's most successful financial advice / technology groups for over 10 years. He is a great believer that we build strong teams leading by example, an ethos that's helped him do just that for over 100 firms, getting involved in everything from company formation through to business sale and designing growth strategies for success. He joined us for this interview at the tail end of a year long sabbatical which has given him a unique perspective on time, and what we do with it. Keith is a dad of 3 energetic children, keen cyclist, musician and a trustee of a charity that helps kids and young adults in Zambia and Malawi escape the poverty trap and build better lives for themselves. Links: Website: https://goyaconsulting.co.uk/ Linkedin: https://www.linkedin.com/in/benchmarkkeith ……………………….. All the Links you need: Time Management for Entrepreneurs & Professionals Download a free chapter: https://bit.ly/downloadfreechapternow Buy it on Amazon (Available worldwide) Buy it here: https://bit.ly/BUYYOURCOPY Success by Design Training Social Media Links: Linkedin: https://www.linkedin.com/in/abigailrbarnes/ Instagram: https://www.instagram.com/successbydesigntraining/ Facebook:https://www.facebook.com/successbdtraining Twitter: https://twitter.com/sbdtraining YouTube: https://www.youtube.com/@successbydesigntraining About Abigail Barnes: Abigail Barnes is the founder & CEO of Success by Design Training, an award-winning entrepreneur, author, speaker, and corporate trainer on time management and productive wellbeing. She is a qualified coach and creator of the renowned 888 Formula. In February 2012 at the age of 32 Abigail had a stroke on a work business trip to Boston USA. This was her wakeup call; time is precious and we don't have any to waste! Her Organisation Success by Design Training is on a mission to share the 888 Formula with one million people by 2025. Abigail understands human motivation and uses her own near-death experience as a catalyst for change, to inspire, empower and teach others how to maximise their time. She holds a BA Hons Degree in Business & Marketing Management, a Professional Postgraduate Diploma in Marketing, DipM ACIM, a certificate in Neuroscience Professional Development, approved by British Psychological Society and is a qualified coach, approved by the Association for Coaching and the Institute of Leadership & Management, Portsmouth University Business School. Website: www.successbydesigntraining.com Email: enquiries@successbydesigntraining.com Audio Credit: Keith Hare ……………………….. Abigail Barnes Social Media Links: Instagram: instagram.com/iamabigailbarnes YouTube: https://www.youtube.com/@iamabigailbarnes Tik Tok: https://www.tiktok.com/@iamabigailbarnes
Andrew Pascal serves as Founder, Chairman, and Chief Executive Officer of PLAYSTUDIOS (Nasdaq: $MYPS), a developer of award-winning, free-to-play casual games for mobile and social platforms. Mr. Pascal formed PLAYSTUDIOS in 2011, positioning the brand to be at the forefront of the then-nascent mobile gaming industry. Mr. Pascal's achievements and forward-thinking insight allowed PLAYSTUDIOS to garner early support from gaming giants MGM Resorts International and Activision Blizzard, among others. Under his leadership, the company grew its portfolio of game offerings and real-world rewards while simultaneously embarking on a global expansion, opening offices and design studios in Burlingame, California; Las Vegas, Nevada; Austin, Texas; Hong Kong; and Tel Aviv, Israel. Through its first decade, Mr. Pascal conceived and led the development of playAWARDS, a groundbreaking loyalty marketing platform that is key to the company's growth and retention strategy. Following nearly 10 years of successful growth across its mobile and social gaming apps, Mr. Pascal led the company's transition to a publicly traded enterprise (MYPS) in 2021. The transaction valued PLAYSTUDIOS in excess of $1 billion. Mr. Pascal remains in the Chief Executive Officer role, along with his founder-led management team. In 2021, PLAYSTUDIOS was honored to win the exclusive rights to develop Tetris in the mobile gaming space. Tetris is ranked the number 1 game in the history of gaming. In 2022, Mr. Pascal led the acquisition of Brainium Studio for $70 million. The acquisition adds a rich suite of popular casual games, such as Solitaire, Spider Solitaire, Sudoku, and Mahjong, to PLAYSTUDIOS' portfolio of industry-leading casino style social games. Prior to founding PLAYTUDIOS, Mr. Pascal was widely recognized for his stewardship of Wynn Las Vegas and Encore Las Vegas, the flagship luxury casino resort properties owned by Wynn Resorts, Ltd. Having joined the company during its start-up phase in 2003, Mr. Pascal served as Senior Vice President of Product Marketing and Development, ultimately ascending to the roles of President and Chief Operating Officer in 2005. Throughout Mr. Pascal's tenure, Wynn Las Vegas garnered multiple awards from the world's leading hospitality guides, including the coveted five Red Pavilions from Michelin, five Diamonds from AAA, and five Stars from Forbes (formerly Mobil Travel). In 2008, Mr. Pascal led the development and launch of Wynn Las Vegas' sister property, Encore Las Vegas. Together, the two resorts are recognized as the world's seventh-largest hotel, with 13,000 employees, 4,750 rooms, and a number of award-winning gaming, entertainment, retail and convention offerings. Under Mr. Pascal's leadership, Wynn Resorts achieved record performance while also making Las Vegas history, garnering Forbes five-star ratings in the hotel, restaurant, and spa categories simultaneously. From 2001 to 2003, Mr. Pascal served as President and Chief Operating Officer of WagerWorks, a company he founded as a casino solutions and content supplier for many of the world's largest gaming and media brands, including Sky, Virgin Group, SONY, MGM Mirage (now MGM Resorts International), Pearson Television, Action Gaming, and WMS Gaming. Following Mr. Pascal's departure, WagerWorks was acquired by International Game Technology (IGT). Mr. Pascal achieved early entrepreneurial success in 1994 with the formation of Silicon Gaming. Backed by Kleiner Perkins and Benchmark Capital, the startup focused on reinventing the slot machine experience for an evolving generation of gaming consumers. The company's groundbreaking product, the Odyssey, is credited with establishing the casino industry's current digital slot machine paradigm. Silicon Gaming went public in 1996 and launched its celebrated Odyssey product suite that same year. Mr. Pascal sold Silicon Gaming to International Game Technology in 2001. Website: PlayStudios.com --- Support this podcast: https://podcasters.spotify.com/pod/show/smartmoneycircle/support
Bill Gurley, Legendary Silicon Valley VC, is a general partner at Benchmark and famously known for investing early in trailblazing companies including Uber, GrubHub, Zillow and so many others. Hear this conversation with Spencer from the dot.LA Summit where they discuss marketplace-based companies, how work-from-home will accelerate business opportunity, and why startups—though they might be attached to their autonomy—should pick up the phone when a big company calls. Plus, hear Bill's thoughtful take on big tech and antitrust. This interview was originally published on December of 2020, and was recorded at the inaugural dot.LA Summit held October 27th & 28th.
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.
Ijad Madisch has turned the world of science upside down: Through his platform ResearchGate, he offers scientists the opportunity to exchange information about things that have not worked. With his concept, he convinced Bill Gates, Peter Thiel and Benchmark Capital, among others, as investors. He tells Fabian live at Stage Two how he doesn't lose focus despite his success and why work-life balance is of considerable importance to him. What you learn: How does Ijad manage to grow along with his tasks and develop personally fast enough? Why was a social platform for scientists absolutely necessary? How does Ijad achieve his work-life balance - and what can you learn from this for your entrepreneurial life? How does entrepreneurship in Germany differ from the US - and why is it worth looking across the pond? Which people have helped Ijad on his way, inspired him and acted as mentor:in? Ijad Madisch LinkedIn: https://www.linkedin.com/in/ijad-madisch-4428229/ ResearchGate: https://www.researchgate.net/ WHATSAPP NEWSLETTER: 1-2x a week get a personalized voice note or content from me that will make you a better founder, sign up now with one click: https://bit.ly/ub-whatsapp-newsletter
Ijad Madisch hat die Welt der Wissenschaft auf den Kopf gestellt: Durch seine Plattform ResearchGate bietet er Wissenschaftler:innen die Möglichkeit, sich auch über Dinge auszutauschen, die nicht funktioniert haben. Mit seinem Konzept überzeugte er unter anderem Bill Gates, Peter Thiel und Benchmark Capital als Investoren. Wie er trotz des Erfolgs nicht den Fokus verliert und warum Work-Life-Balance für ihn einen erheblichen Stellenwert hat, das verrät er Fabian live bei Stage Two.Was du lernst:Wie schafft es Ijad, mit seinen Aufgaben mitzuwachsen und sich persönlich schnell genug weiterzuentwickeln? Warum brauchte es unbedingt eine soziale Plattform für Wissenschaftler:innen?Wie setzt Ijad seine Work-Life-Balance um – und was kannst du daraus für dein Unternehmerleben lernen?Wie unterscheidet sich Unternehmertum in Deutschland von den USA – und warum lohnt sich der Blick über den großen Teich?Welche Personen haben Ijad auf seinem Weg geholfen, ihn inspiriert und als Mentor:in fungiert?Ijad MadischLinkedIn: https://www.linkedin.com/in/ijad-madisch-4428229/ResearchGate: https://www.researchgate.net/WHATSAPP NEWSLETTER:1-2x wöchentlich bekommst du eine persönliche Sprachnotiz oder Inhalte von mir, die dich zu einem besseren Gründer machen, melde dich jetzt mit einem Klick an: https://bit.ly/ub-whatsapp-newsletter Hosted on Acast. See acast.com/privacy for more information.
Startup Field Guide by Unusual Ventures: The Product Market Fit Podcast
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
Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark's next GP generation. If you're a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for! If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 11, Fundrise! If you're considering raising a growth round of capital in the next year, you should definitely explore raising some of it with the Fundrise Innovation Fund. Just email notvc@fundrise.com, and tell them Ben & David sent you. And if you're an individual looking for exposure to private growth-stage technology companies, you can invest in the Innovation Fund here. Thank you as well to Pilot and NZS Capital! You can register for the next NZS Talkback here. Links: Benchmark's website circa 1997 Benchmark's website circa 2000 Benchmark's website today Episode sources Carve Outs: Bill Gurley's Runnin' Down a Dream talk Smartless Podcast Mitch Lasky on Invest like the Best Ursula Le Guin's Earthsea Cycle Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark's next GP generation. If you're a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for! If you want more Acquired, you can follow our public LP Show feed here in the podcast player of your choice (including Spotify!). Sponsors: Thank you to our presenting sponsor for all of Season 11, Fundrise! If you're considering raising a growth round of capital in the next year, you should definitely explore raising some of it with the Fundrise Innovation Fund. Just email notvc@fundrise.com, and tell them Ben & David sent you. And if you're an individual looking for exposure to private growth-stage technology companies, you can invest in the Innovation Fund here. Thank you as well to Pilot and NZS Capital! You can register for the next NZS Talkback here. Links: Benchmark's website circa 1997 Benchmark's website circa 2000 Benchmark's website today Episode sources Carve Outs: Bill Gurley's Runnin' Down a Dream talk Smartless Podcast Mitch Lasky on Invest like the Best Ursula Le Guin's Earthsea Cycle Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.
Karl Jacob is a serial entrepreneur who has been building, advising, and investing in companies for the last 20 years. During his career, Karl has raised 23 rounds of financing from a wide range of investors, including True Ventures, Baseline Ventures, Richard Branson's Virgin Group, Microsoft, eBay, Integral Partners, Norwest Ventures, Greylock, Benchmark Capital, FT Ventures, Ignition Partners and Vulcan Ventures. Many of Karl's companies have been successfully acquired, including Dimension X, acquired by Microsoft; Keen/Ingenio, acquired by AT&T; Cloudmark, acquired by ProofPoint; and Coveroo, acquired by Zazzle. Across his various tenures as a start-up CEO, Karl has generated hundreds of millions of dollars in investor returns and up to $150 million in revenue per year. In 2005 he joined Facebook as one of its first advisors and has gone on to advise several other companies. Karl is also a prolific angel investor and mentor for start-up companies including Mayvenn, June, Healthtap, Everlane, Skillshare, Rescale, Memsql, Haven, Shippo and many others. He holds a B.S. in Computer Science from the University of Southern California's Engineering School, where he sits on its board of counselors.
Podcast Summary:In this episode, Ilisha Masaun shares her journey from working in the family events business to founding Econominds helping thousands of students across the UK ace their A-level Economic exams. Victor and Ilisha also discuss the common traits of an entrepreneur and the sacrifices that come with the role.Guest Bio:Ilisha Masaun is the Founder and CEO of Econominds, an EdTech platform providing resources to help students ace their A-level Economics exams. Ilisha also holds a first-class Honours degree in Economics with International Trade despite being diagnosed with Dyslexia. She is currently a Business Development Executive at Benchmark Capital.Website: https://econominds.co.uk/Instagram: @economindsTikTok: @econominds LinkedIn: @Econominds Timestamps:(02:04) - The UK Economy. Inflation, recession and saving.(06:47) - What did you want to be when growing up?(11:03) - Being diagnosed with dyslexia(19:12) - Renting chair covers on eBay as a teenager(25:30) - Working as an Economics tutor at University(31:20) - Building a corporate career in the finance industry(43:00) - Publishing and selling out her first A-level Economics book(50:12) - The journey to founding Econominds(01:07:43) - How to successfully secure business grants(01:14:00) - How to balance work, business and life(01:20:10) - Times when I questioned my purpose in life(01:32:00) - The New Econominds PodcastSponsors: This episode was recorded using Zencastr, a podcasting platform that records quality audio and 1080P HD video. I've used Zencastr to record every episode of The Valuable Podcast and they're now an official sponsor! If you want to start a podcast, try Zencastr and get 30% OFF a pro account by going to zen.ai/valuable1 and entering promo code valuable1.Interested in sponsoring this show or running podcast ads to grow your business? Go to zen.ai/valuablepod1 and fill out the contact information so Zencastr can help you, bring your business dreams to life.Newsletter/Blog:For exclusive written content, join the weekly newsletter: www.valuablepodcast.comSocial Media:Instagram: @valuablepodcastTikTok: @valuablepodcastYouTube: @valuablepodcast Hosted on Acast. See acast.com/privacy for more information.
Our anchors begin today's show covering President Biden's press conference on economic growth, jobs and deficit reduction. Then, Benchmark Capital General Partner Bill Gurley shares his thoughts on earnings from ride-hailing companies Uber and Lyft, his perspective on private equity and more. Next, Cowen Managing Director Matthew Ramsay breaks down chipmaker AMD's first quarter earnings beat, and Tapas Capital Advisor and Former Airbnb President Greg Greeley joins for a look at the lodging platform's recent results. Later, our Julia Boorstin takes a deep dive into online dating service Match as its weak Q2 guidance and unexpected leadership change send shares lower.
Today, my guest is Karl Jacob, the co-founder, and CEO of LoanSnap. Karl is a serial entrepreneur who has been building, advising, and investing in companies for the last 20 years. LoanSnap invented the world's first smart loan technology that uses AI and machine learning to analyze a person's entire financial picture and show them how to benefit from a smart home loan. LoanSnap is the parent company that built the Bacon Protocol, a decentralized mortgage lending protocol created using smart contract technology on the Ethereum blockchain. Anyone with a Web3 wallet can lend money and earn interest, all while seeing exactly which homes they're lending against. Moreover, anyone with a home that meets the protocol's criteria can create an NFT and use it as collateral to borrow money. Karl's career has been focused on founding companies that solve big problems, and those companies have helped tens of millions of consumers. He has raised 23 rounds of financing from investors, including True Ventures, Baseline Ventures, Richard Branson's Virgin Group, Microsoft, eBay, Integral Partners, Norwest Ventures, Greylock, Benchmark Capital, FT Ventures, Ignition Partners, and Vulcan Ventures. Many of his companies have had successful acquisitions, including; Dimension X, acquired by Microsoft, Keen/Ingenio, acquired by AT&T, Cloudmark, acquired by ProofPoint, and Coveroo, acquired by Zazzle. While CEO, Jacob has generated hundreds of millions in returns to investors and over $150 million in revenue per year. He holds a B.S. in Computer Science from the University of Southern California Engineering School, where he sits on the board of counselors. We discuss a wide range of topics, including LoanSnap, Bacon Protocol, the real estate industry, the benefits of blockchain, and much more. We begin our discussion by delving into why the banking/loan industry has been tough to disrupt. Our conversation leads us to how he and his team have finally found a way to disrupt their value chain. Karl explains how the Bacon Protocol works and what makes it unique. Karl elaborates why they decided to build the bacon protocol on blockchain/crypto rails instead of building on the traditional financial stack. He illustrates this by explaining how blockchain removes the barriers and overhead that plague the conventional loan and real estate industry. Karl discusses the fallacies that persist throughout the loan industry and how the Bacon Protocol democratizes access to affordable housing and the loan industry. We also discuss the socioeconomic impact of foreclosures on neighborhoods and how blockchain technology can be used to solve the misalignment between individuals and corporations. Karl also addresses the impediments that currently make it challenging to tokenize real-world assets and how they've optimized the Bacon Protocol to avoid these issues. We finish our conversation by discussing how Karl envisions the entire loan industry to be disrupted by blockchain technology. Please enjoy my conversation with Karl Jacob. -- This podcast is powered by Blockworks. For exclusive content and events that provide insights into the crypto and blockchain space, visit them at https://blockworks.co
Kevin Czinger is the founder, lead inventor and CEO of Divergent Technologies. He founded Divergent to revolutionize car manufacturing by inventing and deploying an end-to-end digital production system, thereby catalyzing and leading the global manufacturing transition from analog to digital production. Divergent 3D's patented manufacturing platform radically reduces the materials, energy, and capital needed to build a car as well as accelerating innovation. It was named Google's Solve for X "Moonshot" for its disruptive impact on global transportation and awarded the Petersen Automotive Museum's inaugural Award for Innovation and Leadership. Prior to Divergent 3D, Czinger co-founded Coda Automotive, an all-electric car company with vehicles fully safety certified for the U.S., Chinese and European markets. Czinger was also an Entrepreneur-in-Residence at Benchmark Capital and an investor and operating executive in private and public technology companies. Early in his career, he served as an Executive Director of Goldman Sachs in Asia and Europe, where he focused on technology and telecom growth investments. Czinger is a graduate of Yale University and serves Yale as a Sterling Fellow, a Member of the President's International Advisory Council and a Board Member of the Jackson Institute for World Affairs. [RECORDING DATE: June 23, 2021]
My guests today are Philip Rosedale and Bill Gurley. Philip created Second Life in the early 2000s and helped build it into the largest virtual 3D world ever created at the time. Frequent listeners will recognize Bill, who was an investor in Second Life via Benchmark Capital. During the conversation, we cover the fascinating story of Second Life and the billion-dollar economy that persists through to this day. Bill and Phillip share their key learnings from the experience, including the importance of usability, their views of the current metaverse opportunity, and what excites them most about the current focus on virtual realities. If you're curious about what the metaverse might become, these two experts have seen much of this already and are kind to share their lessons with us. Please enjoy my conversation with Phillip and Bill. For the full show notes, transcript, and links to the best content to learn more, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you'd want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 20,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more. ----- At WatchBox, the world's finest watches are at your fingertips with an ever-expanding collection of luxury timepieces, all certified authentic and collector quality. WatchBox's global team of expert client advisors is ready to help you find the watch you've always wanted. Step into the collector's circle at thewatchbox.com/patrick ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Past guests include Tobi Lutke, Kevin Systrom, Mike Krieger, John Collison, Kat Cole, Marc Andreessen, Matthew Ball, Bill Gurley, Anu Hariharan, Ben Thompson, and many more. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:03:22] - [First question] - The origin story of Second Life and why they created it [00:05:38] - How many people were playing Second Life at its peak, the in-game economy and its growth trajectory [00:06:49] - The interface between the in-game currency and its function for players [00:10:53] - An example of early entrepreneurship and user-created IP in Second Life [00:12:13] - Was technology a rate limiter to success in such an early version of the metaverse? [00:14:35] - What was most exciting about creating it and it's early-stage potential [00:18:23] - Why Unity isn't more adopted by creators and players like Minecraft [00:24:42] - Defining what the metaverse means to each of them today [00:28:50] - What Discord has taught them about aggregating people digitally [00:33:02] - Simultaneously crossing the digital chasm and the uncanny valley [00:38:16] - Key differences between games and platforms and the role of purpose [00:42:04] - Why cryptocurrencies and blockchains haven't produced experiences akin to the virtual Travis Scott concert [00:47:13] - Why removing friction and centralizing financial structures can help growth and thoughts on play to earn gaming and user spending [00:53:27] - Digital asset ownership and digital trustless exchanges in the metaverse [00:57:30] - Pros and cons of today's speculative digital asset valuations [01:01:05] - Interesting pockets of opportunity that could benefit the metaverse ecosystem [01:04:28] - How they'd build and construct an ETF with metaverse exposure [01:07:18] - Thoughts on AR and VR and which holds more promise for public adoption [01:08:02] - Surprising findings about the role audio plays in digital worlds [01:10:23] - What they're watching most closely in this emergent sector [01:11:29] - Limitations of visual and sonic barriers when recreating real-world interactions [01:12:42] - The kindest things anyone has ever done for them
We talk about a lot of immigrants in this podcast. There's the Hungarian mathemeticians and scientists that helped usher in the nuclear age and were pivotal in the early days of computing. There are the Germans who found a safe haven in the US following World War II. There are a number of Jewish immigrants who fled persecution, like Jack Tramiel - a Holocaust survivor who founded Commodore and later took the helm at Atari. An Wang immigrated from China to attend Harvard and stayed. And the list goes on and on. Georges Doriot, the father of venture capital came to the US from France in 1899, also to go to Harvard. We could even go back further and look at great thinkers like Nikolai Tesla who emigrated from the former Austrian empire. And then there's the fact that many Americans, and most of the greats in computer science, are immigrants if we go a generation or four back. Pierre Omidyar's parents were Iranian. They moved to Paris so his mom could get a doctorate in linguistics at the famous Sorbonne. While in Paris, his dad became a surgeon, and they had a son. They didn't move to the US to flee oppression but found opportunity in the new land, with his dad becoming a urologist at Johns Hopkins. He learned to program in high school and got paid to do it at a whopping 6 bucks an hour. Omidyar would go on to Tufts, where he wrote shareware to manage memory on a Mac. And then the University of California, Berkeley before going to work on the MacDraw team at Apple. He started a pen-computing company, then a little e-commerce company called eShop, which Microsoft bought. And then he ended up at General Magic in 1994. We did a dedicated episode on them - but supporting developers at a day job let him have a little side hustle building these newish web page things. In 1995, his girlfriend, who would become his wife, wanted to auction off (and buy) Pez dispensers online. So Omidyar, who'd been experimenting with e-commerce since eShop, built a little auction site. He called it auction web. But that was a little boring. They lived in the Bay Area around San Francisco and so he changed it to electronic Bay, or eBay for short. The first sale was a broken laser printer he had laying around that he originally posted for a dollar and after a week, went for $14.83. The site was hosted out of his house and when people started using the site, he needed to upgrade the plan. It was gonna' cost 8 times the original $30. So he started to charge a nominal fee to those running auctions. More people continued to sell things and he had to hire his first employee, Chris Agarpao. Within just a year they were doing millions of dollars of business. And this is when they hired Jeffrey Skoll to be the president of the company. By the end of 1997 they'd already done 2 million auctions and took $6.7 million in venture capital from Benchmark Capital. More people, more weird stuff. But no guns, drugs, booze, Nazi paraphernalia, or legal documents. And nothing that was against the law. They were growing fast and by 1998 brought in veteran executive Meg Whitman to be the CEO. She had been a VP of strategy at Disney, then the CEO of FTD, then a GM for Playskool before that. By then, eBay was making $4.7 million a year with 30 employees. Then came Beanie Babies. And excellent management. They perfected the online auction model, with new vendors coming into their space all the time, but never managing to unseat the giant. Over the years they made onboarding fast and secure. It took minutes to be able to sell and the sellers are the ones where the money is made with a transaction fee being charged per sale, in addition to a nominal percentage of the transaction. Executives flowed in from Disney, Pepsi, GM, and anywhere they were looking to expand. Under Whitman's tenure they weathered the storm of the dot com bubble bursting, grew from 30 to 15,000 employees, took the company to an IPO, bought PayPal, bought StubHub, and scaled the company up to handle over $8 billion in revenue. The IPO made Omidyar a billionaire. John Donahoe replaced Whitman in 2008 when she decided to make a run at politics, working on Romney and then McCain's campaigns. She then ran for the governor of California and lost. She came back to the corporate world taking on the CEO position at Hewlett-Packard. Under Donahoe they bought Skype, then sold it off. They bought part of Craigslist, then tried to develop a competing product. And finally sold off PayPal, which is now a public entity of its own right. Over the years since, revenues have gone up and down. Sometimes due to selling off companies like they did with PayPal and later with StubHub in 2019. They now sit at nearly $11 billion in revenues, over 13,000 employees, and are a mature business. There are still over 300,000 listings for Beanie Babies. And to the original inspiration over 50,000 listings for the word Pez. Omidyar has done well, growing his fortune to what Forbes estimated to be just over $13 billion dollars. Much of which he's pledged to give away during his lifetime, having joined the Bill Gates and Warren Buffet giving pledge. So far, he's given away well over a billion with a focus in education, governance, and citizen engagement. Oh and this will come as no surprise, helping fund consumer and mobile access to the Internet. Much of this giving is funneled through the Omidyar Network. The US just evacuated over 65,000 Afghans following the collapse of that government. Many an oppressive government runs off the educated, those who are sometimes capable of the most impactful dissent. Some of the best and most highly skilled of an entire society leaves a vacuum in regions that further causes a collapse. And yet finding a home in societies known for inclusion and opportunity, and being surrounded by inspiring stories of other immigrants who made a home and took advantage of opportunity. Or whose children could. Those melting pots in the history of science are when diversity of human and discipline combine to make society for everyone better. Even in the places they left behind. Anyone who's been to Hungary or Poland or Germany - places where people once fled - can see it in the street every time people touch a mobile device and are allowed to be whomever they want to be. Thank you to the immigrants, past and future, for joining us to create a better world. I look forward to welcoming the next wave with open arms.
On this podcast, we've talked to a lot of policy-makers, pundits, professionals and practitioners about big picture trends they are observing and experiencing as a result of the pandemic. Today, however, we are going more micro. We'll talk to a venture capitalist about his portfolio of start-ups, and how those companies have been impacted by changes in the way we work and live, and what they tell us. Michael Eisenberg is a General Partner at the Tel Aviv-based Aleph, which is an early stage venture capital fund with over $500M under management. Since its founding in 2013, Aleph has invested in more than 40 companies including Melio, Lemonade (NYSE: LMND), Bringg, JoyTunes, Healthy.io, Windward, Empathy and Nexar. Prior to Aleph, Michael was a General Partner at Benchmark Capital for 8 years, the legendary Silicon Valley-based VC firm, and he continues to work with Benchmark on their Israeli portfolio. Since around 1995, Michael has invested in and served on the boards of some of Israel's leading companies and startups, such as Wix (Nasdaq: WIX), Gigya (acquired SAP), Shopping.com (Nasdaq: SHOP, acquired: EBAY), and Lemonade (NYSE: LMND). Michael is also the author of a fun and smart blog, called “Six Kids and a Full Time Job”, which covers topics ranging from politics to technology, Judaism and macroeconomics. The title of his blog is misleading because now Michael actually has 8 kids and 2 grandchildren - and he's only at the tender age of 50! He is a frequent contributor to The Marker and Calcalist, Israel's Hebrew-language daily business newspapers. Michael has also published numerous books in Hebrew, including “The Vanishing Jew”, “Everyone can be Moses” and “Roaring Tribe”. Among other projects during the pandemic, Michael worked on translating his most recent book into English: "The Tree of Life and Prosperity: 21st Century Business Principles from the Book of Genesis”. Given his experience as a successful investor and business builder, and his deep literacy in Judaism, he's the ideal person to tackle this subject and we'll talk about his book in this conversation.
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
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
We kick off Season 9 with a classic: Part I of the a16z story. How did this brand new venture firm charge out of the gates in 2009, going from zero to disrupting the entire venture industry overnight? You probably know Marc & Ben's history with Netscape and Loudcloud/Opsware... but what about the Black Panthers, Nintendo 64, Al Gore, Doug Leone, Masayoshi Son, and an epic feud with Benchmark Capital that became Silicon Valley's version of the Hatfields and the McCoys? Buckle up, Acquired's got the truth. If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: Thank you to Pilot for being our presenting sponsor for all of Acquired Season 9! Pilot takes care of startups' bookkeeping, tax and CFO services so busy founders can focus on what matters, which is building the company. To paraphrase Jeff Bezos's famous AWS analogy: bookkeeping and tax don't make your product any better — so you should let Pilot handle them for you. In fact Pilot is backed by Bezos himself via Bezos Expeditions, along with an all-star roster of other investors including Sequoia, Index, and Stripe. They are truly the gold standard for startup bookkeeping, and many of the companies we work with run on them. You can get in touch with Pilot here: https://bit.ly/acquiredfmpilot , and Acquired listeners get 20% off their first 6 months! (use the link above) Thank you as well to Pitchbook and to Nord Security. You can learn more about them at: https://bit.ly/acquiredpitchbook https://bit.ly/acquirednord Links: David Streitfeld's great NYT piece on the Horowitz family: https://www.nytimes.com/2017/07/22/technology/one-family-many-revolutions-from-black-panthers-to-silicon-valley-to-trump.html Marc on the Tim Ferriss Show: https://tim.blog/2018/01/01/the-tim-ferriss-show-transcripts-marc-andreessen/ 2003 Marc in SF Gate: https://www.sfgate.com/business/ontherecord/article/OPSWARE-INC-On-the-record-Marc-Andreessen-2525822.php#photo-2684736 Carve Outs: Ben: The Elephant in the Brain: Hidden Motives in Everyday Life: https://www.amazon.com/Elephant-Brain-Hidden-Motives-Everyday/dp/0190495995 David: Resonant Arc Podcast / YouTube Channel: https://www.youtube.com/channel/UCFzWAEPDGiY34bGpwM_DWmA Episode Sources: [Google Doc link: https://docs.google.com/document/d/1DDb2nGfvnQ_XV4qs6qoHE084eS0J8cP74gTfdr736GE/edit# ] http://1997.webhistory.org/www.lists/www-talk.1993q1/0099.html http://allthingsd.com/20130125/go-west-young-geek-chris-dixon-on-why-he-became-a-silicon-valley-vc-at-andreessen-horowitz-and-more-video/ http://www.computinghistory.org.uk/det/1789/Marc-Andreessen/ http://www.internethistorypodcast.com/2015/08/20-years-on-why-netscapes-ipo-was-the-big-bang-of-the-internet-era/ https://a16z.com/2011/05/09/microsoft-buys-skype/ https://a16z.com/2011/06/30/meet-our-new-general-partner-jeff-jordan/ https://a16z.com/2017/04/07/todd-and-freddy-okta/ https://a16z.com/2018/09/25/michael-ovitz-entertainment-culture-negotiation-talent/ https://a16z.com/2019/06/20/slack/ https://a16z.com/2019/11/20/brand-building-a16z-ideas-people-marketing/ https://a16z.com/2019/11/26/a16z-podcast-how-what-why-500th-episode-behind-the-scenes/ https://bits.blogs.nytimes.com/2010/06/15/andreessen-horowitz-hires-a-female-partner-from-outcast-communications/ https://bits.blogs.nytimes.com/2010/11/03/andreessen-horowitz-starts-second-fund/ https://books.google.com/books?id=zyIvOn7sKCsC&pg=PA15#v=onepage&q&f=false https://charlierose.com/videos/12907 https://en.wikipedia.org/wiki/Andreessen_Horowitz https://en.wikipedia.org/wiki/Ben_Horowitz https://en.wikipedia.org/wiki/Black_Panther_Party https://en.wikipedia.org/wiki/Browser_wars https://en.wikipedia.org/wiki/David_Horowitz https://en.wikipedia.org/wiki/James_H._Clark https://en.wikipedia.org/wiki/Jeff_Jordan_(venture_capitalist) https://en.wikipedia.org/wiki/Marc_Andreessen https://en.wikipedia.org/wiki/Michael_Ovitz https://en.wikipedia.org/wiki/Mosaic_(web_browser) https://en.wikipedia.org/wiki/Murder_of_Betty_Van_Patter https://en.wikipedia.org/wiki/Netscape https://en.wikipedia.org/wiki/Ning_(website) https://en.wikipedia.org/wiki/Spyglass,_Inc. https://fortune.com/2011/07/12/skype-the-inside-story-of-the-boffo-8-5-billion-deal/ https://fortune.com/2021/01/20/tech-and-crypto-funder-andreessen-horowitz-wants-to-replace-the-media-that-might-be-bad-news-for-investors/ https://fortune.com/longform/jeff-jordan-vc/ https://greatness.floodgate.com/episodes/marc-andreessen-was-netscape-an-overnight-success https://money.cnn.com/2009/07/02/technology/marc_andreessen_venture_fund.fortune/index.htm https://money.cnn.com/magazines/fortune/fortune_archive/2005/07/25/8266639/ https://newrepublic.com/article/162227/david-horowitz-profile-trump-propagandist-radical-leftist https://podcasts.apple.com/us/podcast/ben-horowitz-02-25-20/id814550071?i=1000466601994 https://techcrunch.com/2009/02/20/andreessen-on-charlie-rose-i-am-creating-a-fund-full-video/ https://techcrunch.com/2010/06/20/andreessen-horowitz-celebrates-first-year-with-new-general-partner-john-ofarrell/ https://techcrunch.com/2014/03/27/andreessen-horowitz-raises-massive-new-1-5-billion-fund/ https://techcrunch.com/2018/06/25/andreessen-horowitz-has-a-new-crypto-fund-and-its-first-female-general-partner-is-running-it-with-chris-dixon/ https://techcrunch.com/2019/05/01/a16z-ushers-in-new-fund-strategy-with-2-75b/ https://techcrunch.com/2021/06/24/andreessen-horowitz-triples-down-on-blockchain-startups-with-massive-2-2-billion-crypto-fund-iii/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADZwBJIiwmoiePFPnoZk3s1WbLc0aUfwh4wj_nMnhEi5nYQ0Q1xfZfmYDhSbKEsY22uz29mILPEgwMe6RNf3pL8Jmpa6t8I3D19mTdP2c5zWv5jnGf2VNMFgB6UcS4o_5nTs2ymb7QON0OtJ4X4aiHWgNAW5auKjI6Hq65Unz0x8 https://thehistoryoftheweb.com/browser-wars/ https://tim.blog/2018/01/01/the-tim-ferriss-show-transcripts-marc-andreessen/ https://venturebeat.com/2009/08/19/first-andreessen-horowitz-investment-apptio-raises-14m/ https://web.archive.org/web/20110407235346/http://bhorowitz.com/2011/04/06/andreessen-horowitz-has-a-new-200mm-co-investment-fund/ https://web.archive.org/web/20120212181829/http://www.engineer.ucla.edu/visitor-links/alumni/alumni-profiles-1/ben-horowitz-ms-201990 https://www.acquired.fm/episodes/episode-42-opsware-with-special-guest-michel-feaster https://www.amazon.com/Hard-Thing-About-Things-Building/dp/0062273205 https://www.businessinsider.com/benchmark-website-2012-11 https://www.coindesk.com/andreessen-horowitz-doubles-down-on-crypto-investments-with-new-515m-fund https://www.coindesk.com/andreessen-horowitz-rakes-in-2-2b-for-third-crypto-venture-fund https://www.economist.com/technology-quarterly/2011/09/03/disrupting-the-disrupters https://www.forbes.com/sites/alexkonrad/2019/04/02/andreessen-horowitz-is-blowing-up-the-venture-capital-model-again/?sh=6f3cdbfc7d9f https://www.justice.gov/sites/default/files/atr/legacy/2006/03/03/20.pdf https://www.jwz.org/blog/2019/03/brand-necrophilia-part-7/ https://www.linkedin.com/in/jeffjordan1/ https://www.linkedin.com/in/mcopeland/ https://www.newcomer.co/p/the-unauthorized-story-of-andreessen https://www.newyorker.com/magazine/2015/05/18/tomorrows-advance-man https://www.nytimes.com/1995/08/10/us/with-internet-cachet-not-profit-a-new-stock-is-wall-st-s-darling.html https://www.nytimes.com/1995/08/10/us/with-internet-cachet-not-profit-a-new-stock-is-wall-st-s-darling.html https://www.nytimes.com/2017/07/22/technology/one-family-many-revolutions-from-black-panthers-to-silicon-valley-to-trump.html https://www.quora.com/How-did-Netscape-Navigator-make-money https://www.sec.gov/Archives/edgar/data/1660134/000119312517080301/d289173ds1.htm https://www.sfgate.com/business/ontherecord/article/OPSWARE-INC-On-the-record-Marc-Andreessen-2525822.php#photo-2684736 https://www.statista.com/statistics/203734/global-smartphone-penetration-per-capita-since-2005/ https://www.theinformation.com/articles/these-guys-are-very-different-inside-andreessen-horowitzs-rise https://www.theringer.com/2017/6/8/16045766/jeff-jordan-andreessen-horowitz-vc-pickup-basketball-ab4e54928186 https://www.wired.com/1999/02/aol-names-andreessen-cto/ https://www.wired.com/story/andreessen-horowitz-new-crypto-fund-iii/ https://www.worth.com/a-decade-later-how-has-andreessen-horowitz-changed-silicon-valley/ https://www.wsj.com/articles/andreessen-horowitzs-returns-trail-venture-capital-elite-1472722381 https://www.wsj.com/articles/SB10001424053111903480904576512250915629460 https://www.wsj.com/articles/SB984080550858322401 https://youtu.be/PbW-1k3ZOA4 https://youtu.be/k5pbximmZdI http://cseweb.ucsd.edu/~little/OldSites/CSE_Uptime/v4.7-8/xmosaic.html https://www.baltimoresun.com/news/bs-xpm-1999-09-11-9909110235-story.html https://www.wikiwand.com/en/List_of_web_browsers http://www.internethistorypodcast.com/2014/01/mosaic/ http://www.internethistorypodcast.com/2014/01/chapter-1-part-2-netscape-the-big-bang/ http://www.internethistorypodcast.com/2014/02/chapter-1-part-3-netscape-the-big-bang/
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!
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.
Elie is co-founder and partner at PICO Venture Partners, an early-stage venture capital fund headquartered in Jerusalem. His investments include Vroom (Nasdaq VRM), Spot.io (acquired by NetApp), Gloat, ChargeAfter, and AutoLeadStar. Prior to PICO, Wurtman was a general partner at Benchmark Capital from 2006 to 2012. Prior to that, he worked for three years with JVP, where he led early-stage media technology and enterprise software investments.
Bloomberg Opinion columnist Barry Ritholtz speaks with legendary venture-capital investor Bill Gurley, who has spent more than 15 years as a general partner at Benchmark Capital. Prior his work in venture capital, Gurley spent four years on Wall Street as a top-ranked research analyst, including three years at Credit Suisse First Boston focusing on personal computer hardware and software. He was the lead analyst on the Amazon IPO. He is also the author of the long-running Above the Crowd blog, which focuses on the evolution and economics of technology businesses.
Profiles: Greg Smyth is from St. John's, Newfoundland, Canada and currently living with his wife Amanda and Daughter Poppy in the San Francisco Bay Area. He studied Mechanical Engineering at memorial university. He spent 10 years working in the Oil and Gas industry, prior to moving to Silicon Valley in 2016. Greg is also the founder of GlobalNL.com, a non-profit organization building a global community of people passionate about Newfoundland and Labrador.Justin Hanson currently resides in Houston, Texas. He studied Mechanical Engineering at the University of Colorado, then later on received an MBA from the University of Notre Dame. He has worked the last 13 years in the energy industry.Outline: 1:41 How Greg and Justin know each other; shared interests (Elon Musk, TED Talks, Warren Buffett, Investing) 6:08 Career arcs; finding meaning in your career; the idea of retirement 12:35 Why do the podcast? (Clip) 16:30 Learning through conversations / Jordan Peterson Self Authoring Program 21:03 Peter Thiel's contrarian way of thinking & stagnation in the economy 23:50 Warren Buffett shareholder meeting in Omaha, Nebraska 26:36 What we have learned from Warren Buffett? 33:48 Speculation vs Investing & Warren Buffett's approach to investing for “regular people” 39:00 Jordan Peterson's view on Capitalism vs. Socialism “the road to hell is paved with good intentions” 41:58 Warren Buffett's lack of ego and bringing humility to investing44:16 Meeting Bill Ackman at a bar in Omaha and his connection to Andrew Wilkenson, who is bringing the Buffett approach to start-up investing This week in start-ups interview). 47:42 What I have learned from Bill Gurley (e.g. Grand Slam analog)53:00 Bill Ackman's investment in Berkshire Hathaway 55:10 How important is the job of a capital allocator? 57:40 Discussion of Chamath Palipitya's talk at Stanford & frameworks for thinking about money/capital. Using money to shape your world view. 1:00:53 Eric Weinstein's idea around young people not having access to enough capital. 1:06:07 Discussion about Bill Gurley and Benchmark Capital (abovethecrowd.com) 1:08:10 Greg discusses what he has learned about Angel investing after reading Jason Calacanis book Angel as well as attending his only course called “Angel University. 1:11:47 Why is Greg considering doing Angel investing? 1:13:45 Greg shares what his 3 main focus areas for the career transition he is currently working on 1) Start-up investing 2) Podcasting 3) Coaching/Advising.
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!
Bernard Liautaud est le premier français à avoir effectué une IPO, une introduction en bourse au Nasdaq. C’était une ambition qu’ils avaient avec Denis, son associé et cette ambition, elle était assumée dès la création de Business Objects. Pourtant, Bernard est quelqu’un de paradoxalement raisonné. C’est assez déconcertant même, de voir à quel point il semble serein, il aspire la confiance et il est calme. et affiche son ambition.A-t-il seulement connu des réussites ? Non.Bernard évoque les péripéties de Business Objects, comment notamment ils sont passés d’une valorisation boursière de 1 milliard à 100 millions. Comment ils ont ensuite réussi à reconstruire, redonner confiance à leurs investisseurs et fini par atteindre ensuite une valorisation à 8 milliards ?Donner à l’entrepreneur les moyens de se réaliser, d’arriver à la réalisation de ses capacités. Ce soutien inconditionnel qu’il a reçu du conseil d’administration, qui lui a fait confiance, Bernard essaie aussi de le transmettre aux entrepreneurs qui rejoignent Balderton Capital. TIMELINE : 14’ : Entrepreneur à 27 ans32’ : Les années Oracle1h02 : Business Objects c’est quoi ?1h44 : Le reset technologique nécessaire2h07 : D’entrepreneur à investisseurSHOW NOTES On a parlé de : Des sociétés dans lesquelles Balderton Capital a investi donnt : AirCall, Citymapper, Go Cardless, Revolut, ou encore Playplay.Sociétés de capital risques : Benchmark Capital, Sequoia Capital, Andreessen HorowitzDashlane et Emmanuel SchalitDenis Payre, cofondateur & Chief Operating Office Business ObjectsL'Agence nationale de valorisation de la recherche (Anvar), qui a fusionné en 2005 avec d'autres organismes d'aide à l'investissement pour intégrer le groupe Oséo, au sein de Bpifrance.Netscape, Marc AndreessenTristan VyskocMatthew Moulding, CEO de The Hut GroupDes livres à lire : Microsoft Secrets: How the World's Most Powerful Software Company Creates Technology, Shapes Markets, and Manages People – Michael A. Cusumano Good to Great – Jim CollinsBuilt to Last – Jim CollinsA Voyage for Madmen, Peter NicholsOn a cité plusieurs anciens épisodes : #5 Rachel Delacour – d’une chambre d’ado à une revente à près de $50M#19 Christian Jorge – VESTIARE COLLECTIVE 1/2- 1ere boîte à la fac, 100 millions d’euros de levés plus tard il repart de zéro#20 Christian Jorge VESTIAIRE COLLECTIVE 2/2 – Passer de 0 à 100 millions d’Euros de CA puis partir#66 Cyril Chiche - Lydia : le futur Paypal est Français, et il s’appelle Lydia.#73 Marc Simoncini – De Meetic à Jaina – Les montagnes russes de l’entrepreneuriat#81 Jacques Antoine Granjon – VEEPEE – l’aventure, l’hypercroissance, les marques et l’instinct#142 Emmanuel Schalit – Dashlane – Résoudre un casse-tête mondial#145 Jonathan Anguelov – Aircall – La force intérieure. Tout casser alors qu’on part de rien #148 Jean-David Chamboredon – isai – Tout comprendre sur les fonds d’investissements #157 Philippe de La Chevasnerie - Papernest - Avoir un business model sain et créer 200 emplois en 6 mois#158 Edgar Grospiron - Athlète et conférencier - Avance, fais-toi confiance.#159 Arthur Waller - Pennylane - Réconcilier la data, la technologie et l’humain#160 Marc Menasé - Founders Future - Puiser dans les relations humaines
Elie Wurtman is the Co-founder and Partner at PICO Venture Partners, an early-stage venture capital firm headquartered in Jerusalem. Elie's investments portfolio includes Vroom, a company that hit a market cap of $5.5 billion after its IPO, and Spot.io, which was acquired by NetApp for $450 million. Elie also has investments in Gloat, ChargeAfter, AutoLeadStar. Prior to starting PICO, Elie was a General Partner of Benchmark Capital and he has taken three companies from founding to IPO. He was also the co-founder and CEO of Deltathree, one of Jerusalem's first unicorns. Elie's other notable startups include Iron Source, where he's an External Director and active mentor. He is also the Founder of PICO Kids, a social enterprise focused on child education in Jerusalem. Elie also owns and runs Bat Shlomo Vineyards, a boutique winery in Northern Israel. In this episode… Every entrepreneur's dream is to disrupt industries, build lasting companies, and change the world around them. But what happens when the dream becomes a tiresome mountain to climb? What do you do when it seems like the more invested you become, the greater the challenges that come your way? Elie Wurtman has been through something like that. He survived the dot-com bubble and a global financial crisis, and he continues to disrupt major industries and has even taken three companies from founding to successful IPOs. Now he's helping other entrepreneurs do the same through PICO Venture Partners. In this episode of the Inspired Insider Podcast, Elie Wurtman of PICO Venture Partners opens up about his entrepreneurial journey and what it’s like to build unicorns. He also talks about investing in startups and how he hopes to positively impact the next generation through PICO Kids. Stay tuned.
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"]
Welcome to the History of Computing Podcast, where we explore the history of information technology. Because understanding the past prepares us for the innovations of the future! Todays episode is on former Social Networking pioneer, Friendster. Today when you go to friendster.com you get a page that the social network is taking a break. The post was put up in 2018. How long did Rip Van Winkle Sleep? But what led to the rise of the first big social network and well, what happened? The story begins in 1973. Talkomatic was a chat room and was a hit in the PLATO or Programmed Logic for Automatic Teaching Operations community at the University of Illinois, an educational learning system that had been running since 1960. Dave Woolley and Douglas Brows at the University of Illinois brought chat and then the staff built TERM-Talk the same year, adding screen sharing and PLATO Notes would be added where you could add notes to your profile. This was the inspiration for the name of Lotus Notes. Then in the 80s came Bulletin Board Systems, 84 brought FidoNet, 88 brought IRC, 96 brought ICQ, and in 96 we got Bolt.com, the first social networking and video website with SixDegrees coming in 1997 as the first real social media website. AOL Instant Messenger showed up the same year and AOL bought ICQ in 99. It was pretty sweet that I didn't have to remember all those ICQ numbers any more! 1999 - Yahoo! And Microsoft got in the game launching tools called Messenger at about the same time and LiveJournal came along, as well as Habbo, a social networking site for games. By 2001 Six Degrees shut down and Messenger was shipped with XP. But 2002. That was the year the Euro hit the street. Before England dissed it. That was the year Israeli and Palestinian conflicts escalated. Actually, that's a lot of years, regrettably. I remember scandals at Enron and Worldcom well that year, ultimate resulting in Sarbanes Oxley to counter the more than 5 trillion dollars in corporate scandals that sent the economy into a tailspin. My Georgia Bulldogs football team beat Arkansas to win the SEC title and then beat Florida State in the Sugar Bowl. Nelly released Hot In Here and Eminem released Lose Yourself and Without Me. If film, Harry Potter was searching for the Chamber of Secrets and Frodo was on a great trek to the Two Towers. Eminem was in the theaters as well with 8 Mile. And Friendster was launched by Jonathan Abrams in Mountain View California. They wanted to get people making new friends and meeting in person. It was an immediate hit and people flocked to the site. They grew to three million users in just a few months, catching the attention of investors. As a young consultant, I loved keeping track of my friends who I never got to see in person using Friendster. Napster was popular at the time and the name Friendster came from a mashup of friends and Napster. With this early success, Friendster took $12 million dollars in funding from VC firm Kleiner Perkins Caufield & Byers, Benchmark Capital the next year. That was the year a Harvard student named Mark Zuckerburg launched FaceMash with his roommate Eduardo Saverin for Harvard students in a kinda' “Hot or Not” game. They would later buy Instagram as a form of euphoric recall, looking back on those days. Google has long wanted a social media footprint and tried to buy Friendster in 2003, but when rejected launched Orkut in 2004 - which just ran in Brazil, tried Google Friend Connect in 2008, which lasted until 2012, Google Buzz, which launched in 2010 and only lasted a year, Google Wave, which launched in 2009 and also only lasted a year, and of course, Google + which ran from 2011 to 2019. Google is back at it again with a new social network called Shoelace out of their Area 120 incubator. The $30 million dollars in Google stock would be worth a billion dollars today. MySpace was also launched in 2003 by Chris DeWolfe and Tom Anderson, growing to have more traffic than Google over time. But Facebook launched in 2004 and after having problems keeping the servers up and running, Friendster's board replaced Abrams as CEO and moved him to chairmen of the board. He was replaced by Scott Sassa. And then in 2005 Sassa was replaced by Taek Kwn and then he was replaced by Kent Lindstrom who was replaced by Richard Kimber. Such rapid churn in the top spot means problems. A rudderless ship. In 2006 they added widgets to keep up with MySpace. They didn't. They also opened up a developer program and opened up APIs. They still had 52 million unique visitors worldwide in June 2008. But by then, MySpace had grown to 7 times their size. MOL Global, an online payments processor from Malaysia bought the company in 2009 and relaunched the site. All user data was erased and Friendster provided an export tool to move data to other popular sites at the time, such as Flickr. In 2009 Friendster had 3 Million unique visitors per day. They relaunched But that dropped to less than a quarter million by the end of 2010. People abandoned the network. What happened? Facebook eclipsed the Friendster traffic in 2009. Friendster became something more used in Asia than the US. Really, though, I remember early technical problems. I remember not being able to log in, so moving over to MySpace. I remember slow loading times. And I remember more and more people spending time on MySpace, customizing their MySpace page. Facebook did something different. Sure, you couldn't customize the page, but the simple layout loaded fast and was always online. This reminds me of the scene in the show Silicon Valley, when they have to grab the fire extinguisher because they set the house on fire from having too much traffic! In 2010, Facebook acquired Friendster's portfolio of social networking patents for $40 million dollars. In 2011, Newscorp sold MySpace for $35 million dollars after it had been valued at it peak in 2008. After continuing its decline, Friendster was sold to a social gaming site in 2015, trying to capitalize on the success that Facebook had doing online gaming. But after an immediate burst of users, it too was not successful. In 2018 the site finally closed its doors. Today Friendster is the 651,465th ranked site in the world. There are a few thing to think about when you look at the Friendster story: 1. The Internet would not be what it is today without sites like Friendster to help people want to be on it. 2. The first company on a new thing isn't always the one that really breaks through 3. You have to, and I mean, have to keep your servers up. This is a critical aspect of maintaining you're momentum. I was involved with one of the first 5 facebook apps. And we had no idea 2 million people would use that app in the weekend it was launched. We moved mountains to get more servers and clusters brought online and refactored sql queries on the fly, working over 70 hours in a weekend. And within a week we hit 10 million users. That app paid for dozens of other projects and was online for years. 4. When investors move in, the founder usually gets fired at the first sign of trouble. Many organizations simply can't find their equilibrium after that and flounder. 5. Last but not least: Don't refactor every year, but if you can't keep your servers up, you might just have too much technical debt. I'm sure everyone involved with Friendster wishes they could go back and do many things differently. But hindsight is always 20/20. They played their part in the advent of the Internet. Without early pioneers like Friendster we wouldn't be where we are at today. As Heinlein said, “yet another crew of Rip Van Winkle's” But Buck Rogers eventually did actually wake back up, and maybe Friendster will as well. Thank you for tuning into another episode of the History of Computing Podcast. We're lucky to have you. Have a great day!
Zack Urlocker helped grow a number of software companies to billion dollar exits - including Active Software, MySQL, Zendesk and most recently Duo Security. And he's been an advisor and board member for many other successful venture-backed software companies including HubSpot and SugarCRM. He's also written a rock opera! Zack's worked with many Tier 1 VCs including Benchmark Capital, CRV, Index Ventures and Matrix Partners and he now lectures at the University of Michigan on Entrepreneurial Leadership. Zack discusses: Why product management is a great career path for any budding enterprise sofrtware entrepeneur The importance of focusing on great customer service when you expand internationally How and why you should avoiding micro-managing local decisions from an overseas HQ The importance of transferring your culture and cloning your successful DNA as you expand internationally The mis-step Duo Security took in failing to hire sufficient local domain expertise when they initially expanded into Europe His focus on developing entrepreneurs in the Mid-West: a US region historically starved of entrepreneurial development & learning opportunities Head over to www.alpinasearch.com for more advice on globally scaling your enterprise software venture
In this insightful conversation with investor Peter Fenton of Benchmark Capital, Polyvore CEO and co-founder Jess Lee talks about her personal and professional transition from working at a large organization to a becoming an entrepreneurial, first-time CEO. Fenton and Lee also examine the priorities of the CEO role, founder and investor relations, and creating the right team to build the product.
© 2020-2025 Ivy Podcast Discovery LLC
