Podcast appearances and mentions of scott kupor

- Senate Hearing for Scott Kupor to be Director of the Office of Personnel Management & Eric Ueland to be Deputy Director for Management, OMB (4.3) - Naval Officers Speak at Navy League Conference - President Trump Hosts the 2024 World Series Champions, LA Dodgers at The White House - Continued: Naval Officers Speak at Navy League Conference - Confirmation Hearing for Ambassador Nominees Sen. David Perdue to serve as U.S. Ambassador to China & Monica Crow to serve as State Department Chief of Protocol (4.3) - Badlands Commentary from Ghost - President Trump's Bilateral Meeting with the Prime Minister of the State of Israel, Benjamin Netanyahu - Badlands Commentary from Ghost

The podcast features Preethy Padmanabhan, host of *10X Growth Strategies*, in conversation with Mercedes Bankston, Program Director at Founder Institute to discuss the book "Secrets of Sand Hill Road" by Scott Kupor. The book covers how venture capital firms operate, what investors look for in startups, and how to navigate the funding process. The podcast delves into these key insights, offering practical advice for those looking to grow their businesses with venture capital support.   Topics: 00:00 Introduction to Venture Investing 01:01 Meet Our Guest: Mercedes Bankston 01:51 Mercedes' Journey in the Startup World 03:12 Insights from 'Secrets of Sand Hill Road' 05:06 Understanding Venture Capital Dynamics 07:11 Global Perspectives on Startups 11:11 Impact of Venture Investing on Employment 15:16 Current VC Landscape in 2024 17:11 Market Trends and Political Factors 18:30 The Role of Founder Institute and VC Lab 20:52 Success Stories and Unique Funds 24:01 Future Outlook for Venture Investments 27:34 Advice for Entrepreneurs 28:42 Common Pitch Deck Mistakes 31:39 Final Thoughts and Resources

In the first Origins episode of the year, ⁠Nick Chirls⁠ (Notation Capital) and ⁠Beezer Clarkson⁠ (Sapphire Partners) host Scott Kupor, a Managing Partner at Andreessen Horowitz. In his role as managing partner, Scott invests in growth-stage companies building in the bio and healthcare industries, manages the firm's investor relations team, and is responsible for the firm's growth initiatives.  Scott was the first employee at Andreessen Horowitz and managed the firm's growth from $300 million in AUM to more than $30 billion. Prior to joining the firm, Scott worked as vice president and general manager of software-as-a-service at Hewlett Packard. Before that, he held numerous executive management positions at Opsware, including senior vice president of global field operations, vice president of financial planning and vice president of corporate development. Scott is also the author of the Wall Street Journal bestselling book, Secrets of Sand Hill Road: Venture Capital and How to Get It, and serves on the boards of Cedar, Headway, Foursquare, Labster, Ultima, and SnapLogic. He also served as chairman of the board for the National Venture Capital Association. In this episode we discuss:  - The evolution of Andreessen Horowitz as the firm approaches its 15th anniversary - Reflections on how Scott's role has changed since becoming the first hire at a16z - The state of venture today with AI as an inflection point + valuation corrections - Managing LP/GP expectations in the current environment (e.g. markdowns) - a16z's decentralized business model and keeping important cultural values - How to think about (and debate) fund size and what is the TAM today …and much more Follow us: ⁠⁠https://twitter.com/nchirls⁠⁠ ⁠⁠https://twitter.com/beezer232⁠⁠ https://twitter.com/skupor

(0:00) Intro.(1:36) About this podcast's sponsor: The American College of Governance Counsel.(2:23) Start of interview.(3:33) On the collapse of SVB and its impact to Silicon Valley and the VC industry.(9:05) On the state of private markets. *Reference to Aileen Lee's post on Unicorn update (2013-2024).(14:35) How VCs are approaching tough conversations on shutdowns, downrounds and/or recaps in this down market cycle. *Reference to Scott's book Secrets of Sand Hill Road: Venture Capital and How to Get It (2019).(19:10) On the evolution of secondary markets (including founders taking secondaries) and the idea of staying private for longer ("SPL").(24:15) On startup compensation practices (stock option vesting schedules, RSUs).(26:21) On a16z's expansion to NYC (~80 employees) and internationally to London. (28:52) On geopolitics challenges, including China. (31:06) On the crypto industry (Web3) and its regulatory challenges. (34:37) On AI as an investment thesis.(35:30) On some of the novel corporate governance structures used by some leading AI companies (PBCs, LTBTs, etc). On the OpenAI board crisis.(38:37) Fraud in private markets.(41:44) On ESG and DEI in the venture-backed startup market. *Reference to a16z Cultural Leadership Fund and Talent x Opportunity (TXO). How LPs think about this, both in the US and abroad.(44:45) On California as a tech hub and some of its "exodus".(46:35) Corporate governance matters for late stage companies, independent directors and "overboarding" in the VC context.Scott Kupor is an investing partner focused on growth-stage companies building in the bio and healthcare industries, manages the firm's investor relations team, and is responsible for the firm's growth initiatives. You can follow Scott on social media at:Twitter (X): @skuporLinkedIn: https://www.linkedin.com/in/scottkupor/ You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__You can join as a Patron of the Boardroom Governance Podcast at:Patreon: patreon.com/BoardroomGovernancePod__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

Private Markets Valuations…do these quarterly marks properly represent fair value or are they make believe…contrived from the fictional world of GP machinations?  Do these interim valuations, as one commentator put it, “not matter;” or as another proclaimed provocatively, are they simply a case of “volatility laundering.”  Is the gap or “lag” with public market equivalents relevant…are we anchoring to the right bogey…or arbitrarily comparing objective value to an emotionally manic patient, to paraphrase Warren Buffett?  In today's episode, our inaugural episode of Capital Decanted, we are going to lean in to this divisive and complex topic with some help from Scott and Andrea. Episode Sources

¡Hola! Soy Jaime Sotomayor, conductor deI podcast Innovación Sin Barreras.En este episodio tengo el honor de presentar como invitado a Julian Colombo, CEO de N5, una empresa que se especializa en software para la industria financiera. A lo largo de su carrera, Julian ha demostrado ser un líder en el mundo de la tecnología financiera, con un enfoque en resolver problemas específicos en la industria financiera con soluciones de software innovadoras y efectivas.Julian viene del mundo de la tecnología financiera, habiendo trabajado en diversas iniciativas y empresas. Su filosofía se basa en la idea de que es esencial enfocarse primero en lo importante, en las fundaciones y en lo estructural antes de pasar a la sofisticación. Según Julian, es crucial resolver problemas básicos antes de pasar a soluciones más sofisticadas.En nuestra conversación, Julian nos habla de su visión sobre la creación de software para la industria financiera. Discutimos los desafíos y aprendizajes de este proceso, así como las estrategias que ha utilizado para establecer y crecer su propia empresa. Julian nos comparte detalles sobre cómo su software es diferente de otros en el mercado y cómo se centra en resolver problemas específicos en la industria financiera.Además, Julian discute la importancia de cobrar precios que remuneran el esfuerzo de su empresa y permiten su desarrollo continuo. Según Julian, es esencial ofrecer soluciones a problemas específicos en lugar de tratar de ser todo para todos.---¿Qué escucharás en este episodio?La tecnología en la industria financiera.La importancia de enfocarse en lo fundamental antes de pasar a soluciones sofisticadas.La visión de Julian sobre la creación de software para la industria financiera.Los desafíos y aprendizajes en el proceso de establecer y crecer su propia empresa.La importancia de cobrar precios justos y ofrecer soluciones a problemas específicos.La diferencia entre trabajar con proveedores genéricos y especializados en la banca.Recomendaciones para bancos antiguos y nuevos en la gestión de temas tecnológicos.Reflexiones sobre la vida, relaciones y enfoque en los resultados.---Recomendaciones:"Tom Sawyer", "Ambar", "El diario de Dan y Eva" de Mark Twain."Pensando, rápido y despacio" de Daniel Kahneman."El Cisne Negro" y "Engañados por el azar" de Nassim Nicholas Taleb."The Hard Thing About Hard Things" de Ben Horowitz."Secrets of Sand Hill Road" de Scott Kupor."Sapiens" de Yuval Noah Harari."La señal y el ruido" de Jordan Ellenberg."El juego del colgado" de Gisela Colombo (hermana de Julian).---¿Te gustó este episodio? Te invito a suscribirte gratuitamente al podcast y al newsletter de Innovación Sin Barreras en https://blog.jaime.pe/. Así no te perderás de ninguna de nuestras entrevistas sobre startups, tecnología e innovación, donde extraemos valiosos aprendizajes directamente de aquellas personas en la cancha. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit blog.jaime.pe

Scott is the Managing Partner at Andreessen Horowitz (a16z) where he is responsible for all operational aspects of running the firm. He also invests in growth-stage companies within the bio and healthcare industries. Scott originally joined Andreessen Horowitz as the first employee, joining Marc & Ben after they founded the firm. He is the author of the bestselling book, Secrets of Sand Hill Road: Venture Capital and How to Get It. Follow Scott on Twitter @skupor. [1:41] - The start of Scott's career, from law school to investment banking [6:00] - The evolution of Scott's relationship with reading [10:29] - Persisting after an initial rejection from Stanford [14:05] - Scott's role in shaping the amazing growth of a16z [17:46] - Transitioning from executing tasks to managing people [22:03] - Scott's learnings from scaling a16z from scratch [27:25] - The development of a16z's organizational design [36:30] - Going from a generalized investment fund to multiple specialized verticals [39:50] - Criteria for selecting new general partners at a16z [47:01] - The value of making media efforts as a VC firm [51:40] - Scott's guiding principles for success in his work For more episodes, go to podofjake.com. Previous guests include Mark Cuban, Vitalik Buterin, Brian Armstrong, Balaji Srinivasan, Keith Rabois, Ali Spagnola, Anthony Pompliano, Raoul Pal, Julia Galef, Jack Butcher, Tim Draper, and over 100 others alike. Learn from founders and CEOs of companies like OpenAI, Coinbase, Solana, Polygon, AngelList⁠, Oura⁠, and Replit, and investors from Founders Fund, a16z, Union Square Ventures, and many more. I appreciate your support and hope you enjoy. Thanks to ⁠Chase Devens⁠ for the show notes and ⁠Yiction⁠ for the music. Lastly, I love hearing from fans of the pod. Feel free to email me any time at jake@blogofjake.com. Thank you!

Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.This week we're joined by Scott Kupor, Managing Partner at Andreessen Horowitz. Scott was the first employee of the firm alongside Marc Andreessen and Ben Horowitz. He has been instrumental in the firm's growth to now having north of $35B in AUM. Scott also authored a Wall Street Journal bestselling book called Secrets of Sand Hill Road: Venture Capital and How to Get It, and previously also served as chairman of the board of the NVCA. Scott goes through the history of a16z and the learnings along the way in building the multi-product investment company it is today.Frank, Rimerman + Co.'s history is closely intertwined with that of Silicon Valley. With humble beginnings similar to so many start-ups, Frank, Rimerman was formed with a desire to serve the entrepreneurial and venture communities of the Valley and the determination to think outside-the-box.When it comes to venture funds, we work with almost 500 VC groups from over 20 states across the USA. We have worked with over 400 fund groups during their first year of operations, making us one of the leading providers in the country to emerging managers.No one wants to be bored at work. That's why we chose to work with some of the most innovative and creative people – people who are changing the world around us every day. Their excitement fuels our passion and determination to grow and serve this special community.Frank, Rimerman + Co, Passion Works Here.www.frankrimerman.comAbout Scott Kupor:Scott Kupor is Managing Partner at Andreessen Horowitz, focused on growth-stage companies building in the bio and healthcare industries, manages the firm's investor relations team, and is responsible for the firm's growth initiatives. Scott was the first employee at Andreessen Horowitz and managed the firm's growth from $300 million in AUM to more than $30 billion. Prior to joining the firm, Scott worked Hewlett Packard, Opsware, and represented startups through M&A processes. Scott is the author of the Wall Street Journal bestselling book, Secrets of Sand Hill Road: Venture Capital and How to Get It, and serves on the boards of Cedar, Headway, Foursquare, Labster, Ultima, and SnapLogic. He also served as chairman of the board for the National Venture Capital Association.Scott earned a bachelor's degree and a JD from Stanford University.In this episode, we discuss:(02:24) Scott's journey to a16z(04:52) Lessons from the dotcom bubble (08:29) Why the original thesis for a16z was so different(12:33) How Mike Ovitz and CAA inspired them(16:44) Early days building the firm and recruiting the team(20:26) Running the firm like a startup(25:58) Challenges of building and maintaining a culture(30:01) Building cohesion with a global workforce and work from home(33:18) What “founder-friendly” means at a16z(36:34) Advice for new managers(40:49) Where we are in the current market cycle(44:59) The advice Scott would give e himself as a new graduate.I'd love to know what you took away from this conversation with Scott. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you'd like to be considered as a guest or have someone you'd like to hear from (GP or LP), drop me a direct message on Twitter.Podcast Production support provided by Agent Bee This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit ventureunlocked.substack.com

In this episode of Ventures, I (https://linkedin.com/in/wclittle) compare ChatGPT, Bard, HuggingChat, and BingChat regarding their recommendations for startup books and front-end code for a standard startup landing page. I compare the user experience of each LLM, the limitations of each for these use cases, and show how ChatGPT and Bard seem to be current leaders in these examples.Visit https://satchel.works/@wclittle/ventures-episode-149 for more information. You can watch this episode via video here. 0:03 - Tee-up for the episode, talking about the 4 LLMs I'll be comparing, and where to find the audio/video of this episode. 1:14 - Talking about startup books, starting with ChatGPT's list: "The Lean Startup" by Eric Ries"Zero to One" by Peter Thiel and Blake Masters"The Startup Owner's Manual" by Steve Blank and Bob Dorf"Founders at Work" by Jessica Livingston"The Hard Thing About Hard Things" by Ben Horowitz"Venture Deals" by Brad Feld and Jason Mendelson"Disciplined Entrepreneurship" by Bill Aule"Crossing the Chasm" by Geoffrey A. Moore2:47 - Talking about Google Bard's list: The Lean Startup by Eric RiesZero to One by Peter ThielThe Hard Thing About Hard Things by Ben HorowitzThe Mom Test by Rob FitzpatrickThe Startup Owner's Manual by Steve BlankThe $100 Startup by Chris GuillebeauFounders at Work by Jessica LivingstonLost and Founder by Rand FishkinThe Innovator's Dilemma by Clayton ChristensenThe Art of Startup Fundraising by Steve Blank and Bob Dorf3:25 - HuggingChat's “list” - which was just The Lean Startup4:12 - Bing Chat's list: Lost and Founder by Rand Fishkin, The Startup Checklist by David S. Rose, and The Lean Startup by Eric Ries1. Other books recommended for startup founders include The Founder's Dilemmas by Noam Wasserman, Secrets of Sand Hill Road by Scott Kupor, and Zero to One by Peter Thiel and Blake Masters1. According to Benzinga, the best startup books for beginners are “Zero to One,” “Creativity Inc.” and “The Lean Startup”1. “The Startup Owner's Manual” by Steve Blank is also recommended as one of the best startup books2. Other books that are recommended for business startup include “The War of Art” by Steven Pressfield, “The 4-Hour Workweek” by Tim Ferris, and “Purple Cow” by Seth Godin1.6:06 - Diving into front-end code with the 4 LLMs, including asking it for the CSS for the recommended HTML code that Bard and ChatGPT put out (HuggingChat and Bing weren't able to generate code for me). 

Michael speaks with venture capitalist Scott Kupor, author of "Secrets of Sand Hill Road: Venture Capital and How to Get It." Original air date 17 June 2019. The book was published on 4 June 2019.

Host Gary J. Ross talks with Scott Kupor, Managing Partner at Andreessen Horowitz and the author of the best-seller Secrets of Sandhill Road: Venture Capital and How to Get It. Scott discusses how Andreessen Horowitz organizes its funds, with verticals consisting of consumer enterprise and biotech/health, as well as software, crypto, and gaming. Gary and Scott also cover such topics as LLCs vs. corporations, dual-class stock, the fiduciary duty of directors towards common stockholders, and various challenges facing entrepreneurs and boards of directors.

0:00 -- Intro.1:23 -- Start of interview.3:32 -- Adam's "origin story". He grew up in southern California where he attended UCSD and graduated from UCLA. In college he became an activist focusing on the conflict in Darfur, Sudan, and developed a "targeted divestment" model. After college he became a social entrepreneur based in Washington, DC.4:06 -- His decision to pursue a JD/MBA from UC Berkeley. While in grad school "he fell in love with the startup tech scene" and during business school he tried to start his own startup but that's where he learned that "it doesn't matter how good your idea is when you don't have a good team and good execution." He then joined Gunderson Dettmer as a corporate associate supporting tech founders.7:14 -- Adam's new role as Assistant Dean for Executive Education and Revenue Generation at UC Berkeley's School of Law. How his initial work with 500 Startups with the BCLB sparked more executive education programs. 9:24 -- On the origin and mission of The Independent Director Initiative.12:20  -- What makes corporate governance in private venture-backed companies different to public companies. Explaining VC University (a partnership between Berkeley Law, NVCA and Venture Forward).15:42 -- The Academic Partners of the Independent Director Initiative: Berkeley Law Executive Education; Berkeley Law Center for Law and Business; Ira M. Millstein Center for Global Markets and Corporate Ownership at Columbia Law School; UC Davis School of Law; UC Hastings Law Center for Business Law; Institute for Law & Economics at the University of Pennsylvania; Silicon Valley Executive Center at Santa Clara University; Rowling Center at SMU Dedman School of Law; Rock Center for Corporate Governance at Stanford University; Stanford Center for Racial Justice at Stanford Law School; and Lowell Milken Institute for Business Law & Policy at UCLA School of Law.University of Washington School of LawThe Organizational Partners of the Independent Director Initiative: Ascend; BLCK VC; BoardList;Bolster;Corporate Directors Forum;The Fourth Floor;HBCUvc; Him for Her; LCDA;National Black MBA Association; National Venture Capital Association; NxtWorkVenture Forward.18:07 -- On the interest and number of applicants to the program (~500 applications, 80 got selected in first cohort).19:21 -- On fiduciary duties of directors in venture-backed companies (including dual-fiduciary conflicts). Role of independent directors, and boardroom diversity in private venture-backed companies. The Trados case (2013).38:43 -- The evolution of private markets and how its regulation may impact corporate governance.40:06 -- Take-aways from the program: 1) more education is needed for directors of venture-backed companies generally (beyond just independent directors), and 2) it was refreshing to see such a diverse and qualified group of executives that could serve on corporate boards.41:56 -- Where can people learn more and/or apply for the next cohort of the Independent Director Initiative: independent.venturecapitaluniversity.com42:57 -- Benefits for participants beyond just the two days of the program. Placements. 45:27 - Some of the books that have greatly influenced his venture career: Venture Deals, by Brad Feld and Jason Mendelson (2011)Secrets of Sand HIll Road, by Scott Kupor (2019)45:51 - Who were your mentors, and what did you learn from them (regarding this program)Evan Epstein (!)Afra Afsharipour, UC Davis Law School46:26 - Are there any quotes you think of often or live your life by? "You don't have to see the whole staircase, just take the first step." Martin Luther King, Jr.46:26 - An unusual habit or an absurd thing that he loves: walking 40min for his commute. "Owning your downtime."48:55 - The living person he most admires: his wife.Adam Sterling is the Assistant Dean for Executive Education and Revenue Generation at UC Berkeley's School of Law and the Executive Director of the Berkeley Center for Law and Business. __ You can follow Adam on social media at:Twitter: @adambsterlingLinkedIn: https://www.linkedin.com/in/adambsterling/__ You can follow Evan on social media at:Twitter: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

This conversation is with JD Worcester. JD is a recent graduate from Santa Clara University currently pursuing his various passions of Web3, A.I., and Impact and Social Investing. We converse about his transition from baseball to entrepreneurship, web3 and we speculate its benefits for the future, two staples of JD's daily routine he can't live without, and the importance of finding like-minded individuals on your journey toward personal success. You can connect with JD via: Instagram | Website JD's go-to resources: Any of Naval Ravikant's work Gaby.eth's web3 reading list Zero to One by Peter Thiel - JD recommends the chapter about the "Paypal Mafia" Crossing the Chasm by Geoffrey Moore - for those interested in marketing Secrets of Sand Hill Road by Scott Kupor - for those interested in venture capital Finematics Youtube channel Bankless podcast - for those interested in crypto and DeFi And if you enjoyed this episode, have any feedback, or just want to reach out, you can reach me via my Twitter.

In this episode, we host Scott Kupor, managing partner at Andreessen Horowitz, the first employee to join Mark and Ben when they found the firm. He's also a lecturer at Stanford and UC Berkeley. And most known as the author of “Secrets of Sand Hill Road”, The 101 book for every venture capitalist. We will discuss Criss' investments, his career as a VC, his book, and how the VC landscape will change in the future.

Scott Kupor is a Managing Partner at Andreessen Horowitz (a16z). A16z is a leading venture capital firm based in Menlo Park, California, with more than $18B AUM, focusing on early stage tech companies. Scott Kupor is the Managing Partner of Andreessen Horowitz (a16z), one of the world's top venture capital firms. He has overseen the firm's rapid growth to more than 300 employees and more than $18 billion in assets under management. Prior to joining a16z, Scott worked for 8 years in a variety of roles at Opsware, an early SaaS company, before its sale to Hewlett Packard. Besides his role at a16z, Scott is the author of the Wall Street Journal best-seller, Secrets of Sand Hill Road: Venture Capital and How to Get It. He serves on numerous corporate, nonprofit, and education boards. In today's episode, Ross and Scott discuss Scott's early journey from finance into the world of start-ups, venture capital, his role growing a16z from the founding with Marc Andreesen and Ben Horowitz, and his advice for anyone looking to be successful as early stage investors.

David Richter is a fractional CFO helping people in the real estate industry to understand the numbers, growth, profit and cash flow in order to effectively scale their businesses. David's book "Profit First for Real Estate Investors" is coming out soon and it is based on the Profit First concept by Mike Michalowicz. In this episode David explains how to apply the Profit First concept to the specifics of real estate investing. He also gives us one key takeaway to help you build a more profitable business than it is today. What We Cover: - The burning need for entrepreneurs to get more clarity on the numbers in their business - What is Profit First for Real Estate Investors - The three types of accounts every real estate investor should have - How to apply Profit First when you want to scale your business - What investors should do with excess cash they generate - The difference between creating wealth and keeping wealth - How your real estate investing business can become your asset Resources: - Profit First for Real Estate Investors https://profitfirstrei.com/ - Simple CFO Solutions https://simplecfosolutions.com/ - "Profit First: Transform Your Business from a Cash-Eating Monster to Money-Making Machine" by Mike Michalowitz https://www.amazon.com/Profit-First-Transform-Cash-Eating-Money-Making-ebook/dp/B01HCGYTH4 - "Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money that the Poor and Middle Class do not" by Robert Kiyosaki https://www.amazon.com/Rich-Dad-Poor-Teach-Middle-ebook/dp/B07C7M8SX9/ - "Exit Rich: The 6 P Method to Sell Your Business for Huge Profit" by Michelle Seiler Tucker https://www.amazon.com/Exit-Rich-Method-Business-Profit-ebook/dp/B08PCK7PMK/  - "Secrets of Sand Hill Road: Venture Capital - And How to Get it" by Scott Kupor https://www.amazon.com/Secrets-Sand-Hill-Road-Capital-ebook/dp/B07KLJQ13R/ Interested in becoming a real estate investor? Sign up of Brad Smotherman's apprenticeship group at support@bradsmotherman.com

Peter Wendell is the founder of Sierra Ventures, a Silicon Valley venture capital firm that has invested more than $2 billion over the past 35 years in a wide variety of successful technology companies. Peter has taught more than 2,000 Stanford MBAs over the past 30 years, specifically the very popular course Entrepreneurship and Venture Capital with Google CEO Eric Schmidt and Scott Kupor, managing partner of Andreessen Horowitz. He serves on the board of Merck. He just completed his trusteeship at Princeton. He was also chairman of the board for Princeton University Investment Company (PRINCO) for six years, during which time PRINCO doubled the University's endowment. In this episode, Peter discusses the evolving nature of venture capital investing, the relationship between VCs and their LPs (limited partners), emerging phenomenon like SPACs and cryptocurrencies, whether we're entering another great age of secular growth for technology, and his personal journey in starting Sierra Ventures. Peter has been recognized by Forbes magazine as one of the 100 best technology venture investors in the United States and named one of the 15 venture capitalists on Upside magazine's “Elite 100” list of influential U.S. leaders in technology, finance, and business. Peter started Sierra Ventures as a young investor with some wealthy families' money –– “they should've never given someone like me money to manage,” joked Peter. But it was the age where “it was hard to not make money in venture investing” –– every fund started in Peter's time had returned money to LPs; not a single fund lost money, in contrast to around a fourth of all bond funds back then collapsing given the Asian financial crises. Peter bought 6% of stake in Intuit with a $2.5 million investment; now it's a company with a market capitalization of around $145 billion –– you can do the math. This investment, along with many others, made Peter one of the most successful venture capitalists in the world over the last few decades. We also ask Peter whether he sees us entering another period of great secular growth for technology. The sentiment amongst pro-tech, pro-growth investors seems to be that the hyper growth stocks (Snowflake, Coinbase, Shopify, Docusign, Twilio, Upstart, etc.) look expensive and many are currently unprofitable, but most have long runways, high margins, sticky customers, and steady revenues. If we value these companies on what they might look like 5 years from now, do most secular compounders still seem fairly valued? Looking at the market environment today, Peter is very skeptical of the promises of SPACs. He said in his keynote address at Princeton GCEPS that the SPAC boom likely won't end well because there is a lot of promotion, a lack of regulation, but fundamentally not that many great companies to acquire. Peter thinks that cryptocurrency and blockchain technology are the future and certainly on the risk frontier, but we still don't know which chain or project will eventually prevail, so the overall asset class is still a highly risky investment option. A big proponent of SaaS (especially given how he's one of the first investors that embraced this idea back in the early days), Peter also believes that we're still at an early stage in exploring artificial intelligence and the good it could do for the world.

In 2020, venture capitalists invested about $150 billion into U.S. start-ups, according to the data company, Crunchbase. According to the San Diego Union-Tribune, local startups in Southern California are securing more investment dollars in a single quarter than they used to get in an entire calendar year.This surge of capital is not necessarily a new trend, but it has shifted power from the investors to the entrepreneurs. Perhaps no one knows this better than Scott Kupor. The entrepreneur turned Managing Partner at Andreessen Horowitz helps manage more than $16.6 billion in assets. Scott's new book, Secrets Of Sand Hill Road, gives readers a look behind the curtain at venture capital as it relates to all stages of the startup cycle.In this episode, we'll hear more from Scott about what makes a successful venture capitalist. He'll also describe how the industry has changed over the past 20 years and explain how that changing landscape has made managing relationships more important than ever. Plus, could the future of VC be in the hands of AI?Episode Quotes:On unicorn companies:“The market size opportunity for successful companies is just dramatically different, right? I mean, you can get to $500 billion outcomes in these companies, which was just inconceivable even probably 10 or 15 years ago[…] nobody had really seen billion-dollar companies with any kind of regularity[…] I hate to say it, but billion-dollar companies are kind of table stakes at this point in time.”On why venture capital is unique:“I think the reason why venture capital has persisted is it fills a gap in the market that just don't otherwise get satisfied. […] for things where you have long lead times, you have people really trying to take on a risk that is just well beyond what a bank or other financing source can do. There's really not anything other than venture capital that can provide that.”On how much failure is involved in investment:“You can't measure success based upon your percentage success or failure rate. In other words, if you invest in 10 companies and you get five or six or seven of them right, we don't really know whether you're good as a venture capitalist. It doesn't really tell us anything. Everything here is about the magnitude of the winners.”Show Links:LinkedInOrder Book: Secrets of Sand Hill Road

On this episode of the a16z Bio Clubhouse Show, a16z general partners Julie Yoo and Jorge Conde, managing partner Scott Kupor, and market development partner Venkat Mocherla talk to guest Florian Otto, cofounder and CEO of Cedar. The conversation covers how to improve two of the trickiest aspect of healthcare: price transparency and patient engagement.

This is a special episode of the a16z podcast — it's an audio history, told through the voices of the a16z crypto team, about what crypto is, how it really works, and why it matters. This "innovation overview" is meant as a resource, and it features hallway-style conversations with the a16z team as well as outside experts.In brief segments, we’ll take you from the ground up — from the basics, to the most current developments, and beyond that to a look at what we might see in the future. Here are the topics and voices you'll hear:The BeginningIntroduction — Zoran Basich, a16z crypto editorBefore bitcoin: previous attempts to create digital money, 1:45 — Dan Boneh, computer science professor at Stanford and a16 advisor The core innovations of Satoshi’s white paper, 3:36 — Dan Boneh Proof of work, 5:36 — Alex Pruden, chief strategy officer at Aleo Systems and former a16z crypto partner Mining and why it’s important, 7:10 — Alex Pruden The history of mining, 8:20 — Alex Pruden Value in monetary systems, or why bitcoin is worth anything, 9:53 — Arianna Simpson, a16z crypto partner Bitcoin as store of value, 11:30 — Arianna Simpson Security in crypto, 12:45 — Alex Pruden ExpansionWhy is it called a blockchain? 14:00 — Eddy Lazzarin, a16z data scientist Why the blockchain matters and what you can do with it, 15:09 — Chris Dixon, a16z general partner Beyond bitcoin, 17:01 — Eddy Lazzarin Ethereum as logical extension of open source, 17:36 — Eddy Lazzarin Tokens: What are they? 19:04 — Eddy Lazzarin Tokens and the functions they serve, 19:53 — Scott Kupor, a16z managing partnerTokens and the ownership economy, 21:19 — Jesse Walden, Variant Fund founder, former a16z partner, and Mediachain founder What tokens enable for creators, 22:18 — Ali Yahya, a16z general partner Right NowWhat DeFi means, 23:58 — Eddy Lazzarin Yield farming: What is it? 25:16 — Eddy Lazzarin NFTs: What they are and why they matter, 27:15 — Linda Xie, Scalar Capital managing director, and Jesse Walden Developer ecosystems, crypto, and composability, 30:17 — Jesse Walden Decentralized networks, value capture, and what it means for builders, 33:05 — Ali Yahya The FutureThe big picture, web3, and DAOs, 35:38 — Chris Dixon For more crypto resources, please see our Crypto Startup School page, our documentary about the program, and our NFT Canon.###The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained therein.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

En el segundo podcast del programa 'Charlas sobre profesiones y empresas', Sergio Bulat habla con el empresario Dídac Lee, que ha prologado y adaptado la edición española de 'Los secretos de Silicon Valley' de Scott Kupor, sobre los entresijos del Venture Capital y otros temas relacionados con esta obra.

This week we review "Faux Croissant", "Faux Data", Where AI Helps and Hurts, Predictions that hit and those that didn't.====1 — AI creates data…and images for itself.  How Dall-E emulates the Human Brain using GPT3. Another great podcast by Andreessen Horowitz’ Frank Chen, Scott Kupor, and Zoran Basich.====2 — What You Missed in Data, AI and Analytics This MonthA recap of the biggest news with Bernard Marr. We talked Data, Analytics, CES, Davos & Flying Cars. Catch it all here and see you next month!====3 — Prediction Hits and MissesPrediction Hits and Misses by no other than Dave Kellogg. Lots of great insights for everyone interested in Data, Analytics and Startups. Dave even predicts the return of EPM!====4 — Think you know which country is the most innovative one in the world?!====5 — Which Business Metric is MOST Important?!NPM, CCC, NWC or CCR?! I say neither! RCA is the main one! :). What do YOU think?!====Remember "Project Crescent"?!  Check it out @ https://www.youtube.com/watch?v=FfRpfCav9hg&t=58s====If you like any of this, please leave a comment & a like. Want to connect? I’m on LinkedIn @ linkedin.com/in/brunoaziza====

We've got segments on artificial intelligence and IPO innovation in today's episode of 16 Minutes, where we take a look at the news and what it means for the long arc of innovation.In the first segment (0:00): Take the surrealistic images of Salvador Dali and cross them with Pixar's animated film Wall-E and you've got ... Dall-E! It's a new neural network that creates images based on text inputs, and the worlds of A.I. and machine learning recently got their first glimpse.Last summer, research lab OpenAI released an API for the machine learning model GPT-3, which caused a stir with the way it could produce text that was hard to distinguish from human writing (16 Minutes showrunner Sonal Choksi and a16z Operating Partner Frank Chen discussed it in a recent 16 Minutes Podcast, "GPT-3: Beyond the Hype," breaking down what it does and doesn't mean for startups, incumbents, and the idea of "AI as a service").Now OpenAI has unveiled Dall-E, which processes language to create new images (not new text, as GPT-3 does). Dall-E does this using a neural network called CLIP (Contrastive Language-Image Pre-training), which classifies a wide variety of images culled from the internet while "filling in the blanks" using zero-shot reasoning, enabling Dall-E to produce surprising images by inferring information it wasn't trained in.We called on Frank again to explain where Dall-E (and the broader topic of machine learning) sits on the path toward artificial general intelligence (AGI), how Dall-E's transformer-type architecture is able to infer information, what its limitations might be, and what uses we might see as this technology develops. -- with Zoran BasichIn the second segment (12:58), we had a quick chat with a16z operating partner Scott Kupor about the recent decision by the SEC to allow the issuance of new shares via direct listings on the New York Stock Exchange. Previously direct listings were limited to the sale of existing shares. Recent first-day IPO "pops" have sparked much discussion about the fairness or unfairness of the process and whether the current path we have for companies going public is broken or just needs some tinkering around the edges.Scott breaks down how the new rule will affect companies, as well as institutional and retail investors, and what this means in the long arc of IPO innovation. -- with Zoran Basich---The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. In addition, this content may include third-party advertisements; a16z has not reviewed such advertisements and does not endorse any advertising content contained thereinThis content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

Zapraszamy na odcinek z serii #PołączKropki. Audycja Zaprojektuj Swoje Życie jest patronem medialnym książki Tajemnice Sand Hill Road. Autorem jest Scott Kupor, partner Andreessen Horowitz, jednego z najlepszych funduszy Venture na świecie. Chcemy podzielić się z wami przemyśleniami partnerów wydawniczych tej książki. Dzisiejszym gościem jest Bartłomiej Samsonowicz z PFR Ventures. Poleca wspomnianą książkę wszystkim uczestnikom ekosystemu innowacji. Z rozmowy dowiecie się, które fragmenty zrobiły na nim największe wrażenie. Opowiada też o godzeniu funduszy publicznych z pieniędzmi prywatnymi przy operacjach fundingowych.Pamiętajcie aby subskrybować nasz kanał na YouTube, iTunes, Spotify lub wszędzie tam gdzie słuchacie podcastów. Co czwartek wywiady z przedsiębiorcami. I nie tylko!Więcej ciekawych historii i rozmów z wyjątkowymi gośćmi znajdziecie na naszej stronie: https://zaprojektujswojezycie.plFacebook: https://m.facebook.com/zaprojektujswojezycie/ Instagram: https://www.instagram.com/zaprojektujswojezycie.pl/ LinkedIn: https://www.linkedin.com/company/audycja-zsz/

In der dritten Folge unseres Podcasts sprechen wir mit Astrid Freier, FinTech-Investorin bei Early FinTech Ventures, Co-Founder und CEO bei RegTech Berlin. Mit Astrid haben wir unter anderem über folgende Themen gesprochen: - Was ist eigentlich RegTech? - Welche sind die aktuellen und zukünftigen Trends in diesem Bereich? - Was sind die größten Herausforderungen im Bereich RegTech? - Buchempfehlung, passend zu einer Investorin ;)Secrets of Sand Hill Road. Venture Capital and How to Get It von Scott Kupor und Eric Ries

Zapraszamy na odcinek z serii #PołączKropki. Audycja Zaprojektuj Swoje Życie jest patronem medialnym książki Tajemnice Sand Hill Road. Autorem jest Scott Kupor, partner Andreessen Horowitz, jednego z najlepszych funduszy Venture na świecie. Chcemy podzielić się z wami przemyśleniami partnerów wydawniczych tej książki. Dzisiejszym gościem jest Michał Kramarz z Google For Startups. Z rozmowy dowiecie się czemu wspomniana książka zrobiła na nim tak duże wrażenie, że kupił ją dla całego swojego zespołu. Według naszego gościa jest idealna dla każdego, kto ma startup, chce go założyć lub po prostu interesuje się tematem. Dzieli się też ze słuchaczami i widzami jak zastosował treści w niej zawarte w swoich działaniach biznesowych. Bez wątpienia jest to bardzo wartościowa pozycja. ❗ZDOBĄDŹ KSIĄŻKĘ❗Aby zdobyć książkę Tajemnice Sand Hill Road wystarczy odpowiedzieć na pytanie zadane przez Michała: ➡Dlaczego opcje dla pracowników mają najczęściej formułę vestingu czteroletniego? Michał podpowiada, że odpowiedź można znaleźć w szóstym rozdziale książki Scotta Kupora. Pierwsza prawidłowa odpowiedź zamieszczona w komentarzach pod filmem na YouTube zostanie nagrodzona książką.Pamiętajcie aby subskrybować nasz kanał na YouTube, iTunes, Spotify lub wszędzie tam gdzie słuchacie podcastów. Co czwartek wywiady z przedsiębiorcami. I nie tylko!Więcej ciekawych historii i rozmów z wyjątkowymi gośćmi znajdziecie na naszej stronie: https://zaprojektujswojezycie.plFacebook: https://m.facebook.com/zaprojektujswojezycie/Instagram: https://www.instagram.com/zaprojektujswojezycie.pl/LinkedIn: https://www.linkedin.com/company/audycja-zsz/

Stéphanie começou a carreira como consultora. Após anos na área, fundou duas empresas, uma de marketing e a outra de viagens. Foi a primeira diretora mulher da ABFintechs, é advisor da Sony Pictures e do Shark Tank. Em seu projeto de vida, é a fundadora do App DinDin, que foi adquirido em setembro de 2020. Stéphanie ganhou notoriedade nacional ao ser premiada e representar o Brasil em uma competição da empresa de meios de pagamento Visa para mulheres empreendedoras. Alguns temas do episódio: * A trajétoria da Stéphanie, de consultora para outsider no mercado de fintech * Desafios de uma mulher empreendedora no meio tech e financeiro do Brasil * Como a cultura brasileira pode afetar na tropicalização de um negócio estrangeiro * As tendências do mercado de investimento em startups para 2021 Livros que foram citados no episódio: * Biografia do Richard Branson: https://j.mp/3lmMYLv * O Lado difícil das situações difíceis, Ben Horrowitz: https://j.mp/3po65qO * Nada Easy, Tallis Gomes: https://j.mp/2UkNY6P * Secrets of Sand Hill Road, Scott Kupor: https://j.mp/3poeISd

Nous recevons aujourd’hui Shiraz Mahfoudhi, VC chez Speedinvest à Paris. Speedinvest est initialement un fonds autrichien mais maintenant européen dédié au early stage, pre-seed et seed. Bien que fonds généraliste, speedinvest a plusieurs équipes verticalisées sur des sujets deeptech, fintech, industry, network effects, healthtech & consumer. Fonds présent dans 5 pays, avec €430M sous gestion, un portefeuille de 160 startups mais seulement 6 startups française, Shiraz a rejoint Speedinvest au mois de mars 2020 pour ouvrir le bureau de Paris et développer la présence française de Speedinvest notamment sur ces 2 dernières verticales healthtech et consumer. Dans ce super épisode avec Shiraz on découvre: son parcours professionnel à rebonds entre opération et investissement en quoi cette mosaïque d’expérience lui a permis de comprendre les sujets d’hypercroissance son passage de chez Malt à VC chez Speedinvest, sa préparation et sa grille de lecture des opportunités d’investissement les différences fondamentales entre l’equity crowdfunding et le VC comment aborder les premières rencontres avec les founders en 3 points, quels sont les signaux faibles auxquels Shiraz est sensible un exemple récent d’investissement l’objectif de l’ouverture du bureau parisien de Speedinvest et comment conjuguer son développement stratégique et le quotidien de l’analyse du dealflow les secteurs que Shiraz regarde de près et ses convictions ce que Shiraz a d’unique et apporte en support aux portfolio companies les ressources qui l’inspirent ses conseils aux entrepreneurs en levée pour entamer un échange avec elle … et plein d’autres sujets! Alors place immédiatement à cet échange avec Shiraz Mahfoudhi, VC chez Speedinvest à Paris! _ Les ressources qui ont inspiré Shiraz Livre: Secrets of Sand Hill Road, by Scott Kupor, VC at a16z Newsletters: a16z, Sifted, Venturebeat, rapports Rock Health _ Les podcasts Runway Series, AMA VC & Venture Talks sont produits par UPCOMINGVC® (www.upcoming.vc), imaginés, animés par Raphael Grieco. UPCOMINGVC® c'est aussi une newsletter, "Venture Notes" (venturenotes.co) qui ajoute du contexte aux podcasts & donne accès à des outils & infos uniques pour la communauté. Finalement, UPCOMINGVC® c'est aussi un "VC game: SUPERVALO"! Tu veux apprendre la construction d'un portefeuille de startups? Viens jouer sur upcoming.vc/supervalo!

Getting into retail can be very challenging, especially when you have to compete with the bigger brands. You have to prove yourself before you ever get on the shelf. That’s where Amazon comes in. Amazon provides an opportunity for small brands to make that play to prove themselves, and to show up on the shelf later and in relatively quick order. Joining Jim Beach on The School For Startups Radio is product innovator and Amazon launch specialist Tracy Hazzard. Tracy shares the secret to using Amazon as a test bed for your product. She also touches on podcasting and how you can use it as a marketing, networking, and content creation tool. If you have a product to launch, this show will prove valuable to you.

Start of Interview [1:51]How is a16z dealing with COVID-19, plus its new Talent & Opportunity Fund [2:31]Scott's professional background [3:48]The shift from traditional VC firm to Registered Investment Advisor (to pursue investment opportunities beyond traditional equity, such as crypto) [6:00]The governance chapters of his book The Secrets of Sand Hill Road. Distinctions between public and private venture-backed boards [12:11]:The contrast in board composition in the private and public board context [12:38]Dual fiduciary duties owed by VC directors [13:48]"Common controlled" boards vs "preferred controlled" boards [14:50]Andreessen Horowitz' different approach to support its portfolio CEOs post-investment (institutionalizing the network) [17:03]Number of boards seats held by VC investors (and why it's different to public boards) [20:33]Scott's take on dual-class shares, and distinctions in the private and public company context [25:13]Scott's take on tenure-voting ("rethinking what's fair in corporate governance") [29:10]Why a16z invested in the Long Term Stock Exchange [32:35]Scott's recommendations to boards of venture-backed companies in down-rounds and M&A [36:09]Trends of independent directors in venture-backed companies [40:00]The rise of private markets in the tech financing ecosystem [42:46]The new governance challenges of late stage private companies [44:20]The Purpose of the Corporation and the Governance of Cryptonetworks [47:06]Two of his favorite books: "The Lost Lawyer" by Anthony Kronman, and "The Master of the Senate: the Years of Lyndon Johnson" by Robert Caro [54:06]His mentors: Marc Andreessen, Ben Horowitz. Early (informal mentor): Armin Weinberg [55:38]His favorite quote “In the long run, we are all dead” by John Maynard Keynes. [57:13]Scott Kupor is the managing partner at Andreessen Horowitz where he is responsible for all operational aspects of running the firm. He has been with the firm since its inception in 2009 and has overseen its rapid growth, from three employees to 180 and from $300 million in assets under management to more than $12 billion.Scott is chairman of the board of Genesys Works; cofounder and co-director of the Stanford Venture Capital Director’s College; Executive in Residence at Haas School of Business and Boalt School of Law; and a Lecturer at Stanford Law School. He is vice-chair of the investment committee of St. Jude’s Children’s Cancer Research Hospital and also serves as a member of the investment committees for Stanford Medical Center, the Silicon Valley Community Foundation, and Lick Wilmerding High School.Scott served as Chairman of the Board of the National Venture Capital Association (2017-2018). He is the author of the national bestselling book Secrets of Sand Hill Road: Venture Capital and How to Get It, published by Portfolio, a division of Penguin.___Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License 

Chris Schroeder is a global angel investor & advisor to tech startups with a keen interest in emerging markets. Chris is the co-founder of Next Billion Ventures, a venture capital fund focused on the next billion digital consumers across global emerging markets, he is a Network Partner for Village Global, an early venture capital fund backed by Bill Gates, Mark Zuckerberg, Diane Greene, Sara Blakely, Jeff Bezos, Reid Hoffman and many more exceptional entrepreneurs. He sits on the investment committees of Wamda Capital & Saudi Telecom Ventures and he is on the board of several private and NGO boards. And that’s just the tip of the iceberg. Chris started out in politics with the George W Bush (Senior) presidential campaign before becoming the CEO of the Washington Post/ Newsweek interactive. In 2005 he co-founded Health Central, a platform that helps people find and share real-life experiences related to their health needs. Health Central was backed by the likes of Sequoia, Polaris Ventures and the Carlyle Group to name a few and was acquired by Remedy Health in 2012. In 2013, Chris published the first book on the Middle East & North Africa’s entrepreneurship scene called: Startup Rising — The Entrepreneurial Revolution Remaking the Middle East — with a forward by renowned investor Marc Andreessen. I’ve known Chris for nearly a decade and am delighted he let me ask the questions this time as he is the one who is always curious and eager to be of service. We talked about Chris's transition into entrepreneurship from politics and corporate life, his fascination with entrepreneurship in the Middle East and emerging markets, the sectors he’s currently considering for investment and we touch on our need to step up and take control of our lives and also our biases. For those interested in learning more about fundraising for startups and venture capital, check out these 2 books: Venture deals by Brad Feld and (Secrets of Sand Hill Road](Secrets of Sand Hill Road) by Scott Kupor. Thanks to Joi Gifts for their support on this episode. Joi Gifts is the largest gifting marketplace in the Middle East, operating in 7 countries and covering 22 major cities. Use the code loulou15 to get a 15% discount on everything. Enjoy!

Chris Schroeder is a global angel investor & advisor to tech startups with a keen interest in emerging markets. Chris is the co-founder of Next Billion Ventures, a venture capital fund focused on the next billion digital consumers across global emerging markets, he is a Network Partner for Village Global, an early venture capital fund backed by Bill Gates, Mark Zuckerberg, Diane Greene, Sara Blakely, Jeff Bezos, Reid Hoffman and many more exceptional entrepreneurs. He sits on the investment committees of Wamda Capital & Saudi Telecom Ventures and he is on the board of several private and NGO boards. And that's just the tip of the iceberg. Chris started out in politics with the George W Bush (Senior) presidential campaign before becoming the CEO of the Washington Post/ Newsweek interactive. In 2005 he co-founded Health Central, a platform that helps people find and share real-life experiences related to their health needs. Health Central was backed by the likes of Sequoia, Polaris Ventures and the Carlyle Group to name a few and was acquired by Remedy Health in 2012. In 2013, Chris published the first book on the Middle East & North Africa's entrepreneurship scene called: Startup Rising — The Entrepreneurial Revolution Remaking the Middle East — with a forward by renowned investor Marc Andreessen. I've known Chris for nearly a decade and am delighted he let me ask the questions this time as he is the one who is always curious and eager to be of service. We talked about Chris's transition into entrepreneurship from politics and corporate life, his fascination with entrepreneurship in the Middle East and emerging markets, the sectors he's currently considering for investment and we touch on our need to step up and take control of our lives and also our biases. For those interested in learning more about fundraising for startups and venture capital, check out these 2 books: [Venture deals](https://www.venturedeals.com) by Brad Feld and (Secrets of Sand Hill Road](Secrets of Sand Hill Road) by Scott Kupor. Thanks to [Joi Gifts](http://joigifts.com) for their support on this episode. Joi Gifts is the largest gifting marketplace in the Middle East, operating in 7 countries and covering 22 major cities. Use the code loulou15 to get a 15% discount on everything. Enjoy!

A fireside chat between Alan Feld and Scott Kupor, Managing Partner at Andreessen Horowitz, discussing venture capital at SuperVenture Berlin and Scott's new book: Secrets Of Sand Hill Road.

Secrets of Sand Hill Road is a guide on how to engage with VC community. It is written by Scott Kupor, a managing partner at Andreessen Horowitz.

This episode of 16 Minutes on the news covers:all the recent fintech acquisitions! from Intuit announcing it's acquiring Credit Karma this week to Morgan Stanley announcing it's acquiring E-trade last week to Visa acquiring Plaid last month, and so on -- what’s going on, why, and why now? -- with a16z general partner Anish Acharya;recent hearing on SEC's complaint against Telegram, which turns out not to be about cryptocurrency at large, a particular subset of cryptocurrencies, or whether a cryptocurrencly is inherently a security -- but may have broader implications for policy and policy making -- at 7:57 with a16z managing partner Scott Kupor;...in conversation with Sonal Chokshi.---The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information. 

In this episode, Scott Kupor discusses his time in the venture-capital community in Silicon Valley, his outlook on the future of the VC industry and how his new book can help entrepreneurs better understand how venture capital works. The interview is moderated by Goldman Sachs' Ken Hirsch. Date: October 8, 2019 This podcast should not be copied, distributed, published or reproduced, in whole or in part, or disclosed by any recipient to any other person. The information contained in this podcast does not constitute a recommendation from any Goldman Sachs entity to the recipient. Neither Goldman Sachs nor any of its affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. The views expressed in this podcast are not necessarily those of Goldman Sachs, and Goldman Sachs is not providing any financial, economic, legal, accounting or tax advice or recommendations in this podcast. In addition, the receipt of this podcast by any recipient is not to be taken as constituting the giving of investment advice by Goldman Sachs to that recipient, nor to constitute such person a client of any Goldman Sachs entity. Copyright 2020 Goldman Sachs & Co. LLC. All rights reserved.

This is the 16th episode of 16 Minutes, our news show where we cover the top headlines, the a16z Podcast way: what’s real / what’s hype; why they matter from our vantage point in tech.This week, we cover the following news (in conversation with Sonal Chokshi):NYSE & SEC back and forth over direct listings -- The NYSE recently proposed allowing companies to raise capital during direct listings (currently, they're different than IPOs in that there is no offering); the SEC rejected it; and they just filed a new proposal... but beyond this news and these artifacts, what's the bigger picture when it comes to other structural factors involved here? -- with Scott Kupor.vaping apps & Apple; FDA & CBD-- two recent moves: Apple banning 181 vaping apps from its app store, FDA issuing warning letters against 15 companies with products that have CBD in them; what's our quick take on the blurring lines between these two seemingly different bits of news? -- with Vijay Pande.Relevant/ related links:IPOs, direct listings, more:beyond the opening bell: what do (and don't) IPOs tell us about companies? by Scott Kupordirect listings, the myths and the facts [podcast] with Stacey Cunningham, Barry McCarthy, and Sonal Chokshiall about direct listings with Jamie McGurkthe curious case (and the behind-the-scenes story of) the OpenTable IPO [podcast] with Jeff Jordan, J.D. Moriarty, and Sonal Chokshion capital formation, smaller companies, and IPOs [testimony] by Scott Kupor---The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

In another riveting episode, Scott Kupor, the managing partner of one of the highest-profile VC on the planet over the last decade, Andreessen Horowitz, joins us today to discuss startups, how to get funded and a lot more! He is also the author of the book called Secrets of Sand Hill Road: Venture Capital and How to Get It. “Inside Baseball” Scott addressed the common issue of "inside baseball" between entrepreneurs and VCs. He shares that there is no reason why questions shouldn’t be answered and that VCs should reach out to entrepreneurs. “People don’t understand why decisions are made. I think that just leads to mistrust quite frankly between VCs and entrepreneurs.” - Scott Kupor Moreover, Scott shares the reason why he wrote the book. He wanted to bridge the gap between VCs and entrepreneurs. Through this book, he answers several entrepreneur questions that previously were assumed to be understood, since they have done a lot of deals in the past.  Information Asymmetry Scott discusses the idea about information asymmetry and how it results to one party benefitting at the expense of the other in those types of scenarios. “Capital is scarce and VCs have it. There was definitely a very different balance of power between entrepreneurs and VCs. There’s probably less incentive quite frankly for the VC. The biggest change, I think,  in the last 10 yrs is, its as competitive as its ever been.” - Scott Kupor  Money clearly a commodity in this business. For Scott, if VCs and entrepreneurs can level the playing field, he would enter into a relationship on a basis of actually understanding one another, knowing what motivates one another as it would definitely be a good place better place to start. More From Scott Aside from talking about Silicon Valley, Startups and how entrepreneurs could get funding, he shares his thoughts on the overall VC backed industry.  “My personal view is—I’ve talked about this with people in DC publicly—the idea that more and more growth is happening in the private markets, while beneficial, selfishly for people like me, who get to, kind of monetize that growth. I don’t think its good for the country. I don’t think its good to not have companies going public at a reasonable stage where a broader cross-section of public market investors can actually enjoy the appreciation there.” - Scott Kupor To hear more about Secrets of Sand Hill Road Venture Capital and more information about Scott Kupor, Managing Partner at Andreessen Horowitz, download and listen to the episode. Bio: Scott Kupor is the managing partner at Andreessen Horowitz where he is responsible for all operational aspects of running the firm. He has been with the firm since its inception in 2009 and has overseen its rapid growth, from three employees to 150+ and from $300 million in assets under management to more than $10 billion. Prior to joining Andreessen Horowitz, Scott worked as vice president and general manager of Software-as-a-Service at Hewlett Packard. Scott joined HP in 2007 as part of the Opsware acquisition, where he was senior vice president of Customer Solutions.  In this role, he had global responsibility for customer interaction, including professional services, technical pre-sales, and customer support. Scott joined Opsware shortly after the company’s founding and held numerous executive management positions including vice president, financial planning and vice president, corporate development.  In these roles, he led the company’s private financing activities as well as its initial public offering in 2001. Scott also started the company’s Asia Pacific operations and led the execution of the company’s multiple acquisitions. Prior to Opsware, Scott represented software companies in both financing and mergers and acquisitions transactions at Credit Suisse First Boston and Lehman Brothers.  He graduated Phi Beta Kappa from Stanford University with a bachelor’s degree in public policy with honors and distinction.

In another riveting episode, Scott Kupor, the managing partner of one of the highest-profile VC on the planet over the last decade, Andreessen Horowitz, joins us today to discuss startups, how to get funded and a lot more! He is also the author of the book called Secrets of Sand Hill Road: Venture Capital and How to Get It. “Inside Baseball” Scott addressed the common issue of "inside baseball" between entrepreneurs and VCs. He shares that there is no reason why questions shouldn’t be answered and that VCs should reach out to entrepreneurs. “People don’t understand why decisions are made. I think that just leads to mistrust quite frankly between VCs and entrepreneurs.” - Scott Kupor Moreover, Scott shares the reason why he wrote the book. He wanted to bridge the gap between VCs and entrepreneurs. Through this book, he answers several entrepreneur questions that previously were assumed to be understood, since they have done a lot of deals in the past.  Information Asymmetry Scott discusses the idea about information asymmetry and how it results to one party benefitting at the expense of the other in those types of scenarios. “Capital is scarce and VCs have it. There was definitely a very different balance of power between entrepreneurs and VCs. There’s probably less incentive quite frankly for the VC. The biggest change, I think,  in the last 10 yrs is, its as competitive as its ever been.” - Scott Kupor  Money clearly a commodity in this business. For Scott, if VCs and entrepreneurs can level the playing field, he would enter into a relationship on a basis of actually understanding one another, knowing what motivates one another as it would definitely be a good place better place to start. More From Scott Aside from talking about Silicon Valley, Startups and how entrepreneurs could get funding, he shares his thoughts on the overall VC backed industry.  “My personal view is—I’ve talked about this with people in DC publicly—the idea that more and more growth is happening in the private markets, while beneficial, selfishly for people like me, who get to, kind of monetize that growth. I don’t think its good for the country. I don’t think its good to not have companies going public at a reasonable stage where a broader cross-section of public market investors can actually enjoy the appreciation there.” - Scott Kupor To hear more about Secrets of Sand Hill Road Venture Capital and more information about Scott Kupor, Managing Partner at Andreessen Horowitz, download and listen to the episode. Bio: Scott Kupor is the managing partner at Andreessen Horowitz where he is responsible for all operational aspects of running the firm. He has been with the firm since its inception in 2009 and has overseen its rapid growth, from three employees to 150+ and from $300 million in assets under management to more than $10 billion. Prior to joining Andreessen Horowitz, Scott worked as vice president and general manager of Software-as-a-Service at Hewlett Packard. Scott joined HP in 2007 as part of the Opsware acquisition, where he was senior vice president of Customer Solutions.  In this role, he had global responsibility for customer interaction, including professional services, technical pre-sales, and customer support. Scott joined Opsware shortly after the company’s founding and held numerous executive management positions including vice president, financial planning and vice president, corporate development.  In these roles, he led the company’s private financing activities as well as its initial public offering in 2001. Scott also started the company’s Asia Pacific operations and led the execution of the company’s multiple acquisitions. Prior to Opsware, Scott represented software companies in both financing and mergers and acquisitions transactions at Credit Suisse First Boston and Lehman Brothers.  He graduated Phi Beta Kappa from Stanford University with a bachelor’s degree in public policy with honors and distinction.

Ahead of the UK’s general election, party leaders courted businesses at the annual conference of the Confederation of British Industry. We ask the CBI’s chief economist Rain Newton-Smith what attendees made of their proposals. Also, Scott Kupor of Andreessen Horowitz reveals the secrets of success in the world of venture capitalism. And, why the future of gaming is in the cloud. Rachana Shanbhogue hosts Please subscribe to The Economist for full access to print, digital and audio editions:www.economist.com/radiooffer See acast.com/privacy for privacy and opt-out information.

Ahead of the UK’s general election, party leaders courted businesses at the annual conference of the Confederation of British Industry. We ask the CBI’s chief economist Rain Newton-Smith what attendees made of their proposals. Also, Scott Kupor of Andreessen Horowitz reveals the secrets of success in the world of venture capitalism. And, why the future of gaming is in the cloud. Rachana Shanbhogue hosts Please subscribe to The Economist for full access to print, digital and audio editions:www.economist.com/radiooffer See acast.com/privacy for privacy and opt-out information.

This week is an alphabetical experiment from a long piece of content.No one knows everything but we don't know what specifically we are wrong about. Sometimes we guess right. Sometimes we don't. Sometimes the HiPPO chooses. Sometimes the Highest Paid Person's Opinion is right. Sometimes it's not. The solution to all the 'sometimes' is a debate. Good arguments are central to that. Devil's advocate, red teams, debate are all synonyms for this idea - and it doesn't matter what we call it so much as how we do it. John McCain said that arguing well was one of Ted Kennedy's biggest strengths. Ted argued well because, McCain explained, "he divorced personal relationships and personality from the issues." Arguing well is about ideas, not individuals. Kim Malone Scott calls this approach "radical candor" and saw it during her work within Google on AdSense, YouTube, and Doubleclick Online Sales. She recalled one meeting where Matt Cutts was yelling at Larry Page. She told Kara Swisher:"I started to worry that Matt was going to get fired. Then I looked at Larry and he's got this big grin, his whole face was lit up. It was such a productive way to have arguments… being willing to challenge authority and the authority welcoming it." Good arguments require the boss to be focused more on the truth than their ego. Technology companies seem to do this well. As a venture capital company, a16z seeks investments with large possible payouts. Scott Kupor was one of the early hires and said that a cardinal mistake of the venture capital industry "is investing in something that turns out to be a good business in a small market." Avoiding this mistake, Kupor explained, was the reason a16z failed to initially invest in Airbnb. The ‘A' in a16z is for (Marc) Andreessen and the ‘Z' is for (Ben) Horowitz. The mistake they try to avoid the most is missing something, like Airbnb. To do this, the bosses model good arguments. Marc told Tim Ferriss that when Ben brings an idea he will pounce all over it. Andreessen sounds like a natural contrarian and he's supernaturally inclined to being right. With a boss on both sides of the issue, it's easier for employees to avoid career risk and say what they believe rather than what they believe will get them promoted. Like all the tools that follow, this one is quite situational. Sometimes a business must focus on making the trains run on time and sometimes a business is laying new track. Once a good argument is over everyone should still be able to break bread or go get beers but then focus on the collective choice. Get full access to POV40IQ at pov40iq.substack.com/subscribe

John Thornhill talks to Scott Kupor, managing partner at Andreessen Horowitz, about his book Secrets of Sand Hill Road: Venture Capital and How to Get It, about the conditions needed to grow tech companies and the potential drawbacks of a venture capital dominated market. See acast.com/privacy for privacy and opt-out information.

This is the 11th episode of 16 Minutes, our weekly news show where we quickly cover the top headlines of the week, the a16z Podcast way: what’s real, what’s hype from our vantage point in tech. This week, we cover the following news -- with a16z experts managing partner Scott Kupor and general partner in fintech Angela Strange, respectively, in conversation with Sonal Chokshi:crypto & regulation/policy updates from the SEC and IRS -- including the SEC releasing an announcement that it settled charges for an unregistered ICO, and the IRS' issuing guidance (in the form of a revenue ruling and answers to FAQs) on tax treatment for hard forks and air drops;ATM fees at record highs -- where it was reported that it now costs ~$4.72 (vs. $1.97 in 1998, as tracked by Bankrate.com) to withdraw money from ATMs not owned by one's bank, which disproportionately falls on low-income people in neighborhoods banks tend to avoidFor relevant background/ related links:on crypto & regulation:"Kik and the SEC: What's Going on and What Does It Mean for Crypto?" by Katie Haun"Analogies, the Big Picture, and Considerations for Regulating Crypto" by Scott Kupor & Sonal Chokshion ATM fees and "banking the unbanked":"The Next 3 Billion in Financial Services" by Angela Strange---The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation.This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments for which the issuer has not provided permission for a16z to disclose publicly as well as unannounced investments in publicly traded digital assets) is available at https://a16z.com/investments/.Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

IPO (Initial Public Offering ou Oferta Pública Inicial) é o momento quando uma empresa abre seu capital e passa a ser listada na Bolsa de Valores. Como isso tem rolado para as maiores empresas de tecnologia atualmente e qual o impacto no mercado é a pauta para o retorno do nosso Prodcast. Batemos um papo sobre isso com o Victor Lima, nosso Head de Mobile, e Rodrigo Batini, da nossa área comercial. Vamos aprender juntos. Dica do episódio: "Secrets of Sand Hill Road: Venture Capital and How to Get It" por Scott Kupor (https://www.amazon.com.br/Secrets-Sand-Hill-Road-Venture-ebook/dp/B07MQT97PV )

Female founders are statistically less likely to receive investments from venture capitalists. While there is a growing diversity of investments, it’s still going to take substantial time before industry changes take place. , managing partner at Andreessen Horowitz and author of Secrets of Sand Hill Road, joins me to talk about venture capitalism and the changing face of the investment industry. Scott has been with Andreessen Horowitz since it began in 2009. He’s now working with $10 billion investments to help start-ups get their feet off the ground. In this episode, Scott’s sharing how he makes investment decisions, if there are any investments he regrets or missed out on, and how you can make your business more appealing to potential investors. First, Scott chats about why women-led businesses are less likely to receive investment support. But he is hopeful for the future. Companies like Andreessen Horowitz are making positive changes for diverse investments. Scott gives us the inside information on how businesses get to be in those top percentages of businesses that get funding from venture capitalists. He explains what advice you should get from VCs, investors, and business advisors before you do your first pitch. Many VCs are open to providing information and feedback before you pitch, it’s all about how you ask. There are several big market hubs in the United States currently, some of the most well-known being Silicon Valley and Austin, Texas. But new markets are in the process of being built up. Scott explains why this is taking time. What makes these new markets work? And how does remote work fit into the picture? New business hubs are faced with challenges existing markets don’t have, such as the availability of experienced people at senior levels of management. Have you been thinking of pitching for investors? Who can you approach today to ask for advice for your potential pitch? Do you have an idea for the next Airbnb?   In This Episode: Why women-led businesses are less likely to receive investment support What does the future of investment look like for female founders How does a business get to be part of the percentage of businesses that get funding How is the future of venture capitalism changing to be more diverse What advice you should get before and after your first investment pitch Why it’s taking time for new markets to build up that rival or equal Silicon Valley What you need to make new markets work What challenges do new markets face that established markets don’t experience How important timing is when you have an innovative business idea Quotes: “80% of funding in the United States goes to male founders, 2% goes to female founders, and 18% goes to hybrid male/female teams.” (4:17) “In many cases, to be successful as a founder, you do have to willfully suspend disbelief and have an outlook, in terms of optimism and your ability to approach the future, that is unconventional and different from how other people might think about what is likely to succeed.” (16:47) “I think most companies tend to be remote a little bit more when they’re at a stage that’s more relevant when they get a little more mature, rather than when they’re in a start-up phase.” (45:30)   Links Fina Scott on |     Find Powerful Conversations on | | |

An aggregation of the decision-making points from the September 2019 episode between Bill Simmons and Malcolm Gladwell. Touches on AI, medicine, NFL, Tom Wolfe, Jim Chanos, Amanda Knox, Scott Kupor, Kawhi Leonard, Bill Belichick's defense and Rory Sutherland's house. In part.

Scott Kupor is the managing partner at Andreessen Horowitz, also known as a16z for the 16 letters between the A in Andreessen and the z in Horowitz. Scott is responsible for all operational aspects of running the firm. He joined Andreessen at its inception in 2009 and has overseen its rapid growth from three employees and $300 million under management to 150 employees managing in excess of $10 billion. Scott has served on a number of industry-related Boards, including as Chairman of the Board of the National Venture Capital Association, and he currently sits on four non-profit Investment Committees. A few months ago, Scott published the national bestselling book, Secrets of Sand Hill Road: Venture Capital and How to Get It,https://amzn.to/2GX5O9M Our conversation is a full-blown overview of one of the leading venture capital firms and the dynamics at play in the venture industry. We cover Scott's shift from finance to an operating role, and from an individual producer to a manager, the formation of a16z, its founder-centric investment model, building services to increase their portfolio companies chance of success, sourcing investment ideas, conducting due diligence, making decisions, the competitive environment, Board seats, changes in the venture industry, the cardinal sins of venture investing, new frontiers for venture investment, how venture capitalists manage their own money, and the purpose of writing his book. Learn More Read the Transcript Subscribe to the Capital Allocators Blog or Monthly Mailing List Don't Subscribe, but Let Us Know Who You Are Write a review on iTunes Follow Ted on twitter at @tseides Review past episodes of the Podcast

In his best-selling book Scott Kupor former entrepreneur and now managing partner at VC firm Andreessen Horowitz offers advice on how founders can understand and engage with VCs. See acast.com/privacy for privacy and opt-out information.

In his best-selling book, Scott Kupor, former entrepreneur and now managing partner at VC firm Andreessen Horowitz, offers advice on how founders can understand and engage with VCs.

In his best-selling book, Scott Kupor, former entrepreneur and now managing partner at VC firm Andreessen Horowitz, offers advice on how founders can understand and engage with VCs.

Scott Kupor of Andreessen Horowitz joins Nick to discuss Secrets of Sand Hill Road. In this episode, we cover: When Marc and Ben first reached out to you about joining A16Z, you hesitated. Why? "When Marc and Ben first started A16Z, they described a founder's leadership capability as "egomaniacal"... what do you think they mean by that and do you share this belief? What are the key factors in determining if venture is appropriate for the new business and its founder? How should one decide how much to raise? Scenario I've heard all too often... founder goes out to raise their next round, they've more than doubled the business, hit major milestones but the offers are less than double that of the last round. Scott, can you talk us through the valuation mistakes you most often encounter? Founder has started fundraising... the first step is to get their foot in the door. Talk us through the right and wrong way to get a meeting. You mention the 5 pitch essentials in the book - can you talk us through each? We've done an episode with Brad Feld where we went into detail on the Term Sheet... both Economics and Governance. I don't want to cover each term today but first, related to Economics, what's different now about the Economics terms or the negotiation than what you saw maybe five years ago? Same question for Governance, what has changed and what are the key terms in focus? Do you have any guidelines on how much of their business founders should sell in any given round? So the next topic, we've all seen before, assuming you've been doing this long enough, but a founder is struggling to raise, has little capital left, and is scrambling to get creative. What are some of the more common mistakes and outcomes you see in this scenario? Why should entrepreneurs care who the LPs are behind the VC fund that's investing? We could spend hours discussing boards... any key items you'd like to highlight w/regards to boards? Talk us through the acquisition process? IPO process? Great summary section where you talk about good VCs... can you recap your thoughts on what Good VCs do? To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes. Also, follow us on twitter @TheFullRatchet for updates and more information.

In this ep: >> The relationship between VCs and the Startup >> The entrepreneurial process >> "We are wrong more often than we're right" >> Nailing the pitch process >> Why 'egomaniacal leaders' can be a good thing >> Vitamins vs aspirin: nice to have vs must have solutions  >> The pace of change and future of jobs due to automation >> Scott's book recommendations:        > Masters of the Senate: The Years of Lyndon B. Johnson        > Devil Take the Hindmost        > Range: Why Generalists Triumph in a Specialised World

My guest today is Scott Kupor, the managing partner of Andreessen Horowitz. He has overseen the firm's rapid growth to one hundred fifty employees and more than $7 billion in assets under management. The topic is his book Secrets of Sand Hill Road: Venture Capital and How to Get It. In this episode of Trend Following Radio we discuss: What are venture capitalists saying about your startup behind closed doors? And what can you do to influence that conversation? Why most VCs typically invest in only one startup in a given business category? Why the skill you need most when raising venture capital is the ability to tell a compelling story? How to handle a “down round,” when startups have to raise funds at a lower valuation than in the previous round? What to do when VCs get too entangled in the day-to-day operations of the business? Why you need to build relationships with potential acquirers long before you decide to sell? Jump in! --- I'm MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I'm proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show. To start? I'd like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/ You can watch a free video here: https://www.trendfollowing.com/video/ Can't get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast My social media platforms: Twitter: @covel Facebook: @trendfollowing LinkedIn: @covel Instagram: @mikecovel Hope you enjoy my never-ending podcast conversation!

Scott Kupor is the managing partner of Andreessen Horowitz. He has overseen the firm’s rapid growth to one hundred fifty employees and more than $7 billion in assets under management. What are venture capitalists saying about your startup behind closed doors? And what can you do to influence that conversation? If Silicon Valley is the greatest wealth-generating machine in the world, Sand Hill Road is its humming engine. That’s where you’ll find the biggest names in venture capital, including famed VC firm Andreessen Horowitz, where lawyer-turned-entrepreneur-turned-VC Scott Kupor serves as managing partner. Whether you’re trying to get a new company off the ground or scale an existing business to the next level, you need to understand how VCs think. In Secrets of Sand Hill Road, Kupor explains exactly how VCs decide where and how much to invest, and how entrepreneurs can get the best possible deal and make the most of their relationships with VCs. Kupor explains, for instance: Why most VCs typically invest in only one startup in a given business category. Why the skill you need most when raising venture capital is the ability to tell a compelling story. How to handle a “down round,” when startups have to raise funds at a lower valuation than in the previous round. What to do when VCs get too entangled in the day-to-day operations of the business. Why you need to build relationships with potential acquirers long before you decide to sell. Michael digs into Kupor’s firsthand experiences, insider advice, and practical takeaways. His book Secrets of Sand Hill Road is the guide every entrepreneur needs to turn their startup into the next unicorn.

Scott Kupor, the managing partner of Andreessen Horowitz, talks with Recode’s Kara Swisher and Teddy Schleifer about his new book, Secrets of Sand Hill Road: Venture Capital and How to Get It. In this episode: How Kupor became a venture capitalist; his role at Andreessen Horowitz; what makes AH different from other venture firms; how other firms have copied it; why Kupor wrote his book; the “secrets” of how VCs think; stories that founders tell employees and investors; working with limited partners; why firms have to give founders so much control; the friction of removing CEOs; diversity in VC; what’s next for venture capital; how Andreessen Horowitz is looking at opportunity zones; and is Silicon Valley “over?” Follow us Kara Swisher (@karaswisher), host Teddy Schleifer (@teddyschleifer), co-host Scott Kupor (@skupor), guest Erica Anderson (@EricaAmerica), executive producer Eric Johnson (@HeyHeyESJ), producer More to explore If you haven't already, subscribe to Recode Decode Subscribe to Recode's other podcasts: Recode Media, Pivot, and Land of the Giants Learn more about your ad choices. Visit megaphone.fm/adchoices

Scott Kupor's new book belongs to the must-read category for every founder who needs venture funding. The book walks through the funding process step-by-step and explains the logic and pitfalls along the way.

Scott Kupor is the Managing Partner at Andreessen Horowitz. There, he is responsible for all operational aspects of running the firm. He has been with the firm since its inception in 2009, and has overseen its rapid growth, from three employees to 150+, and from $300 million in assets under management to more than $10 billion. In this episode, you’ll hear Scott’s best advice on how to obtain venture capital for your startup. He'll also delve a bit into the question of whether you should seek out Venture Capital. Danielle and Scott will also chat about unconscious bias, and how underrepresented founders can access resources and capital. Follow Comcast NBCUniversal Lift Labs online: Join the Newsletter! comcastnbculift.com @LIFT_Labs on Twitter, Instagram, Facebook

Venture capital keeps growing while US new business formation stalls. Dan discusses with Andreessen Horowitz managing partner Scott Kupor.

In this Slate Money Extra, Felix sits down with Scott Kupor, managing partner at the venture capital firm Andreessen Horowitz. Scott and Felix discusses the world of venture capital as covered in his new book, 'Secrets of Sand Hill Road: Venture Capital and How to Get It'. They get into the complex relationship between entrepreneurs and VCs, the question of diversity in the world of startups and reasoning behind preferred stock. Twitter: @FelixSalmon Learn more about your ad choices. Visit megaphone.fm/adchoices

In this Slate Money Extra, Felix sits down with Scott Kupor, managing partner at the venture capital firm Andreessen Horowitz. Scott and Felix discusses the world of venture capital as covered in his new book, 'Secrets of Sand Hill Road: Venture Capital and How to Get It'. They get into the complex relationship between entrepreneurs and VCs, the question of diversity in the world of startups and reasoning behind preferred stock. Twitter: @FelixSalmon Learn more about your ad choices. Visit megaphone.fm/adchoices

Kupor quite literally wrote the book on venture capital in Silicon Valley.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

The venture capitalist's new book, “Secrets of Sand Hill Road,” is a fundraising guide for entrepreneurs. At his office off the famed Silicon Valley street he discusses with Breakingviews whether tech founders make good CEOs and details the biggest financial mistakes they make. See acast.com/privacy for privacy and opt-out information.

Scott Kupor, managing partner at the venture capital firm Andreesen Horowitz, talks about the role that venture capitalists play in silicon valley and the process that start-ups go through to acquire funding. Learn more about your ad choices. Visit megaphone.fm/adchoices

Bloomberg Opinion columnist Barry Ritholtz interviews Scott Kupor. Kupor is the managing partner at Andreessen Horowitz where he is responsible for all operational aspects of running the firm. He has been with the firm since its inception in 2009 and has overseen its rapid growth, from three employees to 150+ and from $300 million in assets under management to more than $10 billion. Kupor served as Chairman of the Board of the National Venture Capital Association (2017-2018). He is the author of the national bestselling book Secrets of Sand Hill Road: Venture Capital and How to Get It.

The Sunday Times’ tech correspondent Danny Fortson brings on Scott Kupor, managing partner of Andreessen Horowitz, to talk about why this boom is different from 2000 (1:50), if it is easier today to start a company (6:10), and why it is harder to get big (7:50), the rise of the “mullet” (9:20), why he wrote a book (12:00), why Y Combinator is important (13:20), the investor profiles it keeps (15:40), being “frenemies” with Y Combinator (17:05), the weirdness of venture capital competition (18:25), what goes wrong (20:00), dealing with ego (22:50), what happens when companies fail (24:05), whether Facebook should be broken up (26:50), the changes coming to antitrust laws (30:30), the opportunity to build a decentralised giant (32:00), managing conflict (34:05), and the importance of the “warm intro” (35:50). See acast.com/privacy for privacy and opt-out information.

with Marc Andreessen (@pmarca), Ben Horowitz (@bhorowitz), Scott Kupor (@skupor), and Sonal Chokshi (@smc90) Continuing our 10-year anniversary series since the founding of Andreessen Horowitz (aka "a16z"), we’re resurfacing some of our previous episodes featuring Andreessen Horowitz founders Marc Andreessen and Ben Horowitz. This episode was actually recorded in 2016 -- on the 5-year anniversary of Marc’s Wall Street Journal op-ed on “Why software is eating the world” -- and features Sonal Chokshi and Scott Kupor interviewing Ben and Marc about what’s changed since, and how software is programming the world... in everything from simulations to distributed systems to other key computing shifts. You can find other episodes in this series at a16z.com/10.

Have you ever wondered how venture capitalists in Silicon Valley decide what startups to fund and what ones to skip? I had the opportunity to sit down with one of these “masters of the universe” and explore the secrets of venture capital. Scott Kupor is managing partner at Andreessen Horowitz (AH) – one of the most successful VC […]

In an all-interview episode, Inc. editors talk to Andreessen Horowitz managing partner Scott Kupor, author of the book Secrets of Sand Hill Road; Jaime Schmidt, founder of  Schmidt’s Naturals; and Craig Combs, owner of Branson Zipline. Learn more about your ad choices. Visit megaphone.fm/adchoices

with Tony Blair (@InstituteGC), Scott Kupor (@skupor), and Sonal Chokshi (@smc90) If the current pace of tech change is the 21st-century equivalent of the 19th-century Industrial Revolution — with its tremendous economic growth and lifestyle change — it means that even though it’s fundamentally empowering and enabling, there’s also lots of fears and misconceptions as well. That’s why, argues former U.K. prime minister Tony Blair (who now has an eponymous Institute for Global Change), we need to make sure that the changemakers — i.e., technologists, entrepreneurs, and quite frankly, any company that wields power — are in a structured dialogue with politicians. After all, the politician’s task, observes Blair, is “to be able to articulate to the people those changes and fit them into a policy framework that makes sense”. The concern is that if politicians don't understand new technologies, then "they'll fear it; and if they fear it, they'll try and stop it" -- and that's how we end up with pessimism and bad policy. Yet bad regulations often come from even the very best of intentions: Take for example the case of Dodd-Frank in the U.S., or more recently, GDPR in Europe -- which, ironically (but not surprisingly) served to entrench incumbent and large company interests over those of small-and-medium-sized businesses and startups. And would we have ever had the world wide web today if we hadn't had an environment of so-called "permissionless innovation", where government didn't decide up front how to regulate the internet? Could companies instead be more inclusive of stakeholders, not just shareholders, with better ESG (environment, social, governance)? Finally, how do we ensure a spirit of optimism and focusing on leading vs. lagging indicators about the future, while still being sensitive to short-term displacements, as with farmers during the Industrial Revolution? This hallway-style style episode of the a16z Podcast features Blair in conversation with Sonal Chokshi and a16z managing partner Scott Kupor -- who has a new book, just out, on Secrets of Sand Hill Road: Venture Capital and How to Get It, and also often engages with government legislators on behalf of startups. They delve into mindsets for engaging policymakers; touch briefly on topics such as autonomous cars, crypto, and education; and consider the question of how government itself and politicians too will need to change. One thing's for sure: The discussion today is global, beyond both sides of the Atlantic, given the flow of capital, people, and ideas across borders. So how do we make sure globalization works for the many... and not just for the few.  image credit: Benedict Macon-Cooney The views expressed here are those of the individual personnel quoted and are not the views of a16z or its affiliates. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors and may not under any circumstances be relied upon when making a decision to invest in any a16z funds. PLEASE SEE MORE HERE: https://a16z.com/disclosures/

Craig Gordon, Bloomberg News Washington Bureau Chief, discusses President Trump saying that Iran allegedly attacked an oil tanker in the Persian Gulf, that “it doesn’t matter” if Chinese President Xi Jinping agrees to meet with him later this month, and slamming Fed Chairman Jay Powell. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Investment Banking Reporter Sonali Basak talk about why banks that underwrite and advise on IPOs fear companies like Slack opting for a direct listing. Scott Kupor, Managing Partner at Andreessen Horowitz, discusses his book "Secrets of Sand Hill Road" about demystifying the world of venture capital deals. Bill Phelan CEO at PayNet, breaks down the impact of trade tariffs on U.S. small businesses Hosts: Carol Massar and Jason Kelly.  Producer: Paul Brennan 

Craig Gordon, Bloomberg News Washington Bureau Chief, discusses President Trump saying that Iran allegedly attacked an oil tanker in the Persian Gulf, that “it doesn't matter” if Chinese President Xi Jinping agrees to meet with him later this month, and slamming Fed Chairman Jay Powell. Bloomberg Businessweek Editor Joel Weber and Bloomberg News Investment Banking Reporter Sonali Basak talk about why banks that underwrite and advise on IPOs fear companies like Slack opting for a direct listing. Scott Kupor, Managing Partner at Andreessen Horowitz, discusses his book "Secrets of Sand Hill Road" about demystifying the world of venture capital deals. Bill Phelan CEO at PayNet, breaks down the impact of trade tariffs on U.S. small businesses Hosts: Carol Massar and Jason Kelly.  Producer: Paul Brennan  Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

On this episode, Andreessen Horowitz's Scott Kupor discusses his new book “Secrets of Sand Hill Road: Venture Capital and How to Get It” (Penguin Random House, 2019). The post https://www.aei.org/multimedia/scott-kupor-on-venture-capital-and-how-to-get-it/ (Scott Kupor on venture capital and how to get it) appeared first on https://www.aei.org (American Enterprise Institute - AEI).

As a managing partner at Andreessen Horowitz, Scott Kupor has seen it all. He offers firsthand experiences and insider advice for every entrepreneur trying to secure venture capital funding. Kupor has been with Andreessen Horowitz since its inception in 2009 and has overseen the firm's growth from $300 million in assets to over $7 billion. He is the co-founder and co-director of the Stanford Venture Capital Director's College and was previously the chairman of the board of the National Venture Capital Association. Learn more about your ad choices. Visit megaphone.fm/adchoices

SPEAKERS Scott Kupor Managing Partner, Andreessen Horowitz; Author, Secrets of Sand Hill Road: Venture Capital and How to Get It; Twitter @skupor In Conversation with Alison van Diggelen Host, "Fresh Dialogues"; BBC Contributor This program was recorded in front of a live audience at the Oshman Family JCC, in Palo Alto CA on June 10th, 2019.

Scott Kupor is Managing Partner @ Andreessen Horowitz, one of the world's most renowned venture funds with a portfolio including the likes of Facebook, Airbnb, Github, Lyft, Coinbase, Slack and many more. As for Scott, he has been with the firm since its inception in 2009 and has overseen its rapid growth, from three employees to 150+ and from $300 million in assets under management to more than $7 billion today. Before a16z, Scott was a VP @ HP where he managed a $1.5 billion (1,300 person) global support organization for HP Software product portfolio. Scott joined HP as a result of his prior company Opsware, being acquired, where he served as a Senior VP across numerous roles across an incredible 8-year journey.  In Today’s Episode You Will Learn: 1.) How Scott made his way from the world of law to startups to being Managing Partner at one of the world's most renowned venture firms in the form of a16z? 2.) How did seeing the boom and bust of the dot com bubble and 2008 impact Scott's operating mindset today? Why does he argue that those times are so drastically different to today? How do public markets fundamentally diffferent? How do teams approach to capital efficiency and scaling differ significantly? 3.) What does Scott believe entrepreneurs get most wrong when pitching VCs? Why does Scott argue that product is not the core when pitching VCs? Does Scott agree with Fred @ Okta in weighing it: 70% market, 20% team, 10% product? What is Scott's weighting? Why does Scott believe that the compression of fundraising timelines is a problem? What pitch sticks out to Scott above all others? What made it so memorable? 4.) How does Scott advise founders on determining the right amount to raise for? Does Scott believe that founders should ask for a specific number or a range? Why does Scott believe raising for "runway" is the wrong mindset? Does Scott believe that most bridges are bridges to nowhere? If so, what is the next step? How does one relay that information to the founders? 5.) What have been some of Scott's biggest learnings from building the firm with Marc and Ben? What does Scott believe have been the biggest inflexion points in the public status of a16z? What have been the biggest challenges for Scott in the scaling of the firm? How does he foresee that changing in the future? Items Mentioned In Today’s Show: Scott’s Fave Book: Master of the Senate: The Years of Lyndon Johnson As always you can follow Harry, The Twenty Minute VC and Scott on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Scott Kupor is the managing partner at Andreessen Horowitz where he is responsible for all operational aspects of running the firm. He has been with the firm since its inception in 2009 and has overseen its rapid growth, from three employees to 150+ and from $300 million in assets under management to more than $7 billion. Prior to joining Andreessen Horowitz, Scott worked as vice president and general manager of Software-as-a-Service at Hewlett Packard. Scott joined HP in 2007 as part of the Opsware acquisition, where he was senior vice president of Customer Solutions. In this role, he had global responsibility for customer interaction, including professional services, technical pre-sales, and customer support. Scott joined Opsware shortly after the company’s founding and held numerous executive management positions including vice president, financial planning and vice president, corporate development. In these roles, he led the company’s private financing activities as well as its initial public offering in 2001. Scott also started the company’s Asia Pacific operations and led the execution of the company’s multiple acquisitions. Prior to Opsware, Scott represented software companies in both financing and mergers and acquisitions transactions at Credit Suisse First Boston and Lehman Brothers. He graduated Phi Beta Kappa from Stanford University with a bachelor’s degree in public policy with honors and distinction. Scott also holds a law degree with distinction from Stanford University and is a member of the State Bar of California. Scott is chairman of the board of Genesys Works; cofounder and co-director of the Stanford Venture Capital Director’s College; co-founder and co-director of the Stanford Rock Center’s Guide to Venture-Backed Board Membership; Executive in Residence at Haas School of Business and Boalt School of Law; and a Lecturer at Stanford Law School. He is vice-chair of the investment committee of St. Jude’s Children’s Cancer Research Hospital and also serves as a member of the investment committees for Stanford Medical Center, the Silicon Valley Community Foundation, and Lick Wilmerding High School. Scott served as Chairman of the Board of the National Venture Capital Association (2017-2018). He is the author of the forthcoming book (June 2019), published by Portfolio, a division of Penguin, on Secrets of Sand Hill Road: Venture Capital and How to Get It. https://a16z.com https://a16z.com/book/secrets-of-sand-hill-road https://twitter.com/skupor

Scott Kupor, managing partner at Andreessen Horowitz, says there's a lot about navigating the venture capital world that entrepreneurs don't understand. Some can't figure out how to get in the door. Others fail to deliver persuasive pitches. Many don't know how the deals and relationships really work. Kupor outlines what he and his partners look for in founding teams and business ideas and explains how start-ups work with VCs to become successful companies. He also discusses how Silicon Valley can do a better job of finding more diverse talent and funding new types of ventures. Kupor is the author of the book "Secrets of Sand Hill Road: Venture Capital and How to Get It."

Scott Kupor is the managing partner of famed venture firm Andreessen Horowitz, the venture capital firm with more than $7 billion of assets under management that sits at the beating heart of Sand Hill Road. Sand Hill road is, of course, the physical center of the venture capital industry – the greatest wealth-generating machine in the world. So...Scott is at the center, of the center of the global venture capital industry. In his new book -- Secrets of Sand Hill Road: Venture Capital and How to Get It -- Scott covers a range of topics critical to any founder: Why VCs invest in particular stages, the key skill for raising venture capital, and what happens when things don’t go so well. http://secretsofsandhillroad.com www.a16z.com www.penguinrandomhouse.com In the Something Ventured podcast, Silicon Valley insider Kent Lindstrom explores the reality behind the Silicon Valley headlines as he sits down with the people who are shaping the way we view the world online and beyond.  

Scott Kupor joins Ryan on this episode to talk about his new book, Secrets of Sand Hill Road. Scott is Managing Partner at Andreessen Horowitz and has been at the firm since it was founded. He has a long history with Marc Andreessen and Ben Horowitz, including working alongside them at Opsware in the early 2000s. Ryan and Scott talk about... How venture capital has changed over the past decade “The biggest shift has been the massive amount of seed funding growth that has happened. Something like five hundred new firms focusing on seed have been formed in the last ten years in the US alone.” Scott also points out that even though there has been an explosion in seed funding, it's still the case that less than 10% of all venture capital dollars are deployed at the seed stage. “You’ve got this interesting dichotomy, which massive new company formation happening at the seed stage but a winnowing down of the opportunities and increasingly more capital going to winners in particular ecosystems as they mature.” They also discuss the fact that companies are taking much longer to IPO now than they did in the past, and why that trend is here to stay. Advice for founders in the new investment landscape Scott talks about how founders need to adapt to the new investment landscape and walks through some of the biggest mistakes that founders make when they are trying to raise money. “It’s cheaper than ever to start a company today and we’ve got incredible amounts of seed funding but it’s also more expensive than ever to actually scale the businesses because the markets you can go after are much bigger and people realize they have to look at international markets in parallel.” The future of venture capital Ryan asks what the biggest potential disruptor to venture capital could be in the next five to ten years. “Capital is definitely no longer a scarce resource and therefore if you’re relying on capital to differentiate yourself in the market, that’s not a good place to be. Whether [the future] is ICOs or crowdfunding, I think we’ve permanently gone into a place where you have to provide something other than money to be competitive. I think we’re also going to see more blending between the private markets and the public markets.” How to think about the long-term relationship between your company and your investors “It turns out that most VC relationships will last longer than the average marriage in the US, which unfortunately only lasts about eight years. Sometimes you’ll be involved with VCs for ten to twelve years, so it really goes to this fundamental question of understanding the VC’s incentives but also being very clear as an entrepreneur what you expect from your VC.” “We think about these financing rounds as though they’re episodic because they are, but they’re a part of a continuum and anything you do that doesn’t play well for subsequent investors is probably the biggest mistake I see on both the investor side and the entrepreneur side.” How a VC thinks and how to understand their incentive structure Scott pulls back the curtain on VC to explain how an early-stage investor thinks about evaluating your company. “The question ultimately for an early stage VC is, imagine if this company worked — what could it become? And then the real question that follows from that is, why would I want to back this team versus any number of other teams that might have the same idea.” Ryan also tells the story of walking into Andreessen Horowitz in sneakers and a Product Hunt kitty t-shirt to pitch the company and finding himself speaking to nearly twenty people. We’ll be back next week so be sure to subscribe on Apple Podcasts, Google Podcasts, Spotify, Breaker, Overcast, or wherever you listen to your favorite podcasts. Big thanks to Monday.com and Embroker for their support.

This is Part 2 of our Fireside Chat with Scott Kupor, managing partner at Andreessen Horowitz. In this episode, we cover off a wide range of topics around the fundraising process from Scott's experience at the firm that currently has $2.7 billion under management.Here are some of the topics Scott talks about:- How does Andreessen Horowitz feel about sole founders? - What should founders be looking for from VCs? - What do VCs view as seed stage and Series A investment? - What does the fundraising process look like? - Key differences between seed and institutional round - What is/isn’t traction? If you enjoy this podcast, please rate, review and subscribe to get updates on our regular releases.

We sat down with Scott Kupor of renowned Silicon Valley VC firm, Andreessen Horowitz, to discuss all parts of the fundraising process: Where introductions to their investments generally come from Key ingredients for a successful venture funded startup Most common mistakes he sees in startups Seed stage vs series A What does the process look like towards funding Key differences from seed/angel round to institutional rounds Understanding different incentives for different investors Advice for entrepreneurs on what they should be looking for in VCs Thoughts on sole founders vs founding teams

For Haseeb's first software developer job, he was able to negotiate a total compensation package of US $250,000 for his first year at Airbnb. He believes negotiation is a skill that can be learned, just like any other. And it isn't particularly elusive or hard to understand. In this episode, he explains how anyone can negotiate effectively. Written and Read by Haseeb Qureshi: https://twitter.com/hosseeb Haseeb's original article: https://fcc.im/2mBOOea Learn to code for free at: https://www.freecodecamp.org Intro music by Vangough: https://fcc.im/2APOG02 Transcript:  So you’ve maneuvered through the initial offer conversation. You’ve lined up counteroffers from other companies. Now it’s time to enter the actual negotiation. Naturally, this is the part where everything goes horribly wrong. But don’t worry. I’m going to turn you into a superhero negotiator. (Or at least an eccentric billionaire negotiator, which is sometimes better?) Seriously though. In this article, we’re going to deep-dive into the negotiating process, and discuss my final 4 rules on how to negotiate a job offer. If you didn’t read my first 6 rules, you can read them here (or you can just skip ’em and keep reading): Ten Rules for Negotiating a Job Offer When the story of how I landed a job at Airbnb went viral, I was surprised at how infatuated people were with my… What does it take to be a good negotiator? Most people think negotiating well is just looking the other person in the eye, appearing confident, and asking for tons of money. But being a good negotiator is a lot more subtle than that. What Good Negotiators Sound Like You probably have a friend or family member who’s infamous for refusing to take no for an answer. The kind of person who will march into a department store and bullheadedly argue with the management until they get a purchase refunded. This person seems like they often get what they want. They make you cringe, but perhaps you should try to be more like them. Rest assured, this person is actually a terrible negotiator. They’re good at being difficult and causing a scene, which can sometimes convince a waitress or shift manager to appease them. But this style of negotiating will get you nowhere when negotiating with a business partner (that is, an employer). A good negotiator is empathetic and collaborative. They don’t try to control you or issue ultimatums. Rather, they try to think creatively about how to fulfill both your and their needs. So when you think of negotiating a job offer, don’t imagine haggling over a used car. Think more like negotiating dinner plans with a group of friends, and you’ll fare much better. Slicing up the cake Another important difference between good and bad negotiators is that bad negotiators tend to think of a negotiation as a zero-sum game. Imagine we’re negotiating over a cake. In a zero-sum negotiation if I get one more slice, you get one less. Any gain I make comes at your expense. This seems obviously true with cake, right? So what makes a job negotiation any different? Ah, but it’s not actually true for cake. What if I hate corner pieces and you love them? What if I really like the cherries? What if I’m full and you’re starving, but you’ll agree to treat me to my favorite cake next time? Of course, when I posed the question I didn’t mention anything about cherries or my feelings on corner pieces. It might seem like I just made stuff up. But this is exactly what good negotiators do. They bend the rules. They question assumptions and ask unexpected questions. They dig to find the core what everyone values and look for creative ways to widen the terrain of negotiation. While you were thinking about how to haggle over slices, I’m thinking about how to give both of us more than just half of a cake. Different parties in a negotiation almost always have different value functions. We may value the same things — we both care about cake, after all. But we don’t value them in exactly the same way, so there’s probably a way to give each of us more of what we want. Most people go into a job negotiation thinking they need to stubbornly haggle over salary like slices of cake. They don’t ever stop to ask — hey, what do I actually value? Why do I value it? What does the company value? Why do they value that? There are many dimensions to a job negotiation: - salary - signing bonuses - stock - year-end or performance bonuses - commuter benefits - relocation expenses - equipment - an educational stipend - a childcare stipend - extra vacation time - a later start date - getting a dedicated hour a day to work out or study or meditate or play solitaire. You could choose which team you’re assigned to, what your first project will be, what technologies you’ll be working with, and sometimes even choose your title. Maybe you’re a frosting person, and the company is more into cherries. You never know if you don’t ask. Hold onto this mindset. Okay. Let’s pick up the negotiation where we left off. All the offers are in, and recruiters are eagerly waiting for you to get the ball rolling. Let’s start negotiating. Phone VS Email Your first decision is whether you want to negotiate over the phone, or keep correspondence over e-mail. Talking on the phone not only signals confidence, but more importantly, it allows you to build a strong relationship with your recruiter. Talking on the phone enables bantering, telling jokes, and building connection. You want your recruiter to like you, understand you, empathize with you. You want them to want you to succeed. Likewise, you want to care about your recruiter and understand what’s motivating them. The best deals get made between friends. It’s hard to make friends over e-mail. However, if you don’t have confidence in your negotiation skills, you should try to push the negotiation to e-mail. Written, asynchronous communication will give you more time to strategize and make it easier to say uncomfortable things without being pressured by a recruiter. That said, recruiters will always prefer to get you on the phone. It’s essentially their home turf. They’re also well aware that negotiating is easier over e-mail, and they have little interest in making it easier on you. They’ll often be vague about the offer over e-mail and only offer to discuss specific details on the phone. If you want to stick to email, you have to push back against this. There’s no secret to it: just be honest and ask for what you want. Tell them: “Hi recruiter, I hope your day is treating you well! Re: your previous e-mail, I’d prefer to discuss the details of the offer over e-mail. I sometimes get nervous during important phone calls, so discussing the offer over e-mail helps me to keep a clear head and communicate more clearly. I hope this is okay with you. :)” No BS, no huff-puffery. Just telling the truth and asking for what you want. There’s tremendous power in honesty and directness. Take advantage of it. (Also, note how I wrote “discuss the details of the offer” rather than “negotiate.” Never describe what you’re doing as negotiating — that sounds immediately adversarial and haggley. Describe it instead as a discussion, and they’re less likely to recoil.) Having Alternatives I mentioned before how essential it is to have multiple offers. I’ll reiterate again — it’s very, very valuable to have multiple offers. With other offers on the table, if your negotiation doesn’t work out, they know you’ll just accept another offer. Your negotiating position suddenly becomes a lot more credible because they know you’re willing to walk away. This effect is strengthened if you get an offer from a prestigious company. And the effect goes through the roof if you have an offer from a company’s primary competitor (now they’ll really want to poach you from the big bad competitor-corp). Some of this behavior is stupid tribalism. And some part of it is rational in trying to deprive competitors of talent. Either way, take advantage of it, and be tactical in which companies you aim for. But what if you don’t manage to get any other offers? Does all the negotiating just go out the window? Not at all. What’s important here is not actually having other offers. More specifically, it’s in having strong alternatives. Which is why Rule #6 of negotiating is: have alternatives. A negotiation needs stakes. If there were no risk and you knew for sure the other side would sign a contract, what incentive would you have to offer them anything more? Your alternatives are what give a negotiation its stakes. By signaling your alternatives, you allow your interlocutor to develop a mental model of when and why you’ll walk away from the negotiation. Your alternatives also have an anchoring effect on how much the other side thinks you’re objectively worth. In negotiation literature, your best alternative is often referred to as your BATNA (Best Alternative To a Negotiated Agreement). Basically, it’s what you’d do if you walked away. I like the term BATNA a lot, mostly because it sounds like a gadget Batman would lob at bad guys. So what’s your BATNA if you don’t have other offers? Do you even have one? Of course you do. Your best alternative might be “interview at more companies” or “go to grad school” or “stay at your current job” or “go on sabbatical in Morocco for a few months” (as it was for a friend of mine who was deliberating between joining a startup and gallivanting through North Africa). The point is, you don’t need to have another offer to have a strong BATNA. Your BATNA’s strength comes from: - how strong the other side perceives it to be, and - how strong you perceive it to be. If your recruiter thinks that going to grad school is an awesome thing to do, then they’ll see you as having a very strong alternative, and the stakes of the negotiation will be raised. But even if they think grad school is ridiculous — if you convince them that you’d be totally happy to go to grad school — then the burden is on them to make this deal more attractive to you than going to grad school. Thus, you need to communicate your BATNA. This doesn’t need to be ham-fisted, but you need to make it a background to the negotiation. (Note: usually whenever you signal your BATNA, you should also re-emphasize your interest in reaching an agreement). Examples: “I’ve received another offer from [OTHER CORP] that’s very compelling on salary, but I really love the mission of [YOUR COMPANY] and think that it would overall be a better fit for me.” “I’m also considering going back to grad school and getting a Master’s degree in Postmodern Haberdashery. I’m excited about [YOUR COMPANY] though and would love to join the team, but the package has to make sense if I’m going to forego a life of ironic hatmaking.” Note: one of the biggest mistakes I see here is from people who are currently working. If you already have a job, staying where you are is often your BATNA. This means if you tell your interlocutor that you hate your job, then they know your BATNA sucks, and have no incentive to negotiate with you (on top of potentially thinking that you’re a negative person). Always emphasize the pros of your current company, your seniority, your impact, and whatever else you like about where you currently work. You should make your decision seem like a genuinely difficult one — then it will appear to be a strong BATNA. What a Job Negotiation Means to an Employer I’ve kept saying that in order to be an effective negotiator, you need to understand the other side. So let’s take a look at what it’s like to negotiate as an employer. (I’m going to have to use the tech industry in my examples here, but the details will differ by industry.) First, we have to rewind and understand what brought us to this offer in the first place. What kind of resources have they spent so far in trying to fill this position? - Writing and posting a job description on all appropriate channels ($300) - Reviewing ~100 or more resumes ($1,250) - About 15% of those resumes need to be phone screened, so roughly 15 phone screens ($2,250) - Around 75% of those initial phone screens warrant a technical screen, so roughly 11 technical screens ($9,000) - About 30% pass through to an on-site, so roughly 3 onsites. These onsites require the coordination of 6–7 employees ($10,800) - Finally, they make one offer. The recruiter (and potentially the executive staff) need to spend time on the phone with the offeree convincing and negotiating. ($900) Numbers nabbed from here. All-in-all this process took about 45 days from start to finish. Now say you end up turning down their offer. They’ve spent over $24,000 just extending this single offer to you (to say nothing of opportunity costs), and now they’ll essentially have to start over from scratch. This is what a company faces if you turn them down. Realize what a gauntlet they’ve been through! Realize how important it is that you’re the one! Out of the droves and droves who’ve shown up on their doorstep, you’re the one they want. They want to usher you into their tribe. They went through so much crap to get you here, and now they’ve found you. And you’re worried that if you negotiate, they’ll take it away? Further yet, understand that salary is only one part of the cost of employing you. An employer also has to pay for your benefits, your equipment, space, utilities, other random expenses, and employment taxes on top of all of that. All-in, your actual salary often comprises less than 50% of the total cost of employing you. Which means they expect that your value to the company — in terms of the revenue you’ll generate — to be more than 2x your salary. If they didn’t believe that, they wouldn’t be hiring you at all. So, this is all to say: everything is stacked in your favor. It doesn’t feel that way, but it absolutely is. Realize that, while you are agonizing over whether to ask for another few thousand dollars, they’re just praying with bated breath that you’ll sign the offer. If you don’t sign the offer, they lose. Losing a good candidate sucks. No one wants to believe that their company isn’t worth working for. They want to win. They will pay to win. And yet, you might worry: “but if end up negotiating more, won’t they have higher expectations? Won’t my boss end up hating me for negotiating?” No, and no. It’s your role that will determine your performance expectations, not how much you negotiated. Making 5k more or less in salary doesn’t matter at all. Your manager will literally just not care about this. Remember how expensive it is to even employ you in the first place! Nobody’s going to fire you because you’re performing 5K worse than they expected you to. The cost of firing you and hiring someone else is a lot more than 5K to begin with. And no, your boss won’t hate you now. And in fact, at most big companies the person you’re negotiating with won’t even be your boss. Recruiting and management are totally separate departments, completely abstracted from one another. And even if you’re at a startup, trust me that your boss is used to negotiating with candidates and doesn’t place nearly as much significance on it as you do. In short: negotiating is easier and more normal than you think. Companies are completely willing to negotiate with you. If your intuition tells you otherwise, trust that your mental model is wrong. How to Give the First Number In part 1, I mentioned how valuable it is not to have to give the first number. But there are times when you just can’t avoid it. In these situations, there are ways to give the first number without actually giving the first number. If a company asks you “what are your salary expectations?” you might say: “I don’t have any particular numbers in mind. I’m more interested in learning whether this will be a good mutual fit. If it is, I’m open to exploring any offer so long as it’s competitive.” Sounds good. But they push back, “I understand that, but we need to have a clear idea of what you think is competitive. I need to know whether it’s worth going through the interview process. We’re a young startup, so I need to make sure we’re on the same page as far as compensation.” That’s a strong push. But you can still push back. “I completely hear you, and I agree it’s important that we’re on the same page. I really have no particular numbers in my head. It all depends on the fit and the composition of the offer. Once we decide we want to work together, I think that’s the best time to figure out a compensation package that makes sense.” Most employers will relent here. But there’s a small chance they push further: “Okay, look, you’re being difficult. Let’s not waste each other’s time. What’s an offer that you’d be willing to take?” This is a decision point. They’re trying to take away your negotiating power and pin you to a premature decision. That said, you probably will have to say a number at this point, or risk damaging the trust in this relationship. (They are making a valid point that startups can’t offer the same kind of cash as large companies, nor should you expect them to. They might be sensing that you’re not aware of this.) But you can give a number here without actually giving a number. “Well, okay. I know that the average software engineer in Silicon Valley makes roughly 120K a year in salary. So I think that’s a good place to start.” Notice what I did here. I didn’t actually answer the question “what’s an offer you’d be willing to take,” I merely anchored the conversation around the fulcrum of “the average software engineer salary.” So if you’re forced to give a number, do so by appealing to an objective metric, such as an industry average (or your current salary). And make it clear that you’re merely starting the negotiation there, not ending it. How to Ask for More An offer is out there, and now you want to improve it. As always, be direct and ask for what you want. Here are generally the steps you should take. First, reiterate your interest in the company. This is as simple as “I’m really excited about the problems you guys are working on at Evil Corp…” Now frame why you’re asking for more. There are two choices here: you can say that you’re on the fence and that an improvement might convince you, or you can go stronger and say that you’re outright dissatisfied with the offer. Which approach you choose depends on how much leverage you have, how weak the offer is relative to your BATNA, and whether you have other offers (the weaker your negotiating position, generally the more tentative you should be). Either way, be unfailingly polite. If you’re dissatisfied with the offer, you might say something like “I appreciate the work you guys put into constructing this offer. But there were a couple things I was unsatisfied with.” If you want to be more reserved, you can say something like: “The offer you guys extended was strong. Right now my decision is basically between you and [XYZ CORP]. It’s a genuinely difficult decision for me, but there are a couple of dimensions where if this offer improved, it would be much more compelling.” Don’t just say something like “Thanks for the offer. Here are some ways I think it could improve.” This makes you sound like an ass. Be polite, and if you want to strengthen the offer, tell them clearly how you feel about it. This builds trust and conveys seriousness. Let’s say you want to raise the salary. Now that you have a specific ask, it’s time to employ rule #7: proclaim reasons for everything. We all implicitly know the catch-22 of negotiation: if you say you want more salary, you’ll sound greedy. And no one likes greedy people, right? So why would they want to give more money to a greedy person? I suspect this is the primary reason why so many candidates recoil from negotiating. They don’t want to feel greedy. It goes against all of their social conditioning. And yet, there are some situations in which most people would be totally fine negotiating. Specifically, when they have to. If you had to raise your salary or you wouldn’t be able to afford rent, or if you had to negotiate health insurance to cover a medical condition, you’d negotiate without a twinge of regret. The difference? That you have a reason for what you’re requesting. It’s kind of a brain-hack, both for yourself and for your negotiating partner. Just stating a reason — any reason — makes your request feel human and important. It’s not you being greedy, it’s you trying to fulfill your goals. The more unobjectionable and sympathetic your reason, the better. If it’s medical expenses, or paying off student loans, or taking care of family, you’ll bring tears to their eyes. I told employers that I was earning-to-give, so since I was donating 33% of my income to charity, I had tonegotiate aggressively to leave myself enough to live off. But honestly, even if your reason is inane and unimpressive, it will still carry this effect. Just saying “can you improve the salary?” sounds like you’re boringly motivated by money. But if you say “I really want to buy a house within the next year; what can we do to improve the salary?” This suddenly seems a lot more legitimate. If they turn down your request now, they’re implicitly telling you “No, Jennifer, you can’t buy your house. I guess you don’t deserve one.” No one wants to do that. They want to be the one who says, “All right Jennifer, I talked with the director and I made it happen. You’re getting that new house!” (Of course, it goes without saying that you want money so you can spend it on things. I know. It’s stupid. But it works.) Just go with it, state a reason for everything, and you’ll find recruiters more willing to become your advocate. Assert your Value One effective move you can make in a negotiation, especially after an ask, is to emphasize the unique value you’ll be bringing to the company. Example: “Blah blah blah, I want X, Y, and Z. I know that you guys are looking for someone to build out your Android team. I believe I bring a lot of experience leading a team of Android developers and I’m confident that I’ll be able to bring your mobile offerings up to parity with your competitors. Let me know your thoughts.” Be confident without boasting or trying to hold yourself to specific metrics (unless you’re supremely confident). Whatever you assert should be something you’ve touched on earlier in your discussions. But it’s okay to repeat it now as a gentle reminder. It reminds them of the carrot, and shows that you’re still excited to add value. This is not appropriate in every negotiation, especially for very junior positions, where it’s harder to differentiate yourself. But later in your career (or for more specialized/consulting roles) this can be a really valuable nudge. What to Ask For This brings me to rule #8: be motivated by more than just money. Note, this is not code for “if you seem like you’re motivated by more than just money, you’ll get more money.” There is no bigger turn-off to a company than somebody who only cares about money. This is something you’re not going to be able to fake. Actually be motivated by other things. You should be motivated by money, too, of course, but it should be one among many dimensions you’re optimizing for. How much training you get, what your first project will be, which team you join, or even who your mentor will be — these are all things you can and should negotiate. Among these factors, salary is perhaps the least important. What do you really value? Be creative. Don’t try to haggle over slices of cake when there’s so much more on the table. Of course, to negotiate well you need to understand the other side’s preferences. You want to make the deal better for both of you. That’s why rule #9 is: understand what the company values. How do you figure this out? Well, there are a few good rules of thumb. First, salary is almost always the hardest thing to give, for a few reasons: - It must be paid year after year, so it becomes part of a company’s long-term burn rate. - It is almost always the thing that people gossip about, so paying someone significantly more salary can cause unrest. - It tends to be the most tightly constrained by pay bands, especially at large companies. So if you want more financial compensation, you should think about structuring as much of it as possible outside of salary. A signing bonus, for example, is easier to give than salary. A signing bonus has the advantage of only needing to be paid once. It gets the candidate excited about joining (because everyone likes wads of cash), and it’s generally not as public. Remember that you can always get salary raises as you continue to work at the company, but there’s only one point at which you can get a signing bonus. The easiest thing for a company to give though is stock (if the company offers stock). Companies like giving stock because it invests you in the company and aligns interests. It also shifts some of the risk from the company over to you and burns less cash. If you are genuinely risk-neutral or early in your career, then you should generally try to assume as much stock as possible. If you aggressively trade cash for stock, you can end up with a higher expected value offer (albeit with higher risk). A Brief Primer on Equity First, understand there are two completely different classes of companies: public companies and private companies. If the company is public (i.e., it has IPO’d and is listed on the stock market), then its stock is as good as cash. You will usually be granted RSUs (Restricted Stock Units), which are just shares like you can purchase on the stock market. Once these shares vest (that is, are released to you), you can turn around and sell them on the stock market. This is how they turn into money. If the company is private, then things get a lot more complicated. For private companies, most of the time they will not actually issue you stock grants. Usually, they will issue you stock options. An option is a pre-agreed right to purchase shares of stock at a frozen price. It’s important to note that when you want to leave a company, if you have options, your life becomes really complicated. You may have to pay a bunch of money to actually exercise your option (that is, buy your pre-agreed upon stock at the previous frozen price, or risk losing it), with no way to actually sell it yet. The only way to truly liquidate your options is when the company IPOs or is acquired. And many companies don’t ever do this. Thus, options are very risky. It’s easier to get screwed by options, especially on tax implications. For a lot more information, see this post by Scott Kupor of a16z. Equity Shenanigans Many companies will try to play mind games with you when it comes to equity. Several companies pulled these on me. A common one is presenting the total value of the stock grant rather than the annualized value, despite the stock not vesting evenly, or vesting over 5 years instead of the standard 4. But the most egregious thing that companies will do is tell you absurd stories about the value of their stock. They’ll say: “okay, we’re worth this much now, but at the rate we’re growing, we’re going to be worth 10X that in a year. So really, the value of your options is many millions of dollars!” To not mince words: this is cynically dishonest BS. Don’t buy it even for a second. I got this a few times, and the only reason I didn’t walk away from the offer immediately was because it was always a recruiter pulling this crap. If it was a manager I would’ve turned down the offer outright. Here’s why this is infuriatingly stupid: a company’s valuation is determined by investors. These investors see the financials and the growth rate of the company, and invest at a price that reflects the current growth rate of the company. In other words, they invested at a valuation that already took their 10x growth rate into account. Investors are not idiots. And unless you (or your recruiter) think you have privileged information or insight that the company’s investors don’t, you should probably take the investors’ word for it. Also, a company’s nominal valuation is almost always inflated due to preferred shares, debt, and survivorship bias. But let’s ignore that for now. So if a company gives you this hock of crap, fire back and tell them thank you, but you’ll be considering the stock at the same valuation their investors valued it at. I mean, be nice. But don’t let them try to strong-arm you into accepting this garbage. A job is not a suicide pact. Choose a company that is judicious and transparent, and you’ll be much more likely to find yourself respected and taken care of. Other things you can ask for Because I’d be remiss if I didn’t point out a few other things. Relocation expenses often come out of separate budgets at big companies, so this is generally very easy to get. Look for creative benefits that would be particularly valuable to you. Maybe it’s covering your commuter expenses, asking for dedicated volunteer or learning time, getting sponsored for conferences, or even charity donation matching. Don’t assume anything’s off the table until you’ve tried bringing it up. That said, don’t throw the entire kitchen sink at them. A negotiation can quickly become cumbersome for an employer if you bring up a litany of changes. Keep the changeset as pithy as you can. Negotiating Jiu Jitsu Recruiters love trying to trick you into ending the negotiation early. They’re going to do this relentlessly. Don’t fault them for it — I suspect they can’t help themselves. Just keep breaking out of their shenanigans. Don’t let yourself be pressured into ending a negotiation until you’re actually ready to make a final decision. This is especially grave if you have multiple offers, and you let one company pressure you into canceling the others. Companies succeed in doing this all the time, so I want to equip you with the skills to jiu jitsu out of these techniques. Here are two situations you can break out of. These are both real situations that happened to me during my negotiations, though the numbers and details are invented. Situation 1: I ask for a 10K increase in signing bonus. The company gets back to me and says, “That’s really tough for us to do. I’m going to try. I think you’re worth it. But I can’t really go to my boss and fight for you unless she knows you’re going to sign. Are you going to sign if I get you that 10K?” You should be thinking: ah, this person is trying to force me to a decision point and take away my negotiating power. I respond, “Okay, so what I’m hearing is that you’ll have to expend some personal reputation to get me a 10K bonus. If you end up going to bat for me, are you confident you’ll be able to get that 10K?” “I think I can, it just comes down to you Haseeb. If you’re serious about joining us, then I’ll go fight for you. But I need to know for sure you’ll sign.” Great. Time to jiu jitsu. “That makes sense. Unfortunately I can’t commit to signing yet; I’m not yet at the stage where I can make a final decision. Like I told you before, this weekend I’m going to sit down with my family and talk things over with them. Choosing the company I’m going to spend the next few years at is a commitment I take really seriously. So I want to be sure I’m making a well-considered decision. “But since you’re confident that you can get an extra 10K, let’s do this instead: in my mind, I’ll pretend this offer is [X + 10K] and as I’m considering my final decision, that’s where I’ll value it. I know it’s tough for you to go and get that from your boss, so I don’t want you to do that until I’m certain I’m going to sign.” They then vaguely recant and promptly get approval for the 10K bonus. Situation 2: I ask for a 20% increase in stock package. The hiring manager, knowing that I’m negotiating with other companies, then fires back: “I want to get this stock package for you. And I know I can, we’ve got the budget. But before I do that, I need your word on something.” “What’s that?” “I need you to give me your word that if I improve your offer, you’re not going to just turn around and take our counter-offer to [COMPETITOR_COMPANY] to improve your offer with them.” You should be thinking: so basically they’re asking me not to negotiate. “Let me see if I understand what you’re saying. You are willing to improve my offer, but only if I agree that I won’t tell [COMPETITOR] what you’re offering me. Is that correct?” “Well no, I can’t legally do that. What I mean is… what I mean is, look. I like you. But if I improve your offer and you just take our offer to [COMPETITOR], you’ll be violating my trust.” “Okay, let me be sure I understand you here. If you give me this offer and I tell [COMPETITOR], I will be violating the trust under which you’re granting me this improved offer. Is that correct?” “Uhh… Look. How about this. In my mind, I’m going to go get you this stock package okay? And in my head, I’m going to do it with the assumption that you’re the kind of person I think you are, and you’re going to consider our offer in its own right and not just shop it around. Fair enough?” I nod. He gets the improved offer. I continue to negotiate. Antics averted. (In case you’re wondering, if he had said “yes,” I would have turned down the proposal.) The Path to Signing It’s not enough to just continually ask for stuff. Companies need to sense that you’re actually moving toward a final decision, and not just playing games with them. Your goal in a negotiation is not to be difficult or elusive. True, you should assert your value and carefully consider your options, but you can do so in a way that’s respectful and considerate toward the companies you’re talking to. Don’t go dark on people. Be open and communicative. I keep saying be honest and I mean it — be honest. Aside: I keep talking about honesty, and you might protest that this is antithetical to my earlier rule of “protect information.” It’s not. True, you should protect information that might weaken your negotiating position, but you should be as communicative as possible about everything else (which is most things). Negotiating is all about relationship, and communication is the bedrock of any relationship. This brings me to the final rule, Rule #10: be winnable. This is more than just giving the company the impression that you like them (which you continually should). But more so that you must give any company you’re talking to a clear path on how to win you. Don’t BS them or play stupid games. Be clear and unequivocal with your preferences and timeline. If there is nothing that a company could do to sign you, or you don’t actually want to work for them, then don’t negotiate with them. Period. Don’t waste their time or play games for your own purposes. Even if the company isn’t your dream company, you must be able to imagine at least some package they could offer you that would make you sign. If not, politely turn them down. It costs each company money to interview you and to negotiate with you. I didn’t negotiate with every company I received an offer from, but if there was one key mistake I made in my job search, it was that I still negotiated with too many (in large part because I didn’t think my job search would be successful). Making the Final Decision Okay, it’s decision time. (Yes, you do have to make one.) Three things to keep in mind here: - be clear about your deadline - assert your deadline continually - use your final decision as your trump card When you start negotiating, you don’t have to be clear about your timeline because you probably don’t have one yet. But once you get into intermediary stages, you should set for yourself a deadline on which you’ll sign. It can be for an arbitrary reason (or no reason at all), but just pre-committing to a deadline will allow you to negotiate more clearly and powerfully. “A weekend with the family” I found works nicely, as it has the added benefit of roping other decision makers in. Then when companies push you to end negotiations early, you can re-assert this deadline. Companies should all be totally aware of when you’re going to make your decision. This will raise the stakes and galvanize negotiations as the deadline approaches. This deadline also lets you defer your decision while still improving offers. Your narrative should basically be “I want to see the strongest offer your company can muster. Then I will go into my cave, meditate for 10 days, and when I emerge I will have decided in my heart which company to join.” This gives you enormous power to avoid any on-the-spot decision points or premature promises. Eventually, deadline day will come. Try to make this a business day (say, a Friday or a Monday) so that you can communicate with recruiters during this day. If a hail mary is going to happen, it’ll happen here. Even if there’s only one company in the running, you should always always wait until the last day to sign your offer. Yes, even if you’re certain you’re going to sign and even if it’s your dream job. I’ve seen many scenarios in which offers spontaneously improved as deadlines approached, or a fallen player gets up and presents you the holy grail in the 11th hour. Either way, there’s no harm. Finally, your trump card. Save this for the very end. Your trump card is these words: “If you can do X, I will sign.” Note, this is NOT “If you give me X, the offer will be more compelling blah blah blah.” We’re past that. It’s time to make a promise. Every company that’s still on the table, let them know what it would take to sign you (unless there’s nothing they could do). And when you make the final ask, don’t forget reason-giving, even if it’s the same reason as before! “Hi Joel, I’ve been thinking it over and it’s genuinely a really tough decision for me. I loved everyone at [COMPANY] but the one thing that makes it hard for me is the salary. As you know I’m trying to pay off my student loans so salary is really important to me right now. If you can improve the salary by 10K a year, then I’ll be totally ready to sign.” With luck, they meet you half-way. Or, with a little more luck, they’ll meet all of it. And just because I know someone will ask — yes, once say you’re going to sign, you should always sign. Never go back on your word. It’s a small world. People talk. These kind of things will come back to haunt you. (More importantly, never go back on your word because you’re the kind of person who never goes back on their word.) Tell all of the other parties that you’ve made your final decision. Thank them for the negotiation. If you did it well, they’ll usually thank you back, tell you to keep in touch, and to reach out again in a couple years next time you’re on the market. And that’s it. You did it! Congratulations! You’re still alive, right? … You’re not moving. Well, that’s fine. It’s time to celebrate your new job, you beautiful fool! (Drinks are on you.) If you got some value out of this article, share it with a friend who’d benefit from it. Or better yet, follow me on Twitter and I can be your friend. There’s a lot more in the works. Until next time, —Haseeb  

with Ben Horowitz, Scott Kupor, and Caroline Moon “The only unforgivable sin in business is to run out of cash” [so said Harold Geneen], yet startup CEOs “always act on leading indicators of good news, and lagging indicators of bad news” [according to Andy Grove]; after all, it requires a certain stubborn, headstrong optimism to start a company. So how to reconcile these views? At the very least, pay more attention to leading indicators of running out of cash, “because there's just no going back”! But doing all this — while also trying to balance growth, advance planning vs. constantly changing strategy, revenue vs. margin, coordination/communication/culture, and so on — is a lot harder than it seems on a finance spreadsheet. It requires understanding that the “math is not the terrain, the spreadsheet is not the business”… yet also knowing when to trade rose-colored glasses for darker rainy-day ones. And that's where a CEO partnering productively with a CFO comes in. In this episode of the a16z Podcast -- moderated by (and based on an internal event for CEOs+CFOs hosted by) Caroline Moon, who leads the financial operations for startups practice on a16z's corp dev team -- Ben Horowitz and Scott Kupor share their personal insights as well as advice for founders: How DO you do it all?

with Anne Mitchell, Lars Dalgaard, and Scott Kupor"Orthogonal thinking" but "shared core values" -- that's what makes an ideal board... especially when it comes to "independents", i.e., board members who aren't also investors. But how do you get the most out of those independent directors, who are often in the minority? How do you bring in the best board member for the company, team, product -- not just as another box to check on the road to IPO, but to ensure a fresh and/or missing perspective? And finally, how can the existing board -- and CEO -- best prepare for the changing dynamics? Leaders have to evolve with the company after all.In this episode of the a16z Podcast, moderated by managing partner Scott Kupor, general partner Lars Dalgaard (formerly CEO and founder of SuccessFactors) and executive coach (and former investor) Anne Mitchell -- both of whom have served on boards for companies all the way from private stage to IPO -- share their thoughts and experiences. The conversation took place as part of our annual Director's College at Stanford University in April 2017.

How to think about business policy and top-of-mind issues for the tech industry, given a new president? From what agencies matter for startups and VC to what the first 100 days (and next two years!) look like, a16z managing partner Scott Kupor and president and CEO of the National Venture Capital Association (NVCA) Bobby Franklin share what happens between elections and when the reality of the Washington process sets in post-inauguration. What are some of the discussions that are happening around taxation, special stock exchanges for earlier-stage/ smaller companies, and what was the JOBS Act again? Believe it or not, seemingly wonky details like these incent behavior -- for better or worse, with intended and unintended consequences -- and in this episode of the a16z Podcast, we discuss all this and more. (Company) size does matter, after all.

From the silver age of on-prem software companies like SAP and Siebel Systems to the golden age of enterprise software-as-a-service, we're now seeing an explosion of data. All types, all sizes, and all over the place. And much of it is a sort of industrial "data exhaust", where companies aren't quite sure what question to ask of the data but are being bombarded with data due to the variety of data sources available today -- from websites to sensors (and therefore data capture) everywhere. Before there is even a signal in the noise. So how do you solve a problem like this-Data? Beyond requiring new types of plumbing and integrations, enterprises now expect -- given the age of mobile, web, cloud, and heck, let's add millennials to the mix too -- self service. To be able to ask, get, fit (curve-fit), predict. To take back the enterprise from the patchwork of integration and number of vendors we all have to deal with -- the scope of which most companies in fact are not truly aware of. It's about the lifecycle of data in the enterprise, argues Snaplogic founder and CEO Gaurav Dhillon in this episode of the a16z Podcast, in conversation with Scott Kupor. It's in fact about the evolution of data overall -- from data warehouses to "data lakes": in stages, from purification (like wrangling data) to bottling (prepping for consumption by data scientists) to making sense of streams and streams of data! The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

"Raise prices." Regular listeners of our podcast have heard this advice more than once. But why is this so key and yet so hard for many technical founders? And how should startups go about raising prices -- or more specifically, creating value -- for their products? In this episode of the a16z Podcast, former sales VP Mark Cranney (and head of a16z's EBC and go-to-market practice for startups) and former startup founder (and general partner focused on all things infrastructure) Martin Casado talk to managing partner Scott Kupor about pricing for startups ... especially for category-creating businesses. It's not all "pricing, pricing, pricing" though -- there's another important "p" in there too!

"All of a sudden you can program the world" -- it's the continuation of the software eating the world thesis we put out over five years ago, and of the trajectory of past and current technology shifts. So what are those shifts? What tech trends and platforms do we find most interesting on the heels of raising our fifth fund? Are we just building on and extending existing platforms though, or will there be new platforms; and if so, what will they be? Well, distributed systems for one... This episode of the a16z Podcast covers all things distributed systems -- encompassing cloud and SaaS; A.I., machine learning, deep learning; and quantum computing -- to the role of hardware; future interfaces; and data, big and small. Podcast guests Marc Andreessen and Ben Horowitz (in conversation with Scott Kupor and Sonal Chokshi) also share the one piece of advice from a management and go-to-market perspective that all founders should know. And finally, why simulations matter... and what do we make of our current reality if we are all really living in a simulation as Elon Musk believes?

Do we need a new pay system for the way startup employees are compensated? While many people agree that the current 90-day exercise practice — an outdated relic of when companies used to go public/get liquidity in a much shorter timeframe — is far from ideal, neither are some of the other solutions proposed so far. Because incentives matter, and behavior follows incentives. Which is fine as long as you know all the implications around what you're incentivizing for and it aligns to what you want as a founder for your company and employees. So “let's get it out from under the rug, let's talk about it, and let's design a system that works for whatever you want your company to be”, argue a16z partners Ben Horowitz and Scott Kupor in this episode of the a16z Podcast. The discussion goes beyond just the question of a 10-year exercise to other configurations — such as Snapchat's model and Tesla's model for timing options, as well as radical experiments like “progressive equity“. What are the tradeoffs of each approach? How does the type of company you're building (a complex hardware or infrastructure-heavy startup for example) change things? How does the broader environment affect all these considerations (and might plans to create a new long-term stock exchange help)? Finally, is it fair to treat tenure as a proxy for the actual value a particular employee contributed to building the company? Or to optimize for earlier vs. later employees, particular if the earlier ones de-risked the company and later ones helped scale it? And what do different employees want — more options, more RSUs, cash, more ownership, more stability, more mobility? All this and more in this episode…

It's hip to be Square right now. Or is it? How do we assess whether it -- and other recent IPOs -- went well, not just for investors but overall? In this episode of the a16z Podcast, Nicole Irvin and Stephen McDermid from our startup corp dev team -- and Andreessen Horowitz managing partner Scott Kupor -- share an internal "hallway conversation" of sorts around how to make sense of market reactions to recent IPOs, and more broadly, how to compare private vs. public valuations (and investors). Is there a method to the madness, a formula to compare these from beginning to end? Does it make a difference if you're creating a new category (like SaaS previously) or are in an existing one? Finally, we share views on the somewhat religious debate about whether public is really the new private, growth vs. profitability, and more. Especially as startups are always optimizing for so many competing things at any given time.

"This time is different." But it's always different! So what's going on now in the public markets? Why does this even matter? For one thing, tech markets have grown significantly. And one big reason is internet and mobile. It's like a multiplier for the market size and opportunity. In this episode of the a16z Podcast, Andreessen Horowitz managing partner Scott Kupor, mobile analyst Benedict Evans, and corp dev research partner Morgan Bender break down a slide deck we recently shared, including answers to what all these so-called “unicorns” are, how it affects venture capital and the funding landscape, and how we define a "quasi-IPO." The views expressed here are those of the individual AH Capital Management, L.L.C. (“a16z”) personnel quoted and are not the views of a16z or its affiliates. Certain information contained in here has been obtained from third-party sources, including from portfolio companies of funds managed by a16z. While taken from sources believed to be reliable, a16z has not independently verified such information and makes no representations about the enduring accuracy of the information or its appropriateness for a given situation. This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making a decision to invest in any fund managed by a16z. (An offering to invest in an a16z fund will be made only by the private placement memorandum, subscription agreement, and other relevant documentation of any such fund and should be read in their entirety.) Any investments or portfolio companies mentioned, referred to, or described are not representative of all investments in vehicles managed by a16z, and there can be no assurance that the investments will be profitable or that other investments made in the future will have similar characteristics or results. A list of investments made by funds managed by Andreessen Horowitz (excluding investments and certain publicly traded cryptocurrencies/ digital assets for which the issuer has not provided permission for a16z to disclose publicly) is available at https://a16z.com/investments/. Charts and graphs provided within are for informational purposes solely and should not be relied upon when making any investment decision. Past performance is not indicative of future results. The content speaks only as of the date indicated. Any projections, estimates, forecasts, targets, prospects, and/or opinions expressed in these materials are subject to change without notice and may differ or be contrary to opinions expressed by others. Please see https://a16z.com/disclosures for additional important information.

It's a problem most entrepreneurs would love to face, a massive valuation offer from investors for the startup they've been killing themselves over. But what terms come along with that big number? In this segment a16z's Scott Kupor is joined by two startup CEOs to pick apart the topic of valuations – serial entrepreneur Danny Shader, founder of PayNearMe, and Danielle Morrill, co-founder of Mattermark.

Chris Schroeder is a global angel investor & advisor to tech startups with a keen interest in emerging markets. Chris is the co-founder of Next Billion Ventures, a venture capital fund focused on the next billion digital consumers across global emerging markets, he is a Network Partner for Village Global, an early venture capital fund backed by Bill Gates, Mark Zuckerberg, Diane Greene, Sara Blakely, Jeff Bezos, Reid Hoffman and many more exceptional entrepreneurs. He sits on the investment committees of Wamda Capital & Saudi Telecom Ventures and he is on the board of several private and NGO boards. And that's just the tip of the iceberg. Chris started out in politics with the George W Bush (Senior) presidential campaign before becoming the CEO of the Washington Post/ Newsweek interactive. In 2005 he co-founded Health Central, a platform that helps people find and share real-life experiences related to their health needs. Health Central was backed by the likes of Sequoia, Polaris Ventures and the Carlyle Group to name a few and was acquired by Remedy Health in 2012. In 2013, Chris published the first book on the Middle East & North Africa's entrepreneurship scene called: Startup Rising — The Entrepreneurial Revolution Remaking the Middle East — with a forward by renowned investor Marc Andreessen. I've known Chris for nearly a decade and am delighted he let me ask the questions this time as he is the one who is always curious and eager to be of service. We talked about Chris's transition into entrepreneurship from politics and corporate life, his fascination with entrepreneurship in the Middle East and emerging markets, the sectors he's currently considering for investment and we touch on our need to step up and take control of our lives and also our biases. For those interested in learning more about fundraising for startups and venture capital, check out these 2 books: [Venture deals](https://www.venturedeals.com) by Brad Feld and (Secrets of Sand Hill Road](Secrets of Sand Hill Road) by Scott Kupor. Thanks to [Joi Gifts](http://joigifts.com) for their support on this episode. Joi Gifts is the largest gifting marketplace in the Middle East, operating in 7 countries and covering 22 major cities. Use the code loulou15 to get a 15% discount on everything. Enjoy!