20VC: Why VC is a Ponzi Scheme Today | Why Most VCs are Bankers | Why Big VCs Ruin Startups | Why Incentives in VC are Broken | Why American Dynamism is a Tool for VCs to Raise Money with Nick Chirls, Asylum Ventures

20VC: Why VC is a Ponzi Scheme Today | Why Most VCs are Bankers | Why Big VCs Ruin Startups | Why Incentives in VC are Broken | Why American Dynamism is a Tool for VCs to Raise Money with Nick Chirls, Asylum Ventures

Nick Chirls is the Founder of Asylum Ventures, a new venture firm dedicated to the creative act of building companies; treating founders like artists, not assets. Asylum raised $55 million to invest $1-2 million in early-stage founders practising the art of making startups. Prior to Asylum, Nick co-founded Notation Capital, one of NYC's most successful pre-seed firms.

In Today's Episode with Nick Chirls We Discuss:

1. Why Venture Capital is Broken Today:

  • Why is VC a ponzi scheme today?
  • Why are most VCs sheep and have lost all creativity?
  • Why are most investors today incentivised to get dollars out of the door and not to make great investments?
  • Why are services functions within VC firms total BS?
  • Why do no VCs provide significant enough value to a company that it is needle-moving?

2. How to Make Money in VC in 2024:

  • What are the two ways to make money at seed in 2024?
  • Why do founders in unloved markets care more than those in hot markets?
  • Why will large institutions lose a ton of money investing in the large firms of today?
  • Why does Nick believe VCs should always sell when their founders sell shares?

3. Lessons from 3xing a Fund on One Check:

  • Why does Nick think about not purchasing preferred shares and only buying common shares?
  • Why does Nick believe that investing in competitive markets is stupid?
  • What does Nick believe are the conditions you must accept if you are doing a $5M on $25M seed?

Jaksot(1449)

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AGENDA: 05:17 OpenAI's Restructuring: Winners and Losers 17:17 Andreessen Horowitz's Raise $10BN in New Funds 26:38 Mercor Raises $350M at a $10BN Valuation 43:08 Spray and Pray: Does it Work: Data Br...

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20VC: Why VC Today is Worse Than 2021 | Why Vertical SaaS is a Bad Investment Today | Why We Are Deluding Ourselves on Growth Expectations | Revolut Raises $3BN at a $75BN Valuation | Benchmark Adds Their Newest General Partner

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AGENDA: 04:50 Benchmark's New Partner: Everett Randall 10:19 Revolut Raises $3BN at a $75BN Valuation: Another Loss for Public Markets? 28:39 Why Today is as Bad as the Hype of COVID in 2021 32:10 Why...

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