20VC: DFJ's Josh Stein on Why VCs Must Adapt To Their Founders, The Major Transition Points For Aaron Levie @ Box & Why SaaS Startups Are Growing At A Rate Never Seen Before

From 1995 until 2004 Andy Rachleff was a co-founder and General Partner of Benchmark Capital, who have backed the likes of Twitter, Snapchat, Dropbox, Uber and Instagram. Upon his retirement from Benchmark, Andy joined the faculty of the Stanford Graduate School of Business to teach a variety of courses on entrepreneurship. In 2008 he co-founded Wealthfront Inc, the online financial advisor and investment management solution, where he now serves as Executive Chairman. In just 3 years, Wealthfront now have over $2bn AUM. In Today's Episode You Will Learn: 1.) How Andy made his way into the world of VC and what was the origin story behind the founding of Benchmark? 2.) Andy took the opposite route to most having been a VC and then founding Wealthfront. So what does Andy make of doing VC first and then becoming an operator? 3.) Why does Andy believe Ivy League endowments are the best managed pools of capital? What do they do well and what separates the good from the great? 4.) Andy has worked with some of the world's best CEO's and board members, so what makes the best board member and what makes the best CEO? 5.) How has Andy seen the VC industry evolve and develop over the last 20 years? How has Andy seen his own investment decision making process and patter recognition alter over that time? Items Mentioned In Today's Episode: Andy's Fave Book: The Innovator's Dilemma As always you can follow The Twenty Minute VC, Harry and Andy on Twitter here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

20 Kesä 201626min

Sasha Orloff is the CEO and Co-founder of LendUp, a fintech startup offering online and mobile personal loans and credit cards in the United States. Prior to launching LendUp Sasha was on the other side of the table as a VC with Citi Group's corporate venture capital arm. On the topic of VC funding, LendUp raised an incredible $150m in Jan 2016 from likes of SV Angel, Yuri Milner our friends at Susa and Google Ventures just to name a few. In Today's Episode You Will Learn: 1.) How did Sasha come to found LendUp following a stint in VC with Citi Group? 2.) What Sasha learnt from VC about running a successful startup and how he applied them to his founding of LendUp? 3.) Was it difficult leaving the security of a VC job to found a startup? Would you have done the same had you had children at the time? 4.) What trends in FinTech is Sasha most excited for? Why does Sasha think banks are in so much trouble? Is there the potential to co-operate rather than replace banks? 5.) How was the fundraising process for Sasha? What was his preferred round and how did they differ from stag to stage? Items Mentioned In Today's Episode: Sasha's Fave Book: Banker To The Poor Sasha's Fave Blog: Sam Altman As always you can follow The Twenty Minute VC, Harry and Sasha on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

17 Kesä 201624min

Chris Douvos is Managing Director @ Venture Investment Associates (VIA) where he is a member of the Firm's Investment Committee and has responsibility for the management of relationships with the funds' managers and its limited partners, as well as the identification and development of new relationships for the Firm. Prior to joining VIA, he spent time at The Investment Fund For Foundations (TIFF). where he was responsible for over $1 billion. Prior to that, Chris worked on Princeton University's endowment team. One of Chris' most notable investments is his pre-first fund investment in First Round Capital. Chris is also the author of the fantastic blog, www.SuperLP.com, definitely check that out if you have not had the chance yet. In Today's Episode You Will Learn: 1.) How did Chris make his way into the world of limited partners? 2.) How does Chris respond to FOMO as an LP? Does it affect his decision making process? How does he look to avoid it? 3.) What patterns and processes has Chris developed to asses the ability of potential GPs? 4.) Is Chris concerned by the increasing time it is taking for startups to exit? How does this affect his think as an LP and cash on cash relationship to this asset class? 5.) In 2013, Chris aid micro VC was the most exciting space in VC, where is he most excited for now? Where will we see innovation in the VC market? Items Mentioned In Today's Episode: Chris' Fave Blog: RedEye VC, Tomasz Tunguz Chris' Fave Book: The Great Gatsby Chris' Most Recent Investment: Other Lab As always you can follow The Twenty Minute VC, Harry and Chris on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

15 Kesä 201629min

Beezer Clarkson is Managing Director @ Sapphire Ventures where she leads Sapphire's investments in venture funds domestically and internationally. Prior to joining Sapphire, Beezer managed day-to-day operations @ DFJ's Global Network, which had $7 billion under management across 16 venture funds worldwide. She has also spent time at Omidyar Network created by Ebay founder, Pierre Omdiyar, Hewlett Packard and Morgan Stanley. Beezer also runs the incredible openlp.com which is really opening up the world of LPs and if you have not checked that out, it really is a must! In Today's Episode You Will Learn: 1.) How did Beezer make her way into the world of limited partners? 2.) How do LP's find a new and talented fund manager? Is it a similar referral process as in startups with? How does the sourcing element of the LP world work? 3.) How do GPs raising a fund differ from startups raised their round? What are the similarities and differences in the processes? 4.) What does the investment decision making process look like for Beezer? Are their commonalities in the process of great LP's processes? What do you at Sapphire focus on when investing?? 5.) At Sapphire you have extensively researched the formulas of what makes a great VC, what have been your findings? What are the commonalities amongst the great VCs? Items Mentioned In Today's Episode: Beezer's Fave Blog: Term Sheet, Strictly VC, The Information Beezer's Fave Book: The Tale of the One Way Street As always you can follow The Twenty Minute VC, Harry and Beezer on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

13 Kesä 201628min

Melanie Perkins, Founder & CEO at Canva the disruptive online platform allowing anyone to create professional quality designs. They have over 10m users from 179 countries and have funding from our friends at Shasta, Felicis and upcoming guests Blackbird Ventures and Airtree in Australia. Prior to Canva, Melanie was the Fusion Yearbooks which she grew to be the largest Yearbook publisher in Australia. In Today's Episode You Will Learn: 1.) How did Melanie come to found Canva, what was the a-ha moment for her? 2.) How has Melanie looked to scale the team whilst maintaining the same core startup values and company ethos? What are the strategies at play here? 3.) What does it take to grow in international markets? Where were the benefits of founding Canva in the isolated tech ecosystem of Perth?? 4.) What did Melanie look for in her investors? As a newbie to the VC scene how did she approach the fundraising process and what would she like to improve on? 5.) How can products that have both a free and a paid model offer enough in the free version to entice users, whilst retain enough for the paid to justify the price? Items Mentioned In Today's Episode: Melanie's Fave Book: Designing The Obvious As always you can follow The Twenty Minute VC, Harry and Melanie on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

10 Kesä 201626min

Nabeel Hyatt is a venture partner at Spark Capital where he invests in entrepreneurs using that rare combination of design and technology to transform markets. He is currently on the board of Spark Capital's investments in Cruise (acquired by General Motors), Fig, Harmonix, Postmates, Proletariat, and Thalmic Labs. Nabeel was previously cofounder and CEO of Conduit Labs, which was sold to Zynga in 2010, where he then became General Manager up through the IPO. Prior to that he was variously cofounder, head of product, and CEO at a variety of hardware and software companies including MIT Media Lab spin-out Ambient Devices, Teamtalk (BSkyB), and Interphase. In Today's Episode You Will Learn: 1.) How did Nabeel make his way into the world of VC? 2.) What are the biggest lessons Nabeel can apply from his time in the trenches to being a VC at Spark? How has his investment strategy and decision making changed over time? 3.) What were the biggest takeaways for Nabeel as an observer and investor in Oculus? 4.) What is the story behind Spark's investment in Cruise (recently acquired by GM)? How did Nabeel come to meet Kyle and the team? What was the product like? How did it evolve? 5.) What does Cruise's acquisition mean for the autonomous car industry? What are the inherent challenges for the industry as a whole? How will they be overcome and what timeline are you placing on the industry to come into fruition? Items Mentioned In Today's Episode: Nabeel's Fave Blog: AVC Nabeel's Most Recent Investment: Fig As always you can follow The Twenty Minute VC, Harry and Nabeel on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

8 Kesä 201626min

Bijan Sabet is General Partner @ Spark Capital where he primarily invests in digital canvases and online communities for people at work and at play. Bijan led early investments for Spark in the likes of Twitter, Tumblr, Foursquare, OMGPOP and Runkeeper just to name a few. Before becoming an investor, Bijan led product management and business development at GameLogic (acquired by Scientific Games), Moxi Digital (acquired by Digeo) and WebTV Networks (acquired by Microsoft Corporation). In Today's Episode You Will Learn: 1.) How did Bijan make his way into the world of VC? 2.) How did the Twitter and Tumblr deals come about? What made you say yes? 3.) Looking at Bijan's thesis, is it true that Bijan has a preference for first time founders? What are the commonalities of all great first time founders? 4.) Often first time founders nail product market fit but struggle to scale the operations to suit the growth of the product. How does Bijan as a VC lend to this situation? 5.) Does Bijan agree with Fred Wilson's assessment of the consumer downturn? Why does Bijan think that David must beat Goliath in the end? Items Mentioned In Today's Episode: Bijan's Fave Blog: Ready Player One Bijan's Fave Blog: AVC Bijan's Most Recent Investment: Lily: Your Throw and Go Camera As always you can follow The Twenty Minute VC, Harry and Bijan on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

6 Kesä 201624min

Jessica Mah is Founder and CEO of inDinero, which she started back in 2010 to help entrepreneurs with all their accounting and tax needs after going through the same challenges with her own businesses. Jessica has grown inDinero from zero to multi-million dollar revenues with over 100 full-time employees and has been featured in the Forbes and Inc 30 Under 30 Lists. The company has raised over $10M to date and is growing rapidly. Her goal is grow inDinero into being the leading accounting provider for businesses. In Today's Episode You Will Learn: 1.) How did Jessica come to found Indinero, an SMB accounting startup when she was at University? 2.) Why did Jessica decide to raise funding from angels over VC's? What were the benefits of this? 3.) Why does Jessica believe that institutional capital is never patient capital? What additional value add do angels bring that VCs and HNW's do not bring? 4.) How does Jessica like to involve her investors in the hiring process? How can founders do this and why should they? 5.) Why does Jessica believe it is better to have a board that works for the founder and not the other way round? Does this not lead to conflict? Items Mentioned In Today's Episode: Jessica's Fave Book: A Guide To The Good Life As always you can follow The Twenty Minute VC, Harry and Jessica on Twitter here! If you would like to see a more colourful side to Harry with many a mojito session, you can follow him on Instagram here! The Twenty Minute VC is brought to you by Leesa, the Warby Parker or TOMS shoes of the mattress industry. Lees have done away with the terrible mattress showroom buying experience by creating a luxury premium foam mattress that is order completely online and ships for free to your doorstep. The 10 inch mattress comes in all sizes and is engineered with 3 unique foam layers for a universal, adaptive feel, including 2 inches of memory foam and 2 inches of a really cool latex foam called Avena, design to keep you cool. All Leesa mattresses are 100% US or UK made and for every 10 mattresses they sell, they donate one to a shelter. Go to Leesa.com/VC and enter the promo code VC75 to get $75 off!

3 Kesä 201624min