20VC: What It Takes To Raise A VC Fund & Investing in First Time Fund Managers with Michael Kim @ Cendana Capital

Thomas Plantenga is the CEO @ Vinted, one of the fastest-growing marketplaces in the world with a valuation of $4.5BN. Prior to becoming CEO, Thomas worked with a range of organisations including Bookaboat, OLX, Sellit/Wallapop and FJLabs. Alex Taussig is a General Partner @ Lightspeed and co-leads the fund's Consumer investment team. Alex's portfolio includes the likes of All Day Kitchens, Archive Resale, Daily Harvest, Faire, Found, Frubana, Keychain, Kikoff, Vinted, YaySay, and Zola. In Today's Episode with Thomas Plantenga and Alex Taussig We Discuss: 1. The CEO Who Did Not Want to be CEO: How did Thomas come to be CEO @ Vinted? Why did he not want the job at first? What does Thomas know now that he wishes he had known when he started? 2. The Mechanics of the Fastest Growing Marketplace: What is the single most important metric for Vinted? How does Vinted determine what market to open next? What do they look for? How does Vinted think about depth vs breadth in each country? What is the AOV today? How does it vary by country? How long does it take for each country to be cash flow positive? 3. The Biggest BS in Startups: Rule of 40 and EBITDA: Why does Thomas think VC's obsession with "Rule of 40" is BS? Why does Thomas believe EBITDA optimization is BS and useless? What are the hardest elements of scaling a marketplace that no one knows? 4. The Bull, Bear and Investor Approach to Vinted: Alex, what was Lightspeed's pre and post-mortem when investing in Vinted? How does Lightspeed analyze TAM and market sizing when investing? What was Lightspeed's single biggest concern when investing in Vinted? 5. Europe: A Hub of Innovation or a Retirement Home: Does Thomas believe that European young people have a worse work ethic than those in the US? Is Thomas concerned by the state of regulation hampering innovation in Europe? What can be done to improve work ethic and the state of regulation today? Why is Alex and Lightspeed more bullish than ever on Europe today?

12 Feb 20241h 13min

Doug Leone is the Global Managing Partner @ Sequoia Capital, one of the world's most renowned and successful venture firms with a portfolio including the likes of Google, Airbnb, Whatsapp, Stripe, Zoom and many more. Marcelo Claure is the Founder & CEO of Claure Group, a multi-billion-dollar global investment firm. He is the Executive Chairman and Managing Partner of Bicycle Capital, a $500M Latin America-focused growth equity fund, and was appointed Chairman in Latin America of SHEIN, the global #1 on-demand fashion company in the world. Claure was also the CEO of SoftBank Group International where he launched SoftBank's $8B Latin America Funds, and had direct oversight for SoftBank's operating companies. Geoff Lewis is a Founder and Managing Partner of Bedrock, one of the breakout and new venture firms of the last decade, famously in search of narrative violations. He serves or has served on the Board of Directors for companies including Lyft (NASDAQ: LYFT), Nubank (NYSE: NU), Epirus, and Vercel. Bill Ackman is the CEO of Pershing Square Capital Management, L.P., an SEC-registered investment adviser founded in 2003. Pershing Square is a concentrated research-intensive fundamental value investor in long and occasionally short investments in the public markets. Martín Escobari is Co-President, Managing Director and Head of General Atlantic's business in Latin America. Martín is Chairman of the firm's Investment Committee and also serves on the Management and Portfolio Committees. Orlando Bravo is a Founder and Managing Partner of Thoma Bravo. He led Thoma Bravo's early entry into software buyouts and built the firm into one of the top private equity firms in the world. In Today's Episode on Price Sensitivity We Discuss: Doug Leone: Why the attitude of "deploy, deploy, deploy will get so many in trouble"? Marcelo Claure: How to know when price matters and when it does not? Geoff Lewis: What is the right framework to assess price at an early stage? David Tisch: How does the importance of price change vis a vis company vs portfolio? Orlando Bravo: What have been Thoma Bravo's biggest lessons on price? Cyan Banister: Why does Cyan believe there will be a reckoning?

9 Feb 202428min

Erik Allebest is the CEO @ Chess.com, the #1 online chess service on the planet with more than 150+ million members and 15+ million games played each day. Erik has scaled the company to over 700 people and $100M+ in revenue with no venture funding. In Today's Episode with Erik Allebest: 1. From Unemployable to $100M+ Revenue Founder: How did Erik make his way into the world of tech and startups? Was his MBA worth it? How does he advise others on whether to get one or not? What does Erik know now that he wishes he had known when he started? 2. Scaling to $100M Revenue with No Venture Funding: Why did no one want to invest in Chess.com in the early days? What did Erik do differently as a result of not raising any venture funding? What would Erik have done if he had money from the start? What are Erik's biggest pieces of advice to founders with funding today? 3. Hard Lessons Scaling to 150M Members: What are 1-2 of Erik's biggest lessons on how to scale users with zero budget? What customer acquisition worked? What did not work? How important was COVID and The Queen's Gambit to memberships and sign-ups? What are the single biggest mistakes Erik sees founders make on customer acquisition today? 4. Parenting, Marriage, Metrics and Money: Why does Erik not care about money or capitalism today? How has Erik's style of parenting changed over the years? What works? What does not? What does Erik believe is the secret to marriage? What have been his biggest lessons? Why does Erik hate metrics? If so, how does he run the business towards goals and output? Public.com Disclosure: Options are not suitable for all investors and carry significant risk. Certain complex options strategies carry additional risk. Options can be risky and are not suitable for all investors. See the Characteristics and Risks of Standardized Options to learn more. For each options transaction, Public Investing shares 50% of their order flow revenue as a rebate to help reduce your trading costs. This rebate will be displayed as a negative number in the "Additional Fees" column of your Trade Confirmation Statement and will be immediately reflected in the total dollars paid or received for the transaction. Order flow rebates are only issued for options trades and not for transactions involving other assets, including equities. For more information, refer to the Fee Schedule. All investing involves the risk of loss, including loss of principal. Brokerage services for US-listed, registered securities, options and bonds in a self-directed account are offered by Open to the Public Investing, Inc., member FINRA & SIPC. See public.com/#disclosures-main for more information.

7 Feb 20241h 11min

David Tisch is the Managing Partner of BoxGroup, one of the leading seed-stage investment firms of the last decade having invested in over 500 seed-stage startups, including Plaid, Ro, Ramp, PillPack, Amplitude, Stripe, Warby Parker, Harry's, Flexport, Classpass, Airtable and more. Terrence Rohan is the Managing Director @ Otherwise Fund, a fund that discretely empowers a network of today's top founders to make multi-stage venture investments. Terrence has invested in the likes of Figma, Hugging Face, Vanta, Notion and Robinhood to name a few. In Today's Seed Investing Special We Discuss: 1. Is Seed Investing Now a Commoditised Asset Class: Why does Dave Tisch believe seed investing will remain the most inefficient market? What does that mean for the future of returns at seed? Why should you always pay up and be price-insensitive at seed rounds? Why does David believe that no one is great at seed investing? Why does David believe that you cannot index the seed market? 2. The Biggest BS Elements of Venture Capital: Signaling: Why does David believe that the theory of signaling is total BS? Why does Terrence disagree and think it is valid and common? Group Decision-Making: Why does Terrence believe that investing decisions should be made solo and groups merely encourage consensus decision-making? Reserves: Why does Terrence believe reserves hurt DPI and are not good? How does David respond given his growth fund? Venture Value Add: Why do David and Terrence think venture value add services platforms are BS and not worth it? 3. The World of LPs: What is the single biggest misalignment between VCs and LPs? What are David and Terrence's biggest pieces of advice for emerging managers today? Should LPs expect depressed returns from venture as the asset class commoditises?

5 Feb 20241h 29min

Will Wu is the CTO @ Match Group, the owner and operator of the largest global portfolio of popular online dating services including Tinder, Match.com, OkCupid, and Hinge to name a few. Prior to Match, Will was VP of Product at Snap Inc. As the 35th employee, Will spearheaded the creation of Snapchat's "Discover" content platform. He also led the creation and growth of the "Chat" messaging feature, which today is a primary Snapchat engagement driver that connects hundreds of millions of people each day. In Today's Episode with Will Wu We Discuss: 1. The Journey to Snap CPO: How did Evan make his way into the world of product and come to meet Evan Spiegel? What are 1-2 of his biggest takeaways from his time at Snap? What does Will know now that he wishes he had known when he started in product? 2. How to Hire Product Teams: How does Will structure the interview process for new product hires? What are the most telling questions of a candidate's product skills in hiring? What case studies and tests does Will do to assess a candidate? What are 1-2 of Will's biggest hiring mistakes in product? 3. How to Do Product Reviews Effectively: What are Will's biggest lessons on what it takes to do product reviews well? What are the biggest mistakes product leaders make in product reviews? How can teams drive focus in product reviews? What works? What does not? 4. Product: Art or Science? How does Will balance between gut/intuition and data in product decisions? Is simple always better in product design? What is human-centered design? How does it impact how Will approaches product?

2 Feb 202454min

Dave Kellogg is one of the OGs of Saas. Among his many accomplishments, Dave was the CMO of Business Objects where he helped scale the business from $30M to $1BN in revenue. Dave has also been a CEO twice, once scaling the business from $0 to $80M and the other business from $8M to $50M before selling it. Dave is also an advisor to some of the best including GainSight, Logickull, MongoDB, Pigment, Recorded Future, and Tableau. In Today's Episode with Dave Kellogg We Discuss: 1. What are the Metrics That Matter: Why is CAC payback period such a flawed metric? What is CAC ratio? Why is it more effective than understanding payback? Why is gross revenue retention more important than net revenue retention? What are the single biggest mistakes that founders make when using metrics today? 2. How to Build and Scale the Best Sales Teams: Why should founders hire three sales reps at one time? What is the benefit? What are the three different types of sales calls all teams must have? What should all CEOs and Heads of Sales ask of their sales team in forecasting? What is the single biggest mistake most companies make in forecasting? How should a CEO/board member respond to a sales team that lets a deal slip to next quarter? 3. Are CFOs Buying New Tech and How to Win Renewals: Are CFOs open for business? How has the top down sales process changed in the last year? Why is the way that startups think about renewals completely broken? What are the three different types of customer success teams we have today? What is the core role of customer success? How can we incentivise them to sell more? 4. Mastering Product Marketing, Customer Profiles and Crossing the Chasm: How can we use product marketing to increase sales velocity? What is the single biggest risk in product marketing today? What does Dave mean when he says "an ICP starts as an aspiration and becomes a regression?"

31 Jan 20241h 10min

Ryan Akkina is a member of the Global Investment Team at the MIT Investment Management Company (MITIMCo), which is responsible for managing MIT's endowment and pension plans. Ryan has invested in the likes of Sequoia, Kleiner Perkins, a16z, Greenoaks and Initialized to name a few. Ryan also leads many of MITIMCo's direct co-investments including most notably into Coupang and Rippling. Prior to joining MITIMCo, Ryan was a consultant at McKinsey & Company. In Today's Episode with Ryan Akkina We Discuss: 1. From Engineer to LP with MIT: How did Ryan make his way into the world of fund investing as an LP with MIT? Why did he turn down the chance to be a VC early in his career? What does Ryan know now that he wishes he had known when he started at MIT? 2. The Manager Evaluation Process for MIT: What does Ryan look for most when investing in new managers? How important is track record when evaluating a new manager? What is the biggest mistake Ryan has made in picking a manager? What did he not see that he wish he had seen? How did that change his process? 3. How MIT Builds Their Portfolio: How does MIT construct their portfolio from private to public to everything in between? What are the three different types of check sizes that MIT writes when investing in new managers? What are the most common reasons why MIT will not re-up with a manager? What are the single biggest reasons why great managers turn bad? 4. MIT: The Direct Investor: Why does MIT see so much opportunity in direct investing? How does MIT approach the direct investing process? How do they approach underwriting themselves vs working with their managers in the process? How do MIT think about the right number of direct deals to make up their portfolio? How do they approach check sizing on a per-company direct investment? What has been Ryan's biggest direct investing mistake? How did that change his approach and mindset? 5. LP Markets Today and Where We Go From Here: Are LPs open for business today? What type of firms will not struggle? Which will? How does Ryan view liquidity windows today? When will M&A and IPO markets open? What would Ryan most like to change about the world of LPs? Why does Ryan believe the LP incentive structure in terms of compensation is broken?

29 Jan 202457min

Dave Ripley is the CEO @ Kraken, one of the world's largest cryptocurrency exchanges, valued in 2022 at a whopping $10.8BN. Prior to Kraken, Dave was the Co-Founder of Glidera, a market-leading Blockchain technology company that Kraken acquired in 2016. In Today's Episode with Dave Ripley: 1. From Boston Consulting Group to CEO of Kraken: How did Dave first make his way into the world of crypto? What are the single hardest elements of a CEO transition? What does Dave know now that he wishes he had known about CEOship? 2. What is the Usage for Crypto: Other than as a store of value, what application usage does crypto serve? Global payments are fine as is and are improving, why do they need crypto? Global remittance is served by Remote and Deel, why do they need crypto? No applications have been provided well, what really is the use case that makes sense? 3. Should Gensler Be Let Go and The SEC is Wrong: Why is the approach of the SEC completely flawed? Should Gensler be fired for his ineffectiveness? What is the right policy stance and approach to take from here?

26 Jan 202430min