Archive for the ‘Podcast Episodes’ Category

139. How to Angel Invest like the Best, Part 2 (Jason Calacanis)

Download_v2Nick Moran Angel List

Jason Calacanis is back for part 2 of the interview to discuss his book and secrets to successful angel investing. We address questions including:

  • Jason Calacanis Angel The Full RatchetHis thoughts on the original Sequoia scout program and the many similar programs today
  • How he does such high volume of investments when he insists on spending hours with every startup founder that pitches
  • If he’s really investing at the angel round when it seems that he’s been targeting post-seed
  • His response to those who claim that VCs get access to all the best deals
  • His strategy with his angel list syndicate and the types of deals he’s looking for

 

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138. How to Angel Invest Like the Best, Part 1 (Jason Calacanis)

Download_v2Nick Moran Angel List

Jason Calacanis joins Nick to discuss his new book and his secrets to successful angel investing. We address questions including:

  • Jason Calacanis Interview TFRWhy Jason wrote the book
  • What drives him to continue angel investing after all his success
  • His thoughts on angels that make large investments during their first year of angel investing
  • His focus on finding 5,000x returns and his response to those that say he is discouraging innovation w/ this approach
  • How he thinks about the economics and business model of early-stage businesses in nascent markets
  • If he takes a contrarian or adversarial approach with founders

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137. Cram Session, Episodes 79-85 (Nick Moran)

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Welcome back to TFR for another Cram Session. In these special releases, we have aggregated the takeaways and tips from previous episodes. In this installment, we will be recapping the following episodes:

 

 


136. Dispelling Conventional Wisdom in VC, Part 2 | Should Seed Investors Follow-on? (Eric Paley)

Download_v2Nick Moran Angel List

Today we cover Part 2 of Dispelling Conventional Wisdom in VC with Eric Paley of Founder Collective. In this segment we address:

  • Eric Paley Founder CollectiveI wanted to get your quick take on follow-on investing. There was a recent twitter convo w/ you, Parker Tompson, Semil Shah & Nick Ducoff on Follow-on funding… Nick made the statement: Knowing when to double down is the key to solving the “I wish I owned more of my winners and less of my losers” paradox. And you said you strongly disagreed, stating that “Venture funds are made on the first check and destroyed on the follow on checks.” Wow, that was certainly a shocker to read. Why do think following on is not wise?
  • Why small, early investments by large firms can create conflicts for founders when they’re raising their next round
  • Why many early investors actually have a weighted average cost basis of a Series B investor without knowing it
  • The paradox of pro-rata where investors want to pay the lowest price but also want their existing portfolio to raise at the highest valuations
  • Eric’s thoughts on concentrated vs. diversified portfolios
  • His final thoughts on key takeaways from the study and items running counter to conventional wisdom

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135. Dispelling Conventional Wisdom in VC, Part 1 | Does Capital Drive Outcomes? (Eric Paley)

Download_v2Nick Moran Angel List

Eric Paley of Founder Collective joins Nick to dispell some conventional wisdom in VC. We address questions including:

  • Dispelling Conventional Wisdom in VCWhat’s the focus at Founder Collective?
  • What are the downsides of heavily funded companies?
  • Overview and Methodology for your study of 71 IPOs: ‘Overdosing on VC: Lessons from 71 IPOs’
  • Conventional VC wisdom says more capital, better outcomes… Eric, what were the results of the study and does more capital lead to bigger exits?
  • Do you think fundraising is a vanity metric?
  • How do you address large overhead and burn rates when the growth objectives or growth vectors for the business change?
  • Why did you base the multiples in the study on current, public market caps vs the market cap at IPO?
  • Raising lots of capital and big exits… Is there causation, correlation, neither?
  • What about acquisitions… does this study omit a significant number of positive outcomes to strategic acquirers?
  • You also found that public performance, post-IPO, was quite different between efficient vs. heavily capitalized business. What were the results here?
  • Was there any blowback or frustration from large investors at later stages?

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134. The Importance of Storytelling, VC EQ, and the LP-GP Dating Game, Part 2 (James R. ‘Trey’ Hart III)

Download_v2Nick Moran Angel List

Trey Hart of Northern Trust is back to cover Part 2 of the GP-LP relationship. In this segment we address:

  • GP LP Relationship with Trey HartKey mistakes that GPs make
  • The key characteristics that successful GP’s share
  • The importance of an ownership focus
  • What winning really looks like for GPs, in terms of metrics (ie. DPI, TVPI, IRR, cash on cash, bulge bracket follow on, etc)
  • Trey’s final thoughts on the GP-LP relationship and who he’d like us to have on the program

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133. The Importance of Storytelling, VC EQ, and the LP-GP Dating Game, Part 1 (James R. ‘Trey’ Hart III)

Download_v2Nick Moran Angel List

Trey Hart, SVP of 50 South Capital at Northern Trust, joins Nick for a deep dive on the relationship between LPs and GPs. In Part 1, we will address questions including:

  • Trey’s path to becoming an LP
  • His thoughts on being a GP
  • The types of GPs and categories they fall into
  • The importance of storytelling
  • Herd mentality in the LP community
  • If he’ll consider first-time fund managers
  • Thoughts on if LPs are looking for GP’s w/ an EDGE

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132. Nick Moran is Interviewed on Bootstrapping in America

Download_v2Nick Moran Angel List

TastyTrade was kind enough to invite Nick on their program, Bootstrapping in America.  In this episode the interview audio will be available on the podcast and the video is here on the blog.  Hosts Kristi  Ross and Tony Batista interview Nick about the Podcast, the investment group and what types of startups he invests in.

 

  • What are your thoughts on the state of the overall venture market?
  • Why do you invest at the early stage?
  • Is early stage investing about return opportunity and volume of investments?
  • How long have you been doing the podcast and what topics are you covering?
  • What questions do you focus on for the podcast?
  • What’s the demographic of investors in your syndicate?
  • You had background in M&A.  It seems like you’d be able to apply that to your investing now.  What are the most notable experiences or skills you gained while doing M&A
  • How many companies are you invested in?
  • How do you pick your favorite investments?
  • Can you talk about examples of your investments and how that fits with your investment focus?
  • Why do you require startups that have a business model with an annuity?
  • Are you going back to your experience building and launching a product and investing in similar types of products?
  • Can you talk more about why the generalists are going away and what types of VCs are positioned for success?

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131. How Amazon, Fitbit & Snap Won; Where Apple, Pebble & Google Did Not, Part 2 (Ben Einstein)

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Today we cover Part 2 of hardware products that have succeeded where others failed with Ben Einstein of Bolt. In this segment we address:

  • You’ve discussed Pebble’s inability to ‘cross the chasm’ and access the early & late majority, while Fitbit was able to. What were the key reasons why Fitbit succeeded where Pebble did not?
  • What are your thoughts on using hardware as a Trojan Horse?
  • Do you think these lessons are exclusive to hardware startups or do they apply to software as well?
  • You’ve been attending CES for 10 years now and seen the evolution of Eureka Park as well as the show at large… what are some of the key observations over that period?
  • Any other thoughts or advice you’d give to founders starting a hardware, IoT or connected device startup?

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130. How Amazon, Fitbit & Snap Won; Where Apple, Pebble & Google Did Not, Part 1 (Ben Einstein)

Download_v2Nick Moran Angel List

Ben Einstein of Bolt joins Nick to cover Hardware products that have succeeded where others failed, Part 1. We will address questions including:

  • To start off, can you talk about your thesis and approach toward investing in hardware?
  • What are your thoughts on hardware startups designing for one use case vs. building a platform?
  • You’ve cited the example of Google Glass vs. Snap Spectacles. Can you highlight the key difference in the approach for each of these products?
  • What two things has Snap done well w/ Spectacles that hardware startups can learn from?
  • Another example you highlight, re. broad vs. narrow scope, is Apple Siri vs. Amazon Alexa… what are the key differences you’ve noticed in these two approaches?
  • What are the key things that founders should take away from Amazon’s approach
  • Design iteration is easy in SaaS, not in Hardware. How do you advise hardware startups w/ regard to iterating and design improvements.
  • What’s your opinion of Kickstarter/Indiegogo as a way to validate customer demand?
  • Rather than a $1M in sales on a crowdfunding site, what validation would you like to see from hardware founders?

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Listener Feedback

Randy

@JavierMBGJ Had no idea @TheFullRatchet existed. This is exactly what I've been missing!