On this special segment of The Full Ratchet, the following Investors are featured:
- Mike Droesch
- Sami Inkinen
- Heidi Roizen
We asked guests to share the best question they’ve ever been asked by an allocator.
The host of The Full Ratchet is Nick Moran of New Stack Ventures, a venture capital firm committed to investing in founders outside of the Bay Area.
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Transcribed with AI:
0:18
Welcome back to TFR on today’s special segment, we ask guests to share the best question they’ve ever been asked by an allocator. Here’s the segment called Best LP question.
0:36
On today’s special segment, we have Mike drosh of Bessemer Venture Partners, Mike, what is the best question? And the LP has asked you,
0:45
yeah, I don’t know if this is the best question, but maybe the one that I was caught caught me most off guard. And LP asked me, you know, why I would stay at Bessemer long term, which I was just surprised by, because to me, it felt so obvious, but, but, you know, my answer was easy. I just feel like I’ve been incredibly fortunate to be part of this platform where, you know, not only do I have the support of our the firm, resources, the brand, the large portfolio of peers that I can connect our founders to, but the firm’s just been designed in a really thoughtful way where we don’t have, don’t have an owner. We don’t have, like one CEO. This is very much a firm that the ownership has been handed off generation to generation. And we have a ton of autonomy and a very decentralized model in which people that people that are comfortable in that in that environment, are given a ton of freedom to go invest in the categories you want to invest in. You don’t have to convince a bunch of your partners to, you know, to improve an investment. We actually have. Each partner has full autonomy to make an investment that they want to make, and then we’re measured and we’re held accountable. And so they’re like, You got to perform, still, but it’s a place that’s, you know, that model may not be for everyone, but for the people that thrive and that kind of autonomy. It’s, it’s an incredibly special place and and it’s a place where I’ve just felt like the mentorship that I’ve gotten as well has been incredible. I mean, I think we’ve got something like 80% of our current partners were either analysts or associates one time, some crazy high number like that. And so it’s a place that really believes in investing in the people that you can build and grow and train investors over time. So I’ve just been super fortunate to be here.
2:27
Good for you. Sarah.
2:35
On today’s special segment, we have Sami inkanen of Trulia and Virta health. Sami, you’ve had some heavy hitter investors affiliated with your companies, Excel, Sequoia Venrock, what is the best question a VC has asked you? Yeah, I
2:52
have been privileged working with amazing VCs, and by choice, I’ve raised money from VCs and still working so but I will say that almost all the questions are just crap. I mean, they are like, what’s your go to market? And what are you need economics? And you know, you starting truly are like, what if Google does? It’s all the same shit. They’re like, I almost like laugh. I’m like, seriously, why not just write you a memo of a FAQ of the 20 questions everybody asks, not a bad idea, not ahead of time, so we don’t need to waste time. I don’t know. I honestly, I think the questions are like crap. What I think what would be? You know, I do angel investments here and there, but I think the more important is, like, what was the upbringing? Like, nobody asked that. Like, tell me about the election. Like, what keeps you going? Like, tell me about the hardships you’ve gotten through. Like, it’s the character and why, and what you build off and what keeps you going? I think that’s way more important, especially in like seed series A and so forth. Nobody asks those questions. But anyways, I think my favorite question, I have heard this a couple of times. How much can I invest that’s good. I love that. That’s good.
4:05
That’s good. Actually, one of the best questions I ever got from an LP was, you’re having a lot of success. What happens if you just get some, you know, big returns, and you start a family office, and then you cut me out of the next one? And I never even considered that. I got a good chuckle out of it. I’m like, I hope that that’s a problem that we’re dealing with.
4:24
Yeah, exactly.
4:31
On today’s special segment we have. Heidi Roizen, of threshold ventures. Heidi, what is the best question an LP has asked you? The
4:38
one that comes to mind is an LP said to me, why do you do this job? And I love that question. That was really fun. And I said, you know, I probably shouldn’t tell my partners this, but if, if they didn’t pay me, I’d probably keep doing it, because it’s just really fun work with smart people trying to solve big problems. And it’s incredible. It’s isn’t it? Is great. I mean. Mean, you know, it’s a great business, isn’t it? It
5:02
is a great job.
5:09
That will conclude this installment of investor stories. If you’re enjoying the program and would like to see it continue, take a moment and leave a five star review in iTunes. Okay, that will wrap things up for today until next time over. Prepare, choose carefully and invest confidently. Thanks for joining me.
