Keith is the Co-founder and CEO of OpenStore, a portfolio of brands building its own shopping destination. Before starting OpenStore, Keith was an early executive at companies like PayPal, eBay, LinkedIn, and Square, a co-founder of OpenDoor, and an early investor in companies like DoorDash, Faire, Affirm, Webflow, Ramp, and Stripe, and is also currently a General Partner at Founders Fund
Keith started the company in 2021 with co-founders Jack Abraham, Matt Lanter, and Jeremy Wood, and has since raised over $150 million supported by investors like Atomic, Founders Fund, General Catalyst, Khosla Ventures, Lux Capital, and Vine Ventures.
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In this episode, we discuss:
• The 3-minute conversation that started OpenStore
• All the problems that still exist in ecommerce
• Why Instagram Shopping failed
• What Keith and team are building at OpenStore
• Why Wish failed
• The margin profile of most consumer brands
• A crash course on contribution margin and profitability for startup founders
• How OpenStore gets 3x higher contribution margin than other consumer brands
• As a VC, the one thing Keith looks for in the founders he backs
• A framework for founders and investors to consider when incubating companies
• Why Keith thinks no great SF-based startups has been founded since March of 2020
• The reasons he moved to Miami
• Why he’s bearish on most AI startups
• His favorite interview questions for candidates
Referenced:
• Email Keith - keith@foundersfund.com
Where to find Keith:
• Twitter: https://twitter.com/rabois
• LinkedIn: https://www.linkedin.com/in/keith
Where to find Turner:
• Newsletter: https://www.thespl.it
• Twitter: https://twitter.com/TurnerNovak
Production and distribution by: https://www.supermix.io
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