In almost every industry, the rate of innovation is increasing, and this is great for consumers around the globe. However, with constant innovation and continual disruption of the status quo, where to innovate next becomes much harder to identify. If your industry hasn’t been disrupted yet, it’s next on the list. So, in order to deal with uncertainty, a new culture is needed, and there’s a clear group of companies that constantly deal with uncertainty and innovation—VC’s. 

Ilya A. Strebulaev is the David S. Lobel Professor of Private Equity and Professor of Finance at the Stanford Graduate School of Business, and a Research Associate at the National Bureau of Economic Research. He is an expert in corporate finance, venture capital, innovation financing, and financial decision-making. He is the founder and director of the Stanford GSB Venture Capital Initiative.

In the episode, Richie and Ilya explore the venture mindset, the importance of embracing unknowns, how VC’s deal with unpredictability, how our education affects our decision-making ability, practical examples from Ilya’s teaching experiences at Stanford, adapting to market changes and continual innovation, venture mindset principles and much more. 

Links Mentioned in the Show:

• Ilya’s Website
• Sequoia Capital
• Stanford University 
• Related Episode: Making Better Decisions using Data & AI with Cassie Kozyrkov, Google's First Chief Decision Scientist
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