The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: Bedrock's Geoff Lewis on Whether VCs Actually Provide Value or Not, Why Bedrock Does Not Have An Ownership Focus and The Difference Between Principles and Rules When Building a Firm or Company
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Feb 14, 2022 Geoff Lewis, Founder and Managing Partner at Bedrock, dives deep into the venture capital world, sharing his investment journey from Founders Fund to launching Bedrock. He challenges the traditional belief that ownership is paramount, emphasizing the importance of principles over rules in firm building. Geoff candidly reflects on his biggest misses and their impact on his investment mindset. He discusses the need for independent thinking, highlights the challenges of narrative violations in investments, and even shares insights on the evolving landscape of cities like Austin and Miami.
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Entry into Venture
- Geoff Lewis transitioned into venture capital after selling his startup, TopGas, in 2009.
- Founders Fund, an investor in TopGas, invited him to join as a principal, which led to his co-founding Bedrock.
Changing Venture Landscape
- The venture capital market has become increasingly competitive and crazy over the years.
- The disconnect between public and private market valuations is greater than ever before.
Pricing Strategy
- Be less price-sensitive with initial investments.
- Carefully consider price when doubling down, especially at high multiples, ensuring extremely high conviction.