The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws

Oct 21, 2024

Mamoon Hamid, General Partner at Kleiner Perkins and a renowned venture capitalist, shares his insights from leading investments in successful startups like Figma and Slack. He discusses the defining elements of a great investment, revealing what drove his decisions on these companies despite early challenges. Hamid explores the shifting landscape of AI, emphasizing the importance of application-layer companies and strategic growth. He reflects on lessons learned from past failures and the future of venture capital amidst a competitive market.

59:13

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Mamoon Hamid

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Quick takeaways

Successful companies like Slack and Figma thrive by creating and leading new markets rather than merely competing within existing ones.

Over-investment in the application layer can dilute potential value, underscoring the need for investor discernment in capital allocation.

The pivotal role of passionate and innovative founders is essential for new ventures, influencing their ultimate success in the market.

Deep dives

The Evolution of Market Creation

Successful companies like Slack and Figma excel at creating new markets, establishing themselves as leaders in their domains. These companies define the parameters in which they operate, allowing them to optimize their performance and achieve substantial success. The current climate in the industry sees unprecedented amounts of capital flowing into ventures, which, while beneficial, can lead to instances of overfunding and market saturation. Understanding the dynamics of true market creation, rather than merely competing within existing frameworks, is vital for entrepreneurs and investors alike.

Intro

4min

Navigating the AI Venture Capital Landscape

12min

The Future of AI: Foundational Models vs. Applications

5min

Navigating the Venture Capital Landscape

8min

The Current Landscape of M&A: Challenges and Trends

2min

Navigating the IPO Landscape

16min

Investing Insights and Challenges

8min

Reflections on Entrepreneurship and Valuable Resources for Startups

3min

Mamoon Hamid is a General Partner @ Kleiner Perkins and one of the greatest venture investors of our time. In the past, Mamoon has led rounds in Figma, Slack, Rippling, Intercom, Glean and Box. Prior to joining Kleiner Perkins, Mamoon was a Co-Founder of Social Capital, and prior to that a Partner at U.S. Venture Partners (USVP).

In Today’s Episode with Mamoon Hamid We Discuss:

1. The Greatest Venture Deal of All Time: Figma or Slack:

What is Mamoon’s highest returning deal?
What did Mamoon see in Dylan and Figma when they had no revenue and very little user data?
What compelled Mamoon to write Stewart the check with Slack? What did he not see with Slack that he should have seen?

2. Taking Control of the Great Brand in Venture: Kleiner Perkins:

Is it true that Kleiner approached Mamoon and gave him the keys to the Kleiner kingdom? How did it go down?
Will Kleiner go back to having multiple products, large growth funds, international funds? What does Mamoon want Kleiner to be in 5 years?
What was the hardest element of the transition into Kleiner? What did Mamoon not know that he wishes he had known?

3. Becoming a Generational Defining Investor:

Market, founder, product, how does Mamoon rank them 1-3?
How has Mamoon changed most significantly as an investor?
What does he know now that he wishes he had known when he became a VC 19 years ago?
What is his biggest loss? How did it shape his mindset and go forward investing approach?

4. AI Supercycle: The Greatest Time to Invest

Where does Mamoon believe the value will accrue in this wave of AI?
Where are many investors spending a lot of time but Mamoon believes is not worthy of that time?
Will scaling laws continue?
Have we ever seen an incumbent set spend like this incumbent class? How does that change the game for VCs?

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