20VC: The Founding of General Catalyst, What it Takes to Build a Firm That Stands the Test of Time, Why VCs Need to Give Founders Greater Permission to Go For It & Why Venture Capital is Like Tennis with David Fialkow, Co-Founder @ General Catalyst
David Fialkow, Co-Founder and Managing Director of General Catalyst, shares insights from his extensive experience in venture capital and entrepreneurship. He discusses the early days of building General Catalyst, emphasizing the importance of authentic relationships and trust in venture partnerships. Fialkow draws intriguing parallels between venture capital and tennis, suggesting that VCs should empower founders to take bigger risks. He reveals the challenges faced during their first fund raise and the value of empathy in building connections.
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question_answer ANECDOTE
GC's Origin Story
David Fialkow and Joel Cutler, childhood friends, founded General Catalyst after selling their travel business.
The idea sparked during a trip to Hawaii, aiming to work with talented founders.
insights INSIGHT
Strong Partnership
Fialkow and Cutler prioritized their business partnership over friendship, ensuring honest feedback.
Their complementary skills allowed for efficient division of labor and mutual trust.
question_answer ANECDOTE
Early GC Focus
General Catalyst initially focused on hatching consumer companies in Boston with no grand global vision.
The firm's name, suggested by a friend, reflects their role as catalysts for founders.
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This book, first published in 1989, outlines seven habits that are designed to help individuals become more effective in their personal and professional lives. The habits are grouped into three categories: Private Victory (habits 1-3), Public Victory (habits 4-6), and Renewal (habit 7). The habits include being proactive, beginning with the end in mind, putting first things first, thinking win-win, seeking first to understand and then to be understood, synergizing, and sharpening the saw. Covey emphasizes the importance of personal integrity, effective time management, empathetic communication, and continuous self-improvement[2][5][4].
Drive
The Story of My Life
Larry Bird
In 'Drive: The Story of My Life,' Larry Bird shares his personal and professional journey, including his decision to transfer from Indiana University to Indiana State, the heartbreak of his father's suicide and his own failed marriage, and the discipline that turned him into a national superstar. The book covers his time with the Boston Celtics, the Celtic-Laker rivalry, and his interactions with other NBA legends like Magic Johnson, Dominique Wilkins, and Michael Jordan.
David Fialkow is the Co-Founder and Managing Director @ General Catalyst, one of the leading venture firms of the last decade with a portfolio including Stripe, Snap, Airbnb, Anduril, Canva and many more amazing names. Prior to founding General Catalyst with Joel Cutler, David was a serial entrepreneur building and selling 4 successful companies.
In Today’s Episode with David Fialkow:
1.) Everything Great Starts Small:
How did David and Joel decide on a Hawaiin beach that they wanted to start General Catalyst?
Why did they decide to name it General Catalyst?
How did the first fundraise go for GC Fund I?
2.) Creating a Firm: The Early Days
What design objectives did Joel and David have when they started the firm?
How did Joel and David think about firm expansion; going to the West Coast? Coming to Europe? Going multi-stage? What drives their decision to do new products?
On reflection, what were some of the toughest elements of the early days with GC?
What does David believe they got right? Why? What did they get wrong? How would he change it?
3.) The Partnership:
What does David believe makes for a truly successful venture partnership?
How does a great venture partnership align to what makes a successful marriage?
How does David approach trust? How does he build it with people?
What situations would cause David to lose trust? Why do so few people understand it?
What does David believe is the true secret to authentic relationship building?
4.) Doing the Impossible: Generational Transition:
What does David believe they did so right in their generational transition at GC?
What do many firms get wrong in handing over the reins to the next generation?
What are the biggest commonalities between venture partnerships and filmmaking?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 
