20VC: How Startup Valuations, Fund Deployment Cycles, M&A and IPO Markets Will All Change in This New Market, Where Will The Biggest Crunch Be, When Is The Right Time To Be Aggressive vs Conservative with Roger Ehrenberg, Founding Partner @ IA Ventures
Roger Ehrenberg, Founding Partner at IA Ventures and a veteran in venture capital, shares his insights on navigating today's shaky market. He reflects on his transition from Wall Street to venture capital and how past market crises influenced his investing approach. Ehrenberg discusses the importance of mindset during volatility and when to push for aggressive funding versus a more conservative strategy. He also emphasizes the evolving landscape of startup valuations and the impact of Web3 innovations on future investments.
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From Wall Street to Venture
Roger Ehrenberg transitioned from a 17-year Wall Street career to angel investing.
He seeded 40 companies and gained experience before starting IA Ventures in 2009.
insights INSIGHT
Market Comparison
Unlike prior market crashes, the current downturn isn't a sudden shock but resembles the 2001 dot-com bust.
Overstretched valuations, fueled by excess liquidity, are key factors in both periods.
volunteer_activism ADVICE
Managing Mindset
Avoid reactive decisions and prioritize portfolio health over short-term price fluctuations.
Focus on whether your fundamental needs are met and control daily activities and self-talk.
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Roger Ehrenberg is a Founding Partner @ IA Ventures, one of the most successful seed funds of the last decade with $475 million across their four funds. Previous investments include The Trade Desk, Datadog, Digital Ocean, Wise and Recorded Future. Most recently, Roger took a step away from the day-to-day running of the firm, since he started IA Sports Partners, investing in sports franchises and other sports-related assets. Last month, Roger, alongside his two sons, started Eberg Capital, an investment vehicle focused on web3, crypto, NFTs and next-gen infrastructure.
In Today’s Episode with Roger Ehrenberg You Will Learn:
1.) How Roger made his way into the world of angel investing and venture having had a successful career on Wall St? How did seeing the booms and busts of the dot com and 2008 impact his investing mindset today? How does today compare to those times?
2.) The Investor Mindset:
What is Roger's #1 rule when it comes to managing investor psychology in volatile times?
What does Roger do to calm his mind and prevent worry and fear when markets crash? What works? What does not work?
How does one assess how close we are to the bottom? Why does Roger believe there is more "blood on the streets to come"?
When does Roger believe is the right time to pullback vs when to be aggressive in deployment?
What company profiles will do well vs poorly moving into this new cycle?
3.) Investing Strategy:
How does this new market impact the three different investing categories; early, Series A & B and growth?
Why does Roger believe deployment timelines will be extended? How will pricing be impacted?
Why does Roger believe that the Series A & B crunch is the most worrisome? How will their bar for what makes a great company change?
Should early stage managers alter their reserves strategy in the face of more stringent Series A rounds? Why does it not make sense to invest in "pay to play" rounds?
How does Roger adivse the companies that he works with today on burn vs growth?
4.) AMA:
How does Roger evaluate his own relationship to money today? How has it changed over time?
What does Roger believes makes a truly successful marriage? What can one do to foster extreme trust and safety in a marriage?
What does Roger believe have been some of the biggest insecurities he has had to overcome over the last decade? How did he overcome them?
Item’s Mentioned In Today’s Episode with Roger Ehrenberg
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 