20VC: Lessons Scaling Insight Partners to a $20BN Latest Fund, The Two Biggest Learnings on Price, How to Manage and Train Young People in Venture, Why Business Classrooms Do Not Work and How to Assess the Two Commodities in Life; Money and Time with Jeff
Jeff Lieberman, Managing Director at Insight Partners, shares his journey from a working-class background to leading a $20 billion venture capital firm. He discusses the impact of economic cycles on investing, drawing from core lessons learned during the dot-com bust and 2008 crisis. Jeff emphasizes the importance of price sensitivity and transforming misses into strategy improvements. He also critiques traditional business education while advocating for active listening and the need for diversity in the venture space, all while preparing the next generation of investors.
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question_answer ANECDOTE
Entry into Venture
Jeff Lieberman's college roommate introduced him to venture capital through stories of Sequoia Capital and Silicon Valley.
Despite applying to numerous firms, he initially faced rejection and worked at McKinsey before joining Insight Partners.
question_answer ANECDOTE
Parental Influence
Jeff Lieberman's parents instilled a strong work ethic in him through their own hard work and resourcefulness.
They supported his ambitions but didn't have specific career guidance, leading to diverse job experiences before venture capital.
insights INSIGHT
Market Cycles
Moderate your optimism during market booms and pessimism during downturns.
The dot-com bust differed from 2008; the former lacked real companies, while the latter had companies but scarce capital.
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This novel follows the story of Sunja, a young Korean woman, and her family as they navigate the challenges of living as immigrants in Japan from the early 1900s to the late 1980s. The book explores themes of love, sacrifice, ambition, and loyalty, set against the backdrop of significant historical events including World War II and the Korean War. It delves into the experiences of discrimination, cultural identity, and the struggles of everyday life for Korean families in Japan.
Man's Search for Meaning
Viktor Frankl
The book is divided into two parts. The first part recounts Frankl's harrowing experiences as a prisoner in Nazi concentration camps, including Auschwitz, between 1942 and 1945. He describes the inhumane conditions and the psychological and emotional struggles of the prisoners. The second part introduces Frankl's theory of logotherapy, which posits that the primary human drive is the search for meaning, rather than pleasure. Frankl argues that meaning can be found through three main avenues: work (doing something significant), love (caring for another), and suffering (finding meaning in one's own suffering). The book emphasizes the importance of finding purpose and meaning in life, even in the most adverse conditions, as a key factor in survival and personal growth.
Jeff Lieberman is the Managing Director @ Insight Partners, one of the leading investing franchises of the last 25 years with their most recent flagship fund announced earlier this year being a staggering $20BN. As for Jeff, over the last 24 years at Insight, he has led investments in leading companies such as Qualtrics, DeliveryHero, HelloFresh, Cvent, Mimecast, and Udemy. As a result of his many investing successes, he has been selected by AlwaysOn as a Venture Capital 100 winner and by Forbes as a member of the Midas List.
In Today’s Episode with Jeff Lieberman You Will Learn:
1.) Origins into Venture:
How did Jeff's roommate at college open his eyes to the world of venture capital?
What were Jeff's biggest lessons from seeing the work ethic of his parents?
How does Jeff imbue the same level of ambition on his children that he had growing up with no money?
Why is Jeff keen for his children not to go to college? How does he advise them?
2.) Jeff Lieberman: The Investor:
What are Jeff's biggest observations on the current landscape given his seeing first hand the dot com bust and 2008? How is now different? How is it the same?
Price Sensitivity: How does Jeff reflect on his own price sensitivity? How has it changed over time?
Deployment Pace: How does Jeff analyse deployment pace today both for the industry and for Insight? Does Jeff agree with the notion of "playing the game on the field"?
The Biggest Miss: What have been some of Jeff's biggest misses? How did those misses impact the process with which he invests?
3.) Insight: The Firm
What are the most challenging elements of firm building today?
Why do all juniors have control over the Partners calendars? How does this work in practice?
How does Jeff create an environment of safety where very young, junior people feel like they can challenge anyone and have discussion?
How do Insight train young people? What is the process? What works? What does not work?
4.) AMA:
What does Jeff know now about venture that he wishes he had known when he started?
What would Jeff most like to change about the world of venture capital?
What advice does Jeff give to young people today entering the industry?
Item’s Mentioned In Today’s Episode with Jeff Lieberman
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 
