Hunter Walk, a partner at Homebrew and founder of Screendoor, dives into his unique venture capital journey. He shares insights on why Homebrew chose to be self-funded, emphasizing the importance of aligning incentives with founders. Walk highlights successful investments in companies like Chime and Plaid, demonstrating their hands-on approach to supporting entrepreneurs. He introduces Screendoor, aimed at empowering emerging managers, and offers sage advice on self-awareness and confidence for those new to the venture space.
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insights INSIGHT
Venture Capital as a Toolbox
Venture capital is a toolbox that should be useful to entrepreneurs.
Venture capital supports great companies, but it doesn't create them.
question_answer ANECDOTE
Homebrew Tattoo
Hunter Walk got a Homebrew tattoo to symbolize his commitment, regardless of the outcome.
He jokes he's only had to show it a couple times to win deals.
insights INSIGHT
VC Performance Distribution
Hunter Walk believes 5% of VCs are excellent, 5% are terrible, and 90% are average.
He aims to be in the top 10% and exceed founder expectations.
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Hunter Walk discusses the evolution of his venture capital firm, Homebrew, and their contrarian decision to become a self-funded fund in a world of increasingly large megafunds.
Homebrew focuses on working with early-stage companies and keeping things simple, without the constraints of a traditional fund structure. He explains the differences between their fund structure and traditional funds, highlighting their commitment to aligning incentives with founders. He also shares some of their successful investments, such as Chime, Plaid, Gusto, and Cruise, and emphasizes the importance of being a true partner to entrepreneurs.
Hunter also talks about the creation of Screendoor, a fund of funds that backs emerging managers, and explains the purpose of ScreenDoor and how it provides access to venture capital for investors who can't buy it in the ' stock market’ of venture capital returns. He emphasizes the importance of building a successful firm and the need for differentiated strategies in the venture industry.
Walk also offers advice for emerging managers, including being self-aware, honest, and confident, and not changing too much too quickly.
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Check out:
Homebrew: https://homebrew.co/
Screendoor: https://www.screendoor.co/
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TIMESTAMPS:
(00:00) Introduction & Homebrew's Self-Funded Fund
(01:55) Homebrew's Origins & The Shift to Self-Funding
(07:25) Addressing Common Misconceptions & The Impact of Fund Size
(12:00) Traditional Fund Structure vs. Homebrew's Model
(21:00) The Need for a Different Playbook & The Power of Concentration
(25:00) Homebrew's Investment History
(33:00) Introducing Screendoor & Its Mission
(41:00) Screendoor's Approach & Investment Criteria
(51:00) The Evolution of Screendoor's Screening Process & Advice for Emerging Managers
(57:00) Fundraising Strategies for Emerging Managers
(1:04:00) Final Advice & Takeaways
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