20VC: WTF Is Going On In Venture Capital; Seed Round Pricing Will Remain High, Series B & C Has Gone Completely, Downrounds Are Coming | Why Defensibility is BS on Day 1, Why Market is More Important Than Founder & Why Being First To Market Doesn't Matter
In this engaging discussion, Avlok Kohli, the CEO of AngelList and a seasoned entrepreneur with a successful track record, delves into the shifting dynamics of venture capital. He shares insights on why seed round pricing remains high and anticipates down rounds for later stages. Avlok challenges the notion of market timing and defensibility, asserting the paramount importance of product-market fit. He also critiques struggling sectors like last-mile delivery amidst the current downturn and discusses how institutions are adapting to the changing funding landscape.
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question_answer ANECDOTE
Avlok's Path to AngelList
Avlok Kohli, after selling his third company, planned to focus on investing.
Naval Ravikant convinced him to become AngelList's CEO after six months of talks.
volunteer_activism ADVICE
Product Building Lessons
Build products for yourself to increase the likelihood of creating something others love.
Consider multiple variables in your product's utility function, like price, convenience, and speed.
insights INSIGHT
First to Market Myth
Being first to market doesn't guarantee success; it often means building the "idea maze" for competitors.
Google and iPhone weren't first in their markets, yet they became dominant players.
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Avlok Kohli is the CEO @ AngelList. Under his leadership, Avlok has taken AngelList from an SPV provider to a company that is becoming the software platform for the entire industry. Today, AngelList supports over $15BN in assets and 40% of US unicorns have had a GP invest in them through AngelList. Prior to becoming CEO @ AngelList, Avlok founded 3 companies, all of which were acquired including by the likes of Square and eBay.
In Today's Episode with Avlok Kohli We Discuss:
1. From 3x Founder to Scaling AngelList to $15BN in AUM:
How did Naval convince Avlok to join AngelList and be CEO?
Does Avlok believe in startups having defensibility in the early days?
How important does Avlok believe it is for companies to be "first to market"?