The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 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
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Apr 24, 2023 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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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.
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.
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.