20VC: The Memo: Keith Rabois and Ramp's Eric Glyman on Behind The Scenes at The Best Run Private Company on the Planet; The Tools, Tips, Secrets and Process That Drive Efficiency
Keith Rabois, a managing director at Khosla Ventures with a stellar investment history, joins Eric Glyman, co-founder and CEO of Ramp, a rapidly growing finance automation platform. Together, they unveil the "secret sauce" behind Ramp's success and detail their innovative partnership. They discuss the importance of speed in execution, the challenges of scaling, and how to strategically position finance roles for better decision-making. Their insights into leadership, efficiency, and the evolving tech landscape provide valuable lessons for aspiring founders.
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question_answer ANECDOTE
Founders Fund Deal Genesis
Ramp's co-founder Kareem connected with Founders Fund through video games.
This led to a meeting where Eric Glyman presented Ramp's vision, which aligned perfectly with Founders Fund's investment thesis.
insights INSIGHT
Ramp's Secret Sauce
Ramp, despite being a corporate card, focuses on productivity and workflow automation.
It helps companies identify and reduce unnecessary spending, leveraging AI for knowledge work and context-based analysis.
volunteer_activism ADVICE
World-Class Founder Traits
Prioritize talent acquisition from the start.
Focus on clear marketing to cut through industry clutter.
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Eric Glyman is the Co-Founder and CEO of Ramp, America's fastest growing corporate card and finance automation platform. Under Eric’s leadership, Ramp has raised more than $1 billion in financing, with a valuation of $8.1 billion. Prior to Ramp, Eric co-founded Paribus, a price-tracking app to help consumers save money (acquired by Capital One). Ramp recently raised another $150 million series D round co-led by Founders Fund and Khosla ventures, with a post-money valuation of $7.65 billion.
Keith Rabois is a Managing Director @ Khosla Ventures and one of the most respected venture investors of the last decade. Keith has led investments in Stripe, Faire, Ramp, Affirm and many more. Prior to Khosla Ventures, Keith was General Partner at Founders Fund, where he led investments for Ramp, Trade Republic, and Aven.
In Today’s Episode with Eric Glyman and Keith Rabois We Discuss:
Behind Ramp’s Partnership with Founders Fund & Khosla Ventures
How did the first Founders Fund deal come to be? How was the first meeting?
What does Keith mean when he says Ramp has the “secret sauce” to be successful?
What are 1-2 things Keith thinks Eric is world-class at? What are 1-2 things Eric thinks Keith is world-class at?
How did the latest Khosla deal come to happen?
Ramp: The Fastest Executing Company on the Planet.
How is Eric so good at executing at Ramp? What is his biggest advice to founders on speed of execution?
What are Eric’s biggest challenges in the next 12 months at Ramp?
Why does Keith believe momentum is crucial for early stage startups? What are some easy ways founders can build momentum?
How does Eric think AI will accelerate Ramp and the world of finance?
Leadership Lessons From the Best Founders
What are Keith’s biggest lessons from Brian Chesky @ Airbnb?
What did Keith learn from Jack Dorsey @ Square about leadership?
What does Eric think founders today should build? What should they not build?
What did Eric learn from Keith on how founders should measure time & progress?
Hiring & Team Management
How did Ramp build a solid talent team? What did they do differently?
Does Keith & Eric believe it is better to hire externally or promote internally? What is the right balance?
Does Keith agree founders should hire & get out the way or micromanage?
How many direct reports does Keith think is enough?
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 
