The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

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

May 3, 2024

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.

42:43

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Episode guests

Eric Glyman

Keith Rabois

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Quick takeaways

Focus on editing rather than writing as a CEO, emphasizing refining work and simplifying processes.

Ramp's success attributed to operational efficiency, automation, and valuable insights in scaling to $7.6 billion valuation.

Deep dives

CEO's Role as an Editor

It is crucial for a CEO to focus on editing rather than writing when overseeing a company. The metaphor of editing writing emphasizes the importance of refining people's work and simplifying processes. Constantly asking clarifying questions and focusing on root issues can indicate problem areas within the organization.

Focus on Clarity, Excellence, and Talent

01:28

Leaders Should Consistently Think 6 Months Ahead

01:30

The Timeless Belief in Solving People's Problems

01:33

Intro

4min

Forging Financial Futures

4min

Keys to Exceptional Leadership

6min

Scaling Success: Leadership and Efficiency

19min

The Strategic Role of Finance in Business Efficiency

2min

Navigating Growth Risks

5min

Exploring Rapid Growth and Strategic Partnerships in Business

3min

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?

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