Origins - Inside Venture Capital, Hosted by a GP and an LP

Building a venture firm w/ Scott Kupor (a16z)

Mar 19, 2024

In this podcast, Scott Kupor, Managing Partner at Andreessen Horowitz, discusses the evolution of the firm, managing LP/GP expectations, and the impact of AI on venture capital. He reflects on his role since being the first hire at a16z and shares insights on valuation corrections in the current venture landscape.

52:56

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Episode guests

Scott Kupor

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Episode notes

Podcast summary created with Snipd AI

Quick takeaways

Andreessen Horowitz revolutionized VC with hands-on services for seed-stage companies.

Balancing culture and efficiency as VC firms grow is crucial for success.

Decentralization strategy at a16z empowers teams for faster execution and adaptability in VC.

Deep dives

Evolution of Venture Capital Approach

Venture capital has evolved over the years, with firms like Andreessen Horowitz pioneering new approaches. Launching in 2009, Andreessen Horowitz introduced hands-on value-added services in venture capital, inspiring others to rethink traditional methods. By making significant investments in seed-stage companies and adapting their early-stage approaches, they challenged industry norms, leading to a paradigm shift in how venture capital is conducted.

Introduction

2min

Evolution of a Venture Firm

11min

Pivotal Moments and Industry Evolution in Venture Capital

27min

Alignment Practices and Decision-Making in Venture Capital

9min

Strategic Approaches to Legislative Influence in Technology Sectors

2min

Reflecting on Book Chapters and Unintended Consequences in Venture Capital

3min

In the first Origins episode of the year, ⁠Nick Chirls⁠ (Notation Capital) and ⁠Beezer Clarkson⁠ (Sapphire Partners) host Scott Kupor, a Managing Partner at Andreessen Horowitz.

In his role as managing partner, Scott invests in growth-stage companies building in the bio and healthcare industries, manages the firm’s investor relations team, and is responsible for the firm’s growth initiatives.

Scott was the first employee at Andreessen Horowitz and managed the firm’s growth from $300 million in AUM to more than $30 billion. Prior to joining the firm, Scott worked as vice president and general manager of software-as-a-service at Hewlett Packard. Before that, he held numerous executive management positions at Opsware, including senior vice president of global field operations, vice president of financial planning and vice president of corporate development.

Scott is also the author of the Wall Street Journal bestselling book, Secrets of Sand Hill Road: Venture Capital and How to Get It, and serves on the boards of Cedar, Headway, Foursquare, Labster, Ultima, and SnapLogic. He also served as chairman of the board for the National Venture Capital Association.

In this episode we discuss:

- The evolution of Andreessen Horowitz as the firm approaches its 15th anniversary

- Reflections on how Scott’s role has changed since becoming the first hire at a16z

- The state of venture today with AI as an inflection point + valuation corrections

- Managing LP/GP expectations in the current environment (e.g. markdowns)

- a16z’s decentralized business model and keeping important cultural values

- How to think about (and debate) fund size and what is the TAM today

…and much more

⁠⁠https://twitter.com/nchirls⁠⁠

⁠⁠https://twitter.com/beezer232⁠⁠

https://twitter.com/skupor

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