The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 440. Building First Mark, A Leading VC in NYC, Will New York Overtake the Bay Area, Insights on Unicorn Selection from a Perennial Midas List Investor, and Why Remote Work can Ruin Great Startups (Rick Heitzmann)
Jul 1, 2024
Rick Heitzmann of First Mark discusses NYC vs. Bay Area, investing in DraftKings, AI's impact on SaaS, evaluating entrepreneurs' potential, and why remote work can ruin startups. Insights on unicorn selection, consumer investing, and the future of healthcare and video games.
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Non-Traditional Path to VC
- Rick Heitzmann's path to venture capital was non-traditional, starting on Wall Street and then in distressed buyouts.
- He transitioned to venture capital after business school, witnessing the dot-com boom and bust.
Consistent Strategy
- FirstMark's strategy has remained consistent for almost 20 years, focusing on New York City as a growing tech hub.
- They prioritize high-conviction investing, deep industry expertise, and a partnership approach with founders.
NYC Tech Hub
- New York is creating more tech jobs and attracting talent from other cities, including San Francisco, Austin, and Miami.
- This influx of talent makes New York an even stronger tech ecosystem.