Invest Like the Best with Patrick O'Shaughnessy

Bessemer Venture Partners - Building a VC Firm that Lasts Centuries - [Invest Like the Best, EP.327]

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May 2, 2023
Join Jeremy Levine, a partner at Bessemer Venture Partners, alongside his colleagues Kent Bennett and Brian Feinstein, as they dive into the art of building a venture capital firm meant to last. They discuss adaptive investment philosophies, emphasizing capital efficiency and superior product advantages. The trio explores the evolving landscape of vertical market software and the role of AI in creating defensibility. Their insights reveal the delicate balance of partnerships and how luck and mentorship play crucial roles in career success.
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ANECDOTE

Bessemer's Origins

  • Bessemer Venture Partners originated from Andrew Carnegie's steel fortune, specifically Henry Phipps's share.
  • Phipps created a family trust focused on high-risk, high-growth ventures, evolving from industrial to tech companies.
INSIGHT

No Founder, No Problem

  • Bessemer's lack of a founder allows constant re-evaluation of its operating model.
  • This encourages a culture of questioning and adapting, unlike firms constrained by founder legacy.
INSIGHT

Decentralized Decision-Making

  • Bessemer's investment decisions are not centralized; every partner has equal voting power.
  • This empowers individuals closest to the investment to make decisions, fostering autonomy.
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