The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A*
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Jul 22, 2024 Kevin Hartz, co-founder of Eventbrite and early-stage investor at A*, shares his experiences in venture capital. He discusses pivotal moments, like losing a $10BN opportunity with Airbnb due to an exploding term sheet. Hartz emphasizes the importance of assessing founders and reveals why he believes a barbell strategy of seed and Series C investing is optimal today. He also reflects on the challenges in navigating the VC landscape, touching on how dynamics have shifted and the pressing need to tackle mental health issues in the startup community.
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Long-Term Vision
- Peter Thiel views the world through a unique lens, allowing him to see things differently.
- Thiel believes that holding onto companies long-term, despite most failing, yields massive returns from the few power-law winners.
Firing for Excellence
- Pierre Lamond, during a Zoom meeting, instructed Kevin Hartz to rank his direct reports and fire the lowest-ranked employee.
- This emphasized Lamond's focus on excellence and the importance of having top performers in an organization.
Capital Discipline
- Too much capital too early can stifle a company's growth and innovation.
- Founders should avoid raising excessive amounts and embrace the discipline of limited resources.