Ben Lerer and Graham Brown, Managing Partners at Lerer Hippeau discuss building competitive moats in VC. They cover topics like building and productizing a community, maintaining competitive advantage, the value of community and networks, exceptions and sacrifices in deals, and the importance of relationships and empathy in VC.

Ajay Agarwal, Ben Lerer, and Dan Kimerling discuss portfolio companies that failed, including Bloom Reach's struggle with Google's algorithms, a cautionary tale of charismatic founders who mishandled finances, and the negative consequences of ignoring feedback in early stage investments. They also explore common reasons for failure, such as founder disinterest and lack of product-market financing alignment.