"Turpentine VC" | Venture Capital and Investing

Mark Suster, Managing Partner of Upfront Ventures, shares his disciplined investment strategies and discusses the significance of founder-market fit and market timing in venture capital. He highlights promising sectors like healthcare and space while reflecting on lessons learned from his CEO experience. Suster also addresses the challenges of fundraising, particularly the low transition rates from seed to Series A investments. Molly O’Shea adds depth to the conversation, exploring how empathy and historical understanding play roles in shaping the future of the industry.

Join venture capital heavyweights Keith Rabois, known for his keen insights into startup dynamics, Logan Bartlett from Redpoint, AlleyCorp's Kevin Ryan, and biotech investor Zach Weinberg as they delve into the evolving funding landscape. They dissect Paul Graham's Founder Mode, reveal how AI is reshaping valuations, and share candid takes on the challenges faced by leaders in tech. With a mix of humor and critical analysis, they discuss the implications of political strategies and tech controversies, all while unpacking the current state of venture capital.

Trae Stephens, General Partner at Founders Fund and co-founder of Anduril, shares insights into the firm's unique investment culture. He discusses how open debate drives effective decision-making and the value of a concentrated portfolio strategy. Trae emphasizes the importance of empowering founders and fostering honest discussions during pitches. He also explores Founders Fund's unconventional governance model and its focus on transformative investments in sectors like defense technology, highlighting the blend of investment and operational roles.

Tomasz Tunguz, a general partner at Theory Ventures with expertise in data businesses, joins to discuss the evolving data ecosystem. He analyzes Databricks' competitive stance against Snowflake and its significant role in AI development. The conversation dives into key investment strategies, valuation metrics, and the crucial function of data catalogs. Tunguz also explores modern trends in the data stack and the implications of AI on investment opportunities, offering insights into potential market consolidation.

Laura Deming, a General Partner at Longevity Fund, and Will Eden from Sylvan Consulting delve into the fascinating world of biotech investments. They explore the evolution of longevity research and groundbreaking technologies like cell and gene therapies. The duo discusses the FDA's complex role in regulating innovations and the challenges faced by biotech startups. They also highlight the dramatic growth in the longevity sector since 2011 and ponder bold aspirations like biological immortality, making the conversation both insightful and entertaining.

Seth Bannon, co-founder and general partner at Fifty Years, delves into the intricate world of deep tech and biotech. He highlights the challenges of translating academic research into commercial success and the crucial differences between biotech and tech bio. Discussions reveal the pivotal role of AI and machine learning in advancing biological research. Bannon also emphasizes the importance of innovative funding models and global talent in reshaping the biotech landscape, all while fostering a culture of entrepreneurship among scientists.

Diogo Mónica, a General Partner at Haun Ventures specializing in AI and crypto, shares fascinating insights into the convergence of these technologies. He discusses the rapid evolution of cryptocurrency since 2017, including advancements in smart contracts and stablecoins. Diogo reveals the challenges and unfulfilled promises of blockchain in real-world applications, from finance to real estate. He also highlights the emergence of decentralized autonomous organizations (DAOs) and the importance of distinguishing genuine projects from trends in this dynamic ecosystem.

Lee Jacobs, the Founder & Managing Partner of Long Journey, alongside co-founders Cyan Bannister and Arielle Zuckerberg, dive into their unique focus on 'magically weird' companies. They discuss the evolution of venture capitalism, highlighting the importance of mission-driven values and trust in LP relationships. The trio shares insights on navigating early investment challenges, innovative strategies for AI, and the significance of team dynamics. Their vision for a lasting VC firm emphasizes creativity and responsible capital management.

Glenn Solomon, managing partner at Notable Capital, discusses the firm's evolution, global perspective, and fund sizing. He emphasizes staying founder-focused and how Notable Capital supports founders. Topics include AI impact, long-term investment, and building a strong internal team.

Index Ventures' Mike Volpi and host discuss the evolution of VC post-2008, Index's approach to founder relationships and company culture; challenges of open-source AI business models; evolution of self-driving car & AI industry consolidation; opportunities for startups with AI applications beyond language and interest in smaller AI models.