0:38 Jason talks about the now fully-virtual LAUNCH Accelerator and intros Cendana Capital's Michael Kim 2:47 What is a fund of funds & why do they exist? History of raising Cendana's first fund 6:06 Portfolio construction of fund of funds 10:19 Why ownership percentage is paramount, ideal ownership % for Seed funds, what makes a great Seed fund manager 17:04 How do fund of funds make money? 18:51 Hedging bets by selling secondary shares to generate liquid cash for LPs 24:33 Michael on Call of Duty, using secondary shares to win a deal 30:46 What was the greatest Seed fund ever raised? 32:42 What is the ideal number of managers in a Seed fund? 36:38 What has the last 90 days been like for Cendana? Influx of new fund managers into the market 41:50 How fast is Cendana in making decisions compared to institutional LPs? 44:47 Will there be a wave of white-collar layoffs, and how will COVID change large tech companies? 52:29 Writing small "pilot" checks over Zoom, venture/growth fund deployment, which companies in non-obvious markets will come out of COVID in great shape? 1:03:37 Robinhood as an acquisition target (Should Facebook buy it?), Dropbox/Slack merger 1:06:17 Why right now is the best time to invest in the early-stage

0:01 Jason intros Tom Uebel & Lolita Taub 5:17 George Floyd/Black Lives Matter protests impacting Venture Capital, Angela Benton's tweets about her bad experience with Cowboy Ventures, how can VC move forward and be better towards underestimated founders? 17:37 Lolita & Jason reflect on some imperfect investor moments towards founders 23:55 How investor bias towards underrepresented founders manifests itself 28:23 Tom on focusing on diversity in hiring at the earliest stage of a companies life, how people with raw talent miss out on opportunities due to pattern-matching 39:23 Zoom's shuts down a Chinese pro-democracy account, importance of Data privacy at Command E, Jason's thoughts on Zoom only giving end-to-end encryption to paid accounts 52:36 Wall Street Bets, Meme stocks and a new generation of Robinhood traders 56:59 Reddit appoints YC CEO Michael Seibel to its board after Alexis Ohanian steps down, former interim CEO Ellen Pao has words for current CEO Steve Huffman 1:03:07 Issues of free speech & why relying solely on government organizations may be the wrong decision 1:05:45 Juneteenth observation, potential reparation ideas 1:10:27 Assessing COVID-19 recent death numbers & risk of getting back to work 1:23:03 Lolita shares her founder-investor matching tool 1:25:30 Tom demos Command E

0:32 Jason speaks on current events and intros Science CEO Mike Jones, how they met after selling their companies to AOL 6:02 What is Science and how has it evolved since being started in 2011? Why did they pivot away from the startup studio model? 12:43 What are the economics of a venture-studio? 15:25 Defining the 3 scenarios of a "lifestyle-business" 18:41 Founders sharpening their skills through hardship, how Mike experienced that at MySpace 25:48 Investing in Dollar Shave Club, insights on what makes a great DTC founder 38:25 Short-term/Mid-term/Long-term impact of COVID 48:37 What is gained and lost in fully-remote work? 57:28 Thoughts on eventually going back to work?

0:01 Jason teases today's questions 2:09 Luai: Is Uber still a hyper-growth company? 5:25 Weston: Advice on getting in front of/selling to startups/enterprises outside of our immediate VC network? 8:13 Martin: Do you have any resources, insights, or methods about how to get to the right price for a consumer subscription service? 12:58 Topher: What is a good shipping cadence for new code? How often should I be pushing code to production and releasing new updated versions of my app? 15:42 Delane: When you started your first business, what were your strengths/weaknesses as a manager/leader? What was young Jason like as a CEO, and how has he evolved into your current self? 19:28 Mary: In your early days, what was your leadership style towards people who were older/more experienced than you? What advice would you give a young founder for hiring older/experienced people? 20:57 Emily: If the worst of COVID has passed, what markets are you most bullish on Post-COVID? Where do you think we will see the most innovation going forward? 26:43 Danielle: What are some insights gained since taking your team fully remote? 35:15 Matt: Could you ever see an Uber/Lyft merger? What would need to take place for that to happen? 36:29 Chris: Would you rather invest in a high-growth, high-burn startup OR a moderate-growth, minimal-burn startup? 38:57 James: What software stack does LAUNCH use? Which apps are integral to your team's success and why?

Angel.University Online is a 3-hour course for individuals interested in becoming professional angel investors. Hosted by Jason Calacanis & Mike Savino, the course focuses on five key topics: sourcing deals, evaluating startups, negotiating deals, portfolio and bankroll management, and post-deal efforts. Register: https://www.angel.university/events

Jason on CNBC: https://youtu.be/V6oqvDnuAgI 0:01 Jason intros today's questions 1:51 Aaron: Thoughts on Black Lives Matter? 9:06 Joe: How can startups play a role in bringing manufacturing back to the US? 14:46 Alex: Any tips on pre-selling a SaaS product? 17:38 Arthur: How should I prepare to be a great Syndicate member in the future? In a perfect world, what does the Syndicate become? 21:13 Matthew: You often talk about founders needing to be in SV in order to be close to the action. Post-COVID, how does this change? Do places like Sydney, Vancouver, or Beijing become "big-game" cities? 28:37 Charlie: Love when you mention on your blog post a pressing need with “Someone should build this!” What’s your latest “someone should build this?” right now? 30:04 Sergey: In "Angel", you suggest to invest about $5000 per deal to minimize the risk in the beginning. Will founders care to spend an hour to pitch such a small investor? 31:26 Ruud: How common are founder/VC disputes? Is there a ranking of VCs by how founder-friendly they are? Curious if this has gotten better or worse over time? 34:48 Alex: Is it advisable to look up competitors' investors and avoid them to prevent someone at the firm from sharing critical info with your competitor? Has that happened before, or is that too paranoid? 36:35 Kirk: What is your succession plan with Launch/TWiST and why? Also, what other syndicates do you admire and why?

0:20 Jason intros Alchemist's Ravi Belani 3:41 Why is Alchemist named after Paulo Coelho book? What is the biggest benefit of Accelerators? 5:47 Ravi's background at DFJ, sourcing the Justin.tv investment 15:02 Why Ravi left DFJ to start Alchemist 21:52 How many companies have gone through Alchemist and what is their standard deal? 28:21 Why accelerators take more risk than VC firms 35:07 The best entrepreneurs love the process 38:35 How are Alchemist's programs structured? Did they have trouble transitioning to remote? 44:38 Have virtual meetings been resulting in checks from investors? Dealing with investing in competitive companies 49:59 What is Alchemist's diligence process like? 55:01 What does venture capital funding look like in the medium-term

1:02 Jason welcomes Alexis Ohanian to the show and asks about the Reddit sale & re-joining for the turnaround 3:39 Why was Reddit "the last website standing" from all of the Web 2.0 sales in the early 2000s? 6:05 History of Reddit Gold, future of micropayments & what will Reddit's Blockchain venture entail? 14:59 Future of creators being able to monetize using micropayments, policing speech on Reddit 19:45 Fatherhood, being a Girl Dad, balancing personal life & work life 29:12 What is Alexis' role at Initialized? How Initialized is turning Venture Capital into a team sport 36:10 Dealing with celebrity as a partner at a VC firm, building talent when starting Initialized 42:44 Why Initialized's small ownership percentage was an issue early on, and how they think about it now 47:59 Jason calls Reddit's crypto project: "The most credible thing I've ever seen in crypto.", parsing through legitimate and non-legitimate crypto businesses 54:33 What investor skills has Alexis improved and what still needs work? 1:00:52 Dealing with icon-level celebrity in his personal life 1:04:30 Jason reveals the winner from their 2013 bet during Alexis' last appearance on This Week in Startups

NEA's Ben Narasin takes questions from founders: most important content in a pitch deck, COVID's impact on dealmaking, traits he looks for in founders & more! Join the TWiST Slack: https://launchevents.typeform.com/to/kLq5Bi Follow Ben: https://twitter.com/bnarasin 1:13 Paul: Has the current crisis changed your investment thesis? If so, how? 2:40 Ash/Christopher: How to overcome the money raised vs revenue generated in enterprise SaaS that requires heavy product work to reach product-market fit? 4:13 Emberlynn/Srinivas: What is the most important content in a pitch deck? 7:26 Guilherme: What will the VC funding landscape look like after the crisis passes? 8:37 Mary: What is the best way to present a newly launched startup that has been severely impacted by COVID-19 to investors? 10:48 Daniel: What advice would you offer college students passionate about venture capital so that they can also become investors? 12:22 Mark: What immediate skepticism do you have when you look at early-stage startups? 15:54 Len: What factor(s) would most set an early-stage (i.e. seed funding, launch-ready, pre-revenue) company apart from others seeking similar funding? 18:15 Aneesh: My startup sells multiple SaaS products for restaurant digitization. We don’t have the bandwidth to handle sales and marketing of all products at once. What should be our strategy to prioritize? 19:49 Linards: At what level of product traction will investors start to be interested? How does it differ across verticals? 22:40 Avidan: What role (if any) will equity crowdfunding play in the venture capital ecosystem at large? 23:43 Adam: What are you seeing related to startup valuations and VC terms post-COVID? 25:18 Emin: What kind of marketplaces would you like to see in the next 5 years? 26:34 Tammy: Do you think people will need a college degree for the jobs of the future? 28:48 Ellie: Post-WeWork, how should a tech startup with profit margins on the smaller side think about building a scalable and ultimately profitable business model? 30:15 Wei: What sectors are you investing in? What are you most excited about nowadays? 31:40 Ope: What skill sets do you need to move into VC from a non-Investment Banking background? 33:09 Suruchi/Mireille: In a medium article you wrote you wrote: "winter is here, severely ....don't obsess about the downside, think about the opportunities.” What opportunities have arisen so far? What changes are permanent and what changes are temporary? 35:20 Nghia: What are some books that you recommend today? 39:30 Ben: Are there areas that are non-investable at the moment whether it be overcrowded, overpriced, or the prospects aren’t great due to COVID? 40:24 Charles: Do you have any instances where a founder's positive or negative traits/signals have influenced a deal decision? On reflection, has instinct proved a better indicator than hard numbers? 43:42 Dave: What was your biggest exit/best investment? How did you source the deal? Alternatively, could you tell your worst anti-portfolio story (most successful company you passed on)? 44:46 Barry: What are some interesting healthcare startups or spaces that you have a favorable outlook for? 45:51 Raman: What’s your take on the future of learning?

1:03 Jason intros Garry Tan and checks in on how his quarantine has been going 4:39 How does Garry look at Initialized's portfolio companies? What are his 3 groups of companies dealing with COVID? 8:04 How will VCs react to the crisis? Why does Initialized specifically focus on Seed-stage companies? 11:13 How does Initialized contact downstream investors about their companies, and how has that changed during COVID? 14:12 Thoughts on Posterous, data-storage singularity & more 18:04 Losing thousands of photos after getting banned from Flickr and how that plays into software as the new government, becoming a super-router 22:32 How Spotify's access to public capital gives them an acquisition advantage, collab concepts 24:51 How does Initialized size their follow-on investments? 29:11 For how long is Initialized planning on operating fully remote? Thoughts on going back to work 35:56 What skills has Garry had to improve during his investing career? 43:33 How downstream investors try and take advantage of early-stage investors 47:51 Thoughts on Clubhouse investment, how/if they can scale their exclusivity 56:27 Thoughts on founders selling secondary shares, and how Chris Sacca helped Garry Tan at Posterous 1:02:09 Structural inequality leading to rich-bashing, how Fiat currency impacts welfare inequality 1:07:09 Thoughts on UBI, Instacart, potential profitability of food-delivery companies 1:11:31 Perception of Tech in the Bay Area, commercial real-estate in SF, Facebook's game-theory remote pay scale 1:18:27 Could today's tech giants (Google, Facebook, Uber) have grown to the heights they did as fully remote companies? Can IPO-level companies be consistently built while remote? 1:24:49 Do the best founders appear ageless? New Twitter features: good or bad?