The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

Patrick Morley is the President and CEO @ Carbon Black, the company that combines unfiltered data collection, predictive analytics, and cloud-based delivery to provide superior endpoint protection. Prior to their IPO in April 2018, Carbon Black had raised over $150m in VC funding from the likes of Sequoia Capital, Accomplice, Kleiner Perkins and Highland Venture Partners just to name a few. As for Patrick, under his leadership, he has taken Carbon Black from startup to market leader with over 800 employees. Before Carbon Black, he was CEO of Imprivata Corporation and held senior leadership positions with six venture-backed software companies, including three that had successful IPOs. In Today’s Episode You Will Learn: 1.) How Patrick made his way into the world of startups and came to be CEO @ Carbon Black where he turned a startup into a public company and market leader with 800 employees? 2.) Patrick has previously said "there are 7 key themes to building a great company", what are those themes? From taking 4 companies public what are the patterns in building a business the right way? How does Patrick look to create a culture of accountability but also with a risk-taking mentality? How does one retain startup culture with scale? 3.) How does Patrick view his role as CEO today? What 3 characteristics do all great CEOs need to embody and then act on? Would Patrick agree that some people are destined for certain stages of a company's life? How does Patrick determine between a stretch and a stretch too far in a VP? What does that subsequent communication look like? 4.) Mike Dauber @ Amplify previously said on the show "timing kills more startups than dollars", would Patrick agree with this? How does he view market timing? What advice would Patrick give to founders who are 3-4 years ahead in market? What are the challenges? What are the right ways to communicate the path to timing it right? 5.) Why did Patrick choose this year to take Carbon Black public? What are the fundamental pros and cons of being a public company today? How does Patrick assess the role that VCs played in the building of Carbon Black to IPO? What must investors always remember in their interactions with founders? What must founders be cognizant of when selecting their investors and board members? Items Mentioned In Today’s Show: Patrick’s Fave Book: Built To Last: Successful Habits of Visionary Companies As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Woody Marshall is a General Partner @ TCV, one of the most successful growth funds of the last decade with a portfolio including the likes of Facebook, AirBnB, Spotify, LinkedIn and many more incredible companies. Woody joined TCV in 1995 and has since led investments in Spotify, Netflix, AirBnB, Peloton, Groupon and the list goes on. Due to this phenomenal success, Woody has been named numerous times to the Midas List by Forbes as one of the industry’s top technology investors. Prior to joining TCV, Woody spent 12 years at Trident Capital, where he focused on the payments, internet, and mobile markets. In Today’s Episode You Will Learn: 1.) How Woody made his way into the world of VC over 23 years ago and came to invest in products of a generation such as AirBnb, Spotify and Netflix? 2.) What have been the foundational changes Woody has seen over his last 23 years in venture? How did witnessing the boom and bust affect his operating and investing mentality? How does Woody approach price sensitivity? When is stretching on price a stretch too far? 3.) How does Woody analyse and assess the extended period of privatisation for companies today? How does the mega raises of funds from Softbank, Sequoia, GC, Lightspeed etc change the competitive landscape for Woody? Is there a surplus of capital in market today? Why does Woody believe the pie is larger than it has ever been? 4.) Does Woody agree that the dominant role of CEO is management upscaling? From Woody's portfolio, on hearing this, who is the first CEO that comes to mind and what is the story behind it? What are the mistakes that CEOs tend to make most often when scaling into hypergrowth? What are the 2-3 things that all companies need to focus on when product market fit is apparent and they need to scale? 5.) Woody has spent over 3,500 hours in the board seat, how has he seen himself evolve and develop over time as a board member? What were the biggest learning curves and points of development for Woody? How do the best founders manage and operate their board? Who exemplifies this best from recent memory? What do they do? Items Mentioned In Today’s Show: Woody’s Fave Book: The Boys in the Boat Woody’s Most Recent Investment: Peloton As always you can follow Harry, The Twenty Minute VC and Woody on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Afton Vechery is the Co-Founder & CEO @ Modern Fertility, the startup that guides you through your fertility hormones now so you have options later. To date they have raised over 7m in funding from some of the leading players in venture including USV, First Round Capital, Maveron, SV Angel and Y Combinator. As for Afton, prior to Modern Fertility, Afton was a Product Manager @ 23andMe where she was the sole product manager responsible for all consumer-facing genetic tools. Before 23andMe, Afton was a Strategy and Finance Consultant @ Willow Pump where she participated in fundraising that led to successful $15M fundraise. In Today’s Episode You Will Learn: 1.) How Afton made her way into the world of startups with 23andMe and then came to change the way we think about fertility with Modern Fertility? 2.) Afton has previously emphasised the importance of having "frameworks for success". What does that mean? How do those frameworks break down? How does Afton think about the decision-making process around prioritisation? How does Afton think about the difference between being customer informed and customer driven? 3.) Why does Afton believe that there are times when you should not test the MVP? Why is this? What would Afton do differently in the MVP process if she had her time again? How does Afton think about and respond to the statement "move fast and break things"? 4.) Why does Afton believe it is important to let everyone "rip apart your business"? What are the fundamental benefits of this? From the ripping aparts, Afton has experienced, what have been the biggest takeaways? What was their argument? How did Afton respond? How did her thinking and mentality change as a result? 5.) Why does Phin Barnes @ First Round say Afton is "hard as nails"?  What were some of Afton's biggest learnings from her early engineering role? How does Afton think about entrepreneurial resilience today? What advice does Afton give to emerging entrepreneurs and first-time founders? Items Mentioned In Today’s Show: Afton’s Fave Book: Motherhood Rescheduled As always you can follow Harry, The Twenty Minute VC and Afton on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Rebecca Kaden is a General Partner @ Union Square Ventures, one of the most successful funds of the last decade with a portfolio including the likes of Twitter, Twilio, Zynga, Soundcloud, Tumblr, Lending Club and many more. As for Rebecca, prior to USV, Sarah was a General Partner @ Maveron, a consumer-only seed and series A fund where she invested in the likes of Allbirds, Dia & Co, Periscope, Earnest and Eargo just to name a few. Before Maveron, Rebecca took the route of many great VCs and was a journalist, working as Special Projects Editor @ Narrative Magazine. In Today’s Episode You Will Learn: 1.) How Rebecca made her way into the world of VC from journalism? How her journey with Maveron led to her becoming a General Partner with the prestigious USV? 2.) Having mastered the craft of VC in the world of consumer, how does Rebecca respond to Peter Fenton and Jeremy Levine's statement, "we are in a consumer downturn"? How does Rebecca think about the lack of free and open distribution today? How can startups compete with incumbents for cost-efficient customer acquisition? 3.) How does Rebecca evaluate the role of Amazon today? How does Rebecca look to get comfortable that Amazon is not moving into the space of a portfolio company? Does Rebecca agree, "if you are not a top 3 priority", you have a couple of years on them? How can startups learn from the execution advantage shown by Amazon over the last decade? 4.) With several recent consumer acquisitions under $200m, does Rebecca still believe that venture returns can be made at scale in consumer? How does Rebecca analyse how to think about multiple on revenue when evaluating consumer companies? Why Does Rebecca believe we are in a moment of fragmentation, not consolidation? 5.) How does Rebecca compare the partnerships of US and Maveron having been a GP now at both firms? What are the similarities? What are the differences? What does Rebecca believe are the core advantages of small partnerships and controlled fund sizes? How does the addition of the thesis-driven investing style effect Rebecca's thinking? Items Mentioned In Today’s Show: Rebecca’s Fave Book: Pale Fire  Rebecca’s Most Recent Investment: Modern Fertility As always you can follow Harry, The Twenty Minute VC and Rebecca on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Maynard Webb is truly unique, he has worn 3 different hats and excelled in all of them. First, he is the Founder of The Webb Investment Network, the institutionalisation of his personal investing where he has invested in the likes of Zuora, GOAT, WePay, Okta, PagerDuty and many more incredible companies. He is also a Co-Founder and Board Member at Everwise, the startup that helps companies tailor, scale and run training at enterprise scale. Everwise has raised over $26m in funding from the likes of Sequoia Capital and Canvas Ventures. Finally, Maynard sits on the board of some of the biggest companies of our time including Salesforce and Visa. Previously Maynard was Chairman of the Board of Yahoo!, CEO of LiveOps, and COO of eBay. In Today’s Episode You Will Learn: 1.) How Maynard made his way into the world of startups and came to invest in his first company, founded by Sequoia's Jim Goetz and how that led to eBay, LiveOps and more? 2.) Does Maynard believe we have an excess supply of capital in the market today? What does Maynard think of the mega $Bn+ funds being raised on a frequent basis? How does this distort pricing in the market? How does Maynard think about his own price sensitivity? What does this mean for his available reserve allocation? 3.) Does Maynard believe that the dominant role of CEO is management upscaling? How does Maynard advise on the transition from manager to inspirational leader? How do the vest best CEOs hire the very best execs? How does Maynard know when a stretch VP is a stretch too far? How should founders determine and approach "bet the company" decisions? 4.) When should a founder start installing their board? What does Maynard believe is the optimal board construction, both in characters and profiles? How has Maynard seen his own style of board membership changed over the years? What are the best board members talk to listen ratios? How can founders create alignment among their board? 5.) What is the right way for founders to deal with "s*** hit the fan moments"? What is the framework to approach this with? Where do many go wrong in their approach? How does one communicate this to the wider team, investors and board? What have been Maynard's biggest personal learnings here from eBay? Items Mentioned In Today’s Show: Maynard’s Fave Book: The Better Angels of Our Nature As always you can follow Harry, The Twenty Minute VC and Maynard on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Sarah Tavel is a General Partner at Benchmark, one of the world’s leading VC funds with a portfolio including the likes of Twitter, Uber, Snapchat, eBay, WeWork, Yelp and many more revolutionary companies of the last decade. As for Sarah, Sarah has led Benchmark's investments in and currently sits on the boards of Chainalysis and Hipcamp. Prior to Benchmark, Sarah was a Partner at Greylock Partners, where she led Greylock's investment in Sonder and another (unannounced) company. Before Greylock, Sarah was one of the first 35 employees at Pinterest where she led the company's international expansion and aided in the closing of the Series C financing. Sarah was also the product lead for search, recommendations, machine vision, and pin quality and led three acquisitions as she helped the company scale through a period of hyper-growth. In Today’s Episode You Will Learn: 1.) How Sarah made her first foray into the world of venture with Bessemer over 10 years ago? How that led to Pinterest and how she came to be a GP at Benchmark today? 2.) Speaking of Sarah's operating career with Pinterest, Pat Grady said on the show "never has the rate of decay on operating experience been greater". How does Sarah think about and respond to this? How has operating made Sarah a strong investor? What are the drawbacks that this operating experience can present for investors? 3.) Moving to evaluation, Andy Rachleff, Founder @ Benchmark said on the show, "good team poor market, market wins; good market, poor team, market wins. How does Sarah think about the balance between founder vs market? Why is going after big markets so hard? What should investors look for in a market with that in mind? How does Sarah determine the right time to open up adjacent markets? 4.) There has never been a greater supply of capital in the market than today, does Sarah believe we have an excess supply today? Does Sarah agree with her Partner, Peter Fenton, "no good deal is too expensive in hindsight"? How does Sarah assess her own price sensitivity? How does it depend on the opportunity? How has it changed over time? 5.) Having 2,5000 hours on boards, how has Sarah seen herself develop and change as a board member? What have been some of the biggest learning curves? What are the commonalities in the very best board members Sarah works with? how doe the best entrepreneurs manage and use their boards effectively? 6.) Why does Sarah think that crypto today is very much like the world of adtech in the early days? How does Sarah think about the requirement for specialisation in the space? WIll this be a game for the specialised crypto funds or can generalist VC funds compete? Items Mentioned In Today’s Show: Sarah’s Fave Book: Creating the Kingdom of Ends Sarah’s Most Recent Investment: Hipcamp As always you can follow Harry, The Twenty Minute VC and Sarah on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Amol Deshpande is the Co-Founder and CEO at Farmers Business Network, the farmer-to-farmer agronomic information network improving the livelihood of farmers by making data useful and accessible. To date, they have raised a whopping $193m in funding from the likes of Kleiner Perkins, T Rowe, GV, Temasek and more. As for Amol, prior to FBN, he was a Partner @ Kleiner Perkins where he invested in the likes of Harvest Power and Agilyx and before Kleiner, Amol was a Director @ Black River Asset Management. In Today’s Episode You Will Learn: 1.) How Amol made his way into the world of startups, came to be a Partner @ Kleiner Perkins and then came to change the world of farming with Farmers Business Network? 2.) What were Amol's biggest takeaways from his time with Kleiner? Although important to think really big, how does Amol think about the Peter Thiel School of Thought, starting in a very small niche and expanding? Where does Amol see many founders go wrong when it comes to market size and assessment? 3.) How does Amol believe the very best CEOs hire the very best talent? What core characteristics does Amol look for when adding to his exec team? What are the leading questions and indicators that would excite/concern Amol? Why does Amol believe the smartest people do not always make the best hires? What are the core signs that a stretch VP is a stretch too far? 4.) What is the key to success for founders in building credibility with customers, investors and their board? What is the most challenging element of credibility building? Where does Amol see many founders go wrong and lose credibility today? How does your approach have to alter according to which class of individual you are looking to build with? 5.) How does Amol fundamentally approach the topic of capital efficiency? What does Amol believe is the right way for founders to think about dilution when raising? How does Amol determine when is the right time to raise big and pour fuel on the fire? Items Mentioned In Today’s Show: Amol’s Fave Book: Team of Rivals: The Political Genius of Abraham Lincoln As always you can follow Harry, The Twenty Minute VC and Amol on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

David Frankel is Managing Partner @ Founder Collective, one of the leading seed funds of the last decade with a portfolio including the likes of Uber, PillPack, Coupang, Hotel Tonight, Venmo, Buzzfeed and many more incredible companies. David himself sits on the board of PillPack, Olo, Adhawk and SeatGeek. Prior to founding Founder Collective, David was the Co-Founder and CEO of Internet Solutions, one of the largest ISP providers in Africa. This led to his entrance into angel investing where he enjoyed immense success investing in the likes of Chris Dixon's Hunch and Alex Rampell's TrialPay, just to name a few. In Today’s Episode You Will Learn: 1.) How David made his way into the world of startups and angel investing from founding Africa's largest ISP provider and how that led to his founding of Founder Collective? 2.) Does David agree with Andy McLoughlin on the inherent mindset shift required when moving from angel to institutional investor? What does David believe is the key to making a new venture partnership work well in the early days? How was the process between him and Eric Paley? What were some of the core challenges/ highlights and breakthroughs? 3.) What does founder-market fit truly mean to David? Why does David believe it is one of the most crucial elements to look for in all investment opportunities? How was this so perfectly evident in the case of Elliot and TJ @ PillPack? How does David navigate the balance between the perfectness of the fit and the investability of the market? 4.) From watching TJ and Elliot at PillPack, what does David believe the truly special founders do to continuously attract the best talent? When does David believe is the right time to really build out the exec team? How did Elliot and TJ align their scaling of the org chart with the growth of the business so well? 5.) How does David think about the lack of free and open distribution in acquiring new customer in a capital efficient manner today? Why does David believe the companies of the future will be advantaged in distribution? In what shape and form can this advantage take? How does David think about the right time to put the pedal to the metal and aggressively grow? Items Mentioned In Today’s Show: David’s Fave Book: Sapiens: A Brief History of Humankind David’s Most Recent Investment: Adhawk As always you can follow Harry, The Twenty Minute VC and David on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC. The reality is that hiring amazing developers is hard. Terminal.io is your dedicated partner in rapidly standing up world-class remote technical teams. How do they deliver both speed and quality? Terminal does this by focusing on everything necessary to successfully source, setup, and support these teams – from physical elements like beautiful workspaces and equipment to ongoing resources like HR, payroll, legal, professional learning and development. But don’t take my word for this, take the word of Eventbrite, former 20VC guest Hims, and Dialpad – all customers and lovers of Terminal. You can find out more today at Terminal.io.

Howard Lerman is the Founder & CEO @ Yext, the company that allows you to control your brand experience across the digital universe. Due in part to Howard's incredible leadership of the firm, Yext went public in April 2017 with an opening price of $11 a share, today the stock price sits at $26.85 and a market cap of $2.65Bn. Prior to the IPO, Yext raised over $117m in VC funding from Insight Venture Partners, IVP, SV Angel and CrunchFund to name a few. As for Howard, Yext is his 4th company and he is also Co-Founder and Chairman of Confide, a leading off-the-record messaging service. In Today’s Episode You Will Learn: 1.) How Howard made his way into the world of startups and came to Partner with is co-founders to start the now public company that is Yext? 2.) Why must every founder know about Teddy Roosevelt and his "Five Minute Meetings"? Literally, what is the right way to structure these meetings? What one question is the right question to ask? How can a leader look to retain that startup culture and ethos with scale? Why does Howard believe running a global company is like running a country? 3.) What have Howard's biggest takeaways been from studying "John Lennon's Storytelling Trick"? How can founders use this trick both to inspire their team more effectively internally and then to present a better vision for the company, externally? 4.) Howard has said before "fundraising is not an end in itself". Does Howard believe that company financing should be celebrated? How was the IPO process for Howard? From a literal standpoint, how does the process run? How did Howard choose which banks to work with? How did the 10-day roadshow shape up? How did the pricing decision-making process look the night before IPO? 5.) Why does Howard believe it is fundamentally better being a public company? What does "public" status allow you? How does being public introduce a challenge never before seen to founders? Why must founders always examine the motives of the VC behind whether they are pushing them to remain private or go public? Items Mentioned In Today’s Show: Howard’s Fave Book: Five Stars: The Communication Secrets to Get From Good to Great As always you can follow Harry, The Twenty Minute VC and Howard on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Shabih Rizvi is the Founding Partner @ Gradient Ventures, Google’s new AI-focused venture fund, which will invest in and connect early-stage startups with Google’s resources, innovation, and technical leadership in artificial intelligence. Prior to Gradient, Shabih was a Partner at KPCB, where he was actively involved with investments in TrueCaller, Mobcrush, Veem and Ujet. In addition, he helped the firm build their seed program and served as advisor to Flipagram and Victorious. Before KPCB, Shabih founded and led the startup outreach program for Google Play. Prior to Google Play, Shabih worked on the Mobile Apps Lab team which built SMB products. His primary focus was scaling TalkBin (Acquired by Google) to enterprise clients. Shabih joined Google after Google’s acquisition of AdMob, where he was a manager on the Business Development team. In Today’s Episode You Will Learn: 1.) How Shabih made his way into the world of venture with Kleiner Perkins and how he came to be a Founding Partner @ Google's AI focused venture fund, Gradient? What were Shabih's greatest lessons from working side by side with John Doerr? 2.) Shabih has said to me before "founder relationships and their longevity really matter". What does Shabih mean by this? How has this played out for Shabih in an investing environment? What have been Shabih's subsequent learnings? 3.) How does Shabih identify the "3 buckets" that VCs source from? How does Shabih look to filter through opportunities at scale? What must he see in the deck? What are his quick no's? What is Shabih's framework for saying no both with efficiency and kindness? Why does Shabih believe this is one of the hardest parts of the role? 4.) What does the internal investment decision-making process look like at Gradient? Why do they believe that 2 partner meetings a week is optimal? Prior to that, how does Shabih structure his meetings with founders? Why does Shabih believe it is so important to go to them at their HQ? Should all investors go to the founder? 5.) Why is Shabih a strong believer in the decentralisation of talent away from the valley? What are the primary drivers for this decentralization? How does Shabih think about pricing in different regions? To what extent does it differ wildly? How does Shabih respond to traditional SaaS wisdom that you have to build your SaaS business in the valley? Items Mentioned In Today’s Show: Shabih’s Fave Book: Measure What Matters, When Breathe Becomes Air  Shabih’s Most Recent Investment: Scotty.ai As always you can follow Harry, The Twenty Minute VC and Shabih on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC. The reality is that hiring amazing developers is hard. Terminal.io is your dedicated partner in rapidly standing up world-class remote technical teams. How do they deliver both speed and quality? Terminal does this by focusing on everything necessary to successfully source, setup, and support these teams – from physical elements like beautiful workspaces and equipment to ongoing resources like HR, payroll, legal, professional learning and development. But don’t take my word for this, take the word of Eventbrite, former 20VC guest Hims, and Dialpad – all customers and lovers of Terminal. You can find out more today at Terminal.io.