Tank Talks By Ripple Ventures

Working with startups a common theme emerges, the need to hire qualified people at scale is a challenge all of them face. Our guest today, Amit Bhatia, co-founder and CEO of Datapeople.io, is working to improve the recruitment process through data and science to allow much more precise measurement of how companies hire.Amit’s Background:CEO Co-Founder of Datapeople for 6 years, before you were a investment banker at Morgan Stanley and before that he was a Software Engineer working neural networks.Aduro Advisors is the premier fund administrator for venture capital and private equity firms. Led by a team of industry veterans and powered by proprietary software, FundPanel.io, Aduro pairs best-in-class service with the robust and flexible technology that the industry demands. From emerging managers just starting out to seasoned firms looking to supplement an internal team, Aduro’s back office solution rises to the challenge of supporting your firm’s specific needs.https://aduroadvisors.com/contact/In this episode we discuss:03:03 The history of Datapeople.io05:17 How data helps solve the recruiting problem07:31 Indicators that they found Product/Market fit09:40 Current state recruiting13:10 How Datapeople helps with transparency in the hiring process16:56 Examples of how language in job listings can exclude qualified candidates19:36 Ways to fix systemic problems in hiring21:55 How referrals can be a part of the problem26:52 Fixing the problems with internships28:37 Getting better data to help solve hiring problems31:48 Target market for Datapeople33:01 How they get their data34:53 Realworld results from using Datapeople36:27 What’s nextBooks Amit recommends:Thinking Fast and Slow by Daniel KahnemanMoney Ball: The Art of Winning an Unfair Game by Michael LewisThe Three-Body Problem by Cixin LiuFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

There’s a lot of stories around how the pandemic has changed and shifted business, our guest today Shaunak Amin is one of the biggest success stories. His startup Stadium was able to quickly pivot and grow a new business SnackMagic entirely during the lockdown and now is at $20M ARR.Shaunak’s Background: Shaunak Amin is co-founder and CEO of STADIUM and SnackMagic. He is an experienced entrepreneur and operator, and has helped launch and scale businesses in different industries.In addition to the entrepreneurial ventures, his career spans financial technology and investment management with senior roles at Novus - a fintech firm based in NYC, SAIL Advisors- a multi-billion dollar family office based out of Hong Kong, ING Investment Management and SEI InvestmentsShaunak also holds a BS from University of Pennsylvania. He started his first business, Tikka Foods, during his Sophomore year at PENN that initially started as a food truck and ultimately evolved into a wholesale delivery service of ready-to-eat, contemporary Indian food.For more on this story, check out this playlist:https://www.youtube.com/playlist?list=PLnuoDHNwT1mVI7wPP-kunbjLKgnSY5ZJPIn this episode we discuss:01:31 Shaunak’s early entrepreneurial experiences02:37 Lessons from those days that he’s applied to Stadium and SnackMagic03:27 The business model of Stadium05:23 How Covid pushed Stadium to pivot07:32 Mindset of the company in the early days of the pandemic10:04 The effect on the team size11:05 The decision to fully launch SnackMagic14:08 Research process to validate SnackMagic15:41 Timeline of idea to first order17:50 Why they didn;t choose to be subscription first20:00 How SnackMagic manages SKUs and helps consumers discover new snacks22:31 Getting access to brands24:10 The data around the purchase decisions25:00 How consumers use the platform to try and then buy in bulk26:06 The best sales channel for SnackMagic26:45 The biggest headache for scaling27:26 Network effect of treating it forward28:34 Customer experience tracking29:20 How they weed out weak snacks29:57 The hidden gem of data around what people want to eat31:03 Why Shaunak decided to take a large Series A32:17 The future of SnackMagic33:30 Moving beyond snacksBooks Shaunak recommends:The Goal: A Process of Ongoing Improvement by Eliyahu M. GoldrattInfluence: The Psychology of Persuation by Robert B Cialdini PhDThe Innovator's Dilemma: When New Technologies Cause Great Firms to Fail by Clayton M. ChristensenBlue Ocean Strategy, Expanded Edition: How to Create Uncontested Market Space and Make the Competition Irrelevant by W. Chan KimFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On today’s Tank Talk we have Jonathan Tower, renowned venture capitalist and author of a recent piece on the Series A gap in VC.Jonathan’s Background: Jonathan Tower is the Managing Partner at Catapult, a cross-border venture capital platform which specializes in investing in emerging tech hubs outside Silicon Valley. Jonathan has deployed more than $220mm in more than 50 companies across three core investment themes: consumer (ecommerce, marketplaces), enterprise (software, services) and frontier technologies (AI/data/robotics, etc).Jonathan's investments include early bets in Jet.com (acquired by Walmart for $3.5 Billion), Dollar Shave Club (acquired by Unilever for $1 Billion), Freshly (acquired by Nestle for $1.5 Billion), and many other companies that have gone on to become market leaders.Jonathan began his venture career with Gabriel Venture Partners and, more recently, was a Managing Director at TriplePoint Capital and a Managing Director at Hercules Capital. Previously, he was CEO at two successful software companies, an M&A investment banker, and a management consultant with Accenture and Braxton Associates.In this episode we discuss:01:17 Why seed investors grown over the last decade04:35 What Series B and C funds are in for with the influx of capital into earlier stages06:41 Concerns with the current trends08:10 How the flood of capital misallocates funds to secondary players and real estate11:18 Recruiting competition in this market14:53 How Seed and A series has evolved in the last few years16:16 The YC effect on startups and investors19:03 How the concentration of follow-on deals can distort funds21:05 What is the metric that startups should aim for to attract investors23:01 Should seed investors evolve in later later stage26:11 The right way to evolve to keep your LPs27:34 Why start a new firm30:53 How the pandemic has affirmed his investment thesis32:09 What the Catapult pitch was to LPs34:17 Advice to emerging managers raising their first fund38:11 The ingredients for creating a successful tech ecosystem41:57 How remote is affecting new tech ecosystem44:04 The long term vision for CatapultBooks Jonathan recommends:Meditation by Marcus AureliusSkin In The Game Akim TalebThe Messy Middle: Finding Your Way Through the Hardest and Most Crucial Part of Any Bold Venture by Scott Belsky Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On today’s Tank Talks we have Eric Woo, founder and CEO of Revere VC. With so much funding and new ways for founders and VCs to raise capital, what will be the new normal for fundraising and VC in general.Eric’s Background:Eric is an experienced investor and thought leader in the emerging manager and micro VC ecosystem. Eric has deployed over $150M across funds and direct investments throughout his career. He started his career in Venture as Principal at Northgate Capital and then moved over Top Tier Capital. Most recently, Eric was Head of Institutional Capital at Angelist before launching Revere VC last year to build a new model described as the “Vanguard for Venture Capital.”In this episode we discuss:01:25 Why Wric is so passionate about the emerging VC space02:52 History of emerging managers05:20 Limits of specialization of funds08:03 How LPs can force emerging managers to grow away from specialization11:20 Power law and portfolio construction13:48 SPVs for follow-on vs. reserves15:51 Creating access through community and how LPs view side hustles18:19 How LPs use references to vet investments20:36 Rolling funds and how institutional investors view them24:12 What is edge in VC in 202127:57 Investing in information32:10 It’s not how you invest, it’s what you invest in34:11 About Revere VC35:55 How Eric is working to change the mindset around investing38:05 Venture philanthropyFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On today’s Tank Talks we have Braughm Ricke, founder and CEO of Aduro Advisors, which is a platform that allows fund to streamline accounting and operations.Braughm’s Background:CEO and Founder of Aduro Advisors in Denver, CO. Former Founding CFO of True Ventures with over 20+ years of VC experience. He began his career in venture capital in 1999 and was the Controller at Sofinnova Ventures. Before working in the venture industry, he was an Accounting Analyst at Fidelity Investments. Braughm launched Aduro as a tech-enabled Fund Administrator and has grown to over 300+ Firms and over $30 Billion assets under administration and works with top tier managers like Lowercase Capital, Homebrew, and Craft Ventures.In this episode we discuss:01:46 The spark to leave True Ventures and start Aduro03:14 What emerging managers ask when starting a fund04:15 Defining fund administration06:04 How Aduro handles the boring things while managers source deals06:57 The opportunity for technology to disrupt the VC world09:18 How Aduro scales with clients11:16 LPs and how they are adapting to the surge in emerging managers13:13 Fundraising and timing the market15:56 Launching an institutional fund on Angellist17:13 How new crowd equity platforms will effect emerging managers19:16 The rise of co-investing20:32 Emerging managers of fund of funds21:24 Breaking up the VC oligopoly with data23:57 How using tools like Aduro gives managers and LPs more confidence25:15 What funds will look like moving forward27:01 The push for data standardization across the industry29:47 Giving LPs clarity as dilution and other factors happenBooks Braughm recommends:The Obstacle Is the Way: The Timeless Art of Turning Trials into Triumph by Ryan HolidayThe Outsiders: Eight Unconventional CEOs and Their Radically Rational Blueprint for Success by William N. ThorndikeReady Player Two by Ernest ClineFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

It’s been a busy week in the Rippleverse with adding a new partner, two Clubhouse events, and starting Q2.With all that going on we thought we would revisit Samir Kaji’s episode from last October. Samir is a friend of the pod and he has recently announced a new venture, Allocate, which is dedicated to helping emerging managers connect with LPs.We will be back with fresh episodes for the rest of April and beyond! This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

Today on Tank Talks! We have Rob Petrozzo, co-founder of Rally Rd to talk about “Democratizing investing in rare collectables.”Rob’s Background: Rob Petrozzo is the Co-Founder & Chief Product Officer of Rally Rd, a platform where investors can buy and sell equity shares in collectible assets like cars, watches, sports memorabilia and art. The company aims to make investing in these illiquid assets more exciting, safe and accessible to everyone. Rally recently closed a $17 million in fundraising from some amazing backers, both strategic and financial including Porsche Ventures, the Raptor Group and Co-Founder of Reddit, Alexis Ohanian.In this episode we discuss:01:59 How Rally Rd got its start04:43 What it took to get to launch06:50 The decision to jump into different asset classes08:41 Fee structure and the business model10:27 How an IPO works on Rally Rd11:27 Demographics of the average Rally Rd investor13:34 The strength the assets are on Rally Rd15:32 How an asset gets sold from the market18:52 Proxy voting mechanism19:33 Partnerships and what they look like in the future20:53 The effect of Top Shots on the market22:46 Rally Rd’s plan to enter the digital collectable market24:46 NFTs and Rally Rd26:46 Working with their high profile investors29:48 The liquidity of the market32:11 Growth into intangible assets35:40 Legacy auction houses entering the market38:28 Rob’s favorite asset on the platformBook Rob recommendsInside the Nudge Unit by David Halpern Follow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On today’s Tank Talk! We welcome Kyle Westaway, founder and Managing Partner of Westaway, an innovative law firm for startups.Guest Background:Kyle is is a Lecturer on Law at Harvard Law School where he co-teaches a course on social entrepreneurship. He’s the author of Profit & Purpose and every Saturday morning he sends out the Weekend Briefing, a newsletter on how innovation is impacting society.In this episode we discuss:01:22 The tension between lawyers and startups02:59 How lawyers can better align to startups07:07 The pitfalls of getting pro-bono or deferred fee legal services08:56 The benefits of negotiating a flat fee10:10 Finding a balance between risk and optimism14:21 Communicating the building experience to lawyers16:30 Keeping your lawyer connected to your business through updates20:10 Solving the unpredictability of legal fees23:15 How startups can better vet potential lawyers24:46 The legal services startups need26:16 Purpose of the general counsel27:13 The Legal as a Service is evolving28:51 The different service levels Westaway offers30:10 How referrals have grown over timeBooks Kyle recommends:Essentialism by Greg McKeownRising Strong by Brené BrownFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On today’s Tank Talk! We welcome Aaron Upright, co-founder of ZenHub to talk about “From Bootstrapped to Venture Backed.”Aaron’s Background:Aaron Upright is the cofounder of ZenHub a Vancouver and SF Based startup that was spun out of the incubator Axiom Zen which is also famous for starting Dapper Labs the creators of CryptoKitties and NBA TopShot. ZenHub is a powerful software platform that injects advanced project management functionality seamlessly into the GitHub interface, making centralized collaboration on GitHub faster, more visual, and less cluttered for engineers and developers. In this episode we discuss:01:45 ZenHub’s origins as a side project03:57 The aha moment05:52 The decision to pivot from side project to full time pursuit06:51 Axiom Zen as an incubator experience10:05 Getting ten paying customers on their first day12:16 The decision to focus on GitHub14:55 Bootstrapping for their first years16:49 The discipline required when you are self-funded18:56 How being a part of a larger ecosystem lessens the need for marketing20:17 Challenges of recruiting while bootstrapped25:09 Deciding to take VC money28:18 The size of the opportunity now with VC money30:21 ZenHub use cases32:20 Challenge of scaling culture34:47 The Vancouver startup ecosystemBook Aaron recommends:The Fish That Ate The Whale by Rich CohenFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com

On today’s Tank Talk! We welcome Chris Douvos, founder and managing director of Ahoy Capital to talk about “How to build a lasting startup ecosystem.”Chris’s Background:Chris Douvos founded Ahoy Capital in 2018 to help invest in the micro-VC movement. Prior to Ahoy Capital, Chris spearheaded investment efforts at Venture Investment Associates and The Investment Fund for Foundations. He learned the craft of illiquid investing at Princeton University’s endowment and started his business career as a strategy consultant at Monitor Company.Chris authors the blog SuperLP in which he chronicles his adventures investing in venture capital and private equity, and his legendary brick oven pizza parties—small gatherings of LPs, GPs, and entrepreneurs. He is sought after not only for investment capital, but also for his advice, and serves on numerous managers' advisory boards. Welcome Chris!In this episode we discuss:02:01 What is a Startup ecosystem and how do they get started09:54 Why some ecosystems thrive and other can’t get started17:47 The impact of COVID on accelerating ecosystems outside of Silicon Valley20:21 Will hubs still be hubs or will dispersion continue22:50 The role incubators and accelerators play in growing ecosystems24:55 Did Y combinator help create the San Francisco ecosystem?26:17 Why Silicon Valley has a blitzscaling advantage28:13 The rise of virtual companies30:34 Successful companies build their own momentum and can hinder ecosystem growth35:18 How remote work will put pressures on geographies to compete for talent39:30 How do regions think about the future of work40:58 The role of government in building ecosystemsBook Chris recommends:Shadow War by Jim SciuttoFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agentbee.Agency This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com