Tank Talks By Ripple Ventures

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

On today’s Tank Talk! We welcome Addie Lerner, founder and general manager of Avid Ventures and Charley Ma of Alloy to talk about “The Rise of APIs in Fintech Explosion.”Guests Background:Addie Lerner is the Founder and Managing Partner of New York City-based Avid Ventures, a $68M early stage venture capital firm that has invested in fintech companies including Alloy, Nova Credit, Staircase, Lockstep, and Rapyd. Prior to starting Avid, Addie was a Principal at General Catalyst and before that she was a Senior Associate at General Atlantic in NYC and London. Addie started her career in investing at Goldman Sachs as an Analyst in the Special Situation Group.Charley Ma is currently the GM of Fintech at Alloy the identity operating system for banks and fintechs in NYC. Prior to Alloy, Charley was an early hire at Ramp in the corporate card space and Plaid in the API infrastructure space. Charley started his career at JPMorgan Chase, working across several strategy groups covering payments, APIs, blockchain, and fintech. He is also a somewhat active angel investor, primarily focused on fintech + infrastructure and has invested in companies including Unit, Moov, Finch, Codat, and many more.  In this episode we discuss:01:32 The definition of fintech03:19 The difference between tech-enabled and tech-powered04:13 What APIs are and how they are used in fintech06:08 Closed APIs versus Open APIs06:50 The benefits of APIs08:11 The growth of APIs since 201409:56 The explosive growth of Plaid and other Fintech companies11:23 How Covid and other factors are pushing traditional payment processing and alternative payments15:06 How other countries are leapfrogging the US in payments18:49 The growth of fintech for investor and credit platforms21:45 Using APIs to get credit decisions from non-traditional sources25:24 What is white-labelling27:20 Regulations around fintech31:06 The rise of the Neo-Banks33:55 Alloy’s technology around regulations35:48 The importance of data-sharing38:20 The rise of internal regulatory focus at startups40:31 The use of blockchain and cryptocurrency in mainstream financial institutions44:05 Speculation on the Visa/Plaid breakup and a potential Plaid IPO48:30 When will APIs come to insurance49:15 What is the risk associated with relying on another companies API53:30 Open banking and consumer demand and protections55:38 Negotiating fees when starting outBooks Addie Recommends:Churchill: Walking with Destiny by Andrew RobertsBook Charley Recommends:The Anatomy of the Swipe: Making Money Move by Ahmed SiddiquiFollow 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 Harvey, principal lawyer at Harvey Esquire APC to talk “Emerging Managers Legals 101.”Chris Background: Chris Harvey has been practicing law for 12 years as a venture capital lawyer with a focus on emerging fund managers, accelerators, venture studios, GPs and other venture investors.Chris regularly represents venture capital fund managers and investors in structuring fund formations and transaction documents such as LPAs, LLC/operating agreements, Series Seed, Series A, mergers & acquisitions, and all matters related to the venture capital lifecycle.Chris is based out of Los Angeles and shares amazing content on his blog LawofVC.substack.com.In this episode we discuss:01:47 Considerations when choosing a lawyer for your fund04:12 The questions you should ask a potential lawyer05:27 Pitfalls of choosing the wrong lawyer06:52 Fund structures11:10 Formation and fund expenses15:10 GP commitments17:40 Clawbacks versus commitments22:13 What are hurdles25:43 Reporting requirements28:28 Initial closure and rolling closures34:12 Offering GP economics to close strategic investors36:10 Budgeting for legal expenses37:29 Using Angelist to support your initial legal work38:50 Giving away carry as incentive to outside advisors as incentive or compensation41:00 Is venture legal ripe for disruption?44:18 Can VCs hedge against SPACs?46:58 Chris’s best advice for emerging managersBooks Chris Recommends:The Business of Venture Capital, Third EditionFollow Matt Cohen and Tank Talks here!Podcast production support provided by Agent Bee 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 our two guests from Carta, Andrew Merrick and Jeff Leathers to discuss, “How to Start and Use SPVs”Guest backgrounds:Andrew Merrick - Operations Manager at Carta focused on SPV Administration. Andrew brings over 6+ years in fund administration in Venture Capital & Hedge Funds & 4 years of banking experience. Jeff Leathers - Product Manager at Carta for the last 2 years. Previously Product Strategy at Plaid & Bloomberg and an MBA from Wharton.In this episode we discuss:01:37 Why create an SPV and what are they03:20 The use of SPVs in venture capital07:11 Single use SPVs as fundraising vehicles08:48 Fee structures of SPVs11:57 Lifespan for SPVs12:45 How to avoiding chicken and egg fundraising15:55 Dealing with allocation problems18:11 Basic legal frameworks for SPVs21:17 How Carta can help with reporting, tracking, and other admin task with SPVs23:50 What founders should know about SPVs26:11 What LPs should think about when approached to invest in an SPV28:30 How SPVs relate to direct listings and SPACs30:22 A preview of CartaX33:58 Overview of how Carta SPV fixes some of the biggest problems with SPVsNow let's jump on into the Tank for today's episode with Andrew and Jeff!Follow Matt Cohen and Tank Talks here! Podcast production support provided by Agent Bee 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 our two guests Nate Williams & Chris Kim Co-Founders and Managing Partners at UNION Labs to discuss, “Deep Tech Investing at the Early-Stage”Nate & Chris both have an incredible experience in building and scaling deep-tech startups given their mutual background at August Home where they both met back in 2015 and helped grow the company to over $75mm in sales before being acquired.Nate's career originally started at Intel in the Digital Home Group and eventually went on to lead BD at 4Home and Motorola before it was acquired by Google in 2011. Nate eventually became the Chief Revenue Officer and Head of Partnerships at August Home where he led deals with AirBnB, Walmart and Amazon.Chris started his career as a Product Manager at Bank of America and then moved on to eBay and then CSAA and eventually joined August Home as VP of Product when it launched in 2012. Chris became CTO of August and led the product development team of new smart locks for homes and offices.On today's talk, we ask Nate & Chris why they decided to launch a hard-tech fund that both backs and builds early-stage startups vs just creating a venture studio or traditional VC fund. We dig into the areas of deep-tech they are most excited about today and what areas of consumer deep tech they are already invested in and where they see the industry going.Nate’s Book Recommendations:High Output ManagementThe Score Takes Care of ItselfChris’ Book Recommendations:The Hard Thing About Hard ThingsQuiet: The Power of Introverts in a World That Can't Stop TalkingNate’s words of inspiration - “Be authentic, life is too short to be something you are not and invest in yourself first!”Chris’ words of inspiration - “Startups are hard but they can be a huge amount of fun! Follow Matt Cohen and Tank Talks here! 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 our guest Uri Pomerantz, Venture Partner at Jackson Square Ventures to discuss, “The Truth About Anti-Hype Investing”Uri has an incredible background as a former Mckinsey consultant, Startup Founder and Venture investor.As a founder, Uri built a startup that was acquired by a Fortune 500 company (John Hancock), and went on to launch a fintech savings app within John Hancock called Twine which was awarded the best overall Fintech mobile app in 2019. Uri went on to lead strategic partnerships and new ventures at John Hancock, to invest in, partner with, and incubate new fintech startups globally.Prior to founding his first company, Uri also founded Jozoor Microfinance, as a non-profit microfinancing company focused on providing loans to help unemployed Palestinian and Israeli youth create new businesses in their communities in his early days.On today's talk, we ask Uri how Jackson Square Ventures defines “Anti-Hype Venture Investing” and why it is such a focus for the firm which has backed amazing companies like DocuSign, Strava and UpWork? We discuss how Uri sees the future of Venture Capital changing as more first time founders are rethinking moving to the Bay area and his views on emerging markets as it relates to venture capital.Uri’s Book Recommendations:- Man's Search For Meaning- Essentialism: The Disciplined Pursuit of Less- Nonviolent Communication (A Language of Life)- The Untethered Soul: The Journey Beyond YourselfUri’s words of inspiration - “Get to the best place you can personally and internally before you go out to do great work with others .”Follow Matt Cohen and Tank Talks here! 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 our guest Saurabh Sharma, General Partner at Jump Capital to discuss, “The Democratization of Data Analytics & Machine Learning”Saurabh has a diverse background in investing, operations & product management and leads Jump's efforts in Enterprise Software and IT Infrastructure.Prior to joining Jump, Saurabh led various roles at Groupon in product, marketing & operations. Previously, he was an early stage investor at Lightbank, an Investment Banker with Barclays Capital, an algo trader with Lehman Brothers, and was a founding team member of Benchprep (a venture-backed digital learning platform).On today's talk, we ask Saraubh his views on the Democratization of Machine Learning and Data Analytics. We discuss his investment thesis on Cloud & Data Infrastructure, CyberSecurity, and the industries he believes have been most affected by COVID and where AI and ML are needed most to uplift humanity.Saurabh’s Book RecommendationsMindset The New Psychology Of SuccessThe World Is FlatSaurabh’s words of inspiration - “There is no one shape or form that entrepreneurs come in. It's up to you to look inside yourself and determine what drives you and what's your passion and drive towards making that happen.”Follow Matt Cohen and Tank Talks here! 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 our guest Dr. Haley Perlus, PhD, Peak Performance Coach to discuss “How CEOs Can Handle Adversity Like a High-Performance Athlete”Since the age of 12, Dr. Perlus aspired toward a career in Sport and Exercise Psychology after competing nationally in downhill ski racing. Within one year of earning her PhD. at the age of 28, she became a professor, public speaker, and consultant to the US national team. Dr Perlus has written four books on peak performance and how athletes can continue to achieve their highest potential long into the future.Sport Psychology has been coined the Science of Success because it studies how successful people optimize their psychological and emotional states for maximum results.On today's talk, you will get to hear Dr. Perlus’ thoughts on how CEOs can cope with their fear of failure and how to use stress to enhance peak performance. She shares her best tricks on how to get motivated to exercise after a long day of work, and how to avoid burnout as a young entrepreneur.Haley’s Book Recommendations:Way of The Peaceful Warrior by Dan MillmanThe Subtle Art of Not Giving a F*ck by Mark MasonLove is Letting Go of Fear by Gerald JampolskyStillness is the Key by Ryan HolidayHaley’s words of inspiration - “As we are proceeding through life, give yourself some grace for where you are at and accept who you are while you’re striving to be better.”Follow Matt Cohen and Tank Talks here! 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 our guest Samir Kaji, Senior Managing Director @ First Republic Bank, to discuss “Breaking Through the Crowd as an Emerging Manager”Samir is a well known voice in the venture capital ecosystem having started his career at Silicon Valley Bank at the beginning of the tech boom in 1999. Samir started out as an Analyst and eventually made his way up to Managing Director of the Menlo office where he completed over $5 billion in debt transactions with over 500 companies.Samir later joined First Republic Bank in 2012 to lead their VC and tech banking efforts with a particular focus on early-stage venture capital startups and emerging managers focused at the Seed & Series A stage.On today's talk you will get to hear Samir's thoughts on how emerging managers can differentiate themselves when pitching institutional investors in a crowded fundraising environment. In addition, Samir shares his tips on building the perfect pitch deck and his thoughts on the issues with LP pattern recognition. Finally, Samir discusses the importance of mission statements for emerging venture funds and why he decided to launch his own venture podcast after such a successful venture blog series.Samir’s Book RecommendationsThe Success EquationBlink - The Power of Thinking Without ThinkingThe Advantage - Why Organizational Health Trumps Everything Else In BusinessEleven Rings - The Soul of SuccessSamir’s words of inspiration - “If you want to do something, go do it right now cause there's no better time than the present”Follow Matt Cohen and Tank Talks here! 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 our guest Fabrice Grinda, Founding Partner of @ FJ Labs to discuss “Investing in Marketplaces Before It’s A Marketplace”Before starting FJ Labs, Fabrice was an incredibly successful entrepreneur having launched several startups before and after the dot-com bust in early 2000. His first startup Aucland was started by Fabrice at age 23 which grew into one of the largest auction sites in Europe. Next, Fabrice started Zingy in 2001 and grew it to $200 million in sales in four years. After selling Zingy, Fabrice launched OLX or the Online-Exchange as the Craigslist alternative for the world outside the US and grew it to over 300 million monthly unique visitors.On the investing side, Fabrice has over $300 million in exits across 150 companies and has made over 500 angel investments in total, with an impressive track record as an early investor in Alibaba, Lending Club, Delivery Hero and Brightroll among many others.Today you will get to hear Fabrice's tips and tricks on how marketplace startups should tackle challenges. You will hear his thoughts on supply/demand dynamics, SaaS tools in a marketplace, Payment infrastructure and the importance of frequency in building a marketplace.Fabrice’s Book RecommendationsLoonshots - Safi BahcallWhy We Sleep - Matthew Walker, PhDLifespan - Why We Age and Why We Don't Have - David A. Sinclair, PhDFabrice’s words of inspiration - “Whatever you think you can, begin it, boldness is magic and genius to it.”Follow Matt Cohen and Tank Talks here! 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