Today we're joined by Logan Bartlett of Redpoint to dive into Redpoint's approach to venture, trends and predictions for the VC ecosystem, and a breakdown of the strategies and craft of the asset class's most consequential players. Cloud Infrastructure for all your needs: do more and spend less with Oracle. Take a free test drive of OCI at https://oracle.com/turpentine --- Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv --- SPONSOR: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds; offers one consistent price, instead of variable regional pricing; and of course nobody does data better than Oracle. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- X / TWITTER: @loganbartlett (Logan) @Redpoint (Redpoint) @eriktorenberg (Erik) @TurpentineVC --- TIMESTAMPS: (00:00) Intro (01:28) Nerding out on the history of venture (02:36) On venture firms' structure (16:09) Sponsor: Oracle Cloud Infrastructure (17:10) Logan's role models (27:08) Redpoint's history informs its present (32:04) How Redpoint operates? (37:47) Why is there no Midas List of top firms? (39:54) Which firms Logan admires  (42:54) On success in distribution of returns (48:27) What if Logan didn't join Redpoint? (54:47) What will be the biggest change to happen 7-10 years from now --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Today we're joined by Kareem of Thrive Capital for one of the most extensive conversations we've had on the show—we cover the core insight that drove Thrive to invest in late-stage companies like Stripe and Slack, how they approach thinking about fund size and timing, the benefits of a concentrated portfolio, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds; offers one consistent price, instead of variable regional pricing; and of course nobody does data better than Oracle. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- X / TWITTER: @kareemszaki (Kareem) @ThriveCapital (Thrive Capital) @eriktorenberg (Erik) @TurpentineVC --- TIMESTAMPS: (00:00) Intro (3:03) How does Thrive balance an opportunistic vs a focused approach (07:01) Thrive's structure and core insights (14:57) Sponsor: Synaptic (15:50) On Thrive's DNA (18:06) Kareem's insights on selling (24:01) Thrive's history (29:45) Sponsor: Oracle (33:10) Kareem's insights on the impact team  (36:21) On incubations (39:45) On regulated or capital intensive industries (43:06) Thrive and healthcare (49:37) How does Thrive think about macro? (53:14]) The future of Thrive (55:25) Kareem on making bets on young people and cultivating talent --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This week's episode of Turpentine VC features Benchmark GPs Sarah Tavel and Eric Vishria. We discuss ideas that are central to Benchmark's beliefs in firm-building, including why platform teams exist to help the general partners more so than founders themselves. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds; offers one consistent price, instead of variable regional pricing; and of course nobody does data better than Oracle. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/turpentine. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- X / TWITTER: @sarahtavel (Sarah) @ericvishria (Eric) @eriktorenberg (Erik) @benchmark (Benchmark) @TurpentineVC --- TIMESTAMPS: (00:00) Episode Preview (01:29) Benchmark in the history of venture capital (05:08) The Benchmark DNA (07:50) Learnings from Benchmark's expansion (10:53) Sponsor: Synaptic (11:55) The trade-offs of scaling (13:00) How Benchmark thinks about macro (15:08) Comparing the different Benchmark eras (17:46) Partnership construction and combining skill sets and personalities (29:38) On the investor and founder relationship (33:58) Sponsor: Oracle (39:10) How Benchmark remains one of the most relevant VC firms (44:30) The right business model for venture scale (48:24) the hallmark of a Benchmark company (52:52) Learnings from consumer social (1:08:43) What types of companies have enduring value or are truly defensible? (1:15:09) On crypto (1:23:47) Re-founding Benchmark --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Erik is joined by Alfred Lin, partner at Sequoia Capital for over 13 years, and investor in Airbnb, Doordash, Houzz, and more legendary Silicon Valley companies. We dive into the unique ways which Sequoia operates as a firm in this episode: why they don't actually track A-U-M, why they launched the Sequoia Capital Fund, the decision-making behind creating Sequoia Arc, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine --- SPONSORS: 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/torenburg 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- X / TWITTER: @Alfred_Lin (Alfred) @eriktorenberg (Erik) @sequoia (Sequoia) @TurpentineVC --- TIMESTAMPS: (00:00) Episode preview (01:10) How Sequoia does generational transitions (05:31) Sequoia's firm structure and evolution (11:01) Sponsor: Synaptic (11:52) On Sequoia Arc and competing against YC (15:01) On metrics and leading indicators (18:19) How to add the most value to founders (23:33) Alfred on the landscape of venture in 2030 (25:39) What makes a Sequoia partner great? (28:40) Sponsor: Oracle Clound Infrastructure (33:02) On incubations (34:53) On macro (38:56) Alfred's thoughts on AI (43:33) Leadership and how to show up for founders (49:42) Alfredisms: the time span of discretion and the roles of a founder --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

On episode eleven of Turpentine VC, Ann Miura-Ko—co-founding partner at Floodgate—sits down with Erik Torenberg to dive deep into the core fundamentals of VC partners talk about behind close doors, including how to identify inflection points to give you an edge when starting a fund, muscles Floodgate has built in the -1 to 0 space, the true opportunities in AI, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @annimaniac (Ann) @eriktorenberg (Erik) @floodgatefund @TurpentineVC --- TIMESTAMPS: (00:00) Episode preview (01:29) How Ann thinks about macro (04:33) Is 2023 better for incumbents or start-ups? (07:12) When is the right time to start a fund? (10:23) How Ann identifies inflections that guide her approach to innovative VC (12:40) Sponsor: Synaptic (15:43) Why Floodgate's fund size is their strategy (19:36) Ann's litmus test for product market fit (22:32) What would prompt Floodgate to change their strategy? (25:51) On how Ann evaluates people (28:02) Muscles Floodgate has built on the -1 to 0 space (31:52) Ann's thoughts on Sam's Factory Model Venture theory (39:22) AI as an inflection point (44:11) Ann's thoughts on exciting opportunities in AI --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Trae Stephens, General Partner at Founders Fund, joins Erik Torenberg to chat through how the firm's focus on independent thinking and debate culture, and counterintuitive lack of true process, has been key in helping them build an enduring fund. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @traestephens (Trae) @eriktorenberg (Erik) @foundersfund @TurpentineVC --- TIMESTAMPS: (00:00) Episode preview (01:24) Debate culture and why that's key to Founders Fund's success (03:59) How Founders Fund's pitch is different from a16z's (06:56) FF’s unique market position (09:09) How FF recruits their partners (13:10) Sponsor: Synaptic (14:16) The deal-making process, or lack thereof (16:14) Governance at Founders Fund (19:27) Comparing the YC approach  (21:41) How they measure success against other funds (22:50) Trae's journey at Founders Fund (24:54) On incubating Anduril (28:04) Why having no process forces partners to be higher conviction (30:15) Core debates at Founders Fund (32:24) The key to Founders Fund's current approach (34:22) Trae's request for startups in gov tech (36:03) Erik's On Deck question (37:58) What does the future look like for Founders Fund? (39:47) What gets misunderstood about the firm (44:06) On Mike Solana (47:01) The three eras of Founders Fund summarized --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Sam Lessin, General Partner at Slow Ventures, and Seth Rosenberg, General Partner at Greylock, debate what the effects of AI on incumbents and the next wave of AI-first products will look like. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- LINKS: Seth's essay on Product-Led AI: https://greylock.com/greymatter/seth-rosenberg-product-led-ai/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner For more AI content, check out The Cognitive Revolution with Nathan Labenz, where Nathan covers the most pertinent AI updates in the industry with builders, investors, and more: https://link.chtbl.com/TheCognitiveRevolution --- X / TWITTER: @lessin (Sam) @SethGRosenberg (Seth) @eriktorenberg (Erik) @TurpentineVC --- TIMESTAMPS: (00:00) Episode preview (00:47) Seth's blog post on opportunities in AI (04:46) Sam's reaction to Seth's product-led AI thesis (9:58) Identifying outliers (12:29) What happening during the cloud, mobile, and AI tech waves (14:51) Sponsor: Synaptic (15:52) Why incumbents are incredibly well-positioned to add AI tools (19:08) The mobile tech wave and why incumbents won (21:59) The Uber of the AI era (26:11) New markets unlocked with AI (28:26) Defensibility of AI startups (32:28) Thoughts on Midjourney and Character AI (34:01) Closing remarks (37:26) ​​On copilots --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Roger Ehrenberg of IA Ventures joins Erik on episode 8 of Turpentine VC to talk about his contrarian and opinionated view of how seed funds should operate, and how that's allowed him to generate 10x fund returns. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @infoarbitrage (Roger) @eriktorenberg (Erik) @TurpentineVC --- TIMESTAMPS: (00:00) Episode Preview (01:20) IA Ventures' firm strategy (03:30) Roger's thoughts on the rise of seed (07:18) Would Roger do anything differently if he started IA today? (11:14) Is the future of venture going to be craftsman or platform? (15:42) Sponsor: Synaptic (16:56) What players are going to favored in today's venture ecosystem? (19:41) Roger's macro lesson on higher interest rates (24:32) Prediction on where interest rates will normalize (26:29) On the future for YC and a16z (31:42) Lessons from crypto, and why Roger's excited about sports for the future (36:53) Why more people should look into the sports space --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This week, Erik is joined by Mike Maples, Jr, co-founder of Floodgate, a storied seed firm that's invested in Lyft, Okta, Twitch, and Twitter, to name a few unicorn portcos. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine --- RECOMMENDED PODCAST:  Every week investor and writer of the popular newsletter The Diff, Byrne Hobart, and co-host Erik Torenberg discuss today’s major inflection points in technology, business, and markets – and help listeners build a diversified portfolio of trends and ideas for the future. Subscribe to “The Riff” with Byrne Hobart and Erik Torenberg: https://link.chtbl.com/theriff RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @m2jr (Mike) @eriktorenberg (Erik) @floodgatefund @TurpentineVC --- TIMESTAMPS: (00:00) Episode Preview (01:00) The biggest inflection points in Floodgate's history (03:03) Force a choice, not a comparison (07:16) Why didn't Floodgate scale like a16z did? (11:28) Sponsor: Synaptic (12:31) How to bet on people before they have a company (15:38) On how to pull out signal from founder references (17:38) What questions would Mike be asking fund managers as an LP? (20:46) On how venture has evolved (24:12) On YC and their non-consensus economics (25:58) Will Floodgate pursue incubation? (28:05) Frameworks for identifying good ideas (32:35) How Mike thinks about AI (37:59) If Mike started Floodgate today, what would be his differentiating approach? (40:07) What kind of firms will flourish in the next 10 years? (42:10) On firm differentiation (47:57) Mike's take on Sam Lessin's thesis on seed investing --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

10 years after their initial launch, Susa is relaunching the firm with a new vision and strategy, which Susa General Partner, Chad Byers, tells us about in this episode of Turpentine VC. If you’re looking to improve your sourcing, tracking, and due diligence, check out: https://synaptic.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit https://synaptic.com/turpentine --- RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @chadbyers (Chad) @eriktorenberg (Erik) @SusaVentures @TurpentineVC --- TIMESTAMPS: (00:00) Episode Preview (00:56) How does Susa see themselves within the venture ecosystem? (01:54) The history and next evolution of Susa Ventures (8:29) Why Susa isn't becoming multi-stage and the trade-offs of their new vision (11:59) What does Susa look like 5-10 years from now? (14:07) Chad's thoughts on Thrive (15:39) Sponsor: Synaptic (16:38) On incubations and whether Susa would want to pursue them in the future (17:47) On LP strategy (20:31) The trade-offs of investing in platform as a fund (23:21) The sweet spot of where Susa invests in relation to product-market fit (26:16) How has Susa thought about partner recruiting? (29:18) Why doesn't Susa pursue the maximal AUM game? (33:03) The unique ways Susa adds value to founders (36:29) How Chad thinks about seeds firms evolving to multistage firms and competing against Sequoia, Founders Fund, etc. (39:10) Pattern-matching the best founders Chad has backed (42:18) Chad on Sam Lessin's theory on seed investing (46:24) Predictions for the next 3-5 years of venture (48:47) Diving deeper into why Susa decided to double-down to become specialists in seed (50:15) Thought experiment: how would Chad launch Susa in 2023? --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Hemant Taneja is the CEO of General Catalyst, and runs the firm like a true business: defining its mission and values, approaching the product from a problem-solving perspective, and more. If you’re looking to improve your sourcing, tracking, and due diligence, check out: http://synaptic.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit http://synaptic.com/turpentine Pesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: http://pesto.tech --- RECOMMENDED PODCAST: LIVE PLAYERS Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. LIsten and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers. --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @htaneja (Hemant) @eriktorenberg (Erik) @generalcatalyst @TurpentineVC --- TIMESTAMPS: (00:00) Episode Preview (00:53) How Hemant took over as CEO of General Catalyst (03:31) Why General Catalyst decided to operate like a true company (05:15) The vision for General Catalyst (08:15) How GC thinks about a16z and the future of investing (10:52) GC's governance in relation to their vision (11:59) Sponsor: Synaptic (13:01) Hemant on how macro determines GC's strategy (14:59) The future of VC and how the asset class is evolving (17:04) More on GC's responsible innovation thesis (19:28) The difference between GC and a16z (20:32) Hemant explains GC's unfair advantage in healthcare (22:47) How GC's strategy is differentiated (24:05) GC's incubation strategy (26:02) GC's customer value strategy (27:23) How Hemant thinks about launching firm products (29:11) On GC's global resilience practice (30:49) Sponsor: Pesto Tech (31:40) On why GC has been so successful in digital health, and the future of that space (33:23) Hemant’s request for startups in healthcare (35:13) Opportunity areas for emerging managers today (37:06) Hemant's approach to talent cultivation and retention (39:24) Where does General Catalyst fit into the venture ecosystem? (41:11) On radical collaboration

This week Erik is joined by Sam Lessin, General Partner at the early-stage VC firm Slow Ventures, essayist, and former VP of Product at Facebook. If you’re looking to make fund administration easy and intuitive, check out: http://carta.com/turpentine --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Carta is the world’s largest venture fund administrator. Carta’s software-based approach takes fund administration out of the spreadsheet and into 2023 and beyond with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to that next level. Learn more at: carta.com/turpentine Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit synaptic.com/turpentine Pesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: pesto.tech --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- RELATED SHOWS: If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @lessin (Sam) @eriktorenberg (Erik) @slow (Slow Ventures) @TurpentineVC --- TIMESTAMPS: (00:00:00) Episode Preview (00:01:22) On Screenshot Essays, writing, and being OK with being wrong (00:04:04) Sam's thesis on the factory system of venture capital (00:07:18) What does venture look like when the factory line is over? (00:10:14) Sam's bearishness on YC and a16z (00:12:36) What are the best firms going to look like in the future? (00:15:36) Sponsor: Carta (00:16:17) The future state of company building and venture (00:21:46) The biggest factors of luck in life and company building (00:23:15) Sam's thesis on constellation software (00:28:38) ​​Team Shares and why that's Sam's most bullish investment (00:31:49) Sponsors: Synaptic | Pesto Tech (00:33:15) Why Sam is bullish on crypto (00:38:32) The different models of finance and investing in creators (00:42:08) Sam's advice for future investors in 2040 (00:45:21) Is the LP landscape going to change significantly? (00:52:17) Lower variance founders (00:56:08) Kardashians and the future of media / celebrity (00:57:42) Sam on Balaji's protech and anti-journalist class (1:01:00) How can we represent social capital on the internet? (1:02:41) On the end of capitalism (1:05:38) Slow Ventures today and where they expect to go in the future (1:07:26) Sponsor: Carta --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In episode three of Turpentine VC, Aydin Senkut and Erik Torenberg examine the generalist approach to VC that Felicis pioneered. If you’re looking to make fund administration easy and intuitive, check out: http://carta.com/turpentine We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- SPONSORS: 🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo. Carta is the world’s largest venture fund administrator. Carta’s software-based approach takes fund administration out of the spreadsheet and into 2023 and beyond with powerful solutions and intuitive interfaces, all on one platform. Their suite of products and expert services help funds at any stage with up-to-date insights and automated workflows to get them to that next level. Learn more at: http://carta.com/turpentine Synaptic unifies over one hundred real-time company performance metrics across alternative datasets like user traffic, employee data, app downloads, product reviews, and more. It’s your all-in-one source for alternative data that helps you make better investment decisions. To learn how Synaptic can improve your sourcing, tracking, and due diligence, visit http://synaptic.com/turpentine Pesto Tech is a hiring marketplace that makes finding great remote developers fast and easy. They use large language models to evaluate developers along dozens of parameters, including code quality, performance, and security. If you need to start hiring developers fast, all you have to do is answer 5 simple questions on their website: http://pesto.tech --- Join our free newsletter to get Erik's top 3 insights from each episode every week: https://turpentinevc.substack.com/ --- TIMESTAMPS: (00:00) Episode Preview (01:18) The three different stages in the evolution of Felicis (03:42) Felicis' strategy to engineer more hits: being generalists (05:26) The two key ingredients to finding the right general partners (08:02) How does Aydin think about balancing mental health and motivation to build a company? (11:04) Bottom-up vs. top-down approaches to opportunistic investing (12:54) How Felicis divides and conquers sectors internally (15:35) Sponsor: Carta (16:10) Felicis' AI strategy (18:55) Aydin on not playing the crypto / web3 wave (20:41) What's the fourth phase of Felicis' evolution? (25:07) What's Felicis' advantage and special ingredient? (27:30) Looking at Felicis from an LP perspective (31:11) Two non-negotiables for Aydin when raising funds (33:12) Sponsors: Synaptic | Pesto Tech (35:07) How does Felicis think about decision-making? How do they make such quality decisions? (38:52) Why virtually all of Felicis' investments are narrative-driven (40:59) Aydin's recommendations for firms starting in 2023 (43:47) Aydin on Felicis' unique governance model (47:30) How active is Aydin in the actual investing of Felicis now? (49:50) What do founders really care about getting from their VCs? (53:10) The number one factor when founders are choosing investors (54:20) Other investors Aydin admires (56:24) The venture landscape in 2030 --- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].