"Turpentine VC" | Venture Capital and Investing (Erik Torenberg)

This week on Turpentine VC, we’re re-releasing Erik Torenberg’s interview with Logan Bartlett, partner at Redpoint and host of The Logan Bartlett Show. They discuss Redpoint's approach to venture, patterns in the VC ecosystem, and the strategies of venture's most consequential firms. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — RECOMMENDED PODCAST: 🎙️This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/id1765665937  Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz  YouTube: https://www.youtube.com/@ThisWontLastpodcast  — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Redpoint: https://www.redpoint.com/ Check out the Logan Bartlett Show: ‪@theloganbartlettshow‬ — X / TWITTER: @loganbartlett @Redpoint @eriktorenberg @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Technology disruption patterns repeat across different eras (railroads, telephones, internet, AI), making historical knowledge valuable for predicting future trends. Venture firms are fundamentally shaped by the era they emerged in, creating lasting structural impacts on how they operate. Management fees can become a "sticky drug" influencing fund size growth decisions, even when larger funds may not optimize returns. Failed venture capitalists are called millionaires while failed founders often go broke, illustrating the risk asymmetry in the ecosystem. Founders Fund succeeded by differentiating through philosophy rather than history with "if you can't compete on history, you can compete on philosophy." After the dot-com crash, RedPoint stayed out of the limelight for 15 years and focused on work, demonstrating how failure shapes firm culture. In venture competition, Logan believes RedPoint needs to "throw a perfect game" to win against established firms, showing the hierarchy's persistent advantage. Venture capital is significantly overfunded by 3-5x current levels, creating unsustainable market dynamics. Historically, only about 7 companies (not 50) create most of the equity value in each technology cycle, making winner identification crucial. The key question for AI is whether it will create new companies (like the internet era) or primarily benefit incumbents (like mobile).

In this episode of Turpentine VC, Erik Torenberg speaks to Katherine Boyle, General Partner at Andreessen Horowitz leading the firm’s American Dynamism fund. They discuss why Katherine and a16z started the American Dynamism practice and what they hope to accomplish. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- 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. --- SPONSOR: HARMONIC | NETSUITE 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- RELATED SHOWS: The Limited Partner 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: @Ktmboyle (Katherine) @eriktorenberg (Erik) @Turpentinemedia --- TIMESTAMPS: (00:00) Intro (01:13) Understanding American Dynamism (02:23) The Disconnect Between Silicon Valley and Washington (04:10) The Importance of Investing in America and the Role of Venture Capital (05:34) The Role of Tech in Solving Civic Problems (16:27) Sponsor: NetSuite (24:03) The Influence of Military Service on American Society (33:21) The Importance of Family in American Life and History (39:14) The Shift from Honor Culture to Dignity Culture (42:49) The Impact of Capitalism and Individualism (43:43) The Power of Memes and the Struggle of Young Men (47:58) The Role of Family and Motherhood in Society (54:23) The Power of Seriousness (57:19) The Dilemma of Choice and the Value of Commitment (01:08:30) The Role of Technology in Society and Politics (01:14:31) The Importance of Public Service and the Challenges of Running for Office (01:16:54) American Values and Opportunities --- 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 erik@turpentine.co.

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 erik@turpentine.co.

Today, we’re sharing a special episode from our friends at the chart-topping a16z Podcast. In this conversation, a16z co-founders Marc Andreessen and Ben Horowitz dive deep into the REAL story behind the creation of Netscape—the web browser co-created by Marc that revolutionized the internet and changed the world. As Ben notes at the top, until today, this story has never been fully told either in its entirety or accurately. The two discuss Marc's early life and how it shaped his journey into technology, the pivotal moments at the University of Illinois that led to the development of Mosaic (a renegade browser that Marc developed as an undergrad), and the fierce competition and legal battles that ensued as Netscape rose to prominence. Ben and Marc also reflect on the lessons learned that still resonate in today's tech landscape (especially with AI). Listen to more episodes of The a16z Podcast here: https://link.chtbl.com/blpusvv- — 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. — SPONSORS: 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 📝 Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at notion.com/upstreampod  💥 Head to Squad to 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. — LINKS: “Expert Political Judgment” by Philip E. Tetlock: https://www.amazon.com/Expert-Political-Judgment-Good-Know/dp/0691128715 “The Mandalorian” (Disney+): https://www.disneyplus.com/series/the-mandalorian/3jLIGMDYINqD  Marc’s Substack: https://pmarca.substack.com/    — FOLLOW: @pmarca @bhorowitz @eriktorenberg @TurpentineVC  — TIMESTAMPS: (00:00) Intro (03:52) Teaser (05:59) Disclaimers (07:19) Marc's early life and education (10:14) Early exposure to personal computers and BBSs (11:57) Sponsors: Carta | Oracle (16:18) University of Illinois (18:18) Credit to Al Gore (19:33) The internet would never be a business. (22:30) Interactive television / Reed Hastings' vision for Netflix (25:03) Early internet usage and community (28:27) Paul Baran (32:37) Consumer online services in the early 90s (37:33) Sponsors: Notion | Squad (39:53) NCSA (49:15) Development of Mosaic / Design philosophy (57:34) Opposition in the internet community (01:00:10) Going rogue and building Mosaic (01:03:44) Marc becomes customer support for the entire internet (01:06:49) Media and press reaction to Mosaic (01:12:40) The ping pong effect / Key moments for the Internet (01:16:56) First E-commerce site (01:19:14) Graduation from UIUC (01:22:06) Jim Clark / Decision to build an internet browser (01:30:27) Marc on expert predictions (01:34:31) Building Mosaic / Conflict w/ Spyglass (01:39:17) Lawsuit against the University of Illinois (01:44:04) Parallels to modern Al discussions (01:45:59) The end of Spyglass ("A happy ending") (01:48:27) Sign off

In this episode of Turpentine VC, Erik Torenberg interviews Lauren Farleigh and Zach Perret from Mischief VC, discussing their experiences as founders and how they leveraged those to build their venture firm. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Mischief VC: https://www.mischief.vc/ — X / TWITTER: @zachperret @LFarleigh @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Lauren Farleigh and Zach Perret from Mischief VC leverage their founder experiences (Zach is CEO of Plaid, Lauren founded Dote  Shopping) to build a differentiated VC firm. Mischief started with a $30M fund one and grew to an $80M fund two, focusing on early-stage investments. Both started angel investing in 2017 and saw a market opportunity to institutionalize their approach based on founder-to-founder support. They identified a gap: few VCs have true zero-to-one, finding product-market fit experience. Zach shares how early angel investors who were former founders helped Plaid at critical moments, inspiring Mischief's model. They're a generalist fund investing in software companies, more founder-driven than thesis-driven, with $1-4M checks. Their approach is hyper people-driven: they follow the best people in their network rather than doing outbound sourcing. They host structured dinners with 10-12 people, asking attendees to recommend others, effectively building their network. Send quarterly updates to portfolio companies like a monthly company update, keeping founders engaged. Transitioned from participating to leading rounds after a portfolio founder wished they had led his successful round. They track potential founders before they start companies, building long-term relationships. Play a "ground game" focused on delivering results rather than being loud on social media. Fund two fundraising was harder than fund one due to market conditions and larger size. Zach is part-time at Mischief while running Plaid, focusing on sourcing and unique situations where he has relevant experience. Having four GPs provides the right level of availability while allowing each to focus on their strengths. Fund two has primarily first check focus with aggressive recycling, avoiding follow-ons that dilute returns. Currently feel capital constrained with four GPs on $80M, planning careful growth while maintaining responsible investment practices. Focus on building training modules for common founder challenges like recruiting and sales, not on firm marketing. Most founders struggle with fear/indecision in cold sourcing rather than making mistakes; Zach advocates direct outreach.

Today's episode of Turpentine VC is a throwback to a conversation Erik Torenberg recorded with Parker Conrad and Parker Thompson that debates how much "value-add" investors can offer founders, issues around the misalignment between investors and founders, and the underdiscussed factors that influence VC deals. Parker Conrad is the co-founder and CEO of Rippling (and co-founder/CEO of Zenefits) and Parker Thompson is a current partner at SAX Capital (formerly Partner at Angellist). The conversation was recorded in 2018. 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. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- 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.) 💥 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. 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 erik@turpentine.co. -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- TIMESTAMPS: (00:00) Intro 00:46 The Mystery of Startup Bill Jackson: Unraveling the Twitter Persona (02:11) Investor Insights: The Good, The Bad, and The Ugly (05:51) The Role of Investors: From Therapists to Strategists (08:18) Brand Power and The Investor's Influence (09:15) The Board Pleasing their LPs (18:57)Navigating Founder-Investor Dynamics: A Real Talk (19:28) The Seed Stage Perspective: Aligning with Founders (26:07) The Boardroom Dilemma: Control, Influence, and Alignment (36:44) Choosing the Right Investors: Lessons from Zenefits to Rippling (37:01) Navigating Investor Relationships: Insights and Advice (38:34) The Ideal Board Composition and Investor Dynamics (39:22) Understanding VC Power and Protecting Your Company (41:03) Real-world Challenges with Investors and Board Members (42:51) Strategies for Entrepreneurs Facing Investor Pressure (43:52) The Importance of Knowing Your VC's Business Model (45:24) Raising Capital: Balancing Valuation and Partnership (51:02) The Role of Unions and Standardization in Entrepreneurship (54:33) Optimizing Fundraising Strategy for Long-term Success (1:07:22) Closing Thoughts on Venture Capital Dynamics (1:09:08) Wrap

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 erik@turpentine.co.

In this episode of Turpentine VC, we’re releasing one of our most popular interviews with Roger Ehrenberg, owner of IA Capital Partners and the Managing Partner of Eberg Capital. Roger discusses his contrarian strategy to seed investing that has allowed him to generate 10x fund returns, and emphasizes the importance of focusing on concentrated portfolios to achieve outsized success. They talk about the impact of interest rates, macroeconomic factors, and the potential of sports investments. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCASTS: 🎙️ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple Podcasts: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://www.rippling.com/turpentine for a free demo and one month free trial. 💥 Head to Squad to 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. — LINKS: Eberg Capital: https://www.ebergcapital.com/ — X / TWITTER: @infoarbitrage (Roger) @eriktorenberg (Erik) @TurpentineVC — TIMESTAMPS: (00:00) Intro (01:17) IA Ventures' firm strategy (03:25) Roger's thoughts on the rise of seed (07:12) Would Roger do anything differently if he started IA today? (10:59) Is the future of venture going to be craftsman or platform? (15:38) Sponsors: Rippling | Squad (18:04) What players are going to be favored in today's venture ecosystem? (21:08) Roger's macro lesson on higher interest rates (25:58) Prediction on where interest rates will normalize (27:54) On the future for YC and a16z (33:07) Lessons from crypto, and why Roger's excited about sports for the future (38:02) Why more people should look into the sports space (42:18) Wrap

This week on Turpentine VC, Erik Torenberg is joined by Arif Janmohamed, partner at Lightspeed Ventures to dive into the world of AI investment. They explore Lightspeed's evolution from a strong focus on enterprise early-stage investing to becoming a global multi-stage firm with a $7 billion capital reach. Arif shares insights on identifying market opportunities, their frameworks for investing in AI, and the future of cybersecurity.  — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://www.rippling.com/turpentine for a free demo and one month free trial. 📑Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. 💥 Head to Squad to 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. — LINKS: Lightspeed: https://lsvp.com/ — TIMESTAMPS: (00:00) Intro (01:06) History and Evolution of Lightspeed Ventures (03:16) Lightspeed's global and multi-sector approach (06:12) AI investing at Lightspeed (08:24) Foundation models and AI applications (12:09) Sponsors: Rippling | Carta (14:19) The future of AI and enterprise software (18:25) AI in corporate travel (19:00) AI agents in enterprise (19:35) The future of work with AI (21:19) Historical tech shifts and AI (21:42) Sponsor: Squad (22:48) Market timing and investment (23:19) AI's impact on business models (27:36) Cybersecurity in the AI era (32:09) Global entrepreneurship (33:13) Wrap

Erik Torenberg sat down with Seth Bannon, co-founder and general partner at Fifty Years, a pre-seed and seed focused VC firm. They discuss the challenges of commercializing academic research, the differences between biotech and tech bio companies, exploring recent advancements in bioengineering, genetic engineering, synthetic biology, and the significance of the "bio moment." They also cover the impact of AI and machine learning on biological research and examine alternative funding models transforming the scientific startup landscape. Control your company's spending and close your books 3x faster: visit rippling.com/spend for a free demo and one month free trial. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj – RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast – SPONSORS:  💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://www.rippling.com/turpentine for a free demo and one month free trial. 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR  💥 Head to Squad to 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.  – LINKS: Spinout Playbook: https://www.fiftyyears.com/spinout Paul Graham’s How to Start a Startup: https://paulgraham.com/start.html Solugen - https://solugen.com/ More on Fifty Years: Website: https://www.fiftyyears.com/   Seth Bannon on Twitter: https://twitter.com/sethbannon/status/1813633256128192617 The world needs 10x more scientist-founders. 5050 helps scientists and engineers become great founders and start indispensable companies. Apply / nominate! ➜ http://fiftyyears.com/5050  – TIMESTAMPS: (00:00) Intro (00:53) Seth Bannon's background and inspiration (03:38) Founding and mission of Fifty Years (03:51) Defining deep tech and investment thesis (04:34) Challenges in commercializing academic research (10:14) The Spinout Playbook (12:23) Sponsors: Rippling Spend | WorkOS (14:38) Empowering PhDs to become entrepreneurs (15:06) Building deep tech companies (20:41) Biomoment in technology (27:41) Rapid integration of large language models (28:06) Startups leading the charge in pharma innovation (28:46) The role of proprietary data in bioengineering (29:31) Understanding spatial context in cell biology (30:43) Getting into biology without formal training (33:22) The beginner's mind investment philosophy (34:14) The future of deep tech and network-driven VC (36:33) Sponsor: Squad (38:01) Tech bio vs biotech (45:54) Alternative funding models for science (49:41) Incentivizing failure in scientific research (53:50) Wrap

Today we're sharing a conversation between Martin Casado, general partner at Andreessen Horowitz and Nathan Labenz, AI scout, which originally aired on The Cognitive Revolution podcast from Turpentine. Their discussion explores AI systems complexity and debates whether AI development will lead to AGI. The conversation covers model scaling, biological AI, driverless cars, and AI safety concerns. —  🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse — SPONSORS: 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  🤲🏼 GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. (Select PODCAST and enter Econ 102 at checkout to support our show.) 💥 Head to Squad to 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. — RECOMMENDED PODCAST: Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- 🎙️ The Cognitive Revolution Apple: https://podcasts.apple.com/us/podcast/id1669813431 Spotify: https://open.spotify.com/show/6yHyok3M3BjqzR0VB5MSyk — FOLLOW: @martin_casado @labenz @eriktorenberg @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Martin Casado argues AI has shown consistent incremental progress over 80 years rather than dramatic leaps, with apparent breakthroughs often being advances in specific domains rather than general intelligence. The self-driving car industry demonstrates how early promising results don't necessarily translate to general solutions, with unit economics still being 3x worse than human drivers after 20 years and ~$100B investment. The universe operates on heavy-tailed distributions where most new instances are exceptions, making truly general systems extremely difficult to create. Language Models primarily perform kernel smoothing over positional embeddings to predict average human responses, excelling at routine tasks but struggling with unique cases. Advances in biological applications of AI represent extensions of simulation capabilities in specific domains rather than steps toward general intelligence. On regulation, Martin advocates treating AI like other software - regulating applications rather than the underlying technology to avoid hampering innovation. The AI industry exhibits a "perverse economy of scale" where market leaders must spend increasingly more to maintain their advantage while followers can use their outputs to catch up. Looking forward, Martin expects continued incremental progress in specific domains rather than sudden AGI emergence, emphasizing practical applications over theoretical risks.

This week on Turpentine VC, Mamoon Hamid and Ilya Fushman of Kleiner Perkins join Erik to discuss how they’ve seized the torch and helped drive the next chapter of the firm’s iconic history. 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/ --- 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: @mamoonha (Mamoon) @ilyaf (Ilya) @eriktorenberg (Erik) @TurpentineVC --- TIMESTAMPS: (00:00) Episode Preview (01:35) How do venture firms and partner transitions work? (03:18) The craftsman approach to venture (04:55) The majors and minors of KP partners (06:04) How KP makes decisions (09:20) The different approaches of venture firms (13:50) What approach to firm-building KP believes in (18:05) Sponsor: Carta (18:37) How Mamoon and Ilya strategize on fund size (23:30) When does someone become a partner at KP?  (27:10) The NBA draft analogy for how KP identifies and finds talent (30:55) Generalist versus specialist firms (34:12) Sponsors: Synaptic | Pesto Tech (35:38) What's KP's strategy when it comes to investing in new waves? (39:07) How Kleiner evaluates talent differently than other firms (43:18) What makes great partnerships? (45:33) The biggest decisions Mamoon and Ilya have made at KP (49:25) How does governance work at firms when they transition? (53:00) On products and providing unique value to founders (56:10) What's the key in making firm transitions successful? (58:40) Who drinks more coffee? --- 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 erik@turpentine.co.

Erik Torenberg talks to Vinod Khosla about his contrarian bets at Khosla Ventures, the firm’s strategic thinking about the future, and why his “venture assistance” is different than other funds. They also discuss his investment thesis in AI (including OpenAI), robotics, biotech, crypto, education, transportation, and more. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- 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.) 💥 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. 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 erik@turpentine.co. -- RECOMMENDED PODCASTS Company Breakdowns & The 10x Capital Podcast Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ -- LINKS: Favorite book: The Score Takes Care of Itself by Bill Walsh Vinod’s Predictions (2023) : https://www.khoslaventures.com/vinod-predictions-in-2023-of-what-the-next-10-to-25-years-might-look-like/ Reinventing Societal Infrastructure with Technology (2018) : https://medium.com/@vkhosla/reinventing-societal-infrastructure-with-technology-f71e0d4f2355 -- TIMESTAMPS: (00:00) Intro (00:49) Reflecting on 20 Years of Khosla Venture's Evolution and Team Dynamics (07:12) Staying the Course: Long-Term Investments and Impact (11:31) Contrarian Bets (13:20) Redefining Humanity (15:41) Crypto Strategy and Real-World Applications (17:55) Sponsor: Harmonic | Squad (20:24) Venture Assistance and Team Building Insights (25:34) On Good and Bad Advice (28:32) Determining Who to Take Advice From (30:21) Rethinking Hiring and Entrepreneurship (31:08) Investment Strategies and Learning from Failures (33:16) Venture Capital Insights and Asymmetric Risk (37:30) Global Fund Strategy and Technological Impact (42:36) The Future of Work and AI's Role (53:35) Personal Philosophy and Longevity in Venture Capital (58:57) Wrap

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 erik@turpentine.co.

In this episode Erik Torenberg sits down with Jason Lemkin, the founder and CEO of SaaStr, a venture firm, podcast network, event series, and the world’s largest community for B2B/SaaS founders. This candid conversation focuses on SaaStr's business model at the intersection of VC, media, and events. Jason also covers why all VC's need to nail the right amount of marketing, what 'edge' looks like in venture, why Jason never created a YC for SaaS, and the distinctions between business models that seem scalable versus those that genuinely achieve exponential growth. -- 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.) 💥 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. 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 erik@turpentine.co. -- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple -- TIMESTAMPS: (00:00) Intro (01:22 ) Evolution of SaaStr Fund (01:58) Accidental Success (03:35) Community + Content (06:52) Challenges and Realities of Scaling in Venture Capital (07:46) Finding the Edge (14:05) Jason Lemkin and Harry Stebbings of  @20VC  (15:36) Why Jason Never Created a YC for SaaS (23:05) Deciding on Fund Size and Scale (30:56) Partnering in a Smaller Fund or Heading to a Mega Fund (35:07) Sponsor: Harmonic | Squad (37:51) Media and Event Business Models (44:38) Field Marketing in Business Growth (49:40) Rolling Up Vertical Media Businesses (the SaaStr Model) (1:03:17) Complexities of Managing Multiple Income Streams (1:08:11) Building Empires in Venture Capital

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 erik@turpentine.co.

Greg Castle, founder of Anorak Ventures, discusses the evolution and future of spatial computing, particularly in AR, VR, and technology's impact on human interaction and learning. This conversation took place in February 2023. —  📰Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — RECOMMENDED PODCAST: 🎙️Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhov kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593  Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg  YouTube: https://www.youtube.com/@ModernRelationshipsPod — SPONSORS: ☁️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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Investing in AR/VR with Greg Castle (first episode with Greg): https://www.youtube.com/watch?v=GjjWeaKA2Jg  Anorak Ventures: https://www.anorak.vc/ — X / TWITTER: @gpcastle12 @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: Spatial computing represents computing in the third dimension, evolving from manual inputs to capturing and recreating real-world environments. AR is technically more challenging than VR because it must understand and integrate with the environment rather than simply replace it. Meta (Facebook) is currently the main player investing heavily in VR/AR, while other tech giants like Apple, Microsoft, and Google are taking more measured approaches. Training and education are viewed as the most promising VR applications due to improved retention through 3D learning experiences. The concept of a single unified metaverse faces significant challenges due to existing business models and the siloed nature of current platforms. Digital replicas of physical objects represent one of the few remaining "white spaces" for startup opportunities in the spatial computing market. Qualcomm is emerging as a significant player through their development of XR-specific chips and industry consortium building. Gaming has replaced music as the primary cultural touchstone for younger generations, indicating a broader shift toward digital experiences. The ultimate vision for spatial computing is to transform education and enable more natural human-technology interactions.

Andrew Braccia, partner at Accel for nearly two decades, sits down with Erik Torenberg to discuss the firm's evolution from Silicon Valley early-stage investor to global, multi-stage powerhouse. Braccia explains Accel's two major strategic shifts: global expansion with local teams in Europe, India, and beyond; and the launch of their growth fund in 2008 targeting bootstrapped companies like Atlassian, Qualtrics, and Squarespace. Braccia reflects on lessons from his journey from Yahoo to venture capital, emphasizing the importance of "wiping your mind clear" of past experiences that might cloud judgment of new opportunities. The conversation provides rare insight into how Accel maintains operational excellence at global scale while preserving their early-stage venture DNA in an increasingly competitive landscape. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine 💥 Head to Squad to 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. — LINKS: AcceL: https://www.accel.com/  The Slack Origin Story: https://techcrunch.com/2019/05/30/the-slack-origin-story/ — X / TWITTER: @Accel @eriktorenberg @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Accel started over 40 years ago focusing on early-stage venture capital (seed, Series A) and maintains this core business today. The firm expanded globally to Europe, Israel, India, and other markets with separate teams and funds to identify defining technology companies worldwide. In 2008, Accel launched growth funds to invest in bootstrapped technology companies that didn't fit traditional Series A parameters. Notable growth investments included Atlassian, Qualtrics, Squarespace, and CrowdStrike, companies that might not have intersected with Accel otherwise. Global expansion and multi-stage investing introduced communication and coordination challenges that require strong partnerships to overcome. Andrew Braccia grew up in the Bay Area, studied business at University of Arizona, and joined Yahoo in 1998 when the internet was still emerging. Working at Yahoo gave Andrew broad exposure to various internet segments and connected him with talented people who later became successful entrepreneurs. Today's AI investment landscape has similarities to 1998-99, with high capital requirements and significant burn rates. In AI, Accel has invested more in infrastructure and application layers than foundational models, including companies like Scale AI and Decagon. Venture capital is becoming a permanent asset class that will continue to grow in capital allocation across various firm structures. Increasing competition in venture capital makes operational excellence and firm culture increasingly critical for long-term success. The biggest lesson Andrew learned is to avoid letting past experiences create "false negatives" that prevent seeing new opportunities. Another key lesson is not to fear failure and to take more shots with great entrepreneurs. The Squarespace investment in 2009-2010 exemplifies Accel's entrepreneur-focused approach and ability to support companies through multiple stages. The biggest mistake in venture capital is missing an opportunity because you didn't know it existed. Failures often stem from not moving quickly enough, lacking decisiveness, or carrying intellectual baggage about certain categories.

In this episode, Managing Partner Vinny Pujji discusses the strategic positioning and innovative approaches of Left Lane Capital. The conversation digs into the specialized data analysis that sets them apart from other investment firms. Vinny also charts out the future of Left Lane and breaks down how he approached several of their investments including ChargeBee, Astrotalk, Takai Tree, and more. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv - RECOMMENDED PODCAST: ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- 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 erik@turpentine.co. -- SPONSORS: 🦾 Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz This episode is brought to you by Warp. Don’t let payroll and compliance hold your startup back: visit https://joinwarp.com/peel to get started and receive a $1000 gift card when your first run payroll. 💥 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. -- LINKS: Left Lane Capital: https://www.leftlane.com/ Apple: https://podcasts.apple.com/us/podcast/turpentine-vc-venture-capital-and-investing/id1701006772 Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx -- TIMESTAMPS: (00:00) Intro (00:34) Left Lane's Market Positioning (01:18) Evolution of Tech Investing (03:49) Third Order Data Analysis (08:12) Identifying Unique Companies (11:48) Investment Strategies and Examples (15:00) SPONSORS: CommandBar | Warp (22:37) Fund Construction and Team Dynamics (27:02) Empowering Junior Team Members (27:46) Navigating the Investment Funnel (28:44) Challenges and Strategies in Investment (30:37) SPONSOR: Squad (32:04) Future of Left Lane and Asset Class (37:13) Chargebee: A Success Story (42:39) Investment Risks and Customer References (49:40) Final Thoughts and Lessons Learned

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 erik@turpentine.co.

This episode features a discussion recorded in 2023 between Erik Torenberg and Joe Lonsdale, founder of 8VC, Palantir and the Cicero Institute. They cover Joe's proposed solutions to challenges in U.S. education, prison reform, homelessness, healthcare, defense, and more. This conversation offers a riveting overview for anyone in venture to better understand the interplay of policy and market-driven solutions to systemic problems. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- 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.) 💥 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. 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 erik@turpentine.co. -- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple -- LINKS: 8VC: https://www.8vc.com/ The Cicero Insitute: https://ciceroinstitute.org/issues/ -- TIMESTAMPS: (00:00) Intro (00:56) Having the Biggest Impact (02:39) Navigating Partisanship in Tech and Philanthropy (03:22) Making Good Ideas Win (05:57) Holding Institutions Accountable (08:11) The Real Problems in Education (10:50) Challenging Government Unions and Police Reform (13:00) Prison Reform: Data-Driven Accountability (16:40) Addressing Homelessness (19:21) Sponsor: Harmonic | Squad (21:51) Market Incentives, Competition and Accountability (25:42) Healthcare Reform: Monopolies and Misaligned Incentives (31:08) Reform vs Exit (32:50) Defense and National Security (36:46) State-Level Impact vs. Federal Challenges (39:14) Engaging in Local and State Governance for Change (42:26) Addressing Wealth Inequality and Education Reform (55:40) The Future of Education

This week on Turpentine VC, we’re releasing Sourcery’s Molly O'Shea’s interview with Alex Kolicich, founding partner at 8VC to discuss Alex's H1 2024 report on the venture landscape, covering AI investment challenges, the resurgence of defense technology, and broader economic trends impacting markets. For full show notes, visit: https://highlightai.com/share/3f9d98f9-c3d6-42c9-b2cc-e6ba32c668e4  — 📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess  🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse — RECOMMENDED PODCASTS: 🎙️ Sourcery Interviews with the top VCs & Founders leading the next tech innovation cycle. Spotify: https://open.spotify.com/show/2Ni3Tese9CtZa3oxpCjgTg?si=9b01b3dbcca242f0  Apple: https://podcasts.apple.com/us/podcast/sourcery/id1738124704 Youtube: https://www.youtube.com/@SourceryVC — SPONSORS: 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: 8vc: https://www.8vc.com/ Alex’s Substack: https://www.alexkolicich.com/  Alex’s first appearance on Sourcery: https://www.sourcery.vc/p/exclusive-alex-kolicich-8vc-exodus  Alex’s latest H1 2024 report: https://www.sourcery.vc/p/alex-kolicich-8vc-ai-and-defense  — FOLLOW: @AlexKolicich @MollySOShea @eriktorenberg @TurpentineVC — TIMESTAMPS: (00:00) Intro (00:59) Meet Alex Kolicich (01:50) Diving into the H1 2024 venture landscape report (02:03) The AI investment paradox (03:31) Challenges and opportunities in AI (07:25) Public vs. private market dynamics (08:24) The role of AI in software and market valuations (12:32) Fundraising strategies in the AI era (13:01) Sponsors: Carta | Oracle (19:12) AI capabilities and the future of technology (25:58) The Gartner hype cycle and AI's future (28:08) AI market trends and valuations (29:00) The exit environment and acquihires (29:28) Challenges in IPOs and M&A (32:03) Opportunities in secondaries (32:52) Sponsor: Squad (33:58) Defense wave: A new frontier (43:52) Changes in defense procurement (49:31) Advice for defense startups (52:09) Reflections on AI and market surprises (55:32) Wrap

In this episode of Turpentine VC, Erik Torenberg welcomes back Tomasz Tunguz, GP of Theory Ventures. They dissect the investment landscape of data businesses through the lens of Databricks. They analyze the company's growth trajectory, competition with Snowflake, and its potential in the AI era. Tom presents bull and bear investment cases, discusses valuation metrics, and explores the strategic importance of data catalogs. They also cover the emerging trends in the modern data stack, potential market consolidation, and the impact of AI on investment opportunities. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj — RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast — SPONSORS: 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network 💥 Head to Squad to 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. — LINKS: Tomasz’ website: https://tomtunguz.com/ Theory Ventures: https://theory.ventures/  Databricks: https://www.databricks.com/  Databricks' Accelerating Growth: https://tomtunguz.com/databricks-growth-2024/  — FOLLOW ON X: @eriktorenberg (Erik) @ttunguz (Tomasz) @turpentinemedia (Turpentine) — TIMESTAMPS: (00:00) Introduction (00:40) Tomasz' initial thoughts on Databricks (02:09) Understanding Databricks' technology  (05:00) Unstructured data pipelines & applications (06:11) Databricks' market opportunity & competitors (08:05) Investability of Databricks (10:24) Databricks vs. Snowflake: investment insights and market predictions (13:10) Sponsors: WorkOS | Squad (15:36) Bull & bear case for Databricks (14:12) Unbundling of the database (17:23) Databricks bullish outlook & investment considerations (21:51) Databricks: a difficult technical problem (23:15) The power of the data catalog (25:25) Open vs. closed source: the Databricks & Snowflake dynamic (28:58) The importance of compute workloads (30:01) The modern data stack and the AI strategy (31:31) Investor perspective and the evolution of the market (33:30) The evolution of business intelligence  (35:55) Databases & Al models (37:46) The GPU market and NVIDIA's future (43:09) Wrap 

In this episode of Turpentine VC, Alexis Ohanian, co-founder of Reddit and Seven Seven Six, joins Erik Torenberg to discuss how Seven Seven Six is a “tech company that deploys venture capital”, the lack of internal metrics in venture, and how he plans to reinvent venture using software. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | NETSUITE | SHOPIFY 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen --- Seven Seven Six just launched a new website that displays what the firm has done in the last 365 days. Check it out: https://sevensevensix.com/ --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- X / TWITTER: @alexisohanian (Alexis) @eriktorenberg (Erik) @Turpentinemedia --- TIMESTAMPS: (00:00) Intro (01:11) Alexis's Experience at Initialized (01:21) Formation and Vision of 776 (06:15) 776's Approach to Venture Capital (07:10) 776's Unique Approach to Software (13:36) The Development of Cerebro (14:21) The Importance of Feedback and Accountability (25:34) The Future of 776 (27:00) The Power of Software in Venture Capital (28:18) The Future of VC: Roadmap and Opportunities (30:18) Reimagining the Office Space: The Agora IRL Concept (32:40) Sponsor Break: NetSuite and Shopify (35:22) The Importance of Operational Rigor in VC (39:11) The Future of 776: Fund Size and Strategy (49:19) The Role of Software in Sourcing and Evaluating (52:06) Closing Thoughts: The Future of VC and 776

In this episode of Turpentine VC, Erik is joined by Frank Rotman, the founding partner of QED investors, a fintech-focused VC firm. Frank provides a nuanced analysis of investing in fintech and neo banks, offers his view of the larger macro environment, and maintains the need for discipline and resilience in business. This episode was recorded with Frank in 2023 but remains just as relevant today. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | NETSUITE | BRAVE 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “MoZ” when signing up for a 25% discount on your first campaign. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: The Limited Partner If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @fintechjunkie (Frank) @eriktorenberg (Erik) @turpentinemedia --- TIMESTAMPS: (00:00) Intro (01:46) The Evolution and future of Fintech (11:00) Incumbents vs Startups - locating the advantage? (13:50) Bullish or bearish on banking (20:30) Impact of fintech on different regions in the world  (21:28) Sponsor: NetSuite | Brave (30:01) Evolution of neobanks (34:39) The Pitfalls of Abundant Capital (36:18) The Importance of Discipline in Business (36:21) The Return of Darwin: The Impact of Drying Capital (46:00) The Impact of Excessive Valuations (51:25) The Role of Crypto in the Financial World (55:13) The Potential of NFTs and Crypto (01:09:59) The Future of Fintech --- 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 erik@turpentine.co.

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 erik@turpentine.co.

This episode features an interview with a16z GP and co-founder Marc Andreessen, discussing his intellectual influences and detailing his quest to understand how the world works. He covers the authors who have shaped his thinking, the influence of elites on policies, and global governance. This conversation was recorded in late 2022. Since then, Marc and a16z have released “The Techno-Optimist Manifesto". If you enjoyed this episode with Marc check out episode 1 of Turpentine VC with Ben Horowitz who discusses the how they built the firm and its future plans. --- LINKS: The Techno-Optimist Manifesto: https://a16z.com/the-techno-optimist-manifesto/ --- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple --- SPONSOR: HARMONIC | SQUAD 🧲 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. Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. --- Join our free newsletter: https://turpentinevc.substack.com/ - --- RELATED SHOWS:  @10xcapitalpodcast  If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @pmarca (Marc) @eriktorenberg (Erik) @turpentinemedia --- TIMESTAMPS: (00:00) Intro (01:33) How much has Marc changed vs the world changed? (05:05) How much do ideas matter? Who drives society — the elite or the masses? (08:07) People respond to interests more than ideas (10:18) Mental models for the left and the right (12:54) Sponsors: Turpentine | Squad (15:12) The road to hell is paved with good intentions (16:58) Master morality and slave morality (21:37) Unpacking Elon’s quote “Wokeness is the mind-virus” (24:17) Is classical liberalism sustainable and how it leads to wokeness (33:18) James Burnham’s worldview (41:09) How the left captured the institutions (43:44) Elon as the return to entrepreneurial capitalism (46:22) The experiments Elon is running (53:09) The billionaire mindset toward politics (55:49) We live in an oligarchy, not a democracy (1:04:13) Larry Page is the contrarian billionaire (1:05:48) Effective altruists think they can play God (1:08:54) SBF’s roll-the-dice philosophy (1:09:33) Aristocratic vs Meritocratic elite (1:20:04) Elites are insulated from the consequences of their policies (1:22:06) Why global governance is a nerd trap (1:25:28) Global governance is anti-diversity (1:29:00) Tech people are politically homeless (1:29:49) Elites can’t be removed, they can only be replaced (1:33:21) Advice for counter-elites (1:45:39) Reasons to be optimistic --- 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 erik@turpentine.co.

This week on Turpentine VC, we are releasing an episode from The Cognitive Revolution, hosted by Nathan Labenz. Nathan sits down with Olivia Moore and Anish Acharya from Andreesen Horowitz to discuss the trends, investment strategies, and future potential of AI voice technology in both B2B and consumer sectors, exploring its implications for various industries including call centers, SMBs, and personalized AI companions. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   — RECOMMENDED PODCAST:  🎙️‪ The Cognitive Revolution The Cognitive Revolution is a podcast about AI where hosts Nathan Labenz and Erik Torenberg interview the builders on the edge of AI and explore the dramatic shift it will unlock over the next decades.  Spotify: https://open.spotify.com/show/6yHyok3M3BjqzR0VB5MSyk?si=7357ec31ac424043&nd=1&dlsi=060a53f1d7be47ad  Apple: https://podcasts.apple.com/us/podcast/the-cognitive-revolution-ai-builders-researchers-and/id1669813431  Youtube: https://www.youtube.com/@CognitiveRevolutionPodcast — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at https://oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: The Cognitive Revolution Website: https://www.cognitiverevolution.ai/  a16z Website: https://a16z.com/  — X / TWITTER: @illscience @omooretweets @labenz @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Olivia Moore explains they track AI trends across platforms like Twitter, Instagram, TikTok, and YouTube, with YouTube being surprisingly important for AI tool adoption. They emphasize the importance of actually using AI products hands-on to build intuition about what works. Consumer demand signals (like people trying to make ChatGPT act as a therapist) help identify opportunities for standalone focused products. Anish highlights that voice is the original form of human communication but has been largely unaddressed by technology until now. Many voice AI startups gaining traction are B2B-focused, particularly for call centers and customer service. Current voice AI has largely solved basic latency and understandability issues, but still needs improvement in emotionality, interruption handling, and conversation flow. The most successful voice AI companies are specializing in specific verticals rather than offering generic solutions. Happy Robot (freight broker voice AI) demonstrates how AI can handle complex tasks like negotiation by introducing human-like elements such as "checking with a supervisor." AI voice agents typically disclose they are AI, but users quickly adapt to conversational patterns regardless. AI voice agents can offer advantages over human agents, including consistent friendliness, superhuman patience, and zero wait times. For SMBs, vertical-specific voice solutions are emerging for restaurants, spas, home services, and other industries. In the creator economy, tools like ElevenLabs offer voice cloning and creation, while platforms like Delphi enable interactive digital clones. For children, AI companions could serve as positive social models, tutors, and emotional supports. Companion AI usage has surprised investors, with more demand for "AI boyfriends" than "AI girlfriends" and usage resembling interactive fiction more than expected. Voice AI is expected to eventually become a modality feature on every product and device, serving as an "emotional bicycle" that extends our emotional capabilities.

This episode features an interview with Mike Maples, Jr, the co-founder of Floodgate, that took place in 2020. Mike's interview on Turpentine VC from September 2023 is one of our most popular episode to date, and this earlier interview offers relevant context to his success and discipline. The conversation covers how Mike got his first fund from Austin Ventures, his view on "Thunder Lizard," missed opportunities like Airbnb, and what VC could look like in the future. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist   Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | BRAVE | SQUAD 🧲 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. Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign. 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @m2jr (Mike) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- TIMESTAMPS: (00:00) Intro (00:33) Building Successful Venture Firms (04:13) Journey from Insight to Growth (07:30) Insight Hacking in Entrepreneurship (08:57) Startup Success (10:48) Market Timing in Startups (14:11) Sponsor: Brave (18:04) Picking Co-Founders (33:54) Understanding the Venture Landscape (38:53) Power of Indexing: A Case Study of AngelList (41:32) Role of Brand in Venture Capital (42:45) Future of Venture Capital (46:52) Relationship Between VCs and LPs (53:48) Investing in Non-Tech Businesses (57:21) Potential Impact of Crypto on Venture Capital (01:05:38) Importance of Ownership in Venture Capital (01:09:16) Blitzscaling in Startup Growth (01:15:43) Wrap 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 erik@turpentine.co.

Today we’re back with Sam Lessin for a round 2 focused on the changing landscape of venture. We dig into the viability of M&A as a strategy for startups, “its always been crypto”, media businesses, and the role of reputation systems. If you need an ecommerce platform, check out our sponsor Shopify: https://shopify.com/momentofzen for a $1/month trial period. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- 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. --- SPONSOR: HARMONIC | SHOPIFY | NETSUITE 🧲 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. Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- TIMESTAMPS: (00:00) Episode Preview (01:27) Round 2 with Sam, the VC Doomer (06:24) The mechanism of how low interest rates leads to public markets valuing companies at super high multiples (10:28) Disruption fundamentally changed who the winners and losers would be (15:49) Sponsor - NetSuite (16:50) What would a $100B company look like in 15-20 years (23:20) The emergence of cultural changes after Covid-19 (28:27) The only way to make real money is to be betting differently (36:36) Do franchises go public and the fundamental liquidity question (42:01) What's the best business to build on top of media company? (51:20) Sam's insights on reputation businesses (55:00) Sam's take on advanced reputation system

In this episode Chris Dixon, GP at a16z Crypto, joins Erik Torenberg along with cohosts Dan Romero and Antonio Garcia Martinez to discuss his recent book Read Write Own: The Next Era of the Internet, how he thinks AI and crypto will collide, and why Web3 consumer hasn’t taken off yet. This conversation with Chris was recorded for the Moment of Zen podcast and goes several levels deeper on Chris' crypto/web3 thesis than most of his book tour. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | BRAVE | SQUAD 🧲 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. Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign. 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @cdixon (Chris) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- TIMESTAMPS: (00:00) Intro (01:10) Why Chris wrote Read Write Own (04:38) The Negative Perception of Blockchains in Mainstream Media (09:20) The Future of Crypto and Blockchain (14:40) Sponsor: Brave (15:40) Open Protocol (32:09) The Impact of AI on the Internet Economy (40:20) The Power Dynamics of the Internet (42:15) The Rise of Blockchain and AI (45:50) Future of Web3 (46:10) Growth of Tech (49:05) Challenges and Opportunities of Crypto (01:11:30) Policy in Tech Evolution 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 erik@turpentine.co.

In this episode of Turpentine VC, Erik Torenberg sits with Rebecca Kaden, Managing Partner at Union Square Ventures. They discuss USV's partnership-driven model, different venture strategies, whether automation in venture is imminent, and what USV looks for in investors. If you need an ecommerce platform, check out our sponsor Shopify: https://shopify.com/momentofzen for a $1/month trial period. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | SHOPIFY | NETSUITE 🧲 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. Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- X / TWITTER: @rebeccakaden (Rebecca) @eriktorenberg (Erik) @Turpentinemedia --- TIMESTAMPS: (00:00) Intro (00:51) Understanding Union Square Ventures' Approach (05:58) The Role of Technology and Data in VC (10:32) The Importance of Partnership Models in VC (18:07) Sponsors: NetSuite | Shopify (20:43) Generational Transition in Venture Capital Firms (25:16) Anatomy of a Partner Meeting (29:20) The Power of Ideas and Thesis Development (36:38) The Future of Virtual Learning (43:37) Investing in the Trucking Industry (45:48) Exploring Opportunities in the Fertility Space (50:16) The Role of Networks in Investment (51:01) Advice for Emerging Managers --- 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 erik@turpentine.co.

This week on Turpentine VC, Erik Torenberg interviews Ed Sim, founder of boldstart, on growing the firm from a $1 million fund to $800 million in assets, with a focus on early-stage enterprise and AI investments. For full show notes, visit: https://highlightai.com/share/d0139578-d85f-4171-b879-059dd2813450  — 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. — RECOMMENDED PODCAST: 🎙️Unpack Pricing Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600  Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg  — SPONSORS: 📑Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  📝Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at notion.com/upstreampod  💥 Head to Squad to 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. — LINKS: boldstart ventures: https://boldstart.vc/  Chris Paik’s The End of Software: https://docs.google.com/document/d/103cGe8qixC7ZzFsRu5Ww2VEW5YgH9zQaiaqbBsZ1lcc/edit?tab=t.0  — FOLLOW: @edsim @eriktorenberg @TurpentineVC

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 erik@turpentine.co.

This week on Turpentine VC, we’re releasing Molly O’Shea’s interview with Mark Suster, Managing Partner of Upfront Ventures. In this episode, Mark discusses the value of disciplined investments and Upfront Ventures' focused investment strategy. He emphasizes the importance of founder-market fit and market timing in investment decisions. Mark shares his perspectives on promising sectors such as healthcare, national defense, and space, while also reflecting on the lessons from his time as a CEO and the significance of understanding historical context in relation to current trends. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCASTS: 🎙️Sourcery Interviews with the top VCs & Founders leading the next tech innovation cycle. Spotify: https://open.spotify.com/show/2Ni3Tese9CtZa3oxpCjgTg?si=9b01b3dbcca242f0  Apple: https://podcasts.apple.com/us/podcast/sourcery/id1738124704  🎙️This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/this-wont-last-with-keith-rabois-kevin-ryan-logan/id1765665937   Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz  YouTube: https://www.youtube.com/@ThisWontLastpodcast   — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit rippling.com/spend for a free demo and one month free trial. 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network 💥 Head to Squad to 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. — LINKS: Upfront Ventures: https://upfront.com/  Subscribe to Sourcery: https://www.sourcery.vc/ Book Recommendations: Freedom's Forge: How American Business Produced Victory in World War II - Arthur Herman:  https://www.amazon.com/Freedoms-Forge-American-Business-Produced/dp/0812982045  Chip War: The Quest to Dominate the World's Most Critical Technology by Chris Miller: https://www.amazon.com/dp/B09TX24J5Y The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan: https://www.amazon.com/s?k=The+End+of+the+World Israel: A Simple Guide to the Most Misunderstood Country on Earth: https://www.amazon.com/Israel-Simple-Guide-Misunderstood-Country/dp/B08R7VV25R/ref=sr_1_1 — FOLLOW: https://twitter.com/msuster   https://twitter.com/MollySOShea  — TIMESTAMPS: (00:00) Intro (01:17) Upfront Ventures' fund structure and investment approach (10:50) Conviction factors: founder, market, and upfront fit (19:23) The barbell strategy and upfront's integrity (24:17) Lessons learned as a founder and the importance of directness (29:10) Emerging categories and macro trends (35:17) Challenging the misconceptions about capital-intensive categories (37:46) Hardware and the evolving software landscape (41:41) Exit opportunities and market dynamics (43:52) The future of exits: private equity and M&A (49:00) Book recommendations and closing thoughts (01:00:38) Wrap

Chris Paik, general partner at Pace Capital, discusses the evolution of the venture capital industry, his frameworks for understanding AI's impact on software, and the future of consumer companies in light of changing infrastructure requirements. For full show notes, visit: https://highlightai.com/share/5eeb1531-f0b6-437f-95f6-3949c0ce780c  — RECOMMENDED PODCAST: Unpack Pricing Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg — SPONSORS: 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit rippling.com/spend for a free demo and one month free trial. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 📝 Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at notion.com/upstreampod  💥 Head to Squad to 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. — LINKS: Pace Capital: https://pacecapital.com/  The End of Software: https://docs.google.com/document/d/103cGe8qixC7ZzFsRu5Ww2VEW5YgH9zQaiaqbBsZ1lcc/edit?tab=t.0  The Three Brothers Parable: https://docs.google.com/document/d/14BBVzpSSFZkPS3ja3s2LbfFV_inpjsbxPezIV06O9s8/edit?tab=t.0  — FOLLOW: @cpaik (Chris) @eriktorenberg (Erik) @TurpentineVC

Today's episode features a discussion from 2023 with reknowned independent analyst Benedict Evans (formerly a16z and Mosaic Ventures) about his predictions and frameworks for AI, VR/AR, Crypto and blockchain, the cloud, automation, and more. AI scout and podcast host Nathan Labenz (The Cognitive Revolution's host) joined for the last 20 minutes to deepen the discussion on AI. Crush your 2024 goals and learn a new language with Babbel - get 60% off at Babbel.com/torenburg 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj RECOMMENDED PODCAST: Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more. Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812 - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- 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. -- 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 erik@turpentine.co. -- RECOMMENDED PODCAST: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors -- LINKS: Benedict's website (featuring his 2024 presentation): https://www.ben-evans.com/ Benedict's podcast with Toni Cowan-Brown: https://another-podcast.simplecast.com/ -- TIMESTAMPS: (00:00) Intro and Preview (00:26) Predicting Tech Trends (02:20) Esco Model (03:42) Deployment of Older Ideas (05:39) Netflix: A TV Company, Not a Tech Company (07:06) Software's Impact on Different Industries (11:43) Regulation and Technology in Healthcare, Education, and Housing (13:51) Direct-to-Consumer (15:16) Overestimating and Underestimating Change (16:15) Blockchain and VR: Still Early Days (17:54) Sponsor: Babbel | Squad (20:55) "Killer App" Fallacy (23:37) Web 3.0 and Crypto: Overhyped and Underappreciated (28:07] Decentralization and the "Can't Be Evil" Thesis (30:05) The Limits of Decentralization (42:54) Defining the Metaverse (47:30) The Impossibility of True Portability (49:25) Consumer Surplus and Business Models (1:00:43) AI: Unbundling Jobs and Bundling Apps (1:05:15) Vin's Paradox and the Automation Cycle (1:09:40) The Speed of Technological Change (1:13:15) Deploying New Technologies Takes Time (1:14:56) Questions for the Future

In this episode of Turpentine VC, Erik Torenberg sits down with Alex Edelson from Slipstream Investors, and explores the potential for a new fund built on top of Turpentine, Erik's media company. This live pitch jam session covers the key questions and mental models for building and validating a new fund. They also cover portfolio construction, fund size and stage, and the delicate balance between sticking to proven strategies and evolving with the market's needs. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- 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.) 💥 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. 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 erik@turpentine.co. -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. Alex has been a guest on his feed as well. -- LINKS: Turpentine's master plan: https://phantom-nape-ffe.notion.site/Turpentine-master-plan-524e460771354cb7a84328939c5d9cf1 Slipstream Investors: https://www.slipstreaminvestors.com/approach -- TIMESTAMPS: (00:00) Intro (00:39) Exploring the Potential of Turpentine as an (09:13) Navigating the Challenges of Media and Investing Synergy (17:22) Sponsor: Harmonic | Squad (19:51) Portfolio Strategies and LP Preferences (24:50 )Exploring Venture Capital Strategies and Insights (26:10) Building a Media Empire (31:01) Sector Focus and Portfolio Construction (32:30) Building a Compelling Venture Fund Pitch Deck (36:12) Proving Out the Strategy (40:21) Future Fund Growth and Strategy Adaptation (45:58) Wrap

This week we’re dropping the first episode of Logan Bartlett, Keith Rabois, Kevin Ryan, and Zach Weinberg's newest podcast This Won’t Last. The show is an unfiltered backchannel where they unpack the hype cycles in venture, startup culture, and business. In this episode they discuss Paul Graham’s Founder Mode, AI valuations, the state of the venture market, and free speech concerns with Telegram and TikTok. -- Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ -- RECOMMENDED PODCAST: This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast  -- SPONSORS 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 and offers one consistent price. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/cognitive Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network Head to Squad to 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. -- LINKS High Output Management by Andy Grove https://www.amazon.com/High-Output-Management-Andrew-Grove/dp/0679762884/  Keith Rabois' lecture notes from 2013: How to Operate https://www.youtube.com/watch?v=6fQHLK1aIBs  Tesla vs Edison: The Last Days of Night: A Novel by Graham Moore https://www.amazon.com/Last-Days-Night-Novel/dp/0812988922  Disruptive Innovation by Clayton M. Christensen https://hbr.org/2015/12/what-is-disruptive-innovation  The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin https://www.amazon.com/Success-Equation-Untangling-Business-Investing/dp/1422184234  Dark Wire by Joseph Cox https://www.amazon.com/Dark-Wire-Incredible-Largest-Operation/dp/1541702697  On railroads: Engines That Move Markets by Alistair Nairn https://www.amazon.com/Engines-That-Markets-Alisdair-Nairn/dp/0857195999/  The Kremlin has entered your chat https://www.wired.com/story/the-kremlin-has-entered-the-chat/ The Logan Bartlett Show https://www.youtube.com/channel/UCugS0jD5IAdoqzjaNYzns7w -- TIMESTAMPS (00:00) Intro (01:01) Show origins (01:52) Kevin comes back from Burning Man (03:33) Paul Graham's Founder Mode, founder mode intuitive Keith, Pierre Lamond anecdote (06:11) Keith's response to kernel of Founder Mode, Andy Grove High Output Management (07:40) Zach asks what's unique about Founder Mode and Keith clarifies (08:25) Manager vs. Founder (12:09) Founder moral authority (14:12) Investing in founder driven CEOs (17:55) OCI | WorkOS Ads (19:56) State of venture markets (22:25) Driverless car future (28:35) Revenue quality in Al valuations (32:54) Squad Ad (36:33) New technology being disruptive or helpful for incumbents (39:12) Al in Biotech (42:14) Al impacting fund AUM (45:56) Al as the transistor (46:50) Hurdle to return Al CapEx (48:00) Unrealized Capital Gains Tax (50:56) Sweden's tax vs Norway and corporation tax rates (58:23) Medicare and Social Security, beneficial tax policies and misleading life expectancy stats (1:05:44) Lina Khan, Antitrust effect on tech industry (1:13:46) Perplexity shocking Google (1:15:59) Pavel Durov and Russia's Influence in Telegram (1:20:15) Not using TikTok & Telegram, risk in capital in Chinese companies (1:25:55) Closing

Mike Maples Jr., Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cover how Mike thinks about fundraising from LPs, his learnings from legendary LP David Swensen, and the power and importance of pursuing non-consensus ideas. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCAST: 🎙️The 10X Capital Podcast David Weisburd interviews LPs and GPs to examine the Venture Capital ecosystem through the lens of Limited Partners.  Spotify: https://open.spotify.com/show/2MHgyKMmJgznPI66MLxZfC  Apple: https://podcasts.apple.com/podcast/id1697772657  Youtube: https://youtube.com/@10xcapitalpodcast  — SPONSORS: 📑Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 💥 Head to Squad to 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. — LINKS: Floodgate: https://www.floodgate.com/ Pattern Breakers Website: https://www.patternbreakers.com/ Pattern Breakers: Why Some Start-Ups Change the Future: https://www.amazon.com/Pattern-Breakers-Start-Ups-Change-Future/dp/1541704355  10x Capital Newsletter: https://10xcapitalpodcast.com/ — X / TWITTER: @m2jr (Mike Maples) @dweisburd (David Weisburd) @TurpentineVC — TIMESTAMPS: (00:00) Intro (01:03) Introduction to "Pattern Breakers" (02:22) The role of startup capitalists (04:40) The Twitter story and insights on early-stage investing (07:04) The importance of founder future fit (15:13) Product market fit: deciding when to pivot vs. stay the course\ (21:33) Sponsors: Carta | Oracle (23:22) Insights empowering new business models (28:48) Creating movements and the role of passion (33:19) Building relationships with LPs (38:39) Sponsor: Squad (39:45) Advice for new VCs raising money (41:44) The importance of pursuing non-consensus ideas (45:18) Lessons from David Swensen (49:28) Benefits of a compatible partnership (51:16) Circle of competence and competitive advantage in VC (53:54) How to find Mike’s new book "Pattern Breakers"

Today we're joined by Howard Morgan to dive into his illustrious career in venture. He discusses the firms he helped start, Renaissance Technologies, Idealab, First Round Capital, and now at B Capital. Morgan also highlights the importance of global investing and the challenges it presents. They also discuss frontier areas including genomics, bioinformatics, longevity, and space technology. Morgan reflects on lessons learned and mistakes made throughout his career and offers advice for emerging managers. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.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 --- 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. --- SPONSOR: HARMONIC | NETSUITE 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. --- 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 --- X / TWITTER: @HLMorgan (Howard) @BCapitalGroup (B Capital) @eriktorenberg (Erik) @TurpentineVC --- TIMESTAMPS: (00:00) Intro (00:50) How Howard started his venture capital and investing career (13:45) On building a global firm (17:16) Angles of building a venture firm that Howard is excited about (19:43) Sponsor - Turpentine (20:46) AI is in everything (22:57) What Howard would have done differently (27:02) On not going multistage route (30:35) Asset class: Is now a good time to invest or not? (34:05) Venture capital in the next 5-10 years (37:26) On not going accelerator route (40:43) Starting small then going multistage (43:38) Howard's approach if he were to start over an emerging fund - would he go for the same verticals or no? (45:14) It's really tough to raise money right now (46:12) Howard's thoughts on accelerators and incubators (47:32) Trade offs between venture as it relates to the macro (49:55) What inspires Howard to keep investing and working? (51:08) Will venture change much in the next 30-40 years? (52:52) On picking the right partners - what's Howard's superpower there? (54:10) Wrap

Today on Turpentine VC, we’re releasing one of our most popular episodes: Erik’s interview with Aydin Senkut, founder and managing partner of Felicis Ventures. Aydin discusses the evolution and distinct strategies of Felicis Ventures, their focus on mental health, and insights on successful generalist investing in venture capital. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — RECOMMENDED PODCAST: 🎙️This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/id1765665937  Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz  YouTube: https://www.youtube.com/@ThisWontLastpodcast   — SPONSORS: ☁️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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  — LINKS: Felicis Ventures: https://www.felicis.com/ — X / TWITTER: @asenkut @eriktorenberg — HIGHLIGHTS FROM THE EPISODE: Aydin Senkut started Felicis Ventures as a solo practitioner during the super angel era, proving an outsider could succeed in venture capital. The firm evolved through its middle stage by raising institutional capital and building its reputation. In its current stage, Felicis has established a successful track record and optimizes for ownership. Felicis pioneered investing internationally without opening offices abroad. The firm operates as generalists across multiple stages and sectors rather than specializing. They aim to have multiple successful investments rather than relying on one or two big hits. Each Felicis fund maintains 40-50 companies across uncorrelated sectors and geographies. The firm uses a "prepared mind" approach, thoroughly researching markets before meeting companies. Investment decisions are made unanimously as a team while maintaining quick decision-making capabilities. When hiring, Felicis looks for smart generalists with strong motivation and intuition. They particularly value people who have been underestimated and have a "chip on their shoulder." The firm provides attractive carry to all team members to encourage an ownership mentality. Felicis was the first VC firm to prioritize founders' mental health support. Through founder surveys, they discovered that mental health support was a crucial need. Trust emerged as the number one factor founders consider when choosing investors. The firm maintains a single fund structure rather than creating multiple specialized funds. Felicis focuses primarily on writing first checks as their core strength. In AI, they invest across six different sub-areas with a systematic approach. They largely avoided crypto investments due to uncertainty about value creation. Looking forward, Felicis believes early-stage investing won't be automated or replaced by AI. The firm emphasizes continuous learning and rapid adaptation as their key to future success. Instead of growing significantly larger, they plan to maintain their current fund size.

In this episode of Turpentine VC, we revisit one of our most referenced interviews with Trae Stephens, General Partner at Founders Fund and co-founder of Anduril. Trae discusses the unique DNA of Founders Fund, emphasizing the firm's culture of open debate and high conviction in investments. He highlights the importance of concentrated portfolios, and how Founders Fund's no-process approach differentiates them from other VC firms. They also discuss Founders Fund decision-making, governance, and incubation practices. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network 💥 Head to Squad to 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. — LINKS: Founders Fund: https://foundersfund.com/ Anduril Industries: https://www.anduril.com/  — FOLLOW ON X: @eriktorenberg (Erik) @traestephens (Trae) @turpentinemedia (Turpentine) — TIMESTAMPS: (00:00) Intro (00:49) Debate culture and why that's key to Founders Funds success (03:39) How Founders Fund's pitch is different from a16z's (06:34) FF's unique market position (08:51) How FF recruits their partners (12:48) Sponsors: WorkOS and NetSuite (14:31) The deal-making process, or lack thereof (16:42) Governance at Founders Fund (19:55) Comparing the YC approach (22:09) How they measure success against other funds (23:18) Trae's journey at Founders Fund (25:21) Sponsor: Squad (26:31) On incubating Anduril (29:03) Why having no process forces partners to be higher conviction (31:50) Core debates at Founders Fund (33:58) The key to Founders Fund's current approach (35:56) Trae's request for startups in gov tech (37:12) The importance of team and talent (39:33) What does the future look like for Founders Fund? (41:22) What gets misunderstood about the firm (45:42) On Mike Solana (48:36) The three eras of Founders Fund summarized (52:09) Wrap

This week on Turpentine VC, we’re releasing a conversation between Erik Torenberg, Laura Deming of The Longevity Fund and Will Eden of Sylvan Consulting (prior to that, with Thiel capital) focused on the past, present and future of biotech. Recorded in 2019, they discuss platform companies and the evolving biotech investment landscape, examining segments like therapeutics, cell and gene therapies. Will and Laura share insights on the historical waves of biotech, the FDA's role, and the intersections of biotech and tech investment strategies. They address challenges in evaluating biotech startups, the growth in longevity research since 2011, and the potential for extending life spans through various scientific advancements. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj — RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast — SPONSORS: 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR 💥 Head to Squad to 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. — LINKS: The Longevity Fund: https://www.longevity.vc/ Sylvan Consulting: https://www.sylvanconsulting.bio/ — FOLLOW: Laura Deming Website: https://www.ldeming.com/ Linkedin: https://www.linkedin.com/in/laura-deming-b255362a/  Twitter: https://twitter.com/laurademing Will Eden Website: https://becomingeden.com/start-here/ Linkedin: https://www.linkedin.com/in/williamaeden/  Twitter: https://twitter.com/williamaeden Erik Torenberg Linkedin: https://www.linkedin.com/in/eriktorenberg/ Twitter: https://twitter.com/eriktorenberg — TIMESTAMPS: (00:00) Intro (01:17) Breaking down biotech investments (04:31) The rise of digital health (06:12) Innovations in nanotechnology (07:02) Understanding platform companies and The Longevity Fund’s focus (10:43) Historical Context of Biotech Investing (11:55) Evolution of biotech investing over past decades (14:56) New modalities in biotech (18:42) Challenges in biotech startups (21:47) Sponsors: WorkOS | Squad (32:00) Impact of public market sentiment (39:00) The Martin Shkreli effect (42:23) The rising costs of drug development (43:40) FDA's evolving role in drug approval (44:44) Innovations in clinical trials (46:44) Comparing FDA and venture capital (48:06) The role of VCs in creating biotech companies (57:15) The future of patents and pharma (01:03:16) Deterministic vs. indeterministic worldviews in biotech (01:14:49) Current state and future prospects of longevity research (01:21:54) Wrap

In this episode of Turpentine VC, Erik interviews Lee Jacobs, Founder & Managing Partner of Long Journey. Lee shares his journey from early investments and his experience with AngelList to co-founding Long Journey with Cyan Banister and Arielle Zuckerberg. He discusses the firm’s unique focus on investing in "magically weird" companies and emphasizes the importance of values, mission orientation, and building trust in LP relationships. Lee also opens up about the challenges and rewards of early-stage fundraising, Long Journey’s operational strategies, and their vision for building a lasting, meaningful VC firm. -- 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 erik@turpentine.co. -- RECOMMENDED PODCASTS: 🎙️1 to 100 | Hypergrowth Companies Worth Joining Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies. Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw Apple: https://podcasts.apple.com/podcast/id1762756034 - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- SPONSORS: ☁️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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine 💥 Head to Squad to 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. -- LINKS: Long Journey - https://www.longjourney.vc/ Lee Jacobs on Twitter - https://twitter.com/leejacobs  -- TIMESTAMPS: (00:00) Intro (01:54) Founding Long Journey and Early Investments (03:28) Breakthrough with AngelList Syndicates (04:09) Joining MHS Capital and Learning from Mark Sugarman (05:04) Building Edelweiss at AngelList (06:47) Partnering with Cyan Banister (09:26) Challenges and Successes in Early Investments (10:12) Doing SPVs at AngelList (11:28) SPONSORS: Oracle | WorkOS (13:30) Scaling the Fund and Bringing on Partners (15:41) Building the Team and Decision Making (18:56) Adding Arielle Zuckerberg to the Team (20:17) Lee’s Vision for Long Journey (22:26) SPONSOR: Squad (23:54) Building an LP Base   (25:19) Becoming Institutional (25:48) Opportunity Fund vs. Growth Fund (27:43) The Generalist Fund Approach  (29:12) Venture Partner Strategy (32:32) Core Values and Mission Orientation (38:14) Lee’s Unique Approach to Venture Capital  (44:15) Portfolio Construction and Key Investments (47:18) Wrap

Today we're joined by Elad Gil, an accomplished investor and founder, who shares his insights on the idea maze and solo capitalism. He discusses the significance of market changes and shifts in technology in identifying viable business opportunities. In addition, Gil shares his viewpoints on sectors like AI, crypto, and EdTech. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.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 --- 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. --- SPONSOR: HARMONIC | NETSUITE 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. --- 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 --- TIMESTAMPS: (00:00) Intro (00:43) "The best way to start a company is to start a company" - Elad's advice to entrepreneurs navigating the idea maze (02:22) Elad's advice on which field in the business will result in a higher chance of success (and the three ways on how to think about this) (07:00) The areas where there's exciting stuff to work on (10:21) Sponsor - Netsuite (11:25) Innovating in social networking (14:06) Is crypto still going to be relevant? (15:54) What drives market cycles in crypto (21:04) On finding the better opportunity - mercenary vs missionary frameworks (24:23) Limited supply of great founders or great opportunities (28:52) Why Elad is bullish on healthtech (29:40) Reasons why it is so hard to start good biotech and how biopharma really works (32:48) Elad's strategy to winning in venture as it relates to the broader market (35:06) What's the most interesting and useful form of investment within a couple of years? (35:49) Will there be any other important platform in the startup world or will market will always be fragmented? (38:12) The bearish case of venture (and does Elad agree with it?) (40:29) Elad's perspective on incubations (43:07) On being a solo capitalist (46:30) Reinventing yourself and being relevant

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 erik@turpentine.co.

Today's episode features an interview with Will Quist, partner at Slow Ventures. In this conversation Will talks about his transition from water polo player to helping build Slow, Slow's unique thesis in venture, the old model of VC versus new VC, and treating venture capital like a phD program. Check out our two interviews with Will's partner at Slow, Sam Lessin: Seed is Over https://www.youtube.com/watch?v=py7IPmDKjb4 VC in 2024 https://www.youtube.com/watch?v=crj_H3JPHvg --- BOOK CITED: The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin --- RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries. Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333 Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836. --- SPONSOR: HARMONIC | SQUAD 🧲 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. 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS:  @10xcapitalpodcast  If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @wquist (Will) @eriktorenberg (Erik) @turpentinemedia --- TIMESTAMPS: (00:00) Intro (00:14) Will Quist's Journey from Pro Athlete to VC (04:44) Slow's Evolution (07:00) Anti-Platform From the Jump (09:51) Helping Founders Become Better Investors in Their Own Business (14:49) Sponsor: Turpentine (15:12) Old vs. New Venture Capital Models (20:46) VC Framework (26:05) Franchises (29:49) Success in Venture Capital (31:13) Fund Size and Portfolio Construction at Slow (36:11) Multistage Challenges and Opportunities (39:25) Introducing the Slow PhD Program (44:22) Philosophy of Building and Investing (54:06) Wrap --- 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 erik@turpentine.co.

This week, we’re re-releasing Erik Torenberg’s interview with Alexis Ohanian. Alexis discusses his journey from co-founding Reddit to creating the venture firm Seven Seven Six, detailing its unique approach of using software to enhance venture capital operations and founder support, transparency, and accountability —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — SPONSORS: ☁️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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Seven Seven Six: https://sevensevensix.com/ — X / TWITTER: @alexisohanian @sevensevensix @eriktorenberg @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Alexis Ohanian co-founded Reddit in 2005, helped lead its turnaround in 2014, and started Seven Seven Six venture firm in 2020 after splitting from Initialized Capital. Seven Seven Six operates as "a tech company that deploys venture capital," applying tech company principles to venture investing. Traditional venture capital lacks internal metrics and accountability systems that are standard in other industries. Cerebro is Seven Seven Six's software platform that tracks all firm activities and provides founders with direct access to the team's network. Seven Seven Six displays real-time metrics publicly on their website, including tasks completed, pitch meetings organized, and response times to founders. Partners' response times to founders are tracked and made visible to create accountability. The "Amplify" feature lets founders draft social content for Seven Seven Six's high-follower channels to gain distribution. Every employee at Seven Seven Six receives carry to align incentives across the organization. Seven Seven Six focuses on pre-seed to Series A investments with a fund size around $400M. The firm has never lost a term sheet despite not always offering the highest valuation. Seven Seven Six is exploring "Agora IRL" - reimagined physical spaces for their community as an alternative to traditional co-working models. Alexis believes many "zombie VC funds" will disappear as the industry evolves in a higher interest rate environment. Seven Seven Six registered as an investment advisor for greater operational rigor. Traditional accelerator models may be less relevant today as founders have more resources available than in the past. Alexis questions the viability of extremely large early-stage funds in the current economic environment.

This episode features a special interview with James Currier, a partner at NFX. In this conversation, James sits with Erik Torenberg to discuss why founders tend to be more authentic at the accelerator stage than at the seed stage, James's skepticism about B2B marketplaces, and how NFX approaches investments and decision-making. This was recorded as part of a live event in 2021. --- Recommended Podcast: Company Breakdowns Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more, Spotify Apple --- SPONSOR: HARMONIC | SQUAD 🧲 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. Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. --- Join our free newsletter: https://turpentinevc.substack.com/ - --- RELATED SHOWS:  @10xcapitalpodcast  If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @JamesCurrier (James) @eriktorenberg (Erik) @turpentinemedia --- TIMESTAMPS: (00:00) Intro (02:47) James's experience at Battery (04:35) Building up NFX (09:40) What works and what doesn't in venture business (13:42) Sponsor: Squad | Turpentine (15:56) Post-COVID implications for building companies (20:04) Where we at in consumer social today (28:03) Spotting inflection points (31:41) Talk about marketplaces (40:28) Market for generalist investors today (45:10) What can you do with 300 million (50:10) What's important when evaluating B2B marketplaces (54:57) Challenges and opportunities in healthcare and fitness investments (59:40) Investment strategies (01:02:55) Wrap --- 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 erik@turpentine.co.

In this episode of Turpentine VC, Somesh Dash, General Partner at IVP, joins Erik Torenberg to discuss how IVP differentiates itself, winning late stage deals, team construction, why venture capital in 2024 looks like private equity in 2008, the future of IVP, and much more. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | BRAVE 🧲 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. Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @someshdash (Somesh) @ivp (IVP) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- TIMESTAMPS: (00:00) Intro (02:47) How IVP Situates Itself (07:39) The Case for Not Becoming Multi-Stage (10:46) IVP's Strategy (19:05) Evolution of IVP's Approach (22:18) Sponsor: Brave (23:20) Winning Late Stage Deals (28:12) Fund Sizing (36:13) IPO Window Opening (39:35) Team Construction (47:09) Evolution of VC (50:36) Future of IVP --- 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 erik@turpentine.co.

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 erik@turpentine.co.

Hemant Taneja, CEO of General Catalyst discusses the firm's evolution from an artisanal business to an enduring venture platform, focusing on operational rigor, fund size, talent strategy, and investments in companies like Stripe and Snap, while emphasizing the importance of responsible innovation and long-term industry transformations. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: General Catalyst: https://www.generalcatalyst.com/ — X / TWITTER: @htaneja @eriktorenberg @generalcatalyst @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Hemant Taneja became CEO of General Catalyst through a deliberate five-year succession plan that began when Ken Chenault joined as chairman to mentor him and help transform GC into an enduring business rather than just a traditional venture partnership. General Catalyst aims to differentiate itself by operating with the same operational rigor as successful tech companies, moving away from the traditional "artisanal" venture capital model where partners make decisions like oracles around a table. The firm developed its mission and values in 2018, focusing on "investing in positive, powerful change that endures" and positioning itself as a platform for inclusive capitalism. GC focuses on four main areas: global resilience (including climate and defense), AI transformation, health assurance, and financial inclusion through fintech and crypto technologies. Unlike some competitors, GC intentionally keeps fund sizes smaller because Taneja believes you can't scale venture capital funds to be very large while maintaining performance. The firm maintains a unique culture that preserves the magic of partnership for investment decisions while running with corporate rigor in operations, with Taneja serving as both CEO for business operations and managing director for investments. GC's healthcare strategy focuses on radical collaboration with health systems to make them better businesses, aiming to create a trillion-dollar ecosystem rather than a single trillion-dollar company. The firm's "creation" (incubation) strategy has evolved from being serendipitous to becoming more structured, aiming to launch 6-8 companies per year that require interdisciplinary teams and significant capital. GC introduced a customer value fund to provide non-dilutive financing for subscription-oriented businesses' customer acquisition costs, offering an alternative to equity funding. Taneja believes that for new venture firms starting today, having a specific point of view is crucial for rising above the noise in an overcapitalized industry, as the traditional generalist approach is no longer sufficient. The firm emphasizes "radical collaboration" over disruption, believing that working with existing institutions and understanding their legacy is key to creating lasting change in complex industries. GC's talent strategy focuses on bringing in diverse thinkers who share the firm's values and can build their own investment platforms within the larger organization.

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 erik@turpentine.co.

This week on Turpentine VC, we are releasing an episode from 1 to 100 hosted by Usman Hanif. Usman interviews Brendan Foody, founder and CEO of Marcor, an AI-powered recruitment platform that automates the process of hiring, vetting, and paying employees. Brendan discusses Mercor's rapid growth, technology behind their operations, and the company's focus on reducing hiring costs while improving efficiency for both employers and candidates. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — RECOMMENDED PODCAST: 🎙️1 to 100 with Usman Hanif Usman Hanif, the co-author of Why You Should Join, sits down with the founder of a notable startup to give you the inside story behind breakout, early stage companies potentially worth betting your career on. Apple Podcasts: https://podcasts.apple.com/at/podcast/1-to-100-mercor/id1762756034?i=1000668280100  Spotify: https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw?si=36dab0a7cdeb4f7f  YouTube: https://www.youtube.com/@oneto100podcast  🎙️Second Opinion Join Christina Farr, Ash Zenooz and Luba Greenwood as they bring influential entrepreneurs, experts and investors into the ring for candid conversations at the frontlines of healthcare and digital health every week. Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv  Apple: https://podcasts.apple.com/us/podcast/second-opinion-with-christina-farr-ash-zenooz-md-luba/id1759267211  YouTube: https://www.youtube.com/@SecondOpinionwithChristinaFarr — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Mercor: https://mercor.com/ Why You Should Join: https://whyyoushouldjoin.substack.com/  — X / TWITTER: @BrendanFoody @mercor_ai @usygoosy @why2join @turpentinemedia

This week on Turpentine VC, Andy Price, a veteran executive recruiter and venture capitalist, joins Nolan Church and Kelli Dragovich from HR Heretics, a Turpentine podcast, for a deep dive into the crucial aspects of hiring, retaining, and developing top talent. Andy has built leadership teams for renowned companies like Snowflake and DocuSign. Check out HR Heretics for more conversations like this one (links below) —  🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse — SPONSORS: 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  🤲🏼 GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. (Select PODCAST and enter Econ 102 at checkout to support our show.) 💥 Head to Squad to 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. — RECOMMENDED PODCAST: Listen and subscribe to HR Heretics: Apple: https://podcasts.apple.com/us/podcast/hr-heretics-how-cpos-chros-founders-and-boards-build/id1712407491 Spotify: https://open.spotify.com/show/1WML9AfadzaH9WCR4HHqbZ Substack: https://hrheretics.substack.com/ — LINKS: Artisanal Ventures: https://artisanalv.com/  — FOLLOW: https://www.linkedin.com/in/andyprice1/ https://www.linkedin.com/in/nolan-church/  https://www.linkedin.com/in/kellidragovich/  — HIGHLIGHTS FROM THE EPISODE: Even at top companies like DoorDash, executive hiring only succeeds two-thirds of the time, while most firms see one-third success rates. To mitigate hiring failures, recruiters must deeply understand a company's problems and weaknesses, not just focus on their strengths. Back-channel references are crucial but must be handled carefully, with recruiters making vague inquiries without revealing specific roles or companies. The ideal number of references is 5-7 meaningful ones, focusing on depth of conversation rather than quantity of references. Founders often get attached to "shiny new" executive candidates and forget about the people who helped build the company. When layering an existing executive, the person needs to be involved in the interview process but with clear expectations about their role. The best companies like Snowflake and ServiceNow succeed through seamless executive transitions and continuity. To help up-and-coming executives scale, companies need to invest in advisory networks and strong board members who can provide mentorship. The best executives rarely actively job hunt - instead, they study industry trends in their spare time and maintain relationships with select recruiters. Multiple one-year executive tenures are a red flag; ideal careers show 3-6 year commitments at successful companies.

Anish Acharya, General Partner at Andreessen Horowitz, dives deep into the transformative potential of AI in the consumer technology sector. Anish discusses a16z’s "Abundance Agenda," detailing how AI is set to revolutionize personal finance, education, wellness, and social interactions. From the concept of "self-driving money" to AI-powered companions and personalized learning, Anish paints a vivid picture of the future while shedding light on the firms decision making and focus areas. He also discusses the challenges and opportunities for startups, offering valuable insights for entrepreneurs and investors alike. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCASTS: 🎙️Econ102 w/ Noah Smith Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056  Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs  YouTube: https://www.youtube.com/@ECON102Podcast  — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://rippling.com/turpentine for a free demo and one month free trial. 💥 Head to Squad to 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. — LINKS: a16z: https://a16z.com/ Abundance Agenda: https://gamma.app/docs/a16z-Consumer-Abundance-Agenda-ieotbnzbxj81biu?mode=doc Hi, AI: Our Thesis on AI Voice Agents: https://a16z.com/ai-voice-agents/ — FOLLOW ON X: @illscience @a16z @eriktorenberg @TurpentineMedia — TIMESTAMPS: (00:00) Intro (00:46) a16z's approach to AI Investing (03:23) The Abundance Agenda: AI's impact on consumers (04:42) Platform Shifts and consumer AI (06:51) AI's role in creativity and content generation (13:27) Voice technology and productivity (17:41) Companionship and social AI (22:49) The rise of creative builders (23:14) Sponsors: Rippling | Squad (25:30) AI and human interaction (26:57) The future of personal finance (28:38) Opportunities in fintech (32:06) AI's impact on education (36:35) The future of higher education (39:02) Voice technology and AI agents and scribes (41:11) AI in wellness and mental health (42:25) Wrap

This episode of Turpentine VC was recorded in front of a live audience in San Francisco in October 2018.Keith Rabois discusses his frameworks for identifying talent, sharing anecdotes about notable operators and companies like PayPal, LinkedIn, and Square. He emphasizes the importance of talent assessment, strategic thinking, and offers career advice while reflecting on his own experiences and observations. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — RECOMMENDED PODCAST: 🎙️This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz  YouTube: https://www.youtube.com/@ThisWontLastpodcast   — SPONSOR: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  — X / TWITTER: @rabois @eriktorenberg — HIGHLIGHTS FROM THE EPISODE: "You don't want to be the best at what you do. You want to be the only one who does what you do." This was a key lesson Keith learned from a Pat Riley book. Great talent can be found in unexpected places, as demonstrated by Keith's hiring of successful executives like David Han, Jared Fleisler, and Brian Gastronomy who came from non-elite schools without technical backgrounds. You should only start a company if you have a specific idea you're deeply passionate about - Keith doesn't believe in starting companies just for the sake of being a founder. Working at a high-growth company for two years is valuable because the constant flow of problems creates unique learning opportunities, but you hit diminishing returns after about two years. The identification of talent often comes from seeing unique "sparks" - like when Taylor Francis solved the complex smoothie delivery problem at Square in an innovative way. When evaluating people, Keith tests them by continuously expanding their scope of responsibilities until they show signs of struggling. Strategic thinking means understanding how different parts of the business connect to each other - like understanding how turning different "knobs" affects the entire system. The best market opportunities exist in industries with low NPS scores that are highly fragmented and can be improved through vertical integration and simplification. Good judgment means understanding your limitations and knowing when to ask for help before getting in too deep. Getting adequate sleep (8 hours) is crucial for maintaining high performance and making good decisions - Keith believes most human problems stem from lack of sleep. A venture capitalist can effectively handle about 8-10 meetings per day before their energy and creativity begin to decline. Reading should combine both professional necessity and serendipitous discovery, with Keith still valuing physical bookstores for finding unexpected insights.

In this episode of Turpentine VC, Phin Barnes, co-founder of The General Partnership, joins Erik Torenberg to discuss Phin’s idea of building a YC for emerging fund managers, the sweat equity model, and building the General Partnership. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | NETSUITE | SHOPIFY 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- RELATED SHOWS: The Limited Partner 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: @phineasb (Phin) @theGP (The General Partnership) @eriktorenberg (Erik) @TurpentineVC --- TIMESTAMPS: (00:16) Episode Preview (01:16) The Journey of Starting a Venture Firm (05:49) Exploring Different Business Models in Venture Capital (08:56) Building a YC for Emerging Managers (12:53) The Evolution of Sweat Equity Ventures (20:00) The Sweat Equity Model (24:24) The General Partnership’s Product Offering (26:53) Sponsor - Netsuite and Shopify (29:30) Fund Sizing (35:49) Unbundling of Venture Capital  (45:04) Advantages of Service for Equity (49:06) The GP’s Services Pricing (50:38) Incubation (54:02) The Importance of Talent Networks (01:07) Advice for Starting a Fund Right Now (01:14) Talent Networks (01:19) The GP’s LPs

Kareem Zaki shares the founding and development of Thrive Capital, emphasizing their strategy of opportunism combined with a focus on category-defining companies, their unique approach to talent cultivation and company-building in various sectors, especially healthcare, and their intentional media minimalism. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — RECOMMENDED PODCAST: 🎙️This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/id1765665937  Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz  YouTube: https://www.youtube.com/@ThisWontLastpodcast   — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Thrive Capital: https://thrivecap.com/ — X / TWITTER: @kareemszaki @ThriveCapital @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: Thrive started in 2010-2011 with the insight that venture capital would evolve from a niche asset class into a major economic force. Thrive blends East Coast quantitative thinking with West Coast product vision. The firm concentrates investments in fewer companies but with higher conviction rather than spreading capital across many investments. They take a long-term view on investments, often continuing to invest in companies even post-IPO. In healthcare investing, Thrive focuses on building within existing systems rather than trying to work around them. The firm has co-founded about a dozen companies, focusing only on potential $10B+ market opportunities. Thrive deliberately hires young talent (0-4 years experience) and develops them internally rather than poaching established investors. The firm maintains a low profile with no website and minimal social media presence. They aim to keep their builder mentality and avoid becoming too institutionalized as they grow. Thrive views macro conditions as important for execution but not for changing their long-term investment thesis. The firm approaches talent development by seeking independent thinkers with "maverick" mindsets who can challenge conventional thinking. Rather than having a rigid selling strategy, they evaluate each company individually based on the specific situation. They credit their success partly to maintaining the same culture and values from their early days through their growth. Thrive sees their role as supporting founders while letting them be "the stars of the movie."

Wing Capital's Chris Zeoli discusses AI infrastructure trends, foundation models, data center challenges, cloud security, and Wing's strategic investments. For full show notes, visit: https://highlightai.com/share/6e5d9973-6c77-4ed2-aab7-355be82b9133  — 📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess  — RECOMMENDED PODCAST: 🎙️ Unpack Pricing - Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg __ SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit rippling.com/spend for a free demo and one month free trial. 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 📝 Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at notion.com/upstreampod  💥 Head to Squad to 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. — LINKS: Wing Venture Capital: https://www.wing.vc/  Subscribe to Chris’ newsletter: https://substack.com/@chriszeoli FOLLOW: https://www.linkedin.com/in/chriszeoli/ https://www.linkedin.com/in/eriktorenberg/ 

This episode of Turpentine VC is a live panel from the Hill and Valley Forum held in May 2024 on the pivotal role of novel technologies and AI in modern warfare and defense strategies, and how venture is helping rebuild the capital formation of the industrial base. Senator Mike Rounds moderates Joe Lonsdale, Managing Partner at 8VC, Josh Wolfe of Lux Capital, and Matthew Steckman, CRO at Anduril to discuss the novel military applications of the technologies they are working on and the shift in culture at the DoD that could usher in a new future of warfare. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj RELATED PODCAST: Subscribe to The Hill & Valley Podcast This season brings together Silicon Valley innovators and lawmakers to address the most pressing problems: the techno-economic war with China, AI regulations, and the next space race. Hear new episodes with Alex Karp, Jacob Helberg, Alexandr Wang, Jack Clark, Roelof Botha, Delian Asparouhov, and Vinod Khosla. Apple: https://podcasts.apple.com/us/podcast/the-hill-valley/id1692653857 Spotify: https://open.spotify.com/show/39s4MCyt1pOTQ8FjOAS4mi -- 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.) 💥 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. 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 erik@turpentine.co. -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. -- LINKS: https://www.thehillandvalleyforum.com/ -- TIMESTAMPS: (00:00) Intro (01:32) Introductions and Expectations: Panelists Share Their Vision (01:53) Spotlight on Defense Innovation: From AI to Aerospace (06:46) The Future of Warfare: AI, Autonomy, and New Technologies (09:23) Venture Capital and Defense: Bridging the Gap for Battlefield Superiority (12:11) AI in Defense: Opportunities, Challenges, and the Path Forward (14:50) Sponsor: Harmonic | Squad (17:20) Australia's Defense Modernization, With the Help of a US company, OSUC (28:14) Leveraging AI Beyond Weapon Systems: Healthcare and Maintenance (31:29) Closing Remarks

Ben Horowitz, co-founder of Andreessen Horowitz (a16z) and one of the most influential venture capitalists of the last decade, joins Erik for the inaugural episode of Turpentine VC. 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 --- 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/ --- TIMESTAMPS: (00:00) Episode Preview (02:25) Ben on what allows the legendary VC firms to be great for multi-decades (03:37) a16z’s unique product-first, investor-second approach (04:34) YC as a16z’s closest spiritual analog (06:20) The strategy behind how Ben and Marc set up their firm structure (08:12) Ben on why venture firms should stay private (09:32) How a16z scaled their fund sizes to market opportunities (10:54) Why a16z chose to go bigger than Benchmark or USV on fund size (12:47) “Spreadsheet” VCs vs. people-first VCs (14:34) a16z’s customer-focused strategy (16:22) Sponsor: Carta (16:57) Shared economics and centralized control (18:29) Ben’s view on the future of venture (21:44) How Ben thinks about riding trends like AI, crypto, etc. (24:04) a16z’s AI strategy (32:38) Sponsors: Synaptic and Pesto Tech (34:06) Ben on how macro informs a16z’s strategy (40:11) What Ben wants to see next in tech media (44:04) Sponsor: Carta --- LINKS: Why Software Is Eating the World: https://a16z.com/2011/08/20/why-software-is-eating-the-world/

This week on Turpentine VC, we're re-releasing one of our most popular episode: Erik Torenberg’s interview with Somesh Dash. Somesh is a General Partner at IVP, shares insights on IVP's unique positioning in the venture capital ecosystem, the importance of team construction, the future of venture capital, and how IVP supports founders through scaling and strategic growth. —  📰Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — SPONSORS: ☁️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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: IVP: https://www.ivp.com/ — RECOMMENDED IN THIS EPISODE: (Morgan Stanley) What to Expect When You're Expecting to Go Public: https://advisor.morganstanley.com/mark.wolkstein/documents/field/m/ma/mark-wolkstein/GoingPublicIPO_Wolkstein.pdf Geoffrey Moore’s Crossing the Chasm: https://www.amazon.com/Crossing-Chasm-3rd-Disruptive-Mainstream/dp/0062292986  Turpentine VC Episodes mentioned: With Alfred Lin: https://www.youtube.com/watch?v=jv4cwqO87eI With Ben Horowitz: https://www.youtube.com/watch?v=PdpcF7LnL6g — X / TWITTER: @someshdash @ivp @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: IVP is a 45-year-old venture firm focused mainly on Series B and C investments, reviewing 2000 companies annually but investing in only about 15. The firm maintains a small, equal partnership model where each General Partner has equal voting power and say in decisions. IVP positions itself as "Switzerland" in the venture ecosystem, working collaboratively with all early-stage firms rather than competing with them. The firm typically builds relationships with founders/CEOs for around 20 months before making their first investment. IVP has kept its fund size consistent at $1.4-1.8 billion for the past decade, viewing fund size as an output rather than an input. Their Twitter investment in 2009 during the financial crisis returned their entire fund, demonstrating the power law in growth-stage investing. The firm's team construction has evolved from finance backgrounds (70s-80s) to engineering (80s-90s) to now valuing curiosity and passion for technology above specific backgrounds. IVP believes venture capital is following private equity's evolution path, about 5-10 years behind. The firm predicts AI will create more efficiency in venture capital's core business of investing and deal sourcing. Despite the current market conditions, IVP believes the IPO window remains open for the best companies, particularly in sectors like security. The firm has recently expanded to Europe with a London office, staffed primarily with transplants from California. IVP maintains its focus on helping companies scale rather than expanding into new business lines, guided by their founder's philosophy of "disagreeing without being disagreeable."

This episode was initially recorded before a live audience in 2018. Erik Torenberg talks with Naval Ravikant and Balaji Srinivasan about the history of money and centralization and why crypto has the potential to fulfill the promise of the internet. 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. Balaji Srinivasan is a founder, investor, and author of The Network State. Naval Ravikant is an entrepreneur, investor, and former CEO of Angellist. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj RECOMMENDED PODCAST: Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more. Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812 - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- 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 erik@turpentine.co. -- 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.) 💥 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. --

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 erik@turpentine.co.

In this episode of Turpentine VC, we're sharing Erik Torenberg's 2023 interview with Sarah Tavel and Eric Vishria from Benchmark, exploring the firm's unique minimalistic approach, commitment to deep founder partnerships, and their deliberate avoidance of platform teams. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Benchmark: https://www.benchmark.com/ Dopamine Nation: https://www.amazon.com/Dopamine-Nation-Finding-Balance-Indulgence/dp/152474672X  — X / TWITTER: @sarahtavel @ericvishria @eriktorenberg @turpentinemedia — HIGHLIGHTS FROM THE EPISODE: Benchmark was founded in 1995 as an "internet era" firm, distinct from semiconductor era firms like Sequoia (1970s) and mobile era firms like Andreessen Horowitz (2009). The firm operates with six equal partners who split economics equally and make just 1-2 investments per year each. Benchmark intentionally maintains no platform team, believing direct GP involvement leads to better founder outcomes. The firm's Monday meetings have no agenda to encourage open-ended curiosity and foster creative thinking. During 2020-2021, Benchmark's investment pace was historically slower due to the challenges of building relationships over Zoom. The firm is currently on pace for making the most new investments in a year than they have in the past decade. Benchmark sees three distinct opportunities in AI: foundational models, vertical companies selling work, and incumbent product enhancement. The firm succeeded in crypto by focusing on company-building founders (Chainalysis, So Rare) rather than token-based speculation. Benchmark prioritizes "seeing the present clearly" over making big macro predictions about the future. The partners view their lack of a platform team as both a constraint on deal flow and a feature that ensures deep GP involvement. The firm deliberately maintains consistent fund sizes and focused strategy, unlike peers who have expanded into multiple products. Healthcare investments focus on peripheral areas (nurse marketplaces, medical devices) rather than core healthcare delivery. The partners still cold email and DM founders directly, with no junior staff intermediating relationships. The firm's equal partnership model intentionally doesn't scale beyond a small number of partners to maintain quality of collaboration. Benchmark measures success by investment multiples rather than total capital returned, focusing on being in "the few deals that matter."

In this episode of Turpentine VC, Ali Hamed, Partner at CoVenture, joins Erik Torenberg to discuss the advantages of investing across asset classes, CoVenture’s inflection points, the importance of being liked in venture, and asset classes Ali hopes to invest in in the future. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | NETSUITE | SHOPIFY 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- RELATED SHOWS: The Limited Partner 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: @AliBHamed (Ali) @coventurevc (CoVenture) @eriktorenberg (Erik) @Turpentinemedia @TurpentineVC --- TIMESTAMPS: (00:00) Intro (01:25) CoVenture in a Nutshell (03:22) How CoVenture Succeeds in Credit (06:50) Hard Conversations VCs Should Be Having (10:01) How CoVenture Differentiates (11:16) Venture Firms Getting Into Multiple Asset Classes (14:19) Team Building and CoVenture's Future (23:37) Future of CoVenture Continued (28:24) Ali on Crypto (31:07) Why LPs Are More Comfortable Giving Money to Big Brand VCs (35:50) The Future of Venture (37:41) The Evolution of Coventure (44:27) Starting Over in 2024 (52:51) Wrap

Keith Rabois, Logan Bartlett, Kevin Ryan, and Zach Weinberg share a rare anecdote about the first venture investment into OpenAI, lay out the bull and bear case for the leading AI companies and discuss regulatory chess games at play in American politics. For full show notes, visit: https://highlightai.com/share/8a2ea800-ab8a-4115-80c7-04c059d3fb10  — 📰Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess  — RECOMMENDED PODCAST: 🎙️This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/this-wont-last-with-keith-rabois-kevin-ryan-logan/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz  YouTube: https://www.youtube.com/@ThisWontLastpodcast  — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://www.rippling.com/turpentine for a free demo and one month free trial. 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. 💥 Head to Squad to 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. — FOLLOW ON X: @rabois @kevinryan @loganbartlett @zachweinberg @eriktorenberg @turpentinemedia

In today's episode, we discuss Benchmark's investment philosophy in the AI era with general partner Eric Vishria, and Sergiy Nesterenko, the Founder and CEO of Quilter. Sitting in for Erik Torenberg as host is AI Scout and Cognitive Revolution host Nathan Labenz. They cover the questions that Benchmark asks to determine whether a new company is solving an enduring or temporary problem, and the reasons why Benchmark hasn't invested in a foundational model to date. They also discuss the innovation behind Quilter's groundbreaking use of reinforcement learning to automate integrated circuit board designs. They delve into the importance of thinking beyond 'co-pilots' to fully automated AI solutions, and explore the balance of research and engineering in the AI space. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj RECOMMENDED PODCAST: Patrick McKenzie (@patio11) talks to experts who understand the complicated but not unknowable systems we rely on. You might be surprised at how quickly Patrick and his guests can put you in the top 1% of understanding for stock trading, tech hiring, and more. Spotify: https://open.spotify.com/show/3Mos4VE3figVXleHDqfXOH Apple: https://podcasts.apple.com/id1753399812https://podcasts.apple.com/id1753399812 - RECOMMENDED PODCAST: ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- 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 erik@turpentine.co. ---- SPONSORS: 🦾Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. -- LINKS: Automating Circuit Board Design Using Reinforcement Learning w Sergiy Nesterenko, Founder of Quilter: https://www.youtube.com/watch?v=XXH-KtwcevQ&ab_channel=AutopilotwithWillSummerlin) Chris Dixon’s The Idea Maze: https://cdixon.org/2013/08/04/the-idea-maze -- Follow on X @eriktorenberg (Erik) @ericvishria (Eric) @sergiynest(Sergiy) @turpentinemedia (Turpentine) -- TIMESTAMPS: (00:00) Intro (01:13) Eric's Investment Thesis at Benchmark (03:35) The "AI and Done" Approach (07:15) Diverging from Large Language Models (09:27) The "Idea Maze" Framework (12:40) Disruptive Innovation (16:00) Exploring the Data Landscape (21:12) Extrapolation vs. Interpolation (29:45) Compute Allocation (31:53) Different Physics Simulation Techniques (40:08) Timeline and Bottlenecks (41:43) Unsolvable Problems and Gradual Progress (42:03) The Future of Circuit Board Design (50:22) Benchmark Portfolio (53:34) The Gap Between Research and Engineering (53:52) Call for Startups

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 erik@turpentine.co.

In this episode of Turpentine VC, Tomasz Tunguz, General Partner at Theory Ventures, joins Erik Torenberg to discuss the Theory Ventures model, the coming contraction in investable VC dollars, the parallels between PE and VC, and much more. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | NETSUITE | SHOPIFY 🧲 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. NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- X / TWITTER: @ttunguz (Tom) @Theoryvc (Theory Ventures) @eriktorenberg (Erik) @cjgustafson222 (CJ) @TurpentineVC --- TIMESTAMPS: (00:00) Episode Preview (01:02) The Theory Behind Theory Ventures (05:23) Advice for Emerging Managers (08:29) How to Play AI as a VC (11:02) Sectors/Technologies Tom Finds Appealing (12:47) Biggest Data Trends in VC (18:13) Replacing Founders (22:54) The Journey of a Founder to IPO (28:15) Qualities of a Great CFO (31:14) Sponsor - Netsuite and Shopify (34:13) The Universe of LPs (36:56) The Future of Multi-Stage Venture Firms (39:02) The Future of Venture Capital Industry (41:45) Tom's Economic Outlook (48:23) The Future of Theory Ventures (51:12) The Future of Accelerators --- 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 erik@turpentine.co.

In this episode of Turpentine VC, Erik is joined by Diogo Mónica, General Partner at Haun Ventures. They discuss the intersection of AI and crypto, the impact of blockchain technology on fintech, and the advancements in crypto infrastructure. Diogo shares potential use cases of crypto and highlights how fundamental cryptographic research can benefit broader applications beyond just crypto. They also discuss how traditional VCs are integrating into the crypto space and the importance of crypto-native firms in the evolving landscape of venture capital. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj — RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR 💥 Head to Squad to 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. — LINKS: Haun Ventures: https://www.haun.co/ Haun Ventures (@haunventures) on Farcaster: https://warpcast.com/haunventures Diogo Mónica (@diogomonica) on Farcaster: https://warpcast.com/diogomonica — TIMESTAMPS: (00:00) Intro (00:13) Diogo’s background and the beginning of Haun Ventures (01:40) Crypto Landscape in 2024 (02:31) Advancements in Blockchain Technology (06:38) Institutionalization of Crypto (09:06) Stablecoins and Their Impact (11:03) Unrealized Potential in Crypto (14:37) SPONSORS: Oracle | WorkOS (16:34) Challenges and Unrealized Potential (19:00) Decentralized Social Networks and Marketplaces (22:25) AI and Crypto: A Perfect Match? (27:30) Crypto's Real-World Impact (28:25) Innovations in Crypto Banking (29:26) Crypto's Integration into Everyday Life (29:51) The Future of NFTs and Digital Identity (31:33) SPONSOR: Squad (30:42) Challenges and Opportunities in Crypto (33:01) Crypto Fund Landscape (35:09) Evolution of Crypto Venture Capital (44:05) Stablecoins and Fintech Innovations (46:36) Crypto and Social Media (48:32) The Future of Data and Crypto (50:32) Wrap

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

In this episode of Turpentine VC, Erik interviews Glenn Solomon, managing partner at Notable Capital (formerly GGV Capital). They discuss the firm's evolution over 20 years, highlighting its strategic shift towards long-term investments and sector focus. They talk about the rebranding process, Notable Capital's global perspective, and their approach to fund sizing and building a strong internal team. Glenn offers valuable insights on navigating the changing venture capital landscape, including the impact of AI as a major paradigm shift. He emphasizes the importance of staying founder-focused and how Notable Capital differentiates itself through exceptional support. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCASTS: 🎙️1 to 100 | Hypergrowth Companies Worth Joining Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies. Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw Apple: https://podcasts.apple.com/podcast/id1762756034 - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- 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 erik@turpentine.co. -- SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine 💥 Head to Squad to 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. -- LINKS: Notable Capital: https://notablecap.com/ -- TIMESTAMPS: (00:00) Intro (00:38) The Evolution of Notable Capital (02:03) The Venture Capital Landscape and Investment Strategies (04:58) Challenges and Opportunities in VC (11:02) Fund Size and Strategic Alignment (14:16) SPONSORS: Oracle Cloud Infrastructure | WorkOS (16:16) Global Mandate and Market Dynamics (20:27) Competitive Differentiation and Brand Building (27:38) Sector Focus and Investment Philosophy (30:10) SPONSOR: Squad (34:18) AI and the Future of Venture Capital (37:28) Wrap

On Turpentine VC, host and venture capitalist Erik Torenberg delves deep into the art and science of building successful venture firms through conversations with the world’s best investors and operators. Hear about insider strategies on decision-making, investment theses, and building firms for the long term—from the ground-level, VC to VC. Guests in season 1 include Ben Horowitz of a16z, Mamood Hamid and Ilya Fushman of Kleiner Perkins, and Alfred Lin of Sequoia. 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. RECOMMENDED PODCAST: The HR industry is at a crossroads. What will it take to construct the next generation of incredible businesses – and where can people leaders have the most business impact? Hosts Nolan Church and Kelli Dragovich have been through it all, the highs and the lows – IPOs, layoffs, executive turnover, board meetings, culture changes, and more. With a lineup of industry vets and experts, Nolan and Kelli break down the nitty-gritty details, trade offs, and dynamics of constructing high performing companies. Through unfiltered conversations that can only happen between seasoned practitioners, Kelli and Nolan dive deep into the kind of leadership-level strategy that often happens behind closed doors. Check out the first episode with the architect of Netflix’s culture deck Patty McCord: https://link.chtbl.com/hrheretics 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 Subscribe to Turpentine VC wherever you listen to podcasts! Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx Apple: https://podcasts.apple.com/podcast/id1701006772 YouTube: https://www.youtube.com/@TurpentineVC Turpentine VC is a part of the Turpentine podcast network. Learn more: Turpentine.co

This week on Turpentine VC, we feature a compilation episode of our popular interviews with Tom Tunguz, General Partner at Theory Ventures who just announced a $450M second fund less than two years after launching. Over the course of the episode Tomasz explains their concentrated portfolio approach, and expands on their key theses in AI, decentralized infrastructure, and the future for data businesses (like Databricks and Snowflake). — 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse — SPONSORS: 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. 🤲🏼 GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. (Select PODCAST and enter Econ 102 at checkout to support our show.) 💥 Head to Squad to 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. — LINKS: Tom’s Website: https://tomtunguz.com/ Theory Ventures: https://theory.ventures/  — FOLLOW: @ttunguz @Theoryvc @eriktorenberg @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Theory Ventures has launched a $450 million second fund and focuses on making concentrated investments after extensive research in specific sectors.  The venture capital industry has grown from $8 billion to $300 billion over the last 12 years but is expected to settle back to around $150-180 billion. Blockchain technology is viewed as a contrarian investment in 2024, but there's potential for practical enterprise applications beyond cryptocurrency. Databricks has seen massive growth, with its data warehousing revenue increasing from $100 million to $400 million in just one year. The modern data infrastructure stack includes companies like Fivetran for moving data and DBT for transforming data once it's in a database.  The most valuable part of the data infrastructure business is compute workload processing, not data storage. Tom’s take on NVIDIA's future value

This episode features an interview with Scott Belsky, angel investor, Chief Strategy Officer at Adobe, and founder of Behance. In this conversation, which was recorded in 2021, we dive into Scott’s early investments in companies like Pinterest and Uber, the evolution of his investment philosophy, and the principles he acquired over time.  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 erik@turpentine.co. --- RECOMMENDED PODCAST: Turpentine Finance   Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever. Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G  Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764 - Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries. Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333 Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836. --- Join our free newsletter: https://turpentinevc.substack.com/ - --- SPONSOR: HARMONIC | SQUAD 🧲 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. 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. --- RELATED SHOWS:  @10xcapitalpodcast  If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @scottbelsky (Scott) @eriktorenberg (Erik) @turpentinemedia --- TIMESTAMPS: (00:00) Intro (01:01) Beginning of Scott’s angel investor journey (02:05) Investments in Pinterest and Uber (04:00) The biggest principle Scott acquired (07:15) What’s the capacity to become an investor (12:09) Sponsor: Brave | Turpentine (17:10) Evaluating the market (19:55) Scott's current investment interests (26:02) Views on consumer social (30:34) Past examples of failed products due to timing. (38:00) The future of work and productivity tools (40:22) How founders extract value from solo investors (42:33) The future of creativity (45:57 Wrap --- 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 erik@turpentine.co.

In this episode of Turpentine VC, Erik Torenberg interviews Will Summerlin, managing partner at Autopilot, a VC firm investing in companies that use AI to automate industries. Prior to co-founding Autopilot, Will was an investor at ARK. Erik and WIll discuss where to find alpha when investing in AI, the competitive edge of incumbents versus startups, and investment strategies tailored to AI's potential. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- 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.) 💥 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. 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 erik@turpentine.co. -- LINKS: Will Summerlin's podcast: Autopilot - Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries. Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333 Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836 Autopilot VC: https://apv.vc/ -- TIMESTAMPS: (00:00) Intro (00:45) Thesis of Autopilot's fund and the AI Supercycle (02:05) The Edge of AI in Various Domains (03:07) Venture Capital Perspectives on AI Startups (06:20) Identifying Opportunities and Challenges in AI Investment (06:48) Deep Dive into AI's Impact on Specific Industries (11:46) Strategies for AI Startups and Investment Insights (13:55) The Future of AI: Foundation Models and Startup Opportunities (14:15) Sponsor: Harmonic | Squad (16:44) Llama 3 Use Cases (23:49) Drawing Parallels: From the Industrial Revolution to Today's AI Revolution (24:32) The Impact of AI on Software Development and Productivity (24:55) Exploring the Dynamics of Revenue and Cost Centers in the AI Era (26:04) Strategy: Navigating the Series A and B Landscape (30:17) The AI Super Cycle: Predicting a Surge in Enterprise Value (32:44) Finding Alpha in a Crowded Market (39:51) The Monopolistic Outcomes of AI Markets (41:50) Fund Size and Investment Strategy in the Series A and B Space (45:26) Automating Financial Services in FinTech and AI (48:36) Wrap -- RECOMMENDED PODCASTS: The 10x Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/.

This week on Turpentine VC, we’re re-releasing Erik Torenberg’s 2023 interview with Mamoon Hamid and Ilya Fushman of Kleiner Perkins to talk about how they have taken over the firm's iconic history and helped drive the next chapter. For full show notes, visit: https://highlightai.com/share/bc08c5ad-9680-4c40-8764-cba7fdf68d16  — 📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess  — RECOMMENDED PODCAST: 🎙️ Unpack Pricing - Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg __ SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit rippling.com/spend for a free demo and one month free trial. 📑 Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 📝 Notion offers powerful workflow and automation templates, perfect for streamlining processes and laying the groundwork for AI-driven automation. With Notion AI, you can search across thousands of documents from various platforms, generating highly relevant analysis and content tailored just for you - try it for free at notion.com/upstreampod  💥 Head to Squad to 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. — LINKS: Kleiner Perkins: https://www.kleinerperkins.com/  — FOLLOW: @mamoonha (Mamoon) @ilyaf (Ilya) @eriktorenberg (Erik) @TurpentineVC

This is a special episode featuring an interview between Forerunner Ventures founder Kirsten Green and Turner Novak of The Peel podcast and Banana Capital. The conversation covers Kirsten's journey from her early days in retail investment banking to the creation of Forerunner Ventures, how she thinks of the state of consumer investing, the story behind Dollar Shave Club, how she makes investment decisions, and maintaining strong relationships with LPs. --- RECOMMENDED PODCAST: The Peel Podcast with Turner Novak Head to The Peel for more of Turner's in depth interviews with great founders and the investors who fund them. Spotify: https://open.spotify.com/show/3QqtxGHqsPnKTG4CS7NgX5 Apple: https://podcasts.apple.com/us/poddrcast/the-peel-with-turner-novak/id1694440669 --- SPONSORS: HARMONIC: 🧲 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. ATTIO: Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join OpenAI, Replicate, ElevenLabs and more at ⁠https://bit.ly/AttioThePeel⁠ BRAVE Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign. SQUAD 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ Sourcery by Molly O'Shea Sourcery by Molly O’Shea brings the conversations founders and investors have behind closed doors into the light. Subscribe for upcoming episodes with: Delian Asparouhov of Founders Fund and Varda Space, and Chris Power of Hadrian. Spotify: https://open.spotify.com/show/2Ni3Tese9CtZa3oxpCjgTg YouTube: https://www.youtube.com/@SourceryVC/ --- X / TWITTER: @kirstenagreen (Kirsten) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- TIMESTAMPS: (00:00) Intro (00:47) Kirsten's Early Career and Retail Insights (02:40) Consumer Behavior (03:09) Impact of Discounts (05:55) Transition from Public to Private Market Investing (07:07) Journey to Venture Capital (10:31) Birth of Forerunner Ventures (11:11) Navigating the Financial Crisis of 2008 (11:15) SPONSOR: ATTIO | BRAVE (13:04) Overcoming Failure (27:18) Raising the First Institutional Fund (40:34) Challenge of Securing LP Money (41:26) Convincing Investors (43:11) Story of Dollar Shave Club Investment (50:50) Fundraising for Forerunner (59:45) Approach to LP Side of Fundraising (01:02:06) The Future of Consumer Investing (01:13:33) Building Relationships with Founders (01:17:20) Wrap -- 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 erik@turpentine.co.

In this episode, Erik Torenberg sits down with Sequoia Capital Managing Partner Roelof Botha and Jacob Helberg, author, Palantir advisor, and founder of the Hill and Valley Conference. They delve into the challenges and opportunities around AI against the backdrop of US-China tensions, the role the government has in fostering tech innovation, and the debate between open and closed source models. 🔥 Apply to join over 400 founders and execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv - RECOMMENDED PODCAST: ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- SPONSORS: 🦾Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz 💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist. -- LINKS: The Hill and Valley Forum: https://www.thehillandvalleyforum.com/ Subscribe to The Hill & Valley Podcast: Apple: https://podcasts.apple.com/us/podcast/the-hill-valley/id1692653857 Spotify: https://open.spotify.com/show/39s4MCyt1pOTQ8FjOAS4mi -- TIMESTAMPS:   (00:00) Intro (01:06) Silicon Valley-Washington Relations (07:33) Sequoia's Investment in Defense and Frontier Tech (10:05) The TikTok Debate and US-China Relations (12:58) Sequoia's Separation from the China and India Entities (15:03) SPONSORS: CommandBar | Squad (17:43) Technological Decoupling (21:41) Tech Executives and Policymakers Working Together (27:22) AI Supply Chain (34:38) AI Regulation (40:32) Open vs Closed Source Debate (49:44) Closing Thoughts and Future Outlook on the Silicon Valley-Washington Relations (53:42) Wrap

In this episode of Turpentine VC, Michael Dempsey, Managing Partner at Compound, joins Erik Torenberg to discuss thesis-driven vs founder-driven investing, Compound’s AI thesis, company building opportunities, ways to win at venture, advice for emerging managers, and much more. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: HARMONIC | BRAVE 🧲 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. Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @mhdempsey (Michael) @compoundvc (Compound) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- TIMESTAMPS: (00:00) Intro (01:00) Thesis-Driven vs Founder-Driven Investing (03:19) Compound's AI Thesis (08:28) Company Building Opportunities (11:48) Creativity is the Constraint (14:52) More Founders or More Capital? (18:36) Michael on Crypto (24:01) Ways to Win at Venture (39:25) Michael on Bio (43:02) Michael's Family Planning Thesis (46:28) Technical Risk (49:14) Pre and Post Single Point of Proof Investing (51:24) Advice for Emerging Managers (53:04) Building a Research Organization (57:21) Compound in 2024 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 erik@turpentine.co.

This ‘lost episode’ of Turpentine VC with investor Elad Gil was recorded at a unique moment in time (September 2022) — before ChatGPT, Claude and Perplexity launched. Drawing from his experiences at Google, Elad discusses early ML systems, the open source debate, NVIDIA, labor markets, and AI alignment and shares some behind the scenes anecdotes. —  🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse — RECOMMENDED PODCAST: Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- SPONSORS: 📑Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. 🤲🏼GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit https://www.givewell.org to find out more or make a donation. (Select PODCAST and enter Econ 102 at checkout to support our show.) 💥 Head to Squad to 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. — LINKS: Attention Is All You Need: https://proceedings.neurips.cc/paper_files/paper/2017/file/3f5ee243547dee91fbd053c1c4a845aa-Paper.pdf  AI Revolution - Transformers and Large Language Models (LLMs): https://blog.eladgil.com/p/ai-revolution-transformers-and-large  Elad’s website: https://eladgil.com/  High Growth Handbook by Elad Gil: https://growth.eladgil.com/ | https://www.amazon.com/High-Growth-Handbook-Elad-Gil/dp/1732265100  — FOLLOW: @eladgil @eriktorenberg @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: This episode was recorded in 2022, before the launch of ChatGPT, Claude, and other major AI applications that are now common. This interview captured a moment in time when industry leaders were anticipating major breakthroughs in AI. Elad explained how AI's definition has evolved from basic automation in the 1980s to sophisticated applications, with Google emerging as the first true "AI-first" company at scale through its search and ad targeting systems. The 2017 "Attention is All You Need" paper proved pivotal, with six of its eight authors going on to start companies, creating what Gil compared to a "Xerox PARC moment" where Google developed breakthrough technology but others, particularly OpenAI, commercialized it. Elad outlined three main categories of emerging AI companies: platforms and infrastructure providers like OpenAI, AI-first standalone companies, and tech-enabled incumbents adding AI capabilities. Initial predictions about AI's impact on labor markets proved incorrect, with AI currently affecting white-collar, repetitive tasks more than blue-collar jobs, and creative and caring fields experiencing more disruption than anticipated. The semiconductor industry lacks a massive AI-specific chip company, with NVIDIA's continued success attributed to strong founder leadership, superior software tooling, and advanced interconnect capabilities. Elad emphasized the importance of open-source models and predicted the AI platform market would likely consolidate into an oligopoly similar to cloud infrastructure, with a few dominant players rather than a single winner.

In this episode of Turpentine VC, Erik sits down with Mike Volpi, partner at Index Ventures. They discuss the evolution of venture capital–the transformative changes in the VC landscape since 2008, the rise of seed capital, multi-stage asset aggregators, and the professionalization of venture firms. Mike also shares Index Ventures' unique approach to building relationships with founders and fostering a strong company culture. The conversation also dives into challenges of building an open source business model in AI and the potential for smaller models and alternative architectures.  🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- 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 erik@turpentine.co. -- SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🦾 Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz Hundreds of startups already trust Warp to handle their payroll and compliance needs - you can go from zero to payroll live in just two days. Don't let payroll and compliance hold your startup back – visit https://joinwarp.com/peel to get started and receive a $1000 gift card when you first run payroll. 💥 Head to Squad to 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. -- LINKS: Index Ventures $2.3b funds: https://www.indexventures.com/perspectives/relationships-that-reshape-industries-index-launches-23bn-in-new-funds/ Chris Paik’s The End of Software: https://x.com/cpaik/status/1796633683908005988  -- TIMESTAMPS: (00:00) Introduction to Turpentine VC and Today's Guest (00:42) The Evolution of Venture Capital (04:52) Index Ventures’ Growth and Strategy (10:31) Mike Volpe's Journey in VC (13:45) SPONSORS: Oracle | CommandBar (19:47) The Rise of Open Source Business Models (24:20) The Emergence and Impact of Cloud Computing (28:24) SPONSORS: Warp | Squad (30:56) Understanding AI Mechanics and Investment Insights (33:23) Investment in Self-Driving Cars and Scale AI (36:36) Challenges and Consolidation in Self-Driving Car Industry (39:45) Business Opportunities in AI (45:39) AI's Role in Software Development (54:09) AI and Open Source Business Models (01:00:03) Future of AI-Powered Applications (01:03:45) Wrap

This week on Turpentine VC, we’re sharing Erik Torenberg’s interview with Susa Venture’s Chad Byers, which originally aired in September 2023. Chad discusses the firm's journey, their fund structures, and their vision for specialized seed investing, emphasizing the importance of focus, discipline, and adapting to market dynamics. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse  — SPONSORS: ☁️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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Fund V Announcement: https://www.linkedin.com/posts/chadabyers_dear-founders-were-excited-to-announce-activity-7307890222753554432-JOLt — X / TWITTER: @chadbyers @SusaVentures @eriktorenberg @TurpentineVC — HIGHLIGHTS FROM THE EPISODE: Susa Ventures evolved from a $25M fund in 2013 to multiple funds under separate brands with distinct investment focuses. The firm is purposely reorganizing into three distinct branded strategies for better founder experience and clarity. Susa maintains fund size discipline, deliberately staying under $200M for seed investments to maintain quality. They focus on five specific categories: FinTech, Healthcare, Logistics, B2B SaaS, and Infrastructure. Their investment philosophy centers on concentrated bets with 35 companies per fund and higher ownership stakes. Notable successes include Robinhood (which was passed on by 110 firms) and Flexport from their first fund. The best portfolio companies typically needed the least help from investors. Value-add strategy focuses on being helpful during "crux moments" rather than constant interference. Investors should provide frameworks and historical data instead of specific operational advice. Non-"hot" deals often produce better returns due to lower entry prices. Specialist investors are increasingly winning over generalists in the venture landscape. Chad predicts venture capital is bifurcating into large multi-stage asset managers and specialized firms. The firm aims to "maximize value creation per dollar" rather than maximize assets under management. Susa's goal is to become the #1 seed firm over the next decade through specialization. Price discipline and high ownership focus remain central to their strategy going forward. Venture capital is becoming more like other asset classes with potentially lower overall returns. The industry's power law is intensifying with the top 5% of firms generating most returns. There's increasing competition from former operators now working in venture capital.

This week on Turpentine VC, we’re dropping an episode from David Weisburd’s “How I Invest Podcast” with Nichole Wischoff of Wischoff Ventures. Nichole discusses her impressive $50 million fundraise, closed in a bear  market, sharing her strategy, brand-building efforts, and tips on leveraging social media to attract investors. —  📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveaccess   🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse   — RECOMMENDED PODCAST: 🎙️How I Invest with David Weisburd  Apple Podcasts: https://podcasts.apple.com/us/podcast/how-i-invest-with-david-weisburd/id1697772657  Spotify: https://open.spotify.com/show/2MHgyKMmJgznPI66MLxZfC YouTube:https://www.youtube.com/channel/UCncFI0XEvTu7k4er6BgVN9g — SPONSORS: ☁️ 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 and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine  💥 Head to Squad to 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. — LINKS: Wischoff Ventures: https://www.wischoff.com/ — X / TWITTER: @NWischoff @DWeisburd @eriktorenberg @TurpentineVC — TIMESTAMPS: (00:00) Intro (00:35) Nichole Wischoff’s $50 million fundraise (01:46) Building a brand and distribution (02:50) The power of media in venture capital (05:21) Fundraising strategies and challenges (13:50) Sponsors: Oracle | Squad (17:01) Leveraging relationships and networks (22:39) Building a Twitter following (29:37) Conclusion and contact information — HIGHLIGHTS FROM THE EPISODE: Nichole Wischoff raised $50 million for her fund in five months during summer 2024's tough market. Her strategy focused on a first close of 50% by May and final close in August, creating momentum. Performance matters: her previous funds were top decile performers, providing essential credibility. $38.5M of the $50M came from just six LPs, with Sendona anchoring at $15M. Brand building through social media gave her the ability to "get on the phone with anyone" after two years. She got everyone in the data room simultaneously with a clear timeline, creating competitive pressure. After securing first close, she emailed everyone still in the pipeline to create urgency and force decisions. For social media success, she recommends authentic opinions and willingness to be wrong publicly. She narrowed relationships from 50 fund managers down to 8-10 truly trusted partners (the 80/20 rule). Always fundraise when you need capital, not based on market timing or what other GPs say.