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Albert Wenger
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- 2022-09-16
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- 2022-09-16
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“We should acknowledge that they will come, that they are part of how we operate, that you can make money before, during and after.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Develop a mindfulness practice, whatever works for you Whether that's yoga, running, for me, it's conscious breathing. I just think it's such a superpower not to get hijacked by your emotions. It's a true superpower. And the more humans can cultivate it, the more we can achieve.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm reading at the moment a book by Ada Palmer called Perhaps the Stars. It's the fourth book in a series called The Terra Ignota series. She's a professor at the University of Chicago.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“I was super, super fortunate when I was early teenager. We talked about this when I first fell in love with computers. I lived in a relatively small village in Germany, and there was one computer science student there who was maybe 10 years older than I was. And he just spent time with me and he gave me his books and he gave me his floppy disks with software and he helped me sort of understand all this. And I'm forever grateful to Anne Sturgen Gunther, wherever you are in the world.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“YouTube is an example of the best and the worst of the internet, all in one place, right? There's so much amazing knowledge like Sabina's videos, very tossium. I mean, you could learn almost anything from how to fix your dishwasher to how, you know, the theory of general relativity works. At the same time, YouTube is also this place where tons of people become radicalized or red-pilled or whatever it is because The algorithm has the wrong objective function, right? Its objective function is engagement. It's not lifting people up.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Really don't watch much at the moment. The only thing I watch with any kind of regularity is Sabine Hausenfelder's YouTube series called Science Without the Gobbledygook.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Use digital technology to change that and to give everybody access. And that's one of the things, one of the great opportunities that we have in this transition to the knowledge age.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, this is the amazing thing about digital technology, right? We could use it to make all the world's knowledge accessible to everybody in the world, and great things could come from that, right? So there are some people like Elon Musk and others who are like, oh my God, the population is going to, you know, decrease a lot and that'll be bad. I'm like, no, we have 8 billion people at the moment, peak population at present trajectory might be 11 billion, although if we don't get on top of the climate crisis, it'll decrease actually rapidly. We're making such poor use of it. Why? Because so many people don't have access to knowledge, don't have a shot. I always love the story of Ramanuja on the famous mathematician who was to send a letter to Hardy and Hardy was like, we should bring this guy over to England and he wound up being a very productive mathematician. There are Einstein's and Ramanujans and Eleanor Ostroms and Marie Curie all around the world today and we're not giving them, so we're vastly undertapping human potential and we can.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“No other species on the planet has this. I mean, other species have amazing things about them, but none of them has knowledge. And that puts us in a privileged position. By the way, privilege comes with obligation. That's usually what it used to mean. Today we think of privilege just like lets you do whatever you want, but it used to mean that you had real obligations, right? And I believe because we have the power of knowledge, we have real obligations to other species. Other species don't have much of an obligation to us, but we have an obligation to them.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Not just wrong, it's completely dangerous because it opens the door to absolute moral relativism. It's sort of like, well, if you believe that, then, you know, And I do think there's an objective thing, which is humans have knowledge. And by knowledge, I mean, I can read a book today that somebody else wrote in some other part of the world, a thousand years ago.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“We could live in this amazing incredible future. Like, wouldn't you rather live in a city that has mostly electric or all-electric cars in it? Like, the air would be so much better. Wouldn't you rather live in a world that has huge, like, think of all the Midwest instead of growing corn to feed cows. It's super inefficient. If we can grow the meat with the cows in a vat instead, we could have incredible forest. We could have incredible wildlife areas in these areas. We could have this amazing, incredible future. We could have energy out of the wazoo. If we build more nuclear power, electricity could basically be almost free. So we have this amazing thing we can go. Instead, we're headed for this complete disaster. And we're mostly like...”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“The reality is, you're not. You're not going to escape. You and I are not going to escape this. It's here, it's now, and it's only going to get worse.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I believe we're in this sort of opposite trap today. And people like to make fun of Greta Thunberg, but. Young kids, young activists understand the severity of the climate crisis. In a way that most adults don't seem to be willing to accept.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, no, incredible progress, but fundamental signs we've not had a true big unlock in 100 years. Now, I think when we talk about Engine of Progress, this also, how hard is it to start a business? How many regulations do you have to comply with? How expensive is it to comply with those regulations? We're also talking about we're still subsidizing oil and gas globally to the tune of trillions of dollars”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Foundational research. We've not had a true breakthrough in science since quantum mechanics it's a hundred years ago. So, general relativity and quantum mechanics are 100 years ago. Now, we've made some progress in biology. Biology, we've had some really good progress. But, you know,”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we have had more progress and more technological development than people were able to imagine. I think conversely, we're now in the opposite trap. We can't imagine that things could get really, really bad. We can't imagine that the climate crisis could disrupt our food supply to the point where a billion people starve. We simply can't wrap our head around this idea. So I think we're in the opposite trap at the moment. We've been so used to the success of progress, and we've so neglected the engines that produce progress. That I think we're in the opposite trap at the moment.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“And so, yes, absolutely. Companies were operating with very inefficient growth because it was easy to fund inefficient growth. You could be burning one, two, three, four million dollars a month. And if you were growing 40, 50, 60%, that was good enough. That's not going to be the case. So you're either growing very fast or you have something very compelling, in which case you can raise money, or you are growing 20, 30 percent, but you are growing very, very efficiently, right? So being in the sort of 50% growth, but you're super inefficient, that's going to be a really tough place to be.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“So as a result, we have very few companies in our portfolio that need to raise. We have some, but we have very few. And then, you know, at the beginning of this year, we told everybody who had raced successfully, you got to make this money last much longer than you thought when you raised it.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“This very little one size fits all advice that makes sense in. Nonetheless, we held a call early this year for all of our portfolio companies. And we said this really is a big adjustment and it's not a one or two month blip. This is a long-term adjustment. And it was great because we had some CEOs in our portfolio who had managed through the implosion of the dot-com bubble and they spoke about just how difficult the funding environment can get. Generally speaking, we did a lot in 21 because we saw this coming. To me, the biggest sign of the bubble really was that we really were reaching the tail end was all these incubation efforts that were being raised. And I knew this because I had raised money into an incubator in 99 towards the end of the dot com bubble. And I think when investors think, oh, I don't even need the entrepreneur. I can just start the company myself. That's kind of when you know that it's gotten too easy. And that's not going to last. So in 21, we took a lot of liquidity. We sold a lot of things that we were able to.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that we will only see a year from now or two years from now. There were a lot of funds that had put out a lot of money very, very rapidly. And we'll see just how big the hangover is. But we won't know that for some time.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, the still healthy set of activity. I do think that certain kind of software companies that had founded very easy to raise money, I think are finding it a lot harder just because people have looked at and said, wow, I think we've reached some stage of normalization in this market. Not everything in this market is going to be a $50 billion outcome. There's going to be many, much smaller outcomes. And so we need to adjust accordingly. And also many of these markets had just too many companies raised venture capital doing basically more or less the same thing.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, we were basically the first sort of venture firm to have a dedicated climate fund. And now many other venture firms are falling suit, either adding a climate pocket to their existing funds or a climate thesis or some people call it sustainability fund. Ours is very focused on climate. So for instance, we don't deal with water waste. It's strictly about atmospheric carbon. So there's a lot of money rotating into that sector. There's still a healthy set of activity around Web3. So, you know, Web3, there's still crypto.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“We are not fans of structure and later stage deals, like just to give a good example. I was still on the board of Twilio. Twilio had the option of doing a totally clean no-structure round it, call it a billion wand, and a highly structured round with like, you know, we're going to have a full ratchet into an IPO at a billion five. And I was, you know, some of the other investors at the table really wanted the billion five number because it's the bigger headline number. And I talked to Jeff and I said, it doesn't make any sense. You don't actually know what your deal is until many years later. Just take the deal where you know what the deal is today and you know what the deal is a year from now and two years from now because it's not going to change based on circumstances. And so Jeff took the clean deal and that enabled Twilly to go public when the IPO window reopened, whereas at the billion five deal they wouldn't have been able to go public and it worked incredibly well for Twilly to become a public company.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“You'd never hurt this one before. Well, when it comes to founder friendly versus investor friendly, there's a lot more to a deal than valuation. There's all the other terms. And while I believe we will see a Correction on valuation, that's pretty significant. I don't think we're going to go back to where venture capital was 20 or 30 years ago that had all these super draconian terms. Certainly, even at the early stage, even at the early stage, there were all these like, there were redemption provisions in early stage deals. I don't think that's going to come back.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“There is, however, another effect that sometimes is underestimated, which is that the people who give money into venture funds, so these are pension funds and endowments and so forth, they have a certain website from the public markets because when they're filling flush on the public markets, then their private allocation as a percentage of their overall portfolio, they have a certain target in mind. Now, when the public markets come down a lot, all of a sudden they're overallocated. So they want to pull back. So there is a mechanism by which the current public markets transmit into the private market. There's a real financial mechanism. There's a psychological mechanism and a real financial mechanism by which some transmission, some contagion basically happens from the public market into private market. But it doesn't make very much sense. Like if people were sort of more cognizant of both the emotional reaction and this mechanism, they'd be like, well, yeah, but innovation is happening at some pace in some area. There's some innovation that we should be funding that innovation.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“But our holding parrots are five, eight, ten years. And so what's the current public? And so there's a couple of different explanations. One obviously is just investor sentiment, right? When investors are bearish because of what they're seeing in the public markets, they take a bearish attitude towards their own investing. We try, as University of Ventures, we try to have a pretty steady pace as one way of counteracting our own sort of, you know, whatever our own emotions may be about the public markets.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“I always find it relatively surprising how much private early stage valuations are tied to public markets because that's the exit.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and that's not happening anymore. But at Unis Square of Ventures, we've also always tried to basically be at the next era, at the next thesis and evolve our thesis before everybody else gets there. And once everybody else gets there, try and evolve our thesis. So, for example, in the Climate Fund, we've made any number of reasonably priced investments, very reasonably priced.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Down off the peak, whether they're cheap or attractive, I think time will tell. But we are back in a situation where there are seed deals getting done at below $10 million, certainly below $20 million. And, you know, seed rounds that have a reasonable size. So, you know, for a while, we were seeing these 10, 20, 30 million dollar seed rounds.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“The correction always basically is a trickle down type of correction. It happens very rapidly in the public markets. Then you still get some high price private rounds that either were in the works or they have a lot of structure in the later stage markets. There's a headline number, but then nobody talks about all the warrant coverage that's behind the scenes. And then the early stage valuations tend to sort of lag behind all of that. But we're seeing early stage valuations come down. As a firm, we've always been disciplined on valuations. So we just let a lot of things go where we just thought it was”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“People in this transition. There's now a flight back to religion. There's a flight to populism. And a big part of the book is about, no, there is a secular alternative way of thinking about society that embraces science, that embraces progress, that embraces humans and all types of humans, and that recognizes that we are first and foremost human and only secondarily are we American or Russian or male or female or something else, you know, these are all secondary, but primarily we're humans and humans are fundamentally different from all the other species. The”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“We're constantly assaulted with new information now. Our brains evolved in an environment where when you saw a cat, there was an actual cat. Now there's an infinity of cat pictures. So if you don't work on how much you are in control of your mind, external sources will control your mind. So mindfulness, which is a much abused word, but it's become much more important in a world where we're constantly assaulted by information flows, right? Let's talk about humanism for a moment. Humanism is about recognizing that humans are the prime movers on this planet. We are the ones who've brought about the climate crisis. We're the ones who could, in theory, solve it or wind up getting wiped out by it. And it's about this idea that, you know, with great power, it comes great responsibility. And so we are responsible for the whales, not the whales for us. There is at the moment because we're in this transition period already and because things are going so poorly for so many”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“These are all core components of how to have hopefully a transition that's not a violent transition, right? These are all about how could we get out of the industrial age into the knowledge age without some cataclysmic event, without a world war, without killing billions of people through the climate crisis, right? They're also all components of what a knowledge age society might look like, right? So let's talk about mindfulness for a second.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what I want to do is let's do the same with the rest of the economic sphere. I'm not an anti capitalist. I'm not a degrowth person. I'm not suggesting we should get rid of markets. I'm just saying we should compress market-based activity from absorbing much of human attention to absorbing maybe 30% of human attention. And we should free the rest up to work on these incredibly important things. Some of them are threats and some of them are opportunities, right? Opportunity to cure cancer, opportunity to create incredible wildlife habitats, restore those wildlife habitats, opportunity to travel to space. I mean, all these opportunities that we're not paying attention to because they're not, again, they're not really market price-based and can't be market price-based. There's just no prices for them.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes. So we know all of this. And here's the interesting thing when we went from the agrarian age to the industrial age. We didn't get rid of agriculture. This agriculture today, right? We all eat food that's grown in agriculture. But what we did is we shrunk how much human attention is required to do agriculture. And we took it from being like 80% of human attention to like sub 10%.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“We are, but the amount of effort we're putting into this relative to the size of the problem is minuscule. The number of people who sort of truly globally work full-time on this is a tiny fraction of the people we actually should have. And we're also not working sufficiently on like what will we do if we detected one that's clearly headed for us, right?”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“And here's a market transaction. How can we shrink that and make room for things that are super, super important but cannot have prices, cannot be economically incentivized? Let me give concrete examples of that. Obviously, we've talked about the climate crisis, but let's talk about death from above. every million years or so the earth gets hit by something very large out of space that's very very bad when it happens but there's no market for allocating resources to that there's no supply and demand for it so we as humanity need to decide that this is a real problem and we ought to be working on it now”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“And yet, the amount of math that's been produced over the last few decades is just mind-blowing extraordinary. And I believe we need to bring that type of model to many, many more parts of the economy and parts of activity. So in a way, what all of world after capital is about is how can we shrink all the explicitly incentivized economic activity where there's an explicit, okay, you go to work and you get paid a wage kind of thing.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“I actually think when I say more sophisticated incentives, in the book, I talk a lot about just freeing up humans to pursue their interests, to make it so that you can freely allocate attention. And I'm always very inspired by mathematics. Like, you can't get rich as a working mathematician, basically. I mean, yes, if you wind up going to Wall Street, but if you actually keep working as a mathematician, that's not a... There's also no patents and the only thing math works on recognition by peers and there's some prizes that's like the famous Fields Medal and there's some other prizes”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“You go to agriculture, you have these. You need to seed, you need to take care of it, and you don't know how big a harvest you're going to get. So you need a little more sophisticated incentives. And a lot of those incentives were often provided via religion. Religions are saying you have to apply yourself to this backbreaking work because it's the work of the Lord, etc. And then when we went over to capital, now it gets even more complicated because you might not see results of some effort for many, many years.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if you think of Hunt of Gatherers, right? I mean, you can see the results of Everett immediately. You go out of the forest, you either come back with something or not. So it's very easy to create incentives. Like, if you've done fights, let me go back out and come back with something.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“And what will we do? Yeah, we would drop everything, right? We would be like, they're trying to kill us. We have to get rid of them. I mean, we made a movie about it called Independence Day.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Every second. Now, imagine for a moment you had alien spaceships above Earth throwing four Hiroshima-sized nuclear bombs into our atmosphere every second.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Absolutely. Yale does an incredible survey of climate attitudes, and it is very clear that even in the US, which has been lagging on this, a significant majority of people believe that the climate crisis is real, that is caused by humans, and that government should do something about it. So I actually believe this is going from a kind of a losing proposition for politicians to a winning proposition. And I think politicians need to lean much more into it. Most of them still aren't willing to acknowledge the full extent of this crisis. And the physics of this crisis are extraordinary. So because of all the CO2 we've put in the atmosphere, the amount of heat that we're now trapping that used to radiate out of space, do you know how much heat it is? It's four Hiroshima-sized nuclear bombs. Every second.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, there's a book about the climate crisis called Ministry for the Future by Kim Stanley Robinson. And the book starts with a devastating heat event in India where tens of millions of people die. I don't know what it takes, but I can tell you it's only going to get worse. It's going to get a lot worse. And at some point, hopefully, enough people will wake up and say, no, no, we really actually have to get into a wartime footing.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“And it will Iran, they built the B17 Liberator bomber. Now, that is a four engine bomber with lots of gun turrets to defend against fighters. At peak production, they finished. They finished one of these every hour. Finished a complete airplane every hour. And my point is, once we decide to take our attention and allocate our attention to what the real problem is, we can redirect our physical capital. We have plenty of physical capital. People say, oh, you can't build nuclear power plants fast enough. That's if you build them in peacetime mode. If you built them in wartime mode, you could build them very rapidly.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, if you look at World War II. The government went to fort and said, We need you to build airplanes, not cars. Actually, there's a chart in my book that shows the output of cars dropped. We need to get to a similar point where we say, there's certain things we're just not going to do for a while because we need to do these other things. There are great technologies. We don't need to invent some magic bullet that doesn't exist. We just need to build a lot of what we already know how to build. Like we need to build a lot of nuclear power plants. We need to build a lot of these ponds in the desert that can draw down carbon. and one different things that we need to build. We just need to take our physical capital and point it at that. And when you do that at that scale, incredible things become possible. So during World War II, Fort Motor Company built a plant. It was called the Willow Run facility.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“At the moment, the leading candidates, the climate crisis. We have known about it for literally hundreds of years, actually, and we have refused to do enough about it. And so now we have entered the state where we're getting extreme heat events, we're getting extreme drought events, the food supply is definitely in question, something that we have taken for granted for many years now. We've taken for granted that you can go to the store and buy food. Unless we really course correct very hard, very dramatically. And by dramatically, I mean the level of government activation that we had in World War II and World War II, we spent roughly 50% of GDP on the war effort. We need to spend roughly 50% of GDP on the climate crisis.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Speed plus directionless velocity. And the same is true for attention. Time just tells you how much time has elapsed, you know, two hours. Attention is what was your mind and your body doing during those two hours? Were you just scrolling doom scrolling Twitter or were you working on a solution to the climate crisis?”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so speech just tells you how fast you're going. Velocity tells you how fast you're going towards something, towards some destination.”
2022-09-16 · Masters in Business · Albert Wenger on Global Venture Capital Firms · IDENTIFIED FROM THE TRANSCRIPT · source