YouSaid · the spoken record

Andy Weissman

lines on the record: 30
first: 2017-09-11
most recent: 2017-09-11
sittings or episodes: 1
sources: podcast

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“The most recent publicly announced investment was a company called Flip, which is a marketplace for Sublet apartments around the country. And the reason we said yes is that the vision of this company is to increase individuals' economic freedom by giving them more options and choices as to where they live and when they live there and why they live there.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“I have three favorites, which are three things I'm interested in. One is fish.net, and so P-H-I-S-H.net, which is about music. The second one is radio-free mobile by this guy Richard, who has the most fascinating, succinct writing style on analyzing technology. And I know I'm not supposed to talk about ones in my partners, but Albert's blog to me is one of my favorites because this is a partner and a friend and someone who I know so well but through his writing, I get to watch his search for meaning in the world and I love that.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Two things. One is that the only truth is music. Everything else is uncertainty. And the second one is whatever you do, take care of your shoes. You have to have quality footwear.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that managing conflicts amongst board members or amongst founders is a thing that just takes more experience. And I think I'm getting better at it. I don't think I'm good at it. But I think you just have to go through that enough times to be good at it. And that's the biggest way of changed.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“My favorite book is on the road by Jack Kirwack. It is the book that I have read the most times because it's the book that represents the most about life, about having a sense of space in life, physical and mental. It's also a love story. It's about the love of ideas, the love of people. It's the meaning. It's about the meaning of country and the meaning of home. And it also captures that fleeting moment when you're between adolescents and adulthood, how that feels when you're right on the edge. And I think that's an important feeling to capture. And so that's why it's my favorite book. Also, it was written 50 or 1955, many years ago, and it feels as relevant today as ever before because it's so human.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“And that's part of the value we provide, which is we're public about every investment we make. In fact, our investment memos are our blog posts. When we make an investment every single time, we write a blog post explaining why we made that investment. That acts as our internal and external investment memo, and it's public, and it's there for the world to see. So we do that, which I believe operates to solve kind of the fact that you just said, but we can do that and also remain a little more opaque or invisible as well.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“I am old fashioned in the way that I believe actually VCs should be invisible, you know, and so I know you ask this question to a lot of people, what would you most like to change in the world of VC? I've heard that in a number of your interviews inside most of them. Mine is that I think we should be more invisible. I think we're a services business that has capital attached to it, and we stand behind the people that we back, and those are the ones, those are the men and women who should be in front of us, not us, and maybe VCs, that means we should be a little more opaque. Interesting.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“My VC superpower is that, so here's what I would say. I would go back to what I said before, right? I believe that I don't know what I don't know, and I'm very, very comfortable with that. But that means you don't know what you do know. Yeah, but it also means that plus an acknowledgement of the uncertainty that comes into this and the acknowledgement of making lots of decisions in the face of enormous uncertainty.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Some intricacies around that to make its trades. We believe that's a community based business, which is a network business, which has network effects, whose business model happens to be a hedge fund, and so that's very consistent with the way we think about the world. So we thought we could be good investors, even though we had never really invested in a fund like that before. So it intersects in certain instances, and that's what we do.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Talking about identification, and maybe the identification of those is some human characteristic. We've talked a lot about, I believe, process can get you there. Can there something quantitative? Is there some data element that a machine can identify about those? I think that's a really interesting question. I have no freaking idea of the answer, by the way. But like I said, our process has led us to believe that may be the case. And as investors, we want to make money if that's the case. And we've made a couple investments that believe the quantitative algorithmic approach may actually work in certain instances. I guess the theory being if we're going to get put out of business, at least let's try to make some money while we're getting put out of business. Is that the reason for USV's thesis currently? I don't know if that's the reason for it. I think there are aspects of it that the thesis intersect with, you know, so for example, we're investors in an entity called Numeri, which is a hedge fund that uses a community of data scientists and has”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Perspective. So, what's interesting is you came up with two archetypes, and both are really good archetypes, that the characteristic of those archetypes are very human. Your personal ability to connect and bring capital, his personal ability to run businesses. What's interesting to me in thinking about those archetypes is will we also move to purely quantitative investing in early stage technology venture? I don't know the answer to that question. We have made investments in other sectors where we believe the answer to that question may be yes. We've done that in consumer products with CircleUp. We've done it in quantitative hedge type financing with numeri. And so I don't know if I have an opinion yet on the venture side. What I like about the archetype, you expressed value added characteristics that I believe only human beings can deliver on. For sure. And I think if you just go to the only quantitative model, you would never have funded Twitter or Instagram would have never been funded. Bourbon was not a success.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Conscious that I'll be unemployed in two years' time. Here's an interesting question, Harry. What do you think? Like, you've done a thousand of these. You're not only your student, you have the benefit of Zen Mind beginner's mind, right? I'm like, I'm stuck with the baggage of 20 years of experience. And so what to you represents, if you could characterize the ideal venture investor, what do you think that would look like to you? Like, what do you think the most value add thing currently today of venture investor does? Could we boil it down to one thing, or is that too simplistic? I think it's too simplistic because I think you have masters of fundraising. Right. I'd say my greatest ability in all honesty for startups is to bring a lot more money and a lot more good money. Having said that, I think there are certain people, you're Jeff Jordans of the world, would be enormous strategic value add, having done it, having mastered marketplaces at Open Table. He would be immensely valuable to you. Do you know what in a different way?”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Contract that they write from a group of funders that can be around the world. That's fairly unique. Now, the interesting part is the tokens that are part of these are actually or should be value added to the actions and activities of that network or of that protocol. And so you have a situation maybe where incentives for all participants are aligned. That's kind of cool. And what role do you and I as VCs play in that? Not so sure yet. We'll have to figure that out. But those new facts are very different than what exists today. Well, that did not alleviate any concerns at all, Andy.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“VC value, and I'm pretty interested in Albert is pretty interested in thinking that through. And that, what that means for us, because what we do is, in a way, we're very conservative in the structure. We look like Sam Wave VC firms look 30 or 40 years ago. Our structure has not changed at all. That both comforts us and also freaks us out a little bit. So we're asking ourselves these questions. So I'm pretty worried about it, to be honest, but I'm worried to the extent that I'd like you to tell me why you're sceptical and if there are reasons why we could be skeptical. Skeptical about what? ICOs and their potential for disruption. You have funding mechanisms that are happening incredibly fast at incredible magnitudes, and they're happening incredibly fast, incredible magnitudes, because they're programmatic, their code-based, and they're worldwide. And so now imagine there's a project that gets capital for that project based on a small...”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Of ICOs and blockchain technology. So the exciting thing is I think the answer to those questions is the model works really well for that one specific thing we just discussed, but maybe there can be better or different models for different categories, categories of businesses, asset classes, ways to structure things. Part of what is exciting about ICOs if one believes in what's happening and there are lots of reasons to be skeptical is that they are resulting in an external stimulus for change in financing structures for a certain type of sector. And so therefore it doesn't have to come from within. It's coming from without. That's what's really awesome about that. But does that mean this model works for science? Does that mean this model works for content? Let's say if you want to invest in content, I'm not so sure. And I think the answer to those questions are answers to how VC change was with the unbundling.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this is maybe the most exciting part, right? I imagine you've done thousands of these conversations. This is what you're getting to, right? So here's a couple things that potentially really interesting. And tell me if you agree or disagree, right? I believe on one point that early stage software technology-based venture capital is a near perfect craft for what it does. And by that, I mean it is a near perfect allocation of a certain type of capital, risk capital, into endeavors that are focused on returning way more than what you could get from the S&P, for example, in liquid market. And it's worked really well at that, but it does that one thing. And so does that model apply, for example, to investments in consumer products companies? Does that model apply, for example, into hard scientific problems? Does that model apply in the world?”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Lowers the average amount of management fees that they're paying, that also is better for the GPs too because it affects the returns in the carry. And so we do reserves analysis continually a couple times a year on each one of our portfolios. We run Monte Carlo simulations and we look at where the average of all those potential outcomes are and we evaluate when we may be thinking we need to recycle money because the average amount invested in a fund may be more than what we've committed. And then so we can recycle earlier on in the life of a portfolio. Recycling is a beautiful thing. What's your balance? Is it a 120, 110, 130? I don't know. I don't think we've ever set it as a number. I think it probably comes.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Long term very engaged partners. So that means we reserve full amounts for our companies and we generally keep investing in them. Things change. Sometimes we don't continue to be a good investor for a company. Sometimes it's a company that maybe shouldn't have venture investors. Sometimes it's a totally different business. But I think those are outliers. I think generally speaking, we buy an initial ownership position and we love to keep that position for as long as possible. And speaking of follow-on and further rounds of funding there, I think one very special thing about the US ecosystem is the early liquidity cycles. I'm really intrigued to hear how you think about recycling cash in the fund at USV and how you look to maintain LP happiness in doing so. So you've done a lot of these conversations, Harry, because recycling is like an obscure thing that is so beautifully constructed, right? Everyone wins with recycling. It's so good for your LPs. It's additional investment dollars that they're not paying management fees on. And so over the course of a fund, if you take gains and you reinvest it, that's more money that you're investing.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“About reserves, you want to own a large piece, and the way we define large is wide range. There's no targets there. And then you want to continue to own a large piece of that company. So that's bucket number one, if you think about reserves, right? Companies doing well. You've bought a big piece of the company. You generally want to maintain that piece. Bucket number two. We believe when we make investment decisions because their thesis driven, we think about the transformational potential of a company over a long period of time and we evaluate how they're doing over that long period of time. So we reserve money for that investment over a long period of time and our expectation is we're going to keep backing it because we're not looking for success in shorter periods of time. We don't know. There are lots of examples of companies that take three or four years to hit their stride and if you don't continue investing in them, you're not going to own a large piece of that company when it gets that point. So we view ourselves and we don't invest a lot. Maybe eight or ten times a year.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“That have decided this is the way we like to do it and we believe works for us. Does it work for everyone? I don't know. Going back to the lessons though that I learned from Venture, I also learned that actually the best investors see investing as a two-stage process. First, choosing the company and building conviction around it, and then allocating reserves in a kind of stack ranking the portfolio according to that. So I'm intrigued with regards to reserve allocation. Your thesis surrounded and kind of what the investment decision making is there as well and how you define conviction in those that you choose. I think like sometimes I try and I'd be very curious if you have heard this in your thousands of conversations. I try and boil down to again complicated business that deals with uncertainty. So what points of certainty can we get to to help us make decisions? So one of those points of certainty, which is obvious, which is we want to own relatively large pieces of large companies. And the math works if we do that. So when we think”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Location comes into that. And then also, it's like can we own enough of it and we have no ownership targets that we think the math will work over the course of the fund? And we don't vote. We have conversations around those things. And when you work with a group of people long enough, you get a sense for everyone is in some form of general consensus that this is the type of thing we should do or shouldn't do. Do you think that's industry-wide applicable voting structure, or do you think it's very unique to the partnership you have? I think this is the way that we do it and the way that we've consciously chosen to do it and the way that we continually try and get better at doing it. It's a way that works for us. I think every firm should do it their own way and they probably do it their own way. This way has constraints as well, right? For us. So for example, I believe this is a methodology that works best when everyone is in the same room. So therefore we only have one office. And so if we have one office, there's probably coverage in getting to know companies that we don't get as well as firms that have multiple offices. So everything comes with a trade-off. We're a group of people.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“You're making the right decision, but if you have a process, right, and this is what Brad was saying to me if you have a process, you'll get it right a couple times each fund so that's okay. So you don't have to get stuck on it individually. That being said, there are investments that we have not made because we think the price didn't make the math work. At the same time, there are investments we haven't made where we made a mistake focused too much on that. How do those conversations look internally? Is that Monday morning meetings and is that voting structure unanimous? How does that conversation play out? Well, as a firm, we do not vote. We have a conversation and that conversation leads to a point where everyone is comfortable with the parameters of an investment and those parameters, there are a bunch of things that goes into those parameters, right? One is does it fit or would we be a good investor for this company? And that primarily goes to do we believe the same things they do? And that drills down to is this consistent with our investment thesis? And then there are things like can we spend the time on this that is required that this entrepreneur deserves?”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Said as a student of VC and a complete VC nerd, to be quite honest. On that topic, Peter Fenton said on the show, never turned down a company based on valuation. It's a mental trap. Would you agree with this, especially given that mistake? I don't think there's one truth in anything, in particularly this. Clearly, I'm giving an example of the mistake being that I got stuck on price. So in that instance, that was a mistake. I do think part of the craft of VC is math, right? And that math is we have to take a fund and return it, let's say, return three to four times the capital to our investors, and there's math that goes into doing that, right? You can model that out or attempt to model that out. So I think it can be a mental trap, but there's also math involved as well. And that's the balance. The reason I always go back to process is like you could go crazy looking at individual deals, trying to figure out whether are you falling for the valuation mental trapper.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“And some point within the year after losing the deal, I realized it was a mistake. It's a fantastic company. It has been perfect for our thesis. It was people that I knew. And I made a mistake by losing the deal. And I got stuck on price is probably why I lost it. And I went into my partner, Brad's office, and I said, you know, I'm obsessed with the fact that I made this mistake. And I kind of can't get past it. What should I do? He said something to me that stuck with me, which is, well, that's okay because with this business, we actually don't have to be right every time we have to make a decision just a couple times each fund. And so he was talking about process, right? That's about process, not every decision doesn't have to be correct, but the process will lead to it being correct hopefully a couple times over the course of a fund. That was fairly liberating for me because I got this regret over this individual deal out of my head. You said about price sensitivity there. That's one of my all-time favorite topics as you”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“This is such a good question. I think that different firms have different styles, right? So I would say the USV process is a collaborative consensus process. And so a person that would rely more on individual process probably wouldn't enjoy themselves here. And so we make decisions collaboratively as a group. And therefore, we all share in the upside of those decisions or the heartache or downside that comes from those decisions. So again, it's different. Maybe there are firms that are like everyone has their own individual process and then that's the way the firm works. We're a very collaborative process. I think that collaborative process actually comes from the thesis that we invest in as well. Here's my question for you, having done thousands of these. Have you found that more firms rely on individual processes versus”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“I think my acknowledgement of it as being an important or maybe the most important part of the business has changed. And processes can change over time. There's this great quote that I love by John Kenneth Galbraith, and it says, if you think about part of VC is thinking about the future, right? So his quote is there are two kinds of forestcasters, those who don't know and those who don't know they don't know. And I would say as I've gotten more mature, though I am not mature, I'm really comfortable not knowing what I don't know. And in this world of uncertainty or in this business of uncertainty, so therefore I've gotten more comfortable with process being something that maybe over time I can prove I'm good at versus predicting the future or even picking individual companies, though that's part of the job.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“The interesting thing about process, right, is that there's no one type of process, there just are certain types of process that works for certain types of people or certain types of group. Beta works, we had two parts of our business. One was an investment part, and our process had to do about the theory about social networking and social media. And that led us on the investment side to make investments in things like Tumblr and Kickstarter and the Twitter ecosystem, right? USV has a different process, and that process, a part of it is an investment thesis, but part of it is a structural process too, right? The size of the fund, the number of partners, the number of offices we have, how we think about reserves, all those kind of things, and everything goes into that process. I imagine you have a different process than everyone else has different processes, but I think what's important is at least acknowledging that process and trying to understand that process and trying to perfect that process and have conviction around that process, if that makes sense.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“That's pretty good, and you're good at it. But it comes from process more from I believe your skill in determining whether some company is transformative in what it does, right? So there's more randomness. And I guess what I'm saying is there's more randomness and uncertainty than maybe we give credit to or we've given credit to from our side of the venture business table.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so Harry, you're a student of venture capital. You've done hundreds of these things. And venture capital. Thousands, right? So I'm going to ask you some questions in a few minutes, but you've done thousands of these, right? And so venture early stage or generally earlier stage venture capital is a particular type of craft, and that craft is taking risk capital and returning a multiple of risk capital to your investors, risk capital, meaning you're investing in some of the riskiest assets and riskiest meaning illiquid, uncertain assets. And so when you are making investment into uncertain illiquid assets, how do you make those decisions? And so I believe that a large, if not the largest part of that is about the process you create to make those decisions and if you have a process and you perfect that process and you stick with that process, sometimes it works. And that's luck, right? Whether it works or not. I also believe it takes a lot of skill to be lucky at the same time, but that comes from your process. And the process bakes in the randomness and the uncertainty. And then if it works, then...”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source
“This is kind of a weird question for me because there's one person that I know in the world that has explicitly stated that they always wanted to be a venture capital and they kind of directed themselves into venture capital and that was my partner, Fred Wilson. I think for most other people, including me, it was just kind of random, you know. I just stumbled my way into the technology industry and stumbled my way into a venture firm and then stumbled my way into starting a company about a decade ago. And that company was called BetaWorks. And as a New York company, we wanted what we thought the best and smartest and most empathetic venture investors in New York to invest in our company, which was USV. So we kept pitching them and they kept saying no. They rejected my company as a business, but we got to know them even better and ended up working really extensively with USV the firm and then with the partners at USV and then I eventually ended up here. And so like the little joke story I like to tell is I couldn't get I couldn't get this firm to invest in my company.”
2017-09-11 · The Twenty Minute VC · 20VC: USV's Andy Weissman on The Future of The VC Industry, Why USV Does Not Vote On Investment Decisions & Why VCs Should Be Invisible · IDENTIFIED FROM THE TRANSCRIPT · source