YouSaid · the spoken record

Ankur Nagpal

lines on the record: 90
first: 2026-05-05
most recent: 2026-05-05
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“When those services launched, you didn't need much permission. You didn't need some permission to put an extra bedroom or an ADU onto the Airbnb network or put your Prius onto the Uber network and drive or Lyft or SciCar or any of the early components. What that did was as supply started going on, they started competing with each other and all of a sudden going to Tokyo or going to Paris where you had a lot of Airbnbs The price went from $200 or $300 a night to $100 or $200 a night. And then you could see like this ADU was going for $75 a night, whatever it happened to be, and more demand came on and more demand came on. Why? Because the supply started to increase. People were like, I can take a vacation to Tokyo. I thought that was out of reach for me. I could go to Paris. I thought that was out of reach for me. Oh, I'm staying at a house 30 minutes outside of Paris, you know, in a flat. That's not in a great neighborhood.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“John, thanks so much for coming in. We want to keep track of this. So next time you have a big update, by all means, please reach out and we'll have you on. But definitely we'll have you on in six months. I want to get an update on how it's all going as a project. And what I love about this permissionless ecosystem, Alex, as we wrap here for the segment, is permissionless equals efficiency. And efficiency equals disruption. So when you start looking at an ecosystem, when you can permissionlessly join a network and you can provide a service, people then look for supply and they add supply to a marketplace. When you add supply to a marketplace, you drive down prices. When you drive down prices, you increase consumption, you induce demand. Why? Because people look at it and go, oh, I didn't realize it was.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“I still believe the largest market cap of all of them. And you can buy tokens for shoots, which then has a token that people get paid in and uses the network. And it's not perfectly analogous to a startup because it's not necessarily a company with shares, but the total market cap here of those tokens, if this was a Silicon Valley-based startup that was privately marketed, I would say it might be two, three, four, ten times as much value based on the traction, right? So I do think there's value here. Unrecognized value. John, shoots part of a company. Is there a Delaware Corp that owns the IP? Explain to people how it's organized in that way.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“You can have fun with this, John. Here is, I just decided I would test out. Deep seek chat.deepseek.com. Tell me about the country Taiwan. Taiwan is an inalienable part of China. There is no such country, Taiwan. The Chinese government firmly opposes any for above Taiwan independence, yada, yada, yada. I'm totally unbiased. Well, I mean, this is the truth. You're going to have to unravel these things. And for folks who are wondering why I've become a bit obsessed with cryptocurrency in 2026 here and Tao specifically, well, I've been asking my friends, you know, hey, what's interesting in crypto? I've always been looking for a use case. And Solana and Tao kept coming up. Solana Tao, Solana Tao. And Tao has this subnet where it's a competition for 128 different projects. Shoots is.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“We just had Kimmy come out with 2.6 and Deep Sea came out with four. You are dealing with these like hacker community kind of, as we said earlier, the tinkerers, the strange, the weirdos, the eccentrics, the purpose driven folks, they're kind of your people. So what are they playing with? What are they most obsessed with at the moment?”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Compromise that. And so all internet traffic, the CIA, FBI, was sniffing on, I think, almost all Americans traffic. That was the allegation.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Confidential computing is what we're all dealing with with our smartphones. You choose Apple, you're choosing encryption. Apple didn't give the backdoor to the FBI or CIA and the Sam Bernardino shooting by radical terrorists. Now on the service, you're like, well, that sucks. Like you should give that information. You can't give that information without giving everybody to the government. So if you want to live in a spy state and you want to live in 1984 or Brave New World and have everything you do, have the think police over it, now imagine that when you do a compute job, you build an LLM, you are running software, the compute level's been compromised. And by the way, it's probably been compromised for a long time. We know that they got the endpoint after 9-11 of the AT&T fiber router, I believe.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“What's paradoxical about this, John, is the government wants this for themselves. They want to make sure that when they're doing important compute, military, espionage, anything in between, they want this technology. They're demanding it on their servers. They also want to backdoor put in so that they can spy on people. And so this is the business equivalent. This is the high order compute equivalent. you know sector which i think is generally goes under the the term of art confidential computing”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Custom small language model, I send all that the job to the shoots network, the shoots network let's compute, take that job permissionlessly, which drives the price down because people are competing and sends me back the answers, but those people on the other side never have access to my data because of these new technologies. AMDs is SEV, SNP, Intel's is TDX, ARMS is trust zone, and CCA, and NVIDIA's is TE. That's what we're learning today. Yes, John?”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if I were to explain this to my 16 year old, very bright, you have people who contribute compute. Now, they could have an AMD, Intel, ARM, NVIDIA, whatever the server is. Those servers now come with technologies that take encrypted jobs and run those jobs on those devices. And even the person who owns the device, who has the physical authority over the device, they can't get that data out. It will go back to me as the person sending the job to that machine without, and I can have certainty that nobody can see it. So if I were making, let's say I was making a small language model, a VSLM, we've been talking about those a lot here, and I was taking my own open source one, and I decided I'm going to put every piece of financial information from my bank in there, and I'm going to have this.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Hybrids, what's his name? Is doing this? Dave Yeah, no, Dave McClure is doing this. There's a name for these funds, but they buy out a 12-year-old venture of fund and they've...”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“I like about what you're doing, Anchor is you're anchoring reality. And that's what there are funds now that are buying slices of GP carry. I forgot what they call them. What do they call these funds that are buying?”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Logical thing to do at 7X would be sell everything and be done and a young fund manager, certainly myself, my first fund got to that kind of level and I look back on it, I'm like, ooh, I did sell in secondary, but man, I should have sold more. And I should have insisted on selling more because.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“500%, whatever. And it was like there's like two or three markups in it. I'm like, okay, you invested out of 20 million. Now this thing's worth 300 million a year later. That doesn't make much sense. The revenue has not gone 15x. What's going on here? And I was like, if that's the case and like literally had this discussion when one fund manager was like, we're a 7x fund. I'm like, if that's the case, liquidate everything and take the win right now. And they're like, oh no, we're going for it. I'm like, you're not going for it. You've already accomplished.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“But you know, the other thing is in a hot market, let's say we're talking PXERP and you're doing SaaS companies, you know, everybody was, you know, I'm in 21 funds, 22 funds, and I put 50K, 25K, 100K into a bunch of small $10 million, $20 million funds. And I just say, hey, all I care about is deal flow, but I'll put this money in and support you. You can use my name. And they were sending me these notes like a year later. Oh my God, you know, our...”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“So, if we did a deal like that for Launch Fund 5, which my ballpark, I think I would be going out next year, we would do a handshake agreement. Hey, when I have ProRata, I come to you and say, would you like some of it? Or would we”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“So, how would that work if I have my next $50 million fund? I go to you, I pitch you, you say, okay, we'll take 20% of the fund, give us a $10 million slice.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
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2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
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2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Alex. He was like, listen, I believe that that was a good short, but I think he, I don't know what the end outcome was, I think he got his ass handed to him. And, you know, he has to go out there and own that. And then you get to own the wins. Congratulations. It seems like Anchor, it's a great, innovative thing for specifically Angelist to do. I know Kathy Wood's doing one. A lot of people are buzzing around this. I got to offer to do one with a couple with two different partners. I don't have the time for it. So instead, I'm looking forward to, I think we have calm and a couple of other.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, it's blowing up right now. So, you know, that's, I think, reputation matters in our industry. Naval's got a great reputation. Everything he does, having known him for 20 years plus and worked with him for many of those years, he wants to do the right thing. And you understand reputation is the capital. There's tons of opportunities, but you only get one reputation. And if you look at folks who've worked with the public and raised money, you wind up getting a reputation based on those returns, based on your behavior. It could be good. It could be bad. It could be good and bad typically. It's good and bad. And how you keep plowing for it matters, I think, you know, most of all, and owning the losses is the key. You look at somebody like Bill Ackman. I think he's done a great job of when he did the Herba Life short. Was he the one who did Herbalife short?”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“So worst case scenario, 20 quarters. Realistically, I'm going to guess, you know, a fraction of that, a third of that, half of that. We'll see. But, you know, if you are trending towards, hey, you're not getting good assets in there. Hey, those assets aren't performing or you're not running it professionally or the fees go too high. Any bad performance in any vector means people start redeeming. People start redeeming. Then people in the press start looking at reporting and say everybody's redeeming. And we've seen that happen to hedge fund managers or private equity.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“And I was like, okay, guys Everything's publicly facing, and because you can redeem, if you put a thousand dollars in and you redeem 5% a quarter, in 20 quarters, you're out of the fund, they're out of business.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Very, yeah, your performance matters here. And so that's what I try to. I was actually running some cover for you guys when people were like, oh my gosh”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, so incentivize, let's break down the incentive, Alex and Ankur. The incentive for a venture capitalist like myself with a fund is we want to triple the fund value. We have generous fees that should cover our day-to-day. So life is easy in terms of going to an office and having a staff, but you're not getting rich off of it and you have to pay those fees back at the end. It comes out of your carrier later. So congratulations. You had Swing for the fences necessarily. You're trying to consistently grow the assets under management. So Anchor, how is that change how y'all look at the business? The incentive is to grow the fund size to get that management fee.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Got it. And you could expect to pay about two and a half percent, two percent goes to the GPs in the fund, and 50 basis points goes to operations of the fund. If this were to be something in that range.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, AngelWist.com. There you go. Somebody had sniped it back in the day. So angellist.com, you pay two and twenty typically. I'm sorry. You pay 20% carry and then you might pay some fees. The fees might wind up being, depending on the size of it, 1 or 2%, essentially $50,000 a deal, $25,000 deal. Let's cover the legal and expense. Now SPVs will charge a load-in fee. Some people selling anthropic shares want 10% on the way in, and then they have no percent carry. So they're just literally selling the shares. They sell $10 million. They want to make a million. So there's all kinds of different variations there. But in a closed-end fund, there's no concept of carry. You just get 2% a year.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“comp for more details, and the links are in the show notes. If you were to look at me doing SPVs, I do mine over at the syndicate.com. There's plenty of them over at angellist. or angel.co. I think it's still the domain.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
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2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“USVC closed end fund, people might say, hey, at the end of the second quarter when the redemption happens, they might say, okay, it was a billion dollars worth of share, a billion dollars when we essentially IPO'd it, when we offered it. Let's take out the IPO term, which they when we offered it to the market. It was a billion dollars, hey, the market thinks Anthropic went up, but OpenAI went down, yada, yada. The market might say, okay, I'm going to buy it 90 cents on the dollar. So now everybody's down 10%. But only a certain amount of people sell, maybe up to 5% then, and you have to have demand for that. Then the next quarter, hey, Anthropic goes public. The shares are worth a lot. Now it goes up. So it's a nice bridge between completely being locked up except for finding a secondary sale for individual stocks. And then you get this great mutual fund.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, and a way to think of it, Alex, is it's not an IPO, but people often refer to closed-end funds as similar because you issue a certain number of shares. That number of shares doesn't change. Then if people want to sell their shares, then those get priced as some percentage of the nav, right? The underlying asset value. So when we used to talk about mister Sailors, publicly traded Bitcoin, yeah, Bitcoin product, you would say, hey, what's the underlying value? So here, if you had anthropic open AI stripe in this”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Fund. And unlike Angel List SPVs, where it's only accredited investors, this can be accessed by anybody, but it has some very different nuances. So Anchor, USVC.com is where people can get information as low as $500 is the investment. You don't have to be accredited. So tell us what why you guys launched this product and then what's different about this product other than the couple of little things I said that what's different than the classic Angelist. Here's an SPV put in to $100,000.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“We've talked about it, but welcome on the program. I was in another country and I had lunch with Naval a couple of months ago. I won't say which one. He's a global traveler. And I was talking to him about what's next. I always like to ask my friend Naval from Angelus, what's next. He got me into SPVs. I got him into podcasting. We're always like, what? looking around the curves and he said, you should do a closed end fund. I said, what's that? Is that like the sweater thing or this thing or other companies doing this? Isn't Kathy Wood doing? He said, yeah, yeah, that's exactly it. And sounds like an interesting thing. I have too much on my plate. I have no time to do it. But Angelist has this incredible funnel hundreds of active syndicates with tens of thousands of members. They've been betting on things for over a decade. And now all the fruits of that label, if I understand, drip, drip, drip can now go into this closed.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Love that idea humans on demand. So welcome back. Well, actually, I don't know, Anchor, have you been on the program? First time”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“All right, so three guests across the board here. Everybody wanted us to talk about USVC.com. That's AngelList, closed end fund. We've got Ancor Nagpal on to talk about that. He's a GP over there. Then you guys got John Durbin from Shutes. Shuttes is the number one Tao subnet. So we got private markets, venture capital covered. We got TAW. We got crypto plus startups and distributed computing and AI covered. And then who's the third guest today on this week in startups on Twist?”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“And it is so strong. So, you know, when I'm skiing, I record myself, I take notes when I'm on my solo ski trips. And I don't lose any of those nuggets of wisdom or ideas or reflections I have. I find it's pretty great. Not losing notes”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“But what if you're not on Notion and Zoom? What if your phone's in your pocket and you just want to take a quick memo? Boom, you pop out your plaud. This is a little tiny plaud pin. You can get one that goes on the back of your phone. That's called the plug pro. Both of these are exceptional because with one button, it gives you a little haptic response and you're recording. No question if you're recording. That's the problem with recording devices is you don't know if you're recording so then you have to take your phone out your laptop out you have to check nope And it snaps right on. You know, it's MagSafe kind of situation. So you just boop.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, Plaw Pitt on a t shirt I don't like because I got these very high necked t-shirts and on the side here's a little weird So I attached the clip to my whoop and now beep beep boop I applaud my plot I put my plot on now I've got everything recorded I have a transcript I have a summary just like a note taker you would have on notion or the note taker on zoom great”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Everybody, welcome back to Twist. It is Monday. It is May the 4th be with you and the mall series finale was today, Monday, and I watched it last night at like 11 p.m. I'll talk about it in off duty. That's the segment at the end of the show. If you stick around to the end of the show, we talk about things that don't have to do with startups. We give ourselves a little room to breathe that could be products. It could be media. It could be lifestyle. It could be politics. It could be anything. But we leave it to the end. And boy, do we have a docket today? I want you to just go over briefly rapid fire, Alex, what's on the docket? We have three amazing guests. But before we do that, I'm just going to show you my new setup. What'd you got?”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source
“Unlike Angel West SPVs, where it's only accredited investors, this can be accessed by anybody, but it has some very different nuances.”
2026-05-05 · This Week in Startups · Naval's GP, Ankur Nagpal, Breaks Down The Viral "USVC" Fund | E2284 · IDENTIFIED FROM THE TRANSCRIPT · source