YouSaid · the spoken record

Ben Gilbert

lines on the record: 37
first: 2020-10-20
most recent: 2020-10-20
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

“Go and do this Star Wars experience with my girlfriend when we thought we weren't going to. And he put personal risk on the line to make this thing happen for us. It is the tiniest, strangest little example, but it's a fairly recent one and it totally stuck with me. I just loved, he truly had no personal gain in doing that. And many kind things that people do, there's some amount of personal gain. This one had actually none.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“On random sort of wheel of fortune thing that happens when the gate's open to figure out if you're going to get in that day. And we were going to get to do it maybe a half hour before our flight, if you were lucky. And through the incredible generosity of a guy who I won't say in case there's someone at Disneyland and he did something wrong that gets him to trouble. So I won't name him. There was a guy working there. And despite the fact that there was a couple breakdowns during the day, we were not going to be able to get on it and we're going to have to get our flight. We basically made our case to him, explained that it was her birthday. He moved mountains for us, got around an incredible amount of red tape because they don't want people doing this to get us onto that ride immediately before having to run to the airport. And I will tell you, Patrick, when you were on our show, I talked about the thrill that comes from learning, the thrill that comes from that moment in my physics class when I discovered that orbit and me not being able to throw a baseball very far were related. I had like a similar high getting to.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh man. Well, I was thinking about this and there is an answer I could absolutely give you about my parents because how could anyone ever do anything kinder than sacrifice years and years and years of their life in order to enable you to have a great one? But as much as I love my parents, I want to give a more sort of fun answer than a less cliche answer than I'm sure many have guessed before has. So I want to tell a fun story of my girlfriend and I going to Disneyland when that was still a thing before we couldn't do that anymore. It was her birthday and we really, really, really wanted to go to do the new Rise of the Resistance ride, which is for anyone who's never done it, which very few people have done it because it launched shortly before the shutdown, it is by far and away the coolest Disney experience ever. And it is obviously you kind of feel like you're in Star Wars. So for any Star Wars geek out there, it is a absolute must-do thing. Did not win the luck of the draw.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“And one interesting note on that it's not like there were other people, there weren't that many potential acquirers because there's been so much consolidation in the industry and it's effectively a pure commodity at this point. Obviously there's loyalty programs and little differences here or there, but anybody that's tried to create a differentiated airline for a different experience has basically failed. So you've got a pretty small set of people competing to buy Virgin America. Ultimately, other people just couldn't do it because they were in so much debt. These businesses have been mismanaged is probably the wrong word, but have just not kept themselves as healthy as a lot of the other businesses that we look at. And so Alaska was almost the de facto winner because they were the only one who could kind of get it done with their financial profile.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“There are a very fixed number of gates, and no one's building new airports, and rarely are they building new terminals. And so the prices are high because it's Beachfront property. And the thing that constrains those businesses”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Did the Alaska Airlines acquisition of Virgin America. Was a fun one because I'm like a little bit of an av geek. I would say I dip my toe in it, and it's kind of the same way that I dip my toe in being a space geek. And so doing the SpaceX episode, obviously a technology company, but I don't think I've ever done any more research for any episode than SpaceX just because I felt so compelled to nail it. I felt like I'd be letting myself down if I didn't understand every corner of that company. Let's say I think SpaceX is probably the answer because it doesn't share any of the technology characteristics that we've talked about on the rest of this episode. But obviously is a tech company loosely defined.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“But with sort of incredibly compelling language that makes you sort of falsely believe that it has the answers. But there's just so many different things that people can do with it. I think the important thing to take away is it is a very powerful, generative machine learning model that may be capable of things that we haven't seen with any other model before this. It's so hard because so many of the reasons why businesses that you wouldn't expect to be technology or media actually have a flavor of that in them, which makes them interesting. We just did our episode on the NBA where we spent three hours really diving deep on the whole history of the league and evolving into the business model that has today. And obviously it's a media business. And I think we might just be too attracted to those.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, absolutely. So open AI released the third iteration of their language model. Well, first of all, it's trained on a big chunk of the internet. And so it's a machine learning model that is sucked up Wikipedia and tremendous slice of the internet. So it understands things in a lot of contexts. And one of the things that it indexed is public GitHub. So it sort of understands what a variety of programming languages look like. And you can feed it input. So that input can be text, it can be code, it can be there's even early experiments of bits that represent an image and then ask it to help you make the rest of it or summarize it. Or, hey, pick up from here. Or I once asked it, the most amazing business model is, or, hey, this is the most interesting business I've seen in the last decade. I love it because, and then I asked it to write 200 characters after that. Sometimes it misses her.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think GPT3 is a potential one. It's so hard to know how that will evolve, but it's so powerful and so amorphous that it's got a shot.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Moment, and I haven't really felt that about any of the, you can call it Frontier Tech recently, and I modestly got in on the crypto wave just buying currencies, but I was not a big participant. And people talk about DeFi now and people talk about a lot of the things that could be this next wave. I don't have conviction in any of them and I'm trying to figure out, is there another App Store boom? Is there another dot-com boom? When's it going to get here? What's the technology going to be? And I would say I'm on academic quest to try and understand how one can be better at spotting that.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“I'll tell you a big missing piece that I want to fill that is both in the show and in my investing career and in the work we do starting companies, I was so fortunate to be right on the edge of the app stores launch in 2008. And when I created my first iPhone app in college that Apple was kind enough not to have reminders on the iPhone. And so I got to go get sort of millions of downloads just as like a college kid making an app. That was such a unbelievable transformative wave. I am desperately trying to get better at figuring out what the next app store is. What is the wave that we are right on the edge of that's going to start the next five-year run of unbelievable creativity, a free-for-all of people starting stuff, the classic unsettled frontier before people start building the moats around their business where you kind of can't miss. And I sort of remember what it was like being someone making an app in that.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think David and I both just gave mild cop out answers. So I want to just go out on a limb a little bit and say, one of your former guests is someone I really look up to, Blake Robbins. And I'm particularly calling him out to bring it back to a question you asked earlier. I think entrepreneurs in many emerging markets, including sort of gaming and streaming and influencers, but emerging consumer categories look up to Blake. And I think that if I could get insight into a credible view of what could be big five years from now, I think Blake is at least having to come across his desk.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Mine is the benchmark partnership 15 years ago. I don't know if we can have historical folks in this one, but they just didn't miss.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, at the risk of being too tropey, like Amazon, yeah, I would never want to compete with Amazon. In fact, I regularly look at Amazon stock and think, why does anyone invest in startups? Why not just invest in a trillion and a half dollar public company that's growing faster than any of them?”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“And I think that that is something that has shown up over and over, especially in these early stage founders that we've interviewed on the LP show, they had these critical insights and then they applied creativity and then they sort of felt along the way where are we building defensibility in our business and how can we lean into that? You don't deserve any customers at all without first having an insight, iterating on that insight over and over and over again and then developing something that somebody loves and then you can try and figure out what power applies to you.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“The very first thing that comes to mind here is that Hamilton Helmer basically has caution tape all over his book that says that understanding the powers are not the ticket that you need in order to have them. And what he really underscores there, because that's of course in my own words, is that creativity is the necessary precondition in order to develop any of these powers. And if you try too hard at the very beginning to think, what power am I going to be able to accomplish, that is not the way to be able to get there? And it's almost like there's a great Elon Musk quote, or it might be Justine Musk about Elon, that if you want to become like Elon Musk, the very first thing you have to understand about him is he didn't spend his youth trying to figure out how he can be like someone like Elon Musk.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Android was the most interesting deal to unpack because of the reason that they did it. And it was something that I previously had heard about, but didn't understand the incredible extent of. And that is traffic acquisition costs. So the real reason, and of course Google now generates a lot of revenue from the Play Store, which wouldn't have been possible without creating Android. But there's an incredible amount of money that they don't have to pay someone else by owning their own mobile operating system. And if Android did not exist and the iPhone had a monopoly, Google would have to pay dozens, literally dozens of billions of dollars to Apple every single year in order to keep Google as the default search engine on iOS. And Android, the reason why it was important for them to have a credible competitor against Apple is to basically just reduce this incredible cost burden.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“So maybe I should revise and say it's not as much that they did little diligence, it's that they did little process because they had the data to enable them to do that. So sort of conviction faster.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Man, I think there is an inverse relationship between the purchase price and the amount of diligence that is done. I don't say that in any sort of disrespect or fault to anyone. I say that because of deal heat. The Instagram deal went entirely around anybody in Corp Dev and was done over the weekend in Mark Zuckerberg's backyard. And they notified everyone via email that, hey, we're going to announce this on Monday.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, point to make on top of that is most of these top 10 were revenue upside, not cost savings. Even the greatest of sort of cost savings acquisitions or synergy seeking, it doesn't have the same sort of asymmetric upside that these acquisitions in order to unlock net new revenue have.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“It's going to take a very, very talented executive to be able to make an acquisition like that with as developed and competitive of a private capital market that we have today. So that's the precursor. David, I saw you were ready to jump in on what contributes to the transformation.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“One thing I'll say as a precursor to that is we may never see a company come into the top five ever again. This may capture a moment in time where there was an underdeveloped venture capital market and companies, the big five tech companies just starting to hit their inflection point in terms of people really starting to increase their multiples in the public markets where they had the ability to come in and pay these at the time seemingly crazy prices where we didn't have the softbank vision funds of the world. We didn't have a lot of these super late stage stay private longer billion dollar growth rounds into companies. I don't know in the future if the company that's growing the fastest and seems to be where the future is headed, which everyone sort of knew with Instagram at the time being snapped up for the low low price of a billion dollars to be able to grow most of its value inside the acquirer.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“And just to frame some numbers around this for anyone who's thinking, oh, come on, like there has to be some traditional business that created as much value of any of these. Number one with Instagram, the absolute dollar return was over $150 billion. Double click was over $120 billion. YouTube was $85 billion. And so it really is just mind-boggling when you look at really how the market caps of these acquirers today, which is meaningfully larger, 50% in some cases larger than they was even six months ago when we did this episode and you look at the contribution by that acquired property is just a staggering amount of dollars of our publicly traded equities.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. In YouTube's case, they pay out half of their revenue to those creators. In Instagram's case, they don't need to pay anything to their creators. It's just absolutely free. So Patrick, I think that was the biggest takeaway for me was you sort of already had the greatest business media of all time with media and then software added.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Network effects on the internet, the fact that these companies in large part had zero marginal costs and also in large part had zero distribution costs. And the tech businesses are toward the top and the media businesses are toward the bottom and the other business models don't make the list. And the way that that sort of shakes out to me is that tech businesses are just media businesses from the sort of 70s and 80s, but with one more steroid injection to their business model, that is you don't need to keep creating media, that the media of software, the code that software engineers write that then gets executed and becomes a product that people can use delivers that ongoing value over time without needing to create that next great podcast episode.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh man. Well, I was just listening to our top 10 episode to kind of prep for this. My biggest takeaway from it was we really tried not to just focus on tech companies and we really tried not to just focus on today. But our yardstick for ultimately ranking these acquisitions was in the absolute dollar value return to the acquirer. Instagram's bought for a billion dollars and then we would do our best based on revenue to figure out how much of the market cap of the acquirer can be attributable to that acquisition that they made way back when and then figure out that absolute dollar return. And if you look at them, they're basically all tech and media businesses. And partially it was because we weren't willing to consider these sort of partial acquisitions or investments. They had to be wholesale purchases of companies. But the driving force of the massive amount of value creation on basically every single one were”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“I think it's interesting parallel to the public markets where the top, I'm going to make up a percentage, but call it the top 10% of companies that are hitting their milestones and growing meaningfully month over month are attracting basically all of the investor dollars and less people are willing to take risk on the meat of the curve, which are really great companies. We're not talking about the bottom 30% that sort of won't raise their next round, but there has definitely been more capital trying to flood into the sort of highest performing companies price be damned. And I think it's an interesting concept of in times of uncertainty, herd mentality increases and therefore prices go up among a smaller set of assets.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“With PSL, we're really a co founder, and so often we're on the side of the table of we're a founder in this thing trying to find the ideal investor syndicate for it is really other than the lead, what is the specific value to this company that this investor will uniquely bring and can you, if not quantify it, then at least specifically articulate it?”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, the last thing that I'll add to that is on the founder side, no investor is going to see more valuable to you than the moment after you have a term sheet until the moment that definitive docs are signed, it always feels incredibly compelling to let that one more investor into the round because of all the things that they say they're going to do. And this isn't because of a personality flaw or because anybody has malice. It is the incentives at play for a follow-on investor to sort of sell that they want to participate in this round. And I don't think it's always the case, but most of the time the right thing to do for that founder is to have fewer.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“But I think the important thing there is that you move from the quantitative to the qualitative, where you're just trying to give yourself enough granularity on all the numbers that get multiplied together to at least then go ask the questions of, all right, time to start talking to people and figuring out what are the circumstances that could lead to this one number that seems way, way, way too big to ever be believable. Why could that possibly happen?”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“You can get enough granularity to understand what your core assumptions are. So you can at least ask yourself, what would have to be true for the world to look like this? Is it possible that there could be a million buyers of this software at some point in the future? And at least then you get to that core question of the real question you'd have to ask yourself with something like Shopify is what would have to be true in order for there to be a million e-commerce merchants?”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“My favorite way to do this is to basically make a tree of contributing factors that ultimately add up to a large number. So an example of this would be you look at something that you hope in the future has a $5 billion TAM and you look at the unit economics of this particular business and you say, well, it's a SaaS business, so it makes 80% gross margin and they price it around this amount and big customers look like this, medium-sized customers look like this and small customers look like this. And you kind of can keep branching down the tree of for every one of those numbers that you end up having to multiply together to get to that 5 billion, how fine grain can you get on each one of those assumptions to basically give yourself enough granularity where you don't have false precision. You don't get too granular and have to model in what percentage that contract with that customer is going to expand every year or something like that.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“But there has not been a new ecosystem for new startups to thrive in this trend. So I think those are sort of two that I would look at that David and I respectively both looked heavily at and participated in and invested in and operated in that ended up not actually exploding in the way that we go back and look at digital wallets with Square and Venmo or Square Cash and Venmo.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Sure, yeah, I think it's helpful to talk about a few that are sort of successful and not successful. David, you were one of the first people who introduced me to VR, I think, in 2013, 14. And that was one that absolutely was an emerging category and sort of has plateaued, as we all sort of know and talk about a lot for now. Maybe it's at the middle part of the S curve, but I guess it's not the inverted S curve. Another one that I think people talked about as being, and I actually started a company in this area called Taunt, talked about as being an emerging market that was poised to explode was esports. And I think there was a mistake made by all of us who were analyzing the industry and looking at the rise of streaming and projecting that that would accrue to competitive organized esports in a league format in the same way as all the traditional sports leagues. And ultimately, so far at least, it has accrued to the publisher and the broadcaster.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I definitely know it when I'm making a pitch deck, where as soon as I get to TAM, if it's less than a billion, then it sure as heck better be an emerging market. Otherwise, it's just not an investable one. And so then you ask yourself the question of, do the growth rates and do the societal trends and do the obsession among the core users indicate that there's a future here? And that's when you have to not that any investor has a crystal ball, but that's where you sort of have to have an opinion on where the world is going and trust your spidey senses a little bit more of can I see this thing that only a few people are obsessed with now becoming huge. And I use few there, it could be in the hundreds of thousands or millions, but it's not a universally accepted idea that this is the way the world will be in the future.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Experienced manager? Are they someone that's going to do really well organization building? Are they someone that's going to be really polished? Because that's not the scarce commodity in the business when something is sort of brand new in the world is shaping around a company or a movement. The rare commodity is, is this person amazing at understanding the needs of this newly developing thing and building a product such that a movement will form and galvanize around them rather than other players in the industry? And I think that's a completely different thing than someone that's going to try and tackle something, say, like title insurance or like account reconciliation or any of these sort of super deep vertical companies that we incubate and spin out of our studio, that those are really much more about kind of the business plan and much less about the founder being this kind of thrashy visionary that you can ignore a lot of flaw.”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, this is a fantastic question. And I think one I ask myself a lot, my primary job, despite having the podcast, is I'm the co-founder of a thing called Pioneer Square Labs, where a startup studio and an early stage venture fund in the Seattle area. And the way that I see this manifest is I often ask myself the first question than the flowchart, which is, is this business in an emerging market or trying to transform a legacy market? And if it's the legacy, there's a whole different set of questions than the new and emerging. And you look at things like TAM and you look at things like how will they compete against incumbents? And if it's an emerging market, you look so much more at what is the secret that this founder knows kind of in that Peter Teal parlance. The thing that I think is very counterintuitive is if it's an emerging market, you really don't need to pay attention to is this founder an”
2020-10-20 · Invest Like the Best · Ben Gilbert and David Rosenthal of Acquired - Lessons on Early Stage Investing and Getting Acquired - [Invest Like the Best, EP.196] · IDENTIFIED FROM THE TRANSCRIPT · source