YouSaid · the spoken record

Christian Hernandez

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34
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2016-03-09
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2016-03-09
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1
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  1. “I'm like, this is brilliant. So I looked it up, found out that my friend Amal was actually an angel investor. He introduced me. And pretty much from first call, which I think first email, which was December 21st, to investment money flowing April 15th, it was a fairly fast process. But I was in love just from reading the website. I actually loved the idea and then got convinced it was the right call.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “I don't know about the one that hasn't been this closed because I think it's a good example why I did it, but I can't name the company yet. It's a founder we've been tracking since October 2014. It was too early. We just kept meeting up for lunch every couple months. I love the founder. I just wanted him to prove that the idea was worthwhile. And so much of the decision is actually based on who you're going to go back. I knew I wanted to work with him. And then he came back and said, we have early metrics. We're still not there for the A, but I think I'm going to raise a bridge around. I said, fine, this is my opportunity to come in. I want to work with you. I believe in your long-term vision. You've proven to me that everything you said you would hit, you're on track to hit. I want to lead this round. It's literally something that somebody that I admired from day one. I'll add one, which is my most serendipitous investment, which was Kimi in New York. It's AI neural net robotic locksmith, literally like a robotic cuts your keys. And I discovered it while reading a blog. I was doing research on 3D printing. And they did a partnership with Shapeways.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “Whatever Whites are evolves into, like several funds from now, I will still be focused on the same part of it, which is the early stage stuff. And you've seen it across different funds where I could index is a great example to have the early stage, as I call it, fund and then the growth fund and different partners have affinity for different types of it, but a bunch of them do see it.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “So I've always said this, and I actually met him briefly, I haven't had a chance to tell him this personally, but when people ask me what I want, why SART to become when it grows up, it is Greycroft. Alan Patrickoff created Apex as one of the early VCs in Europe. The guy could probably write the check for a $150 million fund. And Apex became this massive private equity thing, and he quit to go start doing what he loved again, which was early stage tech investing. And Great Cross Connects, New York and LA, much like we connect London and New York. He wrote a fantastic blog post about how VC keeps him young. And just the fact that they've been very systematic about staying at that 150 million fund size fund after fun after fun because that's where they think, hey, they can make the most money, but B, they have the most fun. Same thing for me. I think hopefully keep me honest by saying on air fund three of WhiteSar is still at that same stage and we're still doing late seed in Series A. It's where I have the most fun. It's hopefully where you still make the most white.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Yeah, no, so that pops up higher as more people like it. So some stuff that actually might have not discovered comes up. I think some things to do there in terms of filtering interest areas, but so far I'm pretty happy with it as a blogging platform that I've switched to and as a way to consume. And then Nuzzle, just because it actually kind of social signal just helps me figure which ones to go read.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “So I should really like medium as a whole, right? Because effectively it gives you recommendations on people you're interested in following and there's enough kind of noise that it starts recommending stuff.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Amy from X.ai cannot handle the complexity sometimes of trying to shuffle things around. But no, I mean, realistically, things that I cannot do without is probably just, it becomes my transportation crutch wherever I go now.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Career highlight it was probably a 300-person developer event in Istanbul on an island in the middle of the Bosphorus with no Wi-Fi connections. So we had to literally stream the whole demo of what that point was the open graph on somebody's phone.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “And then if you're coming in at analyst associate level, you have to accept that it might not be a career path. Jeremiah Daly, who was at Excel and then went to, was in General Cannalis, he went to fund the US and now he's created his own fund. He's another example of somebody who kind of leveraged the experience to then take a partner role and then have now created his own platform.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Boutique is now Google Ventures. There was a whole class of associates who actually all went and became entrepreneurs. Chris Morden at Liszt was actually part of that class as well. That's one career path. The second career path is you go and become a successful operator or CEO or found of a company and then come in. Or a third path, which is more prevalent, I think, in Europe than in the US, you come in through the ranks of private equity or banking and then come in into the investment side. If you're going to be a partner, you have to make a commitment for a decade if not decades because if you're raising a fund, the promise that you are part of that story for the life of the fund. And by the way, in that fund, you will probably raise fund too and then fund three. So it's not a like commitment to make. Literally, I mean, it will last longer than most marriages.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Depends at what age and what level. And this goes back to actually my own path. I knew or thought I knew that I wanted to go into VC at some point in my career. It was interesting. It's intellectually stimulating. I see no job that in 20 years from now we'll still keep teaching me new things the way that this does. And just you have to learn so much every single day. And it's awesome. The intellectual stimulation is, I think, unbeatable. But I also knew that I didn't want to go in an associate level or analyst level because the career path is fairly unknown. Like even in Europe, can you name more than 10 people who've gone from associate to partner in the ecosystem? So if you see it as a role in which you learn and you get optionality across a bunch of different technologies and you get to understand what you like and maybe then take a role as an entrepreneur, it might be a right path for you to do analysis or associate job. And you look at Greg Marsh at One Fine Stay. You look at Avid, who was at Excel.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “seen in the same bucket as a private equity fund, 10 years capped, returned my money based on capriculals, minimum return. And until that changed some of the flexibility that might be needed to disrupt the asset class is not going to be there. Angel is a great example where Angelist builds a platform on top of which they prove success on top of which they go raise a $400 million fund, that has the potential to be a disruptive new way of doing both deal flow and actually investing. Some of these other funds that have gone much bigger and actually are looking at the platform approach where they provide kind of this full stack VC model where they're trying to add value, a lot like a private equity firm would from early stage to later stage. Yeah, I think I go replicate the same thing here in London.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “My inbox is linearly scalable, it just gets more and more deal flows. My day is linearly scalable. I can only have so many meetings. And then you only add more capacity by really having more resources to go for more deals or match more companies, but that requires more funds, which leads to some of the management creep that we see on the VC side where people start getting bigger and bigger funds. There is some attempts to actually add technology to it. So there's a very famous algorithm from a corporate VC fund that's supposed to find the right company for them to go invest in. But at the end of the day, it's a very still, very human game. The algorithm can give you signals, but it still needs to be a decision. And by the way, we are an asset class, and I mean an asset financial asset class that is given money by institutional investors on the condition that we return more than they gave us and significantly higher portion they gave us to be able to beat the public markets we still have to manage the entity of the fund as a financial instrument which is what leads to some of the challenges we're still”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “Your thoughts on that. So it's funny because we are an industry that effectively is set up to invest in disruption. We are linearly scalable, right? And I talked about this with the managing partner of a very successful European fund when I was starting up WhiteStar about how do you deal with those deal flow and actually companies and how many boards you sit on he's like, well, you hire more people. You hire more people because your fund is like 10 times the size of mine.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Yes, but then try to convince a 35 year old guy married with one child living in San Francisco to move to London with startup salaries and inherent costs. So yes, you can import, but I think it ends up being a challenge. But I think you're beginning to see more and more folks who've gone and been trained by the Googles and Facebook start to come back into the ecosystem as founders with product experience who can then train new guys. I mean, you're not going to become a product manager, a rock star head of product by actually going to a general assembly product management course.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “So, yes, I think it is the hardest thing. I think that's where you need to rely on your board for their connections and actually think about advisors and board members that can help you find those rules or actually might have been in your shoes before and it can help you think about how they did it. But it is a hardest thing. I think one of the hardest decisions is the fact accepting that the guy that was with you or gal on day one is not likely to be that SVP of sales or even CTO that you might need to scale out your company as you hit 30 million users. That's really hard, right? This is your partner is a person you've actually grown for the last couple years. He might not believe it and you might not believe it, but at some point that might become a reality. I think those are the really, really hard calls. The challenge is also if you're in a small ecosystem with a depth of talent isn't there. Actually, even in Europe, as developed as we've gone, hiring a rock star Facebook level product manager is really hard. Like the depth of pool of experienced guys who are true what I would call value type product managers just isn't there. So head of product is probably”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Google was actually profitable, I think, by year two or year three. The examples that he pointed to are actually not true. They were able to double down on growth because they had a revenue stream that was actually helping them, which allowed them to then go raise significant funding rounds, which allowed them to then double down again. In 2016, it's going to be very hard, even in the valley, or actually starting in the valley for a company to raise purely on growth metrics. There is a growing need for a proof that this is a sustainable business. And I don't think it's a must-have day one, especially at seed or early stage, but you do need to have an idea of how you delight the customer and that delighting the customer leads to some sort of commercial quick pro quo in which either a advertiser or a consumer is wanting to give you money for it.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Yeah, and this is the one where I get picked as the bad guy sometimes even at board meetings, but I don't think it's an either or. And I actually wrote a blog post about this because it got to the point where I repeated conversation I was having. Listen, growth is important. And I mean, effectively you're having a consumer facing offering with network effects where one user gets you two users and you want to actually focus on tapping into that viral loop. But at some point, last time I checked, you were starting a business. And last time I checked, the definition of a business was a self-sustaining entity that has revenues to pay for its costs. If you have no revenue, you're effectively assuming that for the rest of your life, it would be a not-for-profit or some VC or other funding source would come in and keep giving you cash. The counter argument always is, well, Google and Facebook focus on growth and they just grew.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “But what's the difference now between a Chromebook that you can take with you at a very low cost and an iPad and a desktop? I think that's all blending.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “So I think it's also different how you look at it on a global basis. So in the West, let's say in the US, in Western Europe, desktop still has a role. But if you look at the guy who's coming online for the first time in Kenya, his first device to access the internet will be a low-end smartphone. And maybe his last device he will ever use to access the internet will be some sort of portable device. So I think you need to think about different use cases where for some people, computing will always happen inside a mobile device. And you saw that in China actually a fairly long time ago where QQ, the original 10cent app before WeChat, was actually literally this all-encompassing consumer portal inside of a mobile device because that was the primary computing device. And by the way, I take anything that Ben Idon says as a truth. So I do think that the mobile becomes the central hub on a global basis, but it has to be balanced with the right access point for what that service might be. And e-commerce is increasing, but still converts better on a bigger screen.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “and you saw with Tath, he saw with others, you do need to have a landing point on the web as well. It's a question of where you're going to have value, where you're going to transact versus where you're going to browse. We definitely focus on leverage or like companies that understand the distribution power of mobile and the ease of engagement if you know how to use the right tools to bring users back and the addictiveness of the fact that we literally are looking at this block black block dozen times per day. But for us, mobile is simply one of the front ends and more and more the primary front end, but it's important to have a strategy that integrates mobile or portable devices with laptops and desktops.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “So I joke that I actually kept claiming that this was a year of mobile. And the year of mobile was 2007 on the iPhone launched. And right after that, when Android launched. Because effectively, that took a true computing platform that was fairly standardized and actually scaled it out on a global basis, versus having to code Java versions for literally dozens, if not hundreds of different types of devices at high cost. Plus a distribution platform to the App Store, plus a monetization platform to sell the apps that was all taken care of by Apple and they charge you 30%. So that all of a sudden makes an ecosystem truly possible on a global scale. So combine that with the fact that we're all addicted and stuck to our phones and it's a computing device that we open up dozens of times per day. So I had a question for me of whether it's mobile first or mobile only. Mobile will be a strong component of any consumer-facing offering. I don't believe in mobile only. I actually think, and we saw it even at Facebook with Instagram.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “So from WhiteStar, it's a fairly decent blend of seed investments that we've doubled down on. A couple examples include dice, which the ticketing app here in London. Gym track, which is effectively an IoT for gyms, sensors and gyms, which we led the sea ground, blog loving where we were actually angel investors, and then we were part of the seed ground along with Norzone. And then Series A's, which we've done Kimi in New York, which is a robotic locksmith, along with battery, cryex in Sweden. That's a FX crypto exchange for financial institutions.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Yeah, and I think calling it C or Series A or Series B means nothing nowadays because it really varies by geography. So for us, we come in with 500K to 5 million check at the usual Lingo late seed. So you've built a product, this initial product market fit. You're effectively funding to actually scale that out and see whether it's stickiness. And then comes what would have been called a Series A, where there's product market fit and you're effectively trying to add fuel to acquire more customers and actually prove it works so you can then really double down for series B. We have actually funded pre-product pre-launch companies at an earlier stage, but it's been because either team has been amazing technically or had a relationship with them, or we believe that the risk reward of what they're going after makes sense.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “We mainly hunt up and down the east coast and across Western Europe, where there are a lot less competition, but also a lot less options for entrepreneurs to find a partner for Series A. And then thirdly, the model we wanted to have was a complementary team of Eric's a financier by background. He is fantastic at the deal structuring. I'm an operated by background. That complementarity we've built that across the team where everybody on the team has actually built or scaled out a business or third partner created a gaming company that he sold to Fremantle Media. John Henderson was assembly. Leiden was a VP of engineering at a mobile DSP. So we borrow from that operational experience to the benefit of entrepreneurs.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “It came from the Rangel background. So Whiteside was actually the legal entity that Eric, my partner, and I were investing in. He'd started investing in 07, did things like BetaWorks, Dollar Shave Club. And then we started investing in 2012. And I think I bought a percentage of his portfolio and put money into WhiteStar. He was in New York. I was in London, but he's actually French Canadian having lived in Paris. I'm from El Salvador, having worked in the West Coast and in Europe. had her whole career based on flights and Skype calls. And we were seeing a lot of entrepreneurs start in Europe leave the engineering team here and then moved to the States and set up commercial offices or actually move the whole team. And we were seeing more and more of them stop in New York rather than going all the way to the Valley because they could be closer to the team. So for us, it was actually playing the role of this international bridge for the founders. Secondly, we like markets that are well developed from the entrepreneurial base, but underserved from the funding base. So now with the fund, we do actually have done zero investments in the West Coast.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “Dozens of new funds of significant scale raised in the last couple of years. EIS and SEIS does mutate the UK ecosystem. Some of the guys that are getting seed funding from Goldman Sachs bankers, nothing wrong with Goldman Sachs bankers, probably should not be getting Series A funding, right? It's not VC fundable business, but it might be a lifestyle business with tax benefits.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “There's both. So A, there is an undercapitalization of the European ecosystem. And to be fair, the East Coast ecosystem as well. So we actually looked at these numbers. Active Series A funds, which for us meant funds that have done at least five Series A investments in the last three years. And we looked at West Coast versus New York versus Europe. West Coast, I think, has something like 145 active Series A funds. New York had like under 30 in this New York metro and this includes West Coast funds investing in New York metro. And all of Europe had like 42, just even on an absolute options of funding for Series A and later, it's already fairly constrained compared to the Valley. And then if you talk about Series B or let's say Series C, you're raising, let's say, a 20 million, 30 million round in Europe. Who do you call locally? Five funds, maybe six months. So I think we have a systemic, we've had a systemic issue around undercapitalization, which is being solved. I think you've been a”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Hello's three major hubs have become the central hubs of Europe, but you also see up and Paris is, I think, underrated for what it is in terms of momentum and talent. Portugal getting a lot of buzz right now, Eastern Europe having some great successes.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “I mean, A, yes, it's a seismic shift, even in the UK, right? The UK has traditionally been the most developed VC and startup market. I think I ran the numbers the other day, see the investments in the UK have gone up 10x in the last five years. That's helped by EIS. That's helped by the kind of the momentum and the visibility of some of the successes. But Series A has actually only gone up, I believe, 1.4x in that same period. So kind of institutional money still is in there, which leads a bit later on to why we created Y start in the model that we did. Now, back then, 09, Berlin was in its infancy. There were a couple of interesting companies, obviously that was Rocket and the Rocket Mafia. Christoph Meyer, who had sold gate five to Nokia, doing his angel investments. But it's very different from the behemoth that Berlin's become today. And in Stockholm has always been kind of unique, but Stockholm had this amazing talent, amazing ecosystem, and a fairly developed local VC community. And you now very clearly”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “It took a while for the US guys to believe that there needed to be somebody in Europe helping the European ecosystem because everybody that was worthwhile was going to move to the valley eventually, or so we thought. And now you look at Spotify and these are some of the largest music partners, King and Supercell, some of the largest gaming partners, the BBC literally streamed the whole Olympic Games on Facebook for the London Games.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Product engineering team for Google were initially based out of London and trying to convince Motorola and Samsung to preload Google Maps and Google search, things that we live with daily now, right? So spent a number of years having these very heated arguments with Nokia and BlackBerry on why the open web was better than their version of the mobile web. And in hindsight, Google's vision of the open web one. Thought I was going to go back to early stage companies was going to go run a messaging company ironically before it got really hot. And then Facebook called and they wanted to create a role in Europe to deal with the ecosystem and took a fair amount of hemming and hawing and I think I said no three times for saying yes and in hindsight it was an amazing decision literally building up the team across Europe to work with developers to code on top of the Facebook platform to bet on partners that would actually scale by using Facebook. And my point of pride is that”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “Because it wasn't real money. But amazing just having been through the experience of seeing high growth. And that taught me that I like high growth environments, but also the reality that to run a business someday probably needed to balance that with some proper business skills, which is why I went off to business school. And literally in 2001, there was nobody in my class except for like six of us that wanted to go back to tech. Everybody was running away from the dot-com for business school. I went to Microsoft, which is not a high growth environment, but I joined the Windows mobile group, which was the fastest growing business within Microsoft. A mobile geek from day one, I kept claiming this was a year of mobile from the beginning. It took a while for it to become the year of mobile. But launching these phones around the world and seeing this first, one of the first platforms for truly app ecosystems being built on top of them and seeing how phones were marketed in China versus Brazil versus Europe. And then Google called because they were starting their mobile efforts in London.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “So, I mean, I've been a geek since I was 12. I had a Commodore 64 that my dad bought and I taught myself basic programming. Turns out being a geek is not very good for the girls. So I decided to kind of hide that until I got to college where I got an economics degree, but I was taking computer science classes, teaching myself HTML. And then she ended up in a technology startup right after university, which became famous or infamous because we went public, had a 30 billion market cap valuation, and then lost 72% in one day, which is a fantastic story when you're 24, you're running a team of 20 engineers for a product team and your paper millionaire and then you're not.”

    2016-03-09 · The Twenty Minute VC · 20VC: Christian Hernandez on The Importance of Mobile and The Relationship Between Growth vs Revenue · IDENTIFIED FROM THE TRANSCRIPT · source