YouSaid · the spoken record

Clinton Foy

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31
first
2016-11-02
most recent
2016-11-02
sittings or episodes
1
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podcast

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  1. “Lastly, Luma's app lets you easily see and control which devices, users, and content are on your network, and Luma is perfect for anyone who wants to be able to stream in the family room, game in the playroom to conduct video conferences in the office, and much more all at the same time without having to compete for bandwidth. So if you want to join me in the joy of experiencing Wi-Fi Heaven, then simply head to getluma.com, amazon.com, Home Depot.com, best buy.com. You can even get them in Best Buy stores in the US. They really are absolutely fantastic, I have to say. And as always, I so appreciate all your support. You can always email me on Harry at the 20 minute VC.com. And I cannot wait to bring you Friday's episode.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “I loved it. And congratulations on what you've built with 20-minute BC. I'm a big fan, and I look forward to listening to all of the future broadcasts. I'm honored to be number 197. A truly hilarious show that was with Clinton, and a huge thanks to him for giving up his time today to come on the show. And if you love the show with Clinton and do not want to leave the world of the 20 minute VC, then simply add me on Snapchat at H. Stebbings to see behind the scenes of all things from us from the studio to VC offices to startup pitches. Alternatively, I would love it if you would sign up for the newsletter on the 20 minute vc.com. That way you'll never have to miss an episode or an update from us. And I'm also so proud to be sponsored today by a product that's truly changed the way I live and work. and that's Luma. Now Luma is the world's first ever surround Wi-Fi system that brings speed, security and control to your home Wi-Fi network. It really is Wi-Fi that you'll love. And unlike traditional routers, Luma comes in a pack of two or three sleek devices to place in different rooms around your home. The app then guides you through a simple setup and in just minutes Luma creates a mesh network that work together to create incredibly fast ultra secure surround Wi-Fi network.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “And I've promised the founder that I wouldn't publicly out him and announce it yet. Please look out for that one. I'm super excited about that. We did that with some of our favorite co-investors and first-round capital, Chris Freleich and a few other friends in the VR space.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “We had three that closed just in the last three months. We actually have a small investment. Crosscut has a small investment in Immortals, the esports franchise. Also arsenic TV, which is a next generation BDF platform. It's one of the most popular Snapchat channels. Super interesting team with a really strong woman co-founder named Amanda McAuliffe and Billy Hawkins. Love that team. Then we also have an unannounced VR and streaming investment. Let's just say if Facebook and Twitch had a beautiful love child, it would be this company.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “So I mentioned sci fi before. I think Neil Stevenson is a favorite author, and so I've read all of his books from Snow Crash to most recently Seven Eves, which is about space exploration, and it's about creating not just a multi-planetary species, but really creating the future for space exploration. But I also love some VC books like Peter Teal, Zero to One. I was a philosophy undergrad major, Plato's The Symposium is also a favorite book, The Lord of the Rings. I read a lot.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I'm a huge SpaceX fanboy. If I can somehow get a few billion dollar exits, I'm going into space exploration. And funding aerospace. This is something that I've cared about since, I don't know, junior high, high school. I'm a voracious science fiction reader. I think that SpaceX has an incredibly bright future. I think the ambitions of Elon Musk and what he's doing and thinking big is something that's inspiring for a lot of ECs, especially VCs that are at the seed level and investing in the new ad tech platform or this mobile game or in something that seems small in comparison to making humans a multi-planetary species. That's something that's inspiring to me.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “I think the single biggest challenge is how will the publishers act in this ecosystem? I don't think that riot games and valve and Activision Blizzard were really conscious that esports was something that was growing so big over the last five to ten years. I'm not sure if they consciously created League of Legends to become an esport. It's just something that the community took hold of and ran with. And now this amazing, massive market and this amazing community that is in some ways controlling them as much as those publishers are controlling the community.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “Wonderful. So I mentioned Fred Wilson and Brad Feld. I read their blogs every day. And I know they've probably been mentioned a lot on this podcast. One other person who I read every day is Dean Takahashi from Venture Beat Games Beat, the work that he does is great. Well, we generally say e-sports, not e-gaming. The biggest challenge, I think, is I just want to make sure. Okay, I'm with it.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Or do you think actually they would be as transformative as potentially some people think? I think long term. I think VR and AR will be an esports. I'm long-term bullish on VR. Like I said, the reason why one of the reasons why I got into BC was because of VR and that failed investment into Oculus. And so I'm very much a VR famboy. I just think that the intersection of VR and esports is still maybe, say, three to four years off. And what I mean by that is I don't think the hardware and the software and the latency has really caught up with where esports is right now just on a PC basis. There are certain things that have to happen technologically that don't exist now so that people can watch esports in VR and they won't get sick. That's a big issue. Once those things are solved, I do think that that's going to be the future of watching esports.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “One in terms of platform shifts and how it affects esports, in terms of how do you think VR and AR will affect the e-gaming industry? Do you think there'll be a mass transformation as it's so much more immersive?”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Facebook Live even, and they're watching it on mobile devices. They're watching it on their computers. They're not watching it on their TV. Their cord nevers. They're not just cord cutters. They just have never watched TV. And I think that that demographic is going to supplant some traditional sports. And I think some are going to survive, I think, for instance, basketball and soccer to very healthy international sports that are going to do very well. But I think you're going to see that. And if you interview young kids these days who follow esports and understand their passions and what they care about and their heroes and the athletes that they follow, I think you'll see that there's this big shift. And that's why people, and I think BC investors are interested in esports right now.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Some game, what's your thesis towards this? Well, I'm going to say something a little controversial, and that's that I think there are some traditional sports that are dying out, that are sitting on a demographic time bomb. If you look at, for instance, baseball, baseball, the average fan of baseball is about 54 years old and male and aging every year. The average demographic increases every year. And that fan next year will be 55, and it's decreasing on a viewership basis three to four percent per year. But you're seeing things like esports increasing 20 to 30 percent per year in viewership and engagement. And you have this amazing demographic of 14 to 24 to 34 year olds who are just starting to change viewing habits in a pretty fundamental way. They're not watching the content. They're not watching sports on TV. They're watching it through streaming platforms like Twitch or through YouTube.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “To purchase esports teams and franchises as well. The Philadelphia 76ers just did. We're seeing this in Europe as well as soccer teams by esports. Swansea wasn't the franchises. That's right. One of our investors is Steven Kaplan, founder of Oak Tree Capital and also he's a majority owner in Swansea City, the English Premier League team. Absolutely. I'm intrigued in terms of that integration of e-sports and tradition. Future of esports versus traditional sports, they are kind of”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “You have distribution like Twitch, you have YouTube, you have Facebook Live, you also have the distribution of traditional cable broadcast, you have ESPN and Fox and Turner all getting into esports distribution and broadcast and live streaming. That exists. Plus you have large brands that want to get into that. Plus, I think you really are seeing an inefficiency in the market right now where you have a massive audience. It just hasn't really been monetized in a significant way. What I mean by that is 200 million people watch these sports on a daily basis, monthly basis, much bigger. 36 million people watch the League of Legends finals this last year. That's bigger than the NBA finals. So it's possible that it could grow as big as one of those large franchises or one of those large traditional sports teams. And what we're seeing is those large traditional sports teams from the English Premier League, the NBA, NFL start.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “I think the prize pool isn't in and of itself a billion dollar outcome, but I think owning and operating and growing an esports team and a franchise and a platform could potentially be a multi-hundred million dollar or even a potential billion dollar outcome over time. And what I mean by that is maybe it helps to take a sports analogy if you look at what happened in the NBA back in the early 1980s. You saw teams like the Los Angeles Clippers get bought for $11 million by Donald Sterling. It just recently sold in the last two years for $2 billion to Steve Bomar. And I think where we are with esports is really the early 80s when the Lakers sold for somewhere around $15 million plus a plot of land. That's where we are. That's where we are. And now they're multi-billion dollar franchises, except for with esports, I think it's accelerating much faster than traditional sports because the infrastructure is there now.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “Bethanelle and some other people like Gregory Milken and Peter Levin from Lionsgate. We didn't really know what it was going to be. We just knew we were forming this esports team and we were solving some problems in the industry, creating some more professionalism around the space. It turned into something much bigger than I ever thought it was going to be over this last year. What I mean by that is it actually turned into a full-fledged startup with 30 employees behind it and some large revenue and some big sponsors and a future that I think is very bright. And I didn't originally think it was going to be that going into it.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “So at first, with immortals, it was something that I was torn with. I struggled with the idea of saying, well, I think this is a great opportunity to found and raise money and start up this esports team. But at the same time, I love my job as being of EC and a partner at this fund. How can I balance those two together? So I talked to my partners and said, you know, this is what I want to do. This is my co-founder, Noah Winston. I think he's a genius. And I think this is an opportunity and I'm passionate about this. I'm not just passionate. I'm kind of obsessed by it. Games is something that I've breathed. I've lived and I sleep about and I wake up thinking about it's something I really want to do. And I'm glad my partner supported me on this and we talked to our LPs about it as well. And at first it was just going to be a side hobby that was going to be something that was interesting to do. And so we raised some $2 million from some good friends in the industry, people who have been on your show like Matt Mazzio and Greg.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “It was a mix of people from Sherpa Capital and Founders Fund cross-cut. But then also just genuine, really great founders and entrepreneurs. And these are the people who they wanted to spend time with for their birthday, not doing business, but business is a byproduct of those relationships that they've spent time at Bernie Man with or they've gone to travel with to LA to celebrate their birthday. And I think people like that have done a very good organic job of building those relationships.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “And I just think that the relationship they built with each other and then with other VCs in this space is phenomenal. We had the chance to get to know Fred. He spends now a few months a year in Venice right near our offices at Crosscut. We've had the chance to get to know him socially and just to understand what he does both at Union Square Ventures and with his blog at ABC and just supporting the community, supporting other investors, I think is something that's really authentic and very genuine. Brad the same way. I start to see, I think younger VCs, not to say that they're not young, I think they're still very much in the prime. But younger VCs start to do this as well. I was just with Robin Chan and John Teo. John Tayles at Binary Capital and Managing Director there, Robin Chan is the CEO of operator. Just this last weekend, and they were celebrating a joint birthday party in LA and just seeing the group of people that they had around.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “That's a great question. I see so many people who've done great things. I mean, two mentors who don't know that they're mentors to me.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “I think it will. We're starting to see that happen with Y combinator. There was a great article I just read profiling Sam Altman in The New Yorker, and I respect what Y Combinator has done. And I'm a big fan of what they've done over the last three to four years that I've been tracking them and been participating in YC just by creating a different system that's essentially flipped supply and demand for V-seats is doing something that's inherently disruptive, but it's also doing something that I think needs to happen. And it's not to say that relationships and networks still don't matter. And they always, I think, will matter to some extent. But I think that flipting putting the power more in the hands of the people who create the value, the entrepreneurs and the founders is not a bad thing.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Expertise. They can win deals by being a nicer person, by being a more genuine person, by being a good friend, by being authentic, and by co-investing with other great VCs, and by developing a relationship with those founders and entrepreneurs. And I think you develop a relationship over time that allows you to get into those deals through those non-financial influence. That's what's exciting to me.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “I think a way of doing it authentically is you meet people you care about and that you genuinely want to meet it organically leads to doing deals and working with people who you want to do things with. And I think it's hard to explain until you actually see it. But I think the people who aren't genuine in this industry get marginalized pretty quickly. I think the people who aren't authentic and the people who aren't good actors, I think they get pushed out. And that's just the thesis that I have. I'm a fairly new VC. I'm only three and a half years into it. But for me, I see VC as being one of those last industries, one of those last categories that's inefficient still. And what I mean by that is it's not like the public markets where the highest bidder is always going to win. I think VCs through relationships, through various networks, through various”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “I think that's a great question. I don't think it's a market of bullish predators because I think those bullish predators get forced out of the system. I think you can be a short-term”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “I think it's becoming leaner and meaner in many ways going from company that does $2 billion a year in revenue. You have massive staff and hierarchies. I had two executive assistants at Square Enix who worked with travel and scheduling and any need that you had. And now we split one executive assistant between four managing directors right now at Crosscut. We take most of our meetings ourselves. We only have one senior associate. And in a lot of ways that makes it much more rewarding for me just being a lot closer to the work, being closer to the entrepreneurs and the founders. I love it.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “One of the biggest surprises is the deal flow and just the fire hose of information that you're subjected to on a daily basis. I think a crosscut, maybe we see, we counted it and we have data that tracks it. We saw over 3,000 deals this last year. And of those 3,000, we met with 400 of them face to face and brought them into our office. And we only ended up investing in about 10 to 12 of them. That's what we do. And that's our cadence. To get to that 10 to 12, the number of meetings, the amount of time that you spend, again, that fire hose, a deal flow, I didn't realize that's what you had to do. That's rewarding as well. It's just difficult.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “I do think that the VCs I've met who've had operational roles and also founding roles with companies have strong empathy and not just empathy but true compassion for the struggle of being an entrepreneur and a founder and working in large companies. It's just incredibly difficult to get to scale, to start something up from zero and go to a huge outcome or a huge multibillion dollar company. Being able to speak with entrepreneurs about that understanding what it's like to go through that struggle is something that I think they appreciate. And it's something that I look back on and I really appreciate having that experience.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “looking at looking at deals with them. And I didn't realize that over three to six months it was actually a very long interview process. And at the end of that interview process, they gave me an offer I couldn't refuse.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Potential investments in and around the video game space. And I saw Oculus Rift come up. And Oculus, as we know, had a $2 billion exit to Facebook a few years ago. Well, I tried to get in on the Angel round of investment in Oculus right after their Kickstarter. I thought, well, I'm the COO of Square Enix, this $2 billion company. Surely I can get in. And I talked to the lawyers and talked to some of the people doing the deal. They said I could get in. And then a week later, I figured out that I wasn't in and I was outraged. I was like, who are these people who didn't let me in? And it turns out there were these VCs who wouldn't let me in and they didn't really care that I was the COO of Square Enix. Through that failure that I really started networking more with VCs and understanding their role in the ecosystem, the startup ecosystem. And I got introduced to Crosscut into Rick Smith. Rick is, in some ways, the godfather of VC in LA. I started going to partners meetings with them.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “I think it's a little unconventional. I failed to the role of being a VC. And what I mean by that is I had a great role at Square Enix. Square Enix is a publicly traded company that's based in Japan. It does video games and it's a large publisher. We do. I still say we sometimes, so forgive me on that. But we did Final Fantasy, Tomb Raider, Space Invaders way back in the day. And it was an amazing company. I got to work with some of the greatest creative people on the planet with Final Fantasy, with Kingdom Hearts, Batman. And I loved it, but I always thought there was something a little bit more that I could do. And I started meeting people like Mitch Lasky at Benchmark and saw some of the work that he did going from an operational role at EA and Jam Dat to benchmark. I think the juices flowing in my brain and thinking maybe I could do something like that too. And so I thought about angel investing and I started to look at”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Thank you so much for having me, Harry. I'm a big fan of your show, big shout out to Judith at WeatherGage as well. One of my favorite people in favor of LPs.”

    2016-11-02 · The Twenty Minute VC · 20VC: Why You Have To Be A Good Long Term Actor To Succeed in VC & How Owning An Esports Team Could Be A $Bn Outcome with Clinton Foy, General Partner @ Crosscut Ventures · IDENTIFIED FROM THE TRANSCRIPT · source