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Danny Rimer

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2024-06-17
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2024-06-17
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  1. “It's such a pleasure, Harry. Thank you so much. And your questions are never what I expect them to be, but I always end up telling you a lot more than I had planned on”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “I don't know. I mean, that's up to the partnership. I'm one voice, and I shouldn't be there in 10 years. If I'm still there, I'm doing something wrong, or they're doing something wrong. So I'd like to see that the baton has been passed and that the folks are taking index to higher and higher territory, but maintaining what we're all about”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I really would love to see that index in ten years has continued to progress on a number of fronts. First of all, that the partnership is not much bigger than it is today, that our funds are not much bigger than it is today, but that our returns have only gotten better because the caliber of partner that we have is better because we've hired better people and they've learned from better investors and we're seeing better companies and we have a better mechanism of really understanding who the best entrepreneurs are that match our culture and that we're really good at winning and doing the sourcing, winning operating and exiting side. I would like to think that index might have one more office in 10 years. We open an office every 10 years, at least that's what we've done. So maybe we'll have another geo in 10 years and we'll have...”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “Some of the best investment advice, I think, is remembering how humbling this business is and not thinking that you ever have it figured up, that every freaking time you are going to make mistakes and all you can do is learn from your partners and learn from the history of mistakes that you've done prior, but you're not much better if any better at this game.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “I feel like I've given so much here. Come on. You want more, like, what else? I've told you everything. I have no secrets.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “Based on really some important tweaks to the benchmark model that Andy Ratcliffe and Kevin Harvey taught us about. One of them was if you are crazy enough to open an office in another job.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “I mean, we were just talking about benchmarks, so actually, the person I learned most from was one of the original benchmark partners named Kevin Harvey. who is incredibly generous in a couple of ways. The first was I joined the board of MySQL after having lost the deal, so I had decided to partner with KP because it was against benchmark and it was in the heyday of KP and Kevin still won them over, but Martin, the CEO, was excited about index enough and wanted to give us a shot that he gave us a little sliver so I could join as an observer and then we had the right to build our position up to ten percent as secondary came available. And so Kevin went from not really wanting me at all to being just a great board member to learn from in terms of his approach to also being an incredible source of learnings that he was generous about on how to do things correctly and how to do things appropriately. So a lot of the early decisions that index did were based on”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “The folks at Sequoia are a big, fierce competitor and the folks at Axel are fierce and those come to mind for consumer stuff. Certainly Sequoia comes to mind a lot. Benchmark, we don't see him as often anymore, but I mean, we pay attention to all these folks.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Actually, interestingly, it's now back to its roots. So what happened was during COVID, Discord became much more of a mainstream platform. And now it's going back to what it was when we invested, which is really a vertical solution for gamers to enjoy themselves. That's really what they're about.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “To have dinner with myself and two partners the night after at that dinner he showed us two slides. So Dick Costolo from Twitter was spending time with us as an adventure partner at the time. It was Chardul and myself. We had dinner with him and he showed us two slides and based on the retention of Discord at the time we followed up the next day and offered him a term sheet. So that was a really unusual, unorthodox approach.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “Meeting Jason from Discord because none of the investors wanted me to meet him. They had no desire to get another investor in. And I finally convinced Christian from playfish who was at EA to make an introduction and Jason gave me 15 minutes and I showed up at a blue bottle. Jason's like, okay, well, you know, who's a super nice guy? I don't know if you've ever interviewed him, but no, I haven't. Super nice guy. And he's like, you know, Danny, I'm here. I have 15 minutes. And I said, great. And it was just the day or the week that Nasty Gal going into bankruptcy was announced. And so I wanted to talk about Discord. He's like, so tell me about Nasty Gal. Tell me about that experience. Tell me about how it went with the entrepreneur. Literally, it was an hour of grilling me on how I had handled and we had handled that situation. And it followed up with him agreeing.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Yeah, because especially in this industry, right, we've been trained to think through first principle thinking, to be analytical, to think of all these other signals that either are the primary driver for our investment thesis or are the primary support for our investment thesis. And I'm sort of saying actually, what is the first impact? What is the first reaction that you have to the founder, to the opportunity? How does it make you feel? Can you build on that? All of that other stuff is actually going to help you rationalize one way or another, but try and keep it as far away from your decision making as possible.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “It's going to sound really weird, but there's this whole dimension, the spiritual dimension that I was sort of holding myself away from, you know, like how do I explore that side? How do I explore instinct and gut? And how do I look for deeper meaning in things that are not evident and clear in the same manner?”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “There have been certain trips that I thought were absolutely essential for index where I really pounded the table at home that I should go on and I really regret those trips because they were completely meaningless in the grand scheme of think.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “Holy shit so many. Unfortunately, the priorities have always been to prioritize work over family, and those are the biggest regrets always, rather than the other way around.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “I spent your wife. She was one of the references. I let it out. Go. There you go. I mean, it's kind of you to say we have a great marriage. I think it's a question of just prioritizing the right things. There are very few priorities in my life and my family is the first and my work is the second and my interests are the third and that's it. I don't really have time for much else. And so once I have that clarity that it's a question of putting in the time and the effort in the best way possible and a lot of it is luck, right?”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “It's more about whether their passion is true to what they're going after. They might have different reasons, like one of the companies that we've invested in, I'm super excited about, in a new market that we haven't spent any time on in a long time and that sort of felt like a sleeper for us, but we're super.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Always. I mean, as I said, you know, we expect the American founders to be very polished and sophisticated, and so therefore we discount quite a bit of what they say. And we do the opposite for European entrepreneurs. What's sort of cool is that we feel like outsiders in both continents, and so therefore we have a little distance, but we do understand the culture as well. That's why we really invest in Europe, in the US, and Israel. We don't really invest in other geos because we don't, that was why we didn't invest in China or in India or Latin America because we didn't see what competitive advantage we had to understand those cultures, to understand and have the right filter to be able to truly see what the entrepreneur was saying and sift through what was true and what was probably an exaggeration.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “forward and the entrepreneurs are better and the teams are better and the support that's being provided is better, the ability to be a global phenomenon and be globally successful has only gotten greater”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “When you hear that, you like total bullshit? Yeah, bullshit, no, but absurd. I mean, we're seeing so many opportunities. Every time we've messed up is when we overrotate a bet against Europe. Here's one that was shocking to us. You know, as a firm, we sort of felt like Brexit is going to have an impact on the UK when it comes to starting companies. So we have to spend more time in Berlin and Paris and Amsterdam, Stockholm, all these other places where entrepreneurs are more likely to kick off companies. Well, guess what? We were totally wrong on that. London has continued to maintain basically an equivalent dynamism of entrepreneurialism as it did pre Brexit, which is a total shock to me, but it's absolutely true. We've proactively fixed that. Europe is just moving.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “You know, it was many discussions because we were trying to squint and figure out who was going to be the champion was going to lead us to the promised land of being excited about crypto. And none of us could do it. There were many approaches. Martin is really good at being disciplined and process oriented, really thinking through new areas. And so he dabbled, tried to get excited, but he could. So the baton was passed to Mike at the time. And he could. And then the baton was passed to me. Maybe on the consumer side, maybe on the gaming side, and I couldn't.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “Making sure that we didn't fall into the herd like mentality, and staying true to our roots of being outsiders. That was really tough because basically it's a one industry town and folks have been there for a long time or folks scream for mountain tops incredibly loudly, but we do have a differentiated approach. So just making sure that we weren't falling prey to what everyone else was doing. And those are some of the proudest moments of index, right? Like when we didn't invest in crypto, when it was more contrarian to not invest rather than to invest in crypto, that was tough, but it felt right.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Well I mean, making the toughest calls, it is again. It's me. No, you know, it's making the tough calls as a partnership. The fact that the partners in London were holding the fort while we set up to start San Francisco and they gave us the time to make a presence, but also invest it. I mean, Jan was flying there back and forth, you know, once a month for a long time as we were setting up San Francisco.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “It is much easier out of one office. That's why when we open offices, we don't actually hire folks to open the office. We actually take partners from one office and move them. So Mike and I moved to San Francisco to open that office. And Chardul and Martin moved to New York to open that office. And it's not in either situation as though this was a family-led decision. There was a lot of revolt with families to do what was right for the firm. But we felt that was the only way to make sure that we understood body language through Zoom calls and screens by bringing that culture to those new geos.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “I'm very vulnerable and explain my issues. I always ask for feedback on what I am doing well, but more importantly what I could improve on how I'm supporting the company or how I'm delivering the message. And I don't hold back from making sure that they understand what I'm recognizing and what patterns I'm seeing repeat themselves, which I've seen ten times before.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “And it's having social pressure because he's such an amazing coach for investor. Amazing investor. But he explained to me the difference. So empathy, you're taking on an understanding. You're like literally taking on the pain of the other, which is not really helpful. Compassion means you understand what the person is going through, but there's a distance between you and the other person. So you can actually be much more helpful because you're not taking on all of that difficult energy and that difficult emotion that is coming from the other person. So compassionate ass kickers means that you're compassionate. An ass kicker means that you get stuff done. If things are not happening, you actually push someone out of the way and you make sure that you execute on the plan. So back to that true north when it comes to giving feedback to entrepreneurs. I'm being very transparent.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “They don't need us to be a success, but our contribution can create another multiple. If I can take a certain ten x and make it a 12x or 14x, it's well worth the time.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “The only way I can do it is by trying to remember all the mistakes that I've done as much as possible, trying to remember what our true North is, what we're trying to do, and making sure that my partner is keeping me honest”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “Okay, so great question. As I reflect on it, it was a big check that I had written. It was a growth investment, I had pounded the table on it, I got full support unanimous support, said Felgood, in the first round, but then I came back because the company needed more money, and I pounded the table there. And the partners are like you sure about this. And I did get a positive vote, but it was not the high average that I got on the first one. And so I felt responsible to the partners that I didn't put good money after bad. And not only did I put good money after bad, but the opportunity cost of spending time trying to turn around nasty gal versus focusing on the next great opportunity was very expensive.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “Because it's difficult for anyone. I mean, that's part of the reason why I think that operators are not necessarily the best investors.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “It's more than one zero. But the one that I learned the most lessons from is probably Nastigal. This company that was in the US, it was an e-commerce company, actually the founder Sophia wrote a book that was really popular about her journey as an entrepreneur. But what I learned about the Nasty Gal situation the most was the fact that I was trying my darnest to make it somewhat successful, just money back or an ongoing concern, even though my partners were saying, Danny, please let this go, you are spending so much time thinking about it. I'm like, guys, I hardly have any more board meetings. They're like, yeah, but how much time at night are you thinking about this? You know, before you go to bed, how much time are you trying to figure out how nasty gal is going to work? What is the first thing that you're thinking about when you wake up?”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  32. “Areas, let alone the fact that they're much better than they think they are in other areas. So it's really sifting through and being able to actually recognize that spike in Europe and celebrate that spike and get them to continue to focus on it.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  33. “By the way, what I would say about Evan is he spiked in certain areas. I mean, he was not great in other areas, and I'm still not sure that he's great in the other areas. So I think it's more about having a really clear spike in a particular part of your personality or vision rather than the full product. And part of the reason why at Index we love working in the US and in Europe is that those spikes manifest themselves in very different ways. In the US, folks are super confident. And so, you know, they will not only spike in certain areas, but they're actually not that good in certain areas, but they'll still think that they spike in those areas. And so the level of polish and sophistication that you have to sift through is really significant in Europe, of course. It's the antithesis of that, right? Like they're not even aware at how good they are in particular.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  34. “Clearly the one or two that you make per year, so my wife, whose spiritual student, but really she's a teacher more than a student, but she probably would not acknowledge that, you know, she talks about the fact that we are constantly at forks in the road and really our path is just making decisions at different forks in the road so we make hundreds of forks in the road every day. And so whatever our path is is based on this ledger of what we've done, whether we've gone left or right. And so a lot of luck and a lot of decision making, I think, is aligned with those forks in the road.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  35. “I'll never forget meeting Tomaj. He was at DSD at the time and we met up and it was a year after we had done that Facebook investment and it was still pre-IPO and we were exchanging notes and he asked me, so how have you been spending your year? And so I told him about the new companies and I was excited about and the new investments that we made and I asked him, so how's your year been? What have you been doing? He's like, I've literally spent my year just trying to scoop up as much Facebook secondary as possible. And I promptly paid for that lunch and went back to the partnership and said, guys, we've wasted a year. That was a brilliant understanding of where to double down on value and where to spend your time.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  36. “So, gosh, it's interesting what you're digging up here. No, so this was a funny one. So we raised the growth fund, the first growth fund, the first call was to Facebook. So Owen Vanada and Chamath came to London and Gideon.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  37. “Clearly we could appreciate how brilliant Evan was. Was it really obvious? Brilliant. I mean, had such clarity on what Snap was and what it wasn't and how he was doing it. To my recollection, that was really a case of having full conviction about him, but not having the courage of investing north of 10% of our fund in the company. And you know how I was talking about valuations? At the time, we thought the peak amount that a social platform would be worth was a billion dollars because Instagram sold to Facebook for a billion dollars who were like, okay, how big can Snap really be fundamentally, you know, and YouTube was $600 million? Or how big can Snapchat truly be? Is it realistically going to be another social media platform? Can you be worth hundreds of billions as a social media platform? Naive about that.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  38. “I mean it was Naivete, right? It was one of our first growth funds and it was going to represent north of 10% of the fund in one investment and we didn't think creatively on how we could justify that amount. I remember it distinctly as $61 million and we were willing to invest forty million dollars and that incremental $21, we should have just said, yes, we're in for it and figured out on the back end how we were going to do that.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  39. “Please, please So what happened there was to my recollection we had the opportunity to invest, but we had a growth fund and we were unwilling to put the amount necessary to lock in the round. And so as a result of that, we didn't do the deal.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  40. “Yes, you're right. You got to meet a lot of people, but you have to make sure that your time is not equally distributed with those people. So have enormous amount of time with folks who clearly are exceptional and try and limit the amount of time that you spend with folks who are still figuring out what they should be doing.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  41. “The recommendation that I always give new partners who join like FLAD from Airbnb just joined us, the visceral desire is to put points on the board, get involved, make a lot of investments, develop that muscle, meet as many company as possible, kiss every frog, etc. And my recommendation is always the antithesis of that. Take your time, make very few bets, really think through every meeting. Don't see that many folks unless the bar is maintained.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  42. “Really depends on the story. In the case of King, they kept on reinventing themselves. They reinvented the team or members of the team. They reinvented the org structure. They reinvented the approach that we're taking to the market. So it was almost as though they were hitting the reboot button every twelve to fourteen months with a new approach getting further conviction about the market and about the fact that they were going to win, irrespective of what everyone else was saying. That is such a great team to continually give them more time to figure it out.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  43. “Right. Well, you don't have Chardul as a partner. So Chardulla is always like, do you like this company or not? Like, why are we not increasing our ownership even though it's a later stage round? I mean, you and I have talked about this. The dynamic of having peers around a table who think very differently from you, but are emphatic about their perspective. And it's clearly different from yours. You just get to a better decision.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  44. “When we have conviction on the early rounds, there's a lot of room to stretch on price. In the later stage, growth rounds, when the multiples are going to be more challenging to get, we have much more discipline on valuation.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  45. “Bigger valuation Michael Chaufin and Mike Rismond. And then we decided to make an exception to the rule and still put in a smaller check. So we were going to lead with $15 million, which at the time was a huge Series A. And they came in with $25 million. And we had an opportunity to put in an incremental $5 million at their valuation. And we decided to hold our breath and do it. And it was clearly a great decision. That was really based on the team.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  46. “Big successes, you know, King was an amazing lesson in the sense that King was a company where the market really collapsed on them. So at first it was skill-based games on the web. That didn't happen. Then it was skill-based games on mobile, but it wasn't quite working. Then they had to reinvent themselves and be on Facebook, mobile games channel, and they had some successes there. It's such a great lesson of an incredible team like Ricardo, Sebastian, and then eventually Stefan, who you know well, coming in and just grinding away at excellence. That was an amazing story of success. It was also a lesson for index because we wanted to lead that round and then the APAX folks who didn't really play in our space came in and offered a much”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  47. “Just remember I mean, I have so many stories. Come on. I don't know. I would like to think that my biggest winner is something that's gestating right now. There's no reason why they shouldn't be bigger. I mean, you know, Charmagne, I”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  48. “Another one where we sold too early was definitely Etsy. We didn't take into consideration the fact that Josh Silverman was going to come in and totally transformed the organization and that obviously we left a lot of money on the table. At that point we weren't on the board and so therefore we didn't have the same knowledge of the company back to your earlier question, I guess. Not in all cases have we lost money by holding too long. It's been mixed, but it's mostly been holding too long.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  49. “I'm talking about when a company is public, just making sure that there's discipline around not optimizing because we think that they're going to be worth so much more the next year than they are today, but rather evaluating the company. And I've been a recipient of this advice, like Danny, if you like it so much, you can keep the stock, or if you like it so much, you can buy back that stock. But right now, we're making the right decision for our LPs. But we're going to”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source

  50. “When it's a private sale, it's really difficult to do, right? Because the market is not as clear. more difficult to really have transparency on what's going on in the company. When I was talking about exiting, I was really talking about exiting when the company is public from one investor to the next, that's difficult. Unless you're getting fully out, you know, in the case of end clothing, we sold it to a private equity firm that was a clear sale. But it's really tough when you're taking increments off as the company is growing. I mean, you might be very good at that. We're not even trying to do that.”

    2024-06-17 · The Twenty Minute VC · 20VC: Index's Danny Rimer on Investing Lessons from Hits like Figma, Discord and Etsy to Missing Snapchat, Airbnb, Facebook & Spotify | Why Valuation is a Trap and Market Sizing, Signalling and Sector/Geo-Specific Funds are all Noise · IDENTIFIED FROM THE TRANSCRIPT · source