YouSaid · the spoken record

Danny Rimer

lines on the record: 96
first: 2024-06-17
most recent: 2024-06-17
sittings or episodes: 1
sources: podcast

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“Yes, we will. In our winners, it's a question of, first of all, just being disciplined about when to exit, making sure that we are not sort of falling into the trap of thinking that because they've been successful, they will naturally be more successful over time and making sure that we hold the partner who's associated with a company very honest by insisting that they have one vote rather than the primary vote on deciding when to exit. That's a really tough thing, but it's made an enormous amount of difference from Audien to Data Dog to Roger. When do you think you...”
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
“They have another shot at it, or they don't want to disappoint people. We're not disappointed ever. If a company shuts down, they've given it their best shot. God bless. Thank you for letting us be part of the ride, and let's move 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
“I'm sorry to be so unclear about this. It's really going to be based on how much conviction they have on what they're starting up afresh rather than trying to come up with something because they feel like”
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
“Well, in the case of a failure, you want to make sure that you're aware of that failure as quickly as possible. You've learned those lessons and you convince the entrepreneur to shut down shop and start something new with the scar tissue at hand.”
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
“Very kind. Thank you. Back to the discipline RLPs are, we have no family offices and sovereign wealth funds. They're all institutions and they're mostly nonprofits or their customers are nonprofits. So we're really trying to make sure that our fiduciary responsibility is creating the most amount of returns as possible because they're professionals and giving it away. We're not going to sacrifice the quality of the company based on anything but trying to create the most amount of carry as possible. When it comes to exiting, it really clarifies things, right? Like we're just trying to make sure that we don't believe our own BS. We don't get emotional about our own entrepreneurs and that we stay true to creating the biggest exits possible or getting to a decision of exiting the company as quickly as possible when it's not working. So exiting is both for successes.”
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
“I think probably one of the things that index is best at is the exiting part because we spend a lot of time thinking about exiting”
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
“Yeah, that's right. But it also takes a long time to get to that scale where your brand is actually relevant to people. Very few of our companies across the portfolio, and we have a pretty significant portfolio, and we thankfully have some great entrepreneurs. Very few of them legitimately have brands yet. In fact, I'm not sure that any of them truly have mainstream brands.”
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
“I guess we're saying the same thing, Harry Witches. Most brands are not real brands. There are very few companies that have true brands.”
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
“Off record The technology space has been so lucrative, it's been such an incredible industry that most companies create brands as a byproduct of a great product or service. I really couldn't tell you what Google's marketing strategy has been from the get-go, other than a cool white screen with like a cool couple of colors with their logo and maybe a drawing.”
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
“I mean, of course, we're trying to wedge ourselves in between, right? That's a plan. That's a pain, but I agree with you. I think there will be asset aggregators and artisans. And what we're trying to be, what we talk about internally is scaled artisans. The parallel that obviously we have to come up with examples of how to think about it, and I do have Swiss roots, right? I grew up in Switzerland. And index started in Switzerland. So we were thinking that the Apple Watch is actually the most successful luxury watch out there. It has many more skews than Rolex that sells a million watches. However, from a profit standpoint, Rolex and used Rolexes are much better business than Apple. Maybe we could be the scaled artisans.”
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
“Well, the larger the funds, the more folks you have to hire, the more partners you have around the table. Everyone at index, we have very varied personalities, but we all really enjoy working with one another. And it's just relatively small crew that fits around a table. The more funds we have, the larger the organization, the strategists that we would have would have to have bigger teams, and they also like being smaller. So it just changes the configuration. And possibly it changes also the motivation. You know, we've always been focused on getting to carry as soon as possible. And the larger the funds, the longer it will take, the more attractive the management fee is. So it just doesn't sit 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
“First of all, because we have plenty of resources, it's more a question of making sure that we have enough resources to continue to back the entrepreneur. The second one, it would have probably changed the whole dynamic and culture of the firm”
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
“I think so, I think so. I think it's more a question of how thoughtful are folks being about putting that money to work. We've talked about this before. I'm not a huge fan of sector funds because I think that with sectors you're now looking for the best companies you're looking for the best company in that sector. I'm not a fan of impact funds because you're rationalizing a mediocre investment because you're doing something good for the world. I'm not a fan of like geographic funds because again you're looking for the best companies in a geo. Those are all compromises on the caliber of entrepreneur and company that you're backing.”
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
“It used to be more of a concern. I think there's so much money sloshing around and so many folks have so many different funds that signal risk is more of the past. I mean, if you look at the continuum of entrepreneurial power versus investor power over the last couple of decades, it's only gone in the entrepreneurial direction. If you want to raise at this point and you are capable, you're going to be able to raise irrespective of who's been in previous rounds. It sounds self-serving, but I really feel like it's happened. It's really rare that we ever not get to invest because folks are concerned about signaling any longer.”
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
“We're very fortunate, right? Because we have a seed adventure and a growth fund, and we've had the same in LPs for a long time. They give us enormous amount of latitude, and it's the same folks who invest across multiple funds. As soon as we have signal that we think is better than our peers and that validates what we're betting on and that we can convince the team to take our money is as soon as we want to double down.”
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
“They were very clear on how much time maybe my ignorance is bliss in that one. You know, they were very clear on how long it was going to take to actually come up with the technology. And I had no reason of disbelieving them. As the more and more I learned about Evan and Dylan and the team that they were putting together, the better the team was and the more confidence I had that they were developing great product.”
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
“Probably more patient on the technology and the amount of time that it takes to come to fruition rather than a question of whether the market is going to be excited. I would call that a second derivative plague. Not only does the product or service have to be excellent, but I'm also assuming that once the product and service is out there, there's going to be a new interest in that product or service. I wouldn't do that. In the case of Figma, clearly it was going to take three years plus to come up with an alpha. But that was more a question of were they going to be able to deliver the product of significance enough to be relevant and to dominate the market and sketch was the best example of what Figma could become. So that was more a question of product development, but the market was clearly there rather than product development and I have to assume that the”
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
“It's critical, no credit for being too early. However, what has been a truism, companies that are excellent can go out in any market. So I don't really believe in these IPO windows for exceptional companies. I think that the best companies can go out in any market, and they can even do stupid things. Google went out in the worst of markets and did a Dutch auction, which was absolutely no need for. So many entrepreneurs want to reinvent Wall Street and the mechanism of going public in a similar way than they're taking 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
“The way that my mind operates I try and sort of cancel out the noise and focus on the things that are really critical, so I don't really think about which companies are going to be worth hundreds of billions. I'm trying to think of how do I make so many index-backed companies worth tens of billions and possibly hundreds of billions. But clearly I invest in NVIDIA. I should have doubled down a lot more when I did a couple of years ago. That was a big mistake. Back to my equity analyst days, there are a number of companies that are reinventing themselves today that have not been public for such a long time, who are probably going to be worth hundreds of billions.”
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
“Well, it used to be five, and now it's seven, right? And you're making it sound like NVIDIA is a no-brainer that's been around and valued at trillions for a long time. So I would say the reality is that set of highly valuable companies in the trillions, but also in the hundreds of billions is going to change. Certainly the hundreds of billions ones. And the ones that are languaging probably is more a reflection of execution and product market fit rather than the fact that they're languishing for other reasons”
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
“There are many but clearly Tam is one of those that always raises its head and we always sort of like bash it down, remind ourselves how often we've gotten that wrong. So the other one is valuation. We always evaluate the multiple that we're paying based on the current snapshot of comps rather than thinking out what is it going to be worth if every company continues to grow and if this specific sector grows, what are the implications of it? Honestly, I hadn't really thought about companies being worth multiple trillions until Apple hit that trillion number. It's like, oh yeah, of course. So we're now into the hundreds of billions.”
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
“It's a great question. I would suspect that we're pretty good at analyzing, at least as a firm as a partnership, our success is, probably have a tougher time than we should at celebrating our successes. I think anyone who's competitive and driven has a difficult time at celebrating successes. It's one of the aspects that I really focus on my entrepreneurs to do. They have such a high bar and such high ambition that they forget to really celebrate the success in the journey. And it's a tough journey. So you should really take advantage of those successes. I really do believe that we can get better and better at this craft and the way that we get better and better is at analyzing our mistakes. And as an institution understanding those mistakes and making sure that we don't do the same thing the next time, as uncomfortable as it may seem, we make sure that we don't fall into the same pattern the next 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
“It's really difficult. We're trying to get to the essence of why we made a mistake. So we really learn more from our mistakes, right, than our successes.”
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
“Yeah, well, you have a good excuse. I mean, one of our tenants is definitely that market size TAM is noise. That is a clear viewpoint that we learned early on that we were not going to be able to judge, as you said. You can't judge the market. And so therefore, it's crazy to assess an investment based on the size of the market. I mean, one of the big lessons on Airbnb was when we were evaluating it, we were thinking, how many hotel rooms is Airbnb going to cannibalize rather than thinking, actually, Airbnb is going to create an entirely new market, an entirely new amount of inventory that has never hit the market prior.”
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
“I mean, we don't really do outcome scenario planning, but we absolutely try and get comfort on the size of the market. Sometimes it's helpful most of the time it doesn't really mean 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
“Well, it depends on the stage, obviously. But if it's seed in series A, and you're talking about an exceptional founder, we would throw away any preconceived notions of market, especially if they already have a really good instinct of the team that they're bringing on board and clearly have a high bar for colleagues. I'd like to think that we'd back that founder every 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
“You know, that's probably been a big learning over the years. And I would like to think that index has learned from its mistakes. I would say that we would back the founder, period.”
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
“Right, no, I agree with you. I mean, I think that in the case of Spotify, for instance, actually, I was able to know that Daniel was exceptional from the work that he did for a previous startup in his spare time when he was still a high school student. He built the back end in a matter of weeks. I knew that he was extraordinary. That was a big lesson is if the person's extraordinary throw all theses out the window and just back the founder. But it was really more a case in that situation of having dealt with so many music opportunities and they were so challenging, you know, selling last FM to CBS, being an investor in SoundCloud, being an investor in Juice, which was a shit show that by the time he came about, we didn't have the conviction to throw away all of our preconceived notions and just back him.”
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
“How do they pursue it? I've heard that you It's a combination. I would say that probably you start by doing a lot of work on your own and making sure that you're actually committed to it and that it's going to stand the test of time and then bring in colleagues and spar with them and bat it around. And then once it's more mature, then pitch it to the partnership and see if they think this is a helpful thesis in terms of looking at things.”
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
“Okay, so an example that I would think about is when we decide that fashion might replace music as a social lubricant. So when I was growing up, I could go to Nairobi and sing a Michael Jackson song and a guy who spoke Swahili would sing the same song and we would bond over that. And then with Spotify actually, you know, music has become more pervasive, but albums have shifted the focus on albums is less important. So we were thinking maybe fashion becomes that lubricant. Maybe people are going to identify and become part of communities around the brands or around the style that they align to. So that led us to netoporte and clothing and ASOS and farfetch and goat and Anina Bing. And so it was really helpful to have this crazy idea about fashion replacing music.”
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
“Exactly. And I'm like, and you regret it. In the case of index it is, it is a story of discipline and it's a story about manufacturing discipline in as many different ways as possible. And so for us, creating investment theses are a way of making sure that we are building conviction and that we can support the conviction that we have. And so everyone is encouraged to have a major and a minor. When it comes to investment thesis on the major or the minor, it's taking a new approach at looking at a specific area. Whether we're right or wrong is actually less important. It's a way of sifting through opportunities and figuring out what we're looking for and whether once we see it, we're going to be able to pounce or not. So having that clarity around a thesis is helpful.”
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
“That does not make me feel any better. Brian Chesky from Airbnb repeatedly loves to say index is the best partner that never invested in the company.”
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
“There have been a number of opportunities that for a reason or another we passed or we didn't show up in the right way to win the deal. One is Spotify, another one is Snap, another one's Airbnb, another one's LinkedIn. Those are the four that we had real opportunity in some fashion or another to manufacture the opportunity for index to be in the round, and we failed for different reasons.”
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
“I think the voting is twofold. The first is to make sure that the partners who are really bringing a deal in have an enormous amount of conviction. So if they're coming in and it's like a seven, you know, it's going to be really difficult unless it's unanimous. Our best decisions, our best investments have always been unanimous. But really the point is to see whether the partner has so much conviction that they're going to get us to be positive about it. And so the outlier is going to be welcome, but we're going to look at the partner who's bringing it in, the sponsor, to ensure that they really want to do this. They're not sort of saying like, I'm scratching my head. I don't know whether we should do this or not. If that's the case, we'll have a healthy conversation about it and unlikely we'll do it. But if the person comes in and it's crazy and we really are looking for that partner to show how excited they are, that will have a huge amount of influence.”
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
“We have gone through so many iterations, but we actually landed on something which I probably would say stayed with us for over a decade, which is every investor has a vote and we have a voting system that goes from one to four and from seven to ten. So you can't do a five or six. And you need a certain threshold of positive votes north of six to get an investment pass through the partnership.”
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
“A lot of business school folks were constantly in meetings, constantly reevaluating the same thing. And so he created an all hands and at the all hands he said, folks, I grew up in Mississippi and we have snake rolls that are very important. And I want you to think about 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
“Another one that I taught to my entrepreneurs about all the time the snake rules, so Jim was an incredible executive. You know, he was the COO of Federal Express during its heyday for 14 years. Then he became the CEO of AT&T, which was Macaucellular. And then at the beginning of the internet, literally the first company of import was Netscape, probably the open AI of its day. And Jim was tapped to become CEO of Netscape. He had the pick of the pack of the smartest young talent joining, and they were running around trying to figure out what Netscape should be. Should be an enterprise play, should be a consumer play, should do this partnership with Cisco and get paid, should it reinvent, you know, the security socket layer and build a company or should it create a new company called Verisign. They had so many people running around with so many opportunities that he was looking around and he was seeing that all these people, all these young folks, a lot of management consultants.”
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
“Reflecting back, not jumping on the bandwagon and going to China or India was actually a really important lesson for us in maintaining our focus. So I would put it up there. I don't know if it's the most important one, but it's absolutely one that I remind myself frequently 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
“I really did get to learn so much from Jim. Two of the most pertinent ones, clearly one is what we've really adopted at Index from the beginning, which is Danny, the main thing is to keep the main thing the main thing. You know, that has been so important to reflect on repeatedly”
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
“I think it's important from a personal standpoint to make sure that I follow through on what I'm about. And that I don't want to lose or I don't want to take for granted.”
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
“I care about whether or not they can see that I'm as transparent as possible and that I'm staying true to what I subscribe 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
“I knew that I was comfortable in being a little different and awed, but I didn't really think about it in terms of success. I was just going to do my own thing. Slightly difficult to do when I had three elder brothers who were really focused on also doing their own thing.”
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
“You know, they're impossible to watch now. I'm trying to show them to my kids, and they are so canceled. It's absurd. Really? Oh, yeah, you can't watch them. But at the time, Goldfinger was really pretty amazing.”
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
“Exactly. So definitely a mama's boy. Already into art, I was definitely already looking at art books and talking about art and trying to learn as much about artists as possible. Hanging out and watching as many James Bonds as I could.”
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
“Thanks for having me back. You know, it was such a pleasure last time. I can't wait for being under this interview process this 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
“The main thing is to keep the main thing the main thing. If the person's extraordinary throw all theses out the window and just back the founder, one of our tenants is definitely that market-sized TAM is noise. I do believe that the best companies at that stage when they are ready to go public can go public in any market. I'm not a huge fan of sector funds with sectors, you're not looking for the best companies you're looking for the best company in that sector. Most companies create brands as a byproduct of a great product. So scarcity in brand really go hand in hand.”
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