YouSaid · the spoken record

Jason Pressman

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26
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2017-07-19
most recent
2017-07-19
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1
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  1. “Actually, the company we talked about before plays TV. It's the company in and around esports. It's a social network built around gamers being able to share their experiences and their amazing gameplay. And I said yes. One, because of the founder and CEO, Dennis Fong, he's extraordinary. He's been in esports for over 20 years. He's one of the early founders and one of the earliest winners of one of the first esports competitions. And then as we talked about at length, vertical social networks can make extraordinary sense to leverage social dynamics in and around amazing things. And esports is just absolutely exploding.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “I think it's saying no to so many amazing people. We're very privileged in this business. We have a great opportunity to meet extraordinary entrepreneurs doing amazing things. But we at Chest in 10 companies a year as an entire firm. I make one to three investments myself a year, which means I have to say no far more often than I say yes. And it's really challenging to have to say no to so many amazing people.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “I think that you just have to go into VR to understand why to be bullish on it. It is an earth-shattering experience. And we're in the early innings of it. It is truly extraordinary, life-changing, and it's a next generation platform. Things that are going to, the amazing things that entrepreneurs are going to do in VR are going to blow everyone's mind.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “I have to say the series A pitch that Teen Tsu, the CEO of Zawara, did, he is an amazing storyteller. And at the time, he painted a vision for the subscription economy and how Zawara was going to be the leader in that category. And he has executed against it brilliantly over the last decade.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “Called First Break All the Rules. It's a business book. It's about how to manage, and it's my favorite book because I reference it all the time with the CEOs and management teams that I work with. It's been unbelievably powerful and impactful for me and for the people that I work with.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “And Instagram and the such to talk about what you've done. We haven't published all the numbers there, but they're well under the millions of users and growing unbelievably fast. And that's another example of a vertical social network around a very specific use case that's extremely powerful. So I don't think social is dead. I think we'll continue to see really powerful applications of social, and we're absolutely continuing to look for them.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Do based on the underlying data today and how accessible it is to people, I do believe it will be larger, certainly than the NFL. It's pretty staggering the number of people that are playing games and watching gaming globally right now. And I think the audience is just broader and the internet enables a complete global reach for esports. And Plays TV is a vertical social network effectively built around gaming. You can think of it like a TiVo or a DVR for PC gamers. There's a downloadable client that optimizes and does a bunch of things for gamers, but it allows them to record their gameplay. And then when they find something really cool, like if you Harry had a, you were playing League of Legends and you had a super double kill and you wanted to publish it, you've now got it recorded. You can make a simple little clip and then you can publish that clip out and that clip and it's like an Instagram like experience where you can show that to your followers and your users and your friends and then also up to their public destination site and they allow you to publish it via other social mediums as well like Facebook.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “And then publish them out and use a lot of those same social dynamics. And then most recently, I invested in a company called Plays.tv, which is in the esports category, which is an exploding emerging category. Some people predict that esports, which is people watching and playing video games, will be larger than the NFL within five years and depends on who you believe. But what's clear is that the trajectory is enormous and plays TV.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Are going after vertical networks or slices of people that are not necessarily going to use those broad horizontal platforms next door is about interacting with your neighbors in your neighborhood to do things like finding a lost pet or finding a piano teacher for your child or talking about crime and safety in your neighborhood. Smule is about music sharing and creation. It's got 50 million users globally who create content, who either sing or play their magic piano application or use some of their other applications, then share that content with other people and then people collaborate on the content, talk about it, modify it, edit it using a lot of the same social dynamics and doing things that are very different than those vertical platform and the large horizontal platforms do. And then two recent investments I've made also in the last year that are around social or company called data.world, which is around data scientists and data people and how they collaborate with and use data sets online. And the vision there is to actually build the global place where data people can actually upload data sets, collaborate on them, work with them.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “I think that that's just wrong. I think that, and much like when I left Walmart.com in 2004 and people said consumer is dead, it's over. What are you going to do? And I said, no, we're in the early innings. I don't know that we're necessarily in the early innings of social. I think we're probably in the mid innings. But what a lot of the large social businesses, social networks have shown is that social dynamics are very powerful. And if you look not only at Facebook and Snapchat in the US, but a lot of the really compelling social networks overseas like Tencent, Alibaba, and some of the feature sets that they have and the way people interact in Asian markets in particular, you can see really powerful dynamics. And I think that those are going to continue to grow and develop. And you'll see people overlaying new use cases, I think, in VR. You'll see really powerful social applications. And one of the places where I've personally invested very heavily is in vertical social networks where you're using the same social dynamics that work really powerfully on things like Facebook and Instagram and Snapchat.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “So that's kind of a tricky question to answer succinctly. I think the answer is yes, you can, but if you do it, you have to architect your product appropriately from the beginning. And there are many examples of companies that have done that. The other approach is to start selling to SMBs or mid-market customers and then build out the product feature set. That's become much more popular in the last few years, largely because I think the cost of building software has become so much lower cost because of AWS and open source. And so I'm not trying to evade your question. That's a long way of saying, yes, I think both approaches are possible. You can start at the high end or you can start at the low end and build your way up. And I don't really think that there's a right answer. I think there's a right answer depending on the market you're going after. So it kind of really depends a lot on the product feature set that needs to be built to solve the specific problem that a company is going after.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Customer service cost can't be that high. You need to not have a lot of really deep enterprise features that are difficult, that are expensive to build and hard to maintain and hard to integrate. And your Salesforce is typically going to be compensated at kind of, you're going to quote them at 600 to 800K a year. You're going to compensate them at kind of 200, 250K OT on target earnings. And if you're at the higher price point, 100K, that's a much more enterprise heavy sales model and a much more heavy enterprise set of features. So that includes all sorts of things that all enterprises needed, like in feature set like multi-level permissions and role-based permissions and logging and compliance for large global 2,000 companies. So a much broader feature set. They typically have a lot more integration, a lot more customer success and support costs to actually manage the”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Yeah. Well, I appreciate you calling out then not always because it is, there are some exceptions. But generally speaking, the reason I make that rule about there are really only two price points that work in SaaS startups is that there are a whole lot of things that come out of the price point that you go to market within a SaaS company. That includes the function and structure of your sales force, the type of people you hire, the compensation structure that you put on place of those executives, how much they're allowed to spend, how much they're for their T&E, how much they're allowed to travel. And then it has massive product implications for what your customers expect. So take example, the price points that I say make sense are 10K a year or 100K a year. So you can think of it as roughly $1,000 a month or roughly $10,000 a month. Most companies price these things on an annual basis. So thinking $10K or $100K makes more sense. At $10,000 a year, you have a high velocity selling model. You have typically inside sales. Your lead generation is done almost entirely online. You need to have a product that lends itself to that that has largely self-serve because your customer”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “We try to manage our investment pace to be smooth over time. So we don't try to time markets. We don't think we're smart enough to time them, particularly as early-stage investors. What we can do and way we kind of manage price a little bit is we'll vary within the stages we invest, which is seed up to kind of late B. We'll vary the stage based on what's going on in the environment. So that means that right now is an example when prices are going up and other VCs have loose purse strings and are willing to invest really heavily at kind of what we may view as silly prices or prices that are certainly higher than historic averages, we might go a little bit earlier within the scope of our strategy. And then I'd say a year ago when people, when the IPO market wasn't open and the early stage investors were not as loose with the purse strings and prices were a little bit lower, we might go a little bit later. But that said, still when there's a great entrepreneur, something we've known for a long time or someone we want to be involved with, we try to not let price be the deciding factor. We will pay a market price within reason.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “It's kind of the art rather than the science of being a venture capitalist. These markets are somewhat inefficient and you need to get into good companies. And some VCs say that you never regret paying a high price for getting into a good company, but I think that that is bullshit. I think that you never regret paying a high price for an extraordinary company like Facebook. But there's only really one like that every decade. And then you could make the argument for some smaller outcomes that are in the kind of two, three billion dollar range, or I hear people make the argument for companies that are in the kind of two, three billion dollar outcome range. But one, there aren't that many companies with those kinds of outcomes. And two, it does matter what your entry price is. So long story short is, I think entry price does matter, but you have to be kind of not pennywise in pound foolish, meaning that for great companies, sometimes you have to pay a slightly higher price because there's a competitive dynamic, great entrepreneurs usually have choices. But I'd say the ultimate way that we try to manage it is in order to avoid this herd mentality we talked about before.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “That are typically we're going to hold for seven to nine years, sometimes even longer, 10 plus years. And what's going on in the public markets today has absolutely no bearing whatsoever on what liquidity markets are going to look like when those companies are ready to either go public or be acquired. So I think it's really stupid, but it's quite commonplace. And it's certainly happening right now. For clarity, just to refine the point a bit, I do think if you're a later stage investor, a very later stage investor, and you're doing mezzanine investing or last round investing before an IPO, it can make sense to invest more heavily when the IPO markets are open because you're looking at a six to 12 month time horizon. But for early stage investors, it's just flat out stupid.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Yeah. Well, I always like to be careful about not speaking in absolute. So I wouldn't say always, but I'd say almost always or very often. It's shocking to me. It's very consistent in the 20 years I've been in Silicon Valley that when, in the 12 years I've been 12 plus years I've been a VC, that when the public markets are open and there are robust, healthy IPOs, the amount of money that venture capitalists are willing to invest at every stage, but most shockingly at the early stage increases dramatically. And we've seen that already. As the IPO market started to heat up late last year and early this year, we've seen rounds moving quicker, prices moving up. I don't know if this is reflected in any of the data yet. We haven't looked at it closely, but certainly we feel it on the front lines where deals are moving much quicker and prices are much higher than they'd been even six months ago and certainly a year ago. And it's remarkable to me that venture capitalists do that. And because when you're investing it in early stages, we are now, we're investing in companies.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “Specifically as it relates to LPs and venture funds. It certainly has historically. Historically, when the IPO market is robust and there's liquidity and good returns, the institutional investors and global investors that seek out venture, which in some instances are not pure institutional investors, do tend to increase the amount of capital they allocate to venture. That's perhaps not the most healthy dynamic because there's already quite a bit of capital in the slushing around in the overall ecosystem. So I do think there's a good chance that with a robust public market you'll see more dollars coming in to venture and more dollars coming in means higher valuations at every round and it just overall can drive returns down.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “So, I certainly think there's an opportunity for it to continue for a while. How long that is, I don't know. I certainly think there's certainly demand, and we hear from the bankers and from institutional investors that there's tremendous pent-up demand right now. So I see no reason that the market's not going to stay open for quite a while and that the demand is going to be there. With regard to lower growth IPOs, I'm actually quite pleased that some companies with lower growth rates are getting out because growth matters a lot. So, and historically, the markets have rewarded companies that are growing at a faster rate, sometimes irrationally with really crazy multiples. But there are really good companies that grow at 20-ish percent a year. And the fact that they are able to get public actually doesn't alarm me. I actually view it as a really healthy sign that good companies that are growing at reasonable rates, but not some spectacular rates have a liquidity opportunity in the IPO market.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “And a lot of those investors did stop making those rounds in late 15 and certainly through 16. And what that's done is it meant that a lot of companies that previously could have raised capital in that way didn't have that option before. So that's led to companies being more open to and more receptive to actually seeking public markets.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Investors, so just an enormous amount of companies that were the growth vehicles for institutional investors were taken out, particularly on the enterprise side, and that left a gap. And what we've heard very Investors is they want that growth component back in their portfolio. So, in addition to the natural cycle just ebbing and flowing and us being in kind of a good portion right now, there's a lot more pent-up demand. And then I'd say last factor contributing to that robust IPO market is that the very Market valuations and private rounds have largely gone away. So in 2013, Even early 15, there were very large rounds done, 500, 200 million dollars.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “I think there were two questions in there one related to the overall IPO marketing opening and then separately related to the enterprise IPOs. And I think just if we look at the overall IPO market, I think that there's just a natural cycle that comes and goes and it has for many, many years. And we're in a window where the IPO cycle has opened after a period where investors, institutional investors who purchase IPOs were a little bit less interested in buying them. And it just kind of ebbs and flows, but we're now at a point where they, institutional investors, are quite interested in growth stocks and growth stories, partially as a result of the natural cycle. And I think this is the part that impacts the enterprise side really heavily, is there was a lot of M&A last year, a lot of very large cap, previously public companies that had gone public in the past were acquired. Demand wear, as an example, LinkedIn is an example. And when those companies are acquired, oftentimes what that means is it takes those securities out of”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “Better analytics than we could have ever done internally, and it really gave me a purview into the fact that over the next certainly 20 years and beyond, I thought that SaaS was going to become more important for all the reasons we understand today that it's continually updated. You have operating expense instead of CapEx, and that's proven to be totally true. And even today, only 15-ish percent of total software is delivered as SaaS. So we're still early in that transition. But I'd say those were a couple of the really cool things I learned.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “I think there were quite a few, but a couple that popped to mind. One, as I mentioned earlier, consumer was really in the early innings, and we had just, I'd seen the power of what could be done, how consumers could get products and services delivered. But at the time, broadband wasn't ubiquitous, internet connectivity wasn't ubiquitous, and certainly smartphones didn't even exist. So I knew we were in the early inning. So that was one key takeaway. The second was the power of SaaS. And that was really, really important. I was one of the early adopters of Core Metrics, which was an early at the time called ASP application service provider. It was the previous term for SaaS. And we put our analytics on core metrics. And a bunch of people inside Walmart.com said, wow, you're crazy. You're going to put our analytics outside the firewall. And I said, you don't get it. Do you understand how the internet works and how in the world are we ever going to be able to build something as powerful as a company that's purely focused on doing only that? And it really, and we did, we put our analytics on core metrics. We became one of their first customers. It was an unbelievably powerful solution.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “When it was very contrarian, when in the investment community people thought the internet was dead. And it was funny when I left Walmart.com, people would say to me, Jason, your career is over. What are you going to do? And I would just laugh and chuckle and say, you just don't get it. We're in the very first inning of what's going to happen in the consumer internet and the way people are going to interact. So it really gave me a cool purview into how powerful the internet could be at bringing services and products to people and consumers. Separate from that, we also built a really broad infrastructure there, which was our e-commerce site as well of all the other things we had to build to support those businesses I mentioned before, like the digital photo of business and the digital music business. And so we were consumers of a tremendous amount of software. And that actually really served me well as I look at investing in SaaS and next generation infrastructure. And here at Shasta, I do both consumer and infrastructure and software investment.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Go. I left walmart.com, which was done as a venture-backed startup in 2000. It was one of the earliest employees there. We built that into a large business. I left there in end of 2004 and joined my firm Shasta right as the firm came together in January of 2005. And being at walmart.com actually proved to be a really good training ground for being a VC for a variety of reasons. One, we were operating a bunch of consumer internet businesses. We had a digital photo business, an ISP, a DVD rentals business, and of course an e-commerce store, which gave me a great purview into how consumers were interacting with the internet.”

    2017-07-19 · The Twenty Minute VC · 20VC: Why It Is BS That You Never Regret Paying A High Price To Get Into A Good Company, Why There Are Only 2 Price Points That Work in SaaS and Why eSports Will Be Bigger Than Traditional Sports in 5 Years Time with Jason Pressman @ Shasta Ventures · IDENTIFIED FROM THE TRANSCRIPT · source