YouSaid · the spoken record

Jeremy Liew

lines on the record: 104
first: 2017-02-22
most recent: 2017-02-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Jeremy, this is the most exciting company I've met in a long time, and I want to be an investor in your company, and I want to help you build it. And tell me what I need to do to do that because I will do that. Like, I love your company and I think it's going to be really important and powerful. And it is going to change the world. And so today, when I meet an entrepreneur and I feel that way, I tell them that way.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“No, you know what I mean? Like, I spent a lot of time with the company and talked them through a lot of their sales stuff because it was very relevant to the sales businesses that I run at City Search and tried to deliver a lot of value, make some useful introductions. And I didn't just say.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“One of my biggest regrets is not chasing Yelp hotter in their Series B. And you know, I took a lot of actions that I thought sort of indicated how excited I was about the company. I had always at that point felt that actions speak louder than what we would. And I just hadn't spoken enough. I hadn't been as clear enough about how excited I was about that company. And it turns out that words actually speak louder than actions. A lot of cases.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“I think that, as I said before, people prefer entertainment. Like in consumer world, entertainment always seems to win. And so I'm not sure.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“It is people are turning to that because it is validating their own beliefs, which makes them happy. And that's kind of what I call containment, but other than like seeking out New information to form a decision, which is more like news now. Sometimes those two things happen in the same place, right? Both of those things happen in Twitter. Both of these things happen. In Facebook. And to be honest, both things happen in Snapchat too, but the entertainment is of a different nature. You know, it's what's happening with the Kardashians. It's not necessarily around politics. But when politics becomes entertainment, which it is for a lot of people, then those lines can get a little blurry, but I think you just need to pull back a little bit and understand that they understand that it's not news for them, it's entertainment too.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“But look, as you said, Snapchat has made that move. But I do think that there is a distinction between news and entertainment.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“So, you got to allow that time to pause. But I have great confidence that the ingenuity and the insights of Americans across the country, not just in Silicon Valley, are going to generate a lot of really wonderful companies. And I'm on planes a lot of the time trying to meet it.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“And they figured that out on their own. It wasn't because someone transplanted from Silicon Valley with an idea And that innovation is happening. You look at a company like Bellhops, right? Which is trying to build a marketplace for movers. Right, and that's based in Chattanooga. So I think we should not regard that there's an obligation for Silicon Valley to save the rest of the country. The rest of the country is capable of saving itself. And they're doing that. And now that the technology requirements to start new companies has come down and it's become about the insight, you're seeing those companies. Now, they got to grow and so there'll be more obvious seven years from now than they are today, right? Because the companies we see today was founded seven years ago.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“I think that you're not giving enough benefit to the people who are living there and their ability to build companies on their own. When I went to Fayetteville in Arkansas, I went to see a company called Country Outfitters And that's a company that are growing to $100 million in revenue on very little capital selling cowboy boots and Western lifestyle wear to people all across America.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Is Chicago like here? Is Miami like here? Is Atlanta like here? Yeah, I'm talking about Rust Belt. I'm talking about like Chattanooga, Tennessee, or parts of Michigan that aren't. These are the areas that voted for Trump, for example. These are areas that have long forgotten and are not on the, you know, I'm of the feeling that this election was about people who believe in the future and have benefited from it and those who have not. And I think how do you pull along the ones that have not? And she does Silicon Valley have a job to do that. A responsibility to do that”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“At what point do you want to stop saying it's like here though, right? I mean, like it's Chicago here, is Miami like here? Is it Atlanta like here? Yeah, I'm talking.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“As I said before, I think that innovation on the consumer side is becoming much more dispersed, and that's creating opportunities all over the country. You look at a blue apron that was started in Brooklyn, for instance.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Know, I think there has been a widening of the aperture because of some technology advancements, specifically around AI. And as it relates to computer vision and so forth in the last few years, that is now allowing a whole bunch of new. You know, things like drones and autonomous vehicles and Applications to healthcare and so forth. But I think it's a widening of the aperture. I don't think it's a replacement. And frankly, in the consumer world, entertainment of some sort has always been like the key driver. Oh,”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Well, I'm more focused on this founding team and their insight or the technology that they've built or the growth that they're seeing than what”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“But I do have faith in the institutions, and I think that, and the institutions include the fourth estate. Right? That I think the country can survive four years of presidency, of bad presidency it has in the past. And it will in the future. And it self corrects, like all good systems should. And so I also think that specifically around investing the micro trumps the macro.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“I moved to America in'96. And we get the job done. I only got naturalized last year And I got naturalized specifically to vote in this election. And my candidate did not win.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“The place where we, you know, in the place, it's just like we've said before, you know, if you live in Silicon Valley, you don't necessarily see what the rest of the other use cases. Yep, absolutely. Exactly.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“We are the lead investors in blockchain Which is the biggest Bitcoin wallet in the world. And we are seeing exactly that. We're seeing the growth in. Developing world countries that have either economic turmoil or political turmoil. We've seen usage double over the course of the last 12 months on top of a double from the previous year. What we're not seeing is that growth in the US more unusual.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Most likely And so you start to think about what are ways that I can store my value in a way that It's not going to get wiped out overnight because of a change of government or because tanks are rolling over the border. And there are countries in the Middle East that reflect that.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“But if you were living in the Ukraine right now, it's not certain that in 10 years' time. Ukraine will be an independent.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Dollar works pretty well, right? The pound is great, the euro, the yen like these are these first world currencies. You can have great confidence in them. But if you live in a place like Argentina that's had double digit inflation forever and anticipates double digit inflation forever, the volatility that goes both up and down actually seems okay relative to something that's only going to go down in value. And there are a lot of countries that have that long-term persistent inflation problem. If you live in a place where there's real questions about the stability of the government.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Back when it started out, people thought that Bitcoin was going to reinvent payments. That is 100% not happened What it has happened is that it is being used as a store of value in countries where people don't trust their local currency. Their local government. So here in America, you'd be crazy to store your work”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“They are an extraordinary competitor, and I would prefer not to be going head to head against them. In general, and that's why I think that the bigger opportunity for startups is in people who are going to build these vertically integrated mobile online native brands.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Yeah. And so, you know, this is a tactic that can be applied across many, many categories. Then if you can build that brand equity directly. Then for a start, you have a lot of time. So you're looking”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“I don't want to specifically focus on Hungry Root. It's just this idea that you can start online. And then you can have so much more data. So, what these guys can do, for instance, that another company, another food company can't do. Is they can see what sells, then what sells again. Right, how reviews compare to that, and so they can start tweaking recipes and they can get the product market.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“So they are trying to reinvent convenience food. So, if you think about Campbell's soup or lean cuisine, They don't really resonate with a millennial consumer. And so what Hungry Root has been doing is trying to develop fresh, healthy versions of convenience food that you can keep in your fridge. And within six or seven minutes Have something that's ready to eat”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“That allows you to have a little bit more control over your destiny. You can very well sell that through other channels in the future. But if you get born online, you have the advantage of fast iteration to get product market fit. And once you've got that product market fit, then you can continue to drive direct to consumer online, but also you can start thinking about other channels as well. And that's what Anest did. It's what Bonobos did. We recently made investment in a company called Hungry Root, which is trying to be.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“If you take the longer you and you say, 10 years from now, will we be buying more stuff online and on phones than we are today? Then I think the answer is obviously yes, right? And then you say, Well, how do you build a business that doesn't get crushed by Amazon And I think what people are starting to realize is that selling other products are made by other people, that's a really tough business to compete against Amazon against You really need to build a brand be vertically integrated.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Most offices it would be tuned to CNBC with a sound off. Right, because it's a computer, it either has a screensaver on it. It's And so I think that's actually a really small switch between those two behaviors. Because every screen is internet connected now, right? It doesn't have to be the full attention that a phone demands. There is no way to consume that ambiently, but there are enough screens in any given environment.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“There's a big Dell screen over there and it's blank. And that's because most screens today are treated more like computer monitors than like televisions. Right. If that was a television.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Because that's the only place you can. Well, I think the only way it becomes like that is if it's a heads up display, if it's around your eyes all the time, you know what I mean? You can't really, I mean, you do walk around San Francisco and everybody's doing this, staring at their phones, which is fascinating. Minute game I tell people is where I... I literally walk around San Francisco and people are doing this, especially crossing the street, which drives me crazy. I go, hey, hey, hey, like that. And they're like, I'm like, stop it. Like, stop it. And it's really interesting.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“And I think that's because you're conflating the television. The use, right? Because that's the only place you can do. Well, I think”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“It's fascinating. But my point is most podcasts actually require you to pay attention. The classic NPR style podcast, you can't Do other things while you're listening to the podcast. And so even the audio experience is going to have to change. It's going to be more like music in that you can do other things while you're listening to music. But you're seeing innovation in podcasting. You're saving fiction as a genre really start to pick up in podcasting with things like Alexa, you have the ability for interactivity. Which is completely not being utilized by podcasts today, by audio today. And so these are the areas where I think there's a lot of opportunity. The use case is ambient entertainment.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Is comforting for a lot of people. And so the big question for me is does that actually have to be video? And that's a bet that we're making. But as we've seen Alexa really kind of take off in the last little while, there's an open question as to whether it's an audio solution that provides that.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“So how old your son? So, when you're 14, you have more time than money And so you're looking for ways to be drawn in and consumed and entertained. Millennials is 15 to 35 now, right? So if you're 80% of babies born in America, Are born to millennial parents. So millennials are having babies, they're having families, and they are starting to deal with this issue of like, I need to get the kids ready for school in the morning and I can't do that while glued to my phone. I can't do that while watching something on YouTube, but just having that sort of ambient company.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“CNBC over the top is the sort of idea aimed at millennials. And that's a good example of an ambient television network that if you believe that all of these new TVOSs are going to have to pull in that ambient TV, they're going to have an equivalent of lives.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“And so now that those services need to stand alone, I think there's actually an opportunity for the sort of ambient TV use case to come onto them. And so we invested in John Steinberg, who is building Cheddar.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“And so, this is the thing is their Right? And if you think about where the equivalent of ambient TV is for Netflix or for Amazon or for Hulu, they don't really exist.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“It's a combination of appointment TV. And ambient TV. So appointment TV, you're giving your full attention to. It's the game of thrones, it's Westworld, that sort of stuff. Ambient TV is something that's on in the background while you're doing something else. You're watching Good Morning America while you're getting the kids ready to go to school in the morning. You've got the view on while you're doing some work around the house or you're watching the daily show while you're unwinding.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“And so, what that means is that all these new TVOS plays the Netflix and the Hulus and the Amazon Prime videos of the world are now no longer a supplement to TV. They're a replacement for TV. And that's creating this dynamic where if you think about TV, which is five hours a week of consumption for the average American.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“And so what that's left is the core venture capitalists who were making investments before, we're making investments now, and we'll be making investments in the future, continuing to invest. And our job is to define that innovation on the consumer side, I think there's a couple of areas where I'm seeing a lot of opportunity. One is around the migration of video consumption from television to Mobile and online. And this is something that's been happening for a long time. YouTube got bought in 2006. It was only last year that we saw cable households drop the first time And I think that's because if you were 14 years old in 2006, you're 24 years old now, you've never had a TV habit, you're forming your household for the first time, and so you don't get caped up.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Now, what is related is later stage investing when you find people coming in who've historically not invested in venture. So that's, I think, driven up some of the enthusiasm that you saw in 14 and 15 that sort of tapered off in 16.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“I think that the level that we're making investments has been very steady Over the last few years, and we project it to be steady going forward. And I think if you look at a lot of our peer early stage venture capital firms, you would see the same thing because innovation cycles are sort of unrelated to, you know,”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“They get brought through by maintaining the vision of the founders and keeping that as the North Star. And when things go a little bit sideways and trying to readjust and move back towards that North Star. And that's the same weather that companies in Silicon Valley or in LA or in Fayetteville.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“All startups go through zigs and zags. It's not dependent on their location. I think Snapchat is one of the few exceptions where there's been very few zigs. It's all been zags.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, and homeware, I think Laurel and Wolf is a really interesting company. Meaundies down, there's like a lot of really interesting companies being built down in LA. So, yeah, I mean, again, these are all driven by consumer insights.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Down there. So Snapch Whis Zest finance, honest company, and holler. So there's more than one. There's a lot going on down there. And there are plenty of other great companies down there. Parachute home is doing some great stuff. I think”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“I remember when I first joined the industry more than 10 years ago, people said that they wouldn't, if they couldn't drive to a board meeting, they wouldn't make investments. Yeah, well, and so the reality is I have. On board seat now in the entire Bay Area. I've invested in Toronto, I've invested in DC, I've invested in London, I've a lot of investments in LA and in New York. I've looked at investments in Chattanooga. I've looked at investments in outside the Walmart headquarters in Arkansas. Fayette filled the next one down. But my point is you got to get on a plane. You got to go meet these entrepreneurs who are having these ideas all over the country, all over the world. There's no monopoly on innovation in Silicon Valley.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Well, you know, I think the more important point is that innovation has been happening everywhere. People have been having these insights, but they haven't had the ability to act on it. Before. And so we only saw successful innovation here in Silicon Valley because you had the overlap of someone having an interesting idea and being able to go build it. Now that people can build it everywhere, you're seeing innovation happening everywhere. I mean, you see supercell springing up in Finland. You see blue aprons bringing up in Brooklyn. And so, again, this opportunity for people to have an insight and turn it into a technology-enabled company. Can happen everywhere, and it's fine that it doesn't happen in Silicon Valley.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT
“Right. And how does that change? How does that occur? Because you can get this idea of the product visionary like Evan or Steve Jobs or whoever fill in the blank, but it doesn't necessarily have to come from one person. But if you just have one person doing it and now everyone is copying that. Not innovation, that's just cop. You know what I mean? When I say I make a joke about copying, but it doesn't add to the next, you know, you think of artists and they copy each other and then they innovate. There doesn't seem to be that second part happening.”
2017-02-22 · Decoder with Nilay Patel · Recode Decode: Jeremy Liew, partner, Lightspeed Venture Partners · IDENTIFIED FROM THE TRANSCRIPT