YouSaid · the spoken record

Kevin Hartz

lines on the record: 85
first: 2024-07-22
most recent: 2024-07-22
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

“Perhaps it would be just that question that everyone always answers insincerely about what their weakness is. But like, what is your mental illness? Is it depression, anxiety, bipolar addiction? And to be honest about it.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“They'll be much better than 21, 22 catastrophe that we just saw of, oh my God, that was horrible. So yes, I want to say venture returns will absolutely be better because if you index against that, that's not too hard to compete against.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“To invest, like the why now question is in the beginning, the transformers came and Sam created ChatGPT and there was plentyful, the fastest growing company came out of that. And that tells you that the platform is here and build apps on top. And we're going to have so many different opportunities around this”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“We are blessed with the capital gods, like this is an incredible period. Like, don't get me wrong. And I haven't, I'm going to say like I have strong conviction that we're in the early years of the biggest bubble. And I say bubble because we're in this world of capitalism. The signs that I see Nvidia becoming the most valuable company on the planet is just the precursor towards the bubble of all bubbles of the AI bubble. There's going to be so much made and created, and of course there's going to be so much foolishness to come. But then you also have these compounding add-on bubbles of crypto and fintech and this worldwide economy in tech economy that's emerging, new areas of clean energy. We just got involved in an industrial biotech company called General Biological. So there's so many different platforms to build off. I always look for platforms.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“No, I just thought I'd throw that out there. It's a weird flex. Well, he might have earned billions in. And he's helping San Francisco, though. Unbelievably, I mean this guy.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Why combinator continues to have this ideal venture model in every class that comes around, like the whole valley says, oh, now they've really jumped the shark. They're no good anymore. But year after year after year, keep producing these incredible companies with these guys.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Just rope off some money you want to lose because you got to look at you've got to like take a lot of swings of bats. I think Vinod has like a corollary to this that you've got to like burn through like 40 million adventure before you really know what you're doing. And Angel is you just got to start learning and pattern recognizing. You do that by taking risk”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Rapid ascension of the defense segment, like how it's gone from zero to 60, certainly Palantir, then endural, but now how the world has dramatically changed and how unprepared the United States is.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“No. Especially for boys The challenge of this era, of our era, is neurological issues like Peter always tends to be three steps ahead of us on all this. He's been after this area for a while. But as we beat back cancers, as we beat back heart diseases, which unequivocally has happened, Alzheimer's Lewy dementia, all these mental illnesses, like these are the prominent illnesses of our time and there need to be therapeutics developed for it. Yeah, this should be just as I think it was Richard Nixon in like the 70s said, let's go after cancer. You know, we need to go after these neurological disorders that are becoming so prevalent in our society.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I think there are many more treatments that should be applied, that should be more prevalent. I don't know, whether it's TMS, if you've heard of Transmigeral stimulation, if I said that correctly, trans magnetic simulation, different ways to kind of provoke the area of the brain and correct whether it's an eating disorder or alcoholism or addiction pathways or so on.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“We don't know if she's still ready. She has to, you're exactly right. It's like there is the thrill or the notion of being thin and being a certain way and not wanting to change. And that's how we've ended up in the hospital three times. And we hope now she's making that right move and that she wants to get better and understands she had to withdraw from school. She is finishing her semester online through online school, which is godsend. It's incredible. It's like the Oxford tutorial method online. But she is, yeah, you do have to want it. But I could never imagine like an American kid, like my sophomore year in high school was great years, like so much fun, close friendships. And I don't never knew anyone even withdrawing from our high school before for any kind of medical. And then for her, for her. Go through this is just agonizing.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“In the recipitism for union disorders is off the charts. So like everything else, it seems, like if you have cancer or diabetes, you know, there's so many different treatments in scientifically focused treatments, but in eating disorders, there's nothing. And so these kids just go over and over and back in the circular motion. And I'm like in shock of how barbaric the treatments are. They're just non-existent. There's something called family-based therapy, which is you sit down with your child, meal after meal after meal, and it's agonizing because it's like having a phobia and having to, you know, if you're scared of spiders to be in front of spiders all day.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“From social media and dance and all these other pressures, and it's culminated in this terrible illness. So I'm very cognizant of the pressures we put on our kids”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I have to be careful not to put too much pressure on my girls in this age of so much intensity in the Bay Area and college. Oh, absolutely. My 16-year-old, we found she had a very severe eating disorder at end of December. We caught it, luckily, because it was fairly early on because of her annual exam. And so we saw the significant drop in weight. She was dancer. She has something called SIBO stomach intestinal issues that had been another driver of having your limiter food. She was straight a student. She was under a lot of pressure dancing 20 plus hours a week and she just stopped eating and she's ended up in the hospital now three times. And it's this multi-factorial illness that is so prevalent for this times that we're not aware of that.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Tough love is needed when it's doing extraordinarily well. When things are going terribly wrong and there are the butterflies and stomach, you know, it's like seized up and teammates are quitting and somebody's hacked the site or whatever else. All these things like really being a solid productive voice of calmness and support is extraordinarily helpful.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Roloffism is when things are going really poorly, that's when you're supportive and nurturing and not hammering, believe it or not. When things are going great, then you dig in and hit them hard. That was a roll-offism that's been so key. It's incredibly helpful.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Facebook, as well as being seeded, that was mine. But I remember really saying, you guys need to look at this company. But all that is patting on the back Brian's so interesting because he would just, when I was ready to go with a company, he'd just say, Kevin, you really, really, really believe this will be the one. You know, he just shakes you, you know. And it used to, you know, agitate me a tiny bit, but I appreciate that now.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I did push them at their AGM around the Airbnb deal. And so I give myself a little credit because I'm a venture capitalist. You're supposed to give yourself credit for all these things. It probably wasn't. You basically found it.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“So many. I think it's such a great form of venture that they practice. It is very conviction driven. It is the emanation of the power law. It was Peter and Brian Singerman and Napoleon that took, what did they take? I think they sold Spotify at the $8 billion price pissed off Daniel Eck and rolled it all into Airbnb at the $2.5 billion. And so they'd doubly like went into things. And so that kind of going all in is very important. When you look back at a fund, you just don't want something that's just kind of like, you know, a little bit of mushy of everything and doesn't have its big power law winners. Like you just boil funds down to the SpaceX fund and the Facebook fund and the Airbnb fund and so on and so on.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Can anyone do a deal if somebody says with absolute conviction I want to do this and I'll put my life on the line for this, you know, then absolutely.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I mean, it's always around an investment or working with a team. I mean, you know, I talked to Peter at the time he was putting the team together for PayPal and I had invested in PayPal. And I'm like, why would I join PayPal? You know, like I'm already an investor in it. I already have shares, you know, but the answer is, you know, go all in. Then the day that the acquisition of PayPal by eBay was announced, Peter had resigned and I met him up at the Sundeck restaurant up on Sandhill Road. And he said, you know, Kevin, I'm working on this business. And we're taking kind of the fraud algorithms from PayPal that kind of find these associations between disparate nodes. And we're going to use this to catch terrorists. And do you want to get involved? And I said, Peter, you're a libertarian. Why would you want something so invasive?”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it depends on what your goals and outcomes are. You know, there's something to letting it ride, like in the case of Facebook, which is now worth, what, $700 or $800? Harry, you're 26. You should be just compounding, like you're winners just like keep them growing and growing.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, I guess I should say yes because it only behooves me to answer yes. But there is that round, that $13 billion round with extremely tight. Like they wanted more stock. And so the secondary was there and available. So there was a chance to sell. But you would say the same thing about the $10 billion round that Facebook did with Microsoft. Should people have sold that? No.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I often think a lot about that. And, you know, my mindset was honestly when you see that fast level of growth, you're thinking about what the GMV is going to be over the coming quarters. And you don't think of it as dropping dramatically. You think of it as continuing to head up at a rapid pace.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I think the jury is still out. There's still a lot of value there in OpenSea. Was this the investor in OpenSea? And during the boom of 2012, it was valued at $13.5 billion.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“It kind of depends on the level. I guess I'm again focused on more of the big outcomes and things that aren't going to work aren't going to work. It's the power law winners that are going to really drive the returns.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, of course. Human nature is to look at things that are working now and think like, oh, let's build something. You know, you see all of a sudden everything kind of pop up being memetically duplicative of something that's doing really, really well. And the response is no, look three, five, seven years ahead, not now. That is a big issue as, you know, is not looking far enough ahead.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“They made five times that in bits. Really cool way. I'd bring back Friendstir. No, I wouldn't. It would be too difficult now.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, Plato, but airtime in what was the one where people would live video and it was this Russian kid and it was, it kind of blew up. It was like the earliest live video stream. That was actually, I was at Founders Fund when we in Cyana did was big.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“So Talkbox was a live video before kind of FaceTime and all this sort of stuff. And Roloff got involved and led the Series A, Keith Javid and I had seeded it very.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“My God. Wow. I actually recruited him for that through because I knew Jack Abraham, who started Milo. That's so funny. Wow, you just blew my mind that you came up with that.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Biggest zero. It was like a kind of turned out to be a kind of classic sequoia investment that I did where the Ruloff was in a company called Talkbox, T-O-K-B-O-X. And it was early live streaming. No. Oh, yes, he was there. He was there.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Not that great. I'd have to go look at it 20-ish or so, you know, but you would think if I'd held it longer, because what happened is that eBay acquired it and then eBay had a run in the early 2000s”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“A good amount. Investors never give you exact answers, and you want exact numbers, but investors always skirt around it. I mean, I always have a soft spot. It was a poor, it was like a relatively mediocre return because of all the capital, but PayPal going public was like one of my first investments.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Airbnb, Pinterest, Bitcoin. I was in Wyoming drinking whiskey with Wencesaris in October of two thousand eleven, and he started talking about this Bitcoin stuff. And Uber was series B.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Oh, there's some that you know is going to be a struggle. And then others that wander in the woods that take a long, long, long, long time. And people almost forget about them or you got investors telling these founders to return the money and they stick with it. The most important thing is just patience. Certainly you want them to maintain a sense of urgency, but you just have to see patience because you just see time and time again as the thing to solve the problems and to get into orbit. And then there's the ones that just work from day one. What do you know from day one?”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Like it has to be a very voluntary, we just have to use honey, not vinegar, or what's a good British expense. I bet there's a very trite.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Did I miss the mean that you at 515, you no longer want to invest? No, like the investor will always be there. I think it's fair for founders to go out and assess the market and more importantly, assess the partner. And so we just have to unentangle ourselves. There's bad behavior on both sides. There's like the obnoxious shopping, like just give us the term sheet. And I promise we're going to get this done. I just need a couple days. And then, you know, you find out that they went and shopped it like crazy. But to the flip side, a fund can lock a founder down. That founder just hasn't done their work or hasn't been able to do the work to speak to other investors and find out how others could be of help.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah. Well, the issue is that you put a term sheet out in it, like, explodes on Friday at 5 p.m. Oh, that's in the backup.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Sounds There is a reason for it, but you would hope that you found a partner that's not going to shop it. And maybe if they're going to shop it, then it maybe wasn't meant to be.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I think he posted on it. He didn't call us out. You know, he chided us privately, but he didn't call us out publicly. He called out the practice of doing it.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Little known secret is Keith, Javid, and I gave an exploding term sheet to Airbnb, and Paul Graham said no Bueno and teed off on us. It worked out. We got cut into that round, but you don't forget things like that. You just do not forget that. I don't think I've ever told that story.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I just unfortunately have to be very curt. You know, like I always remember seeing Michael Moritz give a talk about Google in the early 2000s. And there were all these founders there. And he puts his phone up to his face and pretends to talk and then like walks out of the building. And so nobody would bother him. And like that's splitting the ocean to get away from that.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“About saying, I don't believe But there's always good things to say to that. You could say, why don't you look for some complementary expertise? Maybe you should bring on board a co-founder that can do this, this, and this, but once you start explaining too much, they have something that just goes back and forth and back and forth. Time is short. So what do you do?”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“The reflection is very clearly your mindset is always be positive and open minded. Let's say you're having the worst day of your life and you meet a founder, like you still have to believe and you still have to have that view and really, really listen because that mindset if it's off, this little casual interaction becomes something really crazy.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, I think of Keith when I was stepping down as CEO of Zoom, Keith in Ruleoff held a lunch for me in San Francisco. And Keith was talking about this YouTube thing. And I was just kind of burnt out. It was like a very bittersweet, shitty time to be stepping out of Zoom. And I'm just like video online. That's so stupid, you know? Chad was a graphic designer. How would Chad know how to, you know, so just completely miss that YouTube thing, for example?”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“No, they're very different. I see a kind of slick used car salesman kind of mentality, which is almost like a dupe the founder into signing, you know, versus really what's best for their business and so on. And, you know, that's what I maybe offer sincerely. Sourcing is just a factor of, look, as I spend more time in the valley and have a lot of great relationships of founders or other investors or so on, like the network is very, very broad selection. What can I say about that? It's always a”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I'm lousy at selling. I can only be kind of sincere in what I offer. I might be a little irked when I see somebody like overselling or BSing a lot or trying to find ways to kind of win a deal. I don't think you should win a deal. I think you should earn the right to work with a founder for many, many years.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, you know, certainly I think that the internet space just expanded beyond like our wildest notions. And so these markets, think about remittance where Zoom went public in 2013 and PayPal acquired it in 2015, but that market expanded so dramatically since then. It's that kind of vote or that reaffirmation that maybe you should stay independent because you can just keep compounding and compounding in the markets.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source
“I think I've just been lucky to have always been around people that have extremely high standards, aspirations, far beyond just returning a fund. And, you know, I just kind of turn off if it's great if somebody wants to build a nice size business and have a good cash flow and operate things. But, you know, we're looking for those extraordinary outcomes.”
2024-07-22 · The Twenty Minute VC · 20VC: How I Lost Airbnb at Seed Because of an Exploding Term Sheet | Investing Lessons from Roelof Botha & Peter Thiel | Why VC is Less Collaborative Than Ever and Great Companies Are Being Destroyed by Too Much Cash with Kevin Hartz @ A* · IDENTIFIED FROM THE TRANSCRIPT · source