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Mamoon Hamid

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2024-10-21

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2024-10-21

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1. “It's everything. It starts, it's the beginning of your day, it's the end of your day, and everything in between is how do your faith inform how you treat people? How do you treat this earth? How do you show up in a meeting with someone? It's around how much humility do you bring, empathy, care, love for each other, for the planet. It's sort of like deeply embedded in you. And it's at a board meeting, you know, everything.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

2. “Absolutely. I mean, how could you not love living in this super cycle of AI, man? Like, we will not see this at the ground floor level value creation in our lifetimes ever again.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

3. “Easy OpenAI. Really? I just want to see what's going on. I just want to See how far AGI really is, geopolitics, polarization, even in our own countries. Here, we talked about the UK. We talked about the US a little bit before. We got going. There's too much of an us versus them, whether it's in our own countries or competing with other countries. Yeah.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

4. “You know, one of my favorite investors is Matt Kohler from Benchmark, who I got to see him yesterday. I wish he and I were on more boards together.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

5. “It has to be Aaron Levy when I first met him. He brought along with them a wonderful person, Karen Page, because he thought he had to bring on an executive or bring an executive to the first meeting. He was like hyper nervous, I felt, coming to a VC firm office in a coat and shirt. But I could tell from that meeting that he had thought about the problem of cloud storage more than this is 2007. So like cloud storage was not a thing, more than anyone else. And so for me, it was like an instant I need to invest in this founder, like right away. But it was also just memorable from the other things that were going around.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

6. “Yeah. Do you want Mark? No, I don't. I don't think we want that at all. We love where we are today. We really do. And I'm not BSing you, your longtime friend. And I believe in venture, early stage adventure being a beautiful asset class, especially if you can follow the power law and being the few companies that matter. And then you can invest in the very few companies that really matter out of your select fund and then call it a day.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

7. “They start off with a high level overview of how the company's doing, and then they give a chance for their leaders, their very capable leaders, to go dive in deep and share and ask questions. And there's a fair bit of cheerleading, but a fair bit of like asking the hard questions. And I like board meetings where there's one or two things that are talked about in detail. You go deep dive into one or two things because at any given point in time in a company's juncture, that moment in time, one or two things that really matter, we can help change the trajectory on. And so if we're talking about seven different things that matter, we're probably missing the point. And so I love board meetings where that's sort of the structure.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

8. “Yeah, I don't disagree with Node that there's destruction of value that happens with the wrong advice, but I think if with the right advice and the right help, we can help supercharge your companies.”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

9. “I agree. I agree that that is fair criticism. But I think that's just part of the package. That is who I am. I believe in the people and I want to be on that journey with them”

   2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

10. “Obviously, there's more experience, but actually try not to let that weigh me down because I think a job is to stay open-minded and have naivete and dream the dream and too many scars aren't necessarily a good thing for being open-minded and thinking about what the next Figma or Rippling will be.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

11. “Well, the first check was back to the 60 40. It was like 60 40, but there's more along the way that went in because, you know, they raised subsequent uprounds from great investors, the round after us, Angela and Andrewson Horowitz did it, and it was a great round, great time for the company. And then it didn't one in 2022 with one of our seed investors, Sway, led the growth round because things were going really well. And then consumer lending just turned. This is when interest rates went up from 0 to 5%. And that really made that business really difficult.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

12. “30 million or so, multiples of the largest loss prior to that. So I don't wear this badge of honor of like losing a lot. I mean, there's a whole thing adventure. Like you need to lose so many million dollars before you made it kind of thing. And I think there's a lot more precision one can apply even at the early stage to not put more money in to lose more because our job is to invest 5, 10, 15 up front. And if you lose five on a seed check, all good. That's your job.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

13. “I've just gone through my first sort of bigger loss in terms of capital loss for a while. Company just shut down a company called Tally. And the founder Jason Brown, who I've known for 15 years,”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

14. “I think generally speaking, it's hard to have the neuroplasticity to one day think about 10 years ahead and new infrastructure company that's building on a new open source framework. And the next day, think about pre-IPO stage consumer company. While we all have one meeting, one pipeline meeting, one investment team meeting for both early stage and venture, all of us do venture investing, and a few of us will do more that select investing because we don't want to burden everyone to bring neuroplasticity to the job every day.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

15. “And so you could have said, well, wait a second, you guys didn't do time diversify. It was should if you would have deployed over two and a half year period, you would have missed high valuation environment into a lower and yada yada. And so I would say that that would be the counterpoint to fast deployment. Like, no, you can actually work”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

16. “It was rippling, glean, a bunch of other stuff in there. We just were a new team. Didn't have board seats. We had a fund ready to deploy. And so we deployed it fairly quickly. And I would say mostly Series A, like real ownership Series A's, the core of the business. And so if I look at that fund, I think it'll be an amazing fund, actually.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

17. “I think the view is hey, we'd love to deploy over a two and a half to three year period of time. When we got to KP, I came in 2017, a bunch of the team joined in 2018, so Bucky, Ilya, Annie joined that year. Josh joined the same week I did. So there's a period of time in 2019. So we just raised our first fund as a team together where we deployed that fund within like 15 months. I think it was just a new”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

18. “You know, actually, Figma was quite contentious because, to your point around like half a million of AR at 110, 15 posts, whatever it was at the time,”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

19. “It's actually great because if I meet someone and then I say, you know, Illik, come over. You know, like I'll see him in the hallway. Can you meet this person for like five or ten minutes? And he did that to me recently, actually, and he'll come in and he's like, oh yeah, I see the same thing you do. So we are in some ways quite similar, which is awesome. I think we may miss some of the same things then too because of it. But I think it's a good lock to get, like especially when we're trying to build conviction or at least quickly get to, am I seeing the same thing you're seeing?”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

20. “Josh is a very precise picker. I would say that Ilya and I, we're almost always on the same page. We're like too similar, actually.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

21. “We used to, and haven't done it more recently, used to do what is the probability of this company being a zero, a $500 million exit, a $250 million exit, a billion dollar exit, and a $10 billion exit, you do the percentages. It's such false precision.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

22. “I'd say it's when questions get asked around, or is this a fleeting cycle of adoption for this sort of product? Or this is going to be gnarly dogfight because there are too many competitors, or this is the wrong time, the risk reward isn't great for this round. That's when your excitement tends to wane.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

23. “Yeah, I don't believe in moding structures for early stage venture capital. I think you have to allow every partner to put themselves on the line with their conviction that they've built up over years sometimes, weeks sometimes, but you have to give into the conviction of the person wanting to lead. And so the way we work is that because we sit around the table, we literally get to see each other's body language, how someone goes from excitement to less excitement when one of our partners, like, you know, Ilya asked me a question about why I'm so excited about a company. And then he asked another question and I go, well, that's a good question that I don't have a good answer for. Maybe my excitement wanes and then I come back a few days later when we see each other again. It's like, you know what? Like we talked about that and I'm sort of leaning out on the opportunity. And so I think that's also the magic of being around the same table in the same room. You get to really test each other's conviction.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

24. “100%. It's about how do you position yourself so that the founders are choosing us. It's based on reputation of our body of work, our firm's body of work, what the firm represents, what we can offer them once we get involved or even before we're involved. What are people saying about you? What's the folks who you work with before?”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

25. “I think it's mostly BS. Many have tried and failed at using the very data oriented approach to investing in startups when at the end of the day it's about the founders.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

26. “There's just a big echo chamber, and a lot of people live in the echo chamber. Folks think that's information and information is knowledge and knowledge is arbitrage. But when everyone has the same knowledge, then it's no longer arbitrage.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

27. “Yeah, I think there were enough at that time, there were 10,000 or so users, like a third of them were using the product every day for multiple hours a day. You're like, okay, well, we all need something like Slack and you can scale this by a thousand X because there are lots of companies that look like this that use it like this today.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

28. “I mean, I think one could have said that about like you would have maybe would have missed the seed at Uber because probably not so great economics early on, right? Customer acquisition and like trying to pay the drivers, et cetera.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

29. “Hard, yeah, hard. Bad markets, the structure of industries where margins are compressed and customers are bad. Life's just too hard that way.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

30. “For the CEO, founder, CEO, your job is to make sure your company have rounds out of money. If you have $300 million sitting on your balance sheet, I'm not sure you should be raising at all. So if you're well capitalized, heads down, go build.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

31. “So I think it's not that I'm trying to get a deal. I'm trying to work with people who see the world the way I see it and they're willing to be partners together and creating a bigger pie.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

32. “Yeah, so I mean, I'll just give hard numbers when we back to Arvind Glean. We did it, co led it with LightSpeed at 35 Post. And Arvind is a G. You know, he started rubric. He's like.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

33. “I don't like the we looked at the landscape and we discovered this is a great place to build a business. We did a whole market mapping exercise and the TAM is going to be X billion dollars. It is that sort of like the top down approach to building a company versus the bottoms up approach to building a company.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

34. “It's young One of the founder types that I love is the first time founder hyper obsessed about building a product in a sort of newish market where it's not obvious and the market doesn't necessarily exist. And that would, I put Owen from Intercom in that bucket, I'd put Dylan from Figma in the bucket. Owen's alluding to young product-centric founder. And the other bucket for me is actually the repeat founder who had an okay outcome or even a pretty good outcome and is doing it again. And I would put Stuart Butterfield from Slack in that bucket. I would put Parker from Rippling in that bucket. You know, he was a repeat founder, as you know. So there's the first time founder going into a market that they're hyper obsessed about. They're building a beautiful product. Taste is on. The level of grind and grit is there. And then there's a second time founder who wants to surpass anything they've done before.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

35. “And going after this. Yeah, I don't mind competitive markets, but at the same time, I love products that create markets. Slack created a market. In some ways, Figma created a market. There wasn't a notion of collaborative design software. I love companies that create markets. They get to create the playing field. They play on the playing field, and they win the game. That's a beautiful thing”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

36. “Have to share my memo with you because I would love that. Yeah, I know I'll share it with you. Sometimes it's eerie how right you can get it in terms of talking about the adjacencies to product people, so designers to then marketers and to engineers, not just the growth in designers driving the number of seats that you could sell with Figma, but also adjacent seats and doing sort of the math behind what was potentially possible in terms of Figma's TAM, which one would have said, well, it's just like the envision TAM or the Sketch TAM, which is like not that exciting. Sometimes you can play this out in diligence or play this out in your head around building a real prepared mind, around an investment. And in the case of Figma, sometimes you get it right.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

37. “Was going in and collaborating inside of or using it to design inside of Figma. And so you saw early indications that the product that was just had just launched and it was just in a few hundred K revenue, it was working. Yeah, lucky for us that we got to catch it before it”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

38. “Credit goes first and foremost to Dylan and Evan, who'd built an incredible product. It was just, it took a while to build. We've heard sort of famously the story around like WebGL advancing and finally by 2017, Figma had a product that could work multiplayer inside the browser as a design tool. And that just wasn't the case in 15, 16. It just didn't have the latency for people like a designers are very high end in terms of their needs for product naturally, right? And so lucky for us that we got to see the company when the product started to work. And in the metrics for the product, even though number of users was small, the amount of use, you look at something like Dow Mao or look at an L28, you just saw that designers were using the product 15, 16, 17, 18 days out of a month. So effectively every workday designer”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

39. “Yeah, I think everyone's just waiting until after the election. You know, I think we all thought there's a window of like eight weeks before the election or this year to go out and just not a lot of activity. I do think that we're going to have a good year next year. I do”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

40. “I don't think so. I don't think a lot of the blame on Lena Khan, poor Lena Khan in our own experience, that was not the issue for Adobe Figma. It wasn't Lena or the FTC. There were other issues here in the UK as a CMA that was really involved there.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

41. “Yeah, you're right. Yeah, there are big private companies looking to buy small private companies. That's happening, and I think small, that was never part of the playbook.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

42. “Exactly. You're like, why create headaches? We already have multiple legal things that we're pursuing and we don't need yet another thing we're questioned about or used as an example in this other thing. So yeah, why bother? The question is, are there a next tier of companies that will buy? And we thought, obviously, with Adobe Figma, Adobe is that next tier. And even that, the story has been told.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

43. “Been slow, man. Yeah, slow. A lot of the big companies are just gun shy. I hear this all the time, just like not ready, too much going on in the regulatory. Why would you both?”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

44. “Years looked more like 15%. We're in the multiple business still at the end of the day, but IRRs do take a hit when you hold on to something for 15 years.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

45. “Probably Slack, I would say, you know, even at the 250 post with all the dilution over time and take the 27 billion or some other number. That's a great multiple. Figma, you know, the initial investment was done at about 100 post. Rippling was also the sort of $250 post when we did it. There's one investment I remember doing early days of USVP where we did it at, I think, 10 post. It was a $3 million check for like 30% of the company. That company about a year and a half ago, the founder, CEO Steve Flag, they sold it to Siemens for $700 million. And that ended up being 70x. Crazy multiple, right? Some ridiculous multiple. But you know, when you hold on to something for 15 years, guess what the IRR on that investment was? If you still owned, let's say, 25% of that company at 700 million, so like 100 and something 170 million, 3 million becomes 170 million or something like that. Or that's a great multiple, but the IR over 50%.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

46. “Yeah Yeah, and I would say just Harry again, you know, we have a lot of friends in the industry in almost all scenarios, when you're returning 10x the fund on a great outcome or 5x plus, let's say, of a fund through a legendary company, your LPs are happy, you're happy, you wish you would have held on and generated another few multiples on that fund. But you have an option of holding it. The LPs do, as do you as a GP. You can hold on to your Google stock forever, as John Doore has done over the last 25 years. And that's a great choice you have.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

47. “Yeah, yeah. In this, in that case, when you get just cash, you just distribute the cash and you move on. And generally speaking, I would say even when companies go public for us, we've been pretty good about distributing stock.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

48. “There's one particular example that I think ended up working out pretty well. This is when Yammer got acquired by Microsoft. It was a $1.2 billion acquisition. At the time, it felt like, man, we've got so much ahead of us. Yammer can become the next slack, you know? And fortunately for us, Yammer got acquired. And a year later, we had a chance to invest in Slack. And so it almost like, you know, you had a great outcome and then you weren't conflicted out of investing in the future Slack.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

49. “Great question. Well, I wish there was a bit more selling happening right now or opportunities to sell. As you know, the MA markets have been pretty slow. But to answer your question, Harry, there's a local maxima that I think about sometimes with companies where this is sort of the local maximum in terms of perceived value by the market for a company. And that's a great time to sell. So now you have to figure out when is the local maximum for a company. And I would say it's like the markets are riding high, but it's also like where people believe that this company is the leader, but there's questions around whether there's a standalone company we built and it's way better off being acquired by strategic who can do even better things with the company. That is, again, doesn't happen as much anymore.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source

50. “Don't innovate anymore or fast enough. They are what big companies become, which is you're trying to protect your turf and you're not disrupting yourself and someone else comes into disrupts you and starts taking away revenue from you.”

    2024-10-21 · The Twenty Minute VC · 20VC: Kleiner Perkins' Mamoon Hamid on Investing Lessons from Leading Rounds in Figma, Slack and Rippling | Lessons Building a Generational Defining Firm with Kleiner Perkins | AI: Where Value Accrues, Startups vs Incumbents & Scaling Laws · IDENTIFIED FROM THE TRANSCRIPT · source