YouSaid · the spoken record

Mark Goldberg

lines on the record: 83
first: 2024-10-25
most recent: 2024-10-25
sittings or episodes: 1
sources: podcast

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“We were very fortunate. I think again, we were tapping into some real excitement about a team that I don't think there's a team of experienced GPs that's come together with three folks in quite some time. And I think that was something novel. And again, at a time where the macro backdrop was a little bit of frustration with how big some of the multistage funds, the legacy institutions have become. And this sense that the returns you saw 10, 15 years ago from small teams and focused partnerships may not be the same going forward.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Think we tapped a rich vein in the LP community that there was some frustration, especially at this point in the cycle, that some of the venture funds that they had invested in 10 years ago, 20 years ago, they felt like had become asset managers. And the idea of being able to invest in a pure play venture fund that had experience, but also a lot of hustle was something that we think resonated in the market. So I think we were fortunate that we kind of hit a market moment in the fundraise that aligned with a lot of the zeitgeist in that community.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Think it helps with customers. I think it helps with funding. When Sequoia does a deal, there's going to be money that follows it. That's great. That's a feature of the brand equity they've built over a long period of time.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Think different founders want different things. You know, you and I talked about earlier in the conversation a founder that is coming new to Silicon Valley that really wants the validation of an established fund that's been around, we're probably not a great fit for.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“First time founders. I think the ability to To think from a clean slate to do potentially foolish, but on the other side, potentially visionary and transformative things, the hunger, the naivety that you describes in a first-time founder, I think outweigh a lot of the benefits of having seen the show from one, two, three times in the past. There are caveats. I love founders that have tried and not broken through with a first business. So a founder who feels like they gave it a shot, but ended in a place that they weren't happy with and they have a chip on their shoulder, I think is a great profile. A founder who has done so well that they are financially independent or they might not have the same level of hunger that they brought to the first business. I'm less excited about that.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“And I can give you examples that have scaled from the early days all the way to an exit. It's unusual, but it's possible. But I think having a way to give founders a sense of this is what great looks like for your stage and these functions that you might not have seen before is a very important thing for them.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Post product market fit. I think hiring is probably the biggest limitation I've seen. When you were in early stage company, this is where, you know, going back to our conversation on what is the value add of a VC, again, do no harm should be beating 80% of the industry. But I wouldn't agree with your zero. So I think that at every stage and when you feel the pull of product market fit, you need to really consider who are the leaders of your functions, especially your go-to-market functions, and are they the right people? And when you move from founder-led sales into a professional organization, really asking yourself, do I have the right people in those seats? And back to the point of, you know, what kind of VC do to be helpful, showing people what great looks like. One, two, three stages in front of where they are and giving them a way to evaluate where their team is relative to that. I think it's a very helpful thing. And the folks that I've seen take longer to get from that one to 10, 10 to 100 are the folks that tend to make the wrong decisions around hiring in their leadership teams. And by the way, I'm very bullish on their leaders.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“I think you said that OKR, it was a great episode. And I think he was saying, why were they lifted from the manufacturing industry and plopped down into the software world? And I would very much agree with that.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“To me, it's the founding team. I think that no company I've been a part of from the early days has been a straight line success. Everybody takes a punch in the face. And the founders that have the grit to take the punch in the face and get back up are the ones that I think have the highest correlation of going from zero to one and ultimately from one to a public company. I think a lot about not do they miss their OKR by 30%, you know, this quarter and therefore this isn't going to work. No, is this somebody who's resilient enough to take the adversity to learn from it and the velocity they're learning is ultimately what crosses the chasm?”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't mind competitive markets. I think so much about ideas or a dime a dozen. You want to find people that are excellent at execution and that have the vision to outcompete the folks in their market. I have never shied away from competitive markets. What I lean into is a founder who is willing to go head to head at a competitive market and I believe has the hot spots to go in it. So for me, a competitive market validates the opportunity and is not something that I shy away from.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“One of the lessons I learned from index ventures and certainly two of my mentors, Mike Volpe, Ilya Fushman, was you want to be in the category winner. And when you need to pay up to be in a category winner, you don't want to be in the number two or the number three in a category. And there are times when I'm willing to take risk in that direction. Your risk is the valuation, but you feel extreme conviction in the leader in a category. That's in time when I'm willing to kind of stretch. The other time, Harry, just before you jump in, and really the way I think about Early Stage Investing is so much of a founder focus of do I have insane conviction in this individual and this founding team? And when those variables line up, I tend to feel more confidence in my ability to kind of stretch on the deal price in terms.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Think you have to play the game on the field, and the question is Are there good companies that are emerging right now in this vintage? I would say yes. Now, are there ridiculous deals happening that I don't think fit the risk return profile for you or for me? Absolutely. But I think around that, there's plenty of work to do.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“So, first off, we're going to be competing with everybody. And that's fine. I mean, this is an industry where Both working with people on one deal and competing against them in the next. But we are certainly going to be competing tooth and nail in every deal that we're in. But we think that's a great thing for founders. Founders should have choice.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have a very light reserve model that might be worth clicking on. I think that the way that as a new fund we think about reserves is we believe that supporting companies from those early stages is extremely important, but that peanut buttering all of your reserves and every pro rata round that gets done is not a good thing for either the founder or the LPs in a fund. And so we have a very light reserve model. We will double down on companies where there's exceptions, but we have a very light reserve model.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Think a 10 to 15 million dollar lead series AC is a very reasonable thing if you're willing to go a click earlier in terms of stage.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Means you're going to need to raise a much larger fund, but even if you exclude the handful of billion dollar series AI deals, you know, I think I'm seeing deals in the market that are $30 to $40 million Series A's. And I think one thing you have seen or I've observed in the industry is that A's that would have been $15 million five years ago could be 30 to 40 million today. So when you talk about us doing a 30, we could do that from our fund, but it would be a very big swing. What we're looking at is I would say a click in front of that where it's not totally obvious that there's a category winner, you know, we are going to have to roll up our sleeves before there's obvious financial traction. There's more risk at that point, but we think we can do some earlier kind of series A. So almost the concept of a series A series A, I would argue, is it depends what you're talking about.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“So, this will be a scene series A fund. And I think when you say A, you have to be careful because when you say A, it's like, what does that mean? I would argue, you know, I'm seeing A”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“It's CDNA. It's lead checks at CDNA. And it was really a bottoms up exercise. We thought about what the right pacing for each GP. And for us, when we looked at our investment history over the last 10 to 15 years, it was about two to three investments per year. There were years that, you know, in 2021, I did far more, which was the wrong decision at that point. But when we looked at what was the right number, it was about two or three investments per year. And that's how we built the fund, which is that's about the pace that each GP should have in the fund. It's about a three-year fund. And we'll have about 25 investments in each fund.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“That's exactly right. It's a contrarian thought right now. Inspired by funds like benchmark, like USV, we think that there is this kind of personal relationship at the early stage that we're going to try to reconstitute the fund around.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what I would say is, I think the direction of the industry, and I'm sure everybody who observes the industry would say the same thing, has been one of industrialization in the last decade. And when I say industrialization, what I mean is the boutique experience of, hey, there's going to be a handful of partners. You're going to know everybody there and their reputations is not really, that was kind of the past. And the future seems to be this sense of, you know, let's increase the AUM, let's increase the team sizes. And I would challenge even you, Harry, to say at some of these big platforms, name more than three, four, five partners when there might be 30 check writers. So that's what industrialization means to me is when you know the name, the brand of the institution, but you might not know who the check writers are.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“First off, that's really interesting for somebody who is leading one of the multi stage, the most successful multi stage funds. And God bless Sequoia. I mean, their ability to innovate as a leader, I don't envy that challenge. I have always enjoyed being a challenger and punching in that direction. So for him to say that is very interesting.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“I agree with the framework, though I don't think it's the age. I think it's the relationship to kind of insider outsider in Silicon Valley. If you're coming into the ecosystem and you don't really know a lot of venture, what you're thinking about is the big brands, the Andreessens, the Kleiner Perkins, the Sequoias, and you should. Those are the names that are household names that if you stopped a founder on the streets of Austin or Portland, those are what you're going to hear about. To me, it's less about the age and more about kind of the proximity to your kind of networks.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“When I joined index ventures almost a decade ago, the pitch that I would give to founders when I didn't have a brand or a portfolio was I'm going to out hustle anybody else. And I remember some early deals where I would be going head to head with the equivalent of a gill from 10 years ago. And a founder would say, why would I choose you? You're an associate. You have no experience. And I would say, that's my advantage. My advantage is that your success matters so much to me that if this doesn't work, I don't have a job anymore. And that pitch didn't always work. I lost a bunch of deals, but I won a bunch of deals as well because there are different products. That choice is good for founders. Our view with chemistry is that the idea of having a small team, clean slates, this playing offense at a moment when many people are distracted is a really interesting idea for founders that want that kind of relationship. And that's actually why we named the fun chemistry.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Journey. I think those are the things they think about. So I would disagree with you at the early stages. I do think building that sort of trusted relationship is ultimately what makes an excellent investor, though I would say a great investor might just be do no harm.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“That's what they want. Well, first off, I think that you would clear the bar for 80% of the industry by doing no harm. And I would agree with that principle. The other thing that I would agree with is that the later stages, that's all that matters. When you're doing it, when you're picking what growth investor you want to work with, what you should care about is the price and them staying out of your way. I would disagree with you with the early stages. And my experience over almost a decade of doing this is that there are times even the best founders who are running autonomously where, and I actually, there's a concept that we one of my great mentors, Mike Volpe, talked about magic moments for a founder journey where it's not about placing the IC employee 142, the resume and the right spot of the company. It's about building a relationship where when the founder is questioning, hey, I'm not sure if I'm working with my co-founder and they want to call you at 11 p.m. on a Saturday night, you pick up the phone and you're there for that person. And when that company does well and they remember like, what were the important moments in my foundation?”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“You can absolutely be speaking. You know, I think when we think about alignment, it's more about putting the incentives in terms of where you're spending time. One of the things that pulled us into starting new fund, and I bet you saw this as you were kind of going through your fundraises as well, is this sense from founders that we want experienced investors that have time to spend with us. We want something new and fresh in the ecosystem. And I think that's a lot of what we're trying to bring here.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“Would challenge the notion that when you talk about, for example, some of the portfolio services teams, I think one of the dirty secrets of multi-sage investing is that portfolio services teams are not for founders, they're for the VCs. They are a way to make something unscalable scale. And I think right now we're starting to see the cracks of an industry that has relied on subdivisions of the job, whether it's a talent team or a team that's going out and finding customers. But I think what founders really want is not to be disintermediated between the relationship between an investor and the founder. That's really the premise of our fund. And one of the things that I think that some of the industry has gotten wrong. Now I would also clarify, I don't think it started that way. I think the intention, and if you go back to the innovation from 10, 15 years ago when Andreessen Horowitz started, it was a great idea. It was this sense of, you know, excitement and innovation for venture. But I think where we are now is it's become more of a crutch to these organizations to try to get.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“When you're running, I think when you're running an organization that has hundreds of people, that is multinational, like many of the large funds are today, I think there's a lot of time spent on people management, on administrative work that has a tax on the organization. When I think the most important thing is spending time with founders and spending time with founders at the early stage.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“So absolutely, the longer you're in market, the portfolio is like an iceberg. It just grows. And especially in an environment like today where liquidity is not as readily available. That said, taking an axe to all the bureaucracy of a large institution gives you superpowers in terms of what you're able to do with your time. And so while the portfolio...”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't necessarily think the fun size does. I think it's the purview of the responsibilities of the fund. So for us, having a stage focus, I think, is very important. I've seen and I think what the growth of different products and the size of a portfolio does to the focus of an investor. And I think there's a paradox at a lot of the larger legacy institutions where the most experienced VCs have the least amount of time to spend on new deals. And I think that's a problem for founders. And that was something that we thought a lot about as we were debating whether or not we were going to jump into this. And one of the things we thought we could help solve with chemistry.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“The world doesn't need another venture fund. It needs a new venture fund. There are too many VCs right now, but we wanted to do something different. What Christina and Ethan and I started talking about was if you were going to design a fund where you fully align the values of the investors with the founders, what would it look like? That was kind of the question that was the jumping point to getting started here. And what we thought about is first off, it would be smaller, it would be focused, it would be a combination of experienced investors from some of the biggest multi-stage platforms coming together together, Avenger style, and seeing if you could do something different. And you just talked about what it feels like to be an owner. I wanted that. Christina and Ethan wanted that. And we felt like the combination of experience and hustle was something that would kind of be the blueprint for a new fund. So that was kind of the origin of how we started talking about this.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“It's a total pleasure, and it has been so fun to watch you launch your new fund. I think I read online that it was a 10-year overnight success. And I think that's what most resonated with me. You've been doing such a good job crushing it, and I'm thrilled for you. So it's fun to be doing new funds at the same time.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source
“I think one of the dirty secrets of multi-sage investing is that portfolio services teams are not for founders, they're for the VCs. They are a way to make something unscalable scale. So we have a very light reserve model. Peanut buttering all of your reserves in every parad round that gets done is not a good thing for the founder. The biggest mistake is when you try to make consensus decisions at the early stage, I think you end up with consensus funds.”
2024-10-25 · The Twenty Minute VC · 20VC: The Truth About Multi-Stage Firms; Why Portfolio Services are for VCs not Founders | Why Politics is Rife & Decision-Making is Broken in Large VCs | Why Reserves are Bad for Founders & How Boutique Firms Will Win with Mark Goldberg @ Chemistry · IDENTIFIED FROM THE TRANSCRIPT · source