YouSaid · the spoken record

Patricia Nakache

lines on the record
31
first
2015-10-19
most recent
2015-10-19
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

  1. “Really empower these hairstylists to actually increase their income by selling products to their customers without having to hold any inventory themselves. And finally, I would say the team has been, and Maven's been incredibly scrappy, they were able to achieve significant revenue without much seed capital. Take it all together. It was a pretty, it felt like a pretty interesting opportunity. I like underserved markets in general, by the way. There are certain markets that is speaking of sort of pattern recognition and what people are comfortable with. There are certain markets that lots of people on Sandhill Road would be comfortable with, like golf. But hair extensions would be one that would not be popular.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  2. “Yeah, $5 billion market in the US and it's growing, and it's a market that is great for e-commerce because average price points are high. In the case of Maven, you know, average price points approach $200. And the value of the product relative to the weight and therefore the shipping costs are very good, right? So it's a relatively low shipping cost for the product. So from an e-commerce perspective, it has great properties. It's a replenishment product in the sense that people who use hair extensions replace them on a regular basis. So I got it. So that was all positive. I very much believe in the company's thesis that hairstylists, particularly in the African American community, play a very central trusted role in their communities. And I like the mission of the business, which is to”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  3. “So, my most recent investment is a company called Maven, where I co-invested with Andreessen Horowitz. It's an e-commerce platform for Yes. It's mainly today focused on the African American community. And today focus on selling hair extensions into that community. And I got excited about it for a number of reasons. First of all, hair extensions is a big market that most people are pretty unaware of, but it's over a $5 billion market in the US and it's growing.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  4. “OWLER, and it allows you to track competitive intelligence, competitive information. And so I use it to actually track all my portfolio companies, and I use it to track other venture firms. And it sends me alerts on all kind of news and announcements and fundings that happen across all those companies and firms. And so it's actually much better signal to noise than Google Alerts. So that is a very helpful source of information for me too.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  5. “You know, I do read Strictly VC, you know, every day. I will tell you that one of my, I will give a plug for one of my portfolio companies, Owler, which. Yes, yeah, which allows you to track.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  6. “I think there are a lot of services that you don't, there's not an immediacy associated with, you know, it's not like hailing a taxicab or hailing a ride like in the case of Uber. There's just less of a need for it to be truly and immediately delivered service.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  7. “Well, what I mean by that is that there are services, and I would put home cleaning in that category, that I think in the past have been generally people are fine scheduling them, kind of scheduling them on a repeat basis, like, you know, hey, come every two weeks or come every week. It's not as opposed to they sort of just need, I'm sure there is a segment of the population, but I'm not sure it's the majority who just kind of need the random cleaning on demand within a few hours. And in fact, when you looked at services like HomeJoy, you actually needed to book it in advance. So it wasn't clear what the cell phone, kind of what the mobile experience really added to the process. I think it added more on the cleaner side than on the customer side. So I guess that's what I mean, which is...”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  8. “I am bullish on the on-demand economy. I will tell you, and I wrote this in a TechCrunch article at the end of the year, I also think there's going to be a shakeout in the on-demand economy because, well, I do bullish there are a bunch of services that are going to thrive, but I think there have been a lot of services that have been funded under the auspices of on-demand that people don't actually really need on-demand. And so, you know, I think we're already starting to see a little bit of that shakeout starting to happen. I mean, we saw HomeJoy shut down. What is demand?”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  9. “Well, you know, I am very intrigued by the impact of millennials across all industries. And you're probably just on the cusp of that generation, right? I mean, and, you know, I think millennials have a very distinctive approach to life. They seek immediate gratification. They look for flexibility. They care a lot about the mission. They care a lot about the story behind the brand. They don't necessarily want to own products that they want access to them. So I've been, what I'm intrigued about is sort of their impact across whether it's e-commerce or education or I'm looking more and more at services like financial services because I think all these industries are going to have to think differently. About how they reach out to and provide their services to the millennial generation.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  10. “Oh, my favorite. Well, that there is a dad quite a bit. Well, you know, I've always been a fan of Jim Collins from my days in Stanford Business School. And so, yeah, so good to great. I would have to put that on the list.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  11. “So that is pretty simple. On two fronts, returns to LPs and on the entrepreneur front, helping them achieve their dreams, helping them build companies that change people's lives for the better”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  12. “Support below executive level. And that's where this sort of regular email that we sent out to our portfolio companies has come in really helpful.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  13. “Some have directors of talent. In our case, one of the things that we're doing is we're sort of created a newsletter that goes out to our CEOs on a regular basis with a vetted resumes that we've all come across so that we sort of have a kind of a constant feed of candidates out to our portfolio companies where we can make connections as appropriate if they see people on the list. Because in the past, you know, we would focus most of our efforts on executive hiring, and we still do that quite a bit. In fact, we dedicate part of our partner meetings to discussing executive level talent that we know that are available and try to see matches that could exist within our portfolio. But we were finding is that our portfolio companies were also looking for”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  14. “This firm stand behind its portfolio companies. I would tell you today one of the biggest pain points entrepreneurs face is on the hiring front. And so I think you see quite a few venture firms trying to differentiate and be helpful on the hiring front. I know that we've done a lot in that regard to try and be helpful to our portfolio companies. So I think it really comes down to domain expertise, trust, mutual respect. And then some of these targeted needs, and I think hiring is probably top of the list for most entrepreneurs these days.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  15. “In order to be differentiated and to compete, at the end of the day, I'd tell you, Harry, I think the most important factor continues to be for entrepreneurs trust and mutual respect with their investor. And that trust and mutual respect is often established over time. And so we really tried to build relationships with entrepreneurs well before they're going to be raising money so that they get to know us and how we can help them. And we really encourage them to check our CEO references because CEO to CEO, that's when they can ask all the questions that they might be too polite to ask you directly. And they can really find out, hey, you know, when there's bad news, how does this board member react? And when the going gets tough, you know, how does”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  16. “You know, I so domain expertise is key having a sharp point of view is on the space in particular, I think, is important. The days of sort of the generalist venture capitalist is, I think, mostly gone. It exists in some rare pockets. But I think, and that's been a transition that's happened during the time I've been in venture capital, I think it wasn't too terribly long ago, you know, one to two decades ago where venture capitalists invest in a broad range of industries or spaces. Now people are fairly, you know, have become more focused. And I think it's because one of the reasons is because there's greater competition and you really need to bring that experience base to the table for entrepreneurs.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  17. “Yeah, yeah. So I was excited to say, hey, let's turn a card here and let's see if this is a broader market. And, you know, lo and behold, they're going gangbusters in San Francisco. They're starting to grow very nicely in Los Angeles. And so I think we're starting to prove that it's not just a Silicon Valley phenomenon that it can work more broadly in other markets. And so now I feel like I feel very comfortable putting the pedal to the metal with eClub. But, you know, three years ago when I first invested, I wasn't at that place. Does that make sense? Yeah.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  18. “I think it's when you have achieved product market fit with the market defined fairly broadly. And I'll give you an example of that. I'm an investor in a company called EClub, which provides meal services to companies. And so you could have a 100-person company. Every employee can individually go on the app and pick from their menu selection every single day, pick what they want, but then they provide a lot of variety in terms of choice. And then all those meals are delivered at one time to the company. When I invested, it was clear that they had achieved product market fit in the Bay Area. Actually, more specifically on the peninsula in the Bay Area. Thank you.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  19. “The wiser entrepreneurs who realize that if you put the pedal to the metal from a burn perspective before a company has achieved product market fit, it's very possible that you're not using that capital wisely.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  20. “Sure. I mean, there are, let's see, you know, oftentimes, you know, a really high burn rate can be a bit, you know, can be a yellow flag if it is out of proportion with the stage of the company, meaning if the company has not yet reached a stage where there's product market fit and yet the burn rate has been ramped up, to me that's a yellow flag, and it's interesting, you know, it's one I'm thinking about a lot today in the context of the current environment because there has been quite a bit of capital available to early stage companies. And so companies have raised probably more money than they would have in the past at a similar stage and therefore ramped up their burn rates.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  21. “Case of animals or not Ruby ribbon before I invest in her company she and I did due diligence on the concept of Ruby ribbon together for about a three month period and I saw the learning curve she went on and sort of my thought bubble at the time was wow if she continues on this same trajectory of learning this company is going to do great because that's what entrepreneurs need to do they need to be able to iterate and learn and pivot and adapt as they bring their product to market and understand their product market fit so anyway I'd say it's a combination of just resonating with the problem they're solving and being inspired by their ability to solve those problems both because of domain expertise or their ability to learn and their ability to lead”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  22. “But you need to do quite a bit of work in order to vet the people that approach you on Craigslist. And at the other end of the spectrum, Nanny agencies that are very expensive and frankly have an agency issue. They're not in an impartial party to a transaction happening. And so it felt to me like there was a big opportunity for service that provided more vetting than a Craigslist but was way less expensive than an agency. So anyway, that was the gap that Sheila was filling, that she cared on. So long story short, I think in each of the cases these women entrepreneurs, I resonate with the problem they were solving, and they really inspired confidence in their ability to tackle the problem at hand. For example,”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  23. “So, you know, in each case with each of those women entrepreneurs, I resonated deeply with the problem they were solving. And, you know, it could be that one of the persons I resonated with the problem they were solving is because I am a woman. I mean, I just give you the example of care.com that's a marketplace for care services. So if you're looking for childcare for your children, they have a vetted profiles of caregivers with whom you can communicate and potentially hire. And I have three children myself and I've been a long time employer of caregivers. And one of the pain points I experienced was this massive gap that exists between Craigslist, which is free.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  24. “Where they're committing to increase the number of women in their ranks, there have been a number of micro VC funds that have been started by Women GPs. And like Teresa Gao and Jennifer Vaughn said, started aspect ventures, Aileen Lee started cowboy ventures. I mean, there's actually a handful of them. And that's increasing women's representation in the industry. So I think that there's a number of trends that can be helpful that I think if we encouraged could reverse that disturbing trend of the decline that you mentioned.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  25. “So the pipeline issue, I don't think applies to the apprenticeship side because there are plenty, I think, of very bright young women who are working in the tech industry, who are getting their MBAs, who might even be getting technical degrees. I think the issue is more in the latter model, which is when partners are hired directly from industry into a senior role in a venture firm. And there has been, and it's been publicized more lately. I think it's good there's been a spotlight on it, is that there's a”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  26. “Yeah, it's been a disturbing trend. Why I believe there is this misrepresentation, I point to something I call the two P's. The first P is pipeline. And when you look at where partners and venture capital come from, they generally come from two sources. They're either nurtured through an apprenticeship model. They're hired early in their career and they're nurtured through an apprenticeship model to the point where they can become a partner. Or they're hired directly from industry at a more senior level. And I'm an example of the former. I'm sort of, you know, was brought on in a more junior role and sort of nurtured over the years and trained, if you will, in the investment industry.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  27. “You know what I really loved about venture capital was getting to meet such phenomenal entrepreneurs and getting exposed to all these really interesting ideas. I mean, there is no shortage of things to kind of keep you, keep your brain active and engaged in venture capital. And that's what I really loved about it. And kind of coupled with that, I felt like the fit with the culture here at Trinity was excellent. And in small partnerships, that's really important. You have to, it's not a big company. There's no place to go hide. If you don't get along with somebody, there's no kind of other division you can transfer to or other group you can transfer to. You have to make sure you really fit in with the culture. And in the three months, I felt very much at home here and felt like it was a place I could really thrive.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  28. “And then three months later, I converted to a full time principal was my title. And the rest is history. But anyway, it was very serendipitous, as you can see. But I love my background this sort of pointed me towards, you know, working in the technology industry, obviously, but I think that often times in careers, right? It's kind of you have to just be opportunistic. And when doors open, just walk through them. You can't necessarily plan everything.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  29. “This was still in the day where people would send in paper business plans, not just email, and they would point to these piles of business plans on their desk. Anyway, they kept telling me how busy they were. And at one point, I said, hey, you know, I can come help you guys out if you're so busy. And they just kind of looked at each other and they thought about it. And they're like, hmm, that's an interesting idea. So I actually joined Trinity Ventures as a contractor, believe it or not. So I started as a contractor.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  30. “In San Francisco and Silicon Valley, I served a bunch of technology clients. And then in 1999, I left McKinsey and I joined a startup briefly. But at the same time, I was actually writing Freelance for Fortune magazine. It was the height of the dot-com bubble. And Fortune was really interested in kind of getting a lot of content about what was happening in Silicon Valley. And I had always been interested in writing. It's actually one of my loves, one of the things I enjoy doing is writing. And so I was writing about management best practices in Silicon Valley. And as part of that, I was interviewing venture capitalists. And a friend of mine introduced me to the partners here at Trinity, and I interviewed them for a couple of articles, and they kept mentioning how busy they were. I mean, literally, they were, you know, this was in 1999.”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source

  31. “Yeah, so I grew up around the technology industry. My father was one of the first employees at computer sciences corporation, which is a big systems integrator. And was a startup in its time. And then when I went to college, I was a physics and chemistry major. And I spent my summers mostly working in labs, but for example, the summer after my sophomore year, I worked at a telecom startup and had sort of a microcosm of the startup experience where midsummer, the CEO got fired. The new guy was brought in. They had to cut costs and I got laid off. All of the courses 16 weeks I experienced all the upheaval you could possibly experience at a startup in like one summer, but yet I was not deterred. I still thought startups seemed interesting. After I graduated from college, I went to McKinsey”

    2015-10-19 · The Twenty Minute VC · 20 VC 080: How VCs Can Differentiate Themselves with Patricia Nakache, General Partner @ Trinity Ventures · IDENTIFIED FROM THE TRANSCRIPT · source