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Renata Quintini and Roseanne Wincek

lines on the record: 64
first: 2022-03-21
most recent: 2022-03-21
sittings or episodes: 1
sources: podcast

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“I was going from science to startups to venture, like that was a very random walk. I can tell that story now and it sounds like it makes a ton of sense at the time it was, I really struggled and felt so lost and so that I like made all these giant mistakes in my career. I wish I had not stressed about that. Looking back, it's like all of that strange path I took is like, what makes me interesting? That's what I bring to the table. And that's actually like so much value in my life. And I wish I hadn't beaten myself up so much about not knowing because like that part of your life, I don't know, you should sample and water. It's amazing.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“My dad used to always say, like, whatever you be a big one. And it's kind of in this idea of like, whatever you do, you're going to spend your life doing it. You're going to spend a lot of time. So you might as well do a great job of it, like be great at it. I know that's been a driving force for me forever.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“One of them is this woman, Judith Klindman, who was my undergraduate research advisor at Cal. And she was the first female physical science hierarchy at Berkeley. And she was just amazing and also told me I could do things I never thought I could do. And then, I don't know, I mean, the other ones like Renata. She's really changed my career”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Like reporting when reporting changes, that drives me insane when numbers are presented in a bunch of different ways for different things that just drives me then.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Driving me nuts lately is this irrational optimism sometimes, or like not recognizing what's actually, not conceding that there are things that could potentially go wrong. And it's sometimes just so hard for me to deal with that. Not that I'm like a pessimist, but I just really love to be grounded in reality.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Also, Renata is like a hyper talented musician. Oh, I like to play guitar. But one time, again, we were sharing a hotel room. We were at the Ace Hotel in New York and there was a guitar in our room. And I like was playing some song for her on YouTube. And I think I played like four seconds of it. And then she just started playing it. I'm like, who are you? Like she's incredibly talented.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“I am like a big puzzle person. I like love puzzles like Crossword puzzles, jigsaw puzzles. There are these puzzles called liberty puzzles. They're the most beautiful puzzles in the world.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Such a phenomenal tool to get through these crazy events where the world is going sideways and your priors are thrown out the window.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“We live in this world of uncertainty, but we behave as though there's certainty and there really isn't, right? And so it's really about tools around like, how do you actually acknowledge that uncertainty and grapple with it because we had our first close on Friday, March 13th. Like the world was about to shut down. Nobody knew what was going to happen. We never knew if we would ever be able to close another dollar after that. Remember, like the world was going sideways. And so we were hopeful that we were going to raise more money and we did. But at the same time, we had to like make do with what we had, but also make sure that the investments that we made made sense for that fund size and then also the potential final fund size. And that work was so helpful and also like.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“company and feedback and the way that we store signals is definitely another thing. And one thing that we're doing too is really identifying what's the one thing that matters for each company, the monkey and the pedestals, the way that she talks about it. Because there are many things that are progress and that need to be done, but they're not what's going to make one company unique or defensible. So understanding for each company, what's the one thing that they need to nail to really be spectacular?”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“The first thing where the rubber met the road was so we had a first closing of a fund and we knew we were going to have multiple closings and we didn't know for sure what the end state of the fund size would be. So the first thing we did was create multiple portfolio construction models for different scenarios. So this idea of scenario planning and what do you do in different scenarios and what the probability of those scenarios occur and how do you adjust and what do you need to see to adjust the way you think we approve the construction, but we apply that to many, many other things. The way we do our follow-on process and how we think about company markers and what we need to see way ahead of a process being in place, right? Because we all endow, we're all human, we love our companies, all those things and being ex ante. Like what are the progress markers you want to see to really want to double down and having that constant, the type of information that we collect on interactions we”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Use a lot of the super forecasting kind of techniques around venture itself is very hard because the cycle is very long, right? Like it's seven to ten years. And so we try to pick up in our kind of, we do a lot of forecasting and calculating Briar scores around like what our short, medium term endpoints that we can try to forecast and see how good we actually are at reading the market and measuring the market. We also use a lot of that same type of forecasting and probabilistic mentality when it comes to like our own internal processes like fundraising. I'm thinking probabilistically evaluating things.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“A different answer. Well, yes, and so one of the things that we really believe in is how can we learn from our own decisions and how can we make better decisions as we go. So we built this infrastructure and processes that were like capturing so much of every decision we make, every company we meet, a lot of super forecasting mentality of, okay, what is the probability of this event going to happen? And we're collecting this corpus of information with the certainty that at some point we're going to have this proprietary data set of like how Renegade thinks and decides and also better understanding like, okay, what are Roseanne spikes or my spikes? What are other people in the team spikes? And I think two years from now, we're going to start to get some more meat to go chew on because right now it's just really planting the seeds with the strong belief that this is going to be massive and very meaningful. So I'm excited for that.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Where you are today and where you are when you can go get that talent yourself. And so what are other areas in company development that are similar? I'm not a big believer in the outsource kind of agency model of let us do everything for you because these companies need to build this expertise internally. But what are aspects of company formation where there's companies have a structural disadvantage, this type of talent, just by virtue of their size and their stage? And how can we kind of fill that gap? And so that's an area that we're actually actively working on right now, kind of like what's the next practice, right? Like what's the next area of excellence? Who's the next Susan on our team to fill a similar gap? But in that same kind of partnership, consultative way where we're not going in and doing this for the company, she's paired with an executive that can implement these things but provides a strategic resource.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“I love this question. When we had our first close of fun one, we had this thesis about the chief people officer. We felt really strongly about that. But then like in getting in the nitty gritty of what is this offering? What does it look like? We did this exercise that we called monkey in the mirror because it was the Trello board stock photo is this like picture of a monkey looking at itself in a mirror. And it was a lot about like, okay, what are other venture firms offer? What do you want? And what's the area that like it's not being offered a you wish you had as an entrepreneur? And really like that's where we focused. And now as we expand, we're kind of doing that again. We love this people function because basically companies at this stage have like a structural disadvantage in hiring senior people talent. Because the truth is, is when you're 20, 30, 40 people, like being ahead of people is not that interesting of a job because you're also running HR and setting up systems. It's not strategic yet. And a great person can get a job at a 5000 person company. And that's a way more interesting job. And so it's a little bit about us helping fill that gap between.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I think for us, it's pretty easy. So fun while you're never as a line with an LP as you are right now, and you can't afford for this to fail, so we're focus on investing out largely. And we're doing our work to make sure that the companies that we invest in, we have high conviction or high expectation that they're going to be top cartel performers. That's the non-negotiable And the environment is crazy. Some funds are two years or less are coming back almost every year, and that's not how we do this.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“For me, it is just how the incentives are so misaligned because the abundance of capital and the velocity of capital makes investing companies for certain funds and certain dynamics almost like cheap options. And for founders, that's their one shot. That's their career. That's their livelihood and their employees' lives, right? That's their most expensive endeavor. And so much in the system now is almost free money, cheap, cheap options. And that is extremely frustrating because it hurts company returns. It hurts employees' ability to participate in those returns. And it also hurts LP's returns in the end of the game too. So that is extremely frustrating.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Partner, but we can be a participant or we can figure other things out. That kind of self awareness and then also getting in front of them and talking to the CEO about what's really important. Often it's making sure we can bring a specific investor into the round or specific ownership target for somebody. It's this kind of multidimensional optimization. And I think what's been really helpful for us is this attitude on working together on it and also just being very upfront about where we're great and what we don't do.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think of these processes, like one thing we always ask CEOs is what are you optimizing for? What is most important? And there are CEOs who the most important thing is speed and valuation. And as Renata mentioned earlier, there is some self-selection in this. Yes, you want to be in the best deal, but you also want to work with people who align to your worldview. And we're big believers in our worldview. We also think it's a worldview that generates long-term value. I don't think that shotgun marriage venture rounds are tried and true recipe for long-term value creation. And so I think in this environment, you just really have to understand who you are and what you offer and where you're good and what you don't do and what you're not good at and what you're not going to win. We're not going to win on fun sides, right? Our fund is smaller than a lot of other funds. And so if it's really important for a CEO that they need to have a very large lead to lead the round, if we're not going to be that.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Is something that everybody is feeling right now because talent is a market and so much capital in the system means that market is also a very hot market. And there's a lot of data that's around today, but frankly, like all of that data is backwards looking. It's not real time. And so that's something that we do a lot of work with our companies on. It's a really common thing that comes up. And frankly, it's often a combination of data, either Susan or a compensation consultant and also a lot of it is around like precedent setting. Everything you do here, you have to realize you're going to have to do again. And so a lot of it is about how do you set up a system that you feel is generous and a fair and aggressive and lets you get what you want from a talent perspective. But at the same time, you're comfortable with and can sustain. If you do something for one person, it's going to be expected again and again and again. And so how do you actually try to systematize a lot of that to make it fair and equitable?”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Something different that's top of mind for them at every single time, right? So there are companies that are going to engage with us thinking, okay, I need to bring in a header product, a head of sales because I don't have it, or there are companies that are saying, okay, I have this flat product and nge organization that is now the time to split this in two. And how do I actually think about staffing that, then that's how we start the relationship. A lot of companies are coming to talk to us about comping and leveling because you're seeing salaries go up, competition for talent getting bigger, and how do I make sure that I'm not only competitive, but I'm compensating my people in a sustainable way. A lot of them are engaging in that conversation. But we actually have sprints with them that we go and say, okay, what is top of mind for you for the next six months? We come up with a plan and then we revisit what's top of mind for the next six months.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Our firm that is the scaffolding resource for them that can help them navigate through that. And that was our first hire, a chief policer, a woman named Susan Alban. She was an operator before. She actually was at eBay, PayPal, and then she went to Uber Eats. She was the first GM in San Francisco grew the business from zero to a hundred million revenue. And then she went to Zum Pizza at thirty employees and realized, oh, wow, you know, I've been at these companies where market's a huge velocity is huge, capital is abundant, the big problem is people. So let me actually move into the people function because, you know, I'm very, very smart woman. And she was there from 30 people to over 400 in less than three years, scaling all of that org in like a very complex business. So this is a person that knows how to do the job and she's full-time with us and she helps scaffold a lot of our companies. And it's a huge accelerant for our companies. Each company has”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Big insight is what we talked around okay, teams getting bigger sooner and getting bigger faster and just talent and execution being where the rubber meets the road We're at a moment where a jar or this need is so latent and transforming but actually not a lot of people know how to do this job of the chief people officer And you're seeing companies that are billion plus valuations that are searching for those very rare talents and they can't afford it and we know that early stage companies have this very latent need and you know if a big unicorn can't afford it or find it let alone a series ABC company that absolutely needs it to put that infrastructure that org machinery that's going to continue to execute they can't be competitive on that and we said okay what if we brought somebody who's an operator that companies would kill to have that has this experience that has done this before that works as a partner”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Be in as many great companies as you have, and for us, like we have this additional tool that we have multiple ways to win.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Your earlier point, Ted, on like it is like focus and flexibility. This is what we do. This is all we do. We're obsessed with this. What's super critical, every company lives in this. This is like what we eat, sleep, and breathe every day. And then on the other side, like flexibility. And our fund one is $100 million and in a CEO of giant funds out there. It's actually kind of differentiated to have a small fund. And often when your fund is really big, you can either lead a deal or not do a deal. If you are investing out of a billion dollar fund, you have a minimum check size that you need to hit in order to make each deal worth it. And with our fund size, we have a ton of flexibility. We love that in that like we have a lot of ways to win. We've led big rounds like companies like Daly and Nate. Nate was a 38 million dollar series A. Daily was a $40 million series B, right? We're able to lead those rounds. And at the same time, we're able to be smaller investors in great syndicates. That's CODA and built loop returns. And so giving ourselves that flexibility, the truth is like ventures of power law, right?”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“For them. And we also get so much insight on how it is to work with them and what's important to them, how they're thinking about hiring, what are the more important positions. And if they're thinking about entering a new market, are they staffing against that? Or are they thinking about, let's say, they need to increase sales org and okay, so how are you thinking about the number of resources and productivity? You have the leads. And it becomes a much more organic diligence conversation that way as well.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think that's where the supercritical stage insight is so valuable. You got to understand the business, you got to understand the market, and that's stable stakes, right? How are you going to work as a board member, as an advisor? So prior experiences, but then you move very quickly to, okay, what's top of mind for you? And we explained to them what the supercritical stage is. We explain to them that we have Susan and other resources. And these are the things we've done for companies A, B, and C. founder self-select, the ones that really get excited by it and top of mind that they will need that scaffolding they lean in. And then the question becomes quickly around, okay, how can we show you how it would be to work with us? So for example, one thing that we do is option pool calc even before investing. Let's look at your hiring plan. Let's look at the option pool you have, the option pool that you want to create. Do you have the financial and the equity capital to attract all these people? Let's actually kind of help you think about leveling and stuff like that. And then they see the value of what it is to work with us and how this is really accelerating.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, here are the pieces and the questions that actually really mattered. And let's put the other stuff aside because at the end of the day, you can boil the ocean, you can't have all this false precision, but like it's about being efficient and making sure that you are focused on the things that actually drive the business and not just diligence for diligence sake.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Like, what are the things that actually mattered in these investments, and how do we identify them faster in future diligence processes? And so how that works is we do what's called like a decision exploration table. It's in, I think, or how to decide book. And so looking at when we make an investment, it's looking at what are the positive potential outcomes, potential negative outcomes, and which are driven by scale and which are driven by luck. And kind of mapping that out for each investment. And the questions are about for the things that are skill-based, how can you increase the probability of those skill-based things happening or lower the probability of the negative ones happening? And for luck, like how do you make yourself luckier or how do you hedge for things that are completely out of your control? And so what's really powerful about that exercise is whether it's really telling of is like, what do you actually have to dig into in the diligence process that's going to be make or break? And that helps you kind of front load the next company you invested in the following process around like”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“They couldn't keep stuff on the shelves. They would get stuff and it would sell out. And then obviously revenue is zero for a product that you can't sell. And digging into the data, that became obvious. And it was like, oh, like getting better at forecasting, getting better at inventory management, or also the company was capital constrained, like having more capital, being able to hold more inventory is a totally fixable problem. On the other hand, like they had a product that was flying off the shelf. If that was the issue, that is fatal. If it was product that people didn't want to buy, like that's a fatal issue, but something like not having enough capital to hold enough inventory or not having great revenue management function yet is totally fixable. So like we're really looking for things like that, like digging into those areas and trying to understand what is fixable in these early stage companies because nothing is perfect and what's actually like a core fatal issue. A lot of the work that we do with Annie is around structuring our process in a way so that we can really iterate on it quickly and also help us really tease out”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“We think a lot about fatal versus fixable as kind of a framework that we'll use. Is this something that is fatal to the company's outcome or is it something that can be changed? Things that end up being fatal are deep customer issues. Often when you look at companies at an early stage, marketing is not efficient. CAC might be low, but it's because it's against a small number and those are your most excited users. And can that scale? And often it's trying to dig in and figure out, is marketing and efficiency due to mismatch a product market fit? Are you just getting there based off of discounts and promotions? Or is this because that infrastructure isn't built yet and you can hire that team and you can optimize that? So one example of that fixable fatal framework that we think about is back when I was at IVP, I led the series B of Glossier. And at the time, like it wasn't obvious. The revenue was all over the place. And it was because they were selling out of products.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“We developed together was scorecards on evaluating companies and also what are the questions that we want to ask each company as we meet them so we can figure out our plan of action really early on what are the important questions for that particular business because some things are fatal and some things are not. You're never going to find a company that's perfect, but actually knowing in advance what's the key information they need to have and what's the make or break for that particular business really allows you to move with conviction and fast.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“So one of the things that we did when we first started Renegade was working on what does a renegade deal look like. So actually having clarity on what the parameters are and what do we think really creates value in companies and what is our heuristics. So we kind of have a little bit of that blueprint and the process even before investing in companies, right? And we're looking for outlier business engines and what does that mean for renegade or companies that have 10x products and what does that mean? And what kind of information do we want to see and look at, you know, for example, we really love digging into cohorts and looking at quality of revenue, right? So like we know because we've invested in many other companies before and we've seen outlier companies before what we're looking for. And then the other piece that we do as well is so we work very closely with then you Duke decision scientist, poker player. She's been very instrumental in many things at renegade, but one of the things that”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“In this world where velocity of capital is moving so fast, how do you balance this interest and you're hunting for these companies that other people have invested in that are doing well with wanting to do your own diligence?”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“In these large industries. And so that led us to invest in built technologies that does construction loan management software and also payments for construction, which is about a trillion dollars a year in the US. That led us to invest in NAT, which is one click checkout for any merchant on the internet. So like any commerce payment provider where the customer is actually, the consumer, not the merchant. And so it's a really interesting one because it puts a bunch of incentives on their head. There's some broad theses, but then also it's the general blocking and tackling of going through our seed fund, seed investors that we really admire, scouring their portfolios, trying to find the ones that we think are really interesting, getting in front of companies early, trying to build relationships. The thesis ideas help us identify what's important early on so we can try to move quickly and be really efficient in diligence.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“One thing about supercritical stage companies is that they've raised capital before. And so that does kind of help constrain the universe. Of course, everybody today knows who has raised capital before. So that also means that you need to be very focused on who you're going to spend your time with and who you aren't. And so we think about it in a few different ways. We tend to be broadly thesis driven. We have like a few big themes that we like that can manifest itself in many ways. We spend a lot of time right after we close the fund looking at a lot of payments companies. Stripe is a $100 billion company. It's a payments company that's focused on merchants. There's trillions of dollars that still”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“One other thing too is that I kind of wish we had learned earlier that when you're raising a venture fund, some people you talk to are dedicated venture investors, right? And they know everybody in its college talking to another GP. They know all the players. They know how the market works. And then there's people that like manage a big alternatives program and they might be talking to like a timber fund before you or distress credit and know nothing about venture. And like also understanding where that investor is at. And the truth of the matter is most of our investors are really savvy venture investors. I think for, especially for early funds to be an emerging manager, getting people who really understand the nuance and understand the value of being an emerging manager are the ones who really lean in and move forward.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Word that comes to mind to describe the people who came, they were believers in the strategy. They understood that the supercritical stage was something that founders were going through. We didn't need to we explain why it was valuable and how we were going to attack it, but like they saw value in that. Of course, they challenged us, and we loved that piece in the relationship, but they were believers.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“We went through so much, it was a big learning experience. I think the thing that we learned that we probably took too long to learn, and I wish we had learned sooner, was just around like qualification. There's a lot of people who will take a meeting that can't invest in a fund one or never have or structurally they just can't, or they can't invest in a funder size, or their allocation is done for the year. And these are long-term relationships. It's important to start building those relationships. But at the same time, like really understanding who can invest and who can't early on is so powerful because your time is such a limited resource in all of this, and you can only meet so many people every week and only spend time with so many people every week.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, just to kind of put a temporal dimension on it, so that was beginning of 2019. So we hit the market around May of 2019, April, May. On one hand, we're known entities with a non-track record and non-firms. And gosh, we got so many meetings. Getting a ticket to the dance was very easy and everyone wanted to talk to us. And we had LPs from prior firms and other relationships. But, you know, like just the backdrop to off the market, right? Like funds were coming back to market bigger and faster than they were before. So actually differentiating between the people who wanted to take commiting versus people who could actually invest in new relationships was a lesson that we had to learn on the field and something that we iterated on quite a bit. Some folks spin out having anchors defined. That's not how we approached it.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Very excited animated stories. The truth is, we have zero. Our biggest disagreement was over one slide in a fundraising deck a long, long time ago. We have a lot of productive conflict. We have different point of views, but we know how to deal with it and we have a lot of very important, difficult conversations, right? So one of the philosophies we have is, and then going to the value of be like a company you invest in, right? So we want to overinvest financial resources in building technology infrastructure, in hiring amazing people, in doing all of that. And that also means that the way that we share economics, both cash and carry, has to kind of back that up. And those are so easy conversations between Rose and I.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“And that stuck to me as just like generosity and principles and things that were not expected as like really important values. When it comes to, okay, how do we talk about Carrie? How do we talk about our comp in building the business? Those are conversations that we had, but like also knowing how the person is and the trust and the consistency, you also have what it takes to kind of back up the behavior. So, you know, LPs ask us a lot about tension and disagreements and they're expecting.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Think the crucial That we learned is we are very different people and Rosanna is a massive extrovert. I am not. Can we make that a powerful combination? And we found, and through the process, we learned exactly how to get the best of each other and how to deal with each other in that could really, really productive way. But we kind of knew that about each other before and that was getting the tools. But I'll say like for me was in the little thing. So Rosanna is actually tremendously generous. And one thing that stuck to me, we're sharing a hotel room once and, well, many times we shared hotel rooms. But there was this one time that I saw her leaving a tip for the cleaning person.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Around what makes career meaningful for us and what's exciting. And a lot of the ways that's manifested in Renegade is like we wanted to build a firm that”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Table to make sure that you are holding each other high standards and adaptable and effective. But where you don't want to have tension is on those core values. And for Renata and I, when we really peel back the onion and got to the heart of why we wanted to do something like this and what was important to us and what a meaningful career meant to us, we were extremely well aligned. It was things around renegade is going to be the last place that Renata and I work at. We wanted to be better when we leave than it is today. We both really believe in how do we set up a firm that can be generational and phenomenal and hand it off in a way that creates momentum for the platform because we see so many venture firms today just struggling at their core with generational transfer. And so we ought to get ahead of that right away and talked about our own retirements even though we're in our 30s then and already talking about that stuff. And so it was really getting down to the core things.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Codifying your own values, what's actually really important to you, and making sure that you're well aligned with the person that you're working with. And the point that you brought up earlier around tension between focus and flexibility, having tension in areas like that is so important in a business. It's so important to have making sure that you have multiple points of view and like multiple styles around”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“There was a lot of work between that dinner and telling our firms. And here's the thing is like we restricted each other, like each other as people. We respected each other and liked each other as investors, right? Like one of the first things we did was open up our track records because I had a close friend who was starting a firm with somebody who had misrepresented their track record. And so like we wanted to get out there first thing like totally open the books and the heroes are actual performance, right? Making sure that we're really aligned there. And then the bigger thing was around can we be partners? Can we like better careers on one another? Because like at the end of the day, we didn't have to do this. We had a great job. So we could like seats that people would kill to have, like we have great firms that loved us and that we love. And like we went to go do something crazy. And so if we're going to do something crazy, we got to believe in one another or better our career's not one another, right? And so we actually hired a coach, Khalid Haleem, who we love. We did some marriage counseling with us. And it was a lot of work. It's also like the soul searching of.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really big because they're all obsessing about that. And that's the focus, and that's the super critical stage. Now companies reach out to us and say, I'm a super critical stage company. I want to talk to Renegay because of that.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“We actually ran an analysis of companies that raise money from 2016 to 2021, company series A, Series B, Series C, on the main round size has gone up about twice. They're raising twice as more money. But also the number of people that they have by the time they come to raise that money also increase at least twofold. So a company at Series B on average used to have about 50 people five years or so ago, and now they have eighty to 100. By the time they come to raise that series B. So you see that velocity and that exponential pressure. And then when you go to talk to founders around, okay, now you're really spending 50 plus percent of your time thinking not only about who you hire, but like what are the roles you need in your org? How do you compensate these people? What are the types of profiles you're going to need to execute on your financial plan two to three years from now? And their eyes just go.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think our mission at Renegade is to be the best firm in the world at identifying companies that are about to go through this inflection point in their growth that we call the supercritical stage and help them outperform through that. So supercritical stage company we define as the sandbox is like 20 to 100 employees early revenue up to maybe a million dollars a month. They're generally raising rounds that are between 10 and $50 million. We don't think the letters really matter anymore. But when you're 30, 40, 50 people, there's foundations and systems that you can build now that will like just help you be more efficient down the road and also save you a lot of really common headaches. And that's really a lot of what we focus on.”
2022-03-21 · Capital Allocators · Renata Quintini and Roseanne Wincek – Renegade Spin-Out in the Supercritical Stage, Venture is Eating the Investment World 11 (Capital Allocators, EP. 242) · IDENTIFIED FROM THE TRANSCRIPT · source