E38: “Angel” Podcast: David Cowan, Partner at Bessemer Venture Partners shares insights on owning up to his anti-portfolio, understanding sunk cost, top traits for becoming a VC & best Founders & CEOs

0:53 Jason intros Bessemer's David Cowan

1:54 David explains how he got his start in Venture capital in 1992

4:22 What does Bessemer look for in a potential investor today? How has VC hiring and demographics have changed over time?

8:10 David gives an anecdote about understanding "sunk cost"

14:12 David explains how and why Bessemer started owning their anti-portfolio

16:03 Stories on passing on Facebook, Tesla, Google, PayPal, Napster & Youtube

19:13 What made Youtube standout from Napster from a regulatory perspective

24:05 David describes hearing the Twitch pitch for the first time

26:00 Consumer vs. Enterprise investing

29:42 Sales-driven culture

33:31 When is the right time to sell a company?

41:15 Anti-tech backlash... is it justified?

47:38 Who is the best Founder & CEO David has ever worked with?

52:10 Meeting Wade Foster and investing in Zapier

55:29 Are growth & product people making the best VCs today?

58:53 Thoughts on Quantum Computing

1:02:19 How is David investing in Robotics?

1:09:58 Jason ends the show by showing the trailer to David's Silicon Valley mockumentary "Bubbleproof"