Billion Dollar Moves™ with Sarah Chen-Spellings | Global Venture Capital

In venture capital, pattern recognition is a valuable skill. 

Investors often analyze various pieces of a puzzle, employing pattern recognition to assess whether a company might be on the path to success.

This week’s Billion Dollar Bite features Leah Barto, Senior Director of Research at Endeavor Global, who leads a team to redefine pattern recognition through the lens of data journalism.

Endeavor has dedicated its mission to uncover unicorns worldwide, employing a data-driven approach and producing a comprehensive study titled “Where Do Unicorns Come From?”

We’ve discussed the intriguing findings of this robust research, unveiling the factors that drive entrepreneurial ecosystems to thrive, and challenging stereotypes about what success should look like. 

You won't want to miss this!

0:00 - Intro

2:15 - Endeavor’s mission, data journalism, “Where Do Unicorns Come From?” & the multiplier effect in startup ecosystems

5:37 - Takeaway #1: Educational backgrounds & debunking the myth of the elite educational pedigree.

6:29 - Takeaway #2: Entrepreneurial experience & age 

7:58 - Takeaway #3: Global citizens - mostly with a migration background & advice for funders

9:35 - Takeaway #4: Pattern recognition - backgrounds and innovation made by unicorn founders from US versus emerging markets

11:30 - Takeaway #5: Solution to underrepresentation of female founders

14:33 - Takeaway #6: Hande Cilingir’s success story

16:32 - Takeaway #7: Scaling & paying it forward 

Endeavor Insight is the research division of Endeavor that provides data-driven analysis and visualizations showing what makes entrepreneurial ecosystems thrive. Our research team of economists, data scientists, and policy analysts specialize in understanding the needs of high-impact entrepreneurs and evaluating the networks that enable them to scale and pay it forward.

Where Do Unicorns Come From?

Link: https://endeavor.org/unicornpathways

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

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Twitter: https://twitter.com/sarahchenglobal

This week's guest is Samir Kaji, a prolific writer and host of Venture Unlocked, a podcast and blog that dives into the inner workings of venture capital, and the CEO and co-founder of Allocate. With over 20 years of experience in VC and private equity ecosystem, Samir's work has guided many investors, entrepreneurs, and fund managers on how to navigate and succeed in the private markets.

Our conversation covers everything from the scale of private wealth funding, venture capital to the explosion of emerging managers and why the track record trap is one we need to be mindful of. Whether you are a GP, LP, or founder tuning in, this episode is full of gems.

0:00 - Intro

2:54 - Who is Samir Kaji?

04:41 - How are banks different moving forward in 2024; interest rate and the end of ZIRP era

09:49 - Allocate: to provide opportunities to private markets & to invest with more visibility and transparency

13:34 - Business model of Allocate; bridging venture gap or beyond?

17:00 - Trends in venture from 2022 onwards

21:23 - How should LPs be thinking about misinformation of performance; portfolio construction as LPs

27:45 - Generating alphas and diversifying networks

32:49 - The track record trap; Pejman, Pear VC 

36:54 - Fundraising, building enduring franchise and common mistakes of emerging managers; Kirsten Green, Forerunners

40:55 - Diversity in the realm of venture

42:30 - Predictions for 2024

44:46 - Billion dollar questions

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Alternative investments have become a growing staple in investor portfolios as investors continue to seek better portfolio diversification and higher returns. However investing in and alongside the most promising venture funds is primarily limited to institutional investors and industry insiders. We are here to change that. 

Allocate is a digital investment platform that provides all types of investors with a programmatic and efficient way to discover and invest in high quality emerging and established venture capital funds, while providing fund managers with a streamlined way to access the fragmented private wealth market.  

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

This week we had not one but two esteemed guests - a funder and his founder of choice to talk through everything from building trust and partnership to getting to that IPO.

Featuring Somak Chattopadhyay, founder of Armory Square Ventures, and Vikas Mehta, COO of ACV Auctions. Their paths beautifully overlapped after their MIT days when Somak recognized ACV's potential in B2B automobile marketplaces and recruited Vikas to lead the operation.

The rest is history, but in today’s episode, we delve deep into how Somak identifies potential in companies like ACV and, alongside Vikas, continues to drive value and scale to today, one of the most exciting marketplaces that investors are closely watching on the NASDAQ.

0:00 Intro

3:00 Where the paths crossed: Somak’s journey with Armory Square Ventures; and Vikas’s prior to ACV Auctions

7:55 Takeaway 1: How did Somak identified and surfaced ACV as a tech unicorn

11:34 Vikas saying yes to Somak’s pitch on ACV Auctions

15:31 Takeaway 2: Breaking down business model of ACV Auctions from digitalising to scaling; “it was basically to get a level of trust and transparency on the asset that was previously unimaginable,”

21:07 Takeaway 3: Bringing in mentor who guides and fits well with the team and hiring the best talent

25:10 Takeaway 4: Adding value versus overstepping your bounds as a VC

28:11 Takeaway 5: Navigating through pandemic and building infrastructure under hyper growth

30:57 Takeaway 6: “What else could we do to leapfrog everyone else“; building and maturing a system that fills the industry gap

36:24 Takeaway 7: Vikas’ reflection: be more risk taking and hiring key unlockers of acceleration at early stage

37:53 Takeaway 8: Somak’s reflection: every time frame is different and about false positives on people

39:49 Looking forward #1: the automotive industry in 2024

40:46 Looking forward #2: 2024 as the best vintage year?

42:41 Takeaway 9: Vikas to founders: "How the world is predicted to be is rarely how it ends up being"

43:49 Takeaway 10: Somak: "Don't rely on zoom and teams or whichever tool you have as a crush for everything" 

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

“If you can show strong growth in this environment, that means you’re getting corporate budgets at a time when corporate budgets are tightening.”

As we continue to emerge from the belt-tightening era in investment and venture, now is an opportune moment to revisit an episode featuring Momei Qu, Managing Director of PSP Growth.

Momei carved her own path in leadership, having worked with one of the trailblazers, the esteemed Penny Pritzker, former United States Secretary of Commerce and American billionaire businesswoman known for family investments in Hyatt Hotels and Marmon Group.

Today, Momei, who leads PSP's venture capital and growth equity initiative, shares her leadership lessons, from collaborating with a trailblazer to building a robust venture and growth practice and focusing on the future of B2B SaaS despite the valuation slashes we've witnessed.

0:00 Intro

0:55 Recognizing the gap in commercializing technology

2:40 Joining Merrill Lynch and stepping into venture

06:01 Skillset as both engineer and venture investor; upbringing and exposure to deals

8:10 Working with Penny Pritzker's private investment group; “If you don't ask for something, you might not get it.”

12:28 PSP’s collaborative strategies: ventures, multi-family and industrial properties, private equity, etc; “I've been pleasantly surprised, the unexpected piece of how collaborative everyone has been, and how much better it has been to unlock the power of the whole platform.”

17:07 Takes on allocation and balancing investments for family offices

19:11 Investing in adversed time and building a robust venture practice; on me too companies

21:28 Solutions that go hand in hand with the market and the focus on B2B SaaS 

24:44 Notable patterns in SaaS

27:42 Takes on B2B SaaS application and AI technologies: security and responsibilities

30:50 Takes on founder’s limits and ethics in AI tech innovation

32:45 Diligence as an investor

34:24 Billion Dollar Questions

𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐃𝐨𝐥𝐥𝐚𝐫 𝐌𝐨𝐯𝐞𝐬 is THE show for the audacious next-gen leaders. 

Unfiltered. Personal. Inspirational. 

Tune in to learn from world's foremost funders and founders, and their unicorn journey in the dynamic world of venture and business.

From underestimated to iconic, YOU too, can make #billiondollarmoves — in venture, in business, in life.

PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

Investing in women is the smartest thing you could do right now. 

Erin Harkless Moore, Senior Director of Investments at Pivotal Ventures, a company founded by Melinda French Gates to promote social equity in the realm of investment, eloquently expressed this notion with her work.

Whereas in numerous regions across the globe today, it's surprising to consider that such a statement could be contentious. However, we must stand firm: progress is never linear.

This week, we're revisiting Erin's episode from last year, delving into discussions ranging from the mission of Pivotal Ventures and her investment strategy to understanding why Melinda French Gates continues to invest $1 billion in women.

0:00 Intro

02:50 Takeaway 1: on Pivotal Ventures and driving societal change

06:43 Takeaway 2: Investment in diversity initiatives under attack - what are the solutions?

11:32 Takeaway 3: Melinda French Gate’s $1B commitment, investment strategies & getting to a 'yes' as an LP

🎙️Podcast: https://link.chtbl.com/bdm-pivotal

🎞️ YouTube: https://youtu.be/rlnpoq9bgH8

Pivotal ventures engage in strategic investments in funds and early-stage companies, aiming to accelerate social progress by putting more capital in the hands of women and people of color, unlocking new market-based solutions to social problems, and demonstrating that historically under-resourced founders and investors deliver market returns.

Learn more about Pivotal Ventures:

Pivotal Ventures | A Melinda French Gates Company

Investing | Pivotal Ventures

Breaking With Tradition

Melinda Gates: Here's Why I'm Committing $1 Billion to Promote Gender Equality

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

This week's episode features Allen Taylor, managing partner at Endeavor Catalyst, one of the earliest supporters at the Billion Dollar Fund for Women (now Beyong The Billion). Allen also sits on the global leadership team at Endeavor, a mission driven organization focused on supporting high growth companies in emerging and underserved markets.

We discuss everything from how Reid Hoffman inspired the design of a rules-based fund that in its beta already made LPs eight times their money on an 8.5x DPI to his personal journey with Endeavor to have grown to support over 2,000 high impact entrepreneurs all over the world.

0:00 Intro

02:47 The beginning of Allen’s journey with Endeavor

04:49 Takeaway 1: Endeavor’s 501(c)(3) nonprofit business model - top down and bottom up approaches

10:29 Takeaway 2: What it means to build a firm and a franchise

13:32 Takeaway 3: Backing talented founder in emerging markets

19:57 Takeaway 4: Endeavor's rule-based fund & selection criteria

22:48 Takeaway 5: Takes on “copycat models” 

26:40 Takeaway 6: The secret formula to making a mark in underserved markets

30:54 Takeaway 7: Emerging markets landscape for 2024 

33:16 Billion Dollar Questions

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

"It's probably not a good idea to overlook female CEOs or Black CEOs. Because they're driving an enormous amount of value in business. And you overlook it at your own expense." - Iman Abuzeid, Co-founder & CEO of Incredible Health

This week's Billion Dollar Bite is from an event held in Austin, hosted by Beyond the Billion and Brown Advisory, among a crowd of family offices and other investors. Featuring Iman Abuzeid, who upon raising her 80 million Series B funding round, valued her healthcare career marketplace startup at $1.65 billion.

Iman exists in rarified air: she is one of only a handful of Black female founders to run a company valued at more than $1 billion. And yet! Rejection, inequality, and leadership pitfalls remain a reoccurring theme in her journey.

Tune in as we covered a few topics from fundraising, shifting mindsets to focusing on the fundamentals in a challenging environment.

0:00 Intro

2:08 Takeaway 1: Rejection is the norm

2:49 Takeaway 2: Fundraising tips: be very selective about who you pursue 

3:28 Takeaway 3: Fundraising tips: Focus on your vision and mission despite the stats

4:19 Takeaway 4: Financing strategies are personal decisions

5:02 Takeaway 5: Focusing on the fundamentals: market and strategy

7:23 Takeaway 6: A common mistake among leaders: the people

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

From a market that was almost nonexistent in 2015, hitting double digits with a ~25% CAGR by 2018, Femtech and women's health industry have been long underestimated until the rise of Thinx and similar brands revolutionized the industry.

Today’s guest is Shama Amalean Skinner, an entrepreneur, a trailblazer in the world of feminine care, and a business leader who has broken barriers and challenged societal norms with her previous position as COO at Thinx Inc. Shama played a pivotal role in transforming Thinx into a household name, ultimately paving the way for the mass adoption of reusable products in an industry dominated by single-use disposables.

For the first time, Shama reveals how she would have done things differently from an operator's standpoint and expresses real frustration about how the Femtech market is still grossly underfunded, despite its massive potential. Whether you're looking to finally crack mass retail this year for your product or working through some challenging personal questions and navigating startup life, this is another episode I think you'll love.

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TIMESTAMPS & Key Takeaways

0:00 Intro

03:15 Takeaway 1: Three potential opportunities Shama saw in Thinx

04:48 Takeaway 2: Changing consumer behaviour and skepticism regarding period underwear #1: Create a movement destigmatizing periods 

06:26 #2: Increase brand awareness with controversial subway ads

08:32 #3: Converting followship into purchases and revenue with product education and word of mouth effect

10:17 Takeaway 3: Changing mind and creating loyalty globally with advocacy work 

13:01 Takeaway 4: Business model and revenue numbers for feminine care market

14:05 Takeaway 5: Framework for a successful brand: branding, product, and team

15:32 Takeaway 6: Shama’s take on what should COOs have in mind as priorities

17:13 Takeaway 7: Strategies against supply chain issues

19:44 Takeaway 8: Create redundancy in supply chain

20:27 Takeaway 9: What makes a good COO?

21:40 Takeaway 10: Business opportunities in Femtech and women health

24:33 Takeaway 11: What needs to change for women to progress in the capital spectrum in getting that innovation funding?

25:47 Takeaway 12: Founder’s lens: rejections at funding stage

28:39 Takeaway 13: Key to decision-making as Thinx going into retail

30:22 Takeaway 14: When is right time for founders or top performers to move on?

31:46 Takeaway 15: 3 questions you ask yourself to decide if you were to step away 

32:30 Billion Dollar Questions

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About Shama Amalean Skinner

Shama Amalean Skinner is an entrepreneur and executive working at the intersection of sustainability and consumer markets. She is the former chief operating officer of Thinx Inc, the revolutionary period and incontinence underwear company. At Thinx, she played a key role in launching, growing, and ultimately selling the company to a publicly listed corporation — effectively catalyzing the mass adoption of a reusable product in a category dominated by single-use disposables. Shama is an engaged consultant, board member, and advisor to innovative start-ups, venture funds, and nonprofit organizations. She is deeply committed to advocating for gender equity and helping solve the climate crisis.

Shama | LinkedIn

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

The global economic uncertainty and a shift in focus towards sustainable growth are widely expected to impact the fundraising prospects for new vehicles, especially those focused on emerging markets or launched by first-time managers. 

As Asia continues to present key growth opportunities, how are dynamics between LPs and GPs evolving? In the current environment, how should emerging managers approach LPs? Will the going be tougher for first-time fund managers raising debut vehicles? Will operating across different cycles prove to be an advantage?

Key Takeaways/Timestamps

0:00 Intro

3:12 Opening: Tsubasa Suruga (Moderator)

3:46 Takeaway 1: Tendency to just go re-ups & familiarity as part of assessment for investment

6:21 Takeaway 2: Bifurcation between first-time funds 

7:40 Takeaway 3: Attributes of successful first-time fundraisers

12:36 Takeaway 4: LP’s view on first- or second-time fund managers

15:05 Takeaway 5: Diversifying strategies and portfolio: 2 types of LPs

17:54 Takeaway 6: Takes on new investors venturing into Asia market

20:04 Takeaway 7: How can GPs differentiate themselves in this current environment #1: Finding your niche

24:15 Takeaway 8: How can GPs differentiate themselves in this current environment #2: Seek diversity in team

26:03 Takeaway 9: Blending private sector capital with DFI capital in emerging market to create sustainable investments

30:32 Takeaway 10: Takes on impact and sustainable investing

32:11 Takeaway 11: How can GPs differentiate themselves in this current environment #3: Relationship building and identifying strengths

33:50 Takeaway 12: Sarah's Takes on US market

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This is a snippet from a panel took place at PEVC Summit 2022, titled Backing Emerging Market and First Time Managers in Adverse Time. An insightful discussion was carried out on the VC market trends in Asia, challenges and what it takes for first time managers in this ever changing environment.

Speakers:

Soo Yar-Ping, Partner, Primary Investments, Adams Street Partners

Huai Fong Chew, Regional Lead, East Asia & the Pacific PE Funds, IFC

Dave Richards, Managing Partner, Capria Ventures

Sarah Chen-Spellings, Co-Founder and Managing Partner, Beyond The Billion (launched as The Billion Dollar Fund for Women)

Tsubasa Suruga, Staff Writer, Nikkei Asia (Moderator)

FULL VIDEO:

The LP View - Backing Emerging Managers in Adverse Times | PEVC Summit 2022

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal

As we step into the new year of 2024, we bring you a conversation that challenges the very essence of legacy. 

In this short and impromptu episode, Juan Pablo Escobar (now known as Sebastián Marroquín), the son of the notorious drug cartel leader Pablo Escobar, shares insights that will challenge preconceptions and spark hope.

Join us as we explore how one man's choice to embrace a path of peace is reshaping the legacy that has defined his life. 

Key Takeaways:

1/ Always seek your own identity; nothing grows under a big shadow.

2/ Closing the cycle of violence by choosing peace and embracing forgiveness.

3/ Define your legacy by choosing your path.

Special thanks to Datuk Nicol David, Izzana Salleh and Mariana de Reyes for recording this in an impromptu moment over dinner in Tatler Gen.T Summit 2023, Hong Kong.

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PODCAST INFO:

Podcast website: https://billiondollarmoves.com

Watch on Youtube: https://tinyurl.com/sarahchenglobal

Join the community: https://sarah-chen.ck.page/billiondollarmoves

FOLLOW SARAH:

LinkedIn: https://linkedin.com/in/sarahchenglobal

Instagram: https://instagram.com/sarahchenglobal

Twitter: https://twitter.com/sarahchenglobal