"Turpentine VC" | Venture Capital and Investing

This episode features a discussion recorded in 2023 between Erik Torenberg and Joe Lonsdale, founder of 8VC, Palantir and the Cicero Institute. They cover Joe's proposed solutions to challenges in U.S. education, prison reform, homelessness, healthcare, defense, and more. This conversation offers a riveting overview for anyone in venture to better understand the interplay of policy and market-driven solutions to systemic problems. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine

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SPONSORS:

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist.

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

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Recommended Podcast: Company Breakdowns

Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,

Spotify

Apple

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LINKS:

8VC: https://www.8vc.com/

The Cicero Insitute: https://ciceroinstitute.org/issues/

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TIMESTAMPS:

(00:00) Intro

(00:56) Having the Biggest Impact

(02:39) Navigating Partisanship in Tech and Philanthropy

(03:22) Making Good Ideas Win

(05:57) Holding Institutions Accountable

(08:11) The Real Problems in Education

(10:50) Challenging Government Unions and Police Reform

(13:00) Prison Reform: Data-Driven Accountability

(16:40) Addressing Homelessness

(19:21) Sponsor: Harmonic | Squad

(21:51) Market Incentives, Competition and Accountability

(25:42) Healthcare Reform: Monopolies and Misaligned Incentives

(31:08) Reform vs Exit

(32:50) Defense and National Security

(36:46) State-Level Impact vs. Federal Challenges

(39:14) Engaging in Local and State Governance for Change

(42:26) Addressing Wealth Inequality and Education Reform

(55:40) The Future of Education

In this episode Erik Torenberg sits down with Jason Lemkin, the founder and CEO of SaaStr, a venture firm, podcast network, event series, and the world’s largest community for B2B/SaaS founders. This candid conversation focuses on SaaStr's business model at the intersection of VC, media, and events. Jason also covers why all VC's need to nail the right amount of marketing, what 'edge' looks like in venture, why Jason never created a YC for SaaS, and the distinctions between business models that seem scalable versus those that genuinely achieve exponential growth.

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SPONSORS:

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist.

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

--

Recommended Podcast: Company Breakdowns

Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,

Spotify

Apple

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TIMESTAMPS:

(00:00) Intro

(01:22 ) Evolution of SaaStr Fund

(01:58) Accidental Success

(03:35) Community + Content

(06:52) Challenges and Realities of Scaling in Venture Capital

(07:46) Finding the Edge

(14:05) Jason Lemkin and Harry Stebbings of  @20VC 

(15:36) Why Jason Never Created a YC for SaaS

(23:05) Deciding on Fund Size and Scale

(30:56) Partnering in a Smaller Fund or Heading to a Mega Fund

(35:07) Sponsor: Harmonic | Squad

(37:51) Media and Event Business Models

(44:38) Field Marketing in Business Growth

(49:40) Rolling Up Vertical Media Businesses (the SaaStr Model)

(1:03:17) Complexities of Managing Multiple Income Streams

(1:08:11) Building Empires in Venture Capital

This episode features an interview with a16z GP and co-founder Marc Andreessen, discussing his intellectual influences and detailing his quest to understand how the world works. He covers the authors who have shaped his thinking, the influence of elites on policies, and global governance. This conversation was recorded in late 2022. Since then, Marc and a16z have released “The Techno-Optimist Manifesto".

If you enjoyed this episode with Marc check out episode 1 of Turpentine VC with Ben Horowitz who discusses the how they built the firm and its future plans.

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LINKS:

The Techno-Optimist Manifesto: https://a16z.com/the-techno-optimist-manifesto/

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Recommended Podcast: Company Breakdowns

Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,

Spotify

Apple

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SPONSOR: HARMONIC | SQUAD

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.

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Join our free newsletter: https://turpentinevc.substack.com/ -

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RELATED SHOWS:  @10xcapitalpodcast 

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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X / TWITTER:

@pmarca (Marc)

@eriktorenberg (Erik)

@turpentinemedia

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TIMESTAMPS:

(00:00) Intro

(01:33) How much has Marc changed vs the world changed?

(05:05) How much do ideas matter? Who drives society — the elite or the masses?

(08:07) People respond to interests more than ideas

(10:18) Mental models for the left and the right

(12:54) Sponsors: Turpentine | Squad

(15:12) The road to hell is paved with good intentions

(16:58) Master morality and slave morality

(21:37) Unpacking Elon’s quote “Wokeness is the mind-virus”

(24:17) Is classical liberalism sustainable and how it leads to wokeness

(33:18) James Burnham’s worldview

(41:09) How the left captured the institutions

(43:44) Elon as the return to entrepreneurial capitalism

(46:22) The experiments Elon is running

(53:09) The billionaire mindset toward politics

(55:49) We live in an oligarchy, not a democracy

(1:04:13) Larry Page is the contrarian billionaire

(1:05:48) Effective altruists think they can play God

(1:08:54) SBF’s roll-the-dice philosophy

(1:09:33) Aristocratic vs Meritocratic elite

(1:20:04) Elites are insulated from the consequences of their policies

(1:22:06) Why global governance is a nerd trap

(1:25:28) Global governance is anti-diversity

(1:29:00) Tech people are politically homeless

(1:29:49) Elites can’t be removed, they can only be replaced

(1:33:21) Advice for counter-elites

(1:45:39) Reasons to be optimistic

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This episode features a special interview with James Currier, a partner at NFX. In this conversation, James sits with Erik Torenberg to discuss why founders tend to be more authentic at the accelerator stage than at the seed stage, James's skepticism about B2B marketplaces, and how NFX approaches investments and decision-making. This was recorded as part of a live event in 2021.

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Recommended Podcast: Company Breakdowns

Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,

Spotify

Apple

---

SPONSOR: HARMONIC | SQUAD

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.

---

Join our free newsletter: https://turpentinevc.substack.com/ -

---

RELATED SHOWS:  @10xcapitalpodcast 

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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X / TWITTER:

@JamesCurrier (James)

@eriktorenberg (Erik)

@turpentinemedia

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TIMESTAMPS:

(00:00) Intro

(02:47) James's experience at Battery

(04:35) Building up NFX

(09:40) What works and what doesn't in venture business

(13:42) Sponsor: Squad | Turpentine

(15:56) Post-COVID implications for building companies

(20:04) Where we at in consumer social today

(28:03) Spotting inflection points

(31:41) Talk about marketplaces

(40:28) Market for generalist investors today

(45:10) What can you do with 300 million

(50:10) What's important when evaluating B2B marketplaces

(54:57) Challenges and opportunities in healthcare and fitness investments

(59:40) Investment strategies

(01:02:55) Wrap

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This episode features an interview with Scott Belsky, angel investor, Chief Strategy Officer at Adobe, and founder of Behance. In this conversation, which was recorded in 2021, we dive into Scott’s early investments in companies like Pinterest and Uber, the evolution of his investment philosophy, and the principles he acquired over time. 

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

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RECOMMENDED PODCAST:

Turpentine Finance  

Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.

Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G 

Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764

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Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.

Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333

Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836.

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Join our free newsletter: https://turpentinevc.substack.com/ -

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SPONSOR: HARMONIC | SQUAD

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.

---

RELATED SHOWS:  @10xcapitalpodcast 

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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X / TWITTER:

@scottbelsky (Scott)

@eriktorenberg (Erik)

@turpentinemedia

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TIMESTAMPS:

(00:00) Intro

(01:01) Beginning of Scott’s angel investor journey

(02:05) Investments in Pinterest and Uber

(04:00) The biggest principle Scott acquired

(07:15) What’s the capacity to become an investor

(12:09) Sponsor: Brave | Turpentine

(17:10) Evaluating the market

(19:55) Scott's current investment interests

(26:02) Views on consumer social

(30:34) Past examples of failed products due to timing.

(38:00) The future of work and productivity tools

(40:22) How founders extract value from solo investors

(42:33) The future of creativity

(45:57 Wrap

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

Today's episode features an interview with Will Quist, partner at Slow Ventures. In this conversation Will talks about his transition from water polo player to helping build Slow, Slow's unique thesis in venture, the old model of VC versus new VC, and treating venture capital like a phD program.

Check out our two interviews with Will's partner at Slow, Sam Lessin:

Seed is Over https://www.youtube.com/watch?v=py7IPmDKjb4

VC in 2024 https://www.youtube.com/watch?v=crj_H3JPHvg

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BOOK CITED:

The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin

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RECOMMENDED PODCAST: Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.

Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333

Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836.

---

SPONSOR: HARMONIC | SQUAD

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.

---

Join our free newsletter: https://turpentinevc.substack.com/

---

RELATED SHOWS:  @10xcapitalpodcast 

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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X / TWITTER:

@wquist (Will)

@eriktorenberg (Erik)

@turpentinemedia

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TIMESTAMPS:

(00:00) Intro

(00:14) Will Quist's Journey from Pro Athlete to VC

(04:44) Slow's Evolution

(07:00) Anti-Platform From the Jump

(09:51) Helping Founders Become Better Investors in Their Own Business

(14:49) Sponsor: Turpentine

(15:12) Old vs. New Venture Capital Models

(20:46) VC Framework

(26:05) Franchises

(29:49) Success in Venture Capital

(31:13) Fund Size and Portfolio Construction at Slow

(36:11) Multistage Challenges and Opportunities

(39:25) Introducing the Slow PhD Program

(44:22) Philosophy of Building and Investing

(54:06) Wrap

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This is a special episode featuring an interview between Forerunner Ventures founder Kirsten Green and Turner Novak of The Peel podcast and Banana Capital. The conversation covers Kirsten's journey from her early days in retail investment banking to the creation of Forerunner Ventures, how she thinks of the state of consumer investing, the story behind Dollar Shave Club, how she makes investment decisions, and maintaining strong relationships with LPs.

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RECOMMENDED PODCAST: The Peel Podcast with Turner Novak

Head to The Peel for more of Turner's in depth interviews with great founders and the investors who fund them.

Spotify: https://open.spotify.com/show/3QqtxGHqsPnKTG4CS7NgX5

Apple: https://podcasts.apple.com/us/poddrcast/the-peel-with-turner-novak/id1694440669

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SPONSORS:

HARMONIC:

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

ATTIO:

Attio is the next generation of CRM. It’s powerful, flexible and easily configures to the unique way your startup runs, whatever your go-to-market motion. The next era deserves a better CRM. Join OpenAI, Replicate, ElevenLabs and more at ⁠https://bit.ly/AttioThePeel⁠

BRAVE

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to https://brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.

SQUAD

💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.

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Join our free newsletter: https://turpentinevc.substack.com/

---

RELATED SHOWS: 10X Capital Podcast

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

Sourcery by Molly O'Shea

Sourcery by Molly O’Shea brings the conversations founders and investors have behind closed doors into the light. Subscribe for upcoming episodes with: Delian Asparouhov of Founders Fund and Varda Space, and Chris Power of Hadrian.

Spotify: https://open.spotify.com/show/2Ni3Tese9CtZa3oxpCjgTg

YouTube: https://www.youtube.com/@SourceryVC/

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X / TWITTER:

@kirstenagreen (Kirsten)

@eriktorenberg (Erik)

@turpentinemedia

@turpentineVC

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TIMESTAMPS:

(00:00) Intro

(00:47) Kirsten's Early Career and Retail Insights

(02:40) Consumer Behavior

(03:09) Impact of Discounts

(05:55) Transition from Public to Private Market Investing

(07:07) Journey to Venture Capital

(10:31) Birth of Forerunner Ventures

(11:11) Navigating the Financial Crisis of 2008

(11:15) SPONSOR: ATTIO | BRAVE

(13:04) Overcoming Failure

(27:18) Raising the First Institutional Fund

(40:34) Challenge of Securing LP Money

(41:26) Convincing Investors

(43:11) Story of Dollar Shave Club Investment

(50:50) Fundraising for Forerunner

(59:45) Approach to LP Side of Fundraising

(01:02:06) The Future of Consumer Investing

(01:13:33) Building Relationships with Founders

(01:17:20) Wrap

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This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

This episode features an interview with Mike Maples, Jr, the co-founder of Floodgate, that took place in 2020. Mike's interview on Turpentine VC from September 2023 is one of our most popular episode to date, and this earlier interview offers relevant context to his success and discipline. The conversation covers how Mike got his first fund from Austin Ventures, his view on "Thunder Lizard," missed opportunities like Airbnb, and what VC could look like in the future.

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RECOMMENDED PODCAST: History 102 with WhatifAltHist

Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

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SPONSOR: HARMONIC | BRAVE | SQUAD

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.

💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.

---

Join our free newsletter: https://turpentinevc.substack.com/

---

RELATED SHOWS: 10X Capital Podcast

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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X / TWITTER:

@m2jr (Mike)

@eriktorenberg (Erik)

@turpentinemedia

@turpentineVC

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TIMESTAMPS:

(00:00) Intro

(00:33) Building Successful Venture Firms

(04:13) Journey from Insight to Growth

(07:30) Insight Hacking in Entrepreneurship

(08:57) Startup Success

(10:48) Market Timing in Startups

(14:11) Sponsor: Brave

(18:04) Picking Co-Founders

(33:54) Understanding the Venture Landscape

(38:53) Power of Indexing: A Case Study of AngelList

(41:32) Role of Brand in Venture Capital

(42:45) Future of Venture Capital

(46:52) Relationship Between VCs and LPs

(53:48) Investing in Non-Tech Businesses

(57:21) Potential Impact of Crypto on Venture Capital

(01:05:38) Importance of Ownership in Venture Capital

(01:09:16) Blitzscaling in Startup Growth

(01:15:43) Wrap

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode Chris Dixon, GP at a16z Crypto, joins Erik Torenberg along with cohosts Dan Romero and Antonio Garcia Martinez to discuss his recent book Read Write Own: The Next Era of the Internet, how he thinks AI and crypto will collide, and why Web3 consumer hasn’t taken off yet. This conversation with Chris was recorded for the Moment of Zen podcast and goes several levels deeper on Chris' crypto/web3 thesis than most of his book tour.

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RECOMMENDED PODCAST: History 102 with WhatifAltHist

Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

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SPONSOR: HARMONIC | BRAVE | SQUAD

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.

💥 Access global engineering without the headache and at a fraction of the cost: head to choosesquad.com and mention “Turpentine” to skip the waitlist.

---

Join our free newsletter: https://turpentinevc.substack.com/

---

RELATED SHOWS: 10X Capital Podcast

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

---

X / TWITTER:

@cdixon (Chris)

@eriktorenberg (Erik)

@turpentinemedia

@turpentineVC

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TIMESTAMPS:

(00:00) Intro

(01:10) Why Chris wrote Read Write Own

(04:38) The Negative Perception of Blockchains in Mainstream Media

(09:20) The Future of Crypto and Blockchain

(14:40) Sponsor: Brave

(15:40) Open Protocol

(32:09) The Impact of AI on the Internet Economy

(40:20) The Power Dynamics of the Internet

(42:15) The Rise of Blockchain and AI

(45:50) Future of Web3

(46:10) Growth of Tech

(49:05) Challenges and Opportunities of Crypto

(01:11:30) Policy in Tech Evolution

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].

In this episode of Turpentine VC, Michael Dempsey, Managing Partner at Compound, joins Erik Torenberg to discuss thesis-driven vs founder-driven investing, Compound’s AI thesis, company building opportunities, ways to win at venture, advice for emerging managers, and much more.

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RECOMMENDED PODCAST: History 102 with WhatifAltHist

Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.

Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm

Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913

YouTube: https://www.youtube.com/@History102-qg5oj

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SPONSOR: HARMONIC | BRAVE

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.

Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.

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Join our free newsletter: https://turpentinevc.substack.com/

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RELATED SHOWS: 10X Capital Podcast

If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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X / TWITTER:

@mhdempsey (Michael)

@compoundvc (Compound)

@eriktorenberg (Erik)

@turpentinemedia

@turpentineVC

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TIMESTAMPS:

(00:00) Intro

(01:00) Thesis-Driven vs Founder-Driven Investing

(03:19) Compound's AI Thesis

(08:28) Company Building Opportunities

(11:48) Creativity is the Constraint

(14:52) More Founders or More Capital?

(18:36) Michael on Crypto

(24:01) Ways to Win at Venture

(39:25) Michael on Bio

(43:02) Michael's Family Planning Thesis

(46:28) Technical Risk

(49:14) Pre and Post Single Point of Proof Investing

(51:24) Advice for Emerging Managers

(53:04) Building a Research Organization

(57:21) Compound in 2024

This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].