"Turpentine VC" | Venture Capital and Investing

In this episode of Turpentine VC, Somesh Dash, General Partner at IVP, joins Erik Torenberg to discuss how IVP differentiates itself, winning late stage deals, team construction, why venture capital in 2024 looks like private equity in 2008, the future of IVP, 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:

@someshdash (Somesh)

@ivp (IVP)

@eriktorenberg (Erik)

@turpentinemedia

@turpentineVC

---

TIMESTAMPS:

(00:00) Intro

(02:47) How IVP Situates Itself

(07:39) The Case for Not Becoming Multi-Stage

(10:46) IVP's Strategy

(19:05) Evolution of IVP's Approach

(22:18) Sponsor: Brave

(23:20) Winning Late Stage Deals

(28:12) Fund Sizing

(36:13) IPO Window Opening

(39:35) Team Construction

(47:09) Evolution of VC

(50:36) Future of IVP

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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].

In this episode of Turpentine VC, Erik is joined by Frank Rotman, the founding partner of QED investors, a fintech-focused VC firm. Frank provides a nuanced analysis of investing in fintech and neo banks, offers his view of the larger macro environment, and maintains the need for discipline and resilience in business. This episode was recorded with Frank in 2023 but remains just as relevant today.

---

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

---

SPONSOR: HARMONIC | NETSUITE | 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.

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. 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/

---

RELATED SHOWS: The Limited Partner

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:

@fintechjunkie (Frank)

@eriktorenberg (Erik)

@turpentinemedia

---

TIMESTAMPS:

(00:00) Intro

(01:46) The Evolution and future of Fintech

(11:00) Incumbents vs Startups - locating the advantage?

(13:50) Bullish or bearish on banking

(20:30) Impact of fintech on different regions in the world 

(21:28) Sponsor: NetSuite | Brave

(30:01) Evolution of neobanks

(34:39) The Pitfalls of Abundant Capital

(36:18) The Importance of Discipline in Business

(36:21) The Return of Darwin: The Impact of Drying Capital

(46:00) The Impact of Excessive Valuations

(51:25) The Role of Crypto in the Financial World

(55:13) The Potential of NFTs and Crypto

(01:09:59) The Future of Fintech

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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].

In this episode of Turpentine VC, Ali Hamed, Partner at CoVenture, joins Erik Torenberg to discuss the advantages of investing across asset classes, CoVenture’s inflection points, the importance of being liked in venture, and asset classes Ali hopes to invest in in the future. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine

---

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

---

SPONSOR: HARMONIC | NETSUITE | SHOPIFY

🧲 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.

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

---

Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

---

RELATED SHOWS: The Limited Partner

If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner

---

X / TWITTER:

@AliBHamed (Ali)

@coventurevc (CoVenture)

@eriktorenberg (Erik)

@Turpentinemedia

@TurpentineVC

---

TIMESTAMPS:

(00:00) Intro

(01:25) CoVenture in a Nutshell

(03:22) How CoVenture Succeeds in Credit

(06:50) Hard Conversations VCs Should Be Having

(10:01) How CoVenture Differentiates

(11:16) Venture Firms Getting Into Multiple Asset Classes

(14:19) Team Building and CoVenture's Future

(23:37) Future of CoVenture Continued

(28:24) Ali on Crypto

(31:07) Why LPs Are More Comfortable Giving Money to Big Brand VCs

(35:50) The Future of Venture

(37:41) The Evolution of Coventure

(44:27) Starting Over in 2024

(52:51) Wrap

In this episode of Turpentine VC, Tomasz Tunguz, General Partner at Theory Ventures, joins Erik Torenberg to discuss the Theory Ventures model, the coming contraction in investable VC dollars, the parallels between PE and VC, and much more. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine

---

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

---

SPONSOR: HARMONIC | NETSUITE | SHOPIFY

🧲 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.

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

---

Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

---

X / TWITTER:

@ttunguz (Tom)

@Theoryvc (Theory Ventures)

@eriktorenberg (Erik)

@cjgustafson222 (CJ)

@TurpentineVC

---

TIMESTAMPS:

(00:00) Episode Preview

(01:02) The Theory Behind Theory Ventures

(05:23) Advice for Emerging Managers

(08:29) How to Play AI as a VC

(11:02) Sectors/Technologies Tom Finds Appealing

(12:47) Biggest Data Trends in VC

(18:13) Replacing Founders

(22:54) The Journey of a Founder to IPO

(28:15) Qualities of a Great CFO

(31:14) Sponsor - Netsuite and Shopify

(34:13) The Universe of LPs

(36:56) The Future of Multi-Stage Venture Firms

(39:02) The Future of Venture Capital Industry

(41:45) Tom's Economic Outlook

(48:23) The Future of Theory Ventures

(51:12) The Future of Accelerators

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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].

In this episode of Turpentine VC, Phin Barnes, co-founder of The General Partnership, joins Erik Torenberg to discuss Phin’s idea of building a YC for emerging fund managers, the sweat equity model, and building the General Partnership. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine

---

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

---

SPONSOR: HARMONIC | NETSUITE | SHOPIFY

🧲 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.

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

---

Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

---

RELATED SHOWS: The Limited Partner

If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner

---

X / TWITTER:

@phineasb (Phin)

@theGP (The General Partnership)

@eriktorenberg (Erik)

@TurpentineVC

---

TIMESTAMPS:

(00:16) Episode Preview

(01:16) The Journey of Starting a Venture Firm

(05:49) Exploring Different Business Models in Venture Capital

(08:56) Building a YC for Emerging Managers

(12:53) The Evolution of Sweat Equity Ventures

(20:00) The Sweat Equity Model

(24:24) The General Partnership’s Product Offering

(26:53) Sponsor - Netsuite and Shopify

(29:30) Fund Sizing

(35:49) Unbundling of Venture Capital 

(45:04) Advantages of Service for Equity

(49:06) The GP’s Services Pricing

(50:38) Incubation

(54:02) The Importance of Talent Networks

(01:07) Advice for Starting a Fund Right Now

(01:14) Talent Networks

(01:19) The GP’s LPs

In this episode of Turpentine VC, Alexis Ohanian, co-founder of Reddit and Seven Seven Six, joins Erik Torenberg to discuss how Seven Seven Six is a “tech company that deploys venture capital”, the lack of internal metrics in venture, and how he plans to reinvent venture using software. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine

---

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

---

SPONSOR: HARMONIC | NETSUITE | SHOPIFY

🧲 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.

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

---

Seven Seven Six just launched a new website that displays what the firm has done in the last 365 days. Check it out: https://sevensevensix.com/

---

Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

---

X / TWITTER:

@alexisohanian (Alexis)

@eriktorenberg (Erik)

@Turpentinemedia

---

TIMESTAMPS:

(00:00) Intro

(01:11) Alexis's Experience at Initialized

(01:21) Formation and Vision of 776

(06:15) 776's Approach to Venture Capital

(07:10) 776's Unique Approach to Software

(13:36) The Development of Cerebro

(14:21) The Importance of Feedback and Accountability

(25:34) The Future of 776

(27:00) The Power of Software in Venture Capital

(28:18) The Future of VC: Roadmap and Opportunities

(30:18) Reimagining the Office Space: The Agora IRL Concept

(32:40) Sponsor Break: NetSuite and Shopify

(35:22) The Importance of Operational Rigor in VC

(39:11) The Future of 776: Fund Size and Strategy

(49:19) The Role of Software in Sourcing and Evaluating

(52:06) Closing Thoughts: The Future of VC and 776

In this episode of Turpentine VC, Erik Torenberg speaks to Katherine Boyle, General Partner at Andreessen Horowitz leading the firm’s American Dynamism fund. They discuss why Katherine and a16z started the American Dynamism practice and what they hope to accomplish. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine

---

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

---

We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

---

SPONSOR: HARMONIC | NETSUITE

🧲 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.

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

---

Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

---

RELATED SHOWS: The Limited Partner

If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner

---

X / TWITTER:

@Ktmboyle (Katherine)

@eriktorenberg (Erik)

@Turpentinemedia

---

TIMESTAMPS:

(00:00) Intro

(01:13) Understanding American Dynamism

(02:23) The Disconnect Between Silicon Valley and Washington

(04:10) The Importance of Investing in America and the Role of Venture Capital

(05:34) The Role of Tech in Solving Civic Problems

(16:27) Sponsor: NetSuite

(24:03) The Influence of Military Service on American Society

(33:21) The Importance of Family in American Life and History

(39:14) The Shift from Honor Culture to Dignity Culture

(42:49) The Impact of Capitalism and Individualism

(43:43) The Power of Memes and the Struggle of Young Men

(47:58) The Role of Family and Motherhood in Society

(54:23) The Power of Seriousness

(57:19) The Dilemma of Choice and the Value of Commitment

(01:08:30) The Role of Technology in Society and Politics

(01:14:31) The Importance of Public Service and the Challenges of Running for Office

(01:16:54) American Values and Opportunities

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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].

In this episode of Turpentine VC, Erik Torenberg sits with Rebecca Kaden, Managing Partner at Union Square Ventures. They discuss USV's partnership-driven model, different venture strategies, whether automation in venture is imminent, and what USV looks for in investors. If you need an ecommerce platform, check out our sponsor Shopify: https://shopify.com/momentofzen for a $1/month trial period.

---

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

---

SPONSOR: HARMONIC | SHOPIFY | NETSUITE

🧲 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.

Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

---

Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

---

X / TWITTER:

@rebeccakaden (Rebecca)

@eriktorenberg (Erik)

@Turpentinemedia

---

TIMESTAMPS:

(00:00) Intro

(00:51) Understanding Union Square Ventures' Approach

(05:58) The Role of Technology and Data in VC

(10:32) The Importance of Partnership Models in VC

(18:07) Sponsors: NetSuite | Shopify

(20:43) Generational Transition in Venture Capital Firms

(25:16) Anatomy of a Partner Meeting

(29:20) The Power of Ideas and Thesis Development

(36:38) The Future of Virtual Learning

(43:37) Investing in the Trucking Industry

(45:48) Exploring Opportunities in the Fertility Space

(50:16) The Role of Networks in Investment

(51:01) Advice for Emerging Managers

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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 we’re back with Sam Lessin for a round 2 focused on the changing landscape of venture. We dig into the viability of M&A as a strategy for startups, “its always been crypto”, media businesses, and the role of reputation systems. If you need an ecommerce platform, check out our sponsor Shopify: https://shopify.com/momentofzen for a $1/month trial period.

---

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

---

We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

---

SPONSOR: HARMONIC | SHOPIFY | NETSUITE

🧲 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.

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NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

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Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

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TIMESTAMPS:

(00:00) Episode Preview

(01:27) Round 2 with Sam, the VC Doomer

(06:24) The mechanism of how low interest rates leads to public markets valuing companies at super high multiples

(10:28) Disruption fundamentally changed who the winners and losers would be

(15:49) Sponsor - NetSuite

(16:50) What would a $100B company look like in 15-20 years

(23:20) The emergence of cultural changes after Covid-19

(28:27) The only way to make real money is to be betting differently

(36:36) Do franchises go public and the fundamental liquidity question

(42:01) What's the best business to build on top of media company?

(51:20) Sam's insights on reputation businesses

(55:00) Sam's take on advanced reputation system

Today we're joined by Elad Gil, an accomplished investor and founder, who shares his insights on the idea maze and solo capitalism. He discusses the significance of market changes and shifts in technology in identifying viable business opportunities. In addition, Gil shares his viewpoints on sectors like AI, crypto, and EdTech. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine

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Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity

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We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com.

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SPONSOR: HARMONIC | NETSUITE

🧲 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.

NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.

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Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/

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RELATED SHOWS:

If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner

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TIMESTAMPS:

(00:00) Intro

(00:43) "The best way to start a company is to start a company" - Elad's advice to entrepreneurs navigating the idea maze

(02:22) Elad's advice on which field in the business will result in a higher chance of success (and the three ways on how to think about this)

(07:00) The areas where there's exciting stuff to work on

(10:21) Sponsor - Netsuite

(11:25) Innovating in social networking

(14:06) Is crypto still going to be relevant?

(15:54) What drives market cycles in crypto

(21:04) On finding the better opportunity - mercenary vs missionary frameworks

(24:23) Limited supply of great founders or great opportunities

(28:52) Why Elad is bullish on healthtech

(29:40) Reasons why it is so hard to start good biotech and how biopharma really works

(32:48) Elad's strategy to winning in venture as it

relates to the broader market

(35:06) What's the most interesting and useful form of investment within a couple of years?

(35:49) Will there be any other important platform in the startup world or will market will always be fragmented?

(38:12) The bearish case of venture (and does Elad agree with it?)

(40:29) Elad's perspective on incubations

(43:07) On being a solo capitalist

(46:30) Reinventing yourself and being relevant