Venture Capital

Welcome to another episode of Venture Capital podcast, where John Bradshaw and Peter Harris delve into the intricacies of the startup world. In this episode, the spotlight is on a critical question: "How do VCs measure success?"

The hosts explore various dimensions of success in the venture capital realm. Is it all about becoming a billionaire, or is there more to it? The conversation unfolds as they dissect the subjective nature of success in the ever-evolving venture capital landscape.

They navigate through the common benchmarks used by VCs to gauge their performance. From beating the S&P 500 to striving for top quartile status among venture funds, the hosts share insights into the metrics that matter in the competitive world of venture capital.

The discussion takes an interesting turn as they explore the nuances of Internal Rate of Return (IRR) and Multiple on Invested Capital (MOIC). Is IRR just a vanity metric, and how does MOIC play a crucial role in assessing a venture fund's success? The hosts break it down, offering valuable perspectives on these key financial indicators.

In addition to financial metrics, the hosts shed light on other crucial factors like hit rate, loss ratio, Total Value to Paid-In Capital (TVPI), and Distributions to Paid-In Capital (DPI). These metrics provide a comprehensive view of a venture fund's journey, emphasizing the importance of tangible returns and effective risk management.

Peter also shares personal insights into how he measures success at the University Growth Fund, emphasizing the significance of producing risk-adjusted returns, raising subsequent funds, and making a meaningful impact on entrepreneurs and students.

As the hosts wrap up the episode, they reflect on the evolving dynamics of the venture capital landscape and express gratitude for the growing podcast community. Tune in to gain valuable insights into the metrics and considerations that define success in the world of venture capital. Don't forget to leave a five-star review and share your thoughts in the comments—your feedback is what keeps this podcast thriving!

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Welcome to another episode of Venture Capital podcast, where hosts John Bradshaw and Peter Harris delve into the intricacies of the startup world. In this episode, the hosts share their thoughts on a unique strategy to network within the startup ecosystem, emphasizing the importance of delegation for seasoned professionals. They discuss the challenges and benefits of empowering an admin to connect with key players, creating a ripple effect that streamlines networking efforts.

The hosts also issue a disclaimer, making it clear that their discussions are not legal, financial, or investment advice. They then transition to a comprehensive exploration of a critical yet often misunderstood topic: option pools. Focusing on the dynamics of options, the hosts break down the concept, its role in compensation, and the tax advantages associated with using options to reward employees in startup environments.

Moving forward, the hosts address various aspects of option pools, including their size, negotiation during fundraising rounds, and the percentages allocated to different stakeholders. They demystify the complexities surrounding stock options for employees, shedding light on the percentage range based on roles, company stages, and other factors.

As the conversation unfolds, the hosts touch upon vesting schedules and their significance, stressing the importance of having a structured plan in place. They share insights into common pitfalls and misunderstandings related to stock options, guiding listeners on the intricacies of exercising, pricing, and potential risks involved.

The episode reaches its climax as the hosts shift gears to discuss option pool refreshes, explaining when and why companies choose to replenish their option pools. Finally, the hosts cap off the episode with a fascinating exploration of how exits, whether through IPOs or acquisitions, impact individuals holding stock options. They navigate through automatic conversions, exercising options, and the potential financial outcomes for employees during exit events.

Tune in for a deep dive into the often-overlooked world of option pools and gain valuable insights into navigating the startup landscape. Remember, this is not financial advice, but a candid conversation from industry experts. Subscribe to Venture Capital for more episodes and stay informed about the ever-evolving startup ecosystem.

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Welcome to the Venture Capital podcast with your hosts, Peter Harris from the University Growth Fund and John Bradshaw from Codebase. In today's episode, we delve into the intriguing world of "How to Get into Venture Capital." Peter, the seasoned venture capitalist, and John, offering the founder's perspective, explore the ins and outs of entering the venture capital space.

The hosts kick off by discussing the basic qualifications and skills required for a successful venture capital career. From the necessity of operational experience to the potential influence of wealthy connections, they provide valuable insights into the diverse paths individuals can take.

As the conversation unfolds, they touch on the importance of networking and how a robust network plays a pivotal role in sourcing deals and fundraising. They emphasize the need to be world-class in at least two out of three crucial aspects: fundraising, deal sourcing, and picking winners.

The advantages of a career in venture capital are also spotlighted, including the potential for substantial wealth accumulation. Peter and John candidly share their thoughts on the intellectual stimulation that comes with the job, the power dynamics within the industry, and the respect that venture capitalists often command.

However, the podcast doesn't shy away from addressing the challenges in the venture capital realm. The hosts discuss the potential risks for those who do not succeed in the industry, pondering the alternatives for VCs who find themselves at a crossroads.

In a practical turn, Peter and John offer advice on focusing on a niche when entering venture capital, suggesting that individuals leverage their existing expertise and networks for better chances of success. They discuss the nuances of fundraising for different funds, touching on the perceived difficulties of raising the first fund versus subsequent ones.

The hosts round off the episode with a crucial tip for aspiring venture capitalists—building personal relationships is key. They stress the significance of being someone enjoyable to work with and demonstrating a capacity to add value to the organization.

If you're intrigued by the world of venture capital or contemplating a career in the field, this episode provides valuable insights and practical tips from two experienced voices in the industry. Tune in to gain a deeper understanding of "How to Get into Venture Capital." And don't forget to leave a five-star review if you found this episode insightful! Visit venturecapital.fm for more ways to stay connected.

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Apple: https://podcasts.apple.com/us/podcast/venture-capital/id1575351789
Website: https://www.venturecapital.fm/

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Welcome to the Venture Capital Podcast with your hosts, Jon Bradshaw and Peter Harris. In this episode, Jon shares a fascinating story about a founder's experience with a venture capital firm and why the deal didn't go through. The episode is titled "Why Did The VC Pass," shedding light on the intricate dynamics within venture capital firms.

Jon, representing the founder's perspective, narrates how a seemingly promising deal fell apart after discussions with a fund. The founder, excited about the potential investment, engaged with a junior partner and a mid-tier executive in the firm. Everything appeared positive until the unexpected rejection, citing reasons like being too late stage, concerns about valuation, and the market size.

As Jon digs deeper, he unravels the internal politics at play within venture capital funds. He highlights how the managing partner's ego and the concept of attribution can significantly influence deal outcomes. Junior team members often find exciting opportunities, only to face challenges in getting them approved by managing partners who didn't source the deal themselves.

Peter explores the delicate balance for junior members in venture funds, caught between the desire to get credit for their deals and the risk of facing consequences if things don't go as planned. The episode emphasizes the importance of understanding a venture capital firm's internal dynamics and navigating the politics to secure a deal successfully.

Listeners gain valuable insights into the behind-the-scenes workings of venture capital, with Jon and Peter discussing the intricacies of deal-making, the significance of relationships within a firm, and the need for founders to navigate these dynamics strategically.

As the hosts wrap up, they encourage listeners to share their experiences and thoughts in the comments, fostering a community discussion about similar situations. To stay updated on future episodes, visit venturecapital.fm and explore various subscription options on platforms like Apple and Spotify. If you found this episode insightful, the hosts welcome five or six-star reviews and appreciate comments about the advice provided.

Join Jon and Peter as they pull back the curtain on the venture capital world, offering entrepreneurs and enthusiasts a deeper understanding of the complexities involved in securing VC funding.

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In this episode of the Venture Capital podcast, Jon Bradshaw and Peter Harris discuss the intricacies of interacting with venture capitalists (VCs) from the perspective of entrepreneurs.

The conversation is sparked by a story shared by Peter about an entrepreneur who felt dismissed by a VC during a meeting. The entrepreneur, who was running a successful service business at a scaling point, sought advice but received little attention or insight from the VC, leaving him frustrated.

Key Points Discussed:

1. VCs and Time Management: VCs are time-constrained and prioritize deals they are actively chasing. If a VC is not pursuing an entrepreneur, it often indicates a lack of interest.
2. Building Relationships with VCs: The importance of adding value to a relationship with a VC is emphasized. Entrepreneurs should focus on assisting VCs rather than directly seeking help or pitching ideas.
3. Realistic Expectations: Entrepreneurs should understand that VCs might not always provide the desired advice or support, especially if the business isn't investable or doesn't align with the VC's interests.
4. The Role of VCs: VCs are seen as more beneficial in fundraising efforts rather than operational or sales advice. Their strength lies in pattern recognition and networking rather than in-depth operational expertise.
5. Founder-VC Dynamics: The conversation also touches on the complexities of the relationship between founders and VCs, highlighting that it can be adversarial or supportive, depending on various factors.
6. Advice for Entrepreneurs: Founders are advised to approach VCs with a mindset of offering value, understanding their limited time, and being prepared for potentially harsh or unfiltered feedback.
7. Entrepreneurial Challenges: The episode concludes with a discussion on the challenges entrepreneurs face, including the difficulty of receiving honest feedback and managing expectations in interactions with VCs.

Please share your experiences with VCs and to tune in for future episodes for more insights on venture capital and entrepreneurship.

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Apple: https://podcasts.apple.com/us/podcast/venture-capital/id1575351789
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In this episode of the "Venture Capital Podcast," hosts Jon Bradshaw from Codebase and Peter Harris from the University Growth Fund discuss the nuances of venture services in the context of startup funding. Bradshaw, with his background as a founder and entrepreneur, and Harris, with his insights from the venture capital (VC) perspective, delve into the pros and cons of venture services.

The hosts explore the concept of venture services, where instead of traditional funding, companies may receive services like coding support, outsourced CFO support, or sales and marketing assistance in exchange for equity. They discuss the difference between venture services and accelerators like Y Combinator and Techstars, noting that the latter provides cash alongside services.

A significant part of their discussion revolves around the potential downsides of venture services. They caution against the dilution of equity and the impact it can have on a company's ability to raise future funds. They also stress the importance of having team members who believe in the company's mission, rather than those who are assigned by a venture services firm.

Furthermore, they touch upon the importance of brand and perception in the VC world. Joining a less reputable venture services firm or accelerator can negatively impact a startup's ability to raise funds in the future, as it might signal to potential investors that the founders couldn't secure more prestigious backing.

The hosts also explore scenarios where venture services might be useful, such as for entrepreneurs who lack experience or networks. However, they advise caution and recommend scrutinizing the quality of the people provided by these services, the alignment of incentives, and the amount of equity given up.

In conclusion, Bradshaw and Harris emphasize the value of self-reliance and confidence for entrepreneurs. They encourage founders to build their networks and skillsets independently rather than relying too heavily on external services. The episode ends with an invitation for listeners to share their experiences and thoughts on venture services.

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In this episode of the Venture Capital Podcast, hosts Jon and Peter welcome Bubba Page from InfluenceVC, who discusses balancing significant personal life changes, including being a father to eight children, with his professional endeavors in the venture capital realm.

Bubba introduces InfluenceVC, a venture capital syndicate he founded, which uniquely integrates social media influencers into the investing process. He shares his investment philosophy, emphasizing personal conviction in deals and inviting his network to collectively contribute, thereby increasing the investment impact. The podcast delves into Bubba's notable investments, including a family financial management company and a safe technology firm for kids. He also recounts his experiences with a macro-based frozen food company that heavily involved influencers.

Bubba outlines his approach to venture capital and angel investing, prioritizing the entrepreneur's potential and scalable market ideas. His future goals include expanding educational opportunities in venture investing, particularly for women, and possibly establishing a dedicated fund.

The episode concludes with Bubba offering advice to both entrepreneurs and investors, highlighting the need for resilience in the face of failure and the importance of diversification in investment portfolios. This podcast episode provides valuable insights for those interested in the dynamics of venture capital and the evolving role of influencers in this space.

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Welcome to our second episode of the Venture Capital Podcast featuring special guests. Today, we have the privilege of hosting David and Kendall Frazier from the Frazier Group, a venerable VC firm rooted deep in Utah's investment history.

The Frazier Group distinguishes itself as a lifecycle venture fund. Their approach is methodical: begin at the seed stage and, provided the company delivers, they expand their involvement through the purchase of Secondaries and successive participation in Bridge, A, B, C+ rounds, and beyond. Notably, they also acquire Secondaries in high-growth, venture-backed firms outside of their portfolio.

A snapshot of their impressive track record:

• $250M invested
• A robust portfolio of 80 companies, with a remarkable 45 additions since 2018 alone
• 8 celebrated IPOs
• 28 successful acquisitions

With their headquarters strategically located in Lehi, Utah, the Frazier Group's influence isn't limited to just their home state. Their deal-sourcing prowess spans the vast mountain west, reaching states from Washington to Texas.

Our Guests
David Frazier: https://www.linkedin.com/in/david-frazier-8aba7525/
Kendall Frazier: https://www.linkedin.com/in/kendallfrazier/

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Each quarter Carta provides data on startup valuations for Series A+. On this episode and Jon Bradshaw and Peter Harris review the data and compare it to Utah's market and their own experience. 

A link to Carta's report can be found here: https://carta.com/blog/first-cut-state-of-private-markets-q2-2023/

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In the latest episode, Peter Harris and Jon Bradshaw embark on a detailed exploration of some of the most pressing questions surrounding venture capital, brought to us by our engaged community. They offer their insights and expertise on the intricate landscape of startup valuations, illuminating a path for budding entrepreneurs and investors alike.

Throughout the episode, a few key questions stand out, providing listeners with actionable knowledge and clarity:

1. How do I determine the worth of my startup? - This segment dissects the methods and metrics used to evaluate a startup's value, offering listeners a framework to gauge their own venture's worth.
2. How much emphasis do VCs place on valuations? - Here, Peter and Jon unpack the psyche of VCs, revealing the significance of valuation in their decision-making process and what other factors might sway their interest.
3. Is profitability a crucial factor for VCs? - Diving into the balance between growth and profits, our hosts debate the importance of profitability and its influence on attracting VC interest.

Beyond these pivotal questions, the episode also touches upon various nuances of the startup and VC relationship, providing listeners with a comprehensive overview of the venture capital universe. Whether you're a startup founder seeking investment or an enthusiast wanting to understand the VC realm's intricacies, this episode promises to be a valuable resource.

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