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Ginger More was a true pioneer in the male-dominated venture capital world of the 70âs, 80âs, and 90âs, and she is who the next gen want to grow up to be. Born the second of three children to a schoolteacher and a fireman, Ginger attended the University of Bridgeport as a math major, and she married while she was still in school. She began a family as a military wife and also while working full-time at Wright Investorsâ Service. She even completed the totally grinding three-year charter financial analyst certificate program on her own time with young kids.
In 1978, she joined Oak Investment Partners and became a partner there just two years later. At Oak, Ginger invested in a number of IT and healthcare companies, and she was responsible for Oakâs investment and board positions in market making companies like Genzyme, Stratus, and Compaq.
Genzyme went on to set new standards for the industry. At a time when rare diseases were completely neglected by the pharmaceutical industry, the company built their business to serve exactly that unmet need.
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Lisa Edgar is a Managing Director @ Top Tier Capital Partners, one of the leading venture fund of funds over the last decade. Included in their stellar fund portfolio is the likes of Index, Initialized, True Ventures, a16z and Boldstart, to name a few. Prior to Top Tier, Lisa was part of the asset management team at WR Hambrecht + Co focusing on new and emerging private equity funds. Before that, Lisa spent ten years at Horsley Bridge.
In Today's Episode You Will Learn:
1.) How did Lisa make her way into the world of investing in funds and how did that lead to her becoming Managing Director at one of the leaders, Top Tier?
2.) Lisa has seen the boom and bust of the macroeconomy twice now, how has that impacted her mindset today when investing in funds? What have been the most prominent changes in the venture ecosystem that Lisa has seen over the last 20 years? What changes have been good? What changes have been bad?
3.) What is the best way to get in the room with LPs? Does it have to be through warm intro? What are the signs for the GP that that first meeting went well? If an LP does not respond to emails, does that mean they don't want to do it? How does Lisa and Top Tier structure the investment decision-making process? How does that differ when re-investing in existing managers? Is it worth it for first-time funds to pitch institutions for fund 1 when they know they will not invest in the fund?
4.) How does Lisa think about GP commits today? How does Lisa look at what is reasonable and what is required? Is it individual and context-based? How does Lisa feel about different carry structures? Are kickers when past a certain return profile amenable to LPs?
5.) Lisa has seen some of the best emerging managers in the US over the last decade, what learnings does she have from them in terms of what separates the good from the great? How do they think about partnership dynamics? How do they think about firm culture? How do they think about generational transition?
Items Mentioned In Today's Show:
Lisa's Fave Book: From the Mixed-Up Files of Mrs. Basil E. Frankweiler
Lisa's Most Recent Investment: Boldstart Ventures
As always you can follow Harry and The Twenty Minute VC on Twitter here!
Brianne Kimmel is the Founder and Managing Partner @ Work Life Ventures, a very new firm focused on the future of work backed by some of the best in the valley including Marc Andreesen, Chris Dixon, Zoom's Eric Yuan, InVision's Clark Valberg and then dear friends of the show, Alexis Ohanian, Garry Tan and Matt Mazzeo. To date, Brianne has invested in the likes of Webflow, Tandem, Lunchclub and Girlboss to name a few. Prior to starting Work Life, Brianne spent 2 years at Zendesk on their GTM strategy; building Zendesk for startups, ultimately representing 3,000 startups and 250 accelerators. From 2013-2017 Brianne also taught over 5,000 students at General Assembly all things user acquisition and growth marketing.
In Today's Episode You Will Learn:
1.) How Brianne made her way into the world of startups and SaaS, how that led to her angel investing and what was that a-ha moment for the founding of Work Life? Why did Brianne choose to structure Work Life as a holding company?
2.) With the fund, how does Brianne think about portfolio construction? What is the right check size for her? Why does Brianne think we are seeing more angel funds than ever today? Why are we seeing so many celebrity names on the cap tables of great companies? How does Brianne think about scout programs? What impact have they had? Why is Brianne against founders actively angel investing?
3.) What does Brianne advise founders on how to structure a high-signal round? What are the two types of angels that exist in the world today? What can founders do to keep their angels actively engaged? How have what founders expect from their angels changed over the last few years? How does one measure the true value of an angel?
4.) Does Brianne agree with Semil Shah, we are seeing "founders vote with their feet and bypass seed funds for multi-stage funds"? How does Brianne advise founders when choosing between a boutique seed firm and a large multi-stage firm? What does Brianne believe are the pros and cons of taking multi-stage money at seed?
Items Mentioned In Today's Show:
Brianne's Most Recent Investment: Pace
As always you can follow Harry, The Twenty Minute VC and Brianne on Twitter here!
Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
This week, we had the chance to chat with Heather Hartnett, CEO and Founding Partner of Human Ventures, a New York City-based venture capital fund. Heather is gritty, passionate, and is building the next evolution of venture capital through the studio model. Hear her story, what brought her here, and what she's excited about. Signup for our newsletter to get notified of the latest release and to receive the latest insights in VC and startups http://eepurl.com/dzVE5j podcoin
Anne Dwane is co-founder and partner of Village Global, the venture firm backed by an impressive and diverse group of investors that includes: Jeff Bezos, Sara Blakely, Reid Hoffman, Magic Johnson, Anne Wojcicki, Mark Zuckerberg, Diane Green, Judy Estrin, and Ken Chennault.
Before becoming a venture capitalist, Anne was a tech company co-founder, a private company CEO, and public company executive. She built Military.com with previous podcast guest Chris Michel, and was CEO of Zinch before it was acquired by Chegg. At Chegg she had P&L responsibility as the company became public, with a value over $1 billion.
In this episode, Anne shares her journey from Harvard Business School, to Silicon Valley, and her path to becoming a public company executive to her latest role as a venture capitalist at Village Global.
Village Global www.villageglobal.vc
Chegg www.chegg.com
Something Ventured www.somethingventured.us
Kara is a partner at Upfront, a founder, and one of the most prominent investors in LA. Kara shares about the Upfront partnership (8 different UIs with the same backend), advice for founders, and her own areas of interest.
Jana Messerschmidt is an investor @ Lightspeed Venture Partners, one of the best performing funds of the last decade with a portfolio including Snapchat, Mulesoft, Max Levchin's Affirm, Cameo, StitchFix and many many more incredible companies. Prior to LSVP, Jana co-founded #Angels in 2015, a first of its kind investment collective specifically designed to get more women on the cap tables of successful companies. Her portfolio includes the likes of Carta, Lambda School, Bird, Forward and Cameo to name a few. In addition to #Angels, Jana spent 6 years at Twitter as VP of Global Business Development and Platform where she led the 150+ person organization responsible for Twitter's global strategic partnerships. Finally, before Twitter, Jana spent 2 years at Netflix as Director of Business Development.
In Today's Episode You Will Learn:
1.) How Jana made her way from the worlds of Twitter and Netflix to founding #Angels and becoming an angel to today, investing on the front lines with Lightspeed?
2.) What were some of Jana's biggest takeaways from her time with Netflix? How did that experience impact her operating mentality today? How can leaders determine the true quality of their team and their conviction in them? What is "the leaver test"? What does Netflix do internally to drive such high performance? What does Jana mean when she says, "leaders have to provide context, not control"?
3.) Does Jana believe that founders should "always be raising"? What is the right way for founders to approach OKR setting with regards to requirements for the next round? When should this OKR discussion for the next round take place? Who should be involved? How can founders get potential investors to do the work upfront and determine interest?
4.) In terms of metrics for the Series A, they depend based on the vertical and business model but what is required, metric wise, to raise a Series A in:
5.) What tips and advice does Jana give to founders to allow them to enter fundraising negotiations with leverage? What can founders do to gain leverage if their numbers are not in place? What does Jana think should be some of the biggest considerations for founders when it comes to their cap table?
6.) How does Jana think that founders can put their cap table to work in the most effective way? Is there a way to stress their suggested "value-add" prior to their investment? What can be done to actively improve the lack of women and underrepresented minorities on cap tables? What would Jana like to see change here?
Items Mentioned In Today's Show:
Jana's Fave Book: Elad Gil's High Growth Handbook, Dark Money
As always you can follow Harry, The Twenty Minute VC and Jana on Twitter here!
Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
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