"Turpentine VC" | Venture Capital and Investing

In this episode of Turpentine VC, Erik Torenberg interviews Will Summerlin, managing partner at Autopilot, a VC firm investing in companies that use AI to automate industries. Prior to co-founding Autopilot, Will was an investor at ARK. Erik and WIll discuss where to find alpha when investing in AI, the competitive edge of incumbents versus startups, and investment strategies tailored to AI's potential. -- 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 erik@turpentine.co. -- LINKS: Will Summerlin's podcast: Autopilot - 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 Autopilot VC: https://apv.vc/ -- TIMESTAMPS: (00:00) Intro (00:45) Thesis of Autopilot's fund and the AI Supercycle (02:05) The Edge of AI in Various Domains (03:07) Venture Capital Perspectives on AI Startups (06:20) Identifying Opportunities and Challenges in AI Investment (06:48) Deep Dive into AI's Impact on Specific Industries (11:46) Strategies for AI Startups and Investment Insights (13:55) The Future of AI: Foundation Models and Startup Opportunities (14:15) Sponsor: Harmonic | Squad (16:44) Llama 3 Use Cases (23:49) Drawing Parallels: From the Industrial Revolution to Today's AI Revolution (24:32) The Impact of AI on Software Development and Productivity (24:55) Exploring the Dynamics of Revenue and Cost Centers in the AI Era (26:04) Strategy: Navigating the Series A and B Landscape (30:17) The AI Super Cycle: Predicting a Surge in Enterprise Value (32:44) Finding Alpha in a Crowded Market (39:51) The Monopolistic Outcomes of AI Markets (41:50) Fund Size and Investment Strategy in the Series A and B Space (45:26) Automating Financial Services in FinTech and AI (48:36) Wrap -- RECOMMENDED PODCASTS: The 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/.

In this episode of Turpentine VC, Erik Torenberg sits down with Alex Edelson from Slipstream Investors, and explores the potential for a new fund built on top of Turpentine, Erik's media company. This live pitch jam session covers the key questions and mental models for building and validating a new fund. They also cover portfolio construction, fund size and stage, and the delicate balance between sticking to proven strategies and evolving with the market's needs. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- 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 erik@turpentine.co. -- RECOMMENDED PODCASTS: The 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/. Alex has been a guest on his feed as well. -- LINKS: Turpentine's master plan: https://phantom-nape-ffe.notion.site/Turpentine-master-plan-524e460771354cb7a84328939c5d9cf1 Slipstream Investors: https://www.slipstreaminvestors.com/approach -- TIMESTAMPS: (00:00) Intro (00:39) Exploring the Potential of Turpentine as an (09:13) Navigating the Challenges of Media and Investing Synergy (17:22) Sponsor: Harmonic | Squad (19:51) Portfolio Strategies and LP Preferences (24:50 )Exploring Venture Capital Strategies and Insights (26:10) Building a Media Empire (31:01) Sector Focus and Portfolio Construction (32:30) Building a Compelling Venture Fund Pitch Deck (36:12) Proving Out the Strategy (40:21) Future Fund Growth and Strategy Adaptation (45:58) Wrap

Erik Torenberg talks to Vinod Khosla about his contrarian bets at Khosla Ventures, the firm’s strategic thinking about the future, and why his “venture assistance” is different than other funds. They also discuss his investment thesis in AI (including OpenAI), robotics, biotech, crypto, education, transportation, and more. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine -- 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 erik@turpentine.co. -- RECOMMENDED PODCASTS Company Breakdowns & The 10x Capital Podcast 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: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197 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/ -- LINKS: Favorite book: The Score Takes Care of Itself by Bill Walsh Vinod’s Predictions (2023) : https://www.khoslaventures.com/vinod-predictions-in-2023-of-what-the-next-10-to-25-years-might-look-like/ Reinventing Societal Infrastructure with Technology (2018) : https://medium.com/@vkhosla/reinventing-societal-infrastructure-with-technology-f71e0d4f2355 -- TIMESTAMPS: (00:00) Intro (00:49) Reflecting on 20 Years of Khosla Venture's Evolution and Team Dynamics (07:12) Staying the Course: Long-Term Investments and Impact (11:31) Contrarian Bets (13:20) Redefining Humanity (15:41) Crypto Strategy and Real-World Applications (17:55) Sponsor: Harmonic | Squad (20:24) Venture Assistance and Team Building Insights (25:34) On Good and Bad Advice (28:32) Determining Who to Take Advice From (30:21) Rethinking Hiring and Entrepreneurship (31:08) Investment Strategies and Learning from Failures (33:16) Venture Capital Insights and Asymmetric Risk (37:30) Global Fund Strategy and Technological Impact (42:36) The Future of Work and AI's Role (53:35) Personal Philosophy and Longevity in Venture Capital (58:57) Wrap

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 -- 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 erik@turpentine.co. -- 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 -- LINKS: 8VC: https://www.8vc.com/ The Cicero Insitute: https://ciceroinstitute.org/issues/ -- 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. -- 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 erik@turpentine.co. -- 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 -- 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. --- LINKS: The Techno-Optimist Manifesto: https://a16z.com/the-techno-optimist-manifesto/ --- 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/ --- X / TWITTER: @pmarca (Marc) @eriktorenberg (Erik) @turpentinemedia --- 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 --- 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 erik@turpentine.co.

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. --- 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/ --- X / TWITTER: @JamesCurrier (James) @eriktorenberg (Erik) @turpentinemedia --- 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 --- 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 erik@turpentine.co.

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 erik@turpentine.co. --- 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 - 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. --- Join our free newsletter: https://turpentinevc.substack.com/ - --- 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/ --- X / TWITTER: @scottbelsky (Scott) @eriktorenberg (Erik) @turpentinemedia --- 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 --- 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 erik@turpentine.co.

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 --- BOOK CITED: The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin --- 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/ --- X / TWITTER: @wquist (Will) @eriktorenberg (Erik) @turpentinemedia --- 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 --- 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 erik@turpentine.co.

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. --- 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 --- 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. --- 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/ --- X / TWITTER: @kirstenagreen (Kirsten) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- 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 -- 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 erik@turpentine.co.

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. --- 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 | 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: @m2jr (Mike) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- 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 erik@turpentine.co.

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. --- 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 | 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 --- 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 erik@turpentine.co.

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. --- 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 | 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. --- 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: @mhdempsey (Michael) @compoundvc (Compound) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- 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 erik@turpentine.co.

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. --- 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 | 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. --- 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: @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 --- 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 erik@turpentine.co.

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. --- 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/ --- 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 --- 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 erik@turpentine.co.

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 --- 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 erik@turpentine.co.

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 --- 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 erik@turpentine.co.