How to ace diligence & avoid common mistakes with Scott Orn | Kruze Consulting Startup Finance Basics
Play • 33 min
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Harry Stebbings
20VC: Sonos CEO Patrick Spence on His Biggest Lessons Building and Growing Blackberry, The Right Way to View Competition and Innovation Cycles & How To Make The Transition From COO To CEO Most Effectively
Patrick Spence is the CEO @ Sonos, the sound experience company connecting millions of listeners around the world to the content they want. Prior to their IPO, they raised over $450M from the likes of Mike Volpi @ Index, Satish @ Redpoint and e.ventures to name a few. As for Patrick, prior to Sonos, he spent an incredible 14 years with RIM (makers of Blackberry) across multiple different roles. In Today’s Episode You Will Learn: 1.) How Patrick made his way into the world of tech and startups and became an instrumental part of the exec team at Blackberry? How that led to his joining Sonos as COO and later becoming CEO? 2.) How did building and growing RIM influence everything that Patrick does at Sonos? From the battle with Apple, what were Patrick's biggest lessons on the right way to approach competition? How does Patrick think about both partnering with Google today whilst also suing them at the same time? 3.) From COO to CEO: How did Patrick make the transition from COO to CEO so successfully? What were the most challenging elements to scale into? How does Patrick empower his team to have the confidence to stand up and say no to the CEO? How can one encourage debate and dissent in the team? 4.) How does Patrick feel about the role that vulnerability has to play in leadership? How does Patrick approach his own self-doubt as a leader today? How does he manage it? How does he advise founders unsure if they can scale into their leadership roles? What mentors does Patrick have? What has he learned from them? Item’s Mentioned In Today’s Episode Patrick’s Favourite Book: The Infinite Game: How Great Businesses Achieve Long-Lasting As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
37 min
Village Global's Venture Stories
Village Global's Venture Stories
Village Global
Making It Easier For Startups To Get Started with Capbase with Greg Miaskiewicz and Sheel Mohnot
Sheel Mohnot (@pitdesi), and Greg Miaskiewicz (@miaskiewicz), join Erik on this episode. Sheel is a Network Leader at Village Global, and Greg is CEO and co-founder of Capbase. They discuss: - How Capbase can help streamline the workflows involved in getting a company off the ground. - How Greg navigated the idea maze and validated his hypothesis. - Why there should be more transparency in investing and startups. - The pros and cons of transparency within a company. - Ethical investing. - How to give feedback as an investor. - How the pandemic changes company formation. - The future of Capbase. *The deadline to get your application in for the spring vintage of the Village Global Accelerator is March 1st! It’s a personalized and tight-knit program with an amazing network of peers, advisors, and experts. Companies that have been through the accelerator have raised from some of the top venture funds in the world, like a16z, First Round Capital, Founders Fund, Lux Capital, True Ventures, Felicis and more. Learn more and apply at www.villageglobal.vc/accelerator! Thanks for listening — if you like what you hear, please review us on your favorite podcast platform.  Check us out on the web at www.villageglobal.vc or get in touch with us on Twitter @villageglobal. Want to get updates from us? Subscribe to get a peek inside the Village. We’ll send you reading recommendations, exclusive event invites, and commentary on the latest happenings in Silicon Valley. www.villageglobal.vc/signup
39 min
Acquired
Acquired
Ben Gilbert and David Rosenthal
The New York Times Company
For the entire 20th Century, you’d be hard pressed to find a better business than an American newspaper — Warren Buffett famously described them as “franchises” — and no American newspaper stood taller than the New York Times. Controlled by a single family bound by a legal oath “to maintain the editorial independence and integrity of The New York Times and to continue it as an independent newspaper, entirely fearless, free of ulterior influence and unselfishly devoted to the public welfare”, the Times served as the paper of record for generations of Americans and people around the world. But no good thing lasts forever, and the dawn of the 21st Century saw both the Times and this once-mighty industry devastated by the dual disruptive forces of the internet and the 2008 financial crisis. And yet by 2021, The Times, essentially alone of its former peers, has reemerged from the American newspaper wreckage and transformed itself into a thriving digital business with an order of magnitude more subscribers than its print heyday. Curious how it all happened? We dive into 170 years of history to find out! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: * Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny * Thank you as well to Vouch and to Capchase. You can learn more about them at: * https://bit.ly/acquired-vouch * http://bit.ly/acquiredcapchase The New York Times Company Playbook: (also available on our website at https://www.acquired.fm/episodes/the-new-york-times-company ) 1. When you find yourself sitting in front of a big approaching demand wave... ride it!! * The New York (Daily) Times was founded during the newspaper boom of the 1850s, and similarly Adolph Ochs took over the local Chattanooga paper at the start of that city’s mining boom. * The NYT made huge investments in its reporting during the two World Wars as the public’s appetite for news exploded, while its rivals missed the ball worrying over preserving advertising space. Likewise NYT launched The Daily (which would become the biggest podcast in the world) immediately following Trump’s inauguration in early 2017. * Arguably NYT’s biggest business mistake was missing the cable wave -- which Rupert Murdoch leveraged brilliantly to build Fox News into the most valuable news media franchise in the world. 2. Where there’s an entrepreneurial will, there’s an entrepreneurial way. * Adolph Ochs bought the Chattanooga Times with $250 and sellers’ notes, and then acquired The New York Times out of bankruptcy with no personal money down and $100k of real estate debt. And turned them both into successes on a level no one (even himself at times) believed possible. 3. Recurring Acquired theme: the media business is still the second-best business of all time, behind technology. * Media’s ability to generate dual revenue streams (advertising and subscription) from the same content product generates enormous leverage on investment, AND most of those costs are fixed vs. variable (especially in a digital environment). 4. This is why “content is king” has always been true in the media industry. * NYT’s version of this strategy has always been to invest more in high-quality journalism than any of its peers. It was true in 1896 when Ochs took over, true during the World Wars and the Pentagon Papers, and perhaps has never been more true than today when NYT employs 1,700 journalists around the world and pays them an average of >2x the rest of the industry. 5. That said, distribution is critical as well. To build a world-class media organization you must be great at both content AND distribution. * In the old media landscape, NYT built great distribution through its printing and delivery operations, as well as savvy investments like the Index which led to libraries and researchers across the country relying on the Times as the “paper of record”. * However in today’s media landscape, the task of building great distribution falls on the newsroom and journalists themselves. The job is no longer finished once you hit publish -- reporters and editors must own the responsibility of getting their work in front of readers via social media and shareable story elements. Links: * The 2014 NYT Innovation Report: https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * Mine Safety Disclosures’ NYT presentation: https://minesafetydisclosures.com/blog/newyorktimes Carve Outs: Ben: * Titan by Ron Chernow: https://www.amazon.com/Titan-Life-John-Rockefeller-Sr-ebook/dp/B000XUDGHG * Iteratively: https://iterative.ly David: * Sabaa Tahir’s Ember in the Ashes series: https://www.amazon.com/Ember-Ashes-3-Book/dp/B074VDZB17 Episode Sources: * http://www.internethistorypodcast.com/2015/10/martin-nisenholtz-on-bringing-the-new-york-times-online/ * https://archive.nytimes.com/www.nytimes.com/books/99/09/19/daily/092299tifft-book-review.html?module=inline * https://archive.nytimes.com/www.nytimes.com/learning/general/onthisday/bday/0312.html * https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * https://archives.cjr.org/cover_story/sulzberger_at_the_barricades.php * https://en.wikipedia.org/wiki/Adolph_Ochs * https://en.wikipedia.org/wiki/Arthur_Hays_Sulzberger * https://en.wikipedia.org/wiki/Battle_of_Fort_Sumter * https://en.wikipedia.org/wiki/Daniel_Ellsberg * https://en.wikipedia.org/wiki/Dotdash * https://en.wikipedia.org/wiki/Edwin_D._Morgan * https://en.wikipedia.org/wiki/George_Jones_(publisher) * https://en.wikipedia.org/wiki/Henry_Jarvis_Raymond * https://en.wikipedia.org/wiki/Iphigene_Ochs_Sulzberger * https://en.wikipedia.org/wiki/List_of_assets_owned_by_The_New_York_Times_Company#Television_stations * https://en.wikipedia.org/wiki/List_of_The_New_York_Times_employees * https://en.wikipedia.org/wiki/Martin_Nisenholtz * https://en.wikipedia.org/wiki/The_New_York_Times * https://en.wikipedia.org/wiki/The_New_York_Times_Building * https://en.wikipedia.org/wiki/The_New_York_Times_Company * https://en.wikipedia.org/wiki/Yellow_journalism * https://fintel.io/so/us/nyt * https://media.foxcorporation.com/wp-content/uploads/prod/2019/09/18223214/Fox-Annual-Report-2019_Mid.pdf * https://minesafetydisclosures.com/blog/newyorktimes * https://nymag.com/intelligencer/2015/08/new-york-times-heirs.html * https://nymag.com/news/features/40647/index4.html * https://nymag.com/news/media/51015/ * https://nytco-assets.nytimes.com/2021/02/Press-Release-12.27.2020-Final-for-posting.pdf * https://stratechery.com/2020/an-interview-with-buzzfeed-ceo-jonah-peretti/?utm_source=Memberful&utm_campaign=f14650dd37-daily_update_2020_11_24&utm_medium=email&utm_term=0_d4c7fece27-f14650dd37-110888309 * https://www.amazon.com/dp/B0058Z4NOQ/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 * https://www.amazon.com/gp/product/0316836311/ref=ppx_yo_dt_b_asin_title_o04_s00?ie=UTF8&psc=1 * https://www.arcgis.com/apps/Cascade/index.html?appid=86354f1b322a4ec2a548e58ac3e83d49 * https://www.bostonglobe.com/business/2012/05/11/new-york-times-sells-its-remaining-stake-boston-red-sox/ey4kwU4m6Xn2PYfcblrMcL/story.html * https://www.enwoven.com/collections/view/1277/timeline * https://www.fool.com/earnings/call-transcript…
3 hr 5 min
North Star Podcast
North Star Podcast
David Perell
Li Jin: Creating the Creator Economy
My guest today is Li Jin, the founder and managing partner at an early-stage venture capital firm called Atelier. She's known for her extensive writings about the Passion Economy. Her essays explore how people can make a living from their passions and creative skills. All of her writing is filtered through the lens of consumer startups and the technology industry. In this episode, we explore Li's perspective on the future of the creator economy. We talk about what it'll take to build a middle class for creators and how platforms should enable creator monetization. But then we venture beyond the world of work and discuss the novels of Jane Austen, what Li learned by growing up in Pittsburgh, and why she thinks social media and content creation are valuable pursuits. Please enjoy my conversation with Li Jin. Show Notes: 2:37 - How do content creators get users to migrate platforms and engage in unfamiliar apps? 5:44 - Why is some digital content more consumable than others? 13:07 - What is the driving force behind Li’s background in English literature? 17:34 - Why Jane Austen is so incredibly important to the world of modern creatives 21:56 - What has contributed to the alienation of gig workers in modern economy? 24:57 - Where does Li Jin’s technological optimism stem from? 28:32 - What is an “Angel Investor”, and how do they influence the modern world of content creation? 32:55 - What is the difference between an artist and a creator? 37:44 - How has the modern market created space for content creators? 42:19 - What causes creative burnout in the world of content creators? 50:01 - What are the implications of viral fame in the modern world of content creators? 57:46 - Which aspects of traditional and non-traditional education were most impactful on Li Jin? 1:08:55 - What are some things that both successful and aspiring content creators often misunderstand about the industry 1:14:20 - What are some of the parallels between the worlds of writing and investing? 1:18:08 - How Li Jin embodies the spirit of a malleable fate
1 hr 22 min
Invest Like the Best
Invest Like the Best
Patrick O'Shaughnessy
Ryan Petersen - Where There Is Mystery, There Is Margin – [Founder’s Field Guide, EP. 22]
My guest today is Ryan Petersen, founder and CEO of Flexport. Flexport is a technology platform for global trade. In this conversation, Ryan takes us through the fragmented world of international freight shipping, and we dive deep into the history and inefficiencies of the system. We also cover how shipping containers were standardized, how new protocols get adopted internationally, and the challenges of doing business in the “no man's land” of international waters. Ryan is the type of entrepreneur I enjoy talking to most: he has incredible domain knowledge, high energy and is tackling an enormous global problem. I hope you enjoy my conversation with Ryan Petersen. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Tegus. Tegus has built the most extensive primary information platform available for investors. With Tegus, you can learn everything you’d want to know about a company in an on-demand digital platform. Investors share their expert calls, allowing others to instantly access more than 10,000 calls on Affirm, Teladoc, Roblox, or almost any company of interest. All you have to do is log in. Visit tegus.co/patrick to learn more. ----- This episode is brought to you by DigitalOcean. DigitalOcean provides founders and creators with the platform they need to get their website and apps off the ground, all with low-bandwidth pricing to save them money over other cloud providers. If you are looking for the best place to build web apps or API backends on robust infrastructure, DigitalOcean is the place for you. They provide a fully managed solution that handles your infrastructure, operating systems, databases, and other dependencies, on their new App Platform product. App Platform makes it easy to build, deploy, and scale apps. Get started for free at do.co/founders. ----- Founder's Field Guide is a property of Colossus Inc. For more episodes of Founder's Field Guide, visit joincolossus.com/episodes. Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes [00:03:24] - [First question] - Overview of what Flexport does [00:04:49] - His introduction into the world of shipping [00:06:49] - Difference between parcel and freight [00:08:53] - Market cap of the overall shipping industry [00:09:24] - Fragmentation of shipping and what Flexport is solving for [00:12:52] - Worst parts of the shipping world [00:15:34] - Improving the tech behind the shipping container [00:19:06] - Why the shipping container changed the world [00:19:07] - The Box: How the Shipping Container Made the World Smaller and the World Economy Bigger [00:21:27] - Teams and outsider perspectives in solving problems [00:22:34] - How their business could make shipping more efficient and reduce costs [00:25:24] - Where the margins and profits are made in shipping [00:25:49] - Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger [00:27:11] - The finance side of shipping [00:28:56] - Maritime law and the ocean [00:30:57] - How much is left in the digitization of shipping [00:32:48] - The perfect state of shipping using Flexport [00:38:19] - Investing in hard assets to expand the business [00:41:03] - Lessons about building a business and global coordination [00:43:15] - Multidisciplinary thinking among their team [00:44:04] - Global supply chain issues in light of Covid and ocean policing [00:44:15] - Peter Zeihan Podcast Episode [00:47:59] - Testing out demand in the beginning [00:50:28] - The process of testing out new ideas and killing off losers [00:52:33] - Important lessons/themes for founders [00:54:51] - Hardest learned lesson, fundraising [00:58:06] - Other opportunities in shipping [00:59:47] - Lessons for creating a new standard [01:02:22] - Using their standardization to improve global relief work [01:04:40] - Creating synchronicity in a company [01:07:09] - What he’s excited about for the future [01:07:53] - Kindest thing anyone has done for him
1 hr 9 min
My First Million
My First Million
The Hustle & Shaan Puri
#156 - David Segal Talks Building a 9-Figure Tea Business, Decommoditizing Boring Products & The Future of Retail
Sam Parr (@TheSamParr), Shaan Puri (@ShaanVP) and David Segal (@_davidsegal) discuss: David’s background * At 26, David teams up with his 70-something-year-old cousin, Herschel Segal, to start DAVIDsTEA. * Herschel had made his fortune in Canada’s fashion industry. Previously Davis was helping his Herschel make small investments. Together they saw an opportunity to grow a tea brand, where David led and Herschel invested * He made his first million when a Boston PE firm (Highland Capital) made an investment in DAVIDsTEA. * When the company went public it was doing $30m in EBITDA. He didn't want to sell shares at the time, but needed to in order to make the IPO big enough. He eventually left the business and sold his shares because of management issues. He sold at an average of $14 a share. * Today he runs a few businesses. One of which is a restaurant where he is trying to mix the best of ghost kitchens with a sitdown restaurant * David is currently trying to get back in the tea game. He sees an opportunity to make tea good, and cool again. Tea penetration is tiny in NA, so there is a lot of room to grow. * With his new brand he wants to do DTC business by keeping tea simple, but widening its appeal. * Previous to DAVIDsTEA, he ran a software business. It was essentially an abandoned cart business but for real life. Brainstorm * Idea: good video for online meetings is like what a nice Italian suit was in the 80s. It shows professionalism and class. Sam mentions he is willing to pay thousands to have someone create a turnkey video conference setup for him. He thinks this could be a great business opportunity. * Made Renovation (https://www.maderenovation.com/ founded by Roger Dickey) offers turnkey bathrooms. The idea is clients can select from a limited amount of pre-selected styles. Shaan suggests applying this same idea to video conferencing setups. * Idea: Uber for contractors. David suggests it’s hard finding reliable contractors, and there may be space for a company that can help organize the market better. * Modsy: For $500 per room, Modsy provides an on-demand interior designer. They will create a layout and make suggestions for furniture to use. * The guys discuss several “experts on-demand” companies. Companies like Intro.co, GLGinsights.com, Clarity.fm & Officehours.com all do similar things in different ways: connect users with experts on a variety of topics. * Idea: Decommoditizing everyday stuff. By taking an everyday item and adding a unique element to it, you can charge more and differentiate an otherwise commodity. David brings up Duraflame. Duraflame is a fast lighting fire log. The company does 9 figures in revenue but hasn’t been innovated upon in years. Homesick Candles successfully innovated on candles by adding regional scents and creating a differentiated product. Eric Ryan built his career doing this with Method, Olly, and Welly. * Idea: Firelogs with scents. Decommoditizing a boring product like fire logs with a viral and catchy twist. * Idea: “...For dummies 2.0”. The “...For Dummies” were a popular series of books educating anyone on any topic. Both David and Shaan are bullish on doing the same for complex modern topics like blockchain or NFT. But doing so through viral videos. * Idea: Using stores as showrooms. David nearly started a company just like this. It’s a massive opportunity for whoever can figure out how to make use of retail space in a way that makes sense in the ecom age. A company doing this is b8ta. * Smart Center: David mentions Smart Center and other REITS have been big...   See acast.com/privacy for privacy and opt-out information.
49 min
Capital Allocators
Capital Allocators
Ted Seides
Acting Chairman Rostin Behnam – CFTC Regulatory Perspectives on Crypto and Climate (Capital Allocators, EP.178)
Rostin Behnam is the Acting Chairman of the Commodities Futures Trading Commission. He was nominated and approved by the prior administration in 2017 to serve as one of five Commissioners of the CFTC and in January, accepted the role as Acting Chairman. The CFTC has a mission to promote the integrity, resilience, and vibrancy of the U.S. derivatives markets, working towards effective price discovery and risk management in fair and transparent markets. As a part of his role, Russ sponsors the CFTC’s Market Risk Advisory Committee. Our conversation covers the history, function and process of the CFTC and the Acting Chair’s path to the seat. We then discuss his perspective on crypto assets and dive into an exhaustive policy piece published last fall by his Market Risk Advisory Committee entitled “Managing Climate Risk in the Financial System.” The document is positioned to become the leading regulatory policy manual on financial climate risk for the new administration. Our conversation took place shortly before Russ rose to Acting Chairman and before the wild market volatility in recent weeks. We touched base about his perspective, but the situation is too fluid for a public response. Acting Chairman Behnam released brief statement about the silver markets that said, “The CFTC is closely monitoring recent activity in the silver markets. The Commission is communicating with fellow regulators, the exchanges, and stakeholders to address any potential threats to the integrity of the derivatives markets for silver, and remains vigilant in surveilling these markets for fraud and manipulation.” Stay tuned, as the subject may well be fodder for another conversation down the road. _Learn More_ Subscribe: _Apple_ | _Spotify_ | _Google _ Follow Ted on twitter at _@tseides_ or _LinkedIn_ Subscribe _Monthly Mailing List _ Read the _Transcript _
1 hr 6 min
We Study Billionaires - The Investor’s Podcast Network
We Study Billionaires - The Investor’s Podcast Network
The Investor's Podcast Network
BTC014: Bitcoin Mining and Energy w/ Marty Bent and Harry Sudock (Bitcoin Podcast)
In this episode, you'll learn: * Does China control all the Bitcoin mining? * Bitcoin uses so much energy, isn't that an issue? * How Bitcoin is increasing productivity by reducing methane flaring * How Bitcoin is slowly changing the power grid (for the better) * Is it better to invest in Bitcoin mining or just buy Bitcoin * How likely is it until we start to see homes equipped with energy efficient tools to mine Bitcoin BOOKS AND RESOURCES MENTIONED IN THIS EPISODE * Follow Marty Bent on twitter * Checkout Marty's podcast, Tales of the Crypt * Checkout Marty's company Great American Mining * Follow Harry Sudock on twitter * Get a FREE book on how to systematically identify and follow market trends with Top Traders Unplugged.  * Trade domestic and international shares all from one stockbroking account with CMC Markets. * Get twenty-five percent off your first two orders of Literati, a one-of-a-kind book subscription. Start them on a literary journey like no other today. * Automate your money with M1 Finance. Get $30 when you sign up for free today.  * Take your business to the next level by hiring the right people with ZipRecruiter. * Listen to the top stories, the top posts and tweets and conversations about those stories, as well as behind the scenes analysis of ALL the latest tech news every single day with TechMeme Ride Home. * Have everything you need to grow online with Squarespace. Use code WSB to save 10% off your first website or domain purchase. * Push your team to do their best work with Monday.com Work OS. Start your free two-week trial today. * Create automated investment portfolios of diversified, low-cost index funds with Wealthfront. Get your first $5,000 managed for FREE, for life. * Browse through all our episodes (complete with transcripts) here. * Support our free podcast by supporting our sponsors.
1 hr 8 min
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