New to Venture

Here is some advice from one of the best operators turned VC! 🔧👩🏼‍💻💸 I had a blast sitting down with Lucy Deland, General Partner at Inspired Capital. As a NYC truther, she has seen the city blossom into the exciting startup land that it is today. Episode 028 of New to Venture is packed with great stories from creating the legendary Paperless Post to being in the same class as Mark Zuckerberg at Harvard! If you want to feel “inspired” make sure you tune in! Key Takeaways: 1️⃣  If you work in startups and VC, you don’t get the privilege of feeling sorry for yourself. Everyone knows that investing, building, and growing world-changing companies is a hard job. But It's a job you chose! There is no easy road to creating huge outcomes 🙂 2️⃣ The best operators can unlock other people’s superpowers! They put people in the best positions to make them over-deliver. They can create teams where people feel comfortable to take risks and big swings.  3️⃣  Great relationships stem from a combination of vulnerability and honesty. Who are the people you can be vulnerable with? Who are the people you can be honest with? Do they feel the same about you? 4️⃣  Great VCs can turn curiosity into intelligence quickly. They are quick to get up to speed on a given market or industry. Aim to practice that skill. 5️⃣  In startup land, there are many roles where you should be just looking to hire a super talented human. The role will change many times as the company grows. The more talented human is going to grow with you and point out areas of improvement. Timestamps: (00:00) - Introductions (02:06) - NYC startup landscape evolution (05:22) - Going to Harvard with Mark Zuckerberg (08:14) - Keeping up with trends (12:26) - Paperless Post war stories (16:07) - Founder to VC dynamics (18:58) - Good vs the best operators (23:24) - Inspired Capital (26:14) - Lucy’s favorite parts of the job (29:19) - Finding your people (31:14) - What makes an “Inspired” team member (34:09) - What makes an “Inspired” deal (36:30) - Highlights and lowlights  (38:35) - Ceremonial final Qs 

If people want to regulate you, you’re the real deal! 🧑‍⚖️🏛⚖️ With every large innovative company, regulation comes knocking. Think Coinbase, Fanduel, Bird Scooters, and Lemonade. The biggest companies of this generation all faced intense regulatory scrutiny. That's where Tusk Venture Partners comes in! On episode 027 of New to Venture, I sat down with Jordan Nof, Co-founder & General Partner at Tusk Venture Partners to talk about all things VC. This episode is chock-full of helpful tips, valuable lessons, and great stories! Key Takeaways: 1️⃣ When going to a VC or Tech conference, have a goal in mind! It’s a special opportunity to be around so many talented and relevant people all in one space. Strategize how to make the most of your time there. 2️⃣ Regulation always lags innovation. If you invest in a company that becomes relevant, there will be some form of regulatory scrutiny.  3️⃣  As a fund manager, your job is to stick to the strategy that you laid out to your LPs. LPs are filling out an early stage asset allocation hole when they give money to VC firms. LPs aren’t looking to invest in early stage fund managers who are going to take a bunch of growth stage swings! 4️⃣  Some people aren’t meant to work for large corporations. If you look at the founder world, their risk/reward profile is almost comically unfavorable, but the math isn’t the same when you have the desire to build and create. 5️⃣ If you are in a VC interview, make it crystal clear that you are BOUGHT IN to the firm’s investing strategy. You should be excited to put their strategy to work! 6️⃣  When a VC fund announces their first or final close, it may be an indication that they are hiring. Be on the lookout for these announcements and prepare accordingly.  7️⃣​​ Actively poke holes in your own investment strategy. A good VC investor is constantly rebuilding, rethinking, and reinventing their views on the future. Be aware of your biases and don’t rely on pattern recognition. Timestamps: (00:00) - Introductions (01:56) - Being on TV! (04:59) - VC conferences (11:00) - Jordan’s pivotal career moments  (14:30) - The origins of Tusk Venture Partners (18:55) - GP and LP interactions (24:38) - Being ready to start a firm (27:18) - Recruiting and hiring (31:46) - Understanding Tusk’s thesis (35:56) - Highlights and lowlights (42:55) - Ceremonial final Qs

Don’t be a know-it-all, be a learn-it-all! 🧠📖 Katie Jacobs Stanton is one of the most amazing people I’ve spoken to. I’ve learned so much about venture and beyond from this one conversation and I hope you do too. I left it feeling inspired, introspective, and hopeful! From being an early employee at Yahoo, Google and Twitter, working at the White House, to running Moxxie Ventures, we break it all down on episode 026 of “New to Venture”! If you want to feel inspired about a career in tech and VC, tune in. Key Takeaways: 1️⃣ Prioritization of time becomes crucial as you get older and shoulder more responsibilities. You should be constantly asking yourself, “How can I best spend the time I have to do important things that move the needle?!” 2️⃣ Think of life as a co-opetition not a competition! Don’t focus on competing against the best in industry, focus on learning from them.  3️⃣ Choose your networks carefully. Being an early employee at the PayPals, Googles, and Stripes of the world is an amazing thing. Alumni of those companies go off and change the world. Aim to be in those circles.  4️⃣ Once a relationship feels transactional, both parties know it.  5️⃣ Follow your energy instead of “passion.” Move towards the people, ideas and topics that give you energy, not drain it. 6️⃣ Be slow to hire, fast to fire. Even though you might need extra hands on deck at the moment, in the long run it’s way worse to hire the wrong person. Timestamps: (00:00) - Introductions (02:31) - Katie rocking out on the bass guitar (04:58) - Katie’s massive road trip (09:24) - Shaking things up (12:15) - Best practices for high achievers (16:10) - It’s all about the people (22:25) - Katie’s most transformative moments (25:56) - How pivotal life moments change investing strategy  (28:55) - Hiring and building a firm (32:37) - Finding greatness (37:21) - Where “Moxxie” comes from (40:13) - The difference between a good investor and a good GP (43:14) - Highlights and lowlights (48:17) - Ceremonial final Qs 

This is the story of the ultimate finance resume! 💰💼📈​​ From Harvard to Investment Banking at Goldman Sachs to investing at a PE Megafund to becoming a founding investor for Softbank and then creating a VC firm, Kevin Jiang, GP at Mangusta Capital has accumulated top tier finance experiences like trading cards. In episode 025 of “New to Venture”, we dive deep into his experiences working with some of the most storied brands and talented individuals in high finance. If you’re looking to take your game to the next level, give this episode a listen! Key Takeaways: 1️⃣ Working hard and putting in the hours are table stakes. What makes people stand out are communication skills. Good communicators are heard more clearly, more often, more loudly and can move the needle. 2️⃣ Hiring is one of the hardest things to do. Early on, having the right people on board will change the trajectory of your business. Find the people that aren’t afraid to step above or below their job description or their “weight class.”  3️⃣ When you are looking for a long term hire, fit matters. Trial periods where you can see how they work, gauge cultural fit, and answer any unknowns can be extremely helpful. It's a technique that larger companies can’t implement, but smaller companies may be able to, so use that to your advantage. 4️⃣ Expand your network wide and deep. VC relationships are everything. Your future self will thank you!  Timestamps: (00:00) - Introductions (02:08) - Investing in yourself (05:05) - Pulling all nighters (10:39) - Best practices to stand out in high-finance (14:18) - What “Mangusta” means (16:55) - Firm origin stories (21:23) - What Kevin looks for in founders (23:01) - Kevin’s interest in Vertical AI (26:37) - Electric boat sponsorship? (29:46) - What Kevin looks for in a new hire (36:40) - Highlights and lowlights (43:22) - Ceremonial Final Qs

This is what you learn from talking to the hyper-elite! 🤯 From interviewing the all-time greats like Stephen Curry, Will Smith, and Ray Dalio to leading brand and content strategy for a top VC firm, Melody has done it all! I sat down with Melody Hahm, the Director of Platform & Community at Harlem Capital to take a walk down memory lane. In this episode, Melody shares many important life lessons and the secrets to building a great brand in venture capital!  Key Takeaways: 1️⃣ Don’t be a fangirl/boy. At the end of the day, everyone is a human being. Pedestalizing others doesn’t serve you. In fact, it hinders you from making a real connection with the person you look up to. Find some common ground and be genuine!  2️⃣ The best of the best have an unwavering belief in themselves. Even if they don’t succeed, they will always get back up and maintain a relentless mentality that they can do it! Even if hundreds of people hype you up, what really matters is that you believe in yourself.  3️⃣ High level communication starts with asking good questions. A good question isn’t one that stumps them or forces them to think for a long time. A good question is one that yields a response that is 30% uncomfortable and 70% excitement to tell a story.  4️⃣ Storytelling is such an important skill in venture and beyond. The ability to tell a compelling story about your journey and your mission goes a long way. It gives potential advisors, mentors, and investors a reason to take a shot on you. 5️⃣ Not all VC firms need strong altruistic values. Ultimately, venture capital is a vehicle to drive returns for LPs. It is more disingenuous to virtue signal than to be honest about your firm’s goals and mission. Be okay with what you are!  Timestamps: (00:00) - Introductions (02:49) - The Unforgettable Gala (06:04) - Being around extremely successful people (07:57) - The difference between the greats and the best (12:21) - Best practices for public speaking (17:28) - Melody’s most memorable conversations on TV (23:08) - Similarities between entertainment and VC (26:11) - Reputation and storytelling (30:36) - Creating and instilling values (34:51) - Balancing VC returns and a diversity mission (39:37) - Ceremonial Final Qs

Venture capital and ROI are inextricably linked. But what about ROR? 🤝 This was one of my favorite episodes to record so far. I sat down with Heston Berkman, Founder and Partner of Banter Capital to go over his many learnings over the past decade. Episode 023 of “New to Venture” is an absolute cheat code for those starting in VC. From the importance of relationships, to building a VC firm this episode has it all!  Key Takeaways: 1️⃣ Your founder and VC circles change with time. You need to constantly refresh your networks, be open-minded, and not lean on pattern recognition. 2️⃣ It's okay to mess up, especially early in your VC career! You’re going to incorrectly prioritize your time. You're going to meet people who you think are legitimate, but aren’t. Your efforts may seem unproductive now, but VC is a long game. Your efforts just haven’t been productive YET.  3️⃣ VC is an ROR (Return on Relationships) business. Sure, you can focus on ROI (Return on Investment), but relationships hold immeasurable potential. Meet as many people as possible! 4️⃣ Many, if not all VC careers go through a Trough of Disillusionment around 2-4 years in. Competition gets extremely fierce as you are no longer competing against junior folks. Your brain has become wired to be social and hyper-connected. Your early investments start to hit road bumps. By the time you finally figure out the best use of your time and make the right decisions, it’s way harder to find your footing in a traditional role.  5️⃣ Get on the flight! If you’re excited about a founder and you’ve done all the research you possibly could, you better hop on a plane and get to know them in-person. Investing in early-stage founders is like a marriage. Make sure you get along as people, not just business partners.   Timestamps: (00:00) - Introductions (02:04) - Heston’s love for boating (08:00) - Is startup funding seasonal? (10:18) - Heston’s time at First Round Capital (12:23) - VC and founder circles change every 7 years (15:14) - Working with First Round and Dorm Room Fund (17:50) - What Heston looks for in founders (21:23) - Transitioning into full-time venture (25:25) - Best practices for those new to venture (27:31) - Getting operating experience (31:31) - Heston’s first angel check (33:00) - Heston meets an NFL football player (36:25) - Partner track vs. raising your own fund (39:23) - The origins of “Banter” capital (41:23) - What Heston looks for in an investor (44:58) - Ceremonial Final Qs

Video Games Meets Venture Capital?! 🎮 I sat down with my good friend Jonny Zhang, who may have the best job on the planet. Jonny invests in games at the illustrious General Catalyst as well as invests in the brightest student founders as a lead for GC Venture Fellows. Jonny found a way to combine his passion for video games with the world of venture capital. If you’re looking to do the same, make sure you give a listen to episode 022 of “New to Venture”! Key Takeaways: 1️⃣ Find a speaking style that works for you! For the introverts or people that want to break into venture, confident communication is an underrated skill. Take the time to find a voice that feels genuine and complements your energy. 2️⃣ Separate your personal opinions on a market or company from your due diligence. It’s incredibly easy for your personal tastes to bias your investment theses. Take a step back, get a hold of as much data as you can, then build your thesis. 3️⃣ Gaming has become an essential part of our society. Video games create communities, friendships, relationships, hobbies, and play a big role in pop culture. It is an exciting time for the world of gaming with so much room to grow. Timestamps: (00:00) - Introductions! (01:50) - Jonny’s love for Broadway and Common App essay (05:27) - Jonny’s path into venture (09:28) - Harvard Student Agencies + COVID Era (13:42) - How to get better at speaking! (16:54) - Transitioning to investor (20:19) - Intern to full-time (22:56) - Jonny’s outlook on games (26:17) - The reputation of games investing  (30:42) - What makes a gaming startup VC backable? (33:46) - The future of gaming (35:54) - Investing in student founders with GC Fellows (41:14) - A day in the life (42:48) - Ceremonial final Qs

This is the secret to making a top 1% podcast. Be stubborn.  Episode 21 of “New to Venture” marks a special milestone in my life. “If you make it to episode 21, you are in the top 1% of podcasters. Survival is more important than skill.” This was my north star for the past year and in celebration of achieving it, this episode is going to be different. No all-star VC guest. No questions asked. Just you and me. I talk about my learnings in VC so far, my learnings from creating the podcast, and general life learnings to close it all out.  To every guest that has joined me on the pod so far, thank you for taking a shot on me. I’m truly forever indebted. I can’t wait to make you all proud and finally duke it out in the same arena. Now, on to episode 52 🫡 Key Takeaways: 1️⃣ Posting is really hard and scary, especially on LinkedIn. Your high school friends, work friends, college friends, and sometimes even family members will all see your content. The thought of them thinking that you are “cringe” is extremely paralyzing. Remember that no one actually cares that much and your real friends will show love and support! 2️⃣ A good VC is always thinking of others. Being selfless and going the extra mile for your network makes you better at your job AND makes it 10x easier down the line. 3️⃣ Asking good questions and smiling are by far the two things that have gotten me the furthest in life. A good question is one that opens the door to stories and emotions, not one that stumps people. Smiling indicates warmth and that you are excited to be there. A conversation filled with emotions, stories and smiles is almost never a bad one 🙂 For more key takeaways, listen to Episode 21 of “New to Venture”! Timestamps: 00:00 - Introduction! (Who am I?) 15:36 - VC Takeaways 20:44 - Podcast Takeaways 26:46 - General Life takeaways 33:55 - Ceremonial Final Qs

This is the story of one of the great VCs of NYC🗽 I sat down with Brian Smiga, serial entrepreneur and co-founding partner of Alpha Partners, to take a walk down memory lane. From sitting in a hot tub with Marc Benioff to starting a TEDx conference in his town, Ep 020 of “New to Venture” is packed with stories and perspectives from a seasoned entrepreneur and VC. If you want to last a long time in this industry, make sure you give this episode a listen! Key Takeaways: 1️⃣ The VC world runs on karma. Pay it forward. Do good for others and expect nothing in return. Try your best to NOT make things transactional. 2️⃣ Get into the rooms with people smarter than you. Being intentional about the people you surround yourself with will supercharge your growth.  3️⃣ Develop a point of view. Get interested in something. 80% of VCs are specialists. Study up and come prepared with a sophisticated and educated perspective.  4️⃣ Relationships are everything. Seeing your peers grow is fulfilling. When you look back, you’ll remember the people you worked with, not the tasks. Timestamps: (00:00) - Introductions! (02:00) - Jack of All Trades (04:20) - TedxAsburyPark (07:02) - Blackbelt VCs (08:50) - Founder → Investor (12:19) - Alpha Partners Founding Story (15:45) - NYC Tech Ecosystem (19:05) - Traits of a Successful VC (23:34) - Good Karma (24:40) - Where to Find Smart People (30:23) - Highlights and Lowlights (35:01) - Ceremonial Final Qs

How you can become a Venture Capitalist … without ANY money! 🤯 I sat down with Alex Pattis, the King of SPVs and the General Partner of Riverside Ventures, to break down a unique way to invest in your favorite private companies. A normal VC firm pools capital together to create a fund and invests out of that fund. The syndicate system invests in startups on a deal by deal basis! If any of that is confusing to you, and you want to start VC investing without any of your own money, make sure you listen to Ep 019 of “New to Venture”! Key Takeaways: - Provide value first. Try your best to be helpful! Don’t just say it, find ways to do it. Many VCs are ridiculed for saying “Let me know how I can be helpful” but never actually being helpful. Try to not be that person.  - VC funds follow a 2 and 20 structure, meaning that 2% of the fund is given to the firm every year to manage the money and after the firm returns the fund they get to keep 20% of the profits. An SPV structure is similar, but there are 2 main differences. For early stage investments, usually the management fees are nonexistent, a one time fee, or lower than 2%. Second, SPVs don’t have to return an entire fund's worth of capital before they see a dollar of profit, just the initial investment amount.  - Signaling plays a huge role in the world of syndicates. Since a syndicate lead has to raise money from LPs on every deal, good signaling (strong co-investors) garner more interest. - When you’re young, you tend to be aggressive about helping with everything. Ultimately, that's a trap, be realistic with what you can actually provide and over deliver on that thing. Under promise and over deliver. - Staying top of mind is difficult. Some best practices include grabbing in-person coffee, quarterly calls, and posting content. Building an online presence is an underutilized method to staying top of mind! Timestamps: (00:00) - Introductions! (02:06) - Go Arizona Wildcats (04:38) - Sending Cold Emails and Getting Started (06:46) - Providing Value to VCs as a young VC (07:56) - Which VCs to reach out to (10:43) - Building a deal flow engine (15:01) - Origins of Riverside Ventures (17:09) - Institutional VC vs. Syndicate Lead (20:05) - Alex’s Newsletter - Last Money In (22:37) - Syndicate Structure (27:32) - Signaling in SPVs (32:52) - Chasing a Hot Deal (37:20) - Staying Top of Mind (40:27) - Most Helpful Investors by Category (44:06) - Ceremonial Final Qs