211: Money Talks: Lessons Learned from 1,000 Startup Deals | The American Bankpocalypse

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Hey there, I'm Pete Townsend,
and this is money, never sleeps.

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We look inside the minds of
entrepreneurs, and at the

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crossover of startups,
Enterprise Finance, technology

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and Life.
As we know it in this episode

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owned Fitzgerald, and I take a
quick look at the triumvirate of

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bank failures, in the US with
Silver Gate, Silicon Valley Bank

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and Signature Bank 40 and asked
me about my lessons learned from

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seeing over 1,000 deals in the
last year and a bit through

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techstars.
So, we're if on easy to remember

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mental models investing in
lines, not dots building

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relationships with Founders, how
those relationships evolve, post

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investment, and the founder,
having the most credible voice

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in the room.
All right here on money.

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Never sleeps.
Owen Fitzgerald.

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That's me.
How you doing pal?

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They do a sure.
I'm not too bad and this lovely

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Wednesday morning with a.
Look at my window.

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Yeah.
Well I've already been outside

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once and I won't go outside
again until probably about six

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o'clock time.
Did the schoolroom?

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That'll be it know until I do
the school run.

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Yeah yeah you know I did my walk
and what II had again I'm

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listening a lot lately to the on
the brink podcast with Nick

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Carter and Matt Walsh from
Castle Island Ventures.

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Well, as what, three breakdowns
with Eric golden, what three

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breakdowns, spin-off of invest
like the best, right?

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So, Patrick o'shaughnessy's
started doing, 083 Praises.

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Breakdowns of familiar with ya,
in order the web to respect your

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brake pads really, really good
stuff.

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And I got a primer on stable
coins this morning and I always

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like the primer episodes even
though it's something that I may

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be familiar with already because
you just get all that reinforce

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and you get that deeper deeper
look after things and making

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lots of ins between stable coins
and the eMoney regime and Mica

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in EU.
So I was just kind of drooling

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over that stuff which was a lot
of fun.

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That's my, how my own psychic
mind works.

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I find I flick between a few
depending I that's a lot of.

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It depends on the guest
sometimes.

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Yeah, it does.
You know like the property

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showed and I've got invest like
the best but some of them I

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don't.
If I don't know the guests

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enough, I'll be like I'll
probably skip that one or I'll

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just go.
If I'll go back to one of the

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ones that I really like and just
listen to it again.

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Yep.
Yep.

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And you start see the circuit of
different guest appearing on the

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same, you know, theme of
podcasts and then the hosts of

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one positive end of the book.
Yeah, yeah, exactly.

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And the host of one podcast
appearing as guests on someone

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else's and they kind of trade
back and forth on that.

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So it's like the this guy, Rob
Hamilton, he's involved somehow

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with ordinals which is this nft
project on top of the Bitcoin

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Network, which is, which is
funny.

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It was Matt Walsh from Castle
Island.

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Ventures was talking about it on
the brink.

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Podcast and he's like, here's
proof that Bitcoin isn't just

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some sleepy old project and I'm
like for those in crypto to be

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able to say Bitcoin is just some
sleepy old project but here the

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rest of the world talking about
that they're like Bitcoin

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sleepy.
What do you mean?

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What do you mean?
Looks like it's wide awake, I

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don't know what it's doing, it's
all over the place anyway that's

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my that's my fun before the
bait.

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Listen it terms of talking about
things that are all over the

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place.
Jesus the banking situation the

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u.s. right now is maniacally, I
hate I hate.

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And we record and like, we put
it out on a Friday and then some

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breaking news story, which is
really relevant comes out like

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the same day and I'm like a for
God sake.

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Yep.
And we've just been talking

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about something else, like, two
days beforehand and I know some

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story.
I know I talk to Simon Taylor

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about this specifically, from
fatigue brain food.

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He, and I caught up a couple
weeks ago and he's I said the

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same thing.
He's like, Pete, you just gotta

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let it go.
He's like, you got to have a

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weekend.
He's like, if you put stuff out,

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and then you finish it.
And then the world changes.

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It's just he covered next week,
right?

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So yeah, here we are.
And I like that.

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So here we are and probably just
enough ink has been spilled at

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this point on, I know
particular.

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And when I mentioned to you last
night, I'm like, you know,

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you're right and so I didn't
want to go through this in

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detail, but just for folks that
may not have been paying

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attention.
That first we had Silver Gate

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Bank, go a couple weeks ago and
then we saw wasn't a couple

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weeks those 10 days ago.
Flea.

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And then we had Silicon Valley
Bank that went on Friday.

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When I say went, I mean, it's
shut.

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There was a bank run that
resulted in, okay, we gotta

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close the doors here and the
FDIC in the u.s. steps in and

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does just that.
And then signature bank, then

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also went over the weekend.
And these Bank runs are really

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unique in that, it depending
upon the Depositor, you have

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certain obligations if it's an
obligation to yourself as an

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individual will find.
But if it's an obligation that

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you have to investors, if you're
a venture capital fund or an

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obligation, you have to
shareholders if you're a startup

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and your employees and your
partner's, then you can get into

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all different types of
conflicting situations with what

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to do during a bank run.
And ideally and I think it was I

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heard someone say this morning
and forget which podcast to

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quote, but humans still behave
with this innate core behavior,

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that existed Ten Thousand Years
Is ago and you can't change.

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And that means look out for
number one, right?

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So, you know, there's been a
bunch of ink spilled like you

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said about this over the past
number of days.

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I am going to put in the show
notes just three good summaries

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from people that we know or at
least two of the three we know

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and have had on the show.
So the angle, you did a good

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recap on the life and color
blog, and he was on the show

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last week, the week before, and
he did Called when it rains.

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It pours also Nick Milankovitch
who we had on the show last year

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from this week in fintech.
Did another good one called

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signals as Phoebe signature and
Silver Gate gate.

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Right?
Like Watergate and then Daniel

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Coon from coin desk.
Should I keep my money in

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Bitcoin or a bank?
And that was the interesting

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note that I got, from a couple
people over the weekend like is

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crypto going to come out of this
looking all shiny and we're

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crypto operates on this, you
know, this model of Your keys,

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your crypto, you know, if you
secure it yourself, it's yours.

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If you hold it, if there's a
hack of your exchange and you

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are holding crypto on an
exchange, obviously that's a

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problem but that's not you
holding it in your own wallet.

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That's you holding.
Yeah you know assets on an

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exchange.
So and this was when the person

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you know one of the messages I
got from somebody said just that

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they were unaware that us DC had
D pegged to the stable coin USD.

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See there was three billion in
assets held at Silicon Valley

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Bank could be of the 40 billion
of reserves behind behind the

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stable coin and that was over
the weekend at the pegged.

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And then by Sunday night it was
it was nearly back.

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So I said that was the only blip
really for crypto out of all of

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this other than I think it's
Elizabeth Warren in the US who

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is you know, championing the the
fall of these banks that are

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involved in crypto and saying I
told you so I told you crypto

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was bad.
It's like ah, come on.

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Yeah, get over yourself.
You know.

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So you know I it's a story that
will continue to develop people.

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Say, never let a good crisis
pass you by.

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I think there's going to be a
lot of changes perhaps at the VC

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level that comes out of this.
Yeah.

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But I thought what I found
interesting was sort of two

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things.
First of all, like I think it

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was great, obviously in the UK
that HSBC stepped in or ask.

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To step in pushed to step.
Yeah, whatever look, that was

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good for the Marcus is what
three?

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And a half thousand to more
clients there in the UK.

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Do you know what is v b?
So I looked over it, you know,

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you as well as you, you know, a
good fuel, the team kind of

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across Ireland, UK the same way.
I would say that was great for

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the business and for those kind
of companies working with them

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and ultimately it work out very
well for HSBC.

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I mean, they got it for 1 pound
and two billion liquidity,

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liquidity or whatever.
So.

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Yep.
I think it'll work out very

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well.
They're very strong companies.

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Used to come up against spb all
the time in Barkley's.

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They still look after the
technology manufacturing

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telecoms clients and Seb was in
everything.

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Yeah, yeah.
Because they knew how to lend to

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them, you know, to ask business.
So that was their Niche and they

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did it really well.
So the likes of HSBC will do

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very well at a lot of say, in
the long term you're a piece I

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think was, you know, there was a
the immediate kind of

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high-profile contagion
possibility in the u.s.

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especially in your VCS and
companies and other Banks and

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stuff but actually To me the bit
that they weren't going to

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quantify was, you know, the
impact on people and I think

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like, you know, svv were lending
against Equity against

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shareholding.
First startup, Founders and

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stuff.
They were the only show in town

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for that, you know, that's
people's mortgages, that

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people's loans, they're caught
their living, you know, their

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payroll or salaries, everything,
and I don't know if it was

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necessarily something I could
quantify, but that would have

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been a massive kind of knock on
effect.

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I would definitely definitely.
I mean the the one that was, you

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know, rumored to be going next
was First Republic Bank, but

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then that is drop what?
60% in other Equity drop 60

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percent on Monday and then it
shot right back up.

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I think the following day
yesterday.

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So once it was clear that the
the FED could perhaps be

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stepping in there as well.
So hopefully you know that's

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like a that's a bank run.
A verdict.

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You can't stop these Bank runs.
It's nuts.

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No it looked like on paper.
It looked like are you excited a

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commentary in order?
Didn't nobody wanted to bail out

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the rich billionaires and the
VCS and all that but actually it

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was the You know, once the
domino effect of the people on

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the ground, in the startups, I
saw tweets from a couple of

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startups where they might have
closed around recently and all

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that money was sitting in
Silicon Valley, but yeah, you

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couldn't taste offerings and I
thought so but again, you know,

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because they were so good.
What they did they were the only

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one able to do us which meant
that she was such a massive

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concentration risk.
When VCS are getting funded by

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them and then they're getting
their portfolio companies to

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work with them, and everything
was just a circular route back

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to Seb.
Yeah, and that was the point.

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Of one of the points from on the
brink.

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Yeah.
Was that particularly?

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And, and this is more due to the
crypto side, but the

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concentration of activity at
banks in crypto friendly Banks,

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is that by the FED saying to
some of the bigger banks that

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sorry, you know, you can't Bank
crypto that that then pushes all

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of the crypto players to
concentrate in Banks smaller

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Banks, where they will be
banked.

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And that is Risk and the fat is
had to step in to bail out

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particularly Signature Bank.
So the policy needs to change

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their at the top as well and I
think it's just this stuff.

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Is your inadvertently creating
the concentration risk.

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You are you policy arm?
You are and I think we just need

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00:11:12,600 --> 00:11:16,400
it's going to take you know we
talked last week about the web

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three gender gap in changing
Society, one year at a time and

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you know top-down and bottom-up.
I think you know changing the

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view Towards whether it's
Society or individuals or

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00:11:26,200 --> 00:11:29,400
politicians or businesses
viewing that, listen digital

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scarcity is a good thing.
This is actually a technology

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that you cannot put back in the
box.

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So let's let's come up with some
policies around it and I'll keep

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saying it the EU or steps ahead
with with mica.

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But, and that's it.
I'm Mika will change things and

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make a will allow Banks to play
in that space.

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00:11:46,200 --> 00:11:47,500
Exactly.
As it'll be a bit clearer and

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radiation.
Yeah, it won't be fit for

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00:11:49,300 --> 00:11:52,400
everybody, but, you know, the
majority will be accepted then

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in some ship of order.
No, what's needed?

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And that'll open up the market a
lot more than it will.

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It will.
I know, I could talk all day on

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00:11:59,600 --> 00:12:02,800
this topic but that's probably,
that's probably all we need to

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00:12:02,800 --> 00:12:04,700
say on that.
Yeah, it's like leave a couple

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00:12:04,700 --> 00:12:05,800
of links.
I'll send you for the show

237
00:12:05,800 --> 00:12:08,500
notes.
Mark, Rubenstein net interest is

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00:12:08,500 --> 00:12:10,000
a newsletter.
I subscribe to it.

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00:12:10,000 --> 00:12:12,000
Excellent.
He writes really well on banking

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00:12:12,000 --> 00:12:13,600
Financial Services.
He put together a really good

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00:12:13,600 --> 00:12:16,600
piece on SV, B and the downfall
and evidence.

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00:12:16,600 --> 00:12:17,900
I would stick that in the show
notes as well.

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00:12:18,100 --> 00:12:20,800
Very good, very good.
Yeah, like Forrest Gump says,

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that's all I have to say about
that.

245
00:12:25,700 --> 00:12:28,100
But speaking of podcasts
earlier, and actually would have

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00:12:28,100 --> 00:12:30,500
been a far better Segway if we'd
gone into that in the middle.

247
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Yeah, no, I was one of the ones
I listened to regularly is

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invest, like, the best Patrick
O'Shaughnessy, but like that

249
00:12:36,500 --> 00:12:39,500
one, I go back to a lot.
He has two episodes with Sam

250
00:12:39,500 --> 00:12:43,600
hinkie who used to be the GM for
our, the assistant GM for

251
00:12:43,600 --> 00:12:45,100
Houston Rockets.
Yep.

252
00:12:45,100 --> 00:12:48,600
And then the GM for the
Philadelphia 76ers and I suppose

253
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is one of the pioneers of
analytics in basketball.

254
00:12:51,200 --> 00:12:53,300
Daryl Morey was his boss at the
Rockets.

255
00:12:53,400 --> 00:12:56,200
He was these like the main man
who was at Mount Rushmore as

256
00:12:56,200 --> 00:12:57,900
they call us there to be just
those two guys on.

257
00:12:57,900 --> 00:12:59,900
Oh yeah.
And he's out now doing his own.

258
00:12:59,900 --> 00:13:03,200
He has 87 Capital its own
investment fund, but he has two

259
00:13:03,200 --> 00:13:05,400
great episodes.
And the last one, actually, the

260
00:13:05,400 --> 00:13:07,400
more recent one, will put both
of my show notes.

261
00:13:07,400 --> 00:13:09,800
He was Patrick O'Shaughnessy,
was interviewing him obviously,

262
00:13:09,800 --> 00:13:13,300
he was asking him about, you
know, any kind of contrarian

263
00:13:13,300 --> 00:13:16,100
views he has in relation to
venture or things that he would

264
00:13:16,100 --> 00:13:19,300
have taken from, you know, his
basketball learnings, and

265
00:13:19,300 --> 00:13:22,300
applied to kind of venture.
And one thing that struck me was

266
00:13:22,300 --> 00:13:24,600
he's like, he doesn't believe in
This idea of making kind of a

267
00:13:24,608 --> 00:13:27,400
quick decision on somebody, you
know, all within the first 10

268
00:13:27,400 --> 00:13:28,800
minutes.
He decided, I like this founder.

269
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I don't like this founder.
It was kind of struck me because

270
00:13:31,600 --> 00:13:34,600
some see between me and you
like, we look at a lot of stuff

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00:13:34,600 --> 00:13:36,400
on the course of a year.
Over the course of the last

272
00:13:36,400 --> 00:13:40,600
number of years and like that
it's easy to jump to a kind of

273
00:13:40,600 --> 00:13:42,600
instant judgment or no, I don't
like this.

274
00:13:42,600 --> 00:13:44,000
I'm not sure, I like this
founder.

275
00:13:44,700 --> 00:13:47,300
But he was teased talking about,
like not what he called

276
00:13:47,300 --> 00:13:49,000
breadcrumbs.
Not only multiple kind of

277
00:13:49,000 --> 00:13:53,000
meetings but like looking us put
stuff people put out online or

278
00:13:53,500 --> 00:13:55,900
You know, he even as far back
with the companies investing in,

279
00:13:55,900 --> 00:13:58,100
he goes back, and looks at what
tsys, they did in college and

280
00:13:58,100 --> 00:14:00,000
stuff like this.
So his is probably to the

281
00:14:00,000 --> 00:14:03,500
extreme, but it got me thinking
that we might have a chat in

282
00:14:03,500 --> 00:14:05,600
particular about your learnings
over the last because you've

283
00:14:05,600 --> 00:14:08,700
gone through two cohorts now in
terms of applications.

284
00:14:09,200 --> 00:14:10,900
Yeah.
And of the your work with Legos,

285
00:14:10,900 --> 00:14:14,500
that's probably a thousand or
more at least in the last war

286
00:14:14,500 --> 00:14:18,400
zones that I've looked at deals
that I've gone through my eyes

287
00:14:18,500 --> 00:14:21,600
that's just on tech.
And and I remember back a few

288
00:14:21,600 --> 00:14:24,200
years ago with other partners,
Trying to get funds off the

289
00:14:24,200 --> 00:14:26,800
ground and some of the
investors.

290
00:14:26,800 --> 00:14:30,200
The fund investors that I was
talking to was that we're saying

291
00:14:30,200 --> 00:14:32,300
listen where you going to get
the deal flow from?

292
00:14:32,300 --> 00:14:34,100
I'm like I don't worry, I'll get
it right.

293
00:14:34,100 --> 00:14:39,200
But I think the criticality of
high-volume deal flow is now

294
00:14:39,400 --> 00:14:42,500
baked into my mind in that you
need to put yourself in a

295
00:14:42,500 --> 00:14:44,700
position.
You need to be out there and

296
00:14:44,700 --> 00:14:47,500
talking about what you're doing
in order to get deal flow in

297
00:14:47,500 --> 00:14:49,700
order to get people.
To say, yes, I want, I would

298
00:14:49,700 --> 00:14:55,000
like you to invest in what I'm
doing and That, that volume that

299
00:14:55,000 --> 00:15:00,500
I've seen, you know, that point
about Sam hinkie and building

300
00:15:00,500 --> 00:15:05,200
relationships and not investing
after the first meeting so

301
00:15:05,200 --> 00:15:08,200
critical.
That the term, that the line,

302
00:15:08,200 --> 00:15:11,000
that, that I keep saying is
investors invest in lines, not

303
00:15:11,000 --> 00:15:15,200
dots, right?
And if you think of that line

304
00:15:15,200 --> 00:15:18,600
that goes up, you need that line
to be an increased font or an

305
00:15:18,600 --> 00:15:22,800
increased weight and need to
find ways to increase the depth.

306
00:15:22,900 --> 00:15:25,900
And Breath of that line.
And so these multiple

307
00:15:25,900 --> 00:15:27,900
interaction points that you
have.

308
00:15:27,900 --> 00:15:30,300
I was saying to a Founder
yesterday.

309
00:15:30,300 --> 00:15:32,600
I said, listen, we're in a
situation where we just spoke

310
00:15:32,600 --> 00:15:35,200
with you for the first time, two
weeks ago.

311
00:15:35,900 --> 00:15:40,200
Usually in this type of setting
we're talking to people for 6-8

312
00:15:40,200 --> 00:15:43,200
weeks ago and we're having
numerous interactions.

313
00:15:43,200 --> 00:15:46,900
We're getting to know each other
and what tends to happen is that

314
00:15:47,600 --> 00:15:51,300
you can like someone right away
or perhaps you don't but if you

315
00:15:51,300 --> 00:15:54,500
really like their their their
This and there's a framework for

316
00:15:54,500 --> 00:15:56,400
this.
Then you're going to talk to

317
00:15:56,400 --> 00:15:59,100
them again regardless of whether
you like them or not, right?

318
00:15:59,100 --> 00:16:05,300
Because people don't always warm
up to people right away and also

319
00:16:05,300 --> 00:16:11,900
you need to be a student of your
own subconscious bias, right?

320
00:16:11,900 --> 00:16:14,600
And say, like we talked about
last week.

321
00:16:14,600 --> 00:16:18,000
Did I like them?
Because they remind me of me?

322
00:16:18,000 --> 00:16:20,700
Or did I not like them because
they don't remind me of me?

323
00:16:20,700 --> 00:16:23,400
Or did I not like them?
Because they do remind me of Of

324
00:16:23,400 --> 00:16:26,500
me and I see some of my own
faults in them, right?

325
00:16:26,500 --> 00:16:29,600
So you got to give these things
time to develop.

326
00:16:30,400 --> 00:16:34,200
But anyway, when I say invest in
lines, not dots having those

327
00:16:34,200 --> 00:16:37,200
multiple interaction points,
what tends to happen is that you

328
00:16:37,200 --> 00:16:40,400
build up over time and you
either plateau and you get to

329
00:16:40,400 --> 00:16:42,300
the point.
Where, okay, we're seeing eye to

330
00:16:42,300 --> 00:16:43,700
eye.
We both want to do this.

331
00:16:44,000 --> 00:16:47,600
You want me to invest in you, I
want to invest in you, let's do

332
00:16:47,600 --> 00:16:50,300
this or you get to the point
where it's going up and up, and

333
00:16:50,300 --> 00:16:51,800
up, and up.
And you can have the similar

334
00:16:51,800 --> 00:16:54,600
Exact Track between two.
Deals one that you say yes, on

335
00:16:54,600 --> 00:16:57,100
one that you say no on and what
I'm just crashes and burns

336
00:16:57,700 --> 00:17:01,200
because something happens
because you like, oh I didn't

337
00:17:01,200 --> 00:17:05,599
know that or they figure out
that maybe it's not right for

338
00:17:05,599 --> 00:17:10,599
them and if all species, but if
we had pulled the trigger, you

339
00:17:10,599 --> 00:17:13,300
know, three weeks before that,
just on the basis of the first

340
00:17:13,300 --> 00:17:16,700
couple positive interactions.
That deal would have fallen

341
00:17:16,700 --> 00:17:21,000
apart, right?
So I mean that that's the first

342
00:17:21,000 --> 00:17:25,300
thing really is just that these
things need to be done with time

343
00:17:25,400 --> 00:17:29,600
and if in a if a start-up
founder ever gets frustrated,

344
00:17:29,600 --> 00:17:32,300
because if you see is taking
their time, then you kind of do

345
00:17:32,300 --> 00:17:34,600
want them to take their time.
Yeah.

346
00:17:34,800 --> 00:17:38,100
Because whilst the
fundamentally, it's a

347
00:17:38,100 --> 00:17:41,100
transaction.
Like it is a long-term

348
00:17:41,100 --> 00:17:43,700
relationship.
So it can't be transactional.

349
00:17:44,100 --> 00:17:46,100
Now, even though it is a
transaction that Or trying to

350
00:17:46,100 --> 00:17:50,300
do, ultimately.
Yeah, it needs to be a need to

351
00:17:50,300 --> 00:17:53,400
be based on building that
relationship and you need to

352
00:17:53,400 --> 00:17:57,400
have a framework as well.
And seeing the high volume of

353
00:17:57,400 --> 00:18:00,700
deal flows, does train your
brain to think about your

354
00:18:00,700 --> 00:18:04,000
framework, right off the top of
your head, and you need to have

355
00:18:04,000 --> 00:18:07,300
the ability to do that.
The one that I follow is the

356
00:18:07,300 --> 00:18:10,800
one, and when you're investing
precede, it's all about team,

357
00:18:11,200 --> 00:18:13,300
right?
And that it's the four things.

358
00:18:13,300 --> 00:18:17,500
I look for our team Market
traction.

359
00:18:18,200 --> 00:18:21,200
Product or idea.
What are each one of those,

360
00:18:21,600 --> 00:18:24,900
right?
And when you're having a

361
00:18:24,900 --> 00:18:27,700
conversation with, someone
generally, those conversations

362
00:18:27,700 --> 00:18:30,700
start out there, very, very
product heavy, and you need to

363
00:18:30,700 --> 00:18:33,400
have the discipline in order.
Even if you love the product,

364
00:18:33,800 --> 00:18:37,000
you need to move into the team.
Tell me about how its

365
00:18:37,000 --> 00:18:40,300
constructed tell me about the
market, your experience in that

366
00:18:40,300 --> 00:18:42,400
market.
Tell me about how you're doing

367
00:18:42,400 --> 00:18:45,100
so far with getting people
interested in what you're doing

368
00:18:45,100 --> 00:18:47,800
and you need to have that type
of balanced approach.

369
00:18:48,200 --> 00:18:51,900
And if you're just making
decisions based upon hype of a

370
00:18:51,900 --> 00:18:55,400
technology or a product, and
you're not going into depth on

371
00:18:55,400 --> 00:18:59,200
the team there you're, you know,
you're not going to get anywhere

372
00:18:59,200 --> 00:19:01,900
with that because because I
think, I think you can make a

373
00:19:01,900 --> 00:19:04,400
quick decision on the
opportunity because you might

374
00:19:04,400 --> 00:19:06,500
have looked at 10 in a similar
Market.

375
00:19:06,900 --> 00:19:09,200
Yeah.
He's like, yes, this one, this

376
00:19:09,200 --> 00:19:11,000
one gets it.
This one has the opportunity,

377
00:19:11,400 --> 00:19:13,900
you know, that's an easy art,
it's an easier decision to make

378
00:19:13,900 --> 00:19:17,600
quickly.
Yeah, yesterday obviously, it's

379
00:19:17,600 --> 00:19:20,000
the team under the phone or
piece takes longer.

380
00:19:20,100 --> 00:19:22,000
Yeah.
But you know, I, I've been at

381
00:19:22,000 --> 00:19:24,800
this age where I've got, I'm
trying to make a hard decision

382
00:19:24,800 --> 00:19:28,700
between three that are all doing
kind of the same thing.

383
00:19:29,600 --> 00:19:33,400
And I'm making my decisions
based upon the team, how much

384
00:19:33,400 --> 00:19:35,300
traction they have, and how
well, they know the market.

385
00:19:35,300 --> 00:19:38,500
So some of these tells write
these signals that I look for

386
00:19:38,800 --> 00:19:42,300
when I'm talking to a team.
Zoom is great for this, right?

387
00:19:42,400 --> 00:19:45,500
You could see eyes rolling when
one founder of speaking and The

388
00:19:45,500 --> 00:19:46,800
one doesn't like what they're
saying.

389
00:19:47,000 --> 00:19:48,800
You can hear them talking over
each other.

390
00:19:49,400 --> 00:19:51,700
Zoom is just so helpful with
this because you're looking at

391
00:19:51,700 --> 00:19:54,500
both faces at the same time or
three phases at the same time,

392
00:19:55,000 --> 00:19:57,000
right?
You're also looking for Mentor,

393
00:19:57,000 --> 00:20:00,700
ability, will this person Listen
to Good Advice?

394
00:20:00,700 --> 00:20:04,500
Will this person know, a bad
advice is and are they flexible?

395
00:20:04,500 --> 00:20:07,000
Are they self aware?
Do they have that humility to

396
00:20:07,000 --> 00:20:08,700
know that they don't have
everything and they're not

397
00:20:08,700 --> 00:20:12,900
always going to be, right?
And there are ways to, you know,

398
00:20:12,900 --> 00:20:15,900
just two types of questions that
you ask around that. and there

399
00:20:15,900 --> 00:20:19,100
are there questions, you might
post to somebody that you'll

400
00:20:19,100 --> 00:20:24,500
like this one where if you have
a doubt that the founding team

401
00:20:24,600 --> 00:20:31,200
has strong commercial ability to
execute and to sell You got a

402
00:20:31,200 --> 00:20:37,600
test for that and I put one
founder on the hot seat and said

403
00:20:37,600 --> 00:20:40,200
sell me this Messi Jersey,
right?

404
00:20:40,900 --> 00:20:42,900
I had it my other, this pain,
exactly.

405
00:20:42,900 --> 00:20:48,400
I had my son's Lionel Messi
Jersey and he is the founder did

406
00:20:48,400 --> 00:20:51,300
a great job because he was
asking me questions about, you

407
00:20:51,300 --> 00:20:53,500
know, trying to build a
relationship with me.

408
00:20:53,900 --> 00:20:56,000
He was trying to build a
relationship with me and asking

409
00:20:56,000 --> 00:20:57,700
me.
It was a fan of messy.

410
00:20:57,700 --> 00:21:00,300
What football teams did I did, I
watch, did I?

411
00:21:00,500 --> 00:21:02,300
Did I watch the World Cup?
What did I think?

412
00:21:02,300 --> 00:21:03,700
Blah blah blah.
All this type of stuff.

413
00:21:04,300 --> 00:21:07,100
Before we moved in for the cell,
I'm like, okay this founder has

414
00:21:07,100 --> 00:21:09,500
some good commercial
sensibility, around them.

415
00:21:10,200 --> 00:21:15,800
Another one, I had some doubt on
and I said all right.

416
00:21:15,900 --> 00:21:18,100
Can we find your Killer Instinct
here?

417
00:21:18,200 --> 00:21:23,400
Can we find your kind of overt
outward sales chutzpah?

418
00:21:23,700 --> 00:21:26,500
And he's like, well it's not
very British, right?

419
00:21:26,500 --> 00:21:29,700
And I said, well let's think of
somebody who's a Founder that

420
00:21:29,700 --> 00:21:32,600
you admire and he said Tom
Bloomfield from Manzo and I'm

421
00:21:32,600 --> 00:21:36,900
like, yes.
Tom has his understated

422
00:21:37,500 --> 00:21:40,800
technique of influencing people
and getting them on board.

423
00:21:41,200 --> 00:21:44,500
But we know from, at least, I
know or at least and Bowden

424
00:21:44,700 --> 00:21:48,200
represented it this way that,
you know, Tom isn't exactly a

425
00:21:48,200 --> 00:21:51,700
quiet shy understated guy,
right.

426
00:21:51,700 --> 00:21:53,500
He knows what he wants and he's
going for it.

427
00:21:53,500 --> 00:21:55,900
Just the way that he comes
across as more in line with his

428
00:21:55,900 --> 00:22:01,200
own personality, right?
So you know, there's There's

429
00:22:01,200 --> 00:22:04,700
different ways to look for this.
And then also with the team

430
00:22:04,700 --> 00:22:08,100
itself and especially when
you've got, you know, because

431
00:22:08,100 --> 00:22:12,500
we're making a purposeful
attempt that we want to bring

432
00:22:12,500 --> 00:22:16,100
more female Founders into this
accelerator program and that

433
00:22:16,100 --> 00:22:20,800
when you see how the male and
female of a team interact, and,

434
00:22:20,800 --> 00:22:23,500
you know, there was one and I
don't want to get into too much

435
00:22:23,500 --> 00:22:25,600
detail because I Don't Wanna
Give it away, but there was one

436
00:22:25,600 --> 00:22:30,100
that was like, last year, man,
that was just it when I say,

437
00:22:30,100 --> 00:22:34,600
man, And I mean, man, in the way
that he talked to his fellow

438
00:22:34,600 --> 00:22:39,200
founder, who was a female and it
was like, we're not going there,

439
00:22:39,600 --> 00:22:42,100
we are not going there.
So, you know, you're all tired

440
00:22:42,100 --> 00:22:45,000
to test for those kind of some
of those kind of traits early

441
00:22:45,000 --> 00:22:50,000
on, I find like, you know,
trying to figure out someone's

442
00:22:50,000 --> 00:22:53,600
kind of like that their Killer
Instinct mainly or their ability

443
00:22:53,600 --> 00:22:55,900
to lead because obviously to
turn a position things in a

444
00:22:55,908 --> 00:22:58,500
particular way.
But in trying to identify if the

445
00:22:58,500 --> 00:23:03,300
founder, you know, Has the
either the skill set or, you

446
00:23:03,300 --> 00:23:07,000
know, the perseverance to kind
of make it work.

447
00:23:07,600 --> 00:23:10,400
Yeah, yeah.
And I mean, that's where that's

448
00:23:10,400 --> 00:23:11,800
where the market is.
So, critically important as

449
00:23:11,800 --> 00:23:13,100
well.
Does that founder have deep

450
00:23:13,100 --> 00:23:14,600
first-hand experience in that
market?

451
00:23:14,600 --> 00:23:16,700
Do they know the market?
Not only do they know the

452
00:23:16,700 --> 00:23:18,200
market, but do they know the
channel?

453
00:23:18,200 --> 00:23:20,200
They're going down.
If they're going down a B2B

454
00:23:20,200 --> 00:23:22,000
channel, do they have B2B
experience.

455
00:23:22,500 --> 00:23:25,900
You're going down B, to C.
Do they have B to C experience

456
00:23:25,900 --> 00:23:27,700
if they're going B to B to C,
man?

457
00:23:27,700 --> 00:23:31,500
That's really hard.
So do they have experience with

458
00:23:31,500 --> 00:23:33,500
that?
And these are all questions you

459
00:23:33,500 --> 00:23:35,100
can ask.
You can look at people's

460
00:23:35,100 --> 00:23:38,500
LinkedIn profiles, go only to a
certain extent, you've got to

461
00:23:38,500 --> 00:23:41,200
ask the question, you've got to
bring in other people to help

462
00:23:41,200 --> 00:23:43,300
you vet them.
You've got to even, you know, I

463
00:23:43,300 --> 00:23:46,500
know one investor that just
randomly will call people that,

464
00:23:46,500 --> 00:23:48,800
you know, say oh hey I saw your
LinkedIn profile.

465
00:23:48,800 --> 00:23:50,300
You might have worked with
so-and-so in the past.

466
00:23:50,300 --> 00:23:53,100
Can you tell me about that?
And sometimes you get some some

467
00:23:53,100 --> 00:23:56,600
information sometimes.
You know, I hang up right.

468
00:23:56,900 --> 00:23:59,600
But like that you need more a
some hanky calls, a breadcrumbs

469
00:23:59,600 --> 00:24:02,200
or data points, you do because
like that you're, you know,

470
00:24:02,200 --> 00:24:04,200
you're lying is not open to the
right.

471
00:24:04,200 --> 00:24:07,300
It's not a straight line.
It's not so lots of dots leading

472
00:24:07,300 --> 00:24:08,500
in a particular direction.
Yeah.

473
00:24:08,700 --> 00:24:10,900
Or pieces that, you know, help
you make that decision.

474
00:24:10,900 --> 00:24:12,600
Yeah, yeah.
Oh absolutely critical.

475
00:24:12,700 --> 00:24:15,700
And it's like that line that's
going up it up.

476
00:24:15,700 --> 00:24:20,800
Having other investors mentors.
That I know.

477
00:24:20,800 --> 00:24:24,800
Well, talk to these Founders
just to get that different It is

478
00:24:24,800 --> 00:24:27,500
so critical and you may catch
someone.

479
00:24:27,500 --> 00:24:29,200
I good day.
You may get someone on a bad

480
00:24:29,200 --> 00:24:32,000
day, then they have another
conversation and it can flip.

481
00:24:32,500 --> 00:24:35,200
Also, you need to be very aware
when you're investing globally

482
00:24:35,500 --> 00:24:39,000
and the impact the getting
people at a bad our right?

483
00:24:39,100 --> 00:24:40,700
You may have a terrible
conversation with someone

484
00:24:40,700 --> 00:24:43,500
because it's 2:00 in the morning
and that was the only time slot

485
00:24:43,500 --> 00:24:45,100
that you could do and because
they're thinking about, well

486
00:24:45,100 --> 00:24:47,900
this I really want to, you know,
I want to work with this

487
00:24:47,900 --> 00:24:49,700
investor.
They may agree to do something

488
00:24:49,700 --> 00:24:52,300
at 2:30 in the morning and, you
know, people are night owls,

489
00:24:52,300 --> 00:24:56,500
sometimes, maybe they're not and
And you, you know, or you get

490
00:24:56,500 --> 00:24:59,800
them for a first great
conversation, the middle of day,

491
00:24:59,900 --> 00:25:02,000
and then, you know, in the
middle of the night, things just

492
00:25:02,000 --> 00:25:05,600
fall to pieces and we'll give
them a chance to talk to him

493
00:25:05,600 --> 00:25:09,800
again on their normal hours.
But, you know, you can always

494
00:25:09,800 --> 00:25:11,900
get people at a bad hour.
And that's one thing you got to

495
00:25:11,908 --> 00:25:14,000
be very careful of when you're
investing globally and just be

496
00:25:14,000 --> 00:25:18,100
mindful and respectful of what
time it is in other time zones,

497
00:25:18,200 --> 00:25:19,700
right?
Always got to do that time.

498
00:25:19,700 --> 00:25:21,900
It is.
It's, are you guys going to say

499
00:25:21,900 --> 00:25:24,100
how do you find?
Because I suppose we're both.

500
00:25:24,200 --> 00:25:28,000
But you know, I'm obviously not
of not, I'm investing but not as

501
00:25:28,000 --> 00:25:32,300
a VC, and then your were were
not to traditional investors.

502
00:25:33,200 --> 00:25:35,700
And obviously techstars do
things, a particular way, how do

503
00:25:35,700 --> 00:25:40,000
you find our how we found that
based on with both of us being

504
00:25:40,000 --> 00:25:42,300
students at a game for want of a
better description?

505
00:25:42,300 --> 00:25:44,800
You know, we read and absorb a
huge amount of stuff from the

506
00:25:44,800 --> 00:25:50,000
more traditional VC world and
then trying to fit that into our

507
00:25:50,000 --> 00:25:53,000
own kind of particular investing
or our businesses investing kind

508
00:25:53,000 --> 00:25:56,200
of philosophy.
Yeah, yeah, it's been

509
00:25:56,200 --> 00:25:58,900
interesting.
And this is, you know, I mean,

510
00:25:58,900 --> 00:26:04,600
techstars, the techstars way is
team team, team Market traction

511
00:26:04,600 --> 00:26:08,800
idea, right?
And that is ingrained into my

512
00:26:08,800 --> 00:26:10,700
head.
Now, you know, it's to me, it's

513
00:26:10,700 --> 00:26:14,400
Team market traction idea and I
can have a conversation around

514
00:26:14,400 --> 00:26:16,700
that and the ability to do that.
Like I said, only comes from

515
00:26:16,700 --> 00:26:20,100
repetition.
And so thank you to human GE the

516
00:26:20,100 --> 00:26:22,100
investment principle on the
texts are swept through program

517
00:26:22,100 --> 00:26:25,400
with me who could continually
pow Pounds us into my head.

518
00:26:25,800 --> 00:26:27,900
These four things we need to
look for.

519
00:26:27,900 --> 00:26:32,100
We need to test for, right?
So you need to have that

520
00:26:32,100 --> 00:26:36,800
framework.
And I remember in the prepping

521
00:26:36,800 --> 00:26:40,800
for demo Day last year, though
that it changes.

522
00:26:41,100 --> 00:26:43,900
So would you make your admission
investment decision?

523
00:26:44,100 --> 00:26:47,800
When you're doing precede, you
can use those four criteria but

524
00:26:47,800 --> 00:26:50,100
then when you're testing, how
well that they're presenting

525
00:26:50,100 --> 00:26:53,100
themselves for investment from
others.

526
00:26:54,000 --> 00:26:56,800
You need to go back to your 10,
right?

527
00:26:56,800 --> 00:26:58,800
And I'm not going to Rattle all
of them off because I'm not

528
00:26:58,800 --> 00:27:01,100
going to get them all.
Let's see if I can.

529
00:27:01,700 --> 00:27:10,500
Okay, vision problem solution
Market that you're selling into.

530
00:27:12,200 --> 00:27:20,700
your go-to-market plan, your
team, your traction, your

531
00:27:21,000 --> 00:27:27,000
competition, your Oh, I just had
it.

532
00:27:27,000 --> 00:27:29,400
Wrote roadmap, your roadmap.
I don't eat.

533
00:27:29,400 --> 00:27:31,500
And I only say that because I
have some here in front of me,

534
00:27:31,800 --> 00:27:35,700
you sent me out of order on my
screen and the ask, right?

535
00:27:36,000 --> 00:27:38,000
And you need, you need to have
all ten of those.

536
00:27:38,000 --> 00:27:42,600
So, when I was doing last year,
the demo day preparation with,

537
00:27:42,600 --> 00:27:45,300
and having people pitch over and
over and over again, until they

538
00:27:45,300 --> 00:27:48,600
have it down cold.
I was testing for all 10 of

539
00:27:48,600 --> 00:27:50,500
those things.
Now, we don't do the Askin, the

540
00:27:50,500 --> 00:27:53,800
techstars pitch because that's
investors solicitation.

541
00:27:54,100 --> 00:27:57,700
But, you know, that, Close up
afterwards but the you know so

542
00:27:57,700 --> 00:28:02,000
it comes down to nine and that's
when you shift gears a bit.

543
00:28:02,000 --> 00:28:05,000
So when you when you got to
bring somebody in you're doing

544
00:28:05,000 --> 00:28:07,600
it based upon these four key
criteria but then when you're

545
00:28:07,600 --> 00:28:11,600
going to actually help socialize
this deal to other investors.

546
00:28:12,000 --> 00:28:14,300
You need to hit a lot more
criteria, right?

547
00:28:14,300 --> 00:28:17,200
Because they're going to be
tested on a lot more at, you

548
00:28:17,200 --> 00:28:20,600
know a seed stage or you know
getting that first round done.

549
00:28:20,700 --> 00:28:24,100
Then it would have been when I'm
investing precede, right?

550
00:28:24,100 --> 00:28:28,500
And I was saying this To someone
yesterday that I always feel

551
00:28:28,500 --> 00:28:31,900
like if you want to master your
level you need to master the

552
00:28:31,900 --> 00:28:35,100
level one step before you.
And that's Angel right?

553
00:28:35,100 --> 00:28:38,400
Angel Investing and that's why
I'm such a student of folks like

554
00:28:38,400 --> 00:28:42,500
Jason calacanis read.
His book did his Angel course

555
00:28:42,500 --> 00:28:47,300
online and you know I would like
to even get further in depth,

556
00:28:47,300 --> 00:28:48,800
are you know, humor gar said to
me?

557
00:28:48,800 --> 00:28:52,300
Well Pete think about that, but
also think about series a right?

558
00:28:52,300 --> 00:28:54,400
What is it?
That we need to help Founders

559
00:28:54,400 --> 00:28:57,800
Master themselves.
Based upon how series a invest,

560
00:28:58,000 --> 00:28:59,800
right?
And how you know, true seed

561
00:28:59,800 --> 00:29:04,200
stage investors invest as well.
And actually that's that's an

562
00:29:04,208 --> 00:29:05,800
interesting point because it's
going to one of the things I was

563
00:29:05,800 --> 00:29:10,100
going to ask was, you know, It
flips, especially obviously with

564
00:29:10,100 --> 00:29:14,200
the techstars model uses very
intense period of work with

565
00:29:14,200 --> 00:29:16,600
these companies of the evaluate
them in detail.

566
00:29:16,700 --> 00:29:19,400
Then you work with them very
closely but then there must be a

567
00:29:19,408 --> 00:29:21,800
big shift in the nature of the
relationship.

568
00:29:21,800 --> 00:29:25,900
Even on the other side there is
and that was what I was picking

569
00:29:25,900 --> 00:29:28,500
out my you know by few Lessons
Learned here.

570
00:29:28,500 --> 00:29:33,200
There is that point of that
shift that okay.

571
00:29:34,400 --> 00:29:39,800
You get your lines not dots and
you know like we talked about,

572
00:29:39,800 --> 00:29:43,400
so have your framework critical,
you know, and whatever that is,

573
00:29:43,400 --> 00:29:44,600
whatever that works, you
something.

574
00:29:44,600 --> 00:29:46,900
It needs to be baked into your
mind that you can do that.

575
00:29:46,900 --> 00:29:49,500
You can reach to and use over
and over again in the course of

576
00:29:49,500 --> 00:29:52,800
a conversation Colt, have the
multiple interaction points

577
00:29:52,900 --> 00:29:54,800
lines, not dots.
Absolutely critical.

578
00:29:55,400 --> 00:29:58,100
Then you kind of get into the
fold with somebody after you've

579
00:29:58,100 --> 00:30:00,100
made that investment decision.
The thing about running an

580
00:30:00,100 --> 00:30:03,600
accelerator program, is that
you've got those 13 weeks after

581
00:30:03,600 --> 00:30:05,600
you've made the Investment
decision to really get them

582
00:30:05,600 --> 00:30:07,300
moving and get them moving
faster.

583
00:30:07,300 --> 00:30:10,900
IE the term accelerator right?
But there is that shift you're

584
00:30:10,900 --> 00:30:13,400
getting to know each other.
You're trying to figure it out.

585
00:30:13,400 --> 00:30:15,900
You're always trying to be in a
position of not saying hey tell

586
00:30:15,900 --> 00:30:19,600
me what you're doing today or
give me an update on the

587
00:30:19,600 --> 00:30:23,100
business over the last week, but
what can I help you with today?

588
00:30:23,600 --> 00:30:26,500
How can I help unlock some
value?

589
00:30:26,500 --> 00:30:28,800
How can I help make an
introduction?

590
00:30:29,000 --> 00:30:31,800
What is the main thing that
you're worried about today, that

591
00:30:31,800 --> 00:30:33,200
I might be able to help you with
today?

592
00:30:33,200 --> 00:30:34,800
Send me your email.
Please.

593
00:30:34,800 --> 00:30:36,900
And I'll read that on how
everything's going.

594
00:30:37,000 --> 00:30:42,900
But let's concentrate our focus
on helping to get you moving in

595
00:30:42,900 --> 00:30:45,700
the right direction, on what
you're struggling with today,

596
00:30:46,300 --> 00:30:48,100
right?
Which is the sometimes the

597
00:30:48,100 --> 00:30:50,300
hardest thing to do because
you're always looking for more

598
00:30:50,300 --> 00:30:54,100
contacts, always looking for
more information but that shift

599
00:30:54,600 --> 00:30:57,500
from.
All right, we're we made the

600
00:30:57,508 --> 00:30:59,400
decision, the money's in the
bank.

601
00:31:00,400 --> 00:31:03,200
We're moving forward with this,
we need to get you and then

602
00:31:03,200 --> 00:31:07,400
Bridge, you Logically and
learning wise to getting that

603
00:31:07,400 --> 00:31:10,100
first round going.
And it's, you know, it's a whole

604
00:31:10,100 --> 00:31:14,400
different mentality and shifting
into how Pete like we talked

605
00:31:14,400 --> 00:31:16,800
about last week, how people
think about raising money from

606
00:31:16,800 --> 00:31:20,300
VCS?
And this investor pipeline

607
00:31:20,300 --> 00:31:22,700
mythology methodology that I
teach.

608
00:31:22,700 --> 00:31:26,500
And with again, a shout-out to
Jenny Fielding whose method, it

609
00:31:26,500 --> 00:31:31,200
is that I've just fallen in love
with the method, not Jenny and

610
00:31:31,200 --> 00:31:35,000
what Jenny is a rockstar.
I'll give her that and but it's

611
00:31:35,500 --> 00:31:38,400
it's a process that you go
through and you need to do deep,

612
00:31:38,400 --> 00:31:41,100
deep deep research.
The biggest thing is, if you're

613
00:31:41,100 --> 00:31:43,300
getting tons of nose from
investors, sometimes.

614
00:31:43,300 --> 00:31:45,400
That's right.
It's, you know that you should

615
00:31:45,400 --> 00:31:47,800
be getting a no other times.
It's that you've researched the

616
00:31:47,800 --> 00:31:51,400
wrong.
You are not attacking the right

617
00:31:51,400 --> 00:31:53,400
list.
You're not hammering that right

618
00:31:53,400 --> 00:31:56,100
list to make sure you can get
intros to all those people.

619
00:31:56,500 --> 00:31:58,500
I'm going to help with those
intros and techstars going to

620
00:31:58,500 --> 00:32:01,000
help with those intros.
But you need to do the work to

621
00:32:01,000 --> 00:32:03,900
identify who are the right
investors for you.

622
00:32:04,400 --> 00:32:08,600
You always need to be the
mindset that investing in my

623
00:32:08,700 --> 00:32:11,100
business.
Should be a freaking pleasure

624
00:32:11,400 --> 00:32:14,000
for investors.
This is the best deal they're

625
00:32:14,000 --> 00:32:16,700
ever going to have.
Now, you don't say that and you

626
00:32:16,700 --> 00:32:21,200
don't carry your yourself that
way because that's incredibly

627
00:32:21,200 --> 00:32:24,600
arrogant, and you're going to
upset a lot of people, but you

628
00:32:24,600 --> 00:32:27,600
need to be looking at the
investor landscape.

629
00:32:27,800 --> 00:32:31,700
As if you're this, you're,
you're a crazy salesperson

630
00:32:31,700 --> 00:32:34,300
targeting customers who are the
customers.

631
00:32:34,300 --> 00:32:36,400
You really, really want to have
that is going to be strategic

632
00:32:36,400 --> 00:32:38,500
for you.
They can help you to get other

633
00:32:38,500 --> 00:32:40,500
customers.
We're going to be the investors

634
00:32:40,500 --> 00:32:42,400
are going to, you're going to
build a great, strong

635
00:32:42,400 --> 00:32:45,500
relationship with this going to
help you get other investors and

636
00:32:45,500 --> 00:32:47,400
help you with a whole bunch of
different things in your

637
00:32:47,400 --> 00:32:49,100
business.
That's Mindset, you need to

638
00:32:49,100 --> 00:32:51,000
have.
So when you start thinking about

639
00:32:51,000 --> 00:32:53,700
building your investor pipeline,
it needs to be done on the basis

640
00:32:53,700 --> 00:32:56,300
of who the ones that I think,
I'm really going to build a

641
00:32:56,300 --> 00:32:58,500
great relationship with that.
I'm really going to like they're

642
00:32:58,500 --> 00:33:01,800
going to like me, We perhaps
have something in common, you

643
00:33:01,800 --> 00:33:05,000
got to do a ton of research
around that and that's that's no

644
00:33:05,000 --> 00:33:08,200
small piece of work and you just
got to start attacking that.

645
00:33:08,200 --> 00:33:12,400
And that is, that is the shift
and that is the shift from we've

646
00:33:12,400 --> 00:33:16,400
made an investment to how do we
actually get others to invest in

647
00:33:16,400 --> 00:33:19,400
this business as well?
And It's a two-way street

648
00:33:19,400 --> 00:33:21,400
because you can teach some what
you really want to be able to

649
00:33:21,400 --> 00:33:25,500
teach someone to fish, you know
and and that you're not going to

650
00:33:25,508 --> 00:33:29,400
hand anything to anybody on a
silver platter other than a warm

651
00:33:29,400 --> 00:33:33,900
intro, right?
If the person that's still the

652
00:33:33,900 --> 00:33:38,000
founder that's asking for an
introduction has proven to me

653
00:33:38,400 --> 00:33:41,700
that yeah this is an investor
that they really want.

654
00:33:41,700 --> 00:33:44,400
Here's why?
Because then I can go to that

655
00:33:44,400 --> 00:33:46,100
investor with tons more
conviction.

656
00:33:46,800 --> 00:33:52,000
You know, and that because I'm
not going to introduce a deal to

657
00:33:52,000 --> 00:33:57,100
a VC that I know that VC is not
interested in that kind of deal,

658
00:33:57,100 --> 00:33:58,700
whether that it's a stage, no
matter how.

659
00:33:58,700 --> 00:34:03,400
Well, I know Mike Brennan from
French Capital, I'm not going to

660
00:34:03,400 --> 00:34:06,700
introduce precede stage deals to
him because he does not invest

661
00:34:06,700 --> 00:34:09,199
proceed.
And now no matter how much of a

662
00:34:09,207 --> 00:34:11,000
nice guy, Mike is and how much I
like him.

663
00:34:11,000 --> 00:34:13,199
And, and that he and I have
known each other for years.

664
00:34:13,600 --> 00:34:16,300
I'm just not going to do that
because it's it's a waste of his

665
00:34:16,300 --> 00:34:17,800
time.
It's a waste of my time.

666
00:34:17,800 --> 00:34:19,600
It's a waste of the founders
time doing the research and

667
00:34:19,600 --> 00:34:21,400
getting excited about the fact
that I know Mike.

668
00:34:22,500 --> 00:34:27,400
Right.
So, you know, it's Daddy that is

669
00:34:27,400 --> 00:34:29,900
such a big massive part of it.
You know.

670
00:34:29,900 --> 00:34:32,900
I think going along with that
that you definitely have to be

671
00:34:32,900 --> 00:34:35,199
supportive.
And that's part of why I love

672
00:34:35,199 --> 00:34:39,100
doing this is that I love
working with Founders.

673
00:34:39,500 --> 00:34:41,000
Right.
I love working with early-stage

674
00:34:41,000 --> 00:34:44,500
Founders and I love the upside
as well.

675
00:34:44,800 --> 00:34:46,400
Right.
Which is which is critically

676
00:34:46,400 --> 00:34:49,900
important.
So there's I'm incentivize to be

677
00:34:49,900 --> 00:34:52,100
supportive and I'm a naturally
helpful.

678
00:34:52,199 --> 00:34:54,300
Person.
So that is good as well, but you

679
00:34:54,300 --> 00:34:56,800
gotta let them stumble.
You got to let them make their

680
00:34:56,800 --> 00:34:59,300
mistakes because it's the only
way that people learn this

681
00:34:59,300 --> 00:35:00,600
through making the mistakes
themselves.

682
00:35:01,100 --> 00:35:04,100
If you know, and you can't go on
every pitch with them.

683
00:35:04,100 --> 00:35:06,100
You can't should probably
shouldn't go as an investor.

684
00:35:06,200 --> 00:35:08,800
It's an early stage investor,
you can't because it's the

685
00:35:08,800 --> 00:35:10,700
founders voice is the most
credible voice in the room.

686
00:35:11,100 --> 00:35:14,500
You know, you need to let them
do it and in terms of even your

687
00:35:14,500 --> 00:35:16,700
own mindset.
I know I find find a challenging

688
00:35:16,700 --> 00:35:19,900
at times when you're working
with companies of different

689
00:35:19,900 --> 00:35:24,000
stages and in terms of even
adopting your Own role and your

690
00:35:24,000 --> 00:35:26,700
own kind of mindset you because
of the your knee deep and

691
00:35:27,700 --> 00:35:30,000
probably close to announcing
your latest cohort and get not

692
00:35:30,000 --> 00:35:33,000
kicked off at the same time
working with last year's cohort

693
00:35:33,000 --> 00:35:35,900
to have made different progress
at different stages.

694
00:35:36,400 --> 00:35:39,000
So you're trying to you're
managing two different or like

695
00:35:39,000 --> 00:35:42,100
two portfolios companies
effectively in different stages.

696
00:35:42,200 --> 00:35:46,200
Oh yeah, absolutely.
And you've got, you know, and

697
00:35:46,200 --> 00:35:49,000
I'm saying to all of them.
The first nine, I said your

698
00:35:49,000 --> 00:35:52,100
logos are up on my wall.
I'm looking at your logos all

699
00:35:52,200 --> 00:35:55,600
all day everyday.
There's going to be another 12

700
00:35:55,700 --> 00:35:57,400
that are going to be joining
that wall.

701
00:35:57,700 --> 00:36:01,000
Okay.
In the next few weeks, get your

702
00:36:01,000 --> 00:36:07,100
request in now, you know because
while it's still fresh that if

703
00:36:07,100 --> 00:36:10,500
you know, because a lot of
companies that came out of the

704
00:36:10,500 --> 00:36:14,800
crypto struggle last year that
were initially going to raise

705
00:36:14,800 --> 00:36:19,300
via a token sale that that
market disappeared dried up so

706
00:36:19,300 --> 00:36:22,600
they had to they had to Pivot
their strategy, not pivot their

707
00:36:22,600 --> 00:36:24,500
business completely but pivot.
Strategy.

708
00:36:25,100 --> 00:36:28,200
And so now a lot of them have
just come back to the

709
00:36:28,200 --> 00:36:30,500
fundraising campaign.
Now because the market starting

710
00:36:30,500 --> 00:36:34,800
to come back a little bit or you
know, this banking problem is

711
00:36:34,800 --> 00:36:38,700
hopefully just speed bump.
Now it's important to point out

712
00:36:38,700 --> 00:36:45,400
that when we went down the path
of sourcing Founders last year

713
00:36:45,500 --> 00:36:48,700
for the program, that the crypto
markets when it word is much

714
00:36:48,700 --> 00:36:51,400
different shape than they are.
Now, what we've been able to

715
00:36:51,400 --> 00:36:55,200
identify is Founders that are
like, well listen, you know,

716
00:36:55,400 --> 00:36:57,800
we're still in this.
No matter what's happening with

717
00:36:57,800 --> 00:37:00,000
crypto, we're still here
building because there's so much

718
00:37:00,000 --> 00:37:03,700
to be done in web three.
And so, you know, we're getting

719
00:37:03,700 --> 00:37:06,600
Founders at little bit of a
later stage now, just because of

720
00:37:06,600 --> 00:37:09,300
how fast the market was moving
last year, things have slowed

721
00:37:09,300 --> 00:37:11,600
down a bit.
People are thinking longer and

722
00:37:11,600 --> 00:37:16,600
harder about actually doing this
so but you know, it's It's

723
00:37:16,600 --> 00:37:19,600
definitely a different situation
and now I'm going, you know,

724
00:37:19,600 --> 00:37:24,100
we'll be up at 21.
Portfolio companies and, you

725
00:37:24,100 --> 00:37:28,300
know, have five from previous
from before techstars.

726
00:37:28,300 --> 00:37:33,700
So, you know, getting up to the
stage of Jesus, looking after 26

727
00:37:33,700 --> 00:37:34,800
companies.
Yep.

728
00:37:35,000 --> 00:37:38,900
Listen, I'd have a whole list of
things that I had written down.

729
00:37:38,900 --> 00:37:41,600
As I go, we must chat about that
and we must I must ask the go go

730
00:37:41,600 --> 00:37:43,100
for it.
Even though I was going to say

731
00:37:43,100 --> 00:37:45,900
that like there's so much we can
we should really bring it on to

732
00:37:45,900 --> 00:37:47,200
a second call.
Yeah.

733
00:37:47,200 --> 00:37:49,400
And you know, be good is to do
this with another investor.

734
00:37:51,400 --> 00:37:53,600
You know, an inch and a few and
I know we have a couple of lined

735
00:37:53,600 --> 00:37:57,400
up someone probably coming Ash
in a more traditional VC role

736
00:37:57,400 --> 00:38:00,200
but maybe not, but a traditional
background because, you know,

737
00:38:00,200 --> 00:38:02,400
lots of people from lots of
different backgrounds end up

738
00:38:02,400 --> 00:38:05,100
investing.
It's always interesting to see

739
00:38:05,100 --> 00:38:07,800
what they take, what they take
from their previous life into

740
00:38:07,800 --> 00:38:09,100
it.
Yeah, yeah.

741
00:38:09,100 --> 00:38:11,100
And just to bring it back, it's
deal flow.

742
00:38:11,400 --> 00:38:15,200
It's all deal flow.
I remember sitting down with a

743
00:38:15,200 --> 00:38:21,100
VC in 2019, and with one of the
last VC projects, I tried to get

744
00:38:21,100 --> 00:38:24,800
off the ground and that investor
said, to me, Pete, you're not

745
00:38:24,800 --> 00:38:27,300
going to get the deal flow with
this strategy.

746
00:38:27,400 --> 00:38:30,000
You will not get that deal flow
for the geography.

747
00:38:30,000 --> 00:38:32,200
You're looking to do.
I said yeah.

748
00:38:32,400 --> 00:38:37,000
And and it's so true and getting
deal flow is not just about

749
00:38:37,000 --> 00:38:39,400
market dynamics and where people
are, and where they're starting

750
00:38:39,400 --> 00:38:42,600
up, but it's about your presence
in the market.

751
00:38:42,600 --> 00:38:44,800
You can't just sit back on your
laurels and way for people to

752
00:38:44,800 --> 00:38:46,500
come to you.
You got to go out and find

753
00:38:46,500 --> 00:38:48,400
people.
You got to go out and get them,

754
00:38:48,500 --> 00:38:52,300
and that's an end.
You know it's not a tap that you

755
00:38:52,300 --> 00:38:55,100
can just turn on.
You need to do a lot of work in

756
00:38:55,100 --> 00:38:56,600
order to get yourself in a
position.

757
00:38:56,600 --> 00:38:58,700
Where if you go out you start
speaking to the world that

758
00:38:58,700 --> 00:39:03,200
people listen.
And you get that audience in

759
00:39:03,400 --> 00:39:07,500
people like okay.
Well, yeah that you know having

760
00:39:07,500 --> 00:39:15,200
a podcast helps right?
So but yeah no I and and you

761
00:39:15,200 --> 00:39:17,700
know I always love to talk to
other investors about this

762
00:39:17,700 --> 00:39:21,200
because you just can learn so
much from a simple conversation.

763
00:39:21,200 --> 00:39:23,800
That's it.
You know you can learn so much.

764
00:39:23,800 --> 00:39:27,600
And like we said last week, that
that one chat or that blog post

765
00:39:27,600 --> 00:39:32,300
from Finn Murphy from, you know,
A few years ago that just

766
00:39:32,300 --> 00:39:36,400
crystallized that for me of
every investment you make, needs

767
00:39:36,400 --> 00:39:39,200
to be done on the basis, that it
will be a home run, that you

768
00:39:39,207 --> 00:39:42,200
will get 100 x as an investor.
You'll get 100 times your

769
00:39:42,200 --> 00:39:45,800
investment back because you
might out of every 30 investment

770
00:39:45,800 --> 00:39:49,400
to make you might get to.
If you're lucky one, that would

771
00:39:49,400 --> 00:39:51,700
be that home run, that would
return your fund.

772
00:39:52,200 --> 00:39:54,300
So we will have to watch this
place to see, which one of your

773
00:39:54,300 --> 00:39:58,500
26 is the Home Run.
Absolutely, absolutely.

774
00:39:58,900 --> 00:40:00,200
Hopefully all that, they ought
sake.

775
00:40:00,600 --> 00:40:02,500
Starting to be in your favor,
the more you do.

776
00:40:02,500 --> 00:40:05,600
Well, do you know that's the
thing with it with you know, one

777
00:40:05,600 --> 00:40:08,900
out of what is it?
Nasty five percent of startups

778
00:40:08,900 --> 00:40:12,800
fail and you know, by putting
them through a program of the

779
00:40:12,800 --> 00:40:15,600
first 13 weeks and building that
relationship and building that

780
00:40:15,600 --> 00:40:19,500
trust can, hopefully get things
to a position where you have

781
00:40:19,500 --> 00:40:22,000
your lowering those odds.
You're lowering those odds of

782
00:40:22,000 --> 00:40:24,000
failure, you're increasing the
odds of success.

783
00:40:25,200 --> 00:40:27,100
And that's what that's just what
I try to do.

784
00:40:27,600 --> 00:40:28,600
What we can do.
Yep.

785
00:40:30,400 --> 00:40:31,400
Burn it.
All right.

786
00:40:31,400 --> 00:40:33,500
Well, let's see who we can get
on to have a further chat about

787
00:40:33,500 --> 00:40:35,600
this.
Yeah, sounds good.

788
00:40:35,600 --> 00:40:38,500
And you enjoy those emails
coming in and we'll talk to you

789
00:40:38,508 --> 00:40:45,800
next week.
That does it for this week

790
00:40:45,800 --> 00:40:47,400
folks, you can learn more about
the stories.

791
00:40:47,400 --> 00:40:49,500
We covered the show notes on our
website money, never sleeps,

792
00:40:49,500 --> 00:40:52,300
that IE, if you like what you
heard, please leave us a rating,

793
00:40:52,300 --> 00:40:54,500
and, or review on Apple podcast
or Spotify.

794
00:40:54,500 --> 00:40:56,100
Is it helps others find the
show?

795
00:40:56,500 --> 00:40:58,500
Thanks to Kona Brophy from
creates out, for mixing.

796
00:40:58,500 --> 00:41:01,500
And editing this episode Kona is
an excellent medium and to get

797
00:41:01,500 --> 00:41:03,000
in touch with when you're
thinking about launching your

798
00:41:03,000 --> 00:41:05,600
own podcast.
As for me I'm an early stage,

799
00:41:05,600 --> 00:41:07,900
startup investor focused on were
fin techniques crypto.

800
00:41:07,900 --> 00:41:10,100
A crypto meets web 3 and I lead
the textures.

801
00:41:10,100 --> 00:41:12,300
Web three accelerator.
There are plenty of links in the

802
00:41:12,300 --> 00:41:14,300
show notes on money.
Never sleeps data on how to get

803
00:41:14,300 --> 00:41:15,000
in touch with us.
Us.

804
00:41:15,100 --> 00:41:18,000
So don't hesitate to reach out
finally till next time.

805
00:41:18,000 --> 00:41:15,000
Thanks for listening.
See you Us.

806
00:41:15,100 --> 00:41:18,000
So don't hesitate to reach out
finally till next time.

807
00:41:18,000 --> 00:41:19,300
Thanks for listening.
See you