20VC: 13 of the Great Investing Minds on When to Pay Up vs When To Remain Disciplined and Walk Because the Price is too High: The Ultimate Guide to Price Sensitivity
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 12 August 2022
⏱️ 28 minutes
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Summary
Marcelo Claure is an entrepreneur and investor who has founded and led some of the world’s most iconic businesses. He is currently the Chairman & CEO of Claure Capital, a newly founded multi-billion-dollar global investment firm. Before this, Marcelo was COO @ Softbank Group, the world’s largest technology investment company.
Bill Gurley is a General Partner @ Benchmark, one of the most successful funds of the last decade with a portfolio including Uber, Twitter, Dropbox, Modern Treasury, Snapchat, StitchFix, and many more.
Michael Eisenberg spent 15 years as a General Partner @ Benchmark working alongside Bill and the Benchmark partnership. Following Benchmark, Michael co-founded Aleph, one of the leading Israeli venture funds of the last decade.
David Tisch is the Founder and Managing Partner @ Box Group, one of the leading seed focused firms of the last decade with a portfolio including Airtable, Glossier, PillPack, Plaid and many more.
Cyan Banister is one of the most successful and renowned early-stage investors in the last decade. Her portfolio includes the likes of SpaceX, Uber, Affirm, Opendoor Postmates, Niantic and Thumbtack to name a few.
Zach Weinberg is a Co-Founder of Operator Partners, operators funding operators, with no outside LPs, just their own capital.
Luciana Lixandru is a Partner @ Sequoia, one of the world’s most renowned and successful venture firms with Sequoia-backed companies accounting for more than 20% of NASDAQ’s total value.
Jeff Lieberman is the Managing Director @ Insight Partners, one of the leading investing franchises of the last 25 years with their most recent flagship fund announced earlier this year being a staggering $20BN.
Nick Shalek is a General Partner @ Ribbit Capital, specializing in fintech they are one of the most successful venture firms of the last decade with a portfolio including Robinhood, Coinbase, Revolut, Nubank and more.
Frank Rotman is a founding partner of QED Investors, one of the leading fintech-focused venture firms investing today with a portfolio including the likes of Klarna, Kavak, Quinto Andar, Credit Karma and more.
Geoff Lewis is the Founder and Managing Partner @ Bedrock, now with over $1BN in AUM, Bedrock invests in breakout technology companies that are incongruent with popular narratives.
Justin Fishner-Wolfson is founder and the managing partner of 137 Ventures. Their portfolio includes SpaceX, Wish, Anduril, Flexport, and WorkRise (formerly Rigup) to name a few.
David Sze is a General Partner @ Greylock where he has led some of the firms most notable investments including Facebook, LinkedIn and Pandora.
In Today's Episode We Discuss Price Sensitivity:
1.) How do you assess your relationship to price and price sensitivity?
2.) When is the time to pay up and have less price discipline?
3.) When should we remain disciplined and not pay up for a deal and walk away because of price?
4.) Of the deals you have paid up for, did their growth rate justify the high entry price?
5.) Knowing all you know now on price, how do you advise younger investors today?
Transcript
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| 0:00.0 | When people start saying no price too high, then the world tends to get in trouble. |
| 0:03.7 | So what is too high a price? What is a fair price? When do you stretch on price versus when do you |
| 0:09.2 | not stretch on price? When do you remain disciplined? Some of the hardest questions any investor must |
| 0:14.1 | ask. And today, we hear the thoughts of some of the greatest investing minds, answering the |
| 0:18.1 | simple question, how do you approach pricing and what is your own |
| 0:21.3 | price sensitivity? It's incredible to hear so many perspectives on one specific topic. I'd love your |
| 0:26.9 | thoughts on this style of show. You can let me know what you think on Twitter at Harry Stebbings. |
| 0:31.3 | But before we dive into the show today, I want to talk about an incredible tool that I use every |
| 0:35.1 | single day, Notion. Now, I am the worst for having 50 tabs open |
| 0:39.3 | and constantly hopping between an endless array of tools. Do you feel me? Are you with me? |
| 0:43.6 | Well, then Notion came into my life, providing one tool to do it all with everything from |
| 0:48.0 | seamless project management to easily organizing 20VCs company information. A fascinating |
| 0:53.0 | stand on Notion usage, more than 70% of |
| 0:55.6 | companies who start using Notion stop using two plus other tools. And so Notion can even save you |
| 1:01.3 | money given how many other tools it can displace. Notion has a worldwide network of millions of |
| 1:06.2 | users, creating templates, tutorials and new inspiration. The product's getting better and better every single day, |
| 1:12.2 | and you always have the support you need. Learn more and get started for free at notion. So, |
| 1:16.8 | take the first step toward an organized happy team today, again at notion. So, and speaking of |
| 1:22.2 | foundational infrastructure like Notion there, Angel List has been a key partner for me in managing my |
| 1:27.0 | investments. I just love |
| 1:28.3 | using the AngelList platform because it abstracts away all the complexity and operational burden of |
| 1:33.4 | fund management. Whether you're running SPVs, a traditional venture fund like me, or a rolling fund, |
... |
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