To me, in all investing, there's two, right? One is you got to get paid for the risk you take.

And the other is always play offense with your money. Our business is hard, in seed, but not complicated.

5% of our checks need to be 100x cash on cash on the first check. 10 to 15% need to be 20x,

cash on cash on the first check. You achieve that, your 10x fine. You have to play the game

that's on the field, but you don't have to play the way everybody else plays. Ultimately, if you're

not finding inefficiencies in the game, you ought to be asking yourself, what am I doing?

What am I in this for? This is 20 VC in the first 20 VC of 2025. What a show we have in store

for today, going back to our roots of early stage venture.

And who better to join us than the true OG of seed investing, Mike Maples.

As a co-founding partner at Floodgate, Mike has been on the Forbes Midas list. Check this out eight times in the last decade.

Some of Mike's investments include Twitter, Twitch, Octa,

applied intuition, and more. I always love my discussions with Mike. I think he's the most

thoughtful seed practitioner in the business. But before we dive in today, it can be difficult to

build a team that's aligned on everything from values to workflow. But that's exactly what Coda was made to do.

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Coda's seamless workspace facilitates deeper collaboration and quicker creativity, giving you more

time to build. If you're a startup team looking to increase alignment and agility,

Coda can help you move from planning to execution in record time. To try it for yourself,

go to coda.io slash 20VC today and get six months free of the team plan for startups.

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