20VC: Ramp's Eric Glyman on Why You Should Never Take The Highest Price, Working With Venture Funds vs Crossover Funds and How To Determine What To Buy vs Build as a Founder Today?

The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 2 June 2021

⏱️ 41 minutes

🔗️ Recording | iTunes | RSS

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Summary

Eric Glyman is the Founder and CEO @ Ramp, the only corporate card and spend management platform designed to help you spend less. To date, Eric has raised over $390M for the company from some of the best including Thrive, Stripe, Founders Fund, Coatue and Box Group to name a few. Prior to changing the game of spend management, Eric founded Paribus, the price-tracking app that raised seed funding from General Catalyst and Greylock, which was acquired by Capital One in 2016.

In Today’s Episode with Eric Glyman You Will Learn:

1.) Entry to Startups: How Eric made his way into the world of startups with Paribus and how that journey and exit led to his founding the recently minted unicorn, Ramp?

2.) Decision-Making: How does Eric deal with moments of intense pressure as a leader? How does pressure impact Eric's decision-making quality? Through what framework does Eric evaluate his decision-making process today? Why does Eric believe operational velocity is so key to company success? How does Eric determine between being fast vs spending real time on something?

3.) Funding Rounds: Why does Eric believe that "funding rounds are science experiments"? What should founders look to prove or disprove with each round? Why does Eric believe "you should never take the highest price"? What are the downsides? How does it impact employee stock options? Does it change investor sentiment? How does it change customer acquisition through referrals?

4.) The Rise of Crossover Funds: What does Eric make of the rise of crossover funds? In what way does their value differ to the value provided by traditional VCs? How does their communication style differ compared to traditional VCs? Does Eric worry about the signalling risk of having crossover funds invested early? Does Eric believe they will change the landscape of venture?

5.) Board Management: How does Eric analyse his style of board management today? How has it changed over time? Where does Eric believe many founders go wrong when it comes to board management? How can boards be used to bring together the wider team and company? What documents does Eric always prepare for the board?

Item’s Mentioned In Today’s Episode with Eric Glyman

Eric’s Favourite Book: John Wooden: The Legendary UCLA Coach's Top 20 Quotes

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Transcript

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0:00.0	Welcome back to 20VC with me, Harry Stebbings. Now, the guest on the show today and their company made
0:04.3	headlines recently when in very quick succession, they announced not one but two very large
0:09.2	funding rounds, giving them a unicorn valuation. Now, if that doesn't give it away, I don't know
0:13.4	what will, but I'm thrilled to welcome Eric Glyman, found and CEO at Ramp. The only corporate
0:18.2	card and spend management platform designed to help you spend less. To date,
0:22.6	Eric has raised over $390 million for the company from some of the best, including Thrive,
0:27.8	Stripe, Founders Fund, Co2 and Box Group, to name a few. Prior to changing the game of
0:32.6	Spend Management, Eric founded Paribus, the price tracking app that raised seed funding from
0:37.0	General Candlest,
0:38.0	Anne Greylock, and was ultimately acquired by Capital One in 2016.
0:42.1	I'd also want to say a huge thank you.
0:43.7	This schedule was such a team effort.
0:45.5	Karima at Ramp, Karim at Thrive, Karim at Stripe, Z at Roe, Dave Tisch at Box Group,
0:51.1	and Matthew at 8 Sleep.
0:52.5	Amazing question suggestions, and I so appreciate that.
0:55.5	But before we dive into the show state, did you know that more than 80% of US public stock
0:59.6	is owned by just 10% of Americans?
1:01.9	This divide is even greater in the private markets.
1:04.4	Carter makes it as easy to issue equity to your employees as it is to issue payroll.
1:08.9	And for employees, it's easy to accept it too. More than 16,000
1:12.7	companies issue equity to their employees through Carter, whether you're just getting started or
1:17.1	getting ready to go public, the team at Carter can help. Check them out at Carter.com. And then another
	...

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