20VC: Three Core Lessons for Founders From the SVB Crisis From Financial Agility (Banking) to Constructing Scenario Plans and Mastering Crisis Communications | How The Western World Has Not Been Responsible with its Money & Why The Fed Is Backing Itself I

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

🗓️ 24 March 2023

⏱️ 49 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mike Maples is one of the OGs of seed investing. As the Co-Founder of Floodgate, he has backed the likes of Twitch, Okta, Lyft, Twitter and more. Mike has been on the Forbes Midas List eight times in the last decade and was also named a “Rising Star” by FORTUNE and profiled by Harvard Business School for his lifetime contributions to entrepreneurship.

In Today's Episode with Mike Maples We Discuss

1.) Lesson from SVB #1: The Importance of Scenario Planning:

What is the right way to do scenario planning in startups?
What is the difference between good vs bad scenario planning?
What do the best scenario plans include and involve?
What is the right way to communicate these scenario plans to your stakeholders?

2.) Lesson from SVB #2: The Importance of Financial Agility:

What does it mean for a startup to be "financially agile"?
From a banking relationships perspective, what can startups do to be financially agile?
How many accounts should a startup have? How much runway should be in each?
Should startups bank with startup banks as well as traditional banks?
Should startups have their money in sweep accounts and money market accounts?

3.) Lesson from SVB #3: How to Master Crisis Communications:

Why is it so important for founder to over-communicate in tough times?
How transparent should they be in these communications?
What does Mike mean when he says "be radically human"?
If Mike were to face a crisis, what would he do differently in the way he communicates to his LPs?

4.) Lessons from SVB: The Wider World:

Why does Mike believe the level of quantitative easing that occurred in COVID was scandalous?
Does Mike believe the USD will continue to be the reserve currency of the world?
Will we be in a better or worse macro situation by the end of the year?
Has Mike ever had a company that achieved true PMF and failed?

Transcript

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0:00.0	The Western world has not been adequately responsible with how it treats its money.
0:05.5	The solution to every problem has always been print more money.
0:08.4	At some point, that's not going to work.
0:10.3	It's inevitable that the dollar will not be the reserve currency if we are not more responsible
0:16.7	with the stewardship of our money.
0:19.2	If we cannot do that, if Washington, D.C. cannot wake up and be a more
0:23.3	responsible steward of our money, there will be one crisis after another. Welcome back to 20VC
0:28.5	in a very special episode here. Now, since the SVB crisis, there's been a lot of finger pointing
0:33.0	among different parties. And today I really wanted to do an episode that was very tangible on helpful
0:38.0	lessons that founders can learn and implement moving forward from this time and experience.
0:42.7	Now I thought that would be no one better to join me to do this than Mike Maples, co-founder
0:47.0	at Floodgate, one of the OGs of seed investing, having invested in the likes of Twitch,
0:51.3	Opta, Lyft, Twitter and more. Mike is incredible in this episode,
0:55.3	and I cannot wait to dive in. But before we dive into the show today, you've heard me talk
0:59.5	about how Coda is the doc that brings it all together and how it can help your team run smoother
1:03.7	and more efficiently. I know that's because Coda helps me. We use it at 20 VC. With every show,
1:09.0	we interview 10 references for every guest. And then we store all the information and data in Coda.
1:13.6	So our teams and researchers can easily collaborate on all the data and information in one single centralized place.
1:19.6	And here's how Coda can help your team run smoother and be more efficient.
1:23.6	Coder allows your team to operate on the same information and as I said for us, the core, collaborate in one place so important.
1:30.3	By putting data in one centralized location, regardless of format, eliminating roadblocks that can stop your team in their tracks.
1:37.3	With Coda, your team can operate on the same information and collaborate in that one place to just get projects across the line faster.
	...

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