4.4 • 637 Ratings
🗓️ 9 December 2019
⏱️ 34 minutes
🧾️ Download transcript
John Vrionis is the Founder and Managing Partner @ Unusual Ventures, the firm that is redefining seed investing and raising the bar for what entrepreneurs should expect from a seed investment firm. Prior to founding Unusual, John spent 11 years as a Partner @ Lightspeed where his investments included Mulesoft, AppDynamics, Nimble Storage and Heptio to name a few. Before Lightspeed John spent time in product management and sales @ Determina and Freedom Financial Network.
In Today’s Episode You Will Learn:
1.) How did John make his way into the world of venture and come to be a Partner @ Lightspeed? How did that lead to his founding Unusual? How did his father's MS diagnosis change his mentality towards both investing and how he views the world? What were John's biggest takeaways from his 12 years with the Lightspeed partnership?
2.) Where does John feel the bar needs to be raised in venture? What does the current product not offer? What do seed-stage founders fundamentally need? How have Unusual structured the firm to provide this? How was the fundraise for John? What does John know post-closing that he wishes he had known at the beginning? What advice would John give to aspiring emerging managers? Why is LP diversity so important to John?
3.) Why does John believe taking multi-stage money at seed is not in the best interests of the founder? How does John explain this logically to founders? Does John agree with Semil Shah, "founders are voting with their feet and choosing multi-stage funds"? Why does John believe to be truly best in class, you have to specialise? Does this not go against the data of Benchmark, Sequoia, Founders Fund, all generalist funds, having the best returns?
4.) How does John think about being company vs being founder first? What does one do when alignment erodes between the interest of the firm and the interest of the founder? How does John look to build a relationship of trust and honesty with his founders? What works? What does not work? How does John feel about VCs being friends with their founders?
5.) What is the most challenging element of John's role today with Unusual? Who is the best board member John has ever sat on a board with? Why and what did he learn? What would John most like to change about the world of venture today? What would he like to remain the same?
Items Mentioned In Today’s Show:
John’s Fave Book: Shoe Dog: A Memoir by the Creator of NIKE, Give and Take: Why Helping Others Drives Our Success
John’s Most Recent Investment: Shujinko
As always you can follow Harry, The Twenty Minute VC and John on Twitter here!
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0:00.0 | We are back. This is The 20-minute VC with me, Harry Stebbings, and you can see all things getting |
0:03.9 | in the Christmas spirit here at the 20-minute VC on Instagram at H-Stebbing's 1996 with 2Bs. I would love to see |
0:10.4 | you there. But to the show today, and this was one of those incredible episodes where we really |
0:14.2 | just threw this schedule out of the window pretty early and just had an amazing discussion, and so with that I'm thrilled to welcome John Frionis, |
0:24.8 | found and managing partner at Unusual Ventures, the firm that is redefining seed investing and raising the bar for what entrepreneurs should expect from a seed investment firm. |
0:29.4 | Prior to founding unusual, John spent 11 years as a partner at Lightspeed, |
0:32.9 | where his investments included Mule Soft, App Dynamics, Nimble Storage, and Heptio, |
0:38.3 | just to name a few. |
0:42.7 | Before Lightspeed, John spent time in product management and sales at Determiner and Freedom Financial Network. And I'd also want to say a huge thank you to Billy at Datastacks, Dom at |
0:47.1 | at Snaproot and Prakash at Blue Bracket for providing some fantastic question suggestions today. |
0:52.0 | But before we dive into the show today, I'm sure you've heard me |
0:54.4 | talk about it before, but my word, this is a product I love, Carter. Carter simplifies how |
0:59.1 | startups and investors manage equity, track cap tables and get valuations. Go to Carter.com |
1:04.9 | forward slash 20 VC to get 10% off, and with more than 800,000 employees and shareholders, |
1:12.1 | using Carter to manage hundreds of billions of dollars in equity. And Carter now offers fund admin, so you can see |
1:16.3 | real-time data in the Carter platform and work with Carter's team of experienced fund accountants. |
1:21.3 | Go to carter.com forward slash 20VC to get 10% off. And if Carter is the go-to there, what about product? Well, the team over at Pendo, |
1:29.4 | the product cloud company, just launched a free product performance benchmarks micro site, |
1:33.6 | where you can see how your product stats up against your peers. They gave me a sneak preview of it, |
1:37.8 | and my reaction was my word, I love it. I know so many founders who are desperate to compare |
1:42.0 | their products to competitors, and that's what Pendo has done. |
1:44.7 | They've analyzed more than 1,000 software products and created benchmarks for startups, |
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