20VC: What Is Founder Narrative Fit and How to Detect and Invest In It, How To Avoid Consensus Thinking When Investing, Price Sensititivity; When To Pay Up vs Stay Disciplined & From New York Times To General Catalyst; Why Venture and Journalism are Not S

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

🗓️ 1 October 2020

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

Katherine Boyle is a Partner @ General Catalyst, one of the leading venture firms of the last decade with a portfolio including the likes of Stripe, Snapchat, Airbnb, Canva, Cazoo, the list goes on. As for Katherine, at GC she has led deals in game-changing companies such as Anduril, Nova Credit, Spring Discovery and Airmap to name a few. Prior to General Catalyst, Katherine entered the world of venture with Founders Fund and before that spent an incredible 4 years at The Washington Post where Katherine investigated entrepreneurship in many forms.

In Today’s Episode You Will Learn:

1.) How Katherine made her way from investigating entrepreneurship at The Wall St Journal to being an intern at Founders Fund to today, being a Partner @ General Catalyst?

2.) Why does Katherine believe that journalism is like venture? Why does Katherine believe there are two different styles of venture? What were Katherine's biggest takeaways from her formative years in venture with Founders Fund? How did that impact her investing mindset?

3.) What does Katherine mean when she says she "invests solely on founder narrative fit"? Are there leading indicators of this fit? What advice did Katherine take from her conversation with Mike Moritz pre VC career? How does Katherine strategically avoid consensus thinking and decisions?

4.) How does Katherine approach market sizing? How does Katherine think about strategic insertion into niches that expand to much larger markets? How does Katherine assess market timing? How does Katherine determine the velocity of a market tailwind? What is an example of this?

5.) How does Katherine evaluate the rise of pre-empted rounds today? What advice does Katherine give to founders considering taking multi-stage money at seed? Why did it make sense for Anduril? How does Katherine gain the time of the founders when they are not raising?

Items Mentioned In Today’s Show:

Katherine’s Fave Book: The Decadent Society: How We Became the Victims of Our Own Success

Katherine’s Most Recent Investment: Ophelia

As always you can follow Harry and The Twenty Minute VC on Twitter here!

Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.

Transcript

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0:00.0	This is the 20 minute VC with me, Harry Stebbings. On Monday, we have Palmer Lucky on the show,
0:04.2	founder at Andgerill, and I mentioned this week's shows are connected, because our guest today
0:08.2	invested in Palmer's Seedround with Anderil, I also want to take a minute to say, you'll hear
0:12.2	her quality in the show, but I think she's one of the most under-the-radar talents and future
0:16.3	stars of the venture community, really one of the best of the best. And so with that, I'm so excited to welcome
0:21.1	Catherine Boyle, partner at General Catalyst, one of the leading venture firms of the last decade,
0:25.7	with a portfolio including the lights of Stripe, Snapchat, Airbnb, Canva, Kazoo, the list
0:30.9	really does go on. As for Catherine, at G.C, she's led deals in game-changing companies such as
0:35.7	Anjuril, Nova Credit, Spring Discovery,
0:38.2	prior to GC, Catherine entered the world of venture with Founders Fund. And before that,
0:41.9	spent an incredible four years at the Washington Post, where she investigated entrepreneurship
0:45.7	in many different forms. I'd also want to say a huge thank you to Hemantaneja, Jeff Lewis,
0:50.4	Trey Stevens, Misha at Nova Credit, and Rachel at Guild Education. Some fantastic questions suggestions today.
0:56.2	That really did make such a difference.
0:58.0	But before you dive into this show today, I'm sure you've heard me talk about it before, but I love Carter.
1:02.3	Carter simplifies how startups and investors, manage equity, track cap tables and get valuations.
1:07.5	Go to carter.com forward slash two zero VC to get 10% off. More than 800,000 employees and
1:13.6	shareholders use Carter to manage hundreds of billions of dollars in equity. And Carter now offers
1:18.9	fund administration so you can see real-time data in the Carter platform and work with Carter's
1:23.6	team of experienced fund accountants. As I said, head over to carter.com forward slash
1:27.9	20VC to get 10% off. And speaking of a transformational product like Carter there, 2020 has been a
1:33.7	year full of unexpected changes, but one thing that's remained very constant, the most important
	...

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