20VC: Why Startup Founders Have One Core Job, How To Reduce Risk & Increase Probability In Your Startup & Why You Should Not Send A Pitch Deck Pre-Investor Meeting with David Rogier, Founder & CEO @ Masterclass
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 26 April 2019
⏱️ 31 minutes
🧾️ Download transcript
Summary
David Rogier is the Founder & CEO @ Masterclass, the startup that brings you online classes taught by the world's greatest minds including Steve Martin, Natalie Portman, Margaret Attwood and more. To date, David has raised over $140m in funding for Masterclass from the likes of IVP, NEA, Javelin, Michael Dearing @ Harrison Metal, Atomico and past guests of the show Sam Lessin and Philip Krim. As for David, prior to founding Masterclass, he was on the other side of the table as an investor with Harrison Metal. Before venture, David spent time with IDEO helping to create new consumer products and brands.
In Today’s Episode You Will Learn:
1.) How David made his way into the world of startups? How a lesson from his grandmother when he was only 7 shaped the type of company David wanted to build?
2.) David has previously said, "as a founder, you have one job". What is that job? How does David think about how raising VC changes outcomes? Why does David think many founders approach fundraising the wrong way? What questions must founders always ask a VC pre-term sheet? How can founders do their work and diligence on the VC?
3.) Why does David try at all costs to not send the deck to the VC ahead of meeting? Why can this be damaging? How can founders say no politely? Does David agree with the conventional wisdom that "founders must always be raising"? What is the optimal way to structure relationship building with investors?
4.) What does David mean when he says, "pick your investors as board members, not investors"? What does David believe makes the truly special board members? What were David's biggest learnings from Michael Dearing @ Harrison Metal when it comes to boards? What does David believe are big red flags in potential future board members?
5.) When validating the idea and the product, how does David think founders should use testing to prove their thesis at every stage of the business? Why, if proved, does this automatically secure your funding for the next round? What do VCs like to see in this testing? How does David think about when is the right time to go and raise big?
Items Mentioned In Today’s Show:
David’s Fave Book: Creativity Inc
As always you can follow Harry, The Twenty Minute VC and David 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 | We are back for another Founders Friday here on the 20 minute VC with me, Harry Stebbings. I would love to see you on Instagram at H. Stebbing's 1996 with two bees. |
| 0:07.8 | But to our guest today, and this is probably one of the most inspiring aha moments for the founding of a company I've ever had on the show. |
| 0:13.9 | And I'm probably one of the biggest fanboys of their product. If you listen to the show and think, my word, Harry, is just so funny these days. That's because I learned from |
| 0:21.4 | the very best, Steve Martin and Judd Apato on Masterclass, which brings us to our guest today, |
| 0:26.0 | David Ruggier, founder and CEO at Masterclass. The startup that brings you online classes |
| 0:30.6 | taught by the world's greatest minds, including Steve Martin, Natalie Portman, Margaret Atwood, Gordon |
| 0:35.8 | Ramsey, and more. To date, David has raised over |
| 0:38.2 | $140 million in funding for Masterclass, from the likes of IVP, N-A, Javelin, Michael Deering |
| 0:44.2 | at Harrison Metal, Atomico, and then past guests of the show in the form of Sam, Lesson, |
| 0:48.4 | and Philip Crim at Casper. As for David, prior to founding Masterclass, he was on the other side |
| 0:52.6 | of the table, as an investor with Harrison Metal. |
| 0:54.9 | And before venture, David also spent time with IDEO, helping to create new consumer |
| 0:58.5 | products and brands. |
| 0:59.7 | And I'd also have to say a huge thank you to Roseanne Winchuk. |
| 1:02.1 | For the intro to David today, I really do so appreciate that, Roseanne. |
| 1:05.4 | But before we jump into the show's day, I want to spend a minute to talk about Brex, the first |
| 1:09.4 | corporate card for startups. |
| 1:11.1 | Brex founders Enrique and Pedro built a payments business in Brazil, but found themselves |
| 1:15.1 | rejected for a corporate card when they were in Y Combinator. They decided to build Brex, |
| 1:19.6 | with instant online sign-up, no founder liability required, and limits 10 to 20 times higher |
| 1:24.7 | than standard cards. Pretty incredible, I know, and you can sign up for |
| 1:27.9 | Bretz and get fees wavered by entering the code Harry during sign up. Honestly, it really is such a |
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