20VC: Why The Best Entrepreneurs Are Cockroaches, What Everyone Underestimates About Customer Acquisition & What You Don't But Need To Know About Payback Periods with Josh Buckley, Founder & Chairman @ Mino Games

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

🗓️ 25 November 2019

⏱️ 34 minutes

🔗️ Recording | iTunes | RSS

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Summary

Josh Buckley manages a $50m early-stage fund and as an angel has built a portfolio that includes the likes of Clearbit (Chairman), Rippling, Boom Supersonic, Lattice, Embark and many more incredible companies. Josh is also the Founder & Chairman @ Mino Games, the gaming studio he scaled to $20m in annual revenue and raising $40m in funding for the company.

In Today’s Episode You Will Learn:

1.) How did Josh make his way into the world of startups at the age of just 15? How did that lead to becoming the youngest YC founder ever?

2.) What does Josh mean when he says, "the best entrepreneurs are cockroaches"? How does Josh think about capital efficiency today? Does Josh agree with Bill Gurley in stating the biggest challenge today is "the oversupply of capital"? How does Josh advise his portfolio today on raising big rounds? Capital efficiency? Burn rates?

3.) As both a fund manager and founder, what have been some of Josh's biggest takeaways from now investing in 100+ companies as an angel? How has investing impacted Josh's operating mentality? What are the benefits of angel investing? What are the potential dangers? What advice would Josh give to founders entering the world of angel investing?

4.) What are the biggest elements people underestimate when it comes to CAC? What have been Josh's biggest lessons on the volatility of CAC over time? How are we seeing the platforms evolve and develop their tech and pricing? How important is channel diversity to Josh? What is balanced? What is not? What have been Josh's biggest lessons when it comes to payback period and it changing over time?

Items Mentioned In Today’s Show:

Josh’s Fave Blog/ Newsletter: Paul Graham Blog

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

Transcript

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0:00.0	We are back and welcome to the 20 minute VC with me, Harry Stebbings at H. Stebbings,
0:04.0	1996 with 2Bs on Instagram, but to our episode today, and I have been a big fanboy of this
0:08.9	individual's angel portfolio for a very long time, and then we met through Twitter DM.
0:13.4	Now, I've interviewed over 2,000 managers, and this guest, I believe, is one of the top five
0:17.9	I've met, truly special and also now a very dear friend.
0:21.3	And so with that, I'm very excited to welcome Josh Buckley.
0:23.8	Now, Josh manages a 50 million early stage fund, and as an angel, has built a portfolio that
0:28.4	includes the likes of Clearbit, where he's also chairman, Rippling, Boom Supersonic, Lattice,
0:33.6	Embark, and many more incredible companies.
0:36.1	Josh is also the founder and chairman at Meno Games,
0:38.6	the gaming studio, he scaled to 20 million in annual revenue and raising 40 million in funding
0:43.1	for the company. But before we dive into the show today, I'm sure you've heard about it,
0:46.6	but my word, this is a product I love, Carter. Carter simplifies how startups and investors
0:51.3	manage equity, track cap tables, and get valuations. Go to Carter.com
0:55.8	forward slash 20 VC to get 10% off and more than 800,000 employees and shareholders use Carter to
1:02.4	manage hundreds of billions of dollars of equity and Carter now offers fund admin so you can see
1:07.1	real-time data in the Carter platform and work with Carter's team of experienced fund
1:11.4	accountants also in the background. Go to Carter.com forward slash 20VC to get 10% off.
1:17.1	And speaking of companies that have taken our ecosystem by storm, I have to talk about Brex,
1:21.2	the company which built the corporate card for startups and who is the fastest company to reach
1:25.5	unicorn status in history, Brex's founders, Henry
1:28.0	F. N. Pedro, built a payments business in Brazil, but kept getting rejected for a corporate
	...

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