20VC: Why Valuation Is A Stupid Concept, VC Is Ripe For Disruption & Not All LPs Are Made Equal with Michael Skok, Founding Partner @ Underscore VC

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

🗓️ 21 September 2016

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

Michael Skok is a Founding Partner @ Underscore VC. Michael started his first software business as a teenager, spent 21 years as an entrepreneur where he founded and recruited teams that attracted over $100m in private equity for investments in multiple software companies. Over the last 13 years as a venture investor. Along the way, he also mentored and taught for 4 years at Harvard as an EIR at Harvard Business School, and spent a year interviewing entrepreneurs on a “listening tour” before founding _Underscore.VC. Michael also started the most incredible education series, 'Startup Secrets', in collaboration with Harvard iLab, check it out here.

In Today’s Episode You Will Learn:

1.) How Michael made his way into the wonderful world of VC with Underscore?

2.) From Michael's listening tour, what did he discover that entrepreneurs wanted in an investor?

3.) How did Michael present the innovative model of Underscore to prospective LPs? What was their response? What did Michael look for in the LPs he selected?

4.) What does Michael mean when he says you have to create minimum viable segments?

5.) How does Michael view market creation? What his framework for this?

Items Mentioned In Today’s Show:

Michael’s Fave Book: Daemon

Michael's Fave Blog: Mattermark

Michael’s Most Recent Investment: Mautic

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

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

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Cooley are the global law firm built around startups and venture capital. Since forming the first venture fund in Silicon Valley, Cooley has formed more venture capital funds than any other law firm in the world, with 50+ years working with VCs. They help VCs form and manage funds, make investments and handle the myriad issues that arise through a fund’s lifetime. So to learn more about the #1 most active law firm representing VC-backed companies going public. Head over to cooley.com and also atcooleygo.com.

Transcript

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0:00.0	You are listening to the 20 minute VC with your host, Harry Stebbings, who you can find on Snapchat
0:04.2	at H. Debings for pretty much an array of mehito snaps. And joining me on the show today, I'm thrilled
0:09.5	to welcome Michael Scott. Now, Michael is a founding partner at underscore VC, but prior to underscore,
0:15.7	Michael started his first software business as a teenager. He then spent 21 years as an entrepreneur,
0:21.8	where he founded and recruited teams that attracted over $100 million in private equity for investments in multiple
0:26.7	software companies. Over the last 14 years, Michael switched sides of the table to the dark side
0:31.7	as a venture investor. Along the way, he also mentored and taught for four years at Harvard as an
0:36.5	EIR at Harvard Business School and spent a year interviewing entrepreneurs on a listening tour before founding underscore VC.
0:43.6	Michael also started the most incredible educational series Startup Secrets in collaboration with Harvard ILab and you can check it out on the show notes which are on the 20 MinuteVC.com. Really is highly recommended. I absolutely love it.
0:56.4	I'd also like to say a huge thank you to Ty Danko at TechStars for making the introduction
1:00.6	today, without which the interview would not have been possible.
1:03.4	But before we meet Michael today, it is very easy to see VCs with the books, the blogs,
1:08.2	the educational series.
1:09.5	But what about backstage?
1:10.8	What about how they
1:11.4	operate and function? Well, that's where Kooley come in. Kuli are the global law firm built around
1:16.4	startups and venture capital funds. Since forming the first venture fund in Silicon Valley in the
1:21.2	late 50s, Kulis form more venture capital funds than any other law firm in the world, with over 50 years
1:26.7	working with VCs. They help VCs
1:28.7	form and manage funds, make investments and handle the array of issues that arise in a fund's
1:33.8	life cycle. So to learn more about the number one most active law firm representing VC-backed
1:38.7	companies going public, simply head over to cooley.com or head over to coolly go.com.
	...

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