20VC: Why VCs Have Forgotten Their Job To Invest In Entrepreneurs not Technologists, How To Know When Growth Creates Value and When It Destroys It & How To Bootstrap Learning Most People Acquire Over Decades with 8VC Founding Partner, Drew Oetting

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

🗓️ 27 September 2017

⏱️ 23 minutes

🔗️ Recording | iTunes | RSS

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Summary

Drew Oetting is a Founding Partner @ 8VC, one of Silicon Valley's youngest and most exciting new entrants to the VC market with $425m for their debut fund. In just a few years they have built a portfolio including the likes of Oculus, RelateIQ, previous guest Elad Gil & Color, recent guest Mario @ Oscar and many more incredible companies. As for Drew, previously he served as Chief of Staff to fellow 8VC Founding Partner, Joe Lonsdale and was a two-time Bill Gates Investment Asset Management Fellow. Drew is also an advisor to Living On One, Rubicon Global and is a Founding Board Director @ Affinity Technologies.

In Today’s Episode You Will Learn:

1.) How Drew made his way from Joe Lonsdale's Chief of Staff to Founding Partner @ 8VC?

2.) Why does Drew believe the way we think of VC today will change? How does the extended period of privatization affect the role of the VC and their relationship to the founder vs the company?

3.) Why does Drew believe that funds make big mistakes in the internal setup of their operation? Why do funds not do a good job of developing talent? What are the problems of funds being internally competitive with deal by deal carry etc?

4.) As a Founding Partner of a $425m fund at 26, what were the challenges of having such a position, earlier than usual? How did Drew overcome them? What advice would Drew give to young people who want an accelerated career path?

5.) Why does Drew believe that "VCs have forgotten their job is to invest in entrepreneurs NOT technologists"? How does Drew determine whether someone has the ability to bridge both technologist and entrepreneur?

Items Mentioned In Today’s Show:

Drew’s Fave Book: Barbarians At The Gate, Fooled By Randomness

Drew’s Fave Blog: Dan Primack: Axios

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

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Transcript

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0:00.0	All right, we are back with the 20-minute VC with me, Harry Stebbings, and it'd be fantastic to hear your
0:04.4	thoughts and questions suggestions for future guests, and you can do that on Snapchat at H. Stebbings,
0:09.4	with two Bs. It'd be fantastic to see you there. But to our guest today, and I'm very excited to
0:13.8	welcome Drew Oating, founding partner at 8VC, one of Silicon Valley's youngest and most exciting new entrance to the VC market, with
0:21.1	$425 million for their debut fund. In just a few years, they've built a portfolio including
0:26.1	the lights of Oculus, Relate IQ, previous guest Elad Gill at colour, recent guest Mario at Oscar,
0:32.2	and many more incredible companies. As for Drew, previously he served as chief of staff to fellow
0:37.0	8 VC founding partner
0:38.3	Joe Lonsdale and was a two-time Bill Gates Investment Asset Management Fellow. Drew's also an
0:42.8	advisor to Living on One, Rubicon Global, and is a founding board director at Affinity Technologies.
0:48.2	I'd also want to say a huge thank you to a very under-the-radar player in the market, Andy Rankin.
0:52.6	He's been immensely helpful to me and the show,
0:54.7	and it's thanks to him that we got to do this episode with Drew, so a huge thanks to Andy for that.
0:58.8	But before we dive into the show today, if you're an early stage startup, the right infrastructure
1:03.1	and support systems are critical, and that's where First Republic is so good. First Republic's
1:07.5	resources, network and expertise allow entrepreneurs to customize a solid foundation for your business across all stages.
1:14.6	So why First Republic?
1:15.9	Well, you get to leverage their incredible network of VC firms to prepare you for future fundraising events.
1:20.9	You get to count on a single point of contact that will be there for you and your employees when you need them.
1:25.6	You get access to exclusive events and networking
1:27.8	opportunities. But don't trust me on this. Their clients include the likes of Instacard, e-shares,
1:32.5	and wish, just to name a few. Check it out by heading over to innovation.1strepublic.com. And speaking
	...

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