Welcome to another episode of Goldman Sachs Exchanges, great investors.

I'm Michael Brandmeyer, Global Head and Chief Investment Officer of the External Investing Group

within Goldman Sachs Asset Management.

Today I'm very excited to be sitting down

with Chelsea Stoner, general partner of Battery Ventures,

which has been investing in technology companies around the world since 1983.

Chelsea joined Battery in 2006 and has helped build out the firm's private equity practice.

She's been focusing on the ways in which software is transforming a variety of industries and is behind some of the

firm's most notable investments to date. We'll be talking with Chelsea about her path to Silicon Valley,

batteries long-standing success as a VC firm, and her unique

outlook on the venture capital and private equity landscape. Chelsea, welcome to the

program. Thanks for having me, Michael. You grew up in a small town in Northeastern, Montana.

Got a degree in chemical engineering

from Northwestern University,

and now are one of Silicon Valley's leading growth investors. How did you find your way to

venture? Not a straight path from rural Montana to Silicon Valley growth. Yeah, I had a

very circuitous path and just a lot of people along the way who believed in me and gave me a chance.

I think that, you know, is really what it's all about.

Just to start, I decided to do chemical engineering because I liked chemistry and math, not because I had any idea what chemical engineers did.

Once I learned a little bit more about that, I decided I didn't want to do it.

I did so many internships of being in dark labs

with not very many people and it just wasn't my personality.

...