Expensify's David Barrett: "Venture capital is a scam”

The Times Tech Podcast

Will Morley

Business, Unknown, Technology

4.9 • 654 Ratings

🗓️ 23 February 2024

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

The Sunday Times’ tech correspondent brings on David Barrett, founder of Expensify, to talk about creating a “remote-first” company (3:15), the lounge (6:45), the return-to-office movement (14:15), going public and then getting its shares smashed (17:15), why venture capital is a scam (23:30), why he likes public market investors (30:25), keeping people happy when shares lose 95% of their value (33:35), and the artificial intelligence boom (35:25).

PLUS: The link to our previous episode with Delian Asparouhov, founder of Varda, whose space-factory startup just had its first craft land safely back to earth.

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Transcript

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0:00.0	Yo, technology.
0:02.9	What is it all about?
0:04.5	Their venture capital community is not about making businesses,
0:08.0	and it's fundamentally just a scam.
0:11.2	The entire concept of success is based on how much money did you raise?
0:15.3	Yes.
0:16.0	How fast did you spend it?
0:17.3	And did you get out before everything collapsed?
0:20.7	Like, it's just, it's the norm.
0:36.0	Hello and welcome to Danny in the Valley, your weekly dispatch from behind the scenes and inside the minds of the top people in tech.
0:42.6	I am your host, Danny Fortson, and this week we're bringing you hot takes.
0:49.9	The return to work movement?
0:52.1	Nonsense.
0:53.7	Venture capital? Total scam. movement? Nonsense. Venture capital?
0:54.8	Total scam.
0:56.7	AI?
0:57.6	It will not solve climate change, but it might solve culture wars.
1:02.5	What are you talking about?
1:03.7	I hear you say.
1:04.3	Well, you're going to get all of these takes and more from this week's guest, David Barrett.
1:09.6	He's the founder of Expensify, a company that makes expenses software for businesses.
1:15.3	And you may recall that we had David on four years ago because Expensify was a remote company before it was cool.
	...

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