LP investment strategies, IRR focus, and more with Berkocorp's Joshua Berkowitz | E1882
This Week in Startups
Jason Calacanis
4.2 • 1.4K Ratings
🗓️ 17 January 2024
⏱️ 69 minutes
🧾️ Download transcript
Summary
This Week in Startups is brought to you by…
Squarespace. Turn your idea into a new website! Go to Squarespace.com/TWIST for a free trial. When you’re ready to launch, use offer code TWIST to save 10% off your first purchase of a website or domain.
Northwest Registered Agent. When starting your business, it's important to use a service that will actually help you. Northwest Registered Agent is that service. They'll form your company fast, give you the documents you need to open a business bank account, and even provide you with mail scanning and a business address to keep your personal privacy intact. Visit http://northwestregisteredagent.com/twist to get a 60% discount on your next LLC.
LinkedIn Marketing. To redeem a $100 LinkedIn ad credit and launch your first campaign, go to http://linkedin.com/angelpod
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Today’s show:
Joshua Berkowitz joins Jason discuss the critical role of LPs in venture capital, his family office's diversification into the field (4:37), strategies for evaluating and selecting fund managers (14:26), and the intricacies of fund management and fundraising (30:41).
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Timestamps:
(0:00) Berkocorp’s Joshua Berkowitz joins Jason
(4:37) Why family offices diversify into venture capital - higher returns, high dispersion of returns, and the entrepreneurial aspect
(9:32) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/twist
(10:59) Evaluating emerging managers - looking for exceptional strategies and execution
(14:26) Decision making processes at venture firms - consensus vs individual decision-making.
(19:56) What a VC fund has to do to be successful
(25:48) Northwest Registered Agent - Get a 60% discount on your next LLC at http://northwestregisteredagent.com/twist
(26:41) Pros and cons of GPs being very vocal/political on social media
(30:41) Quick disqualifications when evaluating new VC funds and challenges with GP "tourism"
(34:59) LinkedIn Marketing - Get a $100 LinkedIn ad credit at http://linkedin.com/angelpod
(36:20) What kills companies - "likely winners" vs "definitive winners"
(58:42) Clarity in the process for GPs raising funds from LPs
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Subscribe to This Week in Startups on Apple: https://rb.gy/v19fcp
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Check out: https://www.berkocorp.ca/
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Thanks to our partners:
(9:32) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/twist
(25:48) Northwest Registered Agent - Get a 60% discount on your next LLC at http://northwestregisteredagent.com/twist
(34:59) LinkedIn Marketing - Get a $100 LinkedIn ad credit at http://linkedin.com/angelpod
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Follow at:
X:
https://twitter.com/berkowitz_josh
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LinkedIn:
https://www.linkedin.com/in/jasoncalacanis
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Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Check out Jason’s suite of newsletters: https://substack.com/@calacanis
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Follow TWiST:
Substack: https://twistartups.substack.com
Twitter: https://twitter.com/TWiStartups
YouTube: https://www.youtube.com/thisweekin
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Subscribe to the Founder University Podcast: https://www.founder.university/podcast
Transcript
Click on a timestamp to play from that location
| 0:00.0 | So if you have cap table problems like low founder equity at the seed stage and they've given away 60% of the company |
| 0:07.9 | You're like well when they do their series A that's going to be another 20% gone, |
| 0:12.5 | these founders are going to have very little equity |
| 0:15.3 | and then what happens when you have very little equity? |
| 0:18.9 | Well then you have to recap the company |
| 0:21.1 | or give huge grants to new people or the founders leave to start a new company because they screwed up this cap table. |
| 0:26.3 | So that one... |
| 0:27.3 | You see a lot of that in Canada and in Boston actually. |
| 0:30.4 | Just really broken cap tables at early rounds. |
| 0:33.0 | And do you know why that is? I have some theories, but I'm curious if you figured it out. |
| 0:37.0 | You have all these angel groups that are just kind of predatory and catch these founders. |
| 0:41.0 | Yeah, you nailed before they really know any better. |
| 0:44.3 | This week in startups is brought to you by Squarespace, turn your idea into a new website. |
| 0:50.8 | Go to Squarespace.com slash Twist for a free trial. |
| 0:54.4 | When you're ready to launch, use offer code Twist to save 10% off your first purchase of a website or domain. |
| 1:00.8 | Northwest registered agent will form your company fast, give you the documents |
| 1:06.0 | you need to open a business bank account, and more. Visit northwest registered agent.com |
| 1:12.0 | slash Twist to get a 60% discount on your next |
| 1:15.7 | LLC and LinkedIn ads to redeem a $100 LinkedIn ad credit and launch your first |
| 1:22.4 | campaign go to LinkedIn.com |
| 1:25.1 | slash Angel Pod. |
| 1:27.3 | All right everybody, welcome back. |
... |
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