Michael Kim, Jason Calacanis, and David Weisburd on VC marks, Rabois leaving FF for Khosla, and more | E1879
This Week in Startups
Jason Calacanis
4.2 • 1.4K Ratings
🗓️ 12 January 2024
⏱️ 61 minutes
🧾️ Download transcript
Summary
This Week in Startups is brought to you by…
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://www.northwestregisteredagent.com/twist to get a 60% discount on your next LLC.
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OpenPhone. Create business phone numbers for you and your team that work through an app on your smartphone or desktop. TWiST listeners can get an extra 20% off any plan for your first 6 months at http://www.openphone.com/twist
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Today’s show:
Michael Kim joins David Weisburd and Jason Calacanis to discuss LP doubts around GPs marking startups (2:43), LP portfolio construction (13:44), secondary strategies (19:57), Keith Rabois returning to Khosla Ventures (35:15), and more!
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Timestamps:
(0:00) David Weisburd hosts Michael Kim and Jason Calacanis to dive into the world of VCs, LPs and GPs
(2:43) Exploring the doubts LPs may have about how VCs are marking startups
(7:51) Jason's strategy as an LP in funds and the search for a universal gold standard in LP benchmarks
(10:14) Why LPs might be incentivized to allow markups from GPs
(12:49) Northwest Registered Agent - Get a 60% discount on your next LLC at http://www.northwestregisteredagent.com/twist
(13:44) LP portfolio management best practices
(19:57) Evaluating different GP strategies for secondary deals
(24:37) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at http://www.devsquad.com/twist
(25:44 ) Comparing "idealistic" and "pragmatic" fund manager archetypes. what the right number is for a founder to sell in secondary
(33:39) OpenPhone - Get 20% off your first six months at http://www.openphone.com/twist
(35:15) Breaking down Keith Rabois leaving Founders Fund to return to Khosla Ventures
(44:52) Addressing the challenges and responsibilities of starting a new firm
(48:08) Bill Ackman’s crusades, how LPs look at backing outspoken GPs
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Thanks to our partners:
(12:49) Northwest Registered Agent - Get a 60% discount on your next LLC at http://www.northwestregisteredagent.com/twist
(24:37) DevSquad - Get an entire product team for the cost of one US developer plus 10% off at http://www.devsquad.com/twist
(33:39) OpenPhone - Get 20% off your first six months at http://www.openphone.com/twist
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X:
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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Transcript
Click on a timestamp to play from that location
| 0:00.0 | And I was the bad guy for bringing even bringing it up, you know, because it's not founder friendly. |
| 0:04.3 | This is in the past though. I don't think a lot of that's happening now, right? |
| 0:07.2 | Oh, zero. None of it's happening now. Yeah. Right. But that did happen so that everyone knows in the past five six years. |
| 0:14.1 | I mean, that was, I wouldn't say it was common, but it was happening. |
| 0:17.4 | And that's how later stage firms were competing. |
| 0:19.7 | And they're making their best offer and they're appealing to some of the short-term thinking of the founders. |
| 0:25.2 | If you want to be generous, you could say short-term thinking. |
| 0:27.0 | It's not a criticism of the founders because they're just acting rationally, right? |
| 0:31.1 | So they're comparing different offers. We have multiple offers we we pick the one that's best for us. Yeah, so you don't you don't blame it, but it's bad hygiene I think it's as Michael saying it doesn't exist anymore, but yeah. Wow, that's a good first topic. We went deep on some inside |
| 0:45.2 | information on how things work in Silicon Valley. This week in startups is |
| 0:51.2 | brought to you by Northwest registered Agent will form your company fast, |
| 0:55.2 | give you the documents you need to open a business bank account, and more. |
| 0:58.9 | Visit Northwest Registered Agent.com slash Twist to get a 60% discount on your next LLC. |
| 1:06.1 | Dev Squad. Most Dev agencies only offer developers. Why? Because product |
| 1:11.2 | management is hard. |
| 1:13.0 | Get an entire product team for the cost of one US developer, |
| 1:16.5 | plus 10% off at Dev Squad.com slash twist. |
| 1:21.4 | And open phone brings your team's business calls, texts, and contacts into one delightful app that works anywhere. |
| 1:29.0 | Get 20% off your first six months at Open Phone. |
| 1:32.0 | dot com slash twist. |
| 1:34.0 | All right everybody welcome to this week and startups and the first episode of liquidity. |
| 1:38.3 | This is a podcast where I'm trying to put together a little bit of a mix of G. P. |
... |
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