The Lean Startup and the Long-Term Stock Exchange (with Eric Ries)

Acquired

Ben Gilbert and David Rosenthal

Venturecapital, Ma, Investing, Acquisitions, Startups, Vc, Investment, Business, Technology

4.8 • 2.9K Ratings

🗓️ 30 December 2019

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Season 5, Episode 10: The Lean Startup and the Long-Term Stock Exchange (with Eric Ries)

Acquired closes out Season 5 and 2019 with a radical look into both the past and future decades of startup company building, investing and - yes, exiting - in conversation with legendary Lean Startup author Eric Ries. Nine years on from pioneering the now-canonical concepts of product-market fit, minimum viable products, and pivots during the aftermath of the financial crisis, Eric’s new venture at the Long-Term Stock Exchange represents an equally ambitious attempt to rewrite the orthodoxy of how companies and their investors manage liquidity, governance and alignment around longterm value creation. Like Lean Startup a decade before it, can LTSE help address some of the endemic problems in this generation’s startup ecosystem — excessive capital raising, stay-private-longer, dual-class founder hegemony, extreme illiquidity and quarterly earnings myopia? Tune in to find out!

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Transcript

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0:00.0	Before we start, Eric, I did have to say, did you intentionally pick a building with
0:05.8	gigantic stone pillars in a marble lobby to start your stock exchange in?
0:09.6	Obviously.
0:10.6	I was like, what buildings he talking about?
0:14.0	Is do we have, I know, I'm completely blind to that stuff.
0:17.0	No, I have not, I did not weigh in on the decor of the place. The way of the car. Welcome to Season 5, Episode 10 of Acquired, the podcast about great technology companies and the stories behind them.
0:40.0	I'm Ben Gilbert and I'm the co-founder of Pioneer Square Labs, a startup studio and
0:44.7	early stage venture fund in Seattle.
0:46.7	And I'm David Rosenthal and I'm a general partner at Wave Capital, an early stage venture
0:51.0	firm focused on marketplaces based in San Francisco.
0:54.0	And we are your hosts. Today we tell the story of an incredibly ambitious undertaking,
0:59.6	creating a new stock exchange, a long-term stock exchange that is.
1:05.0	Earlier this year the LTSE was approved by the SEC as only the fifth body was such a license
1:11.4	and we have with us today none other than the founder and CEO Eric Reese to talk about it.
1:17.0	Welcome Eric.
1:18.0	Thanks guys.
1:19.0	Thanks for having me on.
1:20.0	Yeah, yeah yeah.
1:21.0	Listeners, you may know Eric's name from his popular 2011 book, The Lean Startup.
1:26.8	The LTSC was actually started from an idea that Eric had well writing the book, and there are a couple
1:32.0	paragraphs at the end that explore it.
1:34.5	And eight years later, here we are with the LTSC as an approved national securities exchange and
	...

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