The Tiger Global Memo: From Sequoia Capital to Benchmark and Thrive: The World's Best on the Rise of Tiger Global
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 637 Ratings
🗓️ 23 February 2022
⏱️ 20 minutes
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Summary
Tiger Global are one of the most discussed venture firms on the planet. With a deal cadence and capital deployment speed that is unmatched, they have made their mark on the venture landscape like no other over the last 24 months. Today we are joined by leaders from Sequoia, Benchmark, Thrive Capital, General Atlantic, GGV and Aleph to discuss the rise of Tiger and how it impacts the venture ecosystem.
In Today’s Episode on Tiger Global You Will Learn:
1.) Doug Leone: Sequoia Capital
- Why we need to change the words when use in venture? Why we need to get rid of "the game"?
- How does the rise of Tiger compare to the rise of prior entrants with the same approach?
- Why does Doug believe that the craft of venture will persist despite these new entrants?
2.) Bill Gurley: Benchmark Capital
- How does Bill analyse the change in late stage venture today?
- What are the main drivers of the increased competition in late stage venture?
- Why does Bill get concerned not by Tiger but how others respond to Tiger's model?
- How does Bill analyse the entry of hedge funds and PE funds into traditional venture models?
3.) Michael Eisenberg: Aleph
- How does Michael think about the "weaponisation of capital"?
- What are the significant benefits for a fund of having more capital than their competitors?
- How does this capital advantage change in boom and bust times?
4.) Anton Levy: General Atlantic
- Why does Anton believe that funds are leveraging their assets more efficiently than ever?
- How does Anton approach the mindset of AUM scaling without lowering returns?
- Why does Anton never want to compete on price?
- How does GA think about competing in a world of Tiger and hedge funds investing in tech?
5.) Hans Tung: GGV
- Why did Hans always believe the model to look at moving forward was Tiger?
- Why does Tiger's business model allow them structural and financial advantages over their competitors?
- What does Hans make of the data network effects of Tiger with their strategy?
6.) Kareem Zaki: Thrive Capital
- Why does Kareem think Tiger's approach makes absolute sense?
- Why does Kareem believe so many in venture like to try and discredit the Tiger model?
- How does Tiger's approach differ to Thrive's?
Transcript
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| 0:00.0 | This is 20VC The Memo with me, Harry Stebbings. Now, the memo is the monthly show where we go deep on one company, hearing the thoughts of the investor that led their round. |
| 0:07.9 | But today, I really wanted to mix it up. For the last year, everyone has spoken endlessly about Tiger. |
| 0:12.8 | And so I thought I would bring together some of the best clips and opinions from 20VC on Tiger. So in this episode, we'll hear from leaders that Sequoia, Benchmark, GGV, Thrive, |
| 0:23.1 | General Atlantic, and more, hearing their thoughts and opinions on the rise of Tiger. But before we |
| 0:27.6 | dive into our first segment with Sequoia's Doug Leone, there is no set recipe for creating an |
| 0:32.0 | industry-defining company, but one issue that occupies every successful startup is managing equity |
| 0:36.9 | properly. |
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| 0:43.0 | Legi is the next generation equity management product built for scaling teams. |
| 0:47.5 | When you really understand your cap table and share ownership, you motivate and engage your team and have more transparent conversations with investors. |
| 0:50.7 | With Legi, your employees have rich dashboards that actually tell them what their share |
| 0:54.7 | options mean. And powerful scenario modeling means real collaboration with investors during |
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| 1:45.0 | meaning and purpose in their work. And guess what? This means to retaining and attracting the best |
... |
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