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this episode is presented by connection

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when it comes to itt connections

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got your back see

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how at connection.com?

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hello and welcome back you as anti apartheid

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that the business of syrup or we unpack the

0:23

numbers and nuanced behind the headlines i'm

0:25

it's awesome as gay as and this is our wednesday

0:27

so where we nice down to a single topic

0:29

think about a question and unpack the rest

0:32

to they were asking what is the say of early

0:34

sees founders in a changing market dollars

0:36

and deal mags as but as activation energy

0:38

staying as high as it was the for as always

0:40

i am joined by alex will have my inimitable

0:42

cohost and the editor in chief of techcrunch plus

0:45

alex hello

0:46

hey i'm excited about this this is the reasons

0:48

that we shall soon explained going to be the highest

0:51

nicotine episode ever in the history

0:54

of equity

0:55

oh my god i'm missing music to my ears i didn't

0:57

even expect that on the other has

0:59

eluded it's not just him equity on here

1:01

today as you all may know to cleanse had

1:03

been growing his podcast universe really

1:05

with more so as an and one of the so the sound

1:08

is about seventy so it's an it's all about the

1:10

founder journey and i'm obsessed with that

1:12

an hour we have to have the post

1:15

i guess the only goes on the sources

1:17

we have one hundred percent of the current

1:19

sound hosting line up and because

1:21

they haven't had any swap out literally we have the

1:23

ot founding hurt so jordan cook say

1:25

hello what's up party people that

1:28

jordan's voice of you haven't heard of yet enemy also

1:30

darryl hurried under grads so

1:32

gray i love that show for you know we've done

1:35

more than seventy brisk sex and it's

1:38

actually started

1:38

the bias it's not about of the other day

1:41

and technically was i supported a lot more than

1:43

a published some i

1:45

, nearly one hundred would be the best place

1:47

to assess my toxic traders issuing

1:49

a correction when they're on needed a squad

1:52

of you work in here actually

1:55

work with reporters are

1:57

so system

1:58

do you back on topic devices why

2:00

are we all go to the talk about the early stage

2:02

and founder question

2:04

georgia and darryl you bought spend

2:06

every week interviewing founders i get more

2:08

than once a week i would love to hear what

2:10

found all about and then i think that there was a good contacts

2:12

for the so since is all about like the temperature

2:15

sack of people saying to do thing

2:16

yeah sure so found is about

2:18

the stories behind the service is

2:21

how we say it on their you know at the

2:23

start to make it had latvia digestible

2:25

for people that basically we just

2:28

every founders and they tell us why

2:30

they created the can be the created what

2:32

prompted them to get into entrepreneurship to begin

2:34

with what challenges they face in

2:36

the process of growing their business how

2:38

they act as a leader and what

2:40

they think is important in that skill set

2:42

and a bunch of other questions besides i mean

2:45

we often usually diverged

2:47

pretty dramatically from that central pass

2:50

to some tangents that have nothing to do

2:52

with any of that of that that stuff does

2:54

get covered as well so

2:56

it's doubly the by far the show is all

2:58

the different diversions you end up and

3:00

but i love that the so has been

3:02

more than a year old and you can have covered

3:04

sounders during like the highest heights

3:06

of this pandemic boon to now the downturn

3:08

and so jordan against like to sort of i would

3:10

love like a temperature check on how your conversations

3:13

have really changed with sounders this august compared

3:15

to last august yeah so early

3:17

stage

3:17

hunters are a particular breed

3:20

they don't tend to

3:22

get very pessimistic

3:24

which is what allows them to quit

3:26

their full time job or whatever and

3:28

believe in themselves with enough conviction to go

3:31

and start a brand new company so

3:33

i would say attitude wise things haven't

3:35

changed that much and i don't think that

3:37

there's like really a huge

3:39

shortage of capital were definitely see like hesitancy

3:41

from the sees what at the end of the day that

3:43

the deployed they're fun sprite so like

3:45

there

3:45

the capital to be had their i think

3:48

maybe what we're seeing is a little

3:50

more out of the box

3:51

then came from founder so in terms

3:53

of like their willingness to be flexible and

3:55

says it their willingness to the from profitability

3:58

more

3:59

really and

3:59

think about the last few

4:02

downturns we've had the few months after

4:04

the pandemic and then also a two

4:06

thousand and eight two thousand nine it's lenses the

4:08

most resilient

4:09

companies have been built and on of ways

4:12

i'm super amped on

4:14

this cohort of founders this kind of like

4:16

getting out there right now i think one

4:18

other thing that i'll just say that has changed

4:21

maybe mentality was and i don't think

4:23

this acid necessarily do with the down but

4:25

i've noticed in unless like twelve to twenty four

4:27

months and darryl and i talk about lot is

4:29

like there's a new cohort of founders it's

4:32

thinking really long term about how their

4:34

platforms and tools can be used by people

4:36

like in the bad way

4:38

they don't think was the case

4:40

when we first started up yeah we

4:43

have had a few conversations were sounded

4:45

because you know we've been doing this long time not

4:48

to the podcast the talking sounders right

4:50

and we had a few conversations or sounded

4:52

like uber era

4:54

sounding like that kind of bravado

4:56

rally yeah and

4:59

i've flown to do it do it as soon

5:01

as you cross

5:03

how will you be for you to buy

5:07

how much is that exposed to assess

5:09

assess to what i'm doing now is

5:11

a practice

5:13

like this is a put on personality

5:15

that i have for the shell but my natural inclinations

5:18

matter of they were actually very brightly a

5:20

sustainable the biggest lie we've ever set

5:26

foot much more what we see the area is people

5:28

who are like we are considering

5:30

the impact and were thinking very

5:33

much about like if this is a success

5:35

at the scale that we wanted to be wanted success

5:37

what will that mean for the world and how

5:39

do we build in things and guard rails

5:42

and you know that you can't has been everything but

5:44

it's everything very different from you know for

5:46

instance was occur both zuckerberg

5:48

said it was uncovered with hollander but

5:51

let's not at all and zuckerberg i feel

5:53

like the someone's going to agree with us for that sounds

5:55

rockyou drawing of that and then everyone

5:57

will appreciate it and be like okay was

5:59

good

5:59

yeah it's almost a little bit more endearing

6:02

and like robots

6:03

but yeah like it does

6:06

feel like it was the lowest hanging fruit back

6:08

in the day when a founder was like on

6:10

the and change the world and then

6:12

you are like

6:13

yeah but what is like they use it like this

6:16

there were like the world yes world

6:18

what have you actually do it and they were

6:20

like panicked and now you have

6:22

the same thing as the question

6:24

like yeah yeah we've been thinking about that a lot like

6:26

here is how were working around it

6:28

here's our working against it so it's

6:30

pretty special

6:31

i get to avoid on a little bit about who are the kinds

6:33

of people obviously that can be so

6:35

wild about these pitchers and

6:37

kind of talk their bug to a point where they get those first

6:39

cc dollars and it really to me does

6:41

costs a little bit with what we're hearing this is not want

6:43

to prioritize which is being profit

6:45

focus to disciplined and to focus

6:48

focus focus vs like let's shoot for the

6:50

moon and when i had a sore idea for a while which

6:52

i didn't write yeah but it was kind of this idea of like

6:54

the non moonshot it's their time to sign

6:56

right now for investors and so that's what i

6:58

feel like the class and i russia where the column this

7:00

past weekend reserves liquid kind of about this idea

7:02

of like others aren't pitching right now

7:05

to elites center investors cause they aren't really

7:07

ready to sound or look like the outlier

7:09

and they want to kind of be more in their own world

7:11

which doubles the publication but that was the id

7:13

i've been thinking of

7:14

the don't you can you bring us into context about how

7:17

you got to that point and and who you're talking to

7:19

that led to that particular piece i think a source

7:21

in here is useful

7:22

we're at it really started with us having to

7:24

silo live in gr he is the

7:26

founder of gum road which helps creators mart

7:29

has their things and also was one of the principle

7:31

of the rolling fun with i think really encompasses

7:33

the height of the everyone's

7:35

an angel investor boom that happen and twenty twenty

7:37

one or two every at this point so he was

7:39

just chatting and he was like i'm kind of stress not this under

7:41

downturn my deal flow has dropped ninety

7:43

percent compared to march and i think

7:45

he is one of the most well connected people i would know

7:48

i live with early start up to that sort of

7:50

and then i could have as a bunch other people and pieces

7:52

are not agreeing for what it's worth another deal

7:54

slopes is so

7:55

you're not i or

7:56

really whether the founder downturn is happening

7:59

or nausea

7:59

i think that a lot of that depends on like where

8:02

you're looking at what you're looking for so the

8:04

thing with a you're talking about with like

8:06

yes people preferring maybe more

8:08

founders a solid fundamentals in their businesses is

8:11

definitely something we see

8:13

or have seen reflected in our conversations

8:15

with founders but we're already a little

8:18

biased on act as the founders we tend to talk

8:20

to are already more of that ilk

8:22

to begin with that at a plant the

8:24

mix overall jordan i don't

8:26

know if you agree with this but for me i find

8:28

that the people we talk to we

8:30

try to source from not traditional

8:32

silicon valley facts start

8:35

ups as much as possible right like the am

8:37

i good sampling of the overall picture

8:39

a lot of those folks are building solid

8:41

business fundamentals in by design from

8:43

the very beginning and so they seem excited

8:45

because now the seas are looking

8:48

for that ray and they don't have to do the

8:50

like sake thing where the receives

8:52

like the have a why not just bring it on growth

8:54

and then come back and be like we got

8:56

so much growth it's great and then later will

8:58

make money they're like oh yeah we'll

9:00

wait a minute but the this also affected

9:03

people the opposite syria like we had a conversation

9:05

with founders were like you and rooms now

9:07

and at the same people whose five months ago

9:09

were like well this idea is

9:11

a big enough for me are now like where's your

9:13

revenue profitability and i like what

9:16

the hell like laugh at the with it as

9:18

such a strange thing to here in the

9:20

early stage startups market because

9:22

when we think about are listed companies

9:24

and we think about the use of inter capital they're supposed

9:27

to be building in anticipation of future

9:29

revenue to the settlement product and growth and

9:31

the reason they raise expensive equity capital so

9:33

they can go faster ahead of their revenue growth ak

9:36

been unprofitable answer to me the whole profitability

9:38

thing makes a lot more sense like series

9:40

be plus and here we are

9:42

talking about the earlier stages and have been sure dynamics

9:44

play out like it feels like the dissidents

9:47

you pretty exciting next a move towards prof ability

9:49

while raising venture capital is under explored

9:52

yeah when i was hoping to

9:54

helene a the founder and ceo

9:56

of house yesterday about their

9:58

companies swiss to so

10:00

after a series a cell dragons was really

10:02

their choice but they had to they're having

10:04

to sell basically and i answer a question that

10:07

i knew a lot is simple which was they said that they've

10:09

hit ten million in revenue this year

10:11

and i was like why not just use your cash

10:13

flow to operate the business like why did you

10:15

have to go to syria iran could use that a little

10:17

less and done that and said that if you're

10:19

hitting the threshold a lot of like ndd to see

10:21

brand are looking to hit and she was like if i were

10:23

going to do that which i would have loved to i would have had made

10:25

the decision a year ago and to

10:27

me i guess like another thing that's unexplored to your point

10:29

alex is like the timeline the timeline hundred it makes

10:32

us as theirs and the downturn we're seeing fast

10:34

reactor the play offs but a lot of them have capitalized

10:36

with an entirely different landscape and mine and so it's

10:38

really hard to be like now let me stop

10:41

overspending because over something was how

10:43

my business we're going to reach the mouse on that

10:45

i promise i mean it it becomes a circular loop was again

10:47

goes back to who they become the founder disease

10:49

yeah i think like that a b c

10:51

the level of there definitely

10:54

has to be some sort of focus on the ability

10:56

and you're right natasha that that like timeline

10:58

of when you make certain decisions on how

11:00

to use your revenue makes a difference

11:02

but i do think like at the preceded seed stage

11:04

where we're talking a lot of people i

11:06

want to be clear that i don't think the seas are

11:09

looking for process reading

11:11

they're looking for traction which

11:13

might not even equal revenue at

11:15

this point for like nine times

11:17

out of ten a bad as on the person so i actually

11:20

think like the asset that founders

11:22

may have going and seeking venture capital

11:24

and as if they want to because i think a lot of them

11:26

are like i don't wanna be in the growth hamster

11:28

wheel right now i like i'm gonna

11:30

put my head down and build but if they want

11:32

to then what is benefiting

11:35

them as like any track record gray

11:37

area either like industry experience

11:39

that i think like maybe is outweighed by

11:41

just starting a company and having run it

11:43

successfully the past yeah

11:46

but that proves that the able to whether

11:48

a storm and can put together unit economics

11:50

and understand some of the pitfalls that may be a first

11:53

time on or would come into because the best has to be

11:55

on the person that early yeah i wonder

11:57

did also if the sounder downturn

11:59

that's the deal was

11:59

lucky about is what jordan's actually describing which

12:02

is founder say i don't want to be undergrowth hamster

12:04

wheel right now because growth is not inside way

12:06

it was so why would i build my business

12:08

targeted at a decreased and centers

12:10

like this is less incentive to go right now no more incentive

12:13

to grow in a more traditional sense right with proper

12:15

yeah so forth and so i wonder if actually

12:17

v c is less in vogue versus

12:19

the founder drought present in are people that

12:21

have capitalized is less i

12:23

don't know the cool kid at school for watch that

12:25

are for us

12:26

that's my see i agree i'm as i'm hearing as i'm

12:28

kind of like there's actually a different city in a drop

12:30

in deal phone a drop in founders have

12:32

you been so hot water founders that they may not be as interested

12:35

as interested capital would if we think about like

12:37

why see for example agwai sees that it

12:39

got record applications dispatch

12:41

but they chose to have a smaller amounts of start

12:44

up again no one agrees and says looked as confusing

12:47

syria jordan you're gonna say something it's like hard down

12:49

right i began their a lot of founders

12:51

the operate incognito and maybe haven't quit

12:53

their jobs that are still plenty right like we

12:55

don't have data that or we can look at like a founder

12:57

shortage necessarily as just a vibe

13:00

people that i would say both are probably true

13:02

it would be silly to think that founders

13:04

are only people who come from existing

13:06

pool of wealth where they can like take

13:09

a leap off a cliff and hope

13:11

for the best during an economic downturn

13:13

there's still people who are willing to do that but

13:15

there probably is like them downturn and

13:18

entrepreneurship and pro

13:19

they also a lot less

13:21

out of interest jumping

13:24

on the vc bandwagon right now

13:27

to people, too, or opting for even

13:29

debt, instead of you see pictures, like

13:31

this makes more sense for at this point so

13:34

i do think, absolutely

13:36

it's just, it's a a matter of like the whole

13:38

thing the identity, change the absolute

13:41

right to that, people will not go all-in, but

13:43

that just like reserved for a year

13:45

to still continue working there, google job

13:47

or whatever, and doing it at night, or you

13:49

know, whatever else they are happen so,

13:51

often that comes with all the time to google

13:54

and they're like oh yeah we decided to go

13:56

right? i think it's google most of of time ok?

13:59

google of google

13:59

but him on a lot of ago

14:01

the like there's but i think there's also are people

14:03

who are like doing retail business

14:06

development at old navy reserve

14:08

and like decide like they've been working on

14:10

some point of sale product for

14:12

however long and then make the choice

14:15

when it when the time's right is this right now is like

14:17

is the time right i think a lot of people are asking that

14:19

question wow like a clear

14:21

one is old navy still around i don't

14:23

actually know and as far as me

14:25

he days from our navy a guys ten dollars

14:27

saw thousand

14:28

holy around i don't i was just an old navy for

14:31

my entire childhood

14:32

my behalf a gap in only they don't even or

14:34

navy

14:34

the area or producer data points me

14:36

on retail store of fairness

14:38

i wonder if the think the hear about lps which

14:40

is that when the stock market goes down they have lost

14:42

capital in general so they're less likely to want

14:45

to best new funds or like have capital calls

14:47

out of i suppose the founders as well have more

14:49

limited wealth pool but if you

14:51

had a million dollars in stocks and into software

14:53

design while you have less money to buy less risk

14:55

tolerance friends who has probably a similar

14:58

dynamic going that i could to their when impacts

15:00

you brought down to pull

15:01

yeah it's odd to think that like lps

15:04

become more risk averse in the situation

15:05

like it makes sense mathematically

15:08

that like

15:08

here wealth for goes down so you're

15:10

less likely to like throw five million

15:12

ten million whatever at

15:14

there that fund yeah but also like

15:16

it would feel like the time and

15:18

because you're a whale you have the

15:21

agility to do that as opposed

15:23

to iraq

15:24

the guy you were not who actually

15:26

does had

15:27

the guy who can do that and

15:29

because the kind of the ability to

15:31

throw your weight around at a time when everyone

15:33

else would feel more risk averse like you can collect

15:35

a lot of leverage and power and that moment but

15:39

companies out , will

15:41

can be agile by the way the have you heard of

15:44

orca my favorite animal you have a

15:46

millionaire or doesn't concern on a dime

15:48

workers i don't

15:50

believe you if there's you've i've seen

15:52

free willy of a female authors

15:55

are some of the most agile creatures on the planet

15:57

how we define as aldo

15:59

yeah it's like a jeep wrangler

16:02

of the siege of

16:06

i was going to going somewhere with that makes

16:09

it didn't even know your childhood the to avoid

16:11

derailing the carpet do that with

16:13

us we don't hit shots during our podcast

16:17

the everything's out there roa described

16:19

our assistance

16:20

i am pete i'm lazy

16:22

managers slash superhero he's

16:24

funny is that what happened

16:26

i put a very expensive latte

16:28

on top of my car drove off and it's

16:30

film

16:30

it's bathroom how's that my pillow

16:33

my laptop was up there to yeah ok

16:35

that's why we use connection services to manager

16:38

cloud everything's backed up i can access

16:40

your stuff remotely you won't miss a meeting

16:42

i really wanted that like hey pete

16:45

for all your ita needs for pizza

16:48

talked to the experts in connection

16:50

i am pete i'm an i t manager

16:53

today i want to talk about eight heads

16:55

up we've been hacked would happened my

16:57

past

16:57

forgive my birthday everyone knows that

17:00

the february fourteenth why would a really good

17:02

how these people secret is

17:03

i think i do have you ever

17:05

updated it yes i'd seen

17:07

didn't valentine's day okay we're

17:10

protected with connection security services

17:12

you just gotta be more careful plunker yeah

17:15

and for all your eyes he needs for peed

17:17

say to talk to the experts a connection

17:20

on i was gonna ask about activation

17:23

energy and the idea that

17:25

it is a different kind of founder to start a complete

17:27

during this environment so basically like

17:29

a lot of the of these he's i talked to who are positive

17:32

about the downturn are saying obsolete if a lot of

17:34

hundred produce pitching us the ones that do are going to have

17:36

this amazing signal where they

17:38

are building despite all the odds of being against

17:40

them and i'm trying to understand how much

17:42

i should be believing that sentiment suit every

17:44

founder devoting right now have a huge asterisk next

17:46

to their name as being the ones they're doing it dispel

17:49

the odds or like should we we have divided

17:51

up as it more nuance than while your soulmate

17:53

the more nuanced than the yeah

17:55

but i do think it's signal like it it is

17:57

signal allowed interpreter as such right like he

18:00

on our show and we chat with

18:02

people and were like and you decided to start

18:04

this when you know like it'll be

18:06

oh and then reset this right in the middle a covert or

18:08

like braves you can't hell yeah think

18:10

it i feel like that's also true

18:12

of the seas and deftly nuance

18:15

in that you then have to suss it out

18:17

like you have to make the additional distinction of

18:19

are you stupid or are you

18:22

super intelligent and capitalizing on a great

18:24

opportunity

18:24

exactly and that's actually the perfect segue

18:27

into like the kind the sounders right now that has i

18:29

think the for it didn't matter what kind of boundary

18:31

where if you had a good idea and showed drive

18:33

in mysore it has about three buckets of founders

18:35

the one the poor and founder that only set companies

18:37

and bull market the immigrant under that

18:39

care about fighting company but do really

18:41

whereas in return and then the born and raised

18:44

on or that really don't give a crap and

18:46

will start a company regardless of background

18:48

on found i'm guessing you're interviewing all three of

18:50

sorts of a will never admit that they're tourists

18:52

so

18:53

no one really

18:55

wants to admit to that but i'm building

18:57

we try to stay away from that if

18:59

we can suss it out i think that

19:02

we were you to use us it out

19:04

how do you have an hour or more yeah

19:06

okay so when we invite them

19:08

the podcast the we haven't talked to them beforehand

19:10

that it's impossible to suss it out yet like you can't tell

19:12

from the company or whatever but i think

19:14

that you can tell and conversation if i'm reading

19:16

tourists founder correctly

19:18

like your description of it to me that's like

19:21

i want to be a founder for founder safe because i see

19:23

all these other people being successful starting a

19:25

company and so because everything's

19:27

frothy right now i can do almost

19:29

anything and get away with it like to i just

19:32

want to be a founder and ceo and like own my

19:34

own business

19:35

am i i think you can tell that from conversation

19:37

maybe not everyone but i feel like i have a very

19:39

strong sense for that and it i'm very

19:41

burst to it

19:42

generally speaking him because

19:45

i just doesn't

19:46

i almost feel like most successful companies

19:48

start not from that will

19:50

but from like a an

19:52

obsession with a problem and

19:54

i don't feel like tourists founders are very

19:56

obsessed with a problem as soon as they like

19:58

find a problem and area

19:59

that they found one and then they wanted us on

20:02

that yeah and use the also i mean the other

20:04

signals if you're just pisses i pray

20:06

speaking anywhere all is like the pitches

20:08

that come in if it's a pitcher of another

20:10

fifteen company in the middle of the pot

20:12

crypto summer which is now long dead

20:15

right like you're you're looking at that

20:17

side and your iowa wait a minute

20:19

like that is a pretty good signal that this

20:21

is maybe a tourist right and it's like serial

20:24

entrepreneur so and so is pre know

20:26

as he had a milk company and then he had a skateboard

20:28

company like when melt was hot and then once

20:30

keyboards are high i don't know for the terrible example

20:33

of his men thing milk instead of for isn't

20:35

a css as a layer through friday

20:37

percent a year like climate everyone's

20:40

laughing but there was boosted boards which

20:42

we better i hadn't attack once authors in there have been

20:44

built face start ups i think enduring of

20:46

milk so like dad jokes but

20:48

the we the world know

20:50

the start of for everything and there's for

20:52

everything now on and says are but

20:54

like of the founder kind of persona

20:57

is that we have on our

20:59

shell

20:59

thou and i do think that there's

21:02

truth to the idea that there is a stronger

21:04

signal coming through and naturally

21:06

give someone a little bit more credit and a little

21:08

that more benefit of the dow when they do something

21:10

that's harder than when they do something that's easier

21:13

great job to like that's natural

21:15

i think that it's definitely more nuanced

21:17

than i was having a conversation with a b c

21:19

who is talking about a deal that he wants and

21:22

basically the sounder is like

21:24

buddies with a big big name founder

21:26

and has a lot of money because they

21:28

he invested in the big founders seed

21:31

round and is chill and

21:33

am i could take it or leave it without the

21:35

funding and i think like that

21:37

pits is probably great and yeah

21:39

during a during a hard time but like doing

21:42

that the same level of credit if

21:44

like he could just take it or leave it

21:46

and be chill and i don't know that's real

21:48

it's kind of like the idea that every brutes up company

21:50

isn't a grassroots hard

21:53

working yeah like autumn or like i

21:55

just happen to be reds and it's

21:57

allies and sell them on and tell someone

21:59

who doesn't

21:59

door which would i blew my mind honestly

22:02

because i think that something as a name gives you

22:04

some clips of know , guy with

22:06

vibe of lifestyle you pull yourself up from

22:08

nothing and like they could have family wealth they

22:10

could have like works really hard for existing

22:13

well that's not like outside of the realm

22:15

they could have like cashed out or one big

22:17

or whatever but you know

22:20

it's silly to think of anything and this

22:22

ecosystem right now during this economic

22:24

downturn easy super fragmented

22:26

they're more fun than ever their mortgage individual

22:29

funds than ever and on a silly more funding

22:31

than ever there's lots of capital cities

22:33

like new categories of start ups of crypto

22:36

and all these things silly to think

22:38

that there's not by the time nuance and he

22:40

image or scenario the have club real

22:43

i think it's also important keep in mind how much money they're

22:45

still isn't the market because often

22:47

times it's like we talked about like to venture down turn

22:49

sort of slow down or whatever but we're gonna probably

22:51

crush twenty twenties venture capital totals

22:54

those years the over year we're going to be

22:56

behind actually is twenty twenty

22:58

one which is the absolute peak of

23:00

the last cycle so i mean things

23:02

are slowing down but they're still going pretty

23:04

damn fast so let me think about stuff

23:06

that's my vibe i struggled to be like terrified

23:09

for founders are now but under his cabinet that there's still so

23:11

much more than they're worth two three years ago

23:13

and then she was five two or three years ago near

23:16

and also i alluded to this earlier

23:18

but like

23:19

the fun that are being deployed right

23:21

now we're site and received

23:24

years ago you know up to

23:26

eight years ago sometimes a year though two

23:28

years ago

23:28

am i have to be deployed and have to

23:30

be deployed somewhat timely so like there's

23:33

room for of the see to be like

23:35

say we're gonna trail a little bit

23:37

wall into a couple deals for like

23:39

there's something about portfolio construction

23:42

and signal boosting and

23:44

kind of like category tracking that has to

23:46

be done as he sees no matter what

23:48

of actually so they can only

23:51

hold off for so long until after i

23:53

detect even if it's a chair

23:54

if to be like i want to keep track of this category the

23:56

tonight like it's new money and new money

23:59

out constantly

23:59

the rolling basis

24:01

the only ones that really stands to benefit

24:03

the most are not legacy comfort like

24:05

that existing startups looking to scale

24:07

cause that's the whole problem to began the hard

24:09

part is they to the had valuations

24:12

that were out of touch with reality even more so than

24:14

usual right and so the companies that santa

24:16

make the most are there early stage comfort is because the fuzzy

24:18

to be deployed to jordan's point and they're

24:20

gonna go into companies that don't yet

24:22

have astronomical ridiculous valuations

24:25

mean i think things are still expensive though i

24:27

don't let your violations are

24:29

astronomical and like laughable

24:31

but like i think round

24:32

but i think

24:34

might be part of the hesitancy

24:37

he added a woman a manifesting happening the feces

24:40

are saying that prices are dropping because at

24:42

some plant of honorably that and

24:44

then they will offer a lower other reason or be okay

24:46

with a lower value a sense which is funny but i

24:48

kind of want to and on the idea of like were lovers

24:50

we can pull to get more agatha of this is not

24:53

us more has a photographer

24:55

cause photographer cause the whale

24:57

no ads i'd already

24:59

as orca a blue well or

25:01

bluebells bigger they are willing to bear

25:03

but they can't is a breath agile

25:05

yeah way less agile

25:07

you would have had a will so

25:09

though i'm not going to as islands go go straight

25:11

and ram the orca and seek them out there

25:13

are now i couldn't catch an orc as tried

25:16

sea org has gone on

25:19

, open my bailey mouse

25:21

and is gold that thing down here

25:24

in hot and will guys this is where we're

25:26

at and sale doctors doctors

25:28

of bonuses that i said please rapper

25:31

thought were loss

25:32

well

25:33

the president mike sometimes it's

25:35

know i learned a different it's it's kind

25:38

of one of it but opponents and

25:40

with different ways that will see investors

25:42

try and get more founders out there could i get

25:44

all of you are it's like this really good times but i

25:46

just have to say if i was laid off from a tech company right

25:48

now i don't think my first instinct as

25:51

well as someone were to sit down there companies that are salinas

25:53

first instinct is let me jump back into entrepreneurship

25:55

even though i exhibit all these qualities of brett

25:58

intelligence of last select their

26:00

ways that people can be activated

26:03

didn't exist in ways we want to didn't have to access

26:05

and other for a sick as has the question was

26:07

his idea threats

26:08

i will answer to my

26:10

own flesh

26:11

i think this is a do a better job and providing

26:13

low risk ways for people to try and for nurse

26:15

at we saw some examples of it like

26:17

join this community while you're the star pm at

26:19

your company which is fine but

26:21

i would love to see more things that v fellows

26:23

with offers like ten k to leave your job for

26:25

a week and try and idea i just

26:27

i like the idea of someone having a security blanket

26:29

but still be able to do something that requires

26:31

a lot of quote risk and quote luck was

26:34

feels like a lot like girl is it ya

26:36

think i think that's

26:37

right it's great if you can decrease risk

26:39

i don't know like what the cap well structure or like

26:42

plan is for one that does work out

26:44

for that person for ten k and like what

26:46

the equity sure i dunno about that that feels

26:48

like a little accelerator he where you're

26:50

like giving up too much equity for

26:52

smaller chat or whatever however

26:55

i do think that it's income the if he sees really

26:57

do want more entrepreneurs out there are

26:59

few things off to happen first century

27:02

free north korea on that was ideas

27:05

maybe yeah

27:06

when i come up but also money now

27:08

that's fine i just don't think that he

27:11

looks like a not enough whole business model and

27:13

to get the equity so like i don't know the

27:15

like there are like person

27:17

other things that he sees can do when they

27:19

find a company i think a lot of the seas have

27:21

been skating by on like day

27:23

wow code know code that notion

27:26

doc that will help you

27:28

be a better founder or whatever

27:30

like correctly or whatever yeah

27:32

so like you actually have to provide

27:34

something whether it's like office space

27:37

a lot of he sees giveaway office space maybe that

27:39

can be done better whether it's like

27:41

the actual curriculum they provide or their willingness

27:43

to be on the phone and actually help through problems

27:46

rather than just and trolling you to the through that other

27:48

person to solve it the like getting

27:50

your hands dirty and making of making

27:52

a name the yourself and making sure

27:54

that your founders in your portfolio companies

27:57

feel like you are gonna be

27:59

there for them

27:59

and help them through this i think is a big

28:02

piece of it from think it can be understated

28:04

and i think the be season as getting by on

28:06

that yeah yeah i mean i don't have any

28:08

specific ideas beyond the i think that

28:10

once a you mentioned are good i think

28:12

it's kind of just like chino to make

28:15

sure that the environment is ready and

28:17

welcoming gray and like that's gonna be

28:19

part of what you're talking about and it's also

28:21

gonna be a willingness to look

28:23

beyond pattern matching which is all consistently

28:26

a problem and seems to be more of

28:28

a problem in tough times as we've seen

28:30

from the numbers over the past years of people seem

28:32

feces in general seem to revert to type when it

28:34

comes to pattern matching and fall

28:36

into all they're all bad habits instead of

28:38

looking to new types of us when years

28:40

and more diverse founder population

28:42

select find new things race i think

28:45

that's gotta be a real part of it is like really

28:47

put your money where your mouth is there and star

28:49

actually making the numbers reflect

28:51

a lot of statements cause that's gonna help that's

28:54

another thing people could do better find people

28:56

who are interested in starting a company that made i was made

28:58

the jump yard and then bring it into their venture portfolio

29:01

and then rotate them through prefer your company's

29:04

a couple weeks he's company for a couple of months

29:06

get a bit hard exposure and knowledge

29:08

and then fund them at a very early stage

29:10

and see how they do i think we could probably just

29:13

help founders get off the ground more be

29:15

expected to go from as just

29:17

still fat zero to one on the on their

29:19

own and that's probably going to be a higher boundary

29:21

for certain people in certain says economic decisions

29:23

and so forth so if you find a way to d risk

29:25

that and jump start at you could decide to build

29:27

more for center for the she wanted and i

29:29

think now the of raise more where to go about it it would take

29:32

work but one thing that work

29:34

requires his money and one thing that he sees

29:36

have read more of this year than progeny of years

29:38

and capital so they can do whatever they want

29:41

and if they're not doing these things as good a want to

29:43

adding also like if we're talking about the long

29:45

game not like immediately i need a bunch

29:47

of founders the like the long game for founders

29:49

is for a lot of these for a stage the

29:52

cease to really get some

29:54

of these growth stage companies over

29:56

the hump to their accent because

29:58

i have consistently

29:59

found that like the greatest

30:02

number of founders often come from

30:05

the big accident the art up

30:07

that they decide oh i did the alongside

30:09

us have the network i know what i'm doing i'm

30:12

infinite and they tend to get funded really well

30:14

soon as the economic downturn

30:16

telexes those companies hard

30:19

being valuable and

30:22

betting with them and helping them get

30:24

to that next stage of exit i

30:26

think is gonna be critical because that

30:27

without waterfall that overflow

30:30

of entrepreneurs and have historically

30:32

com particularly and like non

30:34

silicon valley like in other hugs

30:37

then they're more willing to jump off

30:39

and go do something else rather than my

30:40

leave to go to another late stage company

30:43

but to build the hubs so

30:45

, summarize during comment if the uniforms

30:47

were get off their ass go public we would have

30:49

more founders and we'd have more fun and whatever episodes

30:51

of sound says you i'm more upset some can

30:53

go public already for waiting waiting

30:56

ramrod of gas there's no or founders

30:59

as none of the surface take away from

31:02

low and founder deal

31:03

oh you're imbecile going to be ruined

31:05

a big you both so much for joining agree

31:07

this was a blast were said people signed

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31:22

on tech crunch we have some exciting

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episodes coming out we have a fantastic guess we're

31:26

really excited for its jay [unk] chandra shekhar

31:29

who is a you know from super troopers

31:31

fame director of many

31:33

many different things like episodes

31:36

or if arrested development for instance and

31:38

who resident alien i didn't even

31:40

know that i think we're going to record at like right now

31:42

and we are yeah yeah

31:45

, he he's created his own app

31:47

and it's a competitor to rotten tomatoes

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and it is called

31:52

vouch vault volvo vouch

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vault vouch fall yeah

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we're really satisfaction though that

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okay i'm found has a better twitter handle

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them equity which breaks my heart to say they are at

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on twitter and alex you're the best

32:12

thing for dinner with me as always

32:13

my daughter they was visited by gonna complain occasionally

32:16

so very easy one but as of i think they're the

32:18

best darryl screw alex

32:20

a frown upon thank you i agree

32:23

well i saw her know thoughts see

32:26

, monday on friday we'll

32:28

, you on friday

32:29

wow

32:33

start the landing hard

32:41

why couldn't a blue well he norco

32:47

hey everyone this

32:49

is lucas mapping and i'm anita ramos funny

32:51

we're launching a new tech crunch podcast

32:53

called chain reaction digging into the world

32:55

of crypto currencies and if teas and

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web three crypto ,

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captured the attention of some of silicon valley's most

33:02

influential investors and founders griping

33:04

it is the future the internet is a

33:06

controversial vision and one still dominated

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by scams heists and infighting

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and holding block by block

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each wait while unpack and explain the

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what the of them