Liquidity

Todays show: David Weisburd hosts Elad Gil, David York, and Jason Calacanis to discuss recession fears, new investment trends, geographic and talent concentration in the startup sector, and more! (0:00) David Weisburd intros Elad Gil, David York, and Jason Calacanis (0:31) Recession fears and their effects on Silicon Valley and startups (3:47) Economic news impact on AI and SaaS ecosystem slowdown (7:00) Macro factors affecting startups and advice for founders (11:04) Excess funding options and the role of financial sponsors (17:40) Zero-based budgeting at Twitter and early-stage investment strategies (20:30) Rise of AI programs and the competitive advantage of tech ecosystems (23:29) Startup culture analogies and the impact of content creation (27:19) Running accelerator programs and AI's impact on tech stacks (32:40) FTC ruling on non-competes, liquidity challenges, and private market trends (40:11) Tax implications, capital costs, and synthetic stock in private companies (46:07) Delaware section 220 requests and secondary market evolution (49:19) AI talent, unicorn distribution, and local talent pool impacts (56:24) Company relocations, workforce distribution, and over-hiring issues (1:00:20) Return to office movement and the future of remote work dynamics (1:07:23) Building in-person culture and the importance for AI startups (1:09:59) Essentialism in venture firms and focusing on winners Mentioned on the show: https://www.reuters.com/markets/us/futures-slide-amazon-intel-forecasts-disappoint-jobs-data-awaited-2024-08-02 https://www.boringbusinessnerd.com/post/top-startup-accelerators Follow Elad: X: https://x.com/eladgil LinkedIn: https://www.linkedin.com/in/eladgil Check out: https://eladgil.com Follow David York: LinkedIn: https://www.linkedin.com/in/david-york-2407295 Check out: https://ttcp.com Follow David Weisburd: X: ⁠⁠https://twitter.com/DWeisburd⁠⁠ LinkedIn: ⁠⁠https://www.linkedin.com/in/dweisburd⁠⁠ Check out: ⁠⁠https://10xcapital.com Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis Listen on: Apple Podcasts: https://podcasts.apple.com/us/podcast/liquidity/id1729433064 Spotify: https://open.spotify.com/show/2T64PheDtaMDmFH9pS3GgK Follow on X: https://x.com/liquiditypod

Todays show: David Weisburd hosts Dana Johns, Tom Loverro, and Jason Calacanis to discuss secondaries (00:50), VC leverage against startups (19:41), venture capital strategies (25:31), cybersecurity investments (33:07), and more! Timestamps: (0:00) David Weisburd intros Dana Johns, Tom Loverro, and Jason Calacanis (0:50) Secondary pricing signaling a potential VC recovery (8:06) Timeframes, returns for secondary funds, and founders' secondary sales (12:32) Increasing liquidity in private markets (19:41) VC leverage against startups is near an all time high (25:31) Venture capital strategies, succession planning, and valuation in the Goldilocks zone (33:07) Cybersecurity investments, IPO window, and M&A market dynamics (43:08) Lightning round on latest investments Mentioned on the show: https://pitchbook.com/news/articles/aging-vc-funds-secondary-stakes-market-limited-partner-exits https://www.secondariesinvestor.com/blackstone-plans-to-launch-biggest-secondaries-fund-yet https://news.crunchbase.com/cybersecurity/cybersecurity-funding-venture-wiz-ai-cyera Follow Dana: LinkedIn: https://www.linkedin.com/in/danasjohns Follow Tom: X: https://x.com/tomloverro LinkedIn: https://www.linkedin.com/in/tomloverro Check out: https://www.ivp.com Follow David: X: ⁠⁠https://twitter.com/DWeisburd⁠⁠ LinkedIn: ⁠⁠https://www.linkedin.com/in/dweisburd⁠⁠ Check out: ⁠⁠https://10xcapital.com Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis Listen on: Apple Podcasts: https://podcasts.apple.com/us/podcast/liquidity/id1729433064 Spotify: https://open.spotify.com/show/2T64PheDtaMDmFH9pS3GgK Follow on X: https://x.com/liquiditypod

Todays show: David Weisburd hosts Jamie Rhode, Matthew Mulvey, and Jason Calacanis to discuss DPI coming to Silicon Valley (00:45), demographic data on the backgrounds of Unicorn founders (23:08),and trends for limited partners (30:54), and more! * Timestamps: (0:00) David Weisburd intros Jamie Rhode, Matthew Mulvey, and Jason Calacanis (2:11) DPI, recent acquisitions, and economic impacts on distributions (4:18) Consistent vintage exposure and proactive DPI management strategies (10:46) Sequoia's liquidity approach and LP needs in venture capital (15:02) The role of emerging managers and secondary markets in VC (20:23) The impact of M&A deals and the importance of partnership selection for founders (23:08) Unicorn founder demographics and underdog success (30:54) LP preferences, the challenges for emerging managers, and democratizing venture investments (45:37) The decline of first-time funds, motivations for fund creation, and innovations in fundraising (52:19) Venture portfolio management with AI and technology adoption parallels * Mentioned on the show: https://www.axios.com/2024/07/15/sequoia-capital-stripe https://techcrunch.com/2024/03/27/unicorn-founders https://x.com/Samirkaji/status/1801351637895942243?utm_campaign=OpenLP+newsletter&utm_medium=email&_hsenc=p2ANqtz-8j6WSVjgGUZXegAo58QYJgSmqd90ozahWmHQWU0Qsnyk_KaXsIldVB7mrcruCafZe_JukeEs-r0fC78VCzJ0kOU7Ppog&_hsmi=313664446&utm_content=313664446&utm_source=hs_email&mx=2 * Follow Jamie: LinkedIn: https://www.linkedin.com/in/jerrcfa Check out: https://www.screendoor.co * Follow Matthew: LinkedIn: https://www.linkedin.com/in/mattmulvey Check out: https://www.liquid2.vc * Follow David: X: ⁠⁠https://twitter.com/DWeisburd⁠⁠ LinkedIn: ⁠⁠https://www.linkedin.com/in/dweisburd⁠⁠ Check out: ⁠⁠https://10xcapital.com * Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis * Listen on: Apple Podcasts: https://podcasts.apple.com/us/podcast/liquidity/id1729433064 Spotify: https://open.spotify.com/show/2T64PheDtaMDmFH9pS3GgK * Follow on X: https://x.com/liquiditypod

Todays show: David Weisburd hosts Logan Allin, Neil Datta, and Jason Calacanis to discuss Vinod Khosla’s views on AI (1:13), Trumps H-1B policy (11:24), incorporation to funding stage (36:09), and more! * Timestamps: (0:00) David Weisburd intros Logan Allin, Neil Datta, and Jason Calacanis (1:13) Vinod Khosla's talk on AI at Collision Conference (3:31) EU regulation, AI, and M&A's impact on portfolios (8:36) Taxation and its impact on VC (11:24) Trump's stance on H-1B visas and immigration policy (19:32) Debate on AI partnerships and future implications (28:00) Importance of retaining skilled immigrants (36:09) Carta data on incorporation to funding stage * Follow Logan: LinkedIn: https://www.linkedin.com/in/loganallin Check out: https://fin.capital * Follow Neil: X: https://x.com/NKDAdvisory LinkedIn: https://www.linkedin.com/in/neildatta Check out: https://nkdadvisory.com⁠ * Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis

Todays show: David Weisburd hosts Konstantine Buhler, Ana Marshall, and Jason Calacanis to discuss VCs not raising new funds (1:28), Cisco's $1 billion AI fund (27:29), and more! * Timestamps: (0:00) David Weisburd intros Konstantine Buhler, Ana Marshall, and Jason Calacanis (1:28) VCs not raising new funds, market impact, and the current state of venture capital (3:56) Challenges for new fund managers, power laws, and investment strategies (9:02) Capital deployment, returns, and portfolio assessment (14:28) Emerging managers and market trends (26:57) Cisco's $1 billion AI fund (32:09) AI applications and business models (44:45) Investment strategies for M&A vs. IPO (47:38) Lightning round on latest investments * Follow Konstantine: X: https://x.com/KostaBuhler LinkedIn: https://www.linkedin.com/in/konstantinebuhler Check out: https://www.sequoiacap.com * Follow Ana: LinkedIn: https://www.linkedin.com/in/ana-marshall-b072136 Check out: https://hewlett.org * Follow David: X: ⁠⁠https://twitter.com/DWeisburd⁠⁠ LinkedIn: ⁠⁠https://www.linkedin.com/in/dweisburd⁠⁠ Check out: ⁠⁠https://10xcapital.com * Follow Jason: X: https://twitter.com/Jason LinkedIn: https://www.linkedin.com/in/jasoncalacanis

Todays show: David Weisburd hosts Jaime Matus, Michael Eisenberg, and Jason Calacanis to discuss AI investments and the potential washout of overfunded startups. They also touch on VC hypocrisy, and the role of geography in the VC ecosystem. * Timestamps: (0:00) David Weisburd intros Jaime Matus, Michael Eisenberg, and Jason Calacanis (4:11) Pitchbook data summarizing the total amount of capital invested in AI (18:48) Comparing AI trends with the dot-com bubble and the paradox of monetizing attention (24:58) Veteran VCs' concerns and the importance of price discipline (33:27) Managing a diverse portfolio and challenges in VC (42:18) The impact of new venture firms and the changing role of VCs (50:12) The role of geography in the VC ecosystem and the changing dynamics of startup Locations * Follow Jaime: X: https://x.com/JaimeMatusVC LinkedIn: https://www.linkedin.com/in/jaime-matus Check out: https://www.invariantes.com * Follow Michael: X: https://x.com/mikeeisenberg LinkedIn: https://www.linkedin.com/in/mieisenberg Check out: https://aleph.vc * Follow David: X: ⁠https://twitter.com/DWeisburd⁠ LinkedIn: ⁠https://www.linkedin.com/in/dweisburd⁠ Check out: ⁠https://10xcapital.com * Follow Jason: X: ⁠https://twitter.com/jason⁠ Instagram: ⁠https://www.instagram.com/jason⁠ LinkedIn: ⁠https://www.linkedin.com/in/jasoncalacanis

Todays show: David Weisburd hosts Mel Williams, Delian Asparouhov, and Jason Calacanis to discuss crypto regulation, AI spending, and immigrations role in startups. * Timestamps: (0:00) David Weisburd intros Mel Williams, Delian Asparouhov, and Jason Calacanis (4:15) WSJ reports that top crypto funds are back in the market (10:07) Jason's proposal for a "sophisticated investor test" for crypto investments (16:18) The limitations of current SEC regulations and the potential political impact of crypto regulation (25:16) AI spend is up across the board in 2024 (37:37) GPT-4o demos and the rapid commoditization of AI technology (52:19) Immigration and its impact on the startup ecosystem (1:01:47) Self-censorship and the importance of a free society * Follow Mel: LinkedIn: https://www.linkedin.com/in/mel-williams-00584a5 Check Out: https://truebridgecapital.com * Follow Delian: X: https://x.com/zebulgar LinkedIn: https://www.linkedin.com/in/delian-asparouhov-87447742 Check out: https://foundersfund.com https://www.varda.com * Follow David: X: ⁠https://twitter.com/DWeisburd⁠ LinkedIn: ⁠https://www.linkedin.com/in/dweisburd⁠ Check out: ⁠https://10xcapital.com * Follow Jason: X: ⁠https://twitter.com/jason⁠ Instagram: ⁠https://www.instagram.com/jason⁠ LinkedIn: ⁠https://www.linkedin.com/in/jasoncalacanis

Todays show: David Weisburd hosts Joshua Berkowitz, Donald Stalter and Jason Calacanis to discuss Elon Musk raising $6B for his new AI startup (4:44), PitchBook's report on Emerging Managers (16:04), SVB’s venture portfolio situation (40:16), and much more! * Timestamps: (0:00) David Weisburd intros Joshua Berkowitz, Donald Stalter and Jason Calacanis (4:44) xAI raises $6B (11:49) Sequoia leading a $6B round for AI (16:04) PitchBook's report on Emerging Managers (27:02) The impact of the surge of venture capital in 2021 and its implications for the ecosystem (34:16) The impact of a positive investor attitude on founders (40:16) The Silicon Valley Bank (SVB) venture portfolio situation (45:39) Lightning round of last 3 investments * Mentioned on show: https://www.axios.com/2024/05/03/svb-venture-capital-arm * Follow Donald: X: https://twitter.com/donnystalter LinkedIn: https://www.linkedin.com/in/donaldstalter Check out: https://www.fieldguide.io https://www.permitflow.com https://slopepay.com * Follow Joshua: X: https://twitter.com/berkowitz_josh LinkedIn: https://www.linkedin.com/in/joshua-berkowitz-86005b23/ Check out: https://dexa.ai https://powerset.co * Follow David: X: ⁠https://twitter.com/DWeisburd⁠ LinkedIn: ⁠https://www.linkedin.com/in/dweisburd⁠ Check out: ⁠https://10xcapital.com * Follow Jason: X: ⁠https://twitter.com/jason⁠ Instagram: ⁠https://www.instagram.com/jason⁠ LinkedIn: ⁠https://www.linkedin.com/in/jasoncalacanis

Todays show: David Weisburd hosts Jeff Richards, Ryan Denehy, and Jason Calacanis to discuss down rounds in startups, changing operations in response to market shifts, and the impact of AI & remote work on job availability. * (0:00) David Weisburd intros Jeff Richards, Ryan Denehy, and Jason Calacanis (4:29) Discussion on down rounds and cram down rounds in VC deals (12:16) Ryan Denehy discusses the terms of investment and the importance of good business fundamentals (19:00) Consequences for founders who fail to navigate their firms financially and the necessity of making changes for efficiency (26:54) The importance of deal flow in venture capital and strategies to increase it (31:51) Discussion on the use of AI in businesses and skepticism towards (45:56) The potential benefits of AI infrastructure for startups (51:38) The power of AI in small businesses and its impact on the economy (56:58) The role of remote work in shaping the global economy and the potential of offshore hiring (01:06:01) Wrap up: Jeff's latest 3 investments and Ryan's company, https://www.electric.ai * Follow Jeff: X: https://twitter.com/jrichlive LinkedIn: https://www.linkedin.com/in/jeffrichards Check out: https://notablecap.com/ * Follow Ryan: X: https://twitter.com/denehyxxl LinkedIn: https://www.linkedin.com/in/ryandenehy Check out: https://www.electric.ai/ * Follow David: X: ⁠https://twitter.com/DWeisburd⁠ LinkedIn: ⁠https://www.linkedin.com/in/dweisburd⁠ Check out: ⁠https://10xcapital.com * Follow Jason: X: ⁠https://twitter.com/jason⁠ Instagram: ⁠https://www.instagram.com/jason⁠ LinkedIn: ⁠https://www.linkedin.com/in/jasoncalacanis

Todays show: David Weisburd hosts Logan Bartlett, Hunter Somerville, and Jason Calacanis to discuss the current fundraising market (1:21), the potential of secondary markets ( 44:31), Google’s huge investment in generative AI (52:19), and much more! * Timestamps: (0:00) David Weisburd intros Logan Bartlett, Hunter Somerville, and Jason Calacanis (1:21) Fundraising indicators and the current environment (5:28) Importance of governance and incentives in investment decisions (9:44) Building trust with limited partners and pacing in venture capital (14:12) Challenges and realities of venture capital (18:23) The decision between being an entrepreneur and a fund manager (21:52) Managing VC firm reputation and dealing with difficult founder situations (26:34) Importance of getting liquidity and secondary transactions (44:31) The potential of secondary markets and the impact of M&A on capital markets (52:19) Google's $100 billion investment in AI and competition in the AI ecosystem (1:03:32) The challenge of capacity in seed stage investing and the value of a strong community in portfolio management * Follow Logan: X: https://twitter.com/loganbartlett LinkedIn: https://www.linkedin.com/in/loganbartlett Check out: https://www.redpoint.com * Follow Hunter: LinkedIn: https://www.linkedin.com/in/hunter-somerville-2a24117 Check out: https://www.stepstonegroup.com/ * Follow David: X: ⁠https://twitter.com/DWeisburd⁠ LinkedIn: ⁠https://www.linkedin.com/in/dweisburd⁠ Check out: ⁠https://10xcapital.com * Follow Jason: X: ⁠https://twitter.com/jason⁠ Instagram: ⁠https://www.instagram.com/jason⁠ LinkedIn: ⁠https://www.linkedin.com/in/jasoncalacanis