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Speaker 1: M This is mesters in Business with Very Results on

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Speaker 1: Bluebird Radio. This week on the podcast, I have an

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Speaker 1: extra special guest. Her name is Soriah Durrabi. She is

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Speaker 1: a venture capital and impact investor who has an absolutely

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Speaker 1: fascinating background working for Verset with the New York Times

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Speaker 1: social media group, then with a startup that eventually gets

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Speaker 1: purchased by Open Table, and then becoming a venture investor

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Speaker 1: that focuses on women and people of color lead startups,

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Speaker 1: which is not merely a way to quote unquote do good,

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Speaker 1: but it's a broad area that is wildly underserved by

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Speaker 1: the venture community and therefore is very inefficient, meaning there's

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Speaker 1: a lot of upside in this. You can both do

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Speaker 1: well and do good by investing in these areas. I

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Speaker 1: found this to be absolutely fascinating, and I think you

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Speaker 1: will also if you're at all interested in entrepreneurship, social

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Speaker 1: media startups, deal flow, how funds um identify who they

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Speaker 1: want to invest in, what it's like to actually experience

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Speaker 1: an exit as an entrepreneur, I think you'll find this

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Speaker 1: to be quite fascinating. So, with no further ado, my

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Speaker 1: conversation with t M VS Soriah Dorobi this is mesters

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Speaker 1: in Business with very renaults on Bluebird Radio. My special

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Speaker 1: guest this week is Soriah Darraby. She is the co

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Speaker 1: founder and general partner of t m V, a venture

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Speaker 1: capital firm that has had a number of exits despite

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Speaker 1: being relatively young. Six of t MV startups are led

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Speaker 1: by women or people of color. Previously, she was the

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Speaker 1: co founder of food Spotting, an app named App of

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Speaker 1: the Year by Apple and Wire that was eventually purchased

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Speaker 1: by Open Table. Soriah Darabi, Welcome to Bloomberg. Oh my goodness, Barry,

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Speaker 1: thank you for having me. I've been looking forward to

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Speaker 1: this conversation since our previous discussion. We were on a

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Speaker 1: Zoom call with a number of people discussing blockchain and

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Speaker 1: crypto and it was really quite fascinating, and I thought

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Speaker 1: you had such an unusual and interesting background. I thought

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Speaker 1: you would make a perfect guest for the show. Let's

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Speaker 1: start with you were manager of Digital Partnerships and Social

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Speaker 1: Media at the New York Times when social media was

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Speaker 1: really just ramping up. Tell us about what that was like. Well,

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Speaker 1: tell us what you did in the late aughts at

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Speaker 1: the Times. Oh. Absolutely, I was fresh faced at a University.

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Speaker 1: A had recently graduated with mostly a journalism concentration from

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Speaker 1: Georgetown and did a small stint conte Nast right around

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Speaker 1: the time they acquired Reddit for what will soon be

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Speaker 1: nothing because red it's expecting to i PO around fifteen

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Speaker 1: billion and m that experience it read it really offered

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Speaker 1: me um a decent understanding of convergence, you know, what

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Speaker 1: was happening to digital media properties as they partnered for

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Speaker 1: the first time with nascent but scaling social media platforms,

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Speaker 1: and so The New York Times generously offered me a

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Speaker 1: role that was originally called Manager of buzz Marketing I

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Speaker 1: think that's what they called social media in two thousand

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Speaker 1: and six, and then that eventually evolved into Manager of

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Speaker 1: Digital Partnerships and Social Media, which in that sence meant

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Speaker 1: that we were aiming to be the first media property

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Speaker 1: in the world to partner with companies that our household

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Speaker 1: named today but back in the day were fairly unknown

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Speaker 1: to facebooks and the Twitters, of course, but also platforms

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Speaker 1: that really took off for a while and then um plateaued,

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Speaker 1: but potentially you know, the Tumblers of the world. And

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Speaker 1: it was my responsibility to understand how we could effectively

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Speaker 1: generate um an understanding of the thing demographics of these platforms,

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Speaker 1: have a kid potentially bring income into The Times for

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Speaker 1: working with them, but more importantly, how the journalists could

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Speaker 1: authentically represent themselves on new mediums. And so that was

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Speaker 1: a really wonderful role to have directly out of university.

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Speaker 1: And then you know, introduced me to folks with whom

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Speaker 1: I still work today. Huh. That's quite interesting. So when

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Speaker 1: you're looking at a lot of these companies you mentioned

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Speaker 1: Facebook and Twitter and Tumbler, um, how do you know

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Speaker 1: if something is going to be a Facebook or my Space,

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Speaker 1: a Twitter or a tumbler, what's gonna survive or not?

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Speaker 1: When you're cutting deals with these companies on behalf of

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Speaker 1: the Times, are you thinking in terms of, hey, who's

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Speaker 1: going to stick around? That wasn't that much earlier that

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Speaker 1: the dot com implosion took place prior to you starting

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Speaker 1: with The Times. It's true, although I don't remember the

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Speaker 1: dot com implosion. So maybe that naive Ka helped because

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Speaker 1: all I had was enthusiasm, unbridled enthusiasm for these new companies,

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Speaker 1: and I I operated then and now still with a

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Speaker 1: data approach to business. You know, testing out new platforms

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Speaker 1: and and trying to track the data. What scaling at?

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Speaker 1: What velocity is this platform scaling? And can we hit

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Speaker 1: your ride on a rocket ship if they will still allow.

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Speaker 1: But a lot of our partnerships then and now as

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Speaker 1: an investor are predicated upon relationships, and so you know,

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Speaker 1: it's most I think terrific investors that I listened to

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Speaker 1: who I listened to in your show, like at least

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Speaker 1: we'll talk to you about the importance of believing in

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Speaker 1: the founder and the founder's vision and um And that

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Speaker 1: was the case back then, remains the case today. So

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Speaker 1: when you were at the times you your tenure there

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Speaker 1: very much overlapped the Great Financial Crisis. You're looking at

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Speaker 1: social media? How did that manifest the world of social

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Speaker 1: media when it looked like the world of finance was

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Speaker 1: imploding at that time? Well, it was a very interesting time.

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Speaker 1: I remember having quite literally thirty second meetings with certain

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Speaker 1: um as. He would run upstairs to my floor and

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Speaker 1: the eighth floor to talk about a deal book app

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Speaker 1: that we wanted to launch, and then he would run

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Speaker 1: back down to his death to do much more important work.

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Speaker 1: I think um in in reviewing the financial crisis to

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Speaker 1: the world. So thirty second meetings aside, uh, you know,

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Speaker 1: it was considered to be in some ways a great

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Speaker 1: awakening for the web two point oh era. Um, as

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Speaker 1: the economy was bottling out like any recession, it also

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Speaker 1: offered a really interesting opportunity for entrepreneurs, many of whom

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Speaker 1: had just been laid off or um, we're looking at

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Speaker 1: this as a sizeable moment to begin to work on

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Speaker 1: a side hustle or a life pursuit. And so there's

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Speaker 1: you know, it's unsettling, of course, any recession or any

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Speaker 1: great awakening, but you know, lemonade lemons, when the opening

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Speaker 1: door closing, there was a there was a true opportunity

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Speaker 1: as well for social media founders, UH, founders focusing on

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Speaker 1: convergence in any industry really, many of which were predicated

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Speaker 1: in New York to begin, um, you know, tinkering on

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Speaker 1: an idea that could ultimately become quite powerful. Because if

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Speaker 1: you're at the earliest stage of the riskiest asset classing venture,

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Speaker 1: there's always going to be seed funding for a great

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Speaker 1: founder and a great idea. And so I think, um,

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Speaker 1: some of the smartest people I've ever met in my life,

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Speaker 1: I met at the onset of the aftermath of that

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Speaker 1: of that particular era in time. So you mentioned side hustle. Um,

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Speaker 1: Let's talk a little bit about food Spotting, which is

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Speaker 1: described as a visual geolocal guide to dishes instead of restaurants,

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Speaker 1: which which sounds appealing to me um and it was

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Speaker 1: named app of the Year by both Apple and Wired.

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Speaker 1: How do you go from working at a giant organization

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Speaker 1: like The Times to a start up with you and

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Speaker 1: a co founder and a handful of other coders working

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Speaker 1: with you. Well, five or six minutes a week after

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Speaker 1: my day job at the New York Times, I would

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Speaker 1: go to networking events with technologist and entrepreneurs after hours.

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Speaker 1: I saw that as as a priority UM to be

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Speaker 1: able to partner from the earliest infancy with interesting companies

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Speaker 1: for that media entity, I needed to at least know

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Speaker 1: who these founders were in New York and Silicon Valley,

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Speaker 1: and so, without a true agenda other than you know,

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Speaker 1: keen curiosity to learn what these businesses were all about,

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Speaker 1: I would go to the New York Tech meet Up,

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Speaker 1: which Scott Hyperman of meetup dot com is now a

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Speaker 1: cherished LP and my fund would create and back then

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Speaker 1: the New York tech meet up with fewer than forty people.

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Speaker 1: I believe it's in um, the tens of thousands now

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Speaker 1: in New York City alone, and so UM it was

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Speaker 1: there that I met some really brilliant people, and in

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Speaker 1: a particular a gentleman my age who was building a

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Speaker 1: cloud computing company that UM you know it was was

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Speaker 1: essentially architraging aws to repopulate consumer facing UH cloud data

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Speaker 1: services for enterprises BT BBC play and we all thought

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Speaker 1: it would be Dropbox. UM the to be ultimately wasn't.

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Speaker 1: But I will tell you the people whom I worked

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Speaker 1: at that startup because I left the New York Times

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Speaker 1: to join that startup, so this day remained some of

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Speaker 1: the most successful people in Silicon Valley and Alley. And

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Speaker 1: actually one of those persons is a partner at our

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Speaker 1: firm now darsh and he was the co founder of

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Speaker 1: that particular company which was called drop TODAYO. So I

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Speaker 1: stayed there very quickly. I was there for that six months.

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Speaker 1: But as that startup, I observed how a young person

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Speaker 1: my age could build a business for his bc UH.

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Speaker 1: He was the son of a VC and so he

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Speaker 1: was exceptionally attuned to the changing landscape of venture and

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Speaker 1: you know how to position the company so that it

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Speaker 1: would be attractive to the ore ease of the world

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Speaker 1: and the the b f j's and define those for

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Speaker 1: us are pardon UM still today very relevant and very

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Speaker 1: successful venture capital firms UM and in particular, they were

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Speaker 1: backing a lot of the most interesting ideas and a

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Speaker 1: whip two point out era when I joined this particular

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Speaker 1: startup in in two thousand and ten. Well, that startup

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Speaker 1: was acquired by Facebook and I often say no thanks

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Speaker 1: to me, but the mafia that left that particular startup

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Speaker 1: continues to this day to co invest with one another

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Speaker 1: and help one another's idea succeed. And it was there

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Speaker 1: that I began to build the confidence I think that

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Speaker 1: I really needed to explore my own entrepreneurial ideas or

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Speaker 1: to help accelerate ideas. And Food Spotting was a company

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Speaker 1: that I was advising UM while at that particular startup

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Speaker 1: that was really taking off. This was in the early

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Speaker 1: days of when Instagram was still in data and we

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Speaker 1: observed that the most commonly posted photos on Instagram were

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Speaker 1: of food, and so by following that lead, we basically

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Speaker 1: built an app around and activity that continues to take

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Speaker 1: place every single day. I still see food photos on

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Speaker 1: Twitter every time I opened up my stream and decided

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Speaker 1: to match that with an algorithm that showed folks wherever

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Speaker 1: they were in the world, and in Greece, I'm I

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Speaker 1: want to Bendi Coopka, or I'm in Japan Okinawa. We

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Speaker 1: helped people discover not just the Michel unrated restaurants or

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Speaker 1: the most popular local kant in New York City, but

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Speaker 1: rather what's good dish that they should be ordering. And

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Speaker 1: then what the app was extremely good at was populating

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Speaker 1: beautiful photos of that particular dish and then mirroring them

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Speaker 1: with accredited reviews from the zagats to the world, but

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Speaker 1: also popular celebrity chefs like Marcus Damilton in New York.

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Speaker 1: And that's why we took off, because it was a

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Speaker 1: cult beloved app of its time. Back when there were

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Speaker 1: only three geolocation apps in the iTunes app store, it

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Speaker 1: was We and Twitter and four Square, so there was

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Speaker 1: a first move advantage. Looking back in hindsight, I think

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Speaker 1: we sold that company too soon. Open Table bought the

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Speaker 1: business a year and a half later, Priceline bought Open Table.

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Speaker 1: Both were, you know, generous liquidity events for the founders

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Speaker 1: that enabled us to become angel investors. But sometimes I

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Speaker 1: wish that that app still existed today because I could

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Speaker 1: see it being still incredibly handy in my day to

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Speaker 1: day life, to say the least. So so did you

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Speaker 1: have to raise money for um Foods spotting or did

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Speaker 1: you just bootstrap it? And how did that experience compare

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Speaker 1: with what that exit was like we did. We raised

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Speaker 1: from tremendous investors like I didn't thinking of Felicia's Ventures,

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Speaker 1: whom I think of as being one of the best

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Speaker 1: angel investors of the world. He was on the board,

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Speaker 1: but we didn't read that much capital before the business

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Speaker 1: was ultimately sold. And what I learned in some of

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Speaker 1: those early conversations, I would say, but may have ultimately

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Speaker 1: led to l Oyes and term sheets, was that so

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Speaker 1: much of m and as about whining and dining. And

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Speaker 1: as a young person, particularly for me, you and I

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Speaker 1: not from a business oriented family to say the least.

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Speaker 1: My mom's in academic my father was a cab driver

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Speaker 1: in New York City, and so there are certain elements

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Speaker 1: of this game raising venture and ultimately trying to exit

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Speaker 1: your company that you don't learn from a business book,

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Speaker 1: and I think navigating that as a young person was complicated.

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Speaker 1: If I had to speak economically, m quite quite fascinating.

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Speaker 1: What is purposeful change? Well, the word purpose, I suppose,

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Speaker 1: especially in the VC game, could come across as somewhat

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Speaker 1: of a cliche, but we try to be as specific

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Speaker 1: as possible when we allude to the impact that our

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Speaker 1: investments could potentially make, and so specifically we invest in

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Speaker 1: five verticals at our early stage New York City based

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Speaker 1: venture fund. We invest in what we call the care economy,

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Speaker 1: which is companies making all forms of care of elder

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Speaker 1: care to pet care to healthcare more accessible and equitable.

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Speaker 1: We invest in financial inclusion, so this is a spin

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Speaker 1: on fintech. These are companies enabling wealth creation, education, and

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Speaker 1: most importantly literate see for all. Something I think is

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Speaker 1: really important the democratization as financed. We invest in the

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Speaker 1: future of work, which our companies creating better outcomes for

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Speaker 1: workers and employees alike. We invest in the future of work,

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Speaker 1: which are companies creating better outcomes for workers and employers alike.

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Speaker 1: We invest in purpose as it pertains to transportation, so

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Speaker 1: not immediately intuitive, but companies creating transparency and efficiency around

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Speaker 1: global supply chain and mobility. I can talk about why

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Speaker 1: we pick that category in a bit. And sustainability to

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Speaker 1: tech enabled sustainable solutions. This is our companies optimizing for

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Speaker 1: sustainability from process through product. With these five verticals combined,

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Speaker 1: we have a sub species, which is that diverse founders

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Speaker 1: and diverse employee bases and diverse cap tables is not charity.

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Speaker 1: It's simply good for business. And so in addition to

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Speaker 1: being hyper specific about the impact in which we invest,

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Speaker 1: we also make it a priority and a mandate at

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Speaker 1: our firm to invest in the way the world truly looks.

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Speaker 1: And when we say that on our website, we linked

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Speaker 1: a census data and so we invest in men and

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Speaker 1: women equally. We invest in diverse founders almost all of

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Speaker 1: the time, and um we track this with data and

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Speaker 1: precision to make sure that our investments reflect not just

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Speaker 1: one zip code in California, but rather America at large.

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Speaker 1: And you have described this as non obvious founders. Tell

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Speaker 1: us a little bit about that phrase. Well, not obvious

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Speaker 1: is a turn you hear a lot when you go

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Speaker 1: out to Silicon Valley and uh, I don't know. I

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Speaker 1: think it was coined by a well known early Kapal

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Speaker 1: employee turned billionaire turned investor who actually have a conference

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Speaker 1: centered around non obvious idea And I love the phrase.

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Speaker 1: Um I love thinking about you know, investment PC that

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Speaker 1: our countrary because when you have a contrary point of view,

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Speaker 1: contrarion point of view, you often have outlier results because

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Speaker 1: if you're right, you're taking the risk and you're capturing

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Speaker 1: the reward. When you're investing in non obvious founders, it

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Speaker 1: should be that exact, exact, same outcome. And so it

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Speaker 1: always sort of befuddled me as a person with hard

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Speaker 1: to pronounce name in Silicon Valley. Why it was that

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Speaker 1: we're an industry that prides itself on investing in innovation

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Speaker 1: and groundbreaking ideas and the next frontier of X, Y

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Speaker 1: and Z, and yet all of those founders in which

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Speaker 1: we were investing collectively tended to kind of look at

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Speaker 1: the same They were coming from the same schools and

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Speaker 1: the same types of families, and so to me, there

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Speaker 1: was nothing innovative at all about backing that Wharton g

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Speaker 1: SB HBS guy who was second or third generation finance.

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Speaker 1: And what really excites me about venture is, you know,

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Speaker 1: capturing a moment in time that's young, but also the

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Speaker 1: energy is palpable around not only the idea in which

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Speaker 1: the founder is building, but the categories in which they're tackling.

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Speaker 1: And then that sounds vague. I'll be a little bit

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Speaker 1: more specific, and so at t MV we try to

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Speaker 1: see things before they're even coming around the bend. For instance,

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Speaker 1: we were early investors in a company called city Blockhealth,

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Speaker 1: which is offering best in class healthcare specifically for low

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Speaker 1: income Americans. So they focus on the most most vulnerable

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Speaker 1: populations which are underserved with healthcare, and they're offering them

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Speaker 1: best in class healthcare access at affordable pricing because it's

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Speaker 1: predominantly covered through pay A relationships. And this company is

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Speaker 1: so powerful to us for three three reasons because it's

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Speaker 1: not simply offering how health care to the elite. It's

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Speaker 1: democratizing access to care, which I think is absolutely necessary

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Speaker 1: and turnamount for success of any kind. We thought this

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Speaker 1: was profoundly interesting because the population which they serve is

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Speaker 1: also incredibly diverse, and so when you look at that

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Speaker 1: investment over say a comparable company I won't name, means

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Speaker 1: that offers for profit health care out of pocket. You

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Speaker 1: can see why this is an opportunity that excites us

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Speaker 1: as impact investors, But we don't see the diversity of

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Speaker 1: the team as impact. We actually see that as their

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Speaker 1: unfair advantage because they are accessing the population authentically that

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Speaker 1: others might ignore. Let me see if I understand this correctly.

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Speaker 1: When you talk about non obvious fine founders and spaces

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Speaker 1: like this, what I'm hearing from you is you're looking

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Speaker 1: at areas where the mare kid has been very inefficient

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Speaker 1: with how it allocates capital. That these areas are just

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Speaker 1: overlooked and ignored. Hey, if you want to go into

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Speaker 1: Silicon value and compete with everybody else and pay up

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Speaker 1: for what looks like the same old startup, maybe it'll

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Speaker 1: be successful, maybe it won't. That's hyper competitive and hyper efficient.

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Speaker 1: These are areas that are just overlooked and there is

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Speaker 1: This is more than just do good ay for lack

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Speaker 1: of a better word, There are genuine economic opportunities here

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Speaker 1: with lots of potential upside. Absolutely. Um So, my business

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Speaker 1: partner and I, you know, she and I found each

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Speaker 1: other twenty years ago with undergrads at Georgetown, but we

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Speaker 1: went into business after she was successful and being one

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Speaker 1: of the only women in the world to take a

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Speaker 1: shipping business public with her family and and we got

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Speaker 1: together and we said, we have really unique access. She

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Speaker 1: and I um and the first STV that we collaborated

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Speaker 1: on back in Keen was for a young business at

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Speaker 1: the time started by two women that was focused on

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Speaker 1: medical apparel predominantly for nurses. Now it's nurses and doctors,

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Speaker 1: and they were offering a solution to make medical apparels

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Speaker 1: of scrubs more comfortable and more fashionable for nurses. I

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Speaker 1: happen to have nurses and doctors in my family, so

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Speaker 1: doing due diligence for this business was relatively simply called

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Speaker 1: my aunt who's nurse practitioner and nurse for life, and

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Speaker 1: she said, uh, absolutely, when you're you know, working in

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Speaker 1: a uniform at the hospital, you want something comfortable with

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Speaker 1: extra pockets that makes you look and feel good. The

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Speaker 1: VCS that they spoke to at the time, and they've

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Speaker 1: been very public about this in the beginning. Anyway, we're

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Speaker 1: less excited because they correlated this particular business with a

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Speaker 1: fashion company. But if you look back at our original

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Speaker 1: memo which I saved, it says figs now public on

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Speaker 1: the New York Back Exchange, is a utility business. It's

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Speaker 1: a uniform company that can verticalize beyond just medical apparel.

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Speaker 1: And so we helped value that company at teen million

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Speaker 1: back into two thousand and sixteen, and this year um

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Speaker 1: they went public at a seven billion dollar market cap.

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Speaker 1: And so what is particularly exciting for us, going back

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Speaker 1: to that conversation around non obvious founders, is that particular business,

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Speaker 1: BIGS was the first company in history to have two

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Speaker 1: female co founders public. And when we think of success

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Speaker 1: at t MP, we don't just think about financial success

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Speaker 1: and I are are you know, cash on cash return

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Speaker 1: for our LPs. Of course we think about that, but

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Speaker 1: we also think who are we cheerleading and with whom

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Speaker 1: do we want to go into business and what's the

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Speaker 1: story on the other side of the sense that we

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Speaker 1: want to tell And uh, you know, we measure non

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Speaker 1: obvious not just based on gender or race, because I

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Speaker 1: think it's a little too precise in some ways. Sometimes

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Speaker 1: for non obvious is around geography. I was I'm calling

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Speaker 1: you from Athens, as you know, and in Greece yesterday

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Speaker 1: I got together with a fund manager. I'm lucky enough

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Speaker 1: to be An LP and her fund, and she was

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Speaker 1: talking about the average size of a seed round in

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Speaker 1: Silicon Valley these days, hovering around thirty millions. And I'm

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Speaker 1: scratching my head because at our fund TNV, we just

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Speaker 1: don't see that. You know, we're investing in Baltimore, Maryland,

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Speaker 1: and in Austin, Texas, and the average price for us

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Speaker 1: to invest the seed round is closer to five or

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Speaker 1: six million, and so we actually can capture larger ownership

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Speaker 1: of the pie early on and then developed a very

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Speaker 1: close knit relationship with these founders that might not be

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Speaker 1: as networked in the valley where there's thirty DC funds

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Speaker 1: to everyone that exists in Austin, Texas. And so yeah,

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Speaker 1: I think I think you're you're right to say that

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Speaker 1: it's about inefficiencies in market, but also just around about

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Speaker 1: you know, being persistent and looking where where others are

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Speaker 1: not that that's quite intriguing. Your team is female lead.

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Speaker 1: You have a portfolio of companies that's about six five

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Speaker 1: women and people of color. Tell us how you go

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Speaker 1: about finding these non obvious startups. That's a good question.

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Speaker 1: You know. TMV celebrates its five year anniversary this year.

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Speaker 1: So the way we go about finding companies now is

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Speaker 1: a bit different than the way we begin five years ago.

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Speaker 1: Now it's systematic. We collectively is a partnership. There are

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Speaker 1: many of us take over fifty a month with tier

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Speaker 1: one venture capital firms that have known us for a while,

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Speaker 1: like the work that we do. Believe in our value

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Speaker 1: add because the partnerships them prize to former operators, and

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Speaker 1: so we really roll up our sleeves to help. And

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Speaker 1: when you've invested with these firms enough times, they will

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Speaker 1: write to you and say, I found a company that's

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Speaker 1: a little too early for us for X, y Z reason,

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Speaker 1: but it resonates and you know, I think it might

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Speaker 1: be for you. So we found some of our best

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Speaker 1: deals that day, but other times we found our deal

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Speaker 1: flow through building our own communities. And so when I

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Speaker 1: first started as a as a e M an emerging

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Speaker 1: manager of a VC firm, and roughly of LP capital

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Speaker 1: goes to e M each year. But that's sort of

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Speaker 1: an outsized percentage because when you think about you know,

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Speaker 1: the lea fixles of addition capital, taking one point three

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Speaker 1: billion of that pie, then you recognize the definition of

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Speaker 1: an emerging manager might need to change a bit um

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Speaker 1: so when I was starting as an e M, I

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Speaker 1: recognized that the landscape wasn't necessarily leveled. If you weren't

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Speaker 1: what's called the spin out UM, somebody that has spent

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Speaker 1: a few years at a traditional, established blue chip firm,

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Speaker 1: then it's harder to, you know, develop and cultivate relationships

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Speaker 1: with institutional LPs who will give you a shot, even

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Speaker 1: though the data absolutely points to there being a real

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Speaker 1: opportunity at capturing lightning in a bottle if you find

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Speaker 1: the right e M with the right idea in the

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Speaker 1: right market conditions, which is certainly what we're in right now.

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Speaker 1: And so I decided to start a network specifically tailored

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Speaker 1: around helping women fund managers connect to one another. And

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Speaker 1: it began at the WhatsApp group and a weekly Google

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Speaker 1: meet and has now blown into something that requires a

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Speaker 1: lot of dedicated times. We're hiring an executive director for

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Speaker 1: this group. It's called Transact Global UH two D fifty

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Speaker 1: women X fund managers globally from Hong Kong to Luxembourg

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Speaker 1: to Venezuela, Canada, um, Nigeria, you name it. There are

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Speaker 1: women fund managers in our group and we have one

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Speaker 1: of the most active deal flow channels in the world.

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Speaker 1: And so two of our TMV deals over the last

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Speaker 1: year a fintech company combatting student debt and helping young

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Speaker 1: Americans day for retirement at the same time, as an example,

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Speaker 1: came from this WhatsApp deal flow channel. So I think,

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Speaker 1: you know, creating the community, being the change, so to speak,

434
00:25:56,119 --> 00:25:59,360
Speaker 1: has been incredibly effective for us as a proprietary deal

435
00:25:59,359 --> 00:26:03,120
Speaker 1: flow mechanism. And then last and not least, I think that,

436
00:26:03,440 --> 00:26:07,560
Speaker 1: you know, having some sort of media presence really has helped.

437
00:26:07,640 --> 00:26:10,720
Speaker 1: And so um, you know, I had posted a podcast,

438
00:26:10,840 --> 00:26:14,240
Speaker 1: and I worked on building up what I think to

439
00:26:14,280 --> 00:26:17,399
Speaker 1: be a fairly organic Twitter following over the years. And

440
00:26:17,800 --> 00:26:20,760
Speaker 1: you know, we we surprise ourselves by getting some really

441
00:26:20,800 --> 00:26:24,439
Speaker 1: exceptional founders called pitching us on LinkedIn and on Twitter

442
00:26:24,560 --> 00:26:28,360
Speaker 1: because we make ourselves available as next gen e M.

443
00:26:28,400 --> 00:26:32,040
Speaker 1: So that's that's a sort of long winded answer to

444
00:26:32,080 --> 00:26:36,480
Speaker 1: your question, but it's not the traditional means to say

445
00:26:36,520 --> 00:26:40,280
Speaker 1: the least are you the companies you're investing in? Are they?

446
00:26:40,640 --> 00:26:43,720
Speaker 1: And and I'll try and keep the simple for people

447
00:26:43,720 --> 00:26:47,000
Speaker 1: who are not all that world versed in the world

448
00:26:47,040 --> 00:26:51,480
Speaker 1: of venture. Is it seed stage, is it the A round,

449
00:26:51,520 --> 00:26:55,679
Speaker 1: the B round, how far into their growth process do

450
00:26:55,760 --> 00:27:01,240
Speaker 1: you put money in, So it is a dominantly seed fund.

451
00:27:01,440 --> 00:27:05,600
Speaker 1: We call our investments core investments. So these are checks

452
00:27:05,640 --> 00:27:07,720
Speaker 1: that average between and one and one point five million,

453
00:27:08,320 --> 00:27:12,200
Speaker 1: for about one point to five million on average, we're

454
00:27:12,240 --> 00:27:16,680
Speaker 1: capturing ten to fiftent of a cap table and in

455
00:27:16,720 --> 00:27:19,280
Speaker 1: this era that's called a seed ground. It would probably

456
00:27:19,320 --> 00:27:22,560
Speaker 1: be called a series A ten years ago. And then

457
00:27:22,600 --> 00:27:26,040
Speaker 1: we follow on through the Series A and it macs

458
00:27:26,240 --> 00:27:29,000
Speaker 1: um take our pread at the B. So our goal

459
00:27:29,040 --> 00:27:30,920
Speaker 1: by a Series B is to have on average ten

460
00:27:31,000 --> 00:27:34,280
Speaker 1: percent at a cap. And then we give ourselves a

461
00:27:34,280 --> 00:27:37,240
Speaker 1: little bit of wiggle room with our modeling. We take

462
00:27:37,760 --> 00:27:42,360
Speaker 1: mars and moonshot investments with smaller checks, so we call

463
00:27:42,440 --> 00:27:47,160
Speaker 1: these initial interest checks, and initial interest means I'm interested,

464
00:27:47,520 --> 00:27:50,359
Speaker 1: but your idea is so audacious it won't prove itself

465
00:27:50,400 --> 00:27:54,760
Speaker 1: up for three or four years. Or to be very honest,

466
00:27:55,240 --> 00:27:58,120
Speaker 1: we weren't the first to get into this cap. Or

467
00:27:58,640 --> 00:28:00,560
Speaker 1: you know you're picking us a court over us, and

468
00:28:00,560 --> 00:28:02,800
Speaker 1: we understand, but let's see if we can just promise

469
00:28:02,880 --> 00:28:05,200
Speaker 1: you a bit of value add to edge our way

470
00:28:05,359 --> 00:28:09,000
Speaker 1: into your business. And oftentimes when you speak as a

471
00:28:09,040 --> 00:28:12,359
Speaker 1: former founder yourself at a high level of compassion, and

472
00:28:12,720 --> 00:28:15,000
Speaker 1: you promise with integrity that you're going to work very

473
00:28:15,040 --> 00:28:17,680
Speaker 1: hard for that company. They will increase the size of

474
00:28:17,720 --> 00:28:20,560
Speaker 1: their round and they will carve out space for you.

475
00:28:20,640 --> 00:28:23,240
Speaker 1: And so we do those types of investments rarely ten

476
00:28:23,280 --> 00:28:26,800
Speaker 1: times in any given portfolio. But what's interesting in looking

477
00:28:26,840 --> 00:28:29,520
Speaker 1: back at some of our outliers from fund one, it

478
00:28:29,560 --> 00:28:33,280
Speaker 1: came from those initial interest checks. So that's our model

479
00:28:33,320 --> 00:28:36,280
Speaker 1: in a nutshell. We're pretty transparent about it. What we

480
00:28:36,400 --> 00:28:38,960
Speaker 1: like about this model is that it doesn't make us tigers.

481
00:28:39,080 --> 00:28:41,440
Speaker 1: Were off the board by the b but we're still

482
00:28:41,440 --> 00:28:44,880
Speaker 1: owning enough of the cap table to be a meaningful

483
00:28:44,920 --> 00:28:48,880
Speaker 1: presence in the founders live and in their business, and

484
00:28:49,120 --> 00:28:51,840
Speaker 1: it allows us to feel like we're not spraying and praying.

485
00:28:52,440 --> 00:28:56,959
Speaker 1: Spraying and praying is an amusing term, but I'm kind

486
00:28:56,960 --> 00:28:59,920
Speaker 1: of intrigued by the fact that we used to call

487
00:29:00,080 --> 00:29:03,320
Speaker 1: it's smart money, but you're really describing it as value

488
00:29:03,440 --> 00:29:06,920
Speaker 1: added capital. When a founder takes money from t MV,

489
00:29:07,120 --> 00:29:10,680
Speaker 1: they're getting more than just a check. They're getting the

490
00:29:10,760 --> 00:29:14,720
Speaker 1: involvement from entrepreneurs who have been through the process from

491
00:29:14,800 --> 00:29:17,880
Speaker 1: startup to capital raised to exit. Tell Us a little

492
00:29:17,880 --> 00:29:21,920
Speaker 1: bit about how that works its way into the deals

493
00:29:21,960 --> 00:29:24,720
Speaker 1: you end up doing, who you look at, and what

494
00:29:24,840 --> 00:29:27,440
Speaker 1: the sort of deal flow you see is like. Well,

495
00:29:27,520 --> 00:29:30,400
Speaker 1: years ago I had the pleasure of meeting a world

496
00:29:30,400 --> 00:29:34,120
Speaker 1: class advertiser and I was at his incredibly fancy office

497
00:29:34,120 --> 00:29:36,800
Speaker 1: down the wall street to that agency, and he described

498
00:29:36,840 --> 00:29:41,080
Speaker 1: to me with pride how he basically bartered his marketing

499
00:29:41,120 --> 00:29:44,720
Speaker 1: services for one percent of the unicorn and he was

500
00:29:44,760 --> 00:29:47,680
Speaker 1: sort of showing off a bit about how for very

501
00:29:47,680 --> 00:29:50,600
Speaker 1: little time and effort a few months he walked away

502
00:29:50,600 --> 00:29:53,560
Speaker 1: with a relatively large portion of a business. And I thought, yes,

503
00:29:53,640 --> 00:29:57,320
Speaker 1: that's clever, but for the founder, they gave up too

504
00:29:57,400 --> 00:30:01,000
Speaker 1: much of their business to right And yeah, I came

505
00:30:01,080 --> 00:30:03,440
Speaker 1: up with an idea that I floated by Marina back

506
00:30:03,440 --> 00:30:07,040
Speaker 1: in the day where our original deck for TMV Fund

507
00:30:07,040 --> 00:30:09,960
Speaker 1: one began with the slide marketing is the future of venture.

508
00:30:10,120 --> 00:30:13,360
Speaker 1: Adventure is the future of marketing, meaning e f A

509
00:30:13,440 --> 00:30:16,520
Speaker 1: VC fund were to position itself more like an ad agency,

510
00:30:16,720 --> 00:30:19,480
Speaker 1: but rather than charging for its services, it's go to

511
00:30:19,520 --> 00:30:23,160
Speaker 1: market services. You offered them free of charge, but then

512
00:30:23,200 --> 00:30:26,760
Speaker 1: you were paid in equity and you could quantify the

513
00:30:26,880 --> 00:30:30,120
Speaker 1: value that you were offering to these businesses, and back

514
00:30:30,160 --> 00:30:32,680
Speaker 1: then people laugh at us, even though all around New

515
00:30:32,720 --> 00:30:37,360
Speaker 1: York City ad agencies we're really doing incredible work and

516
00:30:37,400 --> 00:30:40,520
Speaker 1: benefiting from the startups in that ecosystem. And so we

517
00:30:40,600 --> 00:30:44,920
Speaker 1: sort of changed the positioning a bit and now we

518
00:30:45,000 --> 00:30:48,320
Speaker 1: say to our LPs into our founders, you're both clients

519
00:30:48,360 --> 00:30:51,040
Speaker 1: of our firm. So we do think of ourselves as

520
00:30:51,080 --> 00:30:54,440
Speaker 1: an agency. But on one side of our marketplace you

521
00:30:54,440 --> 00:30:57,240
Speaker 1: have LPs and what they want is crystal clear. The

522
00:30:57,360 --> 00:30:59,640
Speaker 1: value that they derived from us is through community and

523
00:30:59,680 --> 00:31:02,200
Speaker 1: connect ativity and co investment, and that's it. It's it's

524
00:31:02,200 --> 00:31:04,680
Speaker 1: pretty cut and dry. Call me up once a year

525
00:31:04,720 --> 00:31:08,240
Speaker 1: when you have an exceptional opportunity, let me invest alongside you.

526
00:31:09,400 --> 00:31:11,440
Speaker 1: Invite me to dinners four times a year, give me

527
00:31:11,480 --> 00:31:13,200
Speaker 1: some information and a point of view that I can't

528
00:31:13,200 --> 00:31:16,320
Speaker 1: get elsewhere. Thank you for your time, and I love that.

529
00:31:16,560 --> 00:31:20,440
Speaker 1: It's it's a great relationship to have with incredibly smart people.

530
00:31:21,200 --> 00:31:24,600
Speaker 1: It's cut and dry. It's so different. What founders want,

531
00:31:25,080 --> 00:31:28,360
Speaker 1: it's something more like a family. They want a VC

532
00:31:29,040 --> 00:31:31,360
Speaker 1: on their board, you know that they can turn to

533
00:31:31,720 --> 00:31:34,360
Speaker 1: during critical moments. Two am on a Saturday is not

534
00:31:34,440 --> 00:31:36,320
Speaker 1: an uncommon time for me to get a text message

535
00:31:36,320 --> 00:31:38,240
Speaker 1: from a founder saying what do I do? And so

536
00:31:38,320 --> 00:31:41,240
Speaker 1: what they wanted more like seven services for a period

537
00:31:41,280 --> 00:31:43,920
Speaker 1: of time, and they want to know when that relationship

538
00:31:43,960 --> 00:31:47,320
Speaker 1: should start and finish. So it's sort of the Montessori

539
00:31:47,360 --> 00:31:49,160
Speaker 1: approached adventure. We're going to tell them what we're going

540
00:31:49,200 --> 00:31:50,800
Speaker 1: to tell them, tell them what they're telling them, tell

541
00:31:50,840 --> 00:31:53,320
Speaker 1: them what they told them. We say to founders with

542
00:31:53,520 --> 00:31:55,680
Speaker 1: a reverse pitch deck, so we pitch them as they're

543
00:31:55,680 --> 00:31:58,360
Speaker 1: pitching us. Here's what we promised to deliver for you

544
00:31:58,840 --> 00:32:01,120
Speaker 1: for the first each and twe four months of your infancy,

545
00:32:01,440 --> 00:32:04,040
Speaker 1: and then we promise you will mostly get lost. You

546
00:32:04,080 --> 00:32:06,200
Speaker 1: can come back to us when your business is growing

547
00:32:06,240 --> 00:32:08,240
Speaker 1: if you want to do a tender and and we'll

548
00:32:08,240 --> 00:32:11,600
Speaker 1: operate an SPV through you, or if you simply want advice.

549
00:32:11,720 --> 00:32:14,800
Speaker 1: We're never going to ignore you. But our specialty are

550
00:32:14,880 --> 00:32:17,800
Speaker 1: our black belt, if you will, bury is in those

551
00:32:17,840 --> 00:32:20,080
Speaker 1: first twenty four months of your business that go to market.

552
00:32:20,560 --> 00:32:23,760
Speaker 1: And so we've staffed up TNV to include, well, it's

553
00:32:23,800 --> 00:32:25,760
Speaker 1: punching above our weight, but the co founder of an

554
00:32:25,800 --> 00:32:30,800
Speaker 1: exceptionally successful consumer marketing business, a growth marketer, a recruiter

555
00:32:30,880 --> 00:32:33,520
Speaker 1: who helps one of our portfolio companies higher forty of

556
00:32:33,560 --> 00:32:37,440
Speaker 1: the earliest employees. We have a pr woman you've met

557
00:32:37,520 --> 00:32:40,240
Speaker 1: the as she's exceptional, who whom I don't know how

558
00:32:40,640 --> 00:32:43,520
Speaker 1: we would function sometimes because she's constantly writing and re

559
00:32:43,760 --> 00:32:46,400
Speaker 1: editing Prince releases for the founders with which we work.

560
00:32:47,080 --> 00:32:50,440
Speaker 1: And then u Anna our copywriter who came from I

561
00:32:50,520 --> 00:32:53,840
Speaker 1: A C. And Sean our creative director, used to be

562
00:32:53,920 --> 00:32:55,640
Speaker 1: the design director for Rolling Stone, and I could go

563
00:32:55,720 --> 00:32:58,280
Speaker 1: on and on. So some firms called this a platform team,

564
00:32:58,320 --> 00:33:00,320
Speaker 1: but we call it to go to market team. And

565
00:33:00,360 --> 00:33:02,560
Speaker 1: then we promised a set number of hours for every

566
00:33:02,600 --> 00:33:06,440
Speaker 1: company that we invested into that and as a result,

567
00:33:07,720 --> 00:33:10,360
Speaker 1: UM No, that's just I'm I'm completely fascinated by that.

568
00:33:11,120 --> 00:33:14,200
Speaker 1: Um But I have to ask, maybe this is an

569
00:33:14,240 --> 00:33:17,760
Speaker 1: obvious question or maybe it's not. So you you sound

570
00:33:17,920 --> 00:33:22,040
Speaker 1: very much like a non traditional venture capital firm. Who

571
00:33:22,120 --> 00:33:25,800
Speaker 1: are your limited partners, who are your clients and what

572
00:33:26,080 --> 00:33:30,959
Speaker 1: motivates them to be involved with TMV because it sounds

573
00:33:31,080 --> 00:33:35,920
Speaker 1: so different than what has been a pretty standard model

574
00:33:36,160 --> 00:33:39,040
Speaker 1: in the world of venture one that's been you know,

575
00:33:39,200 --> 00:33:44,440
Speaker 1: tremendously successful for the top tier farms. Our LP set

576
00:33:45,480 --> 00:33:52,080
Speaker 1: is UM crafted with intention. It's of our investors are institutional.

577
00:33:52,640 --> 00:33:56,080
Speaker 1: This concludes institutional sized family offices, the family offices, and

578
00:33:56,120 --> 00:33:59,040
Speaker 1: the multi billions UM. We work with three major banks

579
00:33:59,680 --> 00:34:02,040
Speaker 1: fort of five hundred banks. We work with a couple

580
00:34:02,080 --> 00:34:06,400
Speaker 1: of corporate fortune five hundreds as investors or LPs, and

581
00:34:06,920 --> 00:34:09,160
Speaker 1: a couple of fund of funds, so that that's really

582
00:34:09,239 --> 00:34:13,239
Speaker 1: run of the mill for fifty of our investors. And

583
00:34:13,280 --> 00:34:16,560
Speaker 1: that's why I'm in Athens today. Our family offices global

584
00:34:16,640 --> 00:34:21,480
Speaker 1: family offices that I think are reinventing what venture is

585
00:34:21,520 --> 00:34:24,880
Speaker 1: going to look like in the future because wealth has

586
00:34:24,960 --> 00:34:28,120
Speaker 1: never been greater globally, there's a trillion dollars of assets

587
00:34:28,160 --> 00:34:29,960
Speaker 1: that are passing through the hands of one generation to

588
00:34:30,040 --> 00:34:31,880
Speaker 1: the next. And what's super interesting to me as a

589
00:34:31,960 --> 00:34:35,440
Speaker 1: woman is that historically a lot of that asset transfer

590
00:34:36,040 --> 00:34:38,759
Speaker 1: was from father to son, but actually, for the first

591
00:34:38,800 --> 00:34:45,600
Speaker 1: time in history, over fifty of those assets inheritors actually women.

592
00:34:45,800 --> 00:34:48,239
Speaker 1: And so, as my business partner could tell you, because

593
00:34:48,239 --> 00:34:51,560
Speaker 1: Sheet herself as the next gen. In prior generations, women

594
00:34:51,600 --> 00:34:54,160
Speaker 1: were encouraged to go into the philanthropic or nonprofit side

595
00:34:54,200 --> 00:34:56,239
Speaker 1: of the family business, and the sons were expected to

596
00:34:56,280 --> 00:34:58,640
Speaker 1: take over the business with a family office, and all

597
00:34:58,719 --> 00:35:00,880
Speaker 1: of that is just comple weekly turned around in the

598
00:35:01,000 --> 00:35:04,600
Speaker 1: last ten years. And so my anchor investor is actually

599
00:35:04,640 --> 00:35:06,960
Speaker 1: a young woman. She's under the age of thirty five.

600
00:35:07,239 --> 00:35:10,120
Speaker 1: There's a little bit of our firm that's Indie rock

601
00:35:10,320 --> 00:35:12,239
Speaker 1: because we're not playing by the same rules of the

602
00:35:12,320 --> 00:35:16,000
Speaker 1: establishment is played by. But certainly we're posturing ourselves to

603
00:35:16,040 --> 00:35:18,319
Speaker 1: be able to grow into a blue chip firm, which

604
00:35:18,400 --> 00:35:20,440
Speaker 1: is why we want to maintain that balance of fifty

605
00:35:20,480 --> 00:35:23,320
Speaker 1: percent institutional and fifty percent. I would call it the

606
00:35:23,360 --> 00:35:26,360
Speaker 1: spoke capital. And for the LPs that are the spoke,

607
00:35:26,680 --> 00:35:30,400
Speaker 1: we work with an Australian family office, and UM Venezuela

608
00:35:30,400 --> 00:35:32,840
Speaker 1: and family office, and the Chilean family office, and a

609
00:35:32,880 --> 00:35:36,319
Speaker 1: Mexican family office, and and and so on. For those

610
00:35:36,400 --> 00:35:39,440
Speaker 1: family offices, we come to them, We invite them to

611
00:35:39,520 --> 00:35:42,560
Speaker 1: events in New York City, We give them personalized introductions

612
00:35:42,560 --> 00:35:44,920
Speaker 1: to our founders, and we get on the phone with

613
00:35:45,080 --> 00:35:48,080
Speaker 1: them whenever they'd like. We host zooms. We call them

614
00:35:48,120 --> 00:35:50,880
Speaker 1: the Future of Everything series. They can learn from us

615
00:35:51,280 --> 00:35:53,640
Speaker 1: and we get to know them as human beings. And

616
00:35:53,880 --> 00:35:57,400
Speaker 1: I think that there's a reason why UM two thirds

617
00:35:57,440 --> 00:35:59,920
Speaker 1: of our Fund one LPs converted over into Fund two

618
00:36:00,520 --> 00:36:03,239
Speaker 1: because they like that level of access. It's what the

619
00:36:03,320 --> 00:36:07,160
Speaker 1: modern LPs is really looking for. Let's talk a little

620
00:36:07,200 --> 00:36:11,239
Speaker 1: bit about some of the areas that you find intriguing.

621
00:36:11,920 --> 00:36:15,680
Speaker 1: What sectors are really capturing your attention these days. What

622
00:36:15,760 --> 00:36:18,239
Speaker 1: are you most excited about. Well, there i am. I'm

623
00:36:18,280 --> 00:36:21,680
Speaker 1: most excited about five categories for which we've been investing

624
00:36:21,719 --> 00:36:25,120
Speaker 1: for for quite some time, but they're really being accelerated

625
00:36:25,239 --> 00:36:31,120
Speaker 1: due to pandemic and um a looming recession, and so

626
00:36:31,719 --> 00:36:36,440
Speaker 1: we're particularly fascinated by not just health care investing has

627
00:36:36,440 --> 00:36:38,960
Speaker 1: it been called in the past, but rather the care economy.

628
00:36:39,600 --> 00:36:42,040
Speaker 1: I'm not a huge fan of the term fem tech.

629
00:36:42,200 --> 00:36:45,360
Speaker 1: It always sounds like fembot to me. But care as

630
00:36:45,400 --> 00:36:49,920
Speaker 1: it pertains to women alone is a multi trillion dollar opportunity.

631
00:36:50,440 --> 00:36:52,320
Speaker 1: And so when we think of the care economy, we

632
00:36:52,400 --> 00:36:55,799
Speaker 1: think of healthcare care, elder care, community care, personal care

633
00:36:56,760 --> 00:37:02,080
Speaker 1: as it pertains to young people, old people, men, women, children.

634
00:37:02,400 --> 00:37:07,480
Speaker 1: We buy for CAPE and we look for interesting opportunities

635
00:37:07,640 --> 00:37:10,680
Speaker 1: that don't exist because they've been undercapitalized and undervalued for

636
00:37:10,760 --> 00:37:13,200
Speaker 1: so long. Cave in point, we were early investors in

637
00:37:13,320 --> 00:37:18,000
Speaker 1: kind body, a reproductive healthcare company focused on women who

638
00:37:18,360 --> 00:37:21,040
Speaker 1: want to preserve their fertility, because if you look at

639
00:37:21,080 --> 00:37:24,200
Speaker 1: twenty ten cents is data, you can see that the

640
00:37:24,320 --> 00:37:26,840
Speaker 1: data has been there for some time that women in

641
00:37:26,880 --> 00:37:31,080
Speaker 1: particular were glaying marriage and childbirth. And there are a

642
00:37:31,120 --> 00:37:32,880
Speaker 1: lot of world famous economist who will tell you this.

643
00:37:33,000 --> 00:37:36,560
Speaker 1: You know, the global population will decline because we're aging

644
00:37:36,600 --> 00:37:38,719
Speaker 1: and we're not necessarily having as many children as we

645
00:37:38,760 --> 00:37:41,440
Speaker 1: would have in the past. Plus it's expensive, and so

646
00:37:41,600 --> 00:37:44,480
Speaker 1: we saw that as investors as a really interesting opportunity

647
00:37:45,000 --> 00:37:47,720
Speaker 1: and UM jumped on the chance to back China Bartosi,

648
00:37:47,760 --> 00:37:50,680
Speaker 1: who's incredible when she came to us with a way

649
00:37:51,120 --> 00:37:54,680
Speaker 1: to make fertility preservation less expensive. So she followed the

650
00:37:54,760 --> 00:37:57,920
Speaker 1: DTC playbook and she started with a mobile clinic UM

651
00:37:58,360 --> 00:38:02,080
Speaker 1: that helped women freeze their eggs etensively. That company has

652
00:38:02,160 --> 00:38:05,800
Speaker 1: gone on to raise hundreds pretty and that company is

653
00:38:05,840 --> 00:38:10,080
Speaker 1: now valued in the hundreds of millions UM. And for us,

654
00:38:10,200 --> 00:38:13,760
Speaker 1: you know, it was as simple as following our intuition

655
00:38:13,880 --> 00:38:17,440
Speaker 1: as women fund managers. Now we know what our tears

656
00:38:17,520 --> 00:38:20,200
Speaker 1: are thinking about because we talked to them all the time.

657
00:38:20,920 --> 00:38:23,320
Speaker 1: And uh, and I think the fact that you know,

658
00:38:23,360 --> 00:38:25,359
Speaker 1: we're bringing a new perspective to venture means that we're

659
00:38:25,360 --> 00:38:27,719
Speaker 1: also bringing a new perspective to what has previously been

660
00:38:27,760 --> 00:38:31,640
Speaker 1: called STEMPEC. We invest in financial inclusion. Everyone in the

661
00:38:31,719 --> 00:38:37,440
Speaker 1: world is investing in fintech um the self directed financial

662
00:38:37,480 --> 00:38:41,200
Speaker 1: mobile apps are always going to be capitalized, especially in

663
00:38:41,239 --> 00:38:45,080
Speaker 1: a post Robin Hood era. But we're specifically interested in

664
00:38:45,440 --> 00:38:49,680
Speaker 1: the democratization of access to financial information. And we're specifically

665
00:38:49,719 --> 00:38:53,759
Speaker 1: interested in student debt um and alleviating students debt in

666
00:38:53,840 --> 00:38:56,759
Speaker 1: America because not only is it going to be one

667
00:38:56,800 --> 00:38:59,440
Speaker 1: of the greatest challenges are our generation will have to overcome,

668
00:39:00,040 --> 00:39:02,839
Speaker 1: but it's also you know, prohibiting us from being out

669
00:39:02,840 --> 00:39:05,560
Speaker 1: the American dream. One point seven trillion dollars a student

670
00:39:05,600 --> 00:39:08,680
Speaker 1: that in America that needs to be alleviated. And then

671
00:39:08,760 --> 00:39:10,920
Speaker 1: we're interested in the future of work and long have been.

672
00:39:11,320 --> 00:39:15,160
Speaker 1: This certainly was very much accelerated during the pandemic, but

673
00:39:15,280 --> 00:39:18,439
Speaker 1: we've been investing in the ten economy and remote work

674
00:39:18,520 --> 00:39:22,120
Speaker 1: for quite some time and so really proud to have

675
00:39:22,200 --> 00:39:25,759
Speaker 1: been the first check into a company called Braveley, which

676
00:39:25,840 --> 00:39:28,400
Speaker 1: is an HR chatpot that helps employees inside of a

677
00:39:28,480 --> 00:39:31,960
Speaker 1: company chat anonymously with hr reps outside of that company.

678
00:39:32,040 --> 00:39:35,120
Speaker 1: So that's ten ninety fine about issues like the EI

679
00:39:35,360 --> 00:39:39,160
Speaker 1: and inclusion and upward mobility and culture setting and what

680
00:39:39,280 --> 00:39:41,080
Speaker 1: to do when you're all of a sudden working from home.

681
00:39:41,600 --> 00:39:44,000
Speaker 1: So that's an example of a future of work business.

682
00:39:44,640 --> 00:39:48,520
Speaker 1: And then in the tech enabled sustainable solutions category, it's amountful.

683
00:39:48,520 --> 00:39:51,480
Speaker 1: So let's call that sustainability. We are proud who have

684
00:39:51,520 --> 00:39:55,040
Speaker 1: been early investors in a company called Riddwell out of Seattle, Washington,

685
00:39:55,520 --> 00:40:00,839
Speaker 1: focused on not just private privatized recycling, but upcycling and reconnaissance.

686
00:40:00,920 --> 00:40:03,719
Speaker 1: Where are our things going when we recycle them? You know,

687
00:40:03,880 --> 00:40:07,239
Speaker 1: for me, always been a pretty big question. And so

688
00:40:07,400 --> 00:40:10,680
Speaker 1: Ridwell allows you to re and up cycle things that

689
00:40:10,719 --> 00:40:12,239
Speaker 1: are hard to get rid of that of your home,

690
00:40:12,320 --> 00:40:16,080
Speaker 1: like children's eyeglasses and paint, battery and you know, single

691
00:40:16,200 --> 00:40:18,400
Speaker 1: use plastic, and it shows you where those things are going,

692
00:40:18,440 --> 00:40:21,040
Speaker 1: which I think is super cool and there's good reason

693
00:40:21,120 --> 00:40:23,239
Speaker 1: why it has one of the highest MPs scores net

694
00:40:23,239 --> 00:40:25,720
Speaker 1: promoter scores of any company either were worked with people

695
00:40:25,760 --> 00:40:29,560
Speaker 1: are craving this kind of modern solution. And last but

696
00:40:29,680 --> 00:40:32,520
Speaker 1: not least, we invest in transportation in part because of

697
00:40:32,600 --> 00:40:35,399
Speaker 1: the unfair advantage my partner, Marina brings to t MV.

698
00:40:36,040 --> 00:40:38,200
Speaker 1: She comes from a maritime family, and so we can

699
00:40:38,320 --> 00:40:44,080
Speaker 1: pilot transportation technology within her own ecosystem. That's pretty great.

700
00:40:44,480 --> 00:40:47,080
Speaker 1: But also because we're just fascinated by the fact of

701
00:40:47,960 --> 00:40:51,640
Speaker 1: the world commodities move on ship and the biggest contributor

702
00:40:51,760 --> 00:40:54,680
Speaker 1: to emissions in the world outside of you know, corporate

703
00:40:55,000 --> 00:40:57,719
Speaker 1: is coming from transportation, and so if we can sort

704
00:40:57,760 --> 00:41:02,359
Speaker 1: of figure out this industry, we can solve a lot

705
00:41:02,640 --> 00:41:05,279
Speaker 1: of the problems that our generation are inheriting. Now, these

706
00:41:05,360 --> 00:41:08,640
Speaker 1: categories might sound massive, and we do consider ourselves a

707
00:41:08,760 --> 00:41:12,640
Speaker 1: generalist firm, but we stick stick to five core sectors

708
00:41:12,880 --> 00:41:15,319
Speaker 1: that we truly believe in, and we give ourselves room

709
00:41:15,400 --> 00:41:17,040
Speaker 1: to kick out a sector or to add a new

710
00:41:17,080 --> 00:41:19,600
Speaker 1: one with any given new fund. For the most part,

711
00:41:19,719 --> 00:41:22,880
Speaker 1: we haven't needed to because these remain the categories that

712
00:41:22,960 --> 00:41:25,400
Speaker 1: are not only most appealing to us as investors, but

713
00:41:25,520 --> 00:41:29,520
Speaker 1: I think paramount to our generation. That's that's really intriguing.

714
00:41:29,719 --> 00:41:33,640
Speaker 1: Give us an example of a moon shot, or what

715
00:41:33,760 --> 00:41:38,400
Speaker 1: you called earlier a mars shot, a technology or a

716
00:41:38,520 --> 00:41:42,319
Speaker 1: company that can really be a game changer but may

717
00:41:42,360 --> 00:41:44,960
Speaker 1: not pay off for for quite a while. We just

718
00:41:45,480 --> 00:41:52,360
Speaker 1: backed a company that is focusing on uh food science.

719
00:41:52,440 --> 00:41:54,439
Speaker 1: Oh gosh, I can't really too much because they haven't

720
00:41:54,520 --> 00:41:58,399
Speaker 1: they haven't truly launched in the US, but maybe maybe

721
00:41:58,440 --> 00:42:02,680
Speaker 1: I'll kind of allude to it. They use crushed produce

722
00:42:03,400 --> 00:42:09,520
Speaker 1: like crushed potato skins to make plastic but biodegrades. And

723
00:42:09,719 --> 00:42:13,080
Speaker 1: so it's a Mars shot because it's a materials business

724
00:42:13,160 --> 00:42:16,239
Speaker 1: and it's a food science business rolled up into both

725
00:42:16,360 --> 00:42:20,400
Speaker 1: a CpG business and enterprise business. This particular material can

726
00:42:20,440 --> 00:42:24,600
Speaker 1: wrap itself around industrial plates. Even though it's audacious, it's

727
00:42:24,640 --> 00:42:26,840
Speaker 1: not really a Mars shot when you think about the

728
00:42:26,840 --> 00:42:29,799
Speaker 1: way the world is headed. Everybody wants to figure out

729
00:42:29,880 --> 00:42:33,439
Speaker 1: how do we consume less plastic and recycle plastic better.

730
00:42:34,160 --> 00:42:37,239
Speaker 1: And so if there are new materials out there that

731
00:42:37,719 --> 00:42:41,440
Speaker 1: will not only disintegrate but also in some ways feed

732
00:42:41,520 --> 00:42:44,040
Speaker 1: if the environment, it would be a no brainer. And

733
00:42:44,120 --> 00:42:46,040
Speaker 1: then if you add to the equation the fact that

734
00:42:46,120 --> 00:42:48,680
Speaker 1: it could be maybe not less expensive, but of comparable

735
00:42:48,760 --> 00:42:51,560
Speaker 1: pricing to be alternative. I can't think of a company

736
00:42:51,600 --> 00:42:54,200
Speaker 1: in the world that wouldn't switch to this solution. This

737
00:42:54,360 --> 00:42:57,560
Speaker 1: is plastic that you don't throw away, you just toss

738
00:42:57,600 --> 00:43:01,400
Speaker 1: in the garden and it becomes exactly exactly it should

739
00:43:01,440 --> 00:43:05,000
Speaker 1: help your guard and grow. Um. So yeah, so that

740
00:43:05,120 --> 00:43:07,000
Speaker 1: that's what I would call them mars shot in some ways,

741
00:43:07,080 --> 00:43:10,360
Speaker 1: but in other ways, it's just common sense. Right. So,

742
00:43:10,640 --> 00:43:13,800
Speaker 1: so let's talk a little bit about your investment vehicles,

743
00:43:14,400 --> 00:43:16,359
Speaker 1: you guys run. I want to make sure I get

744
00:43:16,400 --> 00:43:19,719
Speaker 1: this right to funds and three vehicles. Is that right?

745
00:43:20,320 --> 00:43:23,120
Speaker 1: We have two funds. They're both considered micro funds because

746
00:43:23,160 --> 00:43:26,000
Speaker 1: they're both under a hundred million, and then we operate

747
00:43:26,120 --> 00:43:31,160
Speaker 1: in parallel four SPVs UM that are relatively evergreen and

748
00:43:31,440 --> 00:43:35,560
Speaker 1: they serve as opportunistic investments to continue to double down

749
00:43:35,640 --> 00:43:40,640
Speaker 1: on our winners. SPVs special purpose investment vehicles. Yes, in

750
00:43:41,000 --> 00:43:44,839
Speaker 1: in UM the PE world, they're called side cars. That's

751
00:43:44,880 --> 00:43:48,560
Speaker 1: that's that's really interesting. UM. So how do these get structured?

752
00:43:48,600 --> 00:43:53,080
Speaker 1: Does everything look very similar? UM? When you have a fund,

753
00:43:53,400 --> 00:43:57,520
Speaker 1: how quickly do you deploy the capital? And typically how

754
00:43:57,600 --> 00:44:00,160
Speaker 1: long are you locked up? For our investors luck up?

755
00:44:00,239 --> 00:44:04,920
Speaker 1: For well, investors are usually in private equity or we

756
00:44:05,000 --> 00:44:08,440
Speaker 1: see funds locked up for ten years. That's not unusual. UM.

757
00:44:08,920 --> 00:44:12,600
Speaker 1: We have shown liquidity faster, certainly for fund one, it's

758
00:44:12,719 --> 00:44:16,919
Speaker 1: it's well in the black and uh and it's only

759
00:44:17,000 --> 00:44:20,560
Speaker 1: five years old, less four and a half years old.

760
00:44:21,000 --> 00:44:23,840
Speaker 1: So um, you know how do we make money. We

761
00:44:24,200 --> 00:44:27,920
Speaker 1: charge standard fees two on twenties is you know, the

762
00:44:28,040 --> 00:44:31,840
Speaker 1: rout brick that we operate by, and then lesser fees

763
00:44:32,200 --> 00:44:35,719
Speaker 1: for sidecars or direct investments. So that's that's kind of

764
00:44:35,760 --> 00:44:38,279
Speaker 1: how we stay in business. When you think about an

765
00:44:38,320 --> 00:44:42,800
Speaker 1: emerging manager starting their first fund, you know, management fees

766
00:44:42,880 --> 00:44:44,719
Speaker 1: are certainly not so we can live a lavish rock

767
00:44:44,760 --> 00:44:47,279
Speaker 1: and world life on the ten million dollar fund with

768
00:44:47,320 --> 00:44:49,680
Speaker 1: a two percent management. See, you're talking about two k

769
00:44:50,160 --> 00:44:53,880
Speaker 1: for the entire business to operate. So Marina and I

770
00:44:54,120 --> 00:44:56,680
Speaker 1: not only you know, anchored our first fund with our

771
00:44:56,719 --> 00:45:00,560
Speaker 1: own capital, but we didn't pay ourselves for four years.

772
00:45:01,320 --> 00:45:05,160
Speaker 1: It's not glamorous. I mean there's some friends of mine

773
00:45:05,200 --> 00:45:07,880
Speaker 1: that think the venture capital life is glam and it

774
00:45:08,120 --> 00:45:11,080
Speaker 1: is if you're on Sandhill Road, But if you're an

775
00:45:11,120 --> 00:45:13,319
Speaker 1: e M, it's a lot more like a startup where

776
00:45:13,400 --> 00:45:18,280
Speaker 1: you're burning the midnight oil. Um, you are bartering favors

777
00:45:18,320 --> 00:45:21,799
Speaker 1: with your friends, and you are begging the smartest people

778
00:45:21,880 --> 00:45:23,440
Speaker 1: you know to take a chance on you and to

779
00:45:23,520 --> 00:45:26,800
Speaker 1: invite you into their cap table, but it somehow works

780
00:45:26,840 --> 00:45:30,719
Speaker 1: out because we do put in that extra effort. I think.

781
00:45:30,960 --> 00:45:34,440
Speaker 1: I think the metrics, certainly for Fund one, have have

782
00:45:34,640 --> 00:45:37,080
Speaker 1: shown us that you know, we're in this for the

783
00:45:37,160 --> 00:45:40,319
Speaker 1: long hall now, so you have FUN one and FUN too.

784
00:45:41,200 --> 00:45:45,040
Speaker 1: Are there any plans of launching Fund three? Yes? Um,

785
00:45:45,200 --> 00:45:49,120
Speaker 1: I think that you know, given the proof points between

786
00:45:49,120 --> 00:45:51,759
Speaker 1: Fund one and Fund two, um, and a conversation that

787
00:45:51,920 --> 00:45:54,680
Speaker 1: my partner and I recently had, you know, five years

788
00:45:54,719 --> 00:45:58,200
Speaker 1: out early in this do we love this? We do? Okay,

789
00:45:58,280 --> 00:46:02,640
Speaker 1: this is our life's work. So you can see larger

790
00:46:02,680 --> 00:46:07,080
Speaker 1: and more demonstrable sized funds, but not in an outsized way,

791
00:46:07,160 --> 00:46:09,440
Speaker 1: not just because we can raise more capital now, but

792
00:46:09,719 --> 00:46:13,120
Speaker 1: because we want to build out a partnership and the

793
00:46:13,239 --> 00:46:15,279
Speaker 1: kind of culture that we always dreamed of working for

794
00:46:15,760 --> 00:46:18,759
Speaker 1: back when we were employees. So we have a very

795
00:46:18,880 --> 00:46:23,880
Speaker 1: diverse instead of colleagues with whom we couldn't operate. And

796
00:46:24,120 --> 00:46:26,279
Speaker 1: we'll be adding to the partnership in the next two

797
00:46:26,400 --> 00:46:29,160
Speaker 1: or three years, which is really exciting to say. UM.

798
00:46:29,680 --> 00:46:31,200
Speaker 1: So yes, the T and V will be around for

799
00:46:31,239 --> 00:46:33,600
Speaker 1: a while. That that's really interesting. I'm going to ask

800
00:46:33,680 --> 00:46:38,040
Speaker 1: you the question I ask any venture capitalists that I interview.

801
00:46:38,719 --> 00:46:42,040
Speaker 1: Tell us about your best and worst investments, and what

802
00:46:42,160 --> 00:46:45,200
Speaker 1: did you pass on that perhaps you wish you didn't.

803
00:46:45,760 --> 00:46:48,759
Speaker 1: Oh gosh, the film all list is so long and

804
00:46:48,840 --> 00:46:53,160
Speaker 1: so embarrassing. UM, let me start with with you know

805
00:46:53,560 --> 00:46:56,200
Speaker 1: what I passed on that I regret. Well, I don't

806
00:46:56,280 --> 00:46:59,160
Speaker 1: know if she really would have invited me to invest,

807
00:46:59,320 --> 00:47:03,200
Speaker 1: but only I had a wonderful conversation with a peer

808
00:47:03,360 --> 00:47:07,560
Speaker 1: from high school, Katrina Lake, when she was in beta

809
00:47:07,640 --> 00:47:10,799
Speaker 1: mode for spitch Fix. I think she was still at

810
00:47:10,920 --> 00:47:13,920
Speaker 1: HBS at the time or had just recently graduated from Harvard,

811
00:47:14,400 --> 00:47:16,680
Speaker 1: and Katrina and I had coffee in Minneapolis, where we

812
00:47:16,680 --> 00:47:19,120
Speaker 1: went to high school, and she was telling me about

813
00:47:19,160 --> 00:47:22,560
Speaker 1: the Netflix for clothing that she was building, And certainly

814
00:47:22,600 --> 00:47:26,720
Speaker 1: I regret um not really picking up on the clues

815
00:47:26,800 --> 00:47:30,080
Speaker 1: that she was offering in that conversation. UM, ditch Fix

816
00:47:30,160 --> 00:47:32,919
Speaker 1: had an incredible IPO and I'm a proud shareholder today.

817
00:47:34,200 --> 00:47:39,440
Speaker 1: And UM. Similarly, when uh, my friends were starting cloud Flare,

818
00:47:39,840 --> 00:47:42,160
Speaker 1: which luckily they did bring me into pre I PO

819
00:47:42,160 --> 00:47:44,280
Speaker 1: and I'm grateful for that. But when they were starting

820
00:47:44,320 --> 00:47:46,560
Speaker 1: cloud Flare, I really should have jumped on that moment

821
00:47:47,000 --> 00:47:50,440
Speaker 1: or UM when my my buddy Ryan Graves, whom I

822
00:47:50,520 --> 00:47:53,719
Speaker 1: still chat with pretty frequently, UH was starting out uber

823
00:47:54,000 --> 00:47:56,800
Speaker 1: in beta with Travis and Garrett as another opportunity that

824
00:47:56,880 --> 00:47:59,680
Speaker 1: I definitely missed. UM I was in Ireland when this

825
00:47:59,800 --> 00:48:03,080
Speaker 1: year is a term sheep assigned. So there's such a

826
00:48:03,200 --> 00:48:07,080
Speaker 1: long laundry list of name dropped, name dropped, missed, missmissed.

827
00:48:07,520 --> 00:48:11,520
Speaker 1: But in terms of what I'm proud of UM, I'd

828
00:48:11,560 --> 00:48:16,680
Speaker 1: say far more. You know, I don't like Sophie's choice.

829
00:48:16,719 --> 00:48:19,480
Speaker 1: I don't like to cherry pick the certain investments to

830
00:48:19,600 --> 00:48:22,799
Speaker 1: just brag about them. But we've we've talked about someone

831
00:48:22,960 --> 00:48:25,839
Speaker 1: the call today, I'd rather kind of shine a light

832
00:48:26,280 --> 00:48:28,959
Speaker 1: look at my track record. Right there's there's a large

833
00:48:29,000 --> 00:48:30,759
Speaker 1: realized I r R that I'm very proud of. But

834
00:48:31,239 --> 00:48:33,680
Speaker 1: more on the opportunity of the companies that we more

835
00:48:33,719 --> 00:48:38,520
Speaker 1: recently act Preventive, which is a CRM for oncology patients

836
00:48:38,680 --> 00:48:41,440
Speaker 1: that helped them navigate through the most strenuous time of

837
00:48:41,520 --> 00:48:45,920
Speaker 1: their lives and by doing so, get better access to healthcare.

838
00:48:46,360 --> 00:48:48,520
Speaker 1: You know, we just wrote that check a couple of

839
00:48:48,600 --> 00:48:51,719
Speaker 1: months ago, but already it's becoming a company that I

840
00:48:51,760 --> 00:48:55,080
Speaker 1: couldn't be more excited about because if they execute the

841
00:48:55,120 --> 00:48:58,880
Speaker 1: way I think surely and Victor will, this has the

842
00:48:59,000 --> 00:49:03,680
Speaker 1: power to help so many people in you know, profound way,

843
00:49:03,840 --> 00:49:06,239
Speaker 1: not just in the Silicon Valley cliche way of this

844
00:49:06,320 --> 00:49:08,400
Speaker 1: could change the world, but this could actually, you know,

845
00:49:08,600 --> 00:49:13,120
Speaker 1: help people receive better care. UM. So so yeah, so

846
00:49:13,200 --> 00:49:16,000
Speaker 1: I'm I'm I'm proud of having been an early investor

847
00:49:16,480 --> 00:49:18,719
Speaker 1: in you know, the Caspers of the world. Certainly we're

848
00:49:18,719 --> 00:49:22,000
Speaker 1: all getting better sleep. There's no shame there. But I'm

849
00:49:22,200 --> 00:49:27,760
Speaker 1: I'm really excited now today and investing in financial inclusion

850
00:49:27,800 --> 00:49:30,799
Speaker 1: in the care economy and so on. M And let's

851
00:49:30,880 --> 00:49:34,879
Speaker 1: talk a little bit about impactful companies. Is there any

852
00:49:35,080 --> 00:49:39,480
Speaker 1: different when you're making a seed stage investment in a

853
00:49:39,560 --> 00:49:45,239
Speaker 1: potentially impactful company versus traditional startup investing. Well, pre seed

854
00:49:45,280 --> 00:49:49,200
Speaker 1: and seed investing UM isn't a science, and it's certainly

855
00:49:49,280 --> 00:49:51,480
Speaker 1: not a science that anyone has perfected. There are people

856
00:49:51,520 --> 00:49:54,120
Speaker 1: who are incredibly good at it because they have a

857
00:49:54,239 --> 00:49:58,800
Speaker 1: combination of luck and access. But if you're a discipline

858
00:49:58,800 --> 00:50:01,400
Speaker 1: investor in any such class. And I talked to my

859
00:50:01,440 --> 00:50:03,319
Speaker 1: friends who were in hedge funds and work for hedge

860
00:50:03,360 --> 00:50:05,319
Speaker 1: funds about you know, the ten bets that they take

861
00:50:05,360 --> 00:50:06,920
Speaker 1: a day, and I think that's a lot trickier than

862
00:50:06,960 --> 00:50:10,960
Speaker 1: what I do. Because our due diligence process, on average,

863
00:50:11,480 --> 00:50:13,840
Speaker 1: picks an entire quarter of a year. We're not making

864
00:50:13,920 --> 00:50:16,360
Speaker 1: that many investments each year. So even though it sounds

865
00:50:17,320 --> 00:50:19,560
Speaker 1: sort of fruity when you look at a white combinator

866
00:50:19,640 --> 00:50:21,880
Speaker 1: your demo day, why Com is, you know, the biggest

867
00:50:21,920 --> 00:50:24,320
Speaker 1: accelerator in Silicon Valley, and they produce over three D

868
00:50:24,480 --> 00:50:27,719
Speaker 1: companies three or four times a year. When you look

869
00:50:27,800 --> 00:50:30,200
Speaker 1: at the outsized valuations coming out of why Com, it's

870
00:50:30,200 --> 00:50:33,239
Speaker 1: easy to think that starting company is as simplest sort

871
00:50:33,280 --> 00:50:35,480
Speaker 1: of downloading a company in a box Excel and and

872
00:50:35,719 --> 00:50:39,080
Speaker 1: and running with it. But from where we sit, you know,

873
00:50:39,160 --> 00:50:45,560
Speaker 1: we're scorching the earth for really compelling ideas in areas

874
00:50:45,760 --> 00:50:49,440
Speaker 1: that have yet to converge. And we're looking for businesses

875
00:50:49,600 --> 00:50:52,120
Speaker 1: that may have never pitched a VC before. Maybe they're

876
00:50:52,120 --> 00:50:56,279
Speaker 1: not even seeking capital. Maybe it's it's a company that

877
00:50:56,760 --> 00:50:58,960
Speaker 1: you know, isn't so interested in raising a penny of

878
00:50:59,000 --> 00:51:01,239
Speaker 1: venture because they don't need to. They're profitable from day one.

879
00:51:01,920 --> 00:51:04,360
Speaker 1: Those are the companies that we find most exciting because

880
00:51:04,480 --> 00:51:08,560
Speaker 1: as former operators. We know how to appeal to them,

881
00:51:08,719 --> 00:51:10,200
Speaker 1: and then we also know how to work with them.

882
00:51:10,640 --> 00:51:13,920
Speaker 1: M hm, that's really interesting. Before I get to my

883
00:51:14,080 --> 00:51:18,160
Speaker 1: favorite question, let me just throw you a curveball. Tell

884
00:51:18,239 --> 00:51:23,440
Speaker 1: me a little bit about business school. The podcast you

885
00:51:23,600 --> 00:51:29,680
Speaker 1: hosted for quite a while, So Synchrony thanks Um came

886
00:51:29,760 --> 00:51:33,360
Speaker 1: to me a few years ago with a very compelling

887
00:51:33,400 --> 00:51:37,239
Speaker 1: and exciting opportunity to host a podcast with them that

888
00:51:37,560 --> 00:51:42,640
Speaker 1: allowed me a fortunate opportunity to travel the country. I

889
00:51:42,800 --> 00:51:46,560
Speaker 1: went to just under a dozen cities to meet with

890
00:51:46,680 --> 00:51:49,800
Speaker 1: founders who have persevered past their startup pace. And what

891
00:51:49,880 --> 00:51:52,759
Speaker 1: I loved about the concept of business school is that

892
00:51:53,239 --> 00:51:57,960
Speaker 1: the seasons that I hosted were really focused on founders

893
00:51:58,040 --> 00:52:02,319
Speaker 1: who didn't have access to BC capital. They put money

894
00:52:02,360 --> 00:52:05,440
Speaker 1: on credit cards or took out SBA loans or you

895
00:52:05,520 --> 00:52:08,320
Speaker 1: know as friends and family to give them starter capital,

896
00:52:08,480 --> 00:52:11,160
Speaker 1: and then they made their business work through trying times.

897
00:52:11,920 --> 00:52:14,520
Speaker 1: And when you passed a five year marks for any business,

898
00:52:14,640 --> 00:52:16,680
Speaker 1: I you know, I'm passing it right now for t

899
00:52:16,840 --> 00:52:19,759
Speaker 1: n B, there's a moment of reflection where you can say, wow,

900
00:52:19,840 --> 00:52:22,759
Speaker 1: I did it. You know it's it's incredibly difficult to

901
00:52:22,800 --> 00:52:25,279
Speaker 1: be a startup founder. More than fifty of companies fail

902
00:52:25,320 --> 00:52:28,880
Speaker 1: and probably for good reason. And so um, Yes, I

903
00:52:28,960 --> 00:52:32,799
Speaker 1: hosted Business School seasons two and three and potentially there

904
00:52:32,840 --> 00:52:35,680
Speaker 1: will be more seasons um and I'm very proud of

905
00:52:35,719 --> 00:52:38,000
Speaker 1: the fact that, you know, at one point we we

906
00:52:38,120 --> 00:52:40,680
Speaker 1: cracked the top twenty business podcasts, and people seem to

907
00:52:40,760 --> 00:52:45,080
Speaker 1: be really entertained um through these conversations with you know,

908
00:52:45,560 --> 00:52:48,719
Speaker 1: insightful founders who were vulnerable with me about you know,

909
00:52:49,200 --> 00:52:51,000
Speaker 1: what it was like to build their business. And I'd

910
00:52:51,040 --> 00:52:54,880
Speaker 1: like to think they were vulnerable because I have, you know,

911
00:52:55,360 --> 00:52:57,839
Speaker 1: a good amount of compassion for the experience of being

912
00:52:57,840 --> 00:53:01,360
Speaker 1: a founder, and also because I'm a New Yorker and

913
00:53:01,440 --> 00:53:04,680
Speaker 1: I just like to talk. You're also a founder, so

914
00:53:04,800 --> 00:53:08,799
Speaker 1: there's gonna be some you know, empathy that's genuine. You'r

915
00:53:09,200 --> 00:53:13,840
Speaker 1: you went through what they're going through exactly exactly, and

916
00:53:13,960 --> 00:53:17,960
Speaker 1: so um. You know, what you do, Barry is quite similar.

917
00:53:18,120 --> 00:53:21,120
Speaker 1: You're you host an exceptionally successful business podcast and you're

918
00:53:21,160 --> 00:53:24,960
Speaker 1: also an allocator. You know that it's it's interesting to

919
00:53:25,000 --> 00:53:28,640
Speaker 1: do both because you have I think that being an

920
00:53:28,680 --> 00:53:30,719
Speaker 1: investor is a lot like being a journalist. You know,

921
00:53:31,200 --> 00:53:35,400
Speaker 1: in both professions, you won't succeed unless you are confidently

922
00:53:35,520 --> 00:53:40,080
Speaker 1: curious and if you are having conversations to listen more

923
00:53:40,120 --> 00:53:42,120
Speaker 1: than you speak. Well, I'll let you in on a

924
00:53:42,160 --> 00:53:44,640
Speaker 1: little secret. Since it's so late in the podcast and

925
00:53:45,280 --> 00:53:48,760
Speaker 1: fewer people will be hearing this, the people I invite

926
00:53:48,840 --> 00:53:52,719
Speaker 1: on the show are essentially just conversations I want to have.

927
00:53:53,280 --> 00:53:57,280
Speaker 1: If other people come along and listen, that's fantastic, But honestly,

928
00:53:58,360 --> 00:54:01,800
Speaker 1: it's for an audience of one, namely me. The reason

929
00:54:01,880 --> 00:54:05,200
Speaker 1: I wanted to have you on is because I'm intrigued

930
00:54:05,360 --> 00:54:10,120
Speaker 1: by the world of venture and alternatives and impact. I

931
00:54:10,320 --> 00:54:12,760
Speaker 1: think it's safe to say that a lot of people

932
00:54:13,600 --> 00:54:18,360
Speaker 1: have been somewhat disappointed in the result of E s

933
00:54:18,440 --> 00:54:23,360
Speaker 1: G investing and impact investing that for it's captured a

934
00:54:23,440 --> 00:54:26,400
Speaker 1: lot more mind share than it has captured capital, although

935
00:54:26,440 --> 00:54:29,680
Speaker 1: we're seeing signs that's starting to shift. But then the

936
00:54:29,800 --> 00:54:34,160
Speaker 1: real question becomes, all right, so I'm investing less in

937
00:54:34,320 --> 00:54:38,160
Speaker 1: oil companies and more in other companies that just happened

938
00:54:38,200 --> 00:54:43,040
Speaker 1: to consume fossil fuels, what's the genuine impact of of

939
00:54:43,239 --> 00:54:46,640
Speaker 1: my E s G investing? It feels like it's sort

940
00:54:46,680 --> 00:54:52,000
Speaker 1: of diminimus, whereas what you do really feels like it

941
00:54:52,120 --> 00:54:56,560
Speaker 1: has a major impact for people who are interested in

942
00:54:56,719 --> 00:55:00,680
Speaker 1: having their capital make a positive difference. Thank you for

943
00:55:00,760 --> 00:55:03,560
Speaker 1: saying that, and I will return the compliment by saying

944
00:55:03,640 --> 00:55:05,680
Speaker 1: that I've really enjoyed getting to know you on our

945
00:55:05,719 --> 00:55:09,799
Speaker 1: Wonky Economists zooms um and I think that you're right.

946
00:55:09,920 --> 00:55:12,880
Speaker 1: I think that E s G investing, certainly in the

947
00:55:12,920 --> 00:55:16,760
Speaker 1: public markets, has had diminished returns historically because the definition

948
00:55:16,800 --> 00:55:18,800
Speaker 1: has been still bizarre and so all over the place.

949
00:55:19,320 --> 00:55:22,520
Speaker 1: And I've read incredible books from people like company Book Levine,

950
00:55:22,520 --> 00:55:26,839
Speaker 1: who helps coin the term Rockefeller Foundation originally can coin

951
00:55:26,960 --> 00:55:30,479
Speaker 1: the term you know, you read about lower case higher

952
00:55:30,600 --> 00:55:34,719
Speaker 1: are and iris plus measurement, and it's so hard to

953
00:55:34,880 --> 00:55:38,160
Speaker 1: have just a standardization of what it means to be

954
00:55:38,200 --> 00:55:42,160
Speaker 1: an impact investor, and so it can be the bother.

955
00:55:42,320 --> 00:55:45,480
Speaker 1: But we don't bother. Rather, we kind of come up

956
00:55:45,480 --> 00:55:47,800
Speaker 1: with our own subjective point of view of the world,

957
00:55:47,960 --> 00:55:50,720
Speaker 1: and we say, what is impact mean to us? Certainly

958
00:55:51,200 --> 00:55:54,799
Speaker 1: it means not investing in sin stocks, um, But then

959
00:55:54,800 --> 00:55:56,640
Speaker 1: those sin stocks have to begin somewhere. It has to

960
00:55:56,680 --> 00:55:58,799
Speaker 1: begin with an idea that somebody had once upon a time.

961
00:55:58,840 --> 00:56:01,680
Speaker 1: And so rather we are investing in the way the

962
00:56:01,760 --> 00:56:06,320
Speaker 1: world should look from our perspective. UM. And with that

963
00:56:06,440 --> 00:56:09,040
Speaker 1: in mind, it doesn't have to be impact like your

964
00:56:09,080 --> 00:56:12,880
Speaker 1: grandpa's dc UM. It can be impact for a modern

965
00:56:12,920 --> 00:56:16,680
Speaker 1: generation but simply thinks and behaves differently their votes with

966
00:56:16,760 --> 00:56:20,200
Speaker 1: their dollars. UM. You know, people often say, oh, well,

967
00:56:20,280 --> 00:56:22,839
Speaker 1: my E S G portfolios under performing, But then if

968
00:56:22,880 --> 00:56:25,320
Speaker 1: you dig into the specifics, are you investing in Tesla?

969
00:56:25,560 --> 00:56:27,759
Speaker 1: It's a pretty good year. Did you back beyond Meat

970
00:56:28,080 --> 00:56:30,640
Speaker 1: had a great year. And so when you kind of

971
00:56:30,719 --> 00:56:34,799
Speaker 1: redesign the public market not by a sleeve in um,

972
00:56:34,960 --> 00:56:38,560
Speaker 1: you know, a bank's version of a portfolio, but rather

973
00:56:38,719 --> 00:56:41,360
Speaker 1: by companies that you think are making demonstrable change in

974
00:56:41,400 --> 00:56:44,600
Speaker 1: the world, then you can walk away realizing, oh, had

975
00:56:44,640 --> 00:56:47,680
Speaker 1: I only invested in these companies that are purpose driven,

976
00:56:48,160 --> 00:56:50,359
Speaker 1: I would have had outside returns. And that's what we're

977
00:56:50,400 --> 00:56:53,800
Speaker 1: trying to deliver on at TMV. That's that's the promise,

978
00:56:54,880 --> 00:56:57,800
Speaker 1: really really very very intriguing. I know I only have

979
00:56:57,920 --> 00:57:00,360
Speaker 1: you for a few minutes, so let's jump to my

980
00:57:00,520 --> 00:57:04,000
Speaker 1: favorite questions that I asked all of our guests, starting

981
00:57:04,080 --> 00:57:06,360
Speaker 1: with tell us what you're streaming these days? Give us

982
00:57:06,400 --> 00:57:09,880
Speaker 1: your favorite Netflix, Amazon Prime or any podcasts that are

983
00:57:09,960 --> 00:57:15,959
Speaker 1: keeping you entertained during the pandemic. While my family has

984
00:57:16,200 --> 00:57:20,720
Speaker 1: been binging on on ft Wave on HBO Max, which

985
00:57:20,800 --> 00:57:24,880
Speaker 1: is the story of Big Waves surfer Barrett McNamara, who

986
00:57:25,880 --> 00:57:30,600
Speaker 1: is constantly surfing the world's largest waves. And I'm fascinated

987
00:57:30,640 --> 00:57:35,120
Speaker 1: by people who have a mission that's sort of bigger

988
00:57:35,200 --> 00:57:39,400
Speaker 1: than success or fame. Um. But they're driven by something

989
00:57:40,400 --> 00:57:43,360
Speaker 1: and part of that something is curiosity, and part of

990
00:57:43,440 --> 00:57:46,240
Speaker 1: it is insanity. And so not only is it visually

991
00:57:46,280 --> 00:57:49,520
Speaker 1: stunning to kind of watch these big Waves surfers in Portugal,

992
00:57:49,960 --> 00:57:54,440
Speaker 1: but it's also a mind trip, you know, what motivates

993
00:57:54,520 --> 00:57:56,040
Speaker 1: them to get out of bed every day and potentially

994
00:57:56,120 --> 00:57:59,360
Speaker 1: risk their lives doing something so dangerous and and so

995
00:58:00,040 --> 00:58:02,840
Speaker 1: nannas but also at the same time so brave and heroic.

996
00:58:03,360 --> 00:58:08,920
Speaker 1: So highly recommend um. I am um listening to too

997
00:58:08,960 --> 00:58:12,479
Speaker 1: many podcasts. I listened to I don't know, a stream

998
00:58:12,520 --> 00:58:15,760
Speaker 1: of things from I'm a Big You know carriswsher fan

999
00:58:16,200 --> 00:58:18,960
Speaker 1: as reclient fan, so they're both part of the New

1000
00:58:19,040 --> 00:58:21,880
Speaker 1: York Times these days, Um, and of course your podcast,

1001
00:58:21,960 --> 00:58:24,760
Speaker 1: Mary Well, well, thank you so much. Let's talk a

1002
00:58:24,800 --> 00:58:28,120
Speaker 1: little bit about who your early mentors were and who

1003
00:58:28,240 --> 00:58:32,280
Speaker 1: helped shape your career. It's gonna sound ungrateful, but I

1004
00:58:32,440 --> 00:58:35,160
Speaker 1: don't think in like a post lene and definition of

1005
00:58:35,240 --> 00:58:38,880
Speaker 1: the word, I've ever truly had a mentor or a sponsor. Now,

1006
00:58:39,240 --> 00:58:41,680
Speaker 1: having said that, I've had people who have really looked

1007
00:58:41,720 --> 00:58:44,600
Speaker 1: out for me and been incredibly gracious with their time

1008
00:58:44,640 --> 00:58:47,960
Speaker 1: and capital, and so I would absolutely like to acknowledge

1009
00:58:48,040 --> 00:58:50,720
Speaker 1: that first and foremost. You know, I think about how

1010
00:58:50,920 --> 00:58:53,840
Speaker 1: generous Adam Grant has been with his time and his

1011
00:58:53,960 --> 00:58:56,360
Speaker 1: investments for TMV and Fund one and Front two, and

1012
00:58:56,800 --> 00:58:59,360
Speaker 1: he's the best selling author and worked in his highest

1013
00:58:59,440 --> 00:59:02,600
Speaker 1: rated business professor. Um So, shout out to Adam if

1014
00:59:02,640 --> 00:59:04,680
Speaker 1: he's listening, or back Comstock, the former vice chair of

1015
00:59:04,760 --> 00:59:08,840
Speaker 1: che who has been instrumental in my career for about

1016
00:59:08,880 --> 00:59:12,600
Speaker 1: a decade and a half now. Um and she's also,

1017
00:59:13,040 --> 00:59:15,120
Speaker 1: um you know, really leaning into the t m V

1018
00:59:15,240 --> 00:59:18,280
Speaker 1: portfolio and has become a patient of Parsley Health and

1019
00:59:18,360 --> 00:59:20,960
Speaker 1: early investment of ours and and also an official advisor

1020
00:59:21,000 --> 00:59:24,320
Speaker 1: to the business. Um So, people like Adam and besth

1021
00:59:24,680 --> 00:59:28,080
Speaker 1: certainly come to mind. But I don't know. I just

1022
00:59:28,640 --> 00:59:32,560
Speaker 1: I'm not sure mentors really exist outside of corporate America anymore.

1023
00:59:32,800 --> 00:59:35,640
Speaker 1: And part of the reason why we started Transact Global

1024
00:59:35,800 --> 00:59:38,440
Speaker 1: is to kind of foster the concept of the peer

1025
00:59:38,520 --> 00:59:40,600
Speaker 1: mentor people who are going through the same thing as

1026
00:59:40,640 --> 00:59:44,400
Speaker 1: you at the same time, and allowing that high mentality

1027
00:59:44,960 --> 00:59:48,560
Speaker 1: with an abundance mentality to catalyze people to kind of

1028
00:59:48,920 --> 00:59:52,680
Speaker 1: go further and faster. Let's talk about some of your

1029
00:59:52,720 --> 00:59:56,200
Speaker 1: favorite books and what you might be reading right now. Okay,

1030
00:59:56,280 --> 01:00:00,160
Speaker 1: so in the biz book UM World, the as I

1031
01:00:00,440 --> 01:00:03,520
Speaker 1: know your your listeners are creating UM. I'm a big

1032
01:00:03,560 --> 01:00:06,360
Speaker 1: fan of negotiation Genius. I took a crash course with

1033
01:00:06,440 --> 01:00:09,160
Speaker 1: one of the authors, Max Bagamin, at the Kennedy School,

1034
01:00:09,320 --> 01:00:12,360
Speaker 1: and it was illuminating. I mean, he's one of the

1035
01:00:12,400 --> 01:00:16,040
Speaker 1: most captivating professors I've ever had the pleasure of hearing lecture.

1036
01:00:16,600 --> 01:00:19,640
Speaker 1: And this book has really helped me understand the concept

1037
01:00:19,680 --> 01:00:22,280
Speaker 1: of the ZOPA, the zone of possible agreement and how

1038
01:00:22,360 --> 01:00:26,360
Speaker 1: to really negotiate though UM. And then for Adam, whom

1039
01:00:26,400 --> 01:00:29,240
Speaker 1: I just referenced UM, of all of his incredible books,

1040
01:00:29,280 --> 01:00:32,000
Speaker 1: my favorite is given Take because I try to operate

1041
01:00:32,760 --> 01:00:35,600
Speaker 1: UM with that approach in business. You know, give more

1042
01:00:35,640 --> 01:00:38,000
Speaker 1: than you take and maybe in the short term you'll

1043
01:00:38,040 --> 01:00:40,960
Speaker 1: feel depleted, but in the long term, you know, karma

1044
01:00:41,040 --> 01:00:45,160
Speaker 1: pays off. But mostly very I read fiction. UM. I

1045
01:00:45,240 --> 01:00:48,040
Speaker 1: think the most interesting people in the world, or at

1046
01:00:48,080 --> 01:00:51,920
Speaker 1: least the most entertaining at dinner parties, are all avid

1047
01:00:51,960 --> 01:00:56,000
Speaker 1: readers of fiction and history. So I recently reread, for instance,

1048
01:00:56,040 --> 01:00:58,840
Speaker 1: all of my favorite short stories from college, from those

1049
01:00:58,920 --> 01:01:03,080
Speaker 1: Dioskis in Gentile Creature to Drown by one Odeas um

1050
01:01:03,240 --> 01:01:06,320
Speaker 1: Passing by Millah Larson, the Diamond, as Big as the

1051
01:01:06,400 --> 01:01:08,920
Speaker 1: Risk that This Gerald. Those are some of my very

1052
01:01:09,000 --> 01:01:12,360
Speaker 1: favorite stories of all time. And my retirement dream is

1053
01:01:12,440 --> 01:01:15,760
Speaker 1: to write a book of short stories. M really really

1054
01:01:15,960 --> 01:01:20,440
Speaker 1: quite intriguing. Are they all available in a single collection?

1055
01:01:20,720 --> 01:01:24,080
Speaker 1: Or these just going back to your favorites and and

1056
01:01:24,280 --> 01:01:26,720
Speaker 1: just plowing through them for fun? Those are just going

1057
01:01:26,800 --> 01:01:30,520
Speaker 1: back to my favorites. UM. I try to reread Passing

1058
01:01:30,640 --> 01:01:33,600
Speaker 1: every few years. It just somehow seems to be more

1059
01:01:33,640 --> 01:01:37,560
Speaker 1: and more relevant if I get older. Uh and uh.

1060
01:01:38,120 --> 01:01:41,919
Speaker 1: One ideas has become so incredibly famous. Um. The first

1061
01:01:41,960 --> 01:01:45,040
Speaker 1: read Drown about twenty years ago. But it's his original

1062
01:01:45,080 --> 01:01:48,120
Speaker 1: question of short stories that you know, brought in my

1063
01:01:48,200 --> 01:01:53,200
Speaker 1: perspective of why it's important to think about a broader

1064
01:01:53,240 --> 01:01:57,480
Speaker 1: definition of America, I guess. And yeah, now that's just

1065
01:01:57,760 --> 01:01:59,040
Speaker 1: that that was just sort of off the top of

1066
01:01:59,120 --> 01:02:00,840
Speaker 1: my head. Is a toil ring us few stories that

1067
01:02:00,880 --> 01:02:05,200
Speaker 1: I really love. That's a that's a good collection. Um,

1068
01:02:05,320 --> 01:02:08,479
Speaker 1: And we're down to our final two questions. What sort

1069
01:02:08,520 --> 01:02:11,640
Speaker 1: of advice would you give to a recent college grad

1070
01:02:11,720 --> 01:02:15,720
Speaker 1: who was interested in a career in either venture capital

1071
01:02:16,400 --> 01:02:21,560
Speaker 1: or entrepreneurship. Venture capital or entrepreneurship. Uh well, I would say,

1072
01:02:22,880 --> 01:02:26,200
Speaker 1: learned as early as possible how to trust your gut.

1073
01:02:26,920 --> 01:02:31,560
Speaker 1: So this could mean a myriad of things as an entrepreneur,

1074
01:02:31,760 --> 01:02:35,680
Speaker 1: could mean under the halo effect of an institution university

1075
01:02:35,880 --> 01:02:38,560
Speaker 1: or high school, or maybe having a comfortable day job,

1076
01:02:39,000 --> 01:02:42,560
Speaker 1: tinker with ideas, get feedback on that idea, don't be

1077
01:02:42,640 --> 01:02:47,840
Speaker 1: afraid of looking or sounding dumb, um, and build that

1078
01:02:48,000 --> 01:02:50,240
Speaker 1: peer network that I described people who are rooting you

1079
01:02:50,400 --> 01:02:56,479
Speaker 1: on um and are also insatiably curious about wonky things.

1080
01:02:57,280 --> 01:03:02,360
Speaker 1: And I would say that for venture capital, similar play

1081
01:03:02,440 --> 01:03:05,800
Speaker 1: on the same theme. But you know, whether it's putting

1082
01:03:05,840 --> 01:03:11,880
Speaker 1: small amounts of money into new concept block chain investing,

1083
01:03:12,160 --> 01:03:16,240
Speaker 1: or whether it's meeting with entrepreneurs and saying maybe I

1084
01:03:16,320 --> 01:03:18,840
Speaker 1: only have three thousand dollars saved up that I believe

1085
01:03:18,920 --> 01:03:23,440
Speaker 1: in you enough to bet a month's rent in Brooklyn

1086
01:03:23,720 --> 01:03:25,800
Speaker 1: on your concept if you'll have me as an investor.

1087
01:03:25,960 --> 01:03:28,280
Speaker 1: So play with your own money, because what it's really

1088
01:03:28,400 --> 01:03:32,120
Speaker 1: chief teaching you in return is how to follow instincts

1089
01:03:32,160 --> 01:03:36,240
Speaker 1: and to base Petter recognition off of your own judgment.

1090
01:03:36,920 --> 01:03:40,360
Speaker 1: And if you do that early on, over time these

1091
01:03:40,400 --> 01:03:42,200
Speaker 1: all become data points that you can point to, and

1092
01:03:42,360 --> 01:03:45,640
Speaker 1: there are lessons that you can glean while not taking

1093
01:03:45,760 --> 01:03:49,760
Speaker 1: the risk of portfolio management. So I guess the real

1094
01:03:49,840 --> 01:03:54,400
Speaker 1: advice to your listeners is you know, more action, please,

1095
01:03:55,040 --> 01:03:58,720
Speaker 1: really very very intriguing. And our final question, what do

1096
01:03:58,800 --> 01:04:02,320
Speaker 1: you know about the world of venture investing today that

1097
01:04:02,480 --> 01:04:05,480
Speaker 1: you wish you knew fifteen or twenty years ago When

1098
01:04:05,520 --> 01:04:10,040
Speaker 1: you were first getting started. Twenty years ago, I was

1099
01:04:10,080 --> 01:04:13,080
Speaker 1: a bit of a Pollyanna and I thought every wonderful

1100
01:04:13,160 --> 01:04:16,520
Speaker 1: idea that simply is built by smart people and has

1101
01:04:16,600 --> 01:04:20,520
Speaker 1: times the market correctly will work out. And I will

1102
01:04:20,600 --> 01:04:25,000
Speaker 1: say that I'm slightly more jaded today because of the

1103
01:04:25,200 --> 01:04:30,400
Speaker 1: capital structure that is systematically allowing the biggest firms in

1104
01:04:30,440 --> 01:04:33,680
Speaker 1: the world to kind of eat up the generous portion

1105
01:04:34,200 --> 01:04:37,640
Speaker 1: of what's called the lp PI, which leaves less capital

1106
01:04:37,720 --> 01:04:41,160
Speaker 1: available through the young, upstart VC firms. And of course

1107
01:04:41,200 --> 01:04:44,640
Speaker 1: I'm biased because I run one that are taking outside

1108
01:04:44,760 --> 01:04:48,040
Speaker 1: risk on those non obvious ideas that we referenced. And

1109
01:04:48,280 --> 01:04:52,320
Speaker 1: so what I wish for the future is that institutional

1110
01:04:52,400 --> 01:04:58,720
Speaker 1: capital kind of reprioritizes what it's looking for. And in

1111
01:04:58,840 --> 01:05:05,200
Speaker 1: addition to having a bottom line of reliable and you know,

1112
01:05:05,400 --> 01:05:11,320
Speaker 1: demonstrable return on any given investment, there are new standards

1113
01:05:11,360 --> 01:05:13,760
Speaker 1: put into place saying we want to make sure that

1114
01:05:13,840 --> 01:05:18,280
Speaker 1: a portion of our portfolio goes to diverse managers because

1115
01:05:18,280 --> 01:05:20,480
Speaker 1: in turn, we recognize that they are three times more

1116
01:05:20,560 --> 01:05:24,080
Speaker 1: likely to invest in diverse founders. Or we believe an

1117
01:05:24,120 --> 01:05:27,840
Speaker 1: impact investing can be broader than the s G e

1118
01:05:28,040 --> 01:05:30,439
Speaker 1: s G definition of a decade ago. So we're coming

1119
01:05:30,520 --> 01:05:34,280
Speaker 1: up with our own way to measure what sustainability or

1120
01:05:34,480 --> 01:05:37,080
Speaker 1: what impact means to us. And if they go through

1121
01:05:37,120 --> 01:05:40,920
Speaker 1: those exercises, which I know is hard because certainly I'm

1122
01:05:40,960 --> 01:05:43,360
Speaker 1: not trying to add work to anyone's plate, I do

1123
01:05:43,640 --> 01:05:47,040
Speaker 1: think that the results will more than make up for it.

1124
01:05:47,440 --> 01:05:51,080
Speaker 1: Quite intriguing. Thank you so Ria for being so generous

1125
01:05:51,160 --> 01:05:54,680
Speaker 1: with your time we have been speaking with Soriah door Abi,

1126
01:05:54,840 --> 01:05:58,440
Speaker 1: who is the co founder and general partner at t

1127
01:05:58,600 --> 01:06:02,880
Speaker 1: MV Investment. If you enjoy this conversation, we'll be sure

1128
01:06:02,920 --> 01:06:05,600
Speaker 1: and check out any of the prior three and seventy

1129
01:06:05,680 --> 01:06:09,680
Speaker 1: six conversations we've had before. You can find those at

1130
01:06:09,800 --> 01:06:14,120
Speaker 1: iTunes or Spotify or wherever you buy your favorite podcasts.

1131
01:06:14,680 --> 01:06:18,160
Speaker 1: We love your comments, feedback and suggestions right to us

1132
01:06:18,320 --> 01:06:21,800
Speaker 1: at m IB podcast at Bloomberg dot net. You can

1133
01:06:22,000 --> 01:06:25,200
Speaker 1: sign up for my daily reads at Hults dot com.

1134
01:06:25,600 --> 01:06:29,120
Speaker 1: Check out my weekly column at Bloomberg dot com slash Opinion.

1135
01:06:29,600 --> 01:06:32,760
Speaker 1: Follow me on Twitter at rid Halts. I would be

1136
01:06:32,840 --> 01:06:34,960
Speaker 1: remiss if I did not thank the crack team that

1137
01:06:35,120 --> 01:06:39,680
Speaker 1: helps me put these conversations together each week. Tim Harrow

1138
01:06:39,800 --> 01:06:43,400
Speaker 1: is my audio engineer, Paris Wold is my producer. Atika

1139
01:06:43,480 --> 01:06:46,280
Speaker 1: val Bron is our project manager. Michael Batnick is my

1140
01:06:46,360 --> 01:06:50,000
Speaker 1: head of research. I'm Barry Rihults. You've been listening to

1141
01:06:50,120 --> 01:06:52,920
Speaker 1: Masters in Business on Bloomberg Radio.