"Turpentine VC" | Venture Capital and Investing

This week on Turpentine VC, Erik Torenberg is joined by Arif Janmohamed, partner at Lightspeed Ventures to dive into the world of AI investment. They explore Lightspeed's evolution from a strong focus on enterprise early-stage investing to becoming a global multi-stage firm with a $7 billion capital reach. Arif shares insights on identifying market opportunities, their frameworks for investing in AI, and the future of cybersecurity.  — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://www.rippling.com/turpentine for a free demo and one month free trial. 📑Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: Lightspeed: https://lsvp.com/ — TIMESTAMPS: (00:00) Intro (01:06) History and Evolution of Lightspeed Ventures (03:16) Lightspeed's global and multi-sector approach (06:12) AI investing at Lightspeed (08:24) Foundation models and AI applications (12:09) Sponsors: Rippling | Carta (14:19) The future of AI and enterprise software (18:25) AI in corporate travel (19:00) AI agents in enterprise (19:35) The future of work with AI (21:19) Historical tech shifts and AI (21:42) Sponsor: Squad (22:48) Market timing and investment (23:19) AI's impact on business models (27:36) Cybersecurity in the AI era (32:09) Global entrepreneurship (33:13) Wrap

Mike Maples Jr., Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cover how Mike thinks about fundraising from LPs, his learnings from legendary LP David Swensen, and the power and importance of pursuing non-consensus ideas. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCAST: 🎙️The 10X Capital Podcast David Weisburd interviews LPs and GPs to examine the Venture Capital ecosystem through the lens of Limited Partners.  Spotify: https://open.spotify.com/show/2MHgyKMmJgznPI66MLxZfC  Apple: https://podcasts.apple.com/podcast/id1697772657  Youtube: https://youtube.com/@10xcapitalpodcast  — SPONSORS: 📑Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at carta.com/investors. ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: Floodgate: https://www.floodgate.com/ Pattern Breakers Website: https://www.patternbreakers.com/ Pattern Breakers: Why Some Start-Ups Change the Future: https://www.amazon.com/Pattern-Breakers-Start-Ups-Change-Future/dp/1541704355  10x Capital Newsletter: https://10xcapitalpodcast.com/ — X / TWITTER: @m2jr (Mike Maples) @dweisburd (David Weisburd) @TurpentineVC — TIMESTAMPS: (00:00) Intro (01:03) Introduction to "Pattern Breakers" (02:22) The role of startup capitalists (04:40) The Twitter story and insights on early-stage investing (07:04) The importance of founder future fit (15:13) Product market fit: deciding when to pivot vs. stay the course\ (21:33) Sponsors: Carta | Oracle (23:22) Insights empowering new business models (28:48) Creating movements and the role of passion (33:19) Building relationships with LPs (38:39) Sponsor: Squad (39:45) Advice for new VCs raising money (41:44) The importance of pursuing non-consensus ideas (45:18) Lessons from David Swensen (49:28) Benefits of a compatible partnership (51:16) Circle of competence and competitive advantage in VC (53:54) How to find Mike’s new book "Pattern Breakers"

In this episode of Turpentine VC, we’re releasing one of our most popular interviews with Roger Ehrenberg, owner of IA Capital Partners and the Managing Partner of Eberg Capital. Roger discusses his contrarian strategy to seed investing that has allowed him to generate 10x fund returns, and emphasizes the importance of focusing on concentrated portfolios to achieve outsized success. They talk about the impact of interest rates, macroeconomic factors, and the potential of sports investments. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCASTS: 🎙️ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple Podcasts: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://www.rippling.com/turpentine for a free demo and one month free trial. 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: Eberg Capital: https://www.ebergcapital.com/ — X / TWITTER: @infoarbitrage (Roger) @eriktorenberg (Erik) @TurpentineVC — TIMESTAMPS: (00:00) Intro (01:17) IA Ventures' firm strategy (03:25) Roger's thoughts on the rise of seed (07:12) Would Roger do anything differently if he started IA today? (10:59) Is the future of venture going to be craftsman or platform? (15:38) Sponsors: Rippling | Squad (18:04) What players are going to be favored in today's venture ecosystem? (21:08) Roger's macro lesson on higher interest rates (25:58) Prediction on where interest rates will normalize (27:54) On the future for YC and a16z (33:07) Lessons from crypto, and why Roger's excited about sports for the future (38:02) Why more people should look into the sports space (42:18) Wrap

Anish Acharya, General Partner at Andreessen Horowitz, dives deep into the transformative potential of AI in the consumer technology sector. Anish discusses a16z’s "Abundance Agenda," detailing how AI is set to revolutionize personal finance, education, wellness, and social interactions. From the concept of "self-driving money" to AI-powered companions and personalized learning, Anish paints a vivid picture of the future while shedding light on the firms decision making and focus areas. He also discusses the challenges and opportunities for startups, offering valuable insights for entrepreneurs and investors alike. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCASTS: 🎙️Econ102 w/ Noah Smith Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056  Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs  YouTube: https://www.youtube.com/@ECON102Podcast  — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://rippling.com/turpentine for a free demo and one month free trial. 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: a16z: https://a16z.com/ Abundance Agenda: https://gamma.app/docs/a16z-Consumer-Abundance-Agenda-ieotbnzbxj81biu?mode=doc Hi, AI: Our Thesis on AI Voice Agents: https://a16z.com/ai-voice-agents/ — FOLLOW ON X: @illscience @a16z @eriktorenberg @TurpentineMedia — TIMESTAMPS: (00:00) Intro (00:46) a16z's approach to AI Investing (03:23) The Abundance Agenda: AI's impact on consumers (04:42) Platform Shifts and consumer AI (06:51) AI's role in creativity and content generation (13:27) Voice technology and productivity (17:41) Companionship and social AI (22:49) The rise of creative builders (23:14) Sponsors: Rippling | Squad (25:30) AI and human interaction (26:57) The future of personal finance (28:38) Opportunities in fintech (32:06) AI's impact on education (36:35) The future of higher education (39:02) Voice technology and AI agents and scribes (41:11) AI in wellness and mental health (42:25) Wrap

This week on Turpentine VC, we’re releasing Molly O’Shea’s interview with Mark Suster, Managing Partner of Upfront Ventures. In this episode, Mark discusses the value of disciplined investments and Upfront Ventures' focused investment strategy. He emphasizes the importance of founder-market fit and market timing in investment decisions. Mark shares his perspectives on promising sectors such as healthcare, national defense, and space, while also reflecting on the lessons from his time as a CEO and the significance of understanding historical context in relation to current trends. — 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCASTS: 🎙️Sourcery Interviews with the top VCs & Founders leading the next tech innovation cycle. Spotify: https://open.spotify.com/show/2Ni3Tese9CtZa3oxpCjgTg?si=9b01b3dbcca242f0  Apple: https://podcasts.apple.com/us/podcast/sourcery/id1738124704  🎙️This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/this-wont-last-with-keith-rabois-kevin-ryan-logan/id1765665937   Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz  YouTube: https://www.youtube.com/@ThisWontLastpodcast   — SPONSORS: 💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit rippling.com/spend for a free demo and one month free trial. 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: Upfront Ventures: https://upfront.com/  Subscribe to Sourcery: https://www.sourcery.vc/ Book Recommendations: Freedom's Forge: How American Business Produced Victory in World War II - Arthur Herman:  https://www.amazon.com/Freedoms-Forge-American-Business-Produced/dp/0812982045  Chip War: The Quest to Dominate the World's Most Critical Technology by Chris Miller: https://www.amazon.com/dp/B09TX24J5Y The End of the World Is Just the Beginning: Mapping the Collapse of Globalization by Peter Zeihan: https://www.amazon.com/s?k=The+End+of+the+World Israel: A Simple Guide to the Most Misunderstood Country on Earth: https://www.amazon.com/Israel-Simple-Guide-Misunderstood-Country/dp/B08R7VV25R/ref=sr_1_1 — FOLLOW: https://twitter.com/msuster   https://twitter.com/MollySOShea  — TIMESTAMPS: (00:00) Intro (01:17) Upfront Ventures' fund structure and investment approach (10:50) Conviction factors: founder, market, and upfront fit (19:23) The barbell strategy and upfront's integrity (24:17) Lessons learned as a founder and the importance of directness (29:10) Emerging categories and macro trends (35:17) Challenging the misconceptions about capital-intensive categories (37:46) Hardware and the evolving software landscape (41:41) Exit opportunities and market dynamics (43:52) The future of exits: private equity and M&A (49:00) Book recommendations and closing thoughts (01:00:38) Wrap

This week we’re dropping the first episode of Logan Bartlett, Keith Rabois, Kevin Ryan, and Zach Weinberg's newest podcast This Won’t Last. The show is an unfiltered backchannel where they unpack the hype cycles in venture, startup culture, and business. In this episode they discuss Paul Graham’s Founder Mode, AI valuations, the state of the venture market, and free speech concerns with Telegram and TikTok. -- Apply to join over 400 founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ -- RECOMMENDED PODCAST: This Won't Last Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast  -- SPONSORS Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. If you want to do more and spend less, take a free test drive of OCI at https://oracle.com/cognitive Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. -- LINKS High Output Management by Andy Grove https://www.amazon.com/High-Output-Management-Andrew-Grove/dp/0679762884/  Keith Rabois' lecture notes from 2013: How to Operate https://www.youtube.com/watch?v=6fQHLK1aIBs  Tesla vs Edison: The Last Days of Night: A Novel by Graham Moore https://www.amazon.com/Last-Days-Night-Novel/dp/0812988922  Disruptive Innovation by Clayton M. Christensen https://hbr.org/2015/12/what-is-disruptive-innovation  The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing by Michael J. Mauboussin https://www.amazon.com/Success-Equation-Untangling-Business-Investing/dp/1422184234  Dark Wire by Joseph Cox https://www.amazon.com/Dark-Wire-Incredible-Largest-Operation/dp/1541702697  On railroads: Engines That Move Markets by Alistair Nairn https://www.amazon.com/Engines-That-Markets-Alisdair-Nairn/dp/0857195999/  The Kremlin has entered your chat https://www.wired.com/story/the-kremlin-has-entered-the-chat/ The Logan Bartlett Show https://www.youtube.com/channel/UCugS0jD5IAdoqzjaNYzns7w -- TIMESTAMPS (00:00) Intro (01:01) Show origins (01:52) Kevin comes back from Burning Man (03:33) Paul Graham's Founder Mode, founder mode intuitive Keith, Pierre Lamond anecdote (06:11) Keith's response to kernel of Founder Mode, Andy Grove High Output Management (07:40) Zach asks what's unique about Founder Mode and Keith clarifies (08:25) Manager vs. Founder (12:09) Founder moral authority (14:12) Investing in founder driven CEOs (17:55) OCI | WorkOS Ads (19:56) State of venture markets (22:25) Driverless car future (28:35) Revenue quality in Al valuations (32:54) Squad Ad (36:33) New technology being disruptive or helpful for incumbents (39:12) Al in Biotech (42:14) Al impacting fund AUM (45:56) Al as the transistor (46:50) Hurdle to return Al CapEx (48:00) Unrealized Capital Gains Tax (50:56) Sweden's tax vs Norway and corporation tax rates (58:23) Medicare and Social Security, beneficial tax policies and misleading life expectancy stats (1:05:44) Lina Khan, Antitrust effect on tech industry (1:13:46) Perplexity shocking Google (1:15:59) Pavel Durov and Russia's Influence in Telegram (1:20:15) Not using TikTok & Telegram, risk in capital in Chinese companies (1:25:55) Closing

In this episode of Turpentine VC, we revisit one of our most referenced interviews with Trae Stephens, General Partner at Founders Fund and co-founder of Anduril. Trae discusses the unique DNA of Founders Fund, emphasizing the firm's culture of open debate and high conviction in investments. He highlights the importance of concentrated portfolios, and how Founders Fund's no-process approach differentiates them from other VC firms. They also discuss Founders Fund decision-making, governance, and incubation practices. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://www.turpentinenetwork.co/ — RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast — SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: Founders Fund: https://foundersfund.com/ Anduril Industries: https://www.anduril.com/  — FOLLOW ON X: @eriktorenberg (Erik) @traestephens (Trae) @turpentinemedia (Turpentine) — TIMESTAMPS: (00:00) Intro (00:49) Debate culture and why that's key to Founders Funds success (03:39) How Founders Fund's pitch is different from a16z's (06:34) FF's unique market position (08:51) How FF recruits their partners (12:48) Sponsors: WorkOS and NetSuite (14:31) The deal-making process, or lack thereof (16:42) Governance at Founders Fund (19:55) Comparing the YC approach (22:09) How they measure success against other funds (23:18) Trae's journey at Founders Fund (25:21) Sponsor: Squad (26:31) On incubating Anduril (29:03) Why having no process forces partners to be higher conviction (31:50) Core debates at Founders Fund (33:58) The key to Founders Fund's current approach (35:56) Trae's request for startups in gov tech (37:12) The importance of team and talent (39:33) What does the future look like for Founders Fund? (41:22) What gets misunderstood about the firm (45:42) On Mike Solana (48:36) The three eras of Founders Fund summarized (52:09) Wrap

In this episode of Turpentine VC, Erik Torenberg welcomes back Tomasz Tunguz, GP of Theory Ventures. They dissect the investment landscape of data businesses through the lens of Databricks. They analyze the company's growth trajectory, competition with Snowflake, and its potential in the AI era. Tom presents bull and bear investment cases, discusses valuation metrics, and explores the strategic importance of data catalogs. They also cover the emerging trends in the modern data stack, potential market consolidation, and the impact of AI on investment opportunities. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj — RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast — SPONSORS: 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine-Network 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: Tomasz’ website: https://tomtunguz.com/ Theory Ventures: https://theory.ventures/  Databricks: https://www.databricks.com/  Databricks' Accelerating Growth: https://tomtunguz.com/databricks-growth-2024/  — FOLLOW ON X: @eriktorenberg (Erik) @ttunguz (Tomasz) @turpentinemedia (Turpentine) — TIMESTAMPS: (00:00) Introduction (00:40) Tomasz' initial thoughts on Databricks (02:09) Understanding Databricks' technology  (05:00) Unstructured data pipelines & applications (06:11) Databricks' market opportunity & competitors (08:05) Investability of Databricks (10:24) Databricks vs. Snowflake: investment insights and market predictions (13:10) Sponsors: WorkOS | Squad (15:36) Bull & bear case for Databricks (14:12) Unbundling of the database (17:23) Databricks bullish outlook & investment considerations (21:51) Databricks: a difficult technical problem (23:15) The power of the data catalog (25:25) Open vs. closed source: the Databricks & Snowflake dynamic (28:58) The importance of compute workloads (30:01) The modern data stack and the AI strategy (31:31) Investor perspective and the evolution of the market (33:30) The evolution of business intelligence  (35:55) Databases & Al models (37:46) The GPU market and NVIDIA's future (43:09) Wrap

This week on Turpentine VC, we’re releasing a conversation between Erik Torenberg, Laura Deming of The Longevity Fund and Will Eden of Sylvan Consulting (prior to that, with Thiel capital) focused on the past, present and future of biotech. Recorded in 2019, they discuss platform companies and the evolving biotech investment landscape, examining segments like therapeutics, cell and gene therapies. Will and Laura share insights on the historical waves of biotech, the FDA's role, and the intersections of biotech and tech investment strategies. They address challenges in evaluating biotech startups, the growth in longevity research since 2011, and the potential for extending life spans through various scientific advancements. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj — RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast — SPONSORS: 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: The Longevity Fund: https://www.longevity.vc/ Sylvan Consulting: https://www.sylvanconsulting.bio/ — FOLLOW: Laura Deming Website: https://www.ldeming.com/ Linkedin: https://www.linkedin.com/in/laura-deming-b255362a/  Twitter: https://twitter.com/laurademing Will Eden Website: https://becomingeden.com/start-here/ Linkedin: https://www.linkedin.com/in/williamaeden/  Twitter: https://twitter.com/williamaeden Erik Torenberg Linkedin: https://www.linkedin.com/in/eriktorenberg/ Twitter: https://twitter.com/eriktorenberg — TIMESTAMPS: (00:00) Intro (01:17) Breaking down biotech investments (04:31) The rise of digital health (06:12) Innovations in nanotechnology (07:02) Understanding platform companies and The Longevity Fund’s focus (10:43) Historical Context of Biotech Investing (11:55) Evolution of biotech investing over past decades (14:56) New modalities in biotech (18:42) Challenges in biotech startups (21:47) Sponsors: WorkOS | Squad (32:00) Impact of public market sentiment (39:00) The Martin Shkreli effect (42:23) The rising costs of drug development (43:40) FDA's evolving role in drug approval (44:44) Innovations in clinical trials (46:44) Comparing FDA and venture capital (48:06) The role of VCs in creating biotech companies (57:15) The future of patents and pharma (01:03:16) Deterministic vs. indeterministic worldviews in biotech (01:14:49) Current state and future prospects of longevity research (01:21:54) Wrap

Erik Torenberg sat down with Seth Bannon, co-founder and general partner at Fifty Years, a pre-seed and seed focused VC firm. They discuss the challenges of commercializing academic research, the differences between biotech and tech bio companies, exploring recent advancements in bioengineering, genetic engineering, synthetic biology, and the significance of the "bio moment." They also cover the impact of AI and machine learning on biological research and examine alternative funding models transforming the scientific startup landscape. Control your company's spending and close your books 3x faster: visit rippling.com/spend for a free demo and one month free trial. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj – RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast – SPONSORS:  💳 Imagine total control over your company's spending with Rippling Spend, the all-in-one platform for expense reports, corporate cards, and bill pay. Control spend, set custom approval chains, and close your books 3x faster. Visit https://www.rippling.com/turpentine for a free demo and one month free trial. 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR  💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist.  – LINKS: Spinout Playbook: https://www.fiftyyears.com/spinout Paul Graham’s How to Start a Startup: https://paulgraham.com/start.html Solugen - https://solugen.com/ More on Fifty Years: Website: https://www.fiftyyears.com/   Seth Bannon on Twitter: https://twitter.com/sethbannon/status/1813633256128192617 The world needs 10x more scientist-founders. 5050 helps scientists and engineers become great founders and start indispensable companies. Apply / nominate! ➜ http://fiftyyears.com/5050  – TIMESTAMPS: (00:00) Intro (00:53) Seth Bannon's background and inspiration (03:38) Founding and mission of Fifty Years (03:51) Defining deep tech and investment thesis (04:34) Challenges in commercializing academic research (10:14) The Spinout Playbook (12:23) Sponsors: Rippling Spend | WorkOS (14:38) Empowering PhDs to become entrepreneurs (15:06) Building deep tech companies (20:41) Biomoment in technology (27:41) Rapid integration of large language models (28:06) Startups leading the charge in pharma innovation (28:46) The role of proprietary data in bioengineering (29:31) Understanding spatial context in cell biology (30:43) Getting into biology without formal training (33:22) The beginner's mind investment philosophy (34:14) The future of deep tech and network-driven VC (36:33) Sponsor: Squad (38:01) Tech bio vs biotech (45:54) Alternative funding models for science (49:41) Incentivizing failure in scientific research (53:50) Wrap

In this episode of Turpentine VC, Erik is joined by Diogo Mónica, General Partner at Haun Ventures. They discuss the intersection of AI and crypto, the impact of blockchain technology on fintech, and the advancements in crypto infrastructure. Diogo shares potential use cases of crypto and highlights how fundamental cryptographic research can benefit broader applications beyond just crypto. They also discuss how traditional VCs are integrating into the crypto space and the importance of crypto-native firms in the evolving landscape of venture capital. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj — RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs — SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. — LINKS: Haun Ventures: https://www.haun.co/ Haun Ventures (@haunventures) on Farcaster: https://warpcast.com/haunventures Diogo Mónica (@diogomonica) on Farcaster: https://warpcast.com/diogomonica — TIMESTAMPS: (00:00) Intro (00:13) Diogo’s background and the beginning of Haun Ventures (01:40) Crypto Landscape in 2024 (02:31) Advancements in Blockchain Technology (06:38) Institutionalization of Crypto (09:06) Stablecoins and Their Impact (11:03) Unrealized Potential in Crypto (14:37) SPONSORS: Oracle | WorkOS (16:34) Challenges and Unrealized Potential (19:00) Decentralized Social Networks and Marketplaces (22:25) AI and Crypto: A Perfect Match? (27:30) Crypto's Real-World Impact (28:25) Innovations in Crypto Banking (29:26) Crypto's Integration into Everyday Life (29:51) The Future of NFTs and Digital Identity (31:33) SPONSOR: Squad (30:42) Challenges and Opportunities in Crypto (33:01) Crypto Fund Landscape (35:09) Evolution of Crypto Venture Capital (44:05) Stablecoins and Fintech Innovations (46:36) Crypto and Social Media (48:32) The Future of Data and Crypto (50:32) Wrap

In this episode of Turpentine VC, Erik interviews Lee Jacobs, Founder & Managing Partner of Long Journey. Lee shares his journey from early investments and his experience with AngelList to co-founding Long Journey with Cyan Banister and Arielle Zuckerberg. He discusses the firm’s unique focus on investing in "magically weird" companies and emphasizes the importance of values, mission orientation, and building trust in LP relationships. Lee also opens up about the challenges and rewards of early-stage fundraising, Long Journey’s operational strategies, and their vision for building a lasting, meaningful VC firm. -- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. -- RECOMMENDED PODCASTS: 🎙️1 to 100 | Hypergrowth Companies Worth Joining Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies. Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw Apple: https://podcasts.apple.com/podcast/id1762756034 - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- SPONSORS: ☁️Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. -- LINKS: Long Journey - https://www.longjourney.vc/ Lee Jacobs on Twitter - https://twitter.com/leejacobs  -- TIMESTAMPS: (00:00) Intro (01:54) Founding Long Journey and Early Investments (03:28) Breakthrough with AngelList Syndicates (04:09) Joining MHS Capital and Learning from Mark Sugarman (05:04) Building Edelweiss at AngelList (06:47) Partnering with Cyan Banister (09:26) Challenges and Successes in Early Investments (10:12) Doing SPVs at AngelList (11:28) SPONSORS: Oracle | WorkOS (13:30) Scaling the Fund and Bringing on Partners (15:41) Building the Team and Decision Making (18:56) Adding Arielle Zuckerberg to the Team (20:17) Lee’s Vision for Long Journey (22:26) SPONSOR: Squad (23:54) Building an LP Base   (25:19) Becoming Institutional (25:48) Opportunity Fund vs. Growth Fund (27:43) The Generalist Fund Approach  (29:12) Venture Partner Strategy (32:32) Core Values and Mission Orientation (38:14) Lee’s Unique Approach to Venture Capital  (44:15) Portfolio Construction and Key Investments (47:18) Wrap

In this episode of Turpentine VC, Erik interviews Glenn Solomon, managing partner at Notable Capital (formerly GGV Capital). They discuss the firm's evolution over 20 years, highlighting its strategic shift towards long-term investments and sector focus. They talk about the rebranding process, Notable Capital's global perspective, and their approach to fund sizing and building a strong internal team. Glenn offers valuable insights on navigating the changing venture capital landscape, including the impact of AI as a major paradigm shift. He emphasizes the importance of staying founder-focused and how Notable Capital differentiates itself through exceptional support. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCASTS: 🎙️1 to 100 | Hypergrowth Companies Worth Joining Every week we sit down with the founder of a hyper-growth company you should consider joining. Our goal is to give you the inside story behind breakout, early stage companies potentially worth betting your career on. This season, discover how the founders of Modal Labs, Clay, Mercor, and more built their products, cultures, and companies. Spotify:https://open.spotify.com/show/70NOWtWDY995C8qDqojxGw Apple: https://podcasts.apple.com/podcast/id1762756034 - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. -- SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🛠️ Building an enterprise-ready SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Vercel, Perplexity, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-Turpentine 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. -- LINKS: Notable Capital: https://notablecap.com/ -- TIMESTAMPS: (00:00) Intro (00:38) The Evolution of Notable Capital (02:03) The Venture Capital Landscape and Investment Strategies (04:58) Challenges and Opportunities in VC (11:02) Fund Size and Strategic Alignment (14:16) SPONSORS: Oracle Cloud Infrastructure | WorkOS (16:16) Global Mandate and Market Dynamics (20:27) Competitive Differentiation and Brand Building (27:38) Sector Focus and Investment Philosophy (30:10) SPONSOR: Squad (34:18) AI and the Future of Venture Capital (37:28) Wrap

In this episode of Turpentine VC, Erik sits down with Mike Volpi, partner at Index Ventures. They discuss the evolution of venture capital–the transformative changes in the VC landscape since 2008, the rise of seed capital, multi-stage asset aggregators, and the professionalization of venture firms. Mike also shares Index Ventures' unique approach to building relationships with founders and fostering a strong company culture. The conversation also dives into challenges of building an open source business model in AI and the potential for smaller models and alternative architectures.  🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv - ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. -- SPONSORS: ☁️ Oracle Cloud Infrastructure (OCI) is a single platform for your infrastructure, database, application development, and AI needs. OCI has four to eight times the bandwidth of other clouds and offers one consistent price. Oracle is offering to cut your cloud bill in half. See if your company qualifies at oracle.com/turpentine 🦾 Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz Hundreds of startups already trust Warp to handle their payroll and compliance needs - you can go from zero to payroll live in just two days. Don't let payroll and compliance hold your startup back – visit https://joinwarp.com/peel to get started and receive a $1000 gift card when you first run payroll. 💥 Head to Squad to access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com/ and mention “Turpentine” to skip the waitlist. -- LINKS: Index Ventures $2.3b funds: https://www.indexventures.com/perspectives/relationships-that-reshape-industries-index-launches-23bn-in-new-funds/ Chris Paik’s The End of Software: https://x.com/cpaik/status/1796633683908005988  -- TIMESTAMPS: (00:00) Introduction to Turpentine VC and Today's Guest (00:42) The Evolution of Venture Capital (04:52) Index Ventures’ Growth and Strategy (10:31) Mike Volpe's Journey in VC (13:45) SPONSORS: Oracle | CommandBar (19:47) The Rise of Open Source Business Models (24:20) The Emergence and Impact of Cloud Computing (28:24) SPONSORS: Warp | Squad (30:56) Understanding AI Mechanics and Investment Insights (33:23) Investment in Self-Driving Cars and Scale AI (36:36) Challenges and Consolidation in Self-Driving Car Industry (39:45) Business Opportunities in AI (45:39) AI's Role in Software Development (54:09) AI and Open Source Business Models (01:00:03) Future of AI-Powered Applications (01:03:45) Wrap

In this episode, Managing Partner Vinny Pujji discusses the strategic positioning and innovative approaches of Left Lane Capital. The conversation digs into the specialized data analysis that sets them apart from other investment firms. Vinny also charts out the future of Left Lane and breaks down how he approached several of their investments including ChargeBee, Astrotalk, Takai Tree, and more. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv - RECOMMENDED PODCAST: ECON 102 W/ NOAH SMITH Keeping econ entertaining - Noahpinion author Noah Smith and Erik Torenberg break down business news and politics every week. Apple: https://podcasts.apple.com/podcast/id1696419056 Spotify: https://open.spotify.com/show/6q7Gn5lP8TTtBPuV1NJSGs -- This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at erik@turpentine.co. -- SPONSORS: 🦾 Level up your ineffective website chatbot with CommandBar. CommandBar builds a new type of web assistant which delivers highly personalized responses, real time co-browsing, and can perform actions on behalf of the users. Learn how Hashicorp, Gusto, Freshworks and more use CommandBar at https://commandbar.com/moz This episode is brought to you by Warp. Don’t let payroll and compliance hold your startup back: visit https://joinwarp.com/peel to get started and receive a $1000 gift card when your first run payroll. 💥 Access global engineering without the headache and at a fraction of the cost: head to https://choosesquad.com and mention “Turpentine” to skip the waitlist. -- LINKS: Left Lane Capital: https://www.leftlane.com/ Apple: https://podcasts.apple.com/us/podcast/turpentine-vc-venture-capital-and-investing/id1701006772 Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx -- TIMESTAMPS: (00:00) Intro (00:34) Left Lane's Market Positioning (01:18) Evolution of Tech Investing (03:49) Third Order Data Analysis (08:12) Identifying Unique Companies (11:48) Investment Strategies and Examples (15:00) SPONSORS: CommandBar | Warp (22:37) Fund Construction and Team Dynamics (27:02) Empowering Junior Team Members (27:46) Navigating the Investment Funnel (28:44) Challenges and Strategies in Investment (30:37) SPONSOR: Squad (32:04) Future of Left Lane and Asset Class (37:13) Chargebee: A Success Story (42:39) Investment Risks and Customer References (49:40) Final Thoughts and Lessons Learned