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Acquired

Author: Ben Gilbert and David Rosenthal

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Every company has a story.

Learn the playbooks that built the world’s greatest companies — and how you can apply them as a founder, operator, or investor.
120 Episodes
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Virgin Galactic

Virgin Galactic

2020-11-2301:45:11

Live from the 2020 ASCEND Space Conference, Acquired covers the full story behind the most "out there" technology story of the past few years: Virgin Galactic. How did this space tourism company grow out of the winning X Prize team, and catch the eyes and fancy of billionaires like Paul Allen, Sir Richard Branson, and, most recently, company chairman Chamath Palihapitiya who took it public via the first "modern" technology SPAC transaction in history? Tune in to find out!! If you want more more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our live Book Club discussions with top authors. Join here at: https://acquired.fm/lp/   Sponsors:  Thanks to Tiny for being our presenting sponsor for all of Acquired Season 7. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://tinycapital.com Thank you as well to Bamboo Growth and to Perkins Coie. You can learn more about them at: https://growwithbamboo.com https://www.perkinscoie.com/   Playbook Themes from this Episode: (also available on our website at https://www.acquired.fm/episodes/virgin-galactic ) 1. Prizes can be a great way to generate leverage on innovation. If done right, the X Prize and other industry prizes like it (e.g., Netflix Prize, DARPA Challenge, etc) can bring an order of magnitude more talent to bear on a challenge than what the same dollars alone could hire. The challenge is to create a prize that inspires and draws in a large enough pool of contributors. The aerospace industry’s “cool” factor may be what allowed the X Prize to succeed and explain why prizes aren't employed as often in other sectors. 2. When trying new things, most people want to go second — but those willing to go first get the best returns.Being first into new markets carries high risk (including/especially reputational), but often also offers asymmetric upside. Investing in a new frontier when others think it’s crazy is a recipe for success — if you’re both contrarian and right. Chamath took a huge turn from the traditional VC playbook when he created his first SPAC in 2017, years before they went mainstream. He and his investors have generated over $1B in profits from that vehicle (which is now merged with Virgin Galactic), and have since used those proceeds to launch five more. 3. The best time to invest was yesterday, the next best time is today. Great investors don’t miss the chance to invest in big markets because they’ve passed on it before. Sir Richard Branson passed on investing in the X Prize twice before partnering with Burt Rutan's winning team to build Virgin Galactic. 4. Whenever a market's prices aren't being set by supply and demand, there's probably an opportunity to disrupt that market. The traditional IPO pricing process is managed by third parties (investment banks) that represent both sides of the transaction, and also have their own economic interests at play. It's the equivalent of a real estate agent representing both the buyer and seller. As a result, many technology IPOs have left hundreds of millions or billions of dollars on the table. SPACs and direct listings are now solving that problem. Any other market with this dynamic should represent fertile ground for entrepreneurs.   Links: Virgin Galactic's "One Small Step" reservation program: https://www.virgingalactic.com/smallstep/ The November 2020 launch delay: https://www.virgingalactic.com/articles/virgin-galactic-adjusts-test-flight-schedule-in-response-to-new-state-government-covid-19-restrictions/   Sources: Black Sky Documentary: https://www.youtube.com/watch?v=cikmdTVFPig How to Make a Spaceship: https://www.amazon.com/How-Make-Spaceship-Renegades-Spaceflight/dp/1101980494/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= http://d18rn0p25nwr6d.cloudfront.net/CIK-0001706946/362d3eae-199a-4995-ab78-232a09ced07d.pdf http://www.agent4stars.com/virgin-galactic-passenger-list/ https://abcnews.go.com/Business/story?id=8191703 https://abcnews.go.com/Business/virgin-galactic-resume-selling-tickets-space-reports-skyrocketing/story?id=69229936 https://en.m.wikipedia.org/wiki/Virgin_Galactic https://en.wikipedia.org/wiki/Burt_Rutan https://en.wikipedia.org/wiki/Richard_Branson https://en.wikipedia.org/wiki/Scaled_Composites https://en.wikipedia.org/wiki/The_Spaceship_Company https://en.wikipedia.org/wiki/Virgin_Galactic https://investors.virgingalactic.com/news/news-details/2020/Virgin-Galactic-Adjusts-Test-Flight-Schedule-in-Response-to-New-State-Government-COVID-19-Restrictions/default.aspx https://investors.virgingalactic.com/news/news-details/2020/Virgin-Galactic-Announces-Third-Quarter-2020-Financial-Results/default.aspx https://open.spotify.com/episode/63gIP0UcvBUyhuf0qz1Rza https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5mZWVkYnVybmVyLmNvbS9wcm8tcmF0YQ/episode/OTc4MDliM2MtYTI1NS0xMWU5LWJhZjMtMmYxYWQyZTM2ZmM0 https://sifted.eu/articles/fund-fintech-secret-ian-osborne/ https://techcrunch.com/2020/09/16/cant-stop-wont-stop-social-capital-hedosophia-just-filed-for-its-fourth-spac-says-new-report/ https://www.ainonline.com/aviation-news/aerospace/2007-08-28/northrop-grumman-seals-scaled-composites-deal https://www.bloomberg.com/news/articles/2020-11-05/virgin-galactic-sees-new-ticket-sales-after-branson-s-space-trip https://www.businesswire.com/news/home/20121005005907/en/Virgin-Galactic-Acquires-Full-Ownership-Spaceship-Company#.VFvXsPnF98E https://www.forbes.com/sites/daviddawkins/2020/09/06/inside-virgin-orbit-richard-bransons-small-satellite-bid-to-match-musk-and-bezos-in-the-billionaire-space-race/?sh=1d880f577ab9 https://www.listennotes.com/podcasts/industry-focus/cg-virgin-galactic-prepares-wOHokI4mM06/ https://www.marketwatch.com/story/abu-dhabis-aabar-boosts-virgin-galactic-stake-2011-10-19 https://www.renaissancecapital.com/IPO-Center/News/65718/The-Space-SPAC-Everything-You-Need-to-Know-about-Virgin-Galactic https://www.renaissancecapital.com/IPO-Center/News/72123/Palihapitiya-and-Osbornes-fifth-SPAC-Social-Capital-Hedosophia-Holdings-V-p https://www.sec.gov/Archives/edgar/data/1706946/000114420417044783/v473766_s1.htm https://www.sec.gov/Archives/edgar/data/1706946/000119312519215509/d785777ds4.htm https://www.space.com/31993-stephen-hawking-virgin-galactic-spaceshiptwo-unity.html https://www.spacedaily.com/upi/2004/0831-091100-us-spacerace2-cashprize.html https://www.theguardian.com/business/2014/oct/09/virgin-galactic-space-tourism-richard-branson-george-whitesides https://www.theverge.com/2018/10/13/17967954/virgin-galactic-richard-branson-saudi-arabia-jamal-khashoggi https://www.usatoday.com/story/tech/talkingtech/2018/05/29/amazons-jeff-bezos-says-we-need-leave-earth-survive/651715002/?fbclid=IwAR0E2z5cBtry3Zy0sNRs9jRFKjE_b-T7N-kN0TQO7MDbWJO-baZKw4ZMZGU https://www.wsj.com/articles/richard-bransons-virgin-orbit-seeks-1-billion-valuation-in-fundraising-11602403201?cx_testId=3&cx_testVariant=cx_2&cx_artPos=1#cxrecs_s https://www.wsj.com/articles/richard-bransons-virgin-raises-480-million-with-spac-11601642288
Twitter (with Dick Costolo)

Twitter (with Dick Costolo)

2020-10-2801:22:392

A week before the 2020 US Presidential election, former Twitter CEO Dick Costolo joins us to tell the story of a company that has impacted all of our lives (political and otherwise) like none other. While it's easy to forget now, a very viable alternate history exists where it's Twitter, not Facebook, who owns Instagram, and Vine, not TikTok, that's the global platform for mobile video. We dive into it all on this episode — and of course while we had Dick, we also had to discuss his controversial recent deleted tweet. If you want more more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our live Book Club discussions with top authors. Join here at: https://acquired.fm/lp/ New! We're codifying our own Playbook notes and takeaways from each episode, and posting them here in the show notes and on our website. You can read them below or at: https://www.acquired.fm/episodes/twitter-with-dick-costolo Sponsors: Thanks to Tiny for being our presenting sponsor for all of Acquired Season 7. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://tinycapital.com Thank you as well to Bamboo Growth and to Perkins Coie. You can learn more about them at: https://growwithbamboo.com https://www.perkinscoie.com/ Playbook Themes from this Episode: Sometimes early advantages matter. A lot. In a network economy industry (like social media), it's almost impossible to chase down someone with an established lead. The only way you can hope to compete is by changing the game. And even that is a long shot. Once Facebook — and then Instagram within Facebook — had established a meaningful active user lead over Twitter, there was no "down the middle" play Twitter could run to catch up. Twitter recognized this and attempted all sorts of orthogonal strategies: video (Vine), live (Periscope), music (Twitter Music), syndication (Moments), exclusive content (the NFL deal). In each case either Facebook was able to copy and co-opt the innovation, or the attempt simply failed. Sometimes reach matters. A lot. If you're operating in a network economy, your service MUST deliver a first-class experience on every platform that matters. Vine launched on iOS and immediately went to #1 in the App Store. But they didn't get a good Android experience out fast enough, which fractured the social graph that users could share across. Instagram was able to respond aggressively with a first-class video experience across both iOS and Android before Vine could stop the bleeding — and the rest is history. Network Resiliency. Some network graphs are more inherently defensible than others. How easy it is to "rehydrate" your network somewhere else should drive how closely you guard it. Facebook, LinkedIn and WhatsApp all have relatively low defensible networks — if you were to exfiltrate their graphs, you could recreate their value quickly. This is why all of those companies / products significantly restrict connection exporting, and also why they were able to bootstrap quickly in the early days by importing users' address books. By contrast, the Twitter graph is about interest, not social connections. Even if you exfiltrated all its connections, it'd be very difficult to recreate Twitter (people have tried). This dynamic made it more difficult for Twitter to scale quickly, but also has made it more resilient over time. The core Twitter product is just as robust — if not more — today than it was in 2010... the same can't be said for the blue Facebook product, which has bled out to Instagram, WhatsApp, TikTok, Snap, iMessage, etc. Balancing forest fires and forestry management. As a leader of a rapidly growing organization, you face two types of challenges: "forest fires" (this crazy thing just happened and we need to respond), and "forestry management" (this set of crazy things will keep happening until we figure out a solution that scales). You need a different mental state to approach each, and balancing between the two is incredibly difficult when you're see-sawing back and forth every day. Links: Ashish Goel at Stanford: https://web.stanford.edu/~ashishg/twitter.html Dick and Adam's new firm, 01 Advisors: https://01a.com/ Carve Outs: Vote! https://www.vote.org
On this special episode of Acquired, we're joined by a master interviewer himself, Patrick O'Shaughnessy from Invest Like the Best. We turn the tables and cover the most fascinating story he's never told on ILTB... his own! What is O’Shaughnessy Asset Management, and how are they bringing "AWS-level" innovation to the sleepy wealth management industry? How did he go from Notre Dame philosophy major to quant researcher to (arguably) technology CEO and now also an early-stage venture investor... all while simultaneously building one of the world's top new business media empires? Acquired is here to explore it all. If you want more more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our new live Book Club discussions with top authors. Join here at: https://acquired.fm/lp/   Sponsor: This episode is supported by Teamistry, a great podcast from Atlassian that tells the stories of teams who work together in new and unexpected ways to achieve remarkable things. It's one of our best new podcast discoveries in 2020 and we honestly think Acquired listeners are going to love it. (business + history + space!) Click the link below to listen, and our thanks to Teamistry for their support. https://link.chtbl.com/teamistry?sid=podcast.acquired   Playbook Special! Patrick’s Favorite Themes from 5 Years of ILTB: Chetan Puttagunta (#1): Go slow to go fast — http://investorfieldguide.com/chetan/ Chetan Puttagunta (#2): Open source isn’t about saving on R&D, it’s about building differentiated distribution among developers — http://investorfieldguide.com/chetan-puttagunta-and-jeremiah-lowin-open-source-crash-course-invest-like-the-best-ep-188/ Bill Gurley: Healthy marketplace opportunities have increasing marginal value to demand from incremental supply penetration — http://investorfieldguide.com/gurley/ Matthew Ball: The key to unlocking the Metaverse isn’t about building Ready Player One, it’s about creating interoperable systems that will move value and information between experiences — http://investorfieldguide.com/matt-ball-the-future-of-media-movies-the-metaverse-and-more-invest-like-the-best-ep-185/ Charlie Songhurst: The best place to look for talent is in less-competitive markets — http://investorfieldguide.com/songhurst/ Katrina Lake: The past of e-commerce was about price, convenience and selection; the future is about personalization and curation — http://investorfieldguide.com/katrina-lake-the-next-wave-of-e-commerce-invest-like-the-best-ep-187/ Daniel Ek: Company scaling as “seeing around corners” — http://investorfieldguide.com/ek/ Kat Cole: Inversion as a tool to deal with difficult people — http://investorfieldguide.com/kat-cole-how-to-operate-lessons-in-brand-distribution-and-leadership-invest-like-the-best-ep-184/ Sarah Tavel: Hierarchy as a framework — http://investorfieldguide.com/tavel/ Josh Wolfe: The “directional arrow of progress” and the simple power of extrapolating trend lines — http://investorfieldguide.com/wolfe2/   Links: Invest Like the Best: http://investorfieldguide.com/podcast/ Founder's Field Guide: http://investorfieldguide.com/founders-field-guide/ OSAM and Canvas: https://www.osam.com
The NBA

The NBA

2020-09-3002:37:531

On the eve of the 2020 NBA Finals, we dive DEEP into the history and business model of the league behind the world's 2nd largest and fastest growing major sport. How did the NBA grow from merely an excuse to monetize hockey arena off-nights into a global powerhouse with more reach and influence and reach than any other American sport? Tune in!! If you want more more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our new live Book Club discussions with top authors. Join here at: https://acquired.fm/lp/   New! We're codifying our own Playbook notes and takeaways from each episode, and posting them here in the show notes and on our website. You can read them below or at: https://www.acquired.fm/episodes/the-nba   Sponsors:  Thanks to Tiny for being our presenting sponsor for all of Acquired Season 7. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://tinycapital.com Thank you as well to Bamboo Growth and to Perkins Coie. You can learn more about them at: https://growwithbamboo.com https://www.perkinscoie.com/   Playbook Themes from this Episode: 1. Distribution. Great product-market fit is necessary but not sufficient for outsized success; you also need great distribution. Basketball had great product-market fit from the beginning — it was an indoor sport that could be played in any weather, didn't require lots of specialized equipment or setup, was relatively safe and provided a great player and spectator experience. However basketball's rapid dissemination was helped enormously by its origin within the missionary context of the YMCA organization, which quickly spread the new game to its branches around North America and the world (including and especially China) — all 50 years before the NBA's founding. 2. Hobbies. A corollary to Paul Graham's idea that great markets start as toys: finding the right business model to professionalize an amateur or "hobby" market with a large or rabid fan base can yield massive business opportunities. Basketball was hugely popular for decades before the NBA came along. College and independent professional teams (like the Harlem Globetrotters and New York Rens) proved people would pay to watch great talent; the NBA simply provided the right league structure and real estate to serve that demand at scale. Other examples: personal computers and Apple, electric cars and Tesla, video game streaming and Twitch, bitcoin and Coinbase, etc. 3. Influence = Power. The NBA's strategy to "make the players the stars" has succeeded tremendously, and stands in stark contrast to the other major American sports leagues. NBA players both individually and as a whole have an order of magnitude more social followers than other major American athletes and, relatedly, have also accumulated an order of magnitude more wealth: 7 current and former NBA players have ~half billion wealth or more, compared to only 1 from all other American team sports. Nike's Jordan deal + creation of the Air Jordan brand wrote the blueprint for the modern influencer endorsement (pre-Oprah!), and is perhaps the most successful non-acquisition deal of all-time. Social influence is a compounding network economy: because NBA players have more followers, they win over more fans (and especially young fans) and aspiring athletes than other sports leagues, which leads to new players and stars getting more influence, which repeats the cycle and widens the lead over other sports. 4. Internationalization. The world is a big place. Much more potential talent and customers exist outside any country's borders than inside. The wider you cast your net, the greater rewards you can reap. Starting with the Dream Team in 1992, the NBA embarked on a deliberate campaign to internationalize its image, both with players and fans. The result is this past season 1 billion people watched the NBA (the vast minority of whom were Americans), and 25% of NBA rosters (and probably 50%+ of its young stars) are international. No other major American sport is anywhere close. Regular Acquired mega-theme reminder: China is ALWAYS bigger and more important than you think it is. 600m people in China watch basketball and 300m people play basketball. That's an entire Unites States' worth of developing players, and two US's worth of fans. Whether the future value of those players and fans accrues to the NBA or the CBA (Chinese Basketball Association) will shape everything about the game going forward. 5. Cinematic Universes. The best media properties create and support whole ecosystems around the core product and across mediums. Non-game content like All-Star Weekend and the Slam Dunk Contest, as well as short-form and behind-the-scenes access like SportsCenter highlights, Inside the NBA, etc. provide the NBA with additional compelling (and monetizable) content, all while building the game's reach and deepening fan relationships. Unsurprisingly, this echoes the core of the Disney flywheel. Technology only amplifies this dynamic: social media, over-the-top distribution and direct fan relationships provide more opportunities for the best properties to increase their share of customers' attention. 6. Younger customers = More Future Cashflows. 57% of US 13-17 year-olds list the NBA as their favorite sports league, compared to 13% for the NFL and 4% for MLB. Assuming those numbers hold for this cohort (and younger), the impact on relative future cash flows (and valuations) for the respective sports is enormous. 7. Beachfront property. That said, valuations in any market aren't just driven by the discounted sum of future cashflows; scarcity also matters. Nowhere is this better exhibited than NBA team valuations. Average NBA team valuations have risen 600% in the past decade. Part of this is due to the League's incredible growth. But perhaps as much or more is simply because lots of people want to buy NBA franchises (see e.g., Ballmer) but there are only 30 properties, and ~0-2 are available for purchase at any given time.   Links: Our old LA Clippers episode: https://www.acquired.fm/episodes/episode-36-the-la-clippers The Last Dance: https://www.netflix.com/title/80203144 Allen Iverson Players' Tribune piece: https://www.theplayerstribune.com/en-us/articles/life-and-times-of-allen-iverson   Carve Outs: David: Phil Libin and Mmhmm on Joe Sweeny's Just Raised podcast: https://overcast.fm/+hJ7uJqHMA Ben: Meow Wolf + documentary https://meowwolf.com/explore/origin-story   Sources: Bill Simmons' Book of Basketball: https://www.amazon.com/Book-Basketball-NBA-According-Sports/dp/0345520106 http://investorfieldguide.com/hinkie/ https://bleacherreport.com/articles/1039092-nba-revenue-sharing-small-market-teams-to-benefit-from-new-sharing-structure https://bleacherreport.com/articles/1554991-ranking-each-decade-of-nba-basketball-from-the-1960s-to-today https://cbabreakdown.com/salary-cap-overview https://en.m.wikipedia.org/wiki/ABA–NBA_merger https://en.wikipedia.org/wiki/ABA–NBA_merger https://en.wikipedia.org/wiki/Basketball https://en.wikipedia.org/wiki/Bill_Russell https://en.wikipedia.org/wiki/Celtics–Lakers_rivalry https://en.wikipedia.org/wiki/David_Stern https://en.wikipedia.org/wiki/Eligibility_for_the_NBA_draft https://en.wikipedia.org/wiki/Harlem_Globetrotters https://en.wikipedia.org/wiki/Kareem_Abdul-Jabbar https://en.wikipedia.org/wiki/List_of_NBA_team_owners https://en.wikipedia.org/wiki/Michael_Jordan https://en.wikipedia.org/wiki/National_Basketball_Association https://en.wikipedia.org/wiki/National_Basketball_Players_Association https://en.wikipedia.org/wiki/NBA_2K https://en.wikipedia.org/wiki/NBA_Collective_Bargaining_Agreement https://en.wikipedia.org/wiki/NBA_dress_code https://en.wikipedia.org/wiki/NBA_salary_cap https://en.wikipedia.org/wiki/New_York_Renaissance https://en.wikipedia.org/wiki/Pacers–Pistons_brawl https://en.wikipedia.org/wiki/Wilt_Chamberlain https://en.wikipedia.org/wiki/Women's_National_Basketball_Association https://en.wikipedia.org/wiki/Yao_Ming https://fansided.com/2018/08/11/nba-reaches-30-million-instagram-followers/ https://globalsportmatters.com/business/2019/03/05/nba-realizing-the-power-of-new-markets-for-talent-and-revenue/ https://globalsportmatters.com/business/2019/03/07/tv-is-biggest-driver-in-global-sport-league-revenue/ https://news.cgtn.com/news/2019-07-29/Tencent-NBA-extend-partnership-for-five-more-years-in-1-5-bln-deal-IJ0UB34uxq/index.html https://opendorse.com/blog/the-top-100-athletes-on-social-media-2019/ https://sabr.org/research/article/mlbs-annual-salary-leaders-since-1874/ https://scholarship.law.marquette.edu/cgi/viewcontent.cgi?article=1632&context=sportslaw https://techcrunch.com/2019/10/08/chinese-firms-tencent-vivo-and-cctv-suspend-ties-with-the-nba-over-hong-kong-tweet/ https://thehustle.co/dont-even-go-there/ https://web.archive.org/web/20110811000133/http://articles.latimes.com/2010/apr/27/sports/la-sp-crowe-20100427 https://www.biography.com/scholar/james-a-naismith https://www.celebritynetworth.com/articles/sports-news/the-25-richest-athletes-in-the-world-2020/ https://www.davemanuel.com/investor-dictionary/basketball-related-income/ https://www.forbes.com/sites/aliciajessop/2012/06/14/the-surge-of-the-nbas-international-viewership-and-popularity/#39a5149a79ef https://www.forbes.com/sites/kurtbadenhausen/2019/10/09/the-nbas-soaring-franchise-value-growth-at-stake-with-china-feud/#7c83a48c4257 https://www.forbes.com/sites/kurtbadenhausen/2020/02/11/nba-team-values-2020-lakers-and-warriors-join-knicks-in-rarefied-4-billion-club/#7fa5ff532032 https://www.forbes.com/sites/kurtbadenhausen/2020/05/03/michael-jordans-1-billion-nike-endorsement-is-the-biggest-bargain-in-sports/#456253056136 https://www.forbes.com/sites/kurtbadenhausen/2020/07/31/the-worlds-most-valuable-sports-teams-2020/#4c40b5d3c749 https://www.groovewallet.com/richest-athletes/ https://www.investopedia.com/articles/investing/070715/nbas-business-model.asp https://www.marketplace.org/2020/06/18/the-nba-hopes-to-recoup-revenue-in-the-bubble-at-disney-world/ https://www.nba.com/david-stern-looking-back-index https://www.rollingstone.com/culture/culture-sports/how-david-sterns-nba-dress-code-changed-mens-fashion-104719/ https://www.sbnation.com/2014/10/5/6916597/nba-new-tv-deal-espn-turner-24-billion https://www.si.com/longform/2018/nba-international-oral-history/index.html https://www.si.com/nba/2019/06/27/yao-ming-nba-rockets-chinese-basketball-association-adam-silver https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/nba-could-see-400m-revenue-decline-in-china-this-season-57153753 https://www.sportsbusinessdaily.com/Journal/Issues/2017/07/17/Research-and-Ratings/Social.aspx https://www.sportscasting.com/does-the-nba-own-the-wnba/ https://www.theatlantic.com/international/archive/2012/02/from-mao-zedong-to-jeremy-lin-why-basketball-is-chinas-biggest-sport/253427/ https://www.theplayerstribune.com/en-us/articles/life-and-times-of-allen-iverson https://www.usatoday.com/story/sports/nba/2019/10/09/nba-china-hong-kong-whats-at-stake/3912447002/ https://www.washingtonpost.com/archive/sports/1983/03/15/nba-red-ink-and-a-bleak-future/198bd65f-4062-4372-95e4-388b22c77666/ https://www.washingtonpost.com/news/made-by-history/wp/2017/12/26/how-the-nba-went-global/?noredirect=on https://www.washingtonpost.com/news/made-by-history/wp/2017/12/26/how-the-nba-went-global/?noredirect=on&utm_term=.fd1f9bd476e5 https://www.wsj.com/articles/yao-ming-the-7-foot-6-man-caught-between-the-nba-and-china-11570727998 https://www.yardbarker.com/nba/articles/nba_owners_from_oldest_to_youngest/s1__29844068#slide_30
Epic Games

Epic Games

2020-09-0202:24:526

We go deep behind the "epic" story of a plucky game developer from Cary, North Carolina (by way of Potomac, Maryland) which, after bootstrapping for its first 22 years, has quietly morphed into an $18b juggernaut that may become the most important technology company for the next evolution of the internet. And oh yeah, its founder, CEO and controlling shareholder? He cares more about land conservation than he does about money, he's beholden to no one and has the firepower of China's biggest internet giant behind him, and he's willing to stare down Apple, Google and anyone else who doesn't support his vision of an open and equal-opportunity internet future in a fight to the death. You'll want to buckle your seats for this one!! If you want more more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our new Book Club live sessions with authors like Hamilton Helmer of 7 Powers and Will Thorndike of The Outsiders. Join here at: https://acquired.fm/lp/    New! We're codifying our own Playbook notes and takeaways from each episode, and posting them here in the show notes and on our website. You can read them below or at: www.acquired.fm/episodes/epic-games   Sponsors: Thanks to Tiny for being our presenting sponsor for all of Acquired Season 7. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://tinycapital.com Thank you as well to Bamboo Growth and to Perkins Coie. You can learn more about them at: https://growwithbamboo.com https://www.perkinscoie.com/   Playbook: Good companies find gold in a rush. Great companies sell jeans and pickaxes to everyone who pans. The best companies sell jeans, pickaxes AND find more gold than anyone else. Epic's two-part business model of the Unreal Engine plus Fortnite (and other games and experiences) is like AWS plus Amazon's consumer facing businesses: not only do they create and sell the infrastructure that powers a whole industry, but as their own "first and best" customers they can use its features most effectively and inform their own future roadmap of what to build. "Games as a Service" (embodied by titles like Fortnite, Roblox, Minecraft, League of Legends and Honor of Kings, etc) is a revolution that's unlocking value on the same order of magnitude that SaaS did for software. Much like SaaS apps, GaaS experiences can be built by small teams with a creative insight, in a capital-light fashion on open, best-in-class infrastructure that's cheap to rent (Unreal Engine or Unity). They can be designed to address initially small or niche-seeming use cases and desires (e.g. Battle Royale), but then adapt and scale elastically when they strike a rich vein. And perhaps most importantly they monetize via ongoing subscription and virtual economy revenue that aligns with actual user engagement, vs one-time upfront fees on boxed software. Zero (or low) marginal cost businesses are special opportunities. Anytime you can sell something for a significant price that costs you little/nothing to create incremental copies of — e.g. Fortnite skins — you have the potentially to do very, very well. People sometimes forget, but this dynamic also existed before the internet: the media business (both content and distribution) was perhaps the best and most consistent industry of the 20th century from a Return on Capital perspective. There's a reason Warren Buffet called Tom Murphy and Dan Burke of Capital Cities the best capital allocation team of all-time — they were playing on a field tilted in their advantage. That said, the internet has brought this dynamic to MANY more sectors of the economy, and its next iteration (the metaverse) will extend it to even more. Capital scarcity creates a forcing function for disciplined and effective capital allocation. Capital abundance often leads to undisciplined and ineffective capital allocation. Epic created immense value during its 22 years as a bootstrapped company. While its first $330m capital raise from Tencent in 2012 has ultimately led to even more value creation, the first ~4-5 years post-investment saw the company almost lose its way with multiple long, costly and undisciplined game projects for which actual market demand was unclear. When the company ultimately re-captured its mojo with Fortnite, it was by going back to its roots with a fast-follow project built by a small team in response to clear market demand — with a unique twist that made it special. Retaining "control" — over your distribution, your margins, your product decisions and ultimately your company — allows you to build the biggest possible platform in the long run. The old saying that "you can't build a really big company on someone else's platform" is usually true. Multiple times along its journey, Epic and Tim chose to go the harder, longer, and riskier "independent" route vs. relying on publishers, retailers or (now) app stores. Iteration is the in-practice implementation of compounding. Iteration is a standard dogma in startups and engineering (e.g. "agile", etc.), and compounding is a standard dogma in (value) investing. In practice they're two sides of the same coin: the small iterations that Epic does year in and year out — on both the Unreal Engine and Fortnite + other GaaS experiences — compound to create extraordinary value. Or put another way, within operating businesses like Epic, dollars don't just compound on their own. Retained earnings need to be re-deployed every day to build that next feature or service that future developers (and non-developers!) can build on top of.   Links: MTV Cribs, "Tim Sweeney Edition": https://www.youtube.com/watch?v=lRGUKMKadJ8 Carve Outs: Ben's "3 part carve out": https://www.youtube.com/watch?v=bErPsq5kPzE - original video demo of Unreal Engine for filmmaking https://www.youtube.com/watch?v=gUnxzVOs3rk - Feb 2020, video on "The Volume" https://ascmag.com/articles/the-mandalorian David Asimov's Foundation Series: https://www.amazon.com/Complete-Asimovs-Foundation-Foundations-Prelude/dp/B01EFDEMS8   Sources: (also available on Journal at https://usejournal.com/app/space/journal:space:project/7efa6d43-a601-4784-8e36-1edda2b1b451 ) https://en.wikipedia.org/wiki/Cliff_Bleszinski https://en.wikipedia.org/wiki/Epic_Games https://en.wikipedia.org/wiki/List_of_Unreal_Engine_games#Unreal_Engine_4 https://en.wikipedia.org/wiki/Tim_Sweeney_(game_developer) https://en.wikipedia.org/wiki/ZZT https://forums.unrealengine.com/community/general-discussion/40293-does-epic-make-more-money-from-games-or-game-engines https://gamasutra.com/view/feature/132426/from_the_past_to_the_future_tim_.php https://kotaku.com/the-quiet-tinkerer-who-makes-games-beautiful-finally-ge-5865951 https://open.spotify.com/episode/0c8KkHc3lrHgGVyRVCo5B3 (Wizard & the Bruiser episode on Epic) https://overcast.fm/+aLde2gbYE https://overcast.fm/+JNncEontw https://techcrunch.com/2018/12/27/epic-fortnite-3-billion-profit/ https://twitter.com/sarahjeong/status/1298031302357082112?s=10 https://variety.com/2018/gaming/news/fortnite-epic-games-billion-dollar-decision-1202884194/ https://venturebeat.com/2018/04/26/superdata-fortnite-is-now-the-biggest-free-to-play-console-game-ever/ https://web.archive.org/web/20010519154729/http://www.gamespot.com/features/makeunreal/ https://www.appannie.com/en/apps/ios/top/united-states/games/iphone/ https://www.bloomberg.com/news/articles/2020-08-19/epic-games-fortnite-battle-with-apple-and-google-can-be-traced-to-nintendo-tax https://www.businessinsider.com/apple-made-360-million-from-fortnite- in-app-purchases-2020-8 https://www.cnbc.com/2018/06/12/epic-games-company-behind-fortnite-was-founded-by-a-college-kid.html https://www.cnbc.com/2018/12/14/the-reason-epic-landed-a-15-billion-valuation-is-not-fortnite-success.html https://www.cnbc.com/2020/01/07/apple-app-store-had-estimated-gross-sales-of-50-billion-in-2019.html https://www.gamasutra.com/view/feature/132426/from_the_past_to_the_f uture_tim_.php?print=1 https://www.gamesindustry.biz/articles/2013-03-22-tencent-paid-usd330m-for-48-percent-share-in-epic-games https://www.gamespot.com/articles/chinese-internet-company-owns-40-percent-of-epic-games/1100-6405749/ https://www.gamesradar.com/the-epic-tradition/ https://www.ign.com/articles/1999/02/04/epic-sets-up-shop https://www.matthewball.vc/all/epicgamesprimermaster https://www.newsobserver.com/news/business/article238221784.html https://www.nytimes.com/2020/08/25/technology/fortnite-creator-tim-sweeney-apple-google.html?referringSource=articleShare https://www.pcgamesn.com/steam-revenue-cut-tim-sweeney https://www.polygon.com/2012/10/1/3438196/better-with-age-a-history-of-epic-games https://www.polygon.com/2013/11/21/5128872/epic-classics-ships-last-copy-of-zzt https://www.polygon.com/a/epic-4-0 https://www.polygon.com/a/epic-4-0/the-four-lives-of-epic-games https://www.theverge.com/2020/1/2/21046920/fortnite-revenue-drop-superdata-nielsen-2019-earnings https://www.theverge.com/2020/8/17/21369460/apple-fortnite-app-store-services-business-model-epic-games https://www.wsj.com/articles/the-man-behind-fortnite-11560571201
We're joined by two very special guests, Eventbrite CEO Julia Hartz and her cofounder, spouse and Eventbrite Chairman Kevin Hartz, to tell their story of building Eventbrite together (along with their lives and family) from the PayPal diaspora to bootstrapped business, unicorn status, IPO and now starting all over again in the wake of COVID with both a tragedy and a huge new opportunity in front of them as public company. If you want more more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show (including the episode with Kevin on SPACs), the LP community on Slack and Zoom, and our new Book Club live sessions with authors like Hamilton Helmer of 7 Powers and Will Thorndike of The Outsiders. Join here at: https://acquired.fm/lp/   New! We're codifying our own Playbook notes and takeaways from each episode, and posting them here in the show notes and on our website. You can read them below or at: www.acquired.fm/episodes/eventbrite   Sponsors: Thanks to Tiny for being our presenting sponsor for all of Acquired Season 7. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://tinycapital.com Thank you as well to Bamboo Growth and to Perkins Coie. You can learn more about them at: https://growwithbamboo.com https://www.perkinscoie.com/   Playbook Seeing the next technology wave before others do is rare. It provides a roadmap for what to build and invest in if you're willing to bet on that knowledge. Kevin worked at Silicon Graphics in the mid 90's. This led him to realize that internet services like PayPal, YouTube, and many others would be possible long before others (similar to Don Valentine realizing computers would penetrate every industry from his time at Fairchild). PayPal and its subsequent "mafia" was successful in part because of rapid experimentation. They observed what got used by customers and then doubled down. PayPal's "core" use case on eBay started as an experiment. International money transfer (Xoom) and event ticketing (Eventbrite) also initially started as experiments on the PayPal API before the eBay acquisition — and went on to become large companies. Julia, Kevin, and their cofounder Renaud had a prototype of Eventbrite running and serving customers even before starting the company — which gave them the confidence to do what seemed crazy on paper, but was actually "de-risked": start a company as an engaged couple, have a remote technical cofounder, bootstrap for 2 years after being turned down by VCs, etc. When a company is experiencing explosive growth, they often need to leave other huge opportunities on the table. PayPal knew international remittances could be huge, but didn't build it internally because of the need to focus on eBay merchants. The TAM for bringing an offline behavior offline is often WAY bigger than anything you can calculate beforehand. The range and size of what were previously niche or impossible use cases will often expand dramatically with easy-to-use online tools. This is especially true in long-tail use cases that can only be aggregated by self-serve internet-based software. One early encouraging sign for Eventbrite was its use to host speed dating events in New York. Before Eventbrite, it was nearly impossible to organize, promote, and charge for something like that. Now, organizers could suddenly become entrepreneurs and make real money hosting events like this. Most VCs ignored or were confused by this data (~"Call us when you attack Ticketmaster."), but they missed that it unlocked a massive new market which previously operated only through word-of-mouth and cash transactions (if at all). All three major dislocations of the 21st century — the tech bubble bursting in 2001, the financial crisis in 2008, and now COVID in 2020 — have only accelerated offline behaviors to online. COVID is unlocking a new wave of online event entrepreneurs for Eventbrite in the same way the financial crisis unlocked a wave of in-person event entrepreneurs in 2008-10. Starting with just one niche can be incredibly powerful; often your customers will then lead you to more. Before the speed-dating in New York (which was fully inbound), Eventbrite was used to organize tech meetups in the then-smaller tech community in SF. It was even used for the first TechCrunch Disrupt! Too much capital (and too little accountability) can hurt a company much more than help it. Capital covers up problems, distracts focus from customers, and leads to poor resource allocation. Kevin: "The periods where we had raised the most money privately were the hardest and most difficult for me, because we were really fighting this gravity of overspending and creating inefficiency. And it took us away from our roots as a capital-efficient, highly-effective perpetual motion machine [that we'd had as a bootstrapped company]." Being a public company not only instills more capital allocation discipline, but can ALSO afford a degree of financial flexibility that just isn't possible as a private company. Within weeks of COVID hitting, Eventbrite dramatically shrunk the size and scope of the company AND raised $375m in new capital from new and longterm shareholders. Both actions would have been difficult to impossible as a private company with a static valuation (and associated anti-dilution, ratchet terms, etc) that no longer reflected the reality of the current situation.
Pinduoduo

Pinduoduo

2020-07-1601:51:46

We kick off Season 7 with a bang: Pinduoduo, the incredible five year-old Chinese mashup of "Costco and Disneyland" (as self-described in their IPO prospectus) which recently became the fastest company ever to pass $100B market capitalization. What makes PDD so special, and how were they able to enter a market that everyone considered "already won" and disrupt massive entrenched competitors Alibaba and JD.com? This story is chock-full of lessons that apply not only to China tech, but to high-growth company building and investing everywhere. ‍ Want more Acquired, including access to the LP Show, LP Calls and the Book Club? Join the Limited Partner program at: https://glow.fm/acquired/ ‍ Links: Photo of 26 year-old Colin at lunch with Warren Buffett: https://thelowdown.momentum.asia/cv-of-pinduoduos-founder/ PDD users on mini-programs vs other Chinese e-commerce players: https://miro.medium.com/max/1080/0*39fpSP_JqhDaPhQ2.png Carve Outs How to Make a Spaceship https://www.amazon.com/How-Make-Spaceship-Renegades-Spaceflight/dp/1594206724 Creativity, Inc. https://www.amazon.com/Creativity-Inc-Overcoming-Unseen-Inspiration/dp/0812993012/ Sponsors: Thanks to Tiny for being our presenting sponsor for all of Acquired Season 7. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://tinycapital.com Thank you as well to Bamboo Growth and to Perkins Coie. You can learn more about them at: https://growwithbamboo.com and https://www.perkinscoie.com/ ‍ Sources: http://investor.pinduoduo.com/static-files/468b2c9f-9112-410d-84b3-2b22e07c7ee0 http://investor.pinduoduo.com/static-files/5539839d-0a1c-4d40-9bb7-bdb490e2370c https://analyse.asia/2018/08/09/episode-260-pinduoduo-their-upcoming-ipo-in-china-with-matthew-brennan/ https://analyse.asia/2020/06/28/pinduoduo-on-social-ecommerce-agriculture-with-xinyi-lim/ https://blog.ycombinator.com/pinduoduo-and-the-rise-of-social-e-commerce https://en.wikipedia.org/wiki/Pinduoduo#cite_note-8 https://hans.vc/pinduoduo/ https://medium.com/@clarkboyd/pinduoduo-everything-you-need-to-know-about-pdd-chinas-third-biggest-ecommerce-site-38ac42086e47 https://overcast.fm/+HWy7CWz34 https://overcast.fm/+I8dmHF4NU https://overcast.fm/+PLdRNCiCg https://overcast.fm/+TmYdC1VPQ https://overcast.fm/+TmYfSO3sc https://targetchina.com.au/article/how-pinduoduo-successfully-gained-market-share-through-social-commerce/ https://techcrunch.com/2018/07/26/the-incredible-rise-of-pinduoduo/ https://technode.com/2020/05/12/pinduoduo-growth-story-needs-a-new-chapter/ https://trendslates.substack.com/p/amazons-335bn-in-gmv-amazon-testing https://twitter.com/bgurley/status/1255172025053663232 https://www.businessinsider.com/fabulous-life-colin-huang-pinduoduo-2020-7 https://www.cnbc.com/2020/04/22/what-is-pinduoduo-chinese-ecommerce-rival-to-alibaba.html https://www.fool.com/investing/2020/07/02/why-pinduoduo-stock-popped-today.aspx https://www.fool.com/investing/2020/07/07/4-tough-tasks-for-pinduoduos-new-ceo.aspx https://www.forbes.com/real-time-billionaires/#721870433d78 https://www.scmp.com/tech/e-commerce/article/3081078/pinduoduo-doubles-down-rural-china-five-year-us71-billion-e https://www.sec.gov/Archives/edgar/data/1737806/000104746918005204/a2236308z424b4.htm https://www.sec.gov/ix?doc=/Archives/edgar/data/1737806/000110465920051022/pdd-20191231x20f.htm https://www.techbuzzchina.com/episodes/ep-17-pinduoduo-from-zero-to-23b-in-three-years https://www.theinformation.com/articles/chinas-pinduoduo-is-nipping-at-alibabas-heels https://www.youtube.com/watch?v=BidaQ22vWvM https://www.youtube.com/watch?v=SqxtfOMMVFg https://www.youtube.com/watch?v=UjLhCK8sUcw https://www.youtube.com/watch?v=Zbskb0KMBUU&t=4s
Oprah (Harpo Studios)

Oprah (Harpo Studios)

2020-06-2502:08:222

We close out Season 6 with the story of perhaps the single most successful media entrepreneur of all-time: Oprah Winfrey, and her juggernaut conglomerate Harpo Studios. Born to a poor single mother in the segregated 1950's deep south, Oprah's rise from terrible adversity to wealthiest Black woman in the world ranks among the very greatest American success stories. And oh yeah — along the way she single-handedly created the entire influencer economy, rewrote the blueprint of a modern power broker, and set the world record for most cars given away at one time (276). Sit back, listen and get ready to live your best life.   Want more Acquired, including access to the LP Show, LP Calls and the full Acquired Book Club? Join the Acquired Limited Partner program at: https://glow.fm/acquired/ Survey link!: http://acquired.fm/survey   Carveouts: David: The Dark Tower series by Stephen King https://www.amazon.com/gp/product/B07959YG1R? Ben: Reply All "Long Distance" https://gimletmedia.com/shows/reply-all/6nh3wk Sponsor: Thanks to Silicon Valley Bank for being our banner sponsor for Acquired Season 6. You can learn more about SVB here: https://www.svb.com/next Thank you as well to Wilson Sonsini - You can learn more about WSGR at: https://www.wsgr.com/ Sources: http://blackeconomics.co.uk/wp/oprahs-empire/ http://www.oprah.com/entertainment/the-oprah-winfrey-show-by-the-numbers-oprah-show-statistics/all http://www.oprah.com/oprahshow/The-Oprah-Shows-Most-Shocking-Moments_1 https://diverseeducation.com/article/1205/ https://en.wikipedia.org/wiki/Oprah_Winfrey https://en.wikipedia.org/wiki/Oprah_Winfrey_Network https://en.wikipedia.org/wiki/WW_International https://finance.yahoo.com/news/why-oprah-regrets-famous-wagon-233648610.html https://freakonomics.com/2008/08/06/so-much-for-one-person-one-vote/ https://hbr.org/podcast/2018/01/black-business-leaders-series-oprahs-path-to-authentic-leadership https://stmuhistorymedia.org/from-rags-to-riches-the-story-of-oprah-winfrey/ https://www.amazon.com/Oprah-Biography-Kitty-Kelley/dp/0307394875 https://www.amazon.com/Ride-Lifetime-Lessons-Learned-Company/dp/0399592091 https://www.chicagotribune.com/news/ct-xpm-1998-09-25-9809260006-story.html https://www.cnn.com/ampstories/entertainment/how-oprah-winfrey-built-her-business-empire https://www.forbes.com/profile/oprah-winfrey/#c52ce3e5745f https://www.forbes.com/sites/jennifereum/2014/09/29/how-oprah-went-from-talk-show-host-to-first-african-american-woman-billionaire/#7f21cfb76163 https://www.history.com/this-day-in-history/oprah-gives-away-nearly-300-new-cars https://www.independent.co.uk/arts-entertainment/tv/news/you-get-a-car-oprah-winfrey-giveaway-studio-audience-gift-tax-members-guests-pay-show-a8208051.html https://www.independent.co.uk/news/media/tv-radio/an-anxious-america-gets-set-for-life-after-oprah-2285528.html https://www.latimes.com/archives/la-xpm-2001-feb-21-ca-27886-story.html https://www.npr.org/podcasts/500692140/making-beyonc https://www.nytimes.com/1993/02/12/news/jackson-interview-high-in-ratings.html https://www.nytimes.com/2009/11/23/business/media/23carr.html https://www.nytimes.com/2012/06/11/business/media/end-of-oprahs-show-tightens-races-for-tv-ratings.html https://www.pbs.org/newshour/nation/the-oprah-phenomenon-by-the-numbers https://www.robertfeder.com/2016/06/15/legendary-tv-exec-dennis-swanson-retires/ https://www.telegraph.co.uk/tv/2017/05/13/oprah-winfrey-untold-story/ https://www.thebalancesmb.com/oprah-winfrey-entrepreneur-1200951 https://www.theguardian.com/tv-and-radio/2018/jan/12/oprah-winfrey-unlikely-to-run-for-us-president-but-could-win-if-she-did https://www.washingtonpost.com/lifestyle/style/oprahs-last-show-averaged-8957-million-fewer-viewers-than-mash-finale/2011/06/08/AGD5AUMH_story.html https://www.youtube.com/watch?v=cooRceBiE8E
SpaceX

SpaceX

2020-05-2602:39:355

On the eve of SpaceX's historic scheduled launch of its first human spaceflight mission — both the first ever by a private company, and the first to take place on American soil in nearly a decade — we tell the incredible story of its rise from ragtag rocket jocks to the most disruptive and advanced force in aerospace today. While much of the Musk spotlight has shone on Tesla in recent years, is SpaceX actually the company that will have the greatest impact on our world's future, and perhaps even other worlds beyond? All of a sudden that idea seems a little less crazy... Want more Acquired? Join thousands of other founders, CEOs, VCs, product people and engineers learning in the Limited Partner Program: https://glow.fm/acquired/ Links: The Tesla episode: https://www.acquired.fm/episodes/season-3-episode-1tesla The Ascend Conference: https://www.ascend.events Carveouts: David: The Last Dance: http://www.espn.com/nba/story/_/id/28973557/the-last-dance-updates-untold-story-michael-jordan-chicago-bulls Ben: Michael Mauboussin on the Success Equation: https://youtu.be/1JLfqBsX5Lc Sponsor: Thanks to Silicon Valley Bank for being our banner sponsor for Acquired Season 6. You can learn more about SVB here: https://www.svb.com/next Thank you as well to Wilson Sonsini — you can learn more about WSGR at: https://www.wsgr.com/ Sources: Elon Musk by Ashlee Vance: https://www.amazon.com/Elon-Musk-SpaceX-Fantastic-Future/dp/006230125X https://timelines.issarice.com/wiki/Timeline_of_SpaceX https://www.nasaspaceflight.com/2017/03/spacex-historic-falcon-9-re-flight-ses-10/ https://www.reddit.com/r/spacex/wiki/economics https://www.space.com/40547-spacex-rocket-evolution.html https://waitbutwhy.com/2015/08/how-and-why-spacex-will-colonize-mars.html https://en.wikipedia.org/wiki/SpaceX https://en.wikipedia.org/wiki/Elon_Musk https://en.wikipedia.org/wiki/Michael_D._Griffin https://en.wikipedia.org/wiki/Jim_Cantrell https://en.wikipedia.org/wiki/Tom_Mueller https://en.wikipedia.org/wiki/Gwynne_Shotwell https://en.wikipedia.org/wiki/Commercial_Orbital_Transportation_Services https://en.wikipedia.org/wiki/Space_Act_Agreement https://www.spacex.com/mission/ https://venturebeat.com/2008/08/06/private-rocket-company-spacex-gets-20m-from-the-founders-fund/ https://en.wikipedia.org/wiki/List_of_Falcon_9_and_Falcon_Heavy_launches https://www.space.com/40547-spacex-rocket-evolution.html https://www.businessinsider.com/spacex-starlink-spacecraft-pictures-elon-musk-2018-2 https://arstechnica.com/science/2018/09/inside-the-eight-desperate-weeks-that-saved-spacex-from-ruin/ https://www.nytimes.com/2020/05/22/science/spacex-nasa-launch.html https://graphics.reuters.com/SPACE-EXPLORATION-SPACEX/010091Q82NF/index.html https://www.cnbc.com/2019/05/31/elon-musk-spacex-is-now-worth-more-than-tesla.html https://www.teslarati.com/spacex-wins-launch-contract-egyptian-telecom-company/ https://www.teslarati.com/spacex-falcon-heavy-booster-overboard/ https://www.youtube.com/watch?v=sYocHwhfFDc https://oig.nasa.gov/docs/IG-18-016.pdf https://everydayastronaut.com/will-the-falcon-9-actually-be-reusable-or-just-refurbish-able-like-the-space-shuttle/
Adapting Episode 3: Intel

Adapting Episode 3: Intel

2020-05-1201:18:443

Want more Acquired? Join thousands of other founders, CEOs, VCs, product people and engineers learning in the Acquired Limited Partner Program: https://glow.fm/acquired/ When you think of Intel today, you probably think of the microprocessor company. Maybe you also think about about 'Intel Inside' and their famous jingle. You might even think "big, stable, boring public company". But for the first two decades of Intel's life, absolutely none of those things were true. Today we tell the incredible story of how the company that started it all in Silicon Valley clawed back from a crisis that brought them to the brink of death, and of one man who rose as the ultimate survivor to become their leader and a legend even in his own time: the late, great Andy Grove. Note: This episode originally aired as part of Podapalooza, a podcast festival organized by our friends at Glow to benefit COVID relief. Find out more and support the cause at https://www.plza.org Sponsor: Thanks to Silicon Valley Bank for being our banner sponsor for Adapting and Acquired Season 6. You can learn more about SVB here: https://www.svb.com/impact Thank you as well to Wilson Sonsini - You can learn more about WSGR at: https://www.wsgr.com/ Sources: Only the Paranoid Survive:  https://www.amazon.com/Only-Paranoid-Survive-Exploit-Challenge-ebook/dp/B0036S4B2G Swimming Across: https://www.amazon.com/Swimming-Across-Andrew-S-Grove-ebook/dp/B07CJRM4DX/ https://en.wikipedia.org/wiki/Intel https://en.wikipedia.org/wiki/Andrew_Grove https://en.wikipedia.org/wiki/Gordon_Moore https://en.wikipedia.org/wiki/Robert_Noyce https://www.businessinsider.com/alan-patricof-greycroft-ipo-market-2011-1 https://anthonysmoak.com/2016/03/27/andy-grove-and-intels-move-from-memory-to-microprocessors/ http://archive.computerhistory.org/resources/text/Oral_History/Intel_386_Business_Strategy/102701962.05.01.pdf https://en.wikipedia.org/wiki/Intel_80386 https://en.wikipedia.org/wiki/William_Shockley https://www.inc.com/ilan-mochari/remembering-andy-grove-intel.html
On March 5th 2020, Sequoia Capital published a Medium post entitled ‘Coronavirus: The Black Swan of 2020’. The memo minces no words, admonishing founders & CEOs to “question every assumption about your business”, and portends that “as Darwin surmised, those who [will] survive ‘are not the strongest or the most intelligent, but the most adaptable to change.’” We’re joined by longtime Sequoia partner and head of the firm’s US business Roelof Botha to discuss on what Sequoia saw leading up to the memo and why they decided to publish it, how they and their portfolio companies are adapting to the new world it warned of, and what lasting changes might come to Sequoia itself from this moment. For anyone facing hard decisions and/or looking for ways to think about opportunity, this is not one to miss. Want more Adapting/Acquired? You can join the Acquired Limited Partner program at: https://glow.fm/acquired/ Links: The Black Swan Memo: https://medium.com/sequoia-capital/coronavirus-the-black-swan-of-2020-7c72bdeb9753  The COVID-19 Decision Matrix: https://medium.com/sequoia-capital/the-matrix-for-covid-19-c25bd5195f46    Sponsor: Thanks to Silicon Valley Bank for being our banner sponsor for Adapting and Acquired Season 6. You can learn more about SVB here: https://www.svb.com/next Thank you as well to Wilson Sonsini - You can learn more about WSGR at: https://www.wsgr.com/
The world has changed. Acquired is changing too: we’re taking a pause from our normal episodes. The world doesn’t need stories of M&A and IPOs right now. But it does still need stories of great companies and great leaders. So we’re taking everything that we’ve put into Acquired - our format, our infrastructure, and the way we can reach all of you - and launching Adapting. Adapting is a series all about doing just that -- changing to fit what the world needs right now, not what it needed last week. Our first episode starts on the front lines of change: the local restaurant industry. Mark Canlis joins us to discuss how the world-renowned Canlis restaurant in Seattle is adapting by simultaneously closing their 70 year old dining room service, and launching three brand new, no-contact concept restaurants in just one week to keep their staff employed and the city fed: "Pretty quickly we realized that it would be just as risky to do nothing as it would to do something really radical. And if we were gonna live into our values, every once and awhile that’s really going to cost you something." This conversation is an incredible inspiration to us all, and a reminder of the vast power of the human spirit during challenging times.  Want more Adapting/Acquired? You can join the Acquired Limited Partner program at: https://glow.fm/acquired/ Sponsor: •Thanks to Silicon Valley Bank for being our banner sponsor for Adapting and Acquired Season 6. You can learn more about SVB here: https://www.svb.com/next •Thank you as well to Wilson Sonsini - You can learn more about WSGR at: https://www.wsgr.com/
Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile) 5 years and 100+ episodes into Acquired, there’s been one question we get asked more than any other: what are the best acquisitions of all-time, and what can we learn from them? We thought it was time to formalize our answers. So here it is, the Acquired Greatest Hits album. :) We also put together an accompanying blog post, which goes into greater detail on the numbers and methodology behind out rankings. You can find it here: https://www.acquired.fm/episodes/acquired-top-ten-the-best-acquisitions-of-all-time Feel free to share with your friends or on social media! Sponsor: Thanks to Silicon Valley Bank for being our banner sponsor for Acquired Season 6. You can learn more about SVB here: https://www.svb.com/next Thank you as well to Wilson Sonsini - You can learn more about WSGR at: https://www.wsgr.com/
Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile) The wait is over. Acquired returns with a very special Part II of the Sequoia Capital story, joined by the very best person in the world to help us tell it - Doug Leone. Since 1996, Doug has served as Sequoia’s Global Managing Partner, in charge of overseeing the firm’s incredible expansion from a single, $150m early-stage fund focused on Northern California to the multi-billion dollar global powerhouse it is today. Doug is incredibly candid and insightful about all that has gone into building the modern Sequoia: from winning Google and missing Facebook, to the enormous (and enormously successful) bet on decentralized expansion in China and India, to the firm’s “proudest moment” at the depth of the dot com bust. This episode is an absolute must-listen for anyone in the tech, startup and venture ecosystems today. Thank you to Doug and all of the Sequoia team for joining us to make it happen!   Note: You can listen to Part I of our Sequoia story, which dives deep into the history and background of the firm, here: https://www.acquired.fm/episodes/sequoia-capital-part-1   Sponsor: Thanks to Silicon Valley Bank for being our banner sponsor for Acquired Season 6. You can learn more about SVB here: https://www.svb.com/next Thank you as well to Wilson Sonsini - You can learn more about WSGR at: https://www.wsgr.com/   Sources: https://www.brunswickgroup.com/sequoia-capital-doug-leone-silicon-valley-i11786/ https://www.sequoiacap.com/people/doug-leone/ https://www.sequoiacap.com/newsletter/2018-06-20-doug-leone https://www.youtube.com/watch?v=5Er4QcNdjVU https://www.linkedin.com/in/douglas-leone-a2714/ https://www.youtube.com/watch?v=4cl8X02Xd1I https://www.youtube.com/watch?v=KrJgwKiEpaI
WhatsApp

WhatsApp

2020-01-2901:46:205

Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile) We kick off Season 6 with a long-awaited Acquired Classic: Facebook’s $22B purchase of WhatsApp in 2014, which still ranks as the largest acquisition of a private VC-backed startup in history. Yet despite that enormous pricetag and all its associated fanfare, as we sit here 5+ years later WhatsApp actually generates LESS revenue than the meager ~$20m it was bringing in at the time of acquisition. Was this this worst acquisition of all-time, or a brilliant strategic chess move by Mark Zuckerberg & co? Tune in as we render Acquired’s judgement!  Note: Unfortunately David’s audio quality in this episode was impacted by a technical glitch which we didn’t discover until after recording. Our editors worked super hard to fix in post-production, but it’s still not totally perfect. We hope you’ll give it a listen regardless, and we’re working on getting a transcript made ASAP, which we’ll post to the website when it’s ready. Thanks for bearing with us, -Ben & David   Carve Outs: Ben: Computer glasses: https://www.amazon.com/s?k=computer+glasses David: Reebok Floatrides: https://www.amazon.com/Reebok-Forever-Floatride-Energy-Black/dp/B07NYBRQ96/   Sponsor: Thanks to Silicon Valley Bank for being our banner sponsor for Acquired Season 6. You can learn more about SVB here: https://www.svb.com/next Thank you as well to Wilson Sonsini - You can learn more about WSGR at: https://www.wsgr.com/    Sources: https://en.wikipedia.org/wiki/WhatsApp https://www.forbes.com/sites/parmyolson/2014/02/19/exclusive-inside-story-how-jan-koum-built-whatsapp-into-facebooks-new-19-billion-baby/#64c1c94b2fa1 https://www.forbes.com/sites/parmyolson/2014/03/04/inside-the-facebook-whatsapp-megadeal-the-courtship-the-secret-meetings-the-19-billion-poker-game/#63d8b5c4350f https://www.wired.com/2015/09/whatsapp-serves-900-million-users-50-engineers/ https://youtu.be/v6PbymjXsto https://youtu.be/X4YsJt4rIOI https://overcast.fm/+WorS9-a74 https://youtu.be/-2CAWS7M_0w https://youtu.be/X4YsJt4rIOI https://www.wired.co.uk/article/whats-app-owner-founder-jan-koum-facebook  https://www.buzzfeednews.com/article/ryanmac/whatsapp-brian-acton-delete-facebook-stanford-lecture  https://www.forbes.com/sites/parmyolson/2018/09/26/exclusive-whatsapp-cofounder-brian-acton-gives-the-inside-story-on-deletefacebook-and-why-he-left-850-million-behind/#7475a0213f20  https://www.bloomberg.com/news/features/2017-06-28/tencent-rules-china-the-problem-is-the-rest-of-the-world   https://techcrunch.com/2013/07/16/whatsapp-free/ http://allthingsd.com/tag/jan-koum/ http://allthingsd.com/20130510/whatsapp-ceo-jan-koum-hates-advertising-and-the-tech-rumor-mill-full-dive-video/  https://techcrunch.com/2018/01/31/whatsapp-hits-1-5-billion-monthly-users-19b-not-so-bad/ https://blog.whatsapp.com/10000633/Building-for-People-and-Now-Businesses https://techcrunch.com/2017/09/05/whatsapp-business-app/  https://techcrunch.com/2014/02/21/whatsapp/ https://www.washingtonpost.com/business/economy/whatsapp-founder-plans-to-leave-after-broad-clashes-with-parent-facebook/2018/04/30/49448dd2-4ca9-11e8-84a0-458a1aa9ac0a_story.html https://www.wsj.com/articles/whatsapp-backs-off-controversial-plan-to-sell-ads-11579207682 https://www.wsj.com/articles/behind-the-messy-expensive-split-between-facebook-and-whatsapps-founders-1528208641?mod=article_inline  https://blogs.wsj.com/digits/2014/06/05/whatsapp-co-founder-stresses-independence-from-facebook/?mod=article_inline https://bgr.com/2020/01/17/whatsapp-ads-2020-facebook-canceled-plans-to-bring-ads-to-status-bar/ https://www.vox.com/2018/5/8/17329524/whatsapp-new-ceo-facebook-cofounder-jan-koum-departs https://www.linkedin.com/in/chdaniels/ https://www.linkedin.com/in/jkoum/
Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile)  You can hear a preview of our most recent LP show, an interview with Webflow cofounder and CEO Vlad Magdalin, at the end of this episode. To get access to the rest of that conversation and many more with top founders, operators and investors, click the link to subscribe and become an Acquired LP.   Season 5, Episode 10: The Lean Startup and the Long-Term Stock Exchange (with Eric Ries) Acquired closes out Season 5 and 2019 with a radical look into both the past and future decades of startup company building, investing and - yes, exiting - in conversation with legendary Lean Startup author Eric Ries. Nine years on from pioneering the now-canonical concepts of product-market fit, minimum viable products, and pivots during the aftermath of the financial crisis, Eric’s new venture at the Long-Term Stock Exchange represents an equally ambitious attempt to rewrite the orthodoxy of how companies and their investors manage liquidity, governance and alignment around longterm value creation. Like Lean Startup a decade before it, can LTSE help address some of the endemic problems in this generation’s startup ecosystem — excessive capital raising, stay-private-longer, dual-class founder hegemony, extreme illiquidity and quarterly earnings myopia? Tune in to find out! Sponsor: Thanks to Silicon Valley Bank for sponsoring all of Acquired Season 5. You can get in touch with Lewis Hower, who you heard at the beginning of this podcast, here: http://bit.ly/2SCsbbs
Convoy (with CEO Dan Lewis)

Convoy (with CEO Dan Lewis)

2019-12-1901:35:552

Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile) Coming to you live from the University of Washington, Ben and David are joined by hundreds of awesome Seattle listeners (and a few non-Seattle listeners!) to cover the meteoric rise of trucking industry disruptor and hometown hero Convoy. How did Dan and Convoy go from nervously conducting market research at truck stops on I-5 to one of the largest logistics companies and fastest-growing startups in the world in just four short years, raising over $650m (not a typo) along the way? Tune in to find out! Special thank you to the Paul Allen School of Computer Science and Engineering at the University of Washington and to Pioneer Square Labs for generously sponsoring the show venue.    Carveouts:  Mystery: https://mystery.sh  Sponsor:  Thanks to Silicon Valley Bank for sponsoring all of Acquired Season 5. You can get in touch with Minh Le, who you heard at the beginning of this podcast, here: http://bit.ly/2txmq4e
TikTok

TikTok

2019-12-0901:36:588

Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile) We take Acquired to the Old Town Road to cover the amazing story behind the biggest global sensation of 2019 — and the highest valued private startup in the world — TikTok. How did a mid-30 year old UX architect at enterprise software giant SAP wind up creating Gen Z’s favorite social app that’s now rivaling Instagram in global MAU? Why is a 2017 merger of two Chinese companies being branded a US national security threat and retroactively placed under review by CFIUS? And perhaps most importantly, why is TikTok such an important product & technology innovation that all of us should be learning from? Tune in for all the answers!   Carve Outs: Ben: Track 34 on Ghosts IV by Nine Inch Nails: https://www.youtube.com/watch?v=XF_ceFugJjQ  David: Nintendo Switch Lite https://www.nintendo.com/switch/lite/ and Knives Out https://www.youtube.com/watch?v=qGqiHJTsRkQ    Sponsor: Thanks to Silicon Valley Bank for sponsoring all of Acquired Season 5. You can get in touch with Dan Hardman, who you heard at the beginning of this podcast, here: http://bit.ly/35yIrNH   Sources: https://www.nytimes.com/2019/11/18/technology/tiktok-alex-zhu-interview.html  https://www.reuters.com/article/us-bytedance-tiktok-exclusive/exclusive-chinas-bytedance-moves-to-ringfence-its-tiktok-app-amid-u-s-probe-sources-idUSKBN1Y10OH  https://www.nytimes.com/interactive/2019/10/10/arts/TIK-TOK.html?action=click&module=RelatedLinks&pgtype=Article https://www.nytimes.com/2019/10/19/style/high-school-tiktok-clubs.html?action=click&module=RelatedLinks&pgtype=Article https://www.nytimes.com/2019/11/03/technology/tiktok-facebook-youtube.html?action=click&module=RelatedLinks&pgtype=Article https://www.nytimes.com/2018/01/02/business/china-toutiao-censorship.html https://www.nytimes.com/2016/09/17/business/media/a-social-network-frequented-by-children-tests-the-limits-of-online-regulation.html https://www.youtube.com/watch?v=wTyg2E44pBA https://www.linkedin.com/in/keepsilence/ https://www.vox.com/culture/2018/12/10/18129126/tiktok-app-musically-meme-cringe https://www.theverge.com/tldr/2018/1/26/16937712/karma-is-a-bitch-riverdale-kreayshawn-meme https://www.theverge.com/2018/8/2/17644260/musically-rebrand-tiktok-bytedance-douyin https://www.rollingstone.com/music/music-features/tiktok-video-app-growth-867587/ https://en.wikipedia.org/wiki/Musical.ly https://en.wikipedia.org/wiki/ByteDance  https://en.wikipedia.org/wiki/TikTok https://www.businessinsider.com/what-is-musically-2016-5  https://supchina.com/2017/09/13/can-pop-music-connect-teens-china-world-musical-ly-co-founder-louis-yang-wants-find/  https://supchina.com/podcast/ep-28-the-worlds-most-valuable-startup-bytedance-maker-of-tiktok-toutiao/ https://supchina.com/podcast/ep-55-kuaishou-the-anti-douyin-tiktok/ https://supchina.com/podcast/ep-56-not-just-tiktok-a-short-history-of-chinese-short-video-abroad/  https://supchina.com/2019/09/25/the-difference-between-tiktok-and-douyin/  https://pandaily.com/toutiaos-buy-1b-purchase-musical-ly/  https://www.reuters.com/article/us-china-internet-livestreaming-idUSKBN17E0EV  https://www.youtube.com/watch?v=wTyg2E44pBA  https://www.youtube.com/watch?v=ey15v81pwII  https://www.scmp.com/tech/big-tech/article/3038639/alex-zhus-journey-failed-startup-tiktok-chief  https://www.buzzfeednews.com/article/ryanmac/zuckerberg-musically-tiktok-china-facebook  https://techcrunch.com/2019/11/12/instagram-reels/  https://www.techinasia.com/douyin-rise-in-china  https://www.youtube.com/watch?v=ptKqFafZgCk  https://technode.com/2017/05/17/kwai-kuaishou-chinas-biggest-social-video-sharing-app/  https://technode.com/2018/05/10/how-douyin-became-the-most-popular-app-in-the-world/  https://blog.ycombinator.com/the-hidden-forces-behind-toutiao-chinas-content-king/  https://www.techinasia.com/douyin-rise-in-china  https://www.oberlo.com/blog/tiktok-statistics  https://wallaroomedia.com/blog/social-media/tiktok-statistics/  http://money.com/money/5497929/how-tiktok-makes-money-tiktok-owner/ https://www.smh.com.au/business/companies/104b-goliath-the-unknown-35-year-old-behind-the-world-s-most-valuable-startup-20181001-p5072r.html https://medium.com/@mattprd/how-tiktok-is-changing-the-world-and-youre-missing-it-fa283338649a https://www.reuters.com/article/us-bytedance-musically/chinas-bytedance-scrubs-musical-ly-brand-in-favor-of-tiktok-idUSKBN1KN0BW https://www.fool.com/investing/2019/10/25/is-snap-getting-too-cozy-with-bytedances-tiktok.aspx https://www.eugenewei.com/blog/2019/2/19/status-as-a-service https://www.newyorker.com/magazine/2019/09/30/how-tiktok-holds-our-attention https://www.nytimes.com/2019/03/10/style/what-is-tik-tok.html
Disney, Plus

Disney, Plus

2019-11-2502:12:203

Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile) Attend the Seattle Live Show with Dan Lewis, Co-Founder and CEO of Convoy! http://acquired.fm/liveshow   The Flywheel is strong with this one. We dive deep into the origins of one of the boldest business strategy decisions of our time: Disney CEO Bob Iger’s attempt to buck the Innovator’s Dilemma - and forego billions of dollars in cashflow from Netflix and pay TV providers - in order to establish a direct distribution relationship with its customers for the first time in the company’s history. Is this the force awakening within the house that Walt built, or a phantom menace that will drag Disney to the dark side of unprofitability? Tune in to find out!   Links: https://www.thewaltdisneycompany.com/wp-content/uploads/2019/01/2018-Annual-Report.pdf https://www.thewaltdisneycompany.com/wp-content/uploads/q4-fy17-earnings-transcript.pdf https://www.thewaltdisneycompany.com/wp-content/uploads/2019/11/q4-fy19-earnings.pdf The Disney flywheel: https://kottke.org/15/06/walt-disneys-corporate-strategy-chart    Sources:  The Ride of a Lifetime by Bob Iger: https://www.amazon.com/Ride-Lifetime-Lessons-Learned-Company-ebook/dp/B07PF6XTD8 https://www.nytimes.com/2019/09/22/style/disney-bob-iger-book.html https://en.wikipedia.org/wiki/Bob_Iger https://www.hollywoodreporter.com/features/bob-iger-bets-company-hollywood-s-future-streaming-1247663  https://www.wsj.com/articles/can-kevin-mayer-deliver-the-future-of-disney-11573272027  https://www.bloomberg.com/news/features/2019-11-07/inside-disney-bob-iger-on-star-wars-pixar-and-more  https://podcasts.apple.com/us/podcast/bob-iger-the-ride-of-a-lifetime/id1264843400?i=1000451721143    Carveouts:  David: The Ride of a Lifetime Ben: The Imagineering Story on Disney+: https://www.disneyplus.com/series/the-imagineering-story/6ryoXv1e1rWW   Sponsor:  Thanks to Silicon Valley Bank for sponsoring all of Acquired Season 5. You can get in touch with Dan Hardman, who you heard at the beginning of this podcast, here: http://bit.ly/35yIrNH
Join the Acquired Limited Partner program! https://glow.fm/acquired/ (works best on mobile) On this episode of the Limited Partner bonus show, we are joined by Chetan Puttagunta, General Partner on Benchmark, talking his investment philosophies, enterprise technology trends, and the uniqueness of Benchmark. How is this firm with only five partners and no associates so repeatably successful? Chetan shares the story of his very first investment, MongoDB, and lessons learned from his other investments and board positions in Elastic, Sketch, Duffel, Mulesoft, and many others. Chetan also helps us understand how he balances staying open-minded enough to let founders shape his vision of the future (and not the other way around), while staying educated on areas where he thinks the future is bright. This episode is a preview of the hour-long LP-only show.
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Comments (8)

Niki Torres

Absolutely enjoyed this one! Rahul is such an eloquent guy.

Aug 17th
Reply

Richard Ottley

awesome interview 👍👏 Jason is the best.. he's got endless stories to write another book

May 4th
Reply

Richard Ottley

awesome 😊 too my birthday is also on November 12 😁

Jan 25th
Reply

Richard Ottley

are you guys coming back with new episodes.. I like this podcast

Jan 19th
Reply

Tumwine

Awesome discussion about #wework

Nov 16th
Reply

Tumwine

The Fairchild info at the beginning was my wow in this episode.

Oct 20th
Reply

Tumwine

Great episode

Sep 21st
Reply

Maciej Czech

This channel was moved third time?

Mar 7th
Reply
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