The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch Harry Stebbings

Nilan Peiris is Chief Product Officer at Wise, where he leads on growth across channels including product and platform. Prior to Wise, Nilan was VP Growth at HouseTrip, in charge of scaling the company’s growth in the European market. He’s also worked as Chief Marketing Technology Officer at Holiday Extras, where he was responsible for all areas of technology, marketing and customer acquisition. Nilan also advises a number of early-stage startups on growth and getting to traction.

In Today's Episode With Nilan Peiris We Discuss:
Lessons Scaling Transferwise to the First 1M Users:
What growth tactics worked in scaling Wise to 1M users? What growth tactics did not work? What did they learn? What did Wise not do that Nilan wishes they had done? What single product change completely changed the trajectory of their growth?
2. How to Use Content to Crush Competition:

What are the two different types of content that all companies must now make? What are the single biggest mistakes companies make with content today? What do you do when your competition can spend 7-8x more on marketing? Is SEO and SEM dead today or does it still play the same prominent role?
3. Wise's Framework on How to Win at Performance Marketing:

What have been Nilan's single biggest lessons on how to win in performance marketing? What are the biggest mistakes companies make today in performance marketing? When is the right time to diversify and add new channels? What level of channel concentration would concern Nilan to see?
4. The Secret to Adding More Products:

When is the right time to add a second product? How does Nilan define great product marketing today? How can one do amazing and targeted product marketing with several products aimed at different customers? What are the single biggest mistakes that companies make with brand marketing?  

Jason Lemkin is one of the OG SaaS investors with all of his first five investments turning into unicorns with Pipedrive, Algolia, Talkdesk, Salesloft and RevenueCat all in his portfolio. SaaStr is the largest global community in SaaS and he has taught a generation the fundamentals of SaaS on saastr.com.

In Our Second Episode of This Week in SaaS:
1. Wiz Rejects Google's $23BN Acquisition Offer:

How does Jason analyse the price of the offer? $23BN for a $500M ARR business growing 120% YoY? What is the reasoning for Google in pursuing the acquisition? If Wiz had of proceeded in the process, what are the chances it would have made it through regulators? Why did Wiz walk away from the offer? If Jason were on the board, what would he have done? Is there a correlation between the downfall of Crowdstrike and Wiz turning down the offer? What does this mean for the M&A market moving forward? Will there be a secondary round now in place for Wiz at $23BN?
2. Crowdstrike: WTF Happens from Here:

Did Crowdstrike manage the crisis in the right way? What would Jason have done differently? What is the bull case for Crowdstrike moving forward from this point? What are the bear case for the company? Could this snowball and be the end? What will this do to company requirements on having single point of failure solutions? Where will the market cap of Crowdstrike be at the end of 2024?
3. LegalTech: Show Me the Money: $1BN in a Single Day:

Clio announced a $900M round at a $3BN valuation. How does Jason analyse this? What does Jason make of Harvey's $100M raise at a $1.5BN valuation? Why does Jason think 2025 will be the year for AI parity? Why will we see the majority of SaaS features be commoditised in 2025? What is the single biggest regret that Jason has in his investing career?

Kevin Hartz is a Co-Founder and General Partner at A*, an early-stage venture capital firm. Prior to founding A*, Kevin co-founded Eventbrite, a publicly traded company, and served as the CEO for the first 11 years of the company. Before Eventbrite, Kevin co-founded Xoom, a money remittance company that was acquired by PayPal in 2015 for over $1BN. Kevin is also a prolific angel investor having backed companies such as PayPal, Airbnb, Pinterest, Ramp, Trulia, and Anduril at the seed stage, and was an early investor in Uber, Palantir, SpaceX, Square, Gusto and many others.

In Today's Episode with Kevin Hartz We Discuss:
1. What Makes the Best Founders:

What questions does Kevin always ask founders in the investment process? Does Kevin prefer serial or first time founders? Why? Does Kevin prefer founders who are new to a problem or who are insiders and experts? When Kevin has gotten a founder bet wrong, what did he not see that he should have seen?
2. The Exploding Term Sheet That Cost $10BN:

How did an exploding term sheet for the seed round of Airbnb cost Kevin $10BN? What did Kevin see in the seed round of Airbnb that so few other investors saw? Does Kevin agree that the best businesses often start off as ridiculous or toys?
3. From World's Greatest Angel to VC with $600M AUM:

Why does Kevin think a barbell strategy of Seed and Series C is best today? Does Kevin agree that the Series B and growth stage is dead today? Why does Kevin strongly disagree that seed is the hardest stage of the market? Why does Kevin think that venture is less collaborative than ever? How does Kevin approach when to sell vs when to hold a position? What are his biggest lessons from seeding and holding Opensea?
4. Learning From the World's Best Investors:

What have been Kevin's lessons from his relationship with Peter Thiel? What have been Kevin's biggest takeaways from investing alongside Roelof Botha in many deals? What have been Kevin's biggest lessons from watching and observing the great Pierre Lamond?  

Cameron Adams is Chief Product Officer and co-founder of Canva where he is responsible for heading up the design and product teams. Since launching in 2013, Canva’s global community has grown to over 185 million monthly users in over 190 countries. In 2021, Canva was valued at $40 billion, following a $200m funding round. This saw it become one of the most valuable private software companies in the world. Prior to joining Canva, Cameron found himself working closely with Lars and Jens Rasmussen (co-founders of Google Maps) to realise the design vision for Google Wave.

In Today's Episode with Cameron Adams:
1. From Accidental Joining to Most Valuable Private Company:

How did Cameron go from working on Google wave with Lars Rasmussen to co-founding Canva with Mel and Cliff? What was the single closest near-death experience in the life of Canva? Why did Canva fail as a social network? What did Cameron learn from that?
2. How to Create Users that Truly Love Your Products:

What have been Canva's biggest lessons on what it takes to do world class onboarding? What is Cameron biggest advice to founders on how to create moments of delight in your product? Is simplicity always best in product? What, when made more complex, is better for the user?
3. Scaling Canva into the Enterprise:

What are the biggest product changes that are required to move into enterprise? What does Cam know about moving up market that he wishes he had known when he started? What are the biggest product and design mistakes founders make when making the transition from PLG to enterprise sales?
4. AI Changes Everything: More Money or Better Products Only

Who will win the foundation model layer landscape? What will it be in 10 years? Will companies actually make more revenue from having AI in products or will it just create better products? How does Canva's implementation of AI in their products impact the margins of their products?  

Pedro Franceschi is the Co-Founder and CEO @ Brex, the AI-powered spend platform with tens of thousands of customers, including DoorDash, Coinbase, Robinhood and Roblox. Pedro has raised over $1.2BN for the company from the likes of Greenoaks, Ribbit, DST, Bond and YC. The latest reported valuation was $12.3BN. Before Brex, Pedro was the first person to “jailbreak” the iPhone 3G in Brazil and co-founded payments company Pagar.me with Dubugras when he was 15. In three years, Pedro scaled it to over 100 people and US$1.5 billion in transactions processed.

In Today's Episode with Pedro Franceschi We Discuss:
1. The Challenge is in Your Own Head:

Why does Pedro believe all founders underestimate their own mental health? When was Pedro most anxious/depressed in the Brex journey? Why? What have been the single biggest needle movers for increasing his own mental health? How does Pedro advise other founders struggling with their own mental health?
2. From a 13-Year-Old Hacker in Brazil to Billionaire in LA:

How did Pedro come to make $200K on the internet when he was just 12? Does Pedro agree that the best founders always started entrepreneurial pursuits young? How does Pedro reflect on his own relationship to money today? How has it changed? Pedro has famously taken large secondaries, how did that impact his mindset? How does Pedro advise other founders and VCs when it comes to secondaries?
3. The Importance of the Idea: What Everyone Misunderstands:

What does Pedro mean when he says everyone does not appreciate enough how important the idea selection process is? How does he advise founders entering this process? Why does Pedro believe it is not that easy for founder to just pivot to a new idea? How did YC almost miss out on investing in Brex, now a $12BN company, due to the original idea?
4. Brex vs Ramp: Who Wins:

How does Pedro feel when I say, "Ramp have gotten ahead on marketing and visibility"? Why does Pedro believe that "Ramp is a marketing company"? What does he mean when he says "great products will win over time"? Why does Pedro fundamentally disagree with Ramp's positioning of the best companies focus on saving and their giving away their software for free? How does this market play out over time? Winner take all or gains split across several?  

Saam Motamedi is a General Partner at Greylock, where he has led investments in Abnormal Security (incubated at Greylock), Apiiro Security and Opal Security, as well as AI companies like Adept, Braintrst, Cresta, Predibase, Snorkel, and more. Before Greylock, Saam founded Guru Labs, a machine learning-driven fintech startup, and worked in product management at RelateIQ, one of the first applied AI software companies.

In Today's Conversation We Discuss:
1. Seed Today is Frothier than 2021:

How does Saam evaluate the seed market today? With seed pricing being so high, how does he reflect on his own price sensitivity? When does he say too much and does not do it? Despite seed pricing being higher than ever before, why does Saam believe it is rational? How has the competition at seed changed in the last few years?
2. Series B and Growth are not a Viable Asset Class Today:

Why does Saam believe that you cannot make money at Series B today? Why has pricing gone through the roof? Who is the new competition? When does it make sense to "play the game on the field" vs say this is BS and do something else? What would need to happen in the public markets for Series B to be a viable asset class again?
3. Markets vs Founders: The Billion Dollar Mistake and Lessons:

How does Saam prioritise between founder vs market? What have been Saam's biggest lessons when it comes to market sizing and timing? What is Saam's biggest miss? How did it change his approach and company evaluation? Which other VC would Saam most like to swap portfolios with? Why them?
4. Saam Motamedi: AMA:

What does Saam know now that he wishes he had known when he got into VC? Saam has had a meteoric rise in Greylock, what advice does Saam have for those younger investors look to really scale within a firm? Sourcing, selecting and servicing: Where is he best? Where is he worst? Why does Saam believe that most VCs do not add value? 20VC: Why We Are in a Bubble & Now is Frothier Than 2021 | Why $1M ARR is a BS Milestone for Series A | Why Seed Pricing is Rational & Large Seed Rounds Have Less Risk | Why Many AI Apps Have BS Revenue & Are Not Sustainable with Saam Motamedi @ Greylock