"Turpentine VC" | Venture Capital and Investing Turpentine

This episode of Turpentine VC is a live panel from the Hill and Valley Forum held in May 2024 on the pivotal role of novel technologies and AI in modern warfare and defense strategies, and how venture is helping rebuild the capital formation of the industrial base. Senator Mike Rounds moderates Joe Lonsdale, Managing Partner at 8VC, Josh Wolfe of Lux Capital, and Matthew Steckman, CRO at Anduril to discuss the novel military applications of the technologies they are working on and the shift in culture at the DoD that could usher in a new future of warfare. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine

RELATED PODCAST: Subscribe to The Hill & Valley Podcast
This season brings together Silicon Valley innovators and lawmakers to address the most pressing problems: the techno-economic war with China, AI regulations, and the next space race. Hear new episodes with Alex Karp, Jacob Helberg, Alexandr Wang, Jack Clark, Roelof Botha, Delian Asparouhov, and Vinod Khosla.
Apple: https://podcasts.apple.com/us/podcast/the-hill-valley/id1692653857
Spotify: https://open.spotify.com/show/39s4MCyt1pOTQ8FjOAS4mi

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SPONSORS:
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

💥 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.

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.
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RECOMMENDED PODCASTS: The 10x Capital Podcast
If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. Alex has been a guest on his feed as well.
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LINKS:
https://www.thehillandvalleyforum.com/
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TIMESTAMPS:
(00:00) Intro
(01:32) Introductions and Expectations: Panelists Share Their Vision
(01:53) Spotlight on Defense Innovation: From AI to Aerospace
(06:46) The Future of Warfare: AI, Autonomy, and New Technologies
(09:23) Venture Capital and Defense: Bridging the Gap for Battlefield Superiority
(12:11) AI in Defense: Opportunities, Challenges, and the Path Forward
(14:50) Sponsor: Harmonic | Squad
(17:20) Australia's Defense Modernization, With the Help of a US company, OSUC
(28:14) Leveraging AI Beyond Weapon Systems: Healthcare and Maintenance
(31:29) Closing Remarks

In this episode of Turpentine VC, Erik Torenberg interviews Will Summerlin, managing partner at Autopilot, a VC firm investing in companies that use AI to automate industries. Prior to co-founding Autopilot, Will was an investor at ARK. Erik and WIll discuss where to find alpha when investing in AI, the competitive edge of incumbents versus startups, and investment strategies tailored to AI's potential.
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SPONSORS:
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

💥 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.

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.
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LINKS:
Will Summerlin's podcast: Autopilot - Autopilot explores the adoption and rollout of AI in the industries that drive the economy and the dynamic founders bringing rapid change to slow-moving industries. From law, to hardware, to aviation, Will Summerlin interviews founders backed by Benchmark, Greylock, and more to learn how they're automating at the frontiers in entrenched industries.

Listen on Spotify: https://open.spotify.com/show/6YQZkKHN7EP2yWedAvSxBC?si=18377c69a2804333
Listen on Apple: https://podcasts.apple.com/ca/podcast/autopilot-with-will-summerlin/id1738163836

Autopilot VC: https://apv.vc/
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TIMESTAMPS:
(00:00) Intro
(00:45) Thesis of Autopilot's fund and the AI Supercycle
(02:05) The Edge of AI in Various Domains
(03:07) Venture Capital Perspectives on AI Startups
(06:20) Identifying Opportunities and Challenges in AI Investment
(06:48) Deep Dive into AI's Impact on Specific Industries
(11:46) Strategies for AI Startups and Investment Insights
(13:55) The Future of AI: Foundation Models and Startup Opportunities
(14:15) Sponsor: Harmonic | Squad
(16:44) Llama 3 Use Cases
(23:49) Drawing Parallels: From the Industrial Revolution to Today's AI Revolution
(24:32) The Impact of AI on Software Development and Productivity
(24:55) Exploring the Dynamics of Revenue and Cost Centers in the AI Era
(26:04) Strategy: Navigating the Series A and B Landscape
(30:17) The AI Super Cycle: Predicting a Surge in Enterprise Value
(32:44) Finding Alpha in a Crowded Market
(39:51) The Monopolistic Outcomes of AI Markets
(41:50) Fund Size and Investment Strategy in the Series A and B Space
(45:26) Automating Financial Services in FinTech and AI
(48:36) Wrap
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RECOMMENDED PODCASTS: The 10x Capital Podcast
If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/.

In this episode of Turpentine VC, Erik Torenberg sits down with Alex Edelson from Slipstream Investors, and explores the potential for a new fund built on top of Turpentine, Erik's media company. This live pitch jam session covers the key questions and mental models for building and validating a new fund. They also cover portfolio construction, fund size and stage, and the delicate balance between sticking to proven strategies and evolving with the market's needs. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine
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SPONSORS:
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

💥 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.

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: The 10x Capital Podcast
If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/. Alex has been a guest on his feed as well.

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LINKS:
Turpentine's master plan: https://phantom-nape-ffe.notion.site/Turpentine-master-plan-524e460771354cb7a84328939c5d9cf1

Slipstream Investors: https://www.slipstreaminvestors.com/approach
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TIMESTAMPS:
(00:00) Intro
(00:39) Exploring the Potential of Turpentine as an
(09:13) Navigating the Challenges of Media and Investing Synergy
(17:22) Sponsor: Harmonic | Squad
(19:51) Portfolio Strategies and LP Preferences
(24:50 )Exploring Venture Capital Strategies and Insights
(26:10) Building a Media Empire
(31:01) Sector Focus and Portfolio Construction
(32:30) Building a Compelling Venture Fund Pitch Deck
(36:12) Proving Out the Strategy
(40:21) Future Fund Growth and Strategy Adaptation
(45:58) Wrap

Erik Torenberg talks to Vinod Khosla about his contrarian bets at Khosla Ventures, the firm’s strategic thinking about the future, and why his “venture assistance” is different than other funds. They also discuss his investment thesis in AI (including OpenAI), robotics, biotech, crypto, education, transportation, and more. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine
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SPONSORS:
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

💥 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.

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.
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RECOMMENDED PODCASTS Company Breakdowns & The 10x Capital Podcast

Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more

Spotify: https://open.spotify.com/show/0epyYBAxLeF0PsNagdDJAJ


Apple: https://podcasts.apple.com/us/podcast/company-breakdowns/id1743119197



If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/

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LINKS:

Favorite book: The Score Takes Care of Itself by Bill Walsh

Vinod’s Predictions (2023) : https://www.khoslaventures.com/vinod-predictions-in-2023-of-what-the-next-10-to-25-years-might-look-like/


Reinventing Societal Infrastructure with Technology (2018) : https://medium.com/@vkhosla/reinventing-societal-infrastructure-with-technology-f71e0d4f2355


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TIMESTAMPS:
(00:00) Intro
(00:49) Reflecting on 20 Years of Khosla Venture's Evolution and Team Dynamics
(07:12) Staying the Course: Long-Term Investments and Impact
(11:31) Contrarian Bets
(13:20) Redefining Humanity
(15:41) Crypto Strategy and Real-World Applications
(17:55) Sponsor: Harmonic | Squad
(20:24) Venture Assistance and Team Building Insights
(25:34) On Good and Bad Advice
(28:32) Determining Who to Take Advice From
(30:21) Rethinking Hiring and Entrepreneurship
(31:08) Investment Strategies and Learning from Failures
(33:16) Venture Capital Insights and Asymmetric Risk
(37:30) Global Fund Strategy and Technological Impact
(42:36) The Future of Work and AI's Role
(53:35) Personal Philosophy and Longevity in Venture Capital
(58:57) Wrap

This episode features a discussion recorded in 2023 between Erik Torenberg and Joe Lonsdale, founder of 8VC, Palantir and the Cicero Institute. They cover Joe's proposed solutions to challenges in U.S. education, prison reform, homelessness, healthcare, defense, and more. This conversation offers a riveting overview for anyone in venture to better understand the interplay of policy and market-driven solutions to systemic problems. Source better deals with the most complete startup database: https://bit.ly/harmonicturpentine
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SPONSORS:

🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)


💥 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.


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 Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
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LINKS:
8VC: https://www.8vc.com/
The Cicero Insitute: https://ciceroinstitute.org/issues/
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TIMESTAMPS:
(00:00) Intro
(00:56) Having the Biggest Impact
(02:39) Navigating Partisanship in Tech and Philanthropy
(03:22) Making Good Ideas Win
(05:57) Holding Institutions Accountable
(08:11) The Real Problems in Education
(10:50) Challenging Government Unions and Police Reform
(13:00) Prison Reform: Data-Driven Accountability
(16:40) Addressing Homelessness
(19:21) Sponsor: Harmonic | Squad
(21:51) Market Incentives, Competition and Accountability
(25:42) Healthcare Reform: Monopolies and Misaligned Incentives
(31:08) Reform vs Exit
(32:50) Defense and National Security
(36:46) State-Level Impact vs. Federal Challenges
(39:14) Engaging in Local and State Governance for Change
(42:26) Addressing Wealth Inequality and Education Reform
(55:40) The Future of Education

In this episode Erik Torenberg sits down with Jason Lemkin, the founder and CEO of SaaStr, a venture firm, podcast network, event series, and the world’s largest community for B2B/SaaS founders. This candid conversation focuses on SaaStr's business model at the intersection of VC, media, and events. Jason also covers why all VC's need to nail the right amount of marketing, what 'edge' looks like in venture, why Jason never created a YC for SaaS, and the distinctions between business models that seem scalable versus those that genuinely achieve exponential growth.
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SPONSORS:
🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine (and make sure to mention Turpentine VC during your demo.)

💥 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.

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 Podcast: Company Breakdowns
Each episode of Company Breakdowns dives into S-1s and series B-and-beyond companies, interviewing founders and investors to break down the companies. First episode is on Rubrik - which just IPO'd. Coming up this season: Databricks, Reddit + more,
Spotify
Apple
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TIMESTAMPS:
(00:00) Intro
(01:22 ) Evolution of SaaStr Fund
(01:58) Accidental Success
(03:35) Community + Content
(06:52) Challenges and Realities of Scaling in Venture Capital
(07:46) Finding the Edge
(14:05) Jason Lemkin and Harry Stebbings of  @20VC 
(15:36) Why Jason Never Created a YC for SaaS
(23:05) Deciding on Fund Size and Scale
(30:56) Partnering in a Smaller Fund or Heading to a Mega Fund
(35:07) Sponsor: Harmonic | Squad
(37:51) Media and Event Business Models
(44:38) Field Marketing in Business Growth
(49:40) Rolling Up Vertical Media Businesses (the SaaStr Model)
(1:03:17) Complexities of Managing Multiple Income Streams
(1:08:11) Building Empires in Venture Capital