38 episodes
"Turpentine VC" | Venture Capital and Investing Turpentine
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- Business
On Turpentine VC, host and venture capitalist Erik Torenberg delves deep into the art and science of building successful venture firms through conversations with the world’s best investors and operators. Hear about insider strategies on decision-making, investment theses, and building firms for the long term—from the ground-level, VC to VC. Guests in season 1 include Ben Horowitz of a16z, Mamood Hamid and Ilya Fushman of Kleiner Perkins, and Alfred Lin of Sequoia. Turpentine VC is part of the Turpentine podcast network. Learn more: turpentine.co
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The Vinod Khosla Interview
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 -
Joe Lonsdale on His Plan to Revitalize America's Declining Sectors
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.
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RECOMMENDED PODCAST: 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/
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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 -
How Jason Lemkin Built SaaStr
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: 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/
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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 -
Marc Andreessen on His Intellectual Journey
This episode features an interview with a16z GP and co-founder Marc Andreessen, discussing his intellectual influences and detailing his quest to understand how the world works. He covers the authors who have shaped his thinking, the influence of elites on policies, and global governance. This conversation was recorded in late 2022. Since then, Marc and a16z have released “The Techno-Optimist Manifesto".
If you enjoyed this episode with Marc check out episode 1 of Turpentine VC with Ben Horowitz who discusses the how they built the firm and its future plans.
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LINKS:
The Techno-Optimist Manifesto: https://a16z.com/the-techno-optimist-manifesto/
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RECOMMENDED PODCAST: Turpentine Finance
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.
Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764
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SPONSOR: HARMONIC | SQUAD
🧲 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 choosesquad.com and mention “Turpentine” to skip the waitlist.
---
Join our free newsletter: https://turpentinevc.substack.com/ -
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RELATED SHOWS: @10xcapitalpodcast
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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X / TWITTER:
@pmarca (Marc)
@eriktorenberg (Erik)
@turpentinemedia
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TIMESTAMPS:
(00:00) Intro
(01:33) How much has Marc changed vs the world changed?
(05:05) How much do ideas matter? Who drives society — the elite or the masses?
(08:07) People respond to interests more than ideas
(10:18) Mental models for the left and the right
(12:54) Sponsors: Turpentine | Squad
(15:12) The road to hell is paved with good intentions
(16:58) Master morality and slave morality
(21:37) Unpacking Elon’s quote “Wokeness is the mind-virus”
(24:17) Is classical liberalism sustainable and how it leads to wokeness
(33:18) James Burnham’s worldview
(41:09) How the left captured the institutions
(43:44) Elon as the return to entrepreneurial capitalism
(46:22) The experiments Elon is running
(53:09) The billionaire mindset toward politics
(55:49) We live in an oligarchy, not a democracy
(1:04:13) Larry Page is the contrarian billionaire
(1:05:48) Effective altruists think they can play God
(1:08:54) SBF’s roll-the-dice philosophy
(1:09:33) Aristocratic vs Meritocratic elite
(1:20:04) Elites are insulated from the consequences of their policies
(1:22:06) Why global governance is a nerd trap
(1:25:28) Global governance is anti-diversity
(1:29:00) Tech people are politically homeless
(1:29:49) Elites can’t be removed, they can only be replaced
(1:33:21) Advice for counter-elites
(1:45:39) Reasons to be optimistic
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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. -
Consumer Social, Marketplaces, and Becoming a Better Investor with James Currier
This episode features a special interview with James Currier, a partner at NFX. In this conversation, James sits with Erik Torenberg to discuss why founders tend to be more authentic at the accelerator stage than at the seed stage, James's skepticism about B2B marketplaces, and how NFX approaches investments and decision-making. This was recorded as part of a live event in 2021.
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RECOMMENDED PODCAST:
Turpentine Finance
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.
Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764
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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.
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SPONSOR: HARMONIC | SQUAD
🧲 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 choosesquad.com and mention “Turpentine” to skip the waitlist.
---
Join our free newsletter: https://turpentinevc.substack.com/ -
---
RELATED SHOWS: @10xcapitalpodcast
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/
---
X / TWITTER:
@JamesCurrier (James)
@eriktorenberg (Erik)
@turpentinemedia
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TIMESTAMPS:
(00:00) Intro
(02:47) James's experience at Battery
(04:35) Building up NFX
(09:40) What works and what doesn't in venture business
(13:42) Sponsor: Squad | Turpentine
(15:56) Post-COVID implications for building companies
(20:04) Where we at in consumer social today
(28:03) Spotting inflection points
(31:41) Talk about marketplaces
(40:28) Market for generalist investors today
(45:10) What can you do with 300 million
(50:10) What's important when evaluating B2B marketplaces
(54:57) Challenges and opportunities in healthcare and fitness investments
(59:40) Investment strategies
(01:02:55) Wrap
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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. -
Scott Belsky’s Angel Investing Lessons and Requests For Startups
This episode features an interview with Scott Belsky, angel investor, Chief Strategy Officer at Adobe, and founder of Behance. In this conversation, which was recorded in 2021, we dive into Scott’s early investments in companies like Pinterest and Uber, the evolution of his investment philosophy, and the principles he acquired over time.
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:
Turpentine Finance
Host Sasha Orloff (3x Founder & CEO) is joined by top founders and finance leaders at high growth tech companies who share how they navigated huge make-or-break decisions, rode inflection points, and architected success. If you want to learn the mental models and tactics top business leaders and CFOs, subscribe below. Debut episode features Casey Woo unpacking his wild ride managing billions in budgets at WeWork – arguably one of the craziest capital stories ever.
Listen on Spotify: https://open.spotify.com/show/5BflNhFxxLjqT2RA47352G
Listen on Apple: https://podcasts.apple.com/us/podcast/id1704418764
-
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.
---
Join our free newsletter: https://turpentinevc.substack.com/ -
---
SPONSOR: HARMONIC | SQUAD
🧲 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 choosesquad.com and mention “Turpentine” to skip the waitlist.
---
RELATED SHOWS: @10xcapitalpodcast
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/
---
X / TWITTER:
@scottbelsky (Scott)
@eriktorenberg (Erik)
@turpentinemedia
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TIMESTAMPS:
(00:00) Intro
(01:01) Beginning of Scott’s angel investor journey
(02:05) Investments in Pinterest and Uber
(04:00) The biggest principle Scott acquired
(07:15) What’s the capacity to become an investor
(12:09) Sponsor: Brave | Turpentine
(17:10) Evaluating the market
(19:55) Scott's current investment interests
(26:02) Views on consumer social
(30:34) Past examples of failed products due to timing.
(38:00) The future of work and productivity tools
(40:22) How founders extract value from solo investors
(42:33) The future of creativity
(45:57 Wrap
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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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