"Turpentine VC" | Venture Capital and Investing Turpentine

Today's episode features a discussion from 2023 with reknowned independent analyst Benedict Evans (formerly a16z and Mosaic Ventures) about his predictions and frameworks for AI, VR/AR, Crypto and blockchain, the cloud, automation, and more. AI scout and podcast host Nathan Labenz (The Cognitive Revolution's host) joined for the last 20 minutes to deepen the discussion on AI. Crush your 2024 goals and learn a new language with Babbel - get 60% off at Babbel.com/torenburg
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SPONSORS:
🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/torenburg

💥 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.
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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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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
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LINKS:

Benedict's website (featuring his 2024 presentation): https://www.ben-evans.com/
Benedict's podcast with Toni Cowan-Brown: https://another-podcast.simplecast.com/
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TIMESTAMPS:
(00:00) Intro and Preview
(00:26) Predicting Tech Trends
(02:20) Esco Model
(03:42) Deployment of Older Ideas
(05:39) Netflix: A TV Company, Not a Tech Company
(07:06) Software's Impact on Different Industries
(11:43) Regulation and Technology in Healthcare, Education, and Housing
(13:51) Direct-to-Consumer
(15:16) Overestimating and Underestimating Change
(16:15) Blockchain and VR: Still Early Days
(17:54) Sponsor: Babbel | Squad
(20:55) "Killer App" Fallacy
(23:37) Web 3.0 and Crypto: Overhyped and Underappreciated
(28:07] Decentralization and the "Can't Be Evil" Thesis
(30:05) The Limits of Decentralization
(42:54) Defining the Metaverse
(47:30) The Impossibility of True Portability
(49:25) Consumer Surplus and Business Models
(1:00:43) AI: Unbundling Jobs and Bundling Apps
(1:05:15) Vin's Paradox and the Automation Cycle
(1:09:40) The Speed of Technological Change
(1:13:15) Deploying New Technologies Takes Time
(1:14:56) Questions for the Future

This episode was initially recorded before a live audience in 2018. Erik Torenberg talks with Naval Ravikant and Balaji Srinivasan about the history of money and centralization and why crypto has the potential to fulfill the promise of the internet. 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.

Balaji Srinivasan is a founder, investor, and author of The Network State.
Naval Ravikant is an entrepreneur, investor, and former CEO of Angellist.
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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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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.


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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Today's episode of Turpentine VC is a throwback to a conversation Erik Torenberg recorded with Parker Conrad and Parker Thompson that debates how much "value-add" investors can offer founders, issues around the misalignment between investors and founders, and the underdiscussed factors that influence VC deals. Parker Conrad is the co-founder and CEO of Rippling (and co-founder/CEO of Zenefits) and Parker Thompson is a current partner at SAX Capital (formerly Partner at Angellist). The conversation was recorded in 2018. 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.
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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/.
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TIMESTAMPS:
(00:00) Intro
00:46 The Mystery of Startup Bill Jackson: Unraveling the Twitter Persona
(02:11) Investor Insights: The Good, The Bad, and The Ugly
(05:51) The Role of Investors: From Therapists to Strategists
(08:18) Brand Power and The Investor's Influence
(09:15) The Board Pleasing their LPs
(18:57)Navigating Founder-Investor Dynamics: A Real Talk
(19:28) The Seed Stage Perspective: Aligning with Founders
(26:07) The Boardroom Dilemma: Control, Influence, and Alignment
(36:44) Choosing the Right Investors: Lessons from Zenefits to Rippling
(37:01) Navigating Investor Relationships: Insights and Advice
(38:34) The Ideal Board Composition and Investor Dynamics
(39:22) Understanding VC Power and Protecting Your Company
(41:03) Real-world Challenges with Investors and Board Members
(42:51) Strategies for Entrepreneurs Facing Investor Pressure
(43:52) The Importance of Knowing Your VC's Business Model
(45:24) Raising Capital: Balancing Valuation and Partnership
(51:02) The Role of Unions and Standardization in Entrepreneurship
(54:33) Optimizing Fundraising Strategy for Long-term Success
(1:07:22) Closing Thoughts on Venture Capital Dynamics
(1:09:08) Wrap

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.
--
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/.
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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
--
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