"Turpentine VC" | Venture Capital and Investing Turpentine

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
--
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.

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

Slipstream Investors: https://www.slipstreaminvestors.com/approach
--
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
--
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 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/

--
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


--
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
--
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
--
LINKS:
8VC: https://www.8vc.com/
The Cicero Insitute: https://ciceroinstitute.org/issues/
--
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.
--
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
--
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

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.
---
LINKS:
The Techno-Optimist Manifesto: https://a16z.com/the-techno-optimist-manifesto/
---
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
---

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:
@pmarca (Marc)
@eriktorenberg (Erik)
@turpentinemedia

---

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

---

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.

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.
---
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
---
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

---

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

---

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.