The Data Minute

Carta

Join Carta's Head of Insights, Peter Walker, as he breaks down the data that's fueling today's most fascinating trends in startups, VC, and the private market ecosystem. Featuring guests from across the venture industry — from founders to investors, and everyone in between — each new Data Minute is a bite-sized breakdown of the metrics, patterns, and important insights you need to navigate the ever-changing world of startups.

  1. 1h ago

    How to Hire Before You Raise | Francois Ajenstat, Founder and CEO, Golden Analytics

    What does it actually take to build an executive team from nothing? This week on The Data Minute, Ashley Neville fills in for Peter and sits down with Francois Ajenstat, Founder and CEO of Golden Analytics, to talk hiring at the earliest stages of a company, from seed through Series B. Francois spent over a decade as Chief Product Officer at Tableau before leading product at Amplitude, and recently launched Golden Analytics, an AI-native BI platform that just closed $21 million in total seed funding. He walks through why he sees fundraising as less about the check and more about finding long-term partners, why he never set out to build a foundational model, and why he thinks the fear around AI replacing data analysts has it backwards. He also breaks down his approach to those first few hires: starting with people he trusts completely, using Carta's own compensation data to build trust with candidates during offer negotiations, and the three-part test he runs on every new hire around AI fluency, taste, and ownership of outcomes. The conversation also covers Golden's unconventional customer feedback loop, the surprising order in which startups actually hire across functions, and Francois's long-running framework for job satisfaction: the work, the people, and the recognition. Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/ Chapters: 01:17 – Announcing the $21M Seed: Fundraising Is About Partners, Not Just Capital 02:57 – Pitching Golden Analytics: Zig When Everyone Else Zags 06:06 – Why Golden Isn't Building Its Own Foundational Model 07:48 – The Privacy Question: Why Golden Never Sends Customer Data to the Models 09:17 – Will AI Replace the Data Analyst? (No, It Makes Them 10x) 10:57 – From CPO to "Solo" Founder: Why the Label Never Fit 13:14 – Hiring Employee One: The Former Tableau CTO 15:17 – Using Carta's Comp Data to Build Trust with Candidates 17:42 – Thinking About the ESOP from Day One 19:08 – The New Hiring Bar: AI Fluency, Taste, and Ownership 21:44 – Inside a Seven-Person Company Outshipping the Competition 22:46 – No Wall Between Customers and Engineers 24:33 – Making Customers Feel Like Founders 27:03 – An Unboxing: The Golden Analytics Coin 28:06 – The First Experience: What Happens When You Open Golden 29:33 – Surprising Data: Founders Hire Before They Raise 30:52 – The Order of Hires: Why CFOs Come Before Revenue 32:18 – Fractional vs. Full-Time: "Does This Make the Beer Taste Better?" 34:22 – What's Next to Hire: Engineers Ahead, Sales Behind 36:11 – Why Golden Skips the Middle: Senior Talent Paired With Junior Hunger 38:25 – Education, Fear, and Learning by Doing 41:15 – Building Carta's Own Report With AI, Faster 43:06 – Every Company Is a Data Company 44:27 – The Customer Data Francois Obsesses Over Daily 47:28 – Is SaaS Dead? Why the "Apocalypse" Headlines Miss the Point 49:21 – The Three-Factor Test for Job Satisfaction 51:47 – Redefining Appreciation: Experiences Over Titles 54:47 – What's Next for Golden Analytics 56:30 – Outro This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved. In the interest of transparency, Golden Analytics is a customer of eShares, Inc. dba Carta, Inc. ("Carta").  While we have invited them here today to discuss their journey, please note that this is not an endorsement, solicitation, or recommendation for Golden Analytics or Carta. Carta does not assume any liability for reliance on the information provided during this podcast.

    58 min

  2. Jun 23

    How the Best Data Builds the Best Teams | Kirk Lacob, EVP of Basketball Operations, Golden State Warriors

    What if you treated hiring at your startup like an NBA Front Office scouting for the next Draft? This week on The Data Minute Podcast, Ashley sits down with Kirk Lacob, EVP of Basketball Operations at the Golden State Warriors, to discuss what it's like to gather the data and make the calls on world-class basketball talent. Kirk argues that data's real value in the draft isn't identifying the best players: everyone already knows who they are -- it's in improving decision accuracy at the margins, even by just 2-3%. He also helps viewers see the direct parallel between NBA salary cap constraints and startup equity allocation. The conversation also compares winning a championship to a successful founder exit: both buy lasting equity with stakeholders that carries the organization through down years long after the moment has passed. Subscribe to Carta's weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Read the Total Comp Scouting Report on Carta's Data Desk: https://carta.com/data-desk/ Chapters: 00:00 – Intro 00:54 – Draft Week: The NBA's Christmas Morning 03:02 – Data-Driven Decisions: From Moneyball to Margin Gains 07:31 – Constrained Resources: Playing Within the Cap 12:52 – Valuing Talent Beyond the Numbers 16:03 – Hiring for the Stage You're In, Not the Stage You're At 19:47 – Delegation, Letting Go, and the Cost of Control 25:02 – Failing Fast in a Sport That Remembers Every Loss 26:51 – The VC-Founder Parallel: Aligned Incentives (and Where They Break) 29:55 – Sweetening the Deal When the Number Isn't Enough 38:05 – Championship Equity: What Winning Buys You Long-Term This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved. In the interest of transparency, the Golden State Warriors are users of eShares, Inc. dba Carta, Inc. ("Carta").  While we have invited them here today to discuss their journey, please note that this is not an endorsement, solicitation, or recommendation for the Golden State Warriors or Carta.  Carta does not assume any liability for reliance on the information provided during this podcast.

    51 min

  3. Jun 11

    Coding Taste: AI’s Impact on Culture | Amber Atherton, Partner, Patron

    How do you invest in what’s cool before the rest of the world catches on? This week on The Data Minute, Peter sits down with Amber Atherton, Partner at Patron, to explore the rapidly shifting landscape of consumer venture capital. Amber reveals the tactical strategies she uses to keep her pulse on the cultural vanguard, including running multiple TikTok burner accounts and hunting for early micro-trends inside gamer communities and niche digital spaces. They dive deep into her recent thesis on "computational taste," analyzing whether AI models can possess or dictate authentic taste, and why design-native founders are uniquely positioned to win the next wave of tech adoption. The conversation also covers the massive grey-market-to-mainstream pipeline powering the "American Peptide Boom," the business model shift behind ChatGPT's inevitable advertising play, and a transparent breakdown of the psychology of liquidity, including exactly when a founder should (and shouldn't) leverage secondary markets. Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/ Chapters: 00:18 – Intro: Consumer VC and Amber Atherton 01:09 – The Truth About Demo Day and Fundraising Reality 03:22 – Defining Consumer Investing: Trend Hunting vs. Fundamentals 05:09 – TikTok Burner Accounts and Tracking Gen Z Culture 09:02 – Computational Taste: Building the Taste Layer of AI 09:52 – Can an AI Model Have Genuine, Ephemeral Taste? 17:31 – The Squeeze: Where Consumer VC Stands Today 19:20 – Gray Market to Mainstream: The American Peptide Boom 22:51 – Formats and Vibe Coding: Amber's Writing Process 26:51 – "In My Bones": Why Amber Chose Venture Capital Over Being a Founder 30:10 – The Repeat Founder Conundrum: Motivation vs. Experience 31:09 – The Psychology of Liquidity: When to Take Secondary 33:36 – Honesty in the Idea Maze: Knowing When to Pivot or Return Capital 34:53 – ChatGPT Launching Ads: The Economics of Attention 36:04 – Spicy Question: Do Accelerators Work for Consumer Founders? 37:51 – "Peptide Summer": Net-New Brands vs. Incumbents in Wellness 39:58 – Outro: Headed to the Skate Park This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

    41 min

  4. May 28

    The Seed Existential Crisis | Rob Go, Founding Partner, NextView Ventures

    Is seed investing facing an existential crisis? This week on The Data Minute, Peter sits down with Rob Go, Founding Partner at NextView Ventures, to discuss the structural shifts making the "game on the field" harder than ever for early-stage investors. Rob explains why many successful seed VCs are exiting the industry and how the rise of mega-funds and massive accelerators like YC has squeezed traditional seed firms into a narrow "subset" of the market. They dive into the "feeder fund" phenomenon, the arbitrary nature of ownership mandates, and why the $1B–$3B exit range has become a "Death Valley" for startups. Despite the current angst, Rob shares his optimistic "bull case" for 2030, explaining why diminishing competition and a rotation away from late-stage consensus will lead to a healthier venture substrate in the years to come. Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/ Chapters: 00:20 – Intro: Rob Go and the Seed Existential Crisis 02:16 – Defining Seed: Betting on anything before PMF 03:35 – Why senior seed VCs are exiting the industry 05:02 – The Squeeze: Mega-funds vs. Accelerators 07:02 – Scarcity vs. Abundance: What’s left for seed funds? 08:44 – The "Feeder Fund" trap and the factory supply chain 12:38 – The risk of taking seed money from a mega-fund 13:34 – Breaking down the 4 styles of seed investing 15:20 – Why specialist seed funds can be transient 19:29 – Super Compounders: Will exits keep getting bigger? 21:59 – The "Death Valley" of $1B–$3B exits 25:08 – The Blumhouse equivalent for venture capital 27:18 – Normalizing secondaries as an exit strategy 33:53 – Rant: Why ownership targets are backwards 39:04 – Offensive vs. Defensive bridge rounds 45:07 – "I've become way more Zen": Why the 2030 outlook is bullish 50:18 – Outro This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

    51 min

  5. May 14

    The Venture Debt Masterclass | Marshall Hawks, Author, Venture Debt Deals

    There is a long-standing stigma in venture capital that debt is a "company killer." This week on The Data Minute, Peter Walker sits down with Marshall Hawks, former SVB expert and author of “Venture Debt Deals,” to debunk the myths and explain why debt is often the smartest addition to a founder’s equity mix. Marshall breaks down the tactical reality of how these deals actually get done, from the "sniff test" lenders perform during office visits to the critical differences between venture banks and private credit funds. He explains how founders can use debt to survive 15-year exit timelines while minimizing dilution, and shares the specific red flags that indicate a startup is becoming over-leveraged. Plus, Marshall offers a rare look at the "workout groups" that step in when things go wrong and explains why a company's General Counsel might not be the right person to lead a debt negotiation. Whether you are an early-stage founder or a late-stage operator, this episode is a definitive guide to capitalizing your business in a shifting market. Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/ Chapters: 00:16 – Intro: Marshall Hawks and the Venture Debt stigma 01:10 – Why Marshall wrote "Venture Debt Deals" 03:26 – Addressing the Paul Graham view: Is debt dangerous? 06:40 – When (and when NOT) to touch venture debt 09:14 – The "Insurance" Play: Why many founders never draw the capital 10:48 – Venture Banks vs. Private Credit Funds 13:00 – Understanding draw periods and interest-only terms 17:34 – Why your lender wants to visit your office (The Sniff Test) 22:28 – The market after March 2023: Life after SVB 26:09 – The "Workout Group": What happens when things go sideways?  30:31 – Green flags: How to diligence your lending partner 33:50 – The legal process: Why GC’s need outside support 37:13 – Hidden costs: Why the company pays everyone’s legal fees 42:31 – Using debt to survive 15-year exit timelines 44:49 – Red flags: Debt service vs. opex ratios 48:06 – Final advice: Fundraising is not success This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

    49 min

  6. May 2

    Live from Chase Center: The Future of Private Markets | Salil Deshpande, Amit Patel, Vignesh Ravikumar, & Corey Goodman

    Live from the Chase Center in San Francisco, Peter gathers four leading venture investors to discuss the shifting landscape of private markets. This special episode features Salil Deshpande (Uncorrelated Ventures), Amit Patel (Owl Ventures), Vignesh Ravikumar (Sierra Ventures), and Corey Goodman, PhD (venBio Partners). The episode covers why gross margins have become the most critical metric for AI model companies and how the rise of secondary markets is challenging the traditional ten-year fund structure. They explore the new "efficiency benchmarks" for startups, where founders are expected to reach milestones faster with significantly less capital and headcount. We also dig into the reality of AI in biotech, the "Nvidia problem" regarding value capture, and why massive fund sizes often lead to a regression to the mean. Plus, the guests share the data points they wish they had, from true product retention to the complex inner workings of human biology. Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/ Chapters: 00:30 – Salil Deshpande: AI gross margins and value creation 01:29 – Why the rate of AI improvement is still increasing 02:02 – Secondary markets and the end of the 10+2 model 03:28 – How massive fund sizes impact price discipline 04:40 – Amit A. Patel: The shift in efficiency benchmarks 06:17 – Personalized learning and AI’s impact on education 08:00 – Justifying longer exit timelines with larger outcomes 09:47 – Matching capital deployment to fund strategy 11:42 – Vignesh Ravikumar: Building in the hyperscale era 13:00 – Capturing value outside of the model layer 13:41 – Fund size as a driver of conviction and ownership 14:50 – The unknown data on AI product retention 15:13 – Corey Goodman, PhD: Turning science into medicine 16:11 – Why AI is overhyped in the world of biology 17:50 – Why the 10-year model still works for biotech 19:27 – Why mega funds regress to the mean in life sciences This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

    22 min

  7. Feb 12

    Is "2 and 20" Still the Standard? | Hamza Shad, Carta Insights Team

    In this special deep dive episode, Peter is joined by his Carta Insights colleague Hamza Shad to unpack the operational reality of running a venture fund. They leave behind portfolio performance metrics to focus entirely on the business of the fund itself. Peter and Hamza break down the data from Carta’s inaugural Fund Economics report. They analyze how much capital GPs are actually committing to their own funds, why anchor LPs are taking larger stakes, and whether the industry standard "2 and 20" fee structure is actually holding up. They also discuss the hidden costs of fund operations, from legal fees to audits, and why the 2022 vintage is deploying capital slower than its predecessors. Plus, they answer audience questions on recycling capital, managing lines of credit, and why marking up SAFEs on SAFEs is a red flag for LPs. Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/ Chapters: 00:00 – Intro: The business of the fund 02:30 – GP Commit: How much skin in the game? 04:40 – Why PE managers commit more than VCs 05:58 – The rise of the Anchor LP 10:38 – Capital Calls: Timelines and delays 15:30 – Why the 2022 vintage is deploying slowly 19:53 – Is "2 and 20" still the standard for fees? 23:00 – Carry benchmarks across fund sizes 25:40 – The rarity of preferred returns in VC 27:00 – Operating Expenses: Legal vs. Tax costs 28:58 – Why audits are becoming mandatory 31:33 – The danger of marking up SAFEs 33:22 – Managing Manco expenses 35:24 – Q&A: When to call capital 41:35 – Q&A: Valuation methodology and stale marks 44:18 – Q&A: Secondaries and recycling capital 47:58 – Q&A: Thesis drift 49:28 – Outro This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

    51 min

  8. Jan 22

    Why VCs Should Be Pirates | Arian Ghashghai, Founding Partner, Earthling VC

    This week on The Data Minute, Peter sits down with Arian Ghashghai, Founding Partner at Earthling VC, to discuss his thesis of investing in "weird stuff early." Arian explains why he bets on robotic oyster farms, virtual reality, and ocean exploration when other investors are chasing the latest consensus trends. He breaks down his "pirate ship" approach to venture capital and why being the first check is often more valuable to a founder than being the "most helpful." They also discuss the current state of the VC market and why Arian believes many funds have shifted from true long-term investing to short-term trading. Plus, Arian shares his unfiltered advice on raising from LPs, why he ignores "signaling risk" from big funds, and why Zurich might have a higher talent density than San Francisco. Subscribe to Carta’s weekly Data Minute newsletter: https://carta.com/subscribe/data-newsletter-sign-up/ Explore interactive startup and VC data, with Carta’s Data Desk: https://carta.com/data-desk/ Chapters: 00:00 – Intro: Investing in weird stuff 02:07 – Intro to Earthling VC 02:47 – The "weird stuff early" thesis 03:57 – Who are the LPs backing weird tech? 05:47 – Why VR is a polarizing investment 08:55 – The value of transparency with LPs 10:49 – Case study: Robotic oyster farms 14:36 – Do LPs push back on style drift? 16:06 – Why keep the fund size small? 18:50 – Portfolio construction: Diversified vs. Concentrated 19:56 – Fundraising advice: Find alignment, don't convince 25:46 – Can a solo GP really support 50 companies? 28:42 – The three types of investors: Biggest, First, Helpful 30:50 – Speed as a competitive advantage 33:03 – Why Safe caps are just demand-driven prices 34:11 – The cynicism of modern venture capital 38:02 – Are VCs investing or just trading? 41:31 – Do we need more VCs? 46:41 – Avoiding consensus deal flow 48:17 – Why Zurich is an underrated tech hub 50:50 – Why founders love explicit investors This presentation contains general information only and eShares, Inc. dba Carta, Inc. (“Carta”) is not, by means of this publication, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services, and is for informational purposes only.  This presentation is not a substitute for such professional advice or services nor should it be used as a basis for any decision or action that may affect your business or interests. © 2026 eShares, Inc., dba Carta, Inc. All rights reserved.

    53 min
See All (42)

5
out of 5
34 Ratings

About

Join Carta's Head of Insights, Peter Walker, as he breaks down the data that's fueling today's most fascinating trends in startups, VC, and the private market ecosystem. Featuring guests from across the venture industry — from founders to investors, and everyone in between — each new Data Minute is a bite-sized breakdown of the metrics, patterns, and important insights you need to navigate the ever-changing world of startups.

Information

  • Creator
    Carta
  • Years Active
    2024 - 2026
  • Episodes
    42
  • Rating
    Clean
  • Copyright
    © 2026 The Data Minute
  • Show Website
    The Data Minute

You Might Also Like