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 th ...
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The Consumer VC: Venture Capital I B2C Startups I Commerce | Early-Stage Investing I Brands
Mike Gelb
The Consumer VC takes a look into early-stage consumer investing and venture capital. If you are interested in learning about consumer trends, have a b2c business and interested in learning about the fundraising process at the early stage, you have come to the right place. Mike interviews some of the top venture capitalists in the world that focus on B2C and consumer type companies or have a deep track record investing in these categories such as marketplaces, SaaS, social, CPG and non-tech ...
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E66: Why Inception Investing Beats Traditional Seed with Ed Sim of Boldstart
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This week on Turpentine VC, Erik Torenberg interviews Ed Sim, founder of boldstart, on growing the firm from a $1 million fund to $800 million in assets, with a focus on early-stage enterprise and AI investments. For full show notes, visit: https://highlightai.com/share/d0139578-d85f-4171-b879-059dd2813450 — 🙏 Help shape our show by taking our quic…
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How Choosing the Best Food for Your Dog Can Add Years to Their Life & The Problem with The Legacy Pet Food Market with Terri Rockovich, Co-Founder & CEO of Jinx
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Thank you to our Partner –– Propeller Industries https://www.propellerindustries.com/ Propeller Industries is the leading strategic finance and accounting partner for venture-stage companies. Thank you Jerry Staub for the intro to our guest today is Terri Rockovich, Founder & CEO of Jinx. Jinx is a dog food brand that offers premium kibble, homemad…
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From The a16z Podcast: “Marc Andreessen on Building Netscape & the Birth of the Browser”
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Today, we’re sharing a special episode from our friends at the chart-topping a16z Podcast. In this conversation, a16z co-founders Marc Andreessen and Ben Horowitz dive deep into the REAL story behind the creation of Netscape—the web browser co-created by Marc that revolutionized the internet and changed the world. As Ben notes at the top, until tod…
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E64: Chris Paik on the End of Software and the Future of AI Infrastructure
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Chris Paik, general partner at Pace Capital, discusses the evolution of the venture capital industry, his frameworks for understanding AI's impact on software, and the future of consumer companies in light of changing infrastructure requirements. For full show notes, visit: https://highlightai.com/share/5eeb1531-f0b6-437f-95f6-3949c0ce780c — RECOMM…
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E63: How Mamoon Hamid and Ilya Fushman Continued Kleiner Perkins’ Legacy
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This week on Turpentine VC, we’re re-releasing Erik Torenberg’s 2023 interview with Mamoon Hamid and Ilya Fushman of Kleiner Perkins to talk about how they have taken over the firm's iconic history and helped drive the next chapter. For full show notes, visit: https://highlightai.com/share/bc08c5ad-9680-4c40-8764-cba7fdf68d16 — 📰 Be notified early …
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E62: Wing's Chris Zeoli on AI Infrastructure Opportunities
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Wing Capital's Chris Zeoli discusses AI infrastructure trends, foundation models, data center challenges, cloud security, and Wing's strategic investments. For full show notes, visit: https://highlightai.com/share/6e5d9973-6c77-4ed2-aab7-355be82b9133 — 📰 Be notified early when Turpentine drops new publication: https://www.turpentine.co/exclusiveacc…
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E61: Rabois, Bartlett, Ryan, and Weinberg on AI, Gambling, and Healthcare
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Keith Rabois, Logan Bartlett, Kevin Ryan, and Zach Weinberg share a rare anecdote about the first venture investment into OpenAI, lay out the bull and bear case for the leading AI companies and discuss regulatory chess games at play in American politics. For full show notes, visit: https://highlightai.com/share/8a2ea800-ab8a-4115-80c7-04c059d3fb10 …
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How He Went From the Music Industry to VC, Investing in Tech vs. Brands, and When Down Rounds Make Sense with Jon Keidan
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n this episode with Jonathan Keidan, founder of Torch Capital, we dive into his journey from talent management in the music industry to early-stage venture capital. Jonathan shares how nurturing emerging artists parallels supporting founders, offering unique insights into spotting potential and overcoming challenges in both fields. He reveals key l…
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E60: How Lightspeed Invests in AI and Beyond with Arif Janmohamed
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This week on Turpentine VC, Erik Torenberg is joined by Arif Janmohamed, partner at Lightspeed Ventures to dive into the world of AI investment. They explore Lightspeed's evolution from a strong focus on enterprise early-stage investing to becoming a global multi-stage firm with a $7 billion capital reach. Arif shares insights on identifying market…
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E59: Mike Maples Jr. on Disruptive Investing
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Mike Maples Jr., Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cov…
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E58: Roger Ehrenberg on Mastering Seed Investing
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In this episode of Turpentine VC, we’re releasing one of our most popular interviews with Roger Ehrenberg, owner of IA Capital Partners and the Managing Partner of Eberg Capital. Roger discusses his contrarian strategy to seed investing that has allowed him to generate 10x fund returns, and emphasizes the importance of focusing on concentrated port…
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The Future of Gaming: Game Economies, New Business Models, Gamification, Blockchain Technology & AI Innovation with Brian Cho, Co-Founder of Patron
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57:00
In this episode with Brian Cho, co-founder and general partner at Patron, we explore the intricacies of the gaming world's future. From the complexities of cross-currency games to the delicate balance of control and user flexibility within game economies, Brian offers his invaluable perspective. We delve into the sustainability of centralized model…
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E57: a16z's Anish Acharya on Consumer AI
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Anish Acharya, General Partner at Andreessen Horowitz, dives deep into the transformative potential of AI in the consumer technology sector. Anish discusses a16z’s "Abundance Agenda," detailing how AI is set to revolutionize personal finance, education, wellness, and social interactions. From the concept of "self-driving money" to AI-powered compan…
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E56: Upfront Ventures' Mark Suster on Fund Management and the Exit Landscape
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This week on Turpentine VC, we’re releasing Molly O’Shea’s interview with Mark Suster, Managing Partner of Upfront Ventures. In this episode, Mark discusses the value of disciplined investments and Upfront Ventures' focused investment strategy. He emphasizes the importance of founder-market fit and market timing in investment decisions. Mark shares…
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E55: Keith Rabois, Logan Bartlett, Kevin Ryan, and Zach Weinberg Dissect the Current Funding Climate
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This week we’re dropping the first episode of Logan Bartlett, Keith Rabois, Kevin Ryan, and Zach Weinberg's newest podcast This Won’t Last. The show is an unfiltered backchannel where they unpack the hype cycles in venture, startup culture, and business. In this episode they discuss Paul Graham’s Founder Mode, AI valuations, the state of the ventur…
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The Evolution of Premium Products in Mainstream Retail with Marcel Bens, CEO of Emil Capital Partners
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Today, we're diving into the secrets of successful early-stage investments in North American consumer brands with Marcel Bens, CEO of Emil Capital. In this episode, Marcel shares the unique strategy of Emil Capital’s hybrid venture firm, with its sharp focus on 'better-for-you' products and how it bridges the critical investment gap between angel i…
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E54: Trae Stephens on Founders Fund
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In this episode of Turpentine VC, we revisit one of our most referenced interviews with Trae Stephens, General Partner at Founders Fund and co-founder of Anduril. Trae discusses the unique DNA of Founders Fund, emphasizing the firm's culture of open debate and high conviction in investments. He highlights the importance of concentrated portfolios, …
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When to Invest in Consumer Technology with Vanessa Larco at NEA
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Our guest today is Vanessa Larco, Partner at NEA. She shares her journey from pioneering XBox at Microsoft to navigating the social gaming boom with Playdom and making her mark in venture capital. Discover her investment ethos centered on consumer passion projects, successful investments in companies like Robinhood and Mejuri, and her insights on A…
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E53: Tomasz Tunguz on the Evolution of the Data Ecosystem
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In this episode of Turpentine VC, Erik Torenberg welcomes back Tomasz Tunguz, GP of Theory Ventures. They dissect the investment landscape of data businesses through the lens of Databricks. They analyze the company's growth trajectory, competition with Snowflake, and its potential in the AI era. Tom presents bull and bear investment cases, discusse…
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E52: Charting the Course of Biotech with Laura Deming, GP of Longevity Fund, and Will Eden of Sylvan Consulting
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This week on Turpentine VC, we’re releasing a conversation between Erik Torenberg, Laura Deming of The Longevity Fund and Will Eden of Sylvan Consulting (prior to that, with Thiel capital) focused on the past, present and future of biotech. Recorded in 2019, they discuss platform companies and the evolving biotech investment landscape, examining se…
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Turning Science into Consumer Brands with Osman Khan, CEO of Squared Circles
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Join us as we explore the cutting-edge intersection of AI, science, and consumer innovation with Osman Khan, CEO and co-founder of Squared Circles. Discover how his venture studio is revolutionizing product development and redefining the future of consumer brands. Thank you to our Partner –– Propeller Industries https://www.propellerindustries.com/…
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E51: Seth Bannon on Deep Tech, Biotech, and VC Strategies
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Erik Torenberg sat down with Seth Bannon, co-founder and general partner at Fifty Years, a pre-seed and seed focused VC firm. They discuss the challenges of commercializing academic research, the differences between biotech and tech bio companies, exploring recent advancements in bioengineering, genetic engineering, synthetic biology, and the signi…
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E50: The Future of Crypto with Diogo Mónica of Haun Ventures
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In this episode of Turpentine VC, Erik is joined by Diogo Mónica, General Partner at Haun Ventures. They discuss the intersection of AI and crypto, the impact of blockchain technology on fintech, and the advancements in crypto infrastructure. Diogo shares potential use cases of crypto and highlights how fundamental cryptographic research can benefi…
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Investing in the Future of Healthy Living with Abby Miller Levy, Managing Partner and Founder at Primetime Partners
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Our Guests Today is Abby Miller Levy, the visionary founder of Primetime Partners. In this enlightening episode, Abby shares her journey from personal frustration with her aging parents to spearheading a venture capital firm that is revolutionizing opportunities for older adults. Discover How Abby and renowned venture investor Alan Patricof are fos…
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E49: Long Journey's Strategy for Chasing "Magically Weird" Companies
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In this episode of Turpentine VC, Erik interviews Lee Jacobs, Founder & Managing Partner of Long Journey. Lee shares his journey from early investments and his experience with AngelList to co-founding Long Journey with Cyan Banister and Arielle Zuckerberg. He discusses the firm’s unique focus on investing in "magically weird" companies and emphasiz…
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How They Built a Direct-to-Consumer Baby Food Brand and Scaled to Selling Millions of Products Each Month with Angela Vranich and Ben Lewis From Little Spoon
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Our guests today are Angela Vranich and Ben Lewis, the dynamic duo behind Little Spoon, as we explore their journey from high school sweethearts to co-founders of a revolutionary baby food brand. Listen in as they share how their early fascination with consumer brands led them to the natural products industry, and how their personal relationship ev…
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E48: Building Notable Capital (fka GGV Capital): Insights from Glenn Solomon
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In this episode of Turpentine VC, Erik interviews Glenn Solomon, managing partner at Notable Capital (formerly GGV Capital). They discuss the firm's evolution over 20 years, highlighting its strategic shift towards long-term investments and sector focus. They talk about the rebranding process, Notable Capital's global perspective, and their approac…
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E47: Index Ventures' Mike Volpi on AI, Open Source, and Evolution of VC
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In this episode of Turpentine VC, Erik sits down with Mike Volpi, partner at Index Ventures. They discuss the evolution of venture capital–the transformative changes in the VC landscape since 2008, the rise of seed capital, multi-stage asset aggregators, and the professionalization of venture firms. Mike also shares Index Ventures' unique approach …
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E46: Vinny Pujji on Leveraging 3rd Order Analysis to Pick Winners for Left Lane Capital
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In this episode, Managing Partner Vinny Pujji discusses the strategic positioning and innovative approaches of Left Lane Capital. The conversation digs into the specialized data analysis that sets them apart from other investment firms. Vinny also charts out the future of Left Lane and breaks down how he approached several of their investments incl…
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Future of Food Tech, Can A Retail Model Like Foxtrot Work at Scale, and Channel Strategy for Food Brands with Ashley Hartman and Andrew Bluestein @ Bluestein Ventures
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Our guests today are Andrew Bluestein and Ashley Hartman, Managing Partners of Bluestein Ventures. Bluestein Ventures invests in the future of food. What does that mean? They focus on investing in High-growth consumer brands, Proprietary foodtech, Next-gen commerce, Value-add digital technology. They just raised a $45 million third fund – which hug…
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E45: Sequoia Capital's Roelof Botha and Jacob Helberg on AI and National Security
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In this episode, Erik Torenberg sits down with Sequoia Capital Managing Partner Roelof Botha and Jacob Helberg, author, Palantir advisor, and founder of the Hill and Valley Conference. They delve into the challenges and opportunities around AI against the backdrop of US-China tensions, the role the government has in fostering tech innovation, and t…
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E44: How Benchmark Invests in AI with Eric Vishria and Quilter Founder Sergiy Nesterenko
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In today's episode, we discuss Benchmark's investment philosophy in the AI era with general partner Eric Vishria, and Sergiy Nesterenko, the Founder and CEO of Quilter. Sitting in for Erik Torenberg as host is AI Scout and Cognitive Revolution host Nathan Labenz. They cover the questions that Benchmark asks to determine whether a new company is sol…
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E43: Benedict Evans on Automation Crypto, VR, and Predicting the Future of Tech
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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 …
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Unlocking the Potential of Beauty and Personal Care Brands With Manica Blain
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Our guest today is Manica Blain. In this episode, we journey through the fascinating evolution of two beauty brands that have overcome initial hurdles to achieve remarkable success. Discover how an Ayurvedic beauty brand captured investor interest through high repeat purchase rates and how Everest, a hair care concentrate brand, pivoted from sustai…
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E42: Naval Ravikant and Balaji Srinivasan on Why History Points to Crypto
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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://choose…
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E41: Do VCs Add Value? With Parker Conrad and Parker Thompson
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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 CE…
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The New Types of Acquirers in Health & Wellness, Different Parts Of The Term Sheet That Could Make a Difference In The Exit, and How Deals Get Done with Teddie Townsend from CG Sawaya Partners
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Our guest today is Teddy Townsend of CG Sawaya Partners, as we explore the dynamic world of health and wellness brand acquisitions.Teddy brings her expertise to the table, shedding light on why companies in this vibrant sector pursue mergers and acquisitions, and how different types of buyers, from private equity funds to strategic acquirers, appro…
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E40: Venture, AI, and the Defense Industry with Joe Lonsdale of 8VC, Josh Wolfe of Lux Capital, and Matt Steckman of Anduril
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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 L…
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E39: Navigating the AI Supercycle with Will Summerlin of Autopilot
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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 startup…
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The Fusion of Past & Future Shopping Experiences, Insights from Brand Capital Fund's Consumer VC Benchmarks Report with Diana Melencio at XRC Ventures
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Our guest today is Diana Melencio. Diana manages the entire XRC Ventures investment process across three investment vehicles – Accelerator Fund, Brand Capital Fund, and Opportunity Fund. Thank you to our Partner –– Propeller Industries Propeller Industries is the leading strategic finance and accounting partner for venture-stage companies. Subscrib…
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E38: Turpentine Fund Brainstorm with Alex Edelson of Slipstream
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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, fun…
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E37: The Vinod Khosla Interview
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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 …
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What Consumers Care About in Health & Wellness Products, How Competition Builds New Categories, and Will Ozempic Have an Impact on CPG Demand? with Dayton Miller, BFG Partners
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Our guest today is Dayton Miller, Managing Partner at BFG Partners. BFG Partners help entrepreneurs build exceptional businesses that deliver sustainable growth and outperform competitors in the better-for-you food, beverage, and consumer products space. Their investments include Olipop, Athletic Greens, Caulipower, and Bobo’s. We discuss the infle…
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E36: Joe Lonsdale on His Plan to Revitalize America's Declining Sectors
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57:21
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 …
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Live from SXSW: George Milton and Erin Link – How They Founded Yellowbird Sauce
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Our guest today is George Milton & Erin Link, Founders of YellowBird Foods a Modern Hot Sauce business. We discuss: • How did they get into Whole Foods? • How did they also get into Walmart? • How did their approach to retail expansion? • How did they approach branding and positioning for Yellowbird Thank you to our Partner –– Propeller Industries …
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E35: How Jason Lemkin Built SaaStr
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1:16:08
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 r…
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E34: Marc Andreessen on His Intellectual Journey
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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, Mar…
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E33: Consumer Social, Marketplaces, and Becoming a Better Investor with James Currier
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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 a…
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E32: Scott Belsky’s Angel Investing Lessons and Requests For Startups
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50:33
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 …
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E31: Slow's Will Quist on VC's Job to Fund the Creation of New Data Sets
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Today's episode features an interview with Will Quist, partner at Slow Ventures. In this conversation Will talks about his transition from water polo player to helping build Slow, Slow's unique thesis in venture, the old model of VC versus new VC, and treating venture capital like a phD program. Check out our two interviews with Will's partner at S…
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