Transcripts (15)

Emmett Shear - The New Language of the Internet – [Founder’s Field Guide, EP.9]

Invest Like the Best

  • 14 views
  • 7 days ago
  • 51:23

My guest today is Emmett Shear, founder and CEO of Twitch. Twitch is the world's leading live streaming platform for gamers, which was acquired by Amazon in 2014. We talk about how Twitch empowers streamers to monetize their audience, the necessity of picking a customer early in a business, and the lessons Emmett learned scaling Twitch from an online reality TV show to a global brand inside Amazon. We also discuss how Twitch has helped create a new language in the internet age with emotes, a topic I am fascinated by. I hope you enjoy this conversation with Emmett Shear.   This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.    This episode is also brought to you by Solo Stove. There's simply no better way to create good moments this holiday season than around a fire with a Solo Stove Bonfire.  Complete with 30-day return policy and a lifetime warranty, the unit is made entirely of stainless steel, and at just 20 pounds, the Solo Stove Bonfire is easy to transport for a perfect evening in the backyard, at the campground, or on the beach. Get $5 off with code Patrick5 before December 31st 2020.     For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:52) – (First question) – History of interactive entertainment (4:10) – Interactivity from the clubs in Vienna and what he learned from that (5:16) – Origins of Justin.TV and when gaming became the focus for Twitch (8:59) – What he enjoyed about video streaming games early on (10:21) – Interactive experience between creators and community (12:28) – Emotes on twitch and how they came to be (14:45) – Business of emotes and the affiliates (16:27) – How these features are proliferating out on the internet and changing it (17:21) – How far we are in the streamer-influencer phenomenon (20:00) – Building an effective platform for fans (23:07) – Evolution of the just chatting piece of Twitch (24:58) – Favorite parts of Twitch from followers: Chess (26:45) – Running a business within a larger business (28:09) – Most interesting trend in the market today (30:40) – Effective ways for recruiting the team (31:35) – Most curious about what is happening on the internet today (33:06) – Advice from the early days of Twitch             (35:55) – Ira Glass video taste and making things (36:34) – Focus on strategic mission (38:06) – Identifying the customer (40:40) – Starting small (41:45) – Investors focus on potential market size (43:00) – Most common reasons talented people fail (43:47) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  

RRE Ventures - RRE Ventures - Raju Rishi, Nikita Singareddy, Jason Black - [Invest Like the Best, EP.201]

Invest Like the Best

  • 7 views
  • 9 days ago
  • 01:00:09

My guests today are Raju Rishi, Nikita Singareddy, and Jason Black of RRE Ventures. RRE is a New York-based VC firm investing in early-stage start-ups with more than 400 investments over its 25 year history. Raju, Nikita, and Jason focus their time in the world of healthcare investing, a topic I haven't explored much personally or on this show. We discuss the current landscape for healthcare investing, the variety of stakeholders in the healthcare value chain, the opportunities for founders and investors in the space, what excites them most about the future of the space, and the impact COVID has had in shaking up the industry. I hope you enjoy my conversation with the RRE team.    This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin.  Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com                                                    Ladder Teams is a modern personal training experience with expertly designed workout plans, 1x1 access to some of the best coaches in the world, and the power of community, all delivered to your phone.  If you’re looking to switch up your fitness routine at home or if you are back at the gym and looking to refresh your training plan Ladder Teams has a program for you. Check out https://ladder.fit/Patrick to download the app and get started.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:34) – (First question) – How the team think about attractive investment concepts (7:13) – The current landscape for healthcare investments (8:53) – Complications in pricing healthcare and where it needs to change             (17:45) – Catastrophic Care: Why Everything We Think We Know about Health Care Is Wrong (17:55) – The major stakeholders and where the innovation is coming from             (18:22) – The Patient Will See You Now: The Future of Medicine Is in Your Hands (24:43) – How Covid is changing the healthcare sector (28:43) – Cutting edge of remote patient monitoring (37:03) – Passive monitoring and future tech of healthcare (39:38) – Improving the clinical trial process (44:54) – Doctors being lost in the shuffle and improving the experience for them (50:20) – Excites them most about the future of the space (56:17) – Kindest thing anyone has done for them   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  

Nick Kokonas - Know What You Are Selling – [Founder’s Field Guide, EP.8]

Invest Like the Best

  • 9 views
  • 14 days ago
  • 01:22:08

My guest today is Nick Kokonas, the co-founder of the 3 of the best restaurants and bars in America - Alinea, Next, and The Aviary as well as the co-founder and CEO of Tock, a comprehensive booking system for restaurants. This was one of my favorite conversations in the history of the show. Nick is a philosophy major turned derivatives trader that is now one of the most well-known names in the restaurant and hospitality industry. We cover so many topics I can’t list them here, but I’ll remember it for why it's so important for a business to really know what it's selling and then actually sell it. Nick also pulls back the curtain on why restaurants and even book publishers can be great businesses if you do them in the right way. I felt like this conversation could have gone on for hours and I hope you enjoy it.   This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.    This episode is also brought to you by Solo Stove. There's simply no better way to create good moments this holiday season than around a fire with a Solo Stove Bonfire.  Complete with 30-day return policy and a lifetime warranty, the unit is made entirely of stainless steel, and at just 20 pounds, the Solo Stove Bonfire is easy to transport for a perfect evening in the backyard, at the campground, or on the beach. Get $5 off with code Patrick5 before December 31st 2020.     For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (3:02) – (First question) – Why he thinks it’s so important to own something (4:35) – Make decisions that have outcomes (7:00) – His interest in the restaurant business (8:54) – Why restaurants are so tough (12:05) – How their business mindset changed their running of the restaurant (14:35) – Words they would avoid in the restaurant (16:19) – Asking the right questions in the restaurant business (20:40) – Importance in taking the right risks (22:02) – Coming up with innovative strategies for ticketing, selling meals ahead of time, and dynamic pricing (30:08) – Can dynamic pricing be extended to other businesses (31:20) – Origin of Tock (36:17) – Early days of Tock and identifying the right customers/challenges (41:33) – Importance of the first customer (44:22) – The typical restaurant business model (49:23) – Lessons from Tock and the importance of knowing what your selling (53:47) – Lessons from publishing (55:44) – Other aspects of business that people know but do nothing about (1:00:19) – Their response to Covid and lessons learned (1:07:43) – The real impact to the food delivery companies (1:09:24) – How businesses communicate their end processes to their customers (1:14:07) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  

Niki Scevak - Wild Hearts and Wild Ideas - [Invest Like the Best, EP.200]

Invest Like the Best

  • 6 views
  • 16 days ago
  • 51:14

My guest today is Niki Scevak, co-founder and partner at Blackbird Ventures. Blackbird is a leading VC firm in Australia and New Zealand and has invested in companies like graphic design platform Canva and autonomous vehicle company Zoox. Our conversation covers the types of wild ideas Blackbird invests in, the landscape of venture and start-ups in Australia and New Zealand, and everything Niki knows about gross margins and customer acquisition. We also introduce a new concept on the show I'm calling Breakdowns, where we dive into a single business, what it does, how it operates, and what makes it tick. I hope you enjoy the conversation.   This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin.  Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com   This episode of Invest Like The Best is also sponsored by Assure. Assure is changing the way investors manage private transactions.  With Assure, investors can eliminate nearly all the admin cost of private investment. On top of that, they handle all the backend, legal, taxes, accounting, and compliance. All of it, with a straightforward one-time fee. Learn more and try Assure for yourself at https://www.assure.co/patrick.   For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:39) – (First question) – Defining a wild heart (3:38 – How you identify someone doing their life’s work (4:30) – Defining a wild idea (6:13) – Origin of Blackbird and importance of small teams (7:05) – Investing in companies and not rounds (09:57) – Signs of a good story and storyteller (11:37) – Any places he disagrees with the majority of thinkers in the tech investing space (13:11) – The sleepy firms backing high growth companies (16:02) – The products of an investment firm (18:17) – What he likes to see in a startup after their initial investment and gets him worried (20:21) – Unique characteristics of the New Zealand and Australian markets (23:36) – Trends he’s seeing in companies he’s backed recently (24:46) – Everything he knows about gross margins (25:36) – Range of gross margins in software companies and the quality of the business (27:00) – Lessons on customer acquisition (28:23) – Unique way a company acquired customers early on (29:23) – Customer retention (31:12) – Finding the best product thinkers (32:30) – Question he is trying to answer (34:01) – Lessons from his investing career (35:40) – Business breakdown of Canva (38:36) – How Canva gets to its customers (41:25) – Figuring out the monetization model (44:42) – Canva’s moat (46:08) – Most delightful feature (46:41) – Positive portable lesson from Canva (49:13) – Best way to learn more about the company             (49:24) – How I Built This with Melanie Perkins             (49:27) – This Week in Startups with Melanie Perkins (49:41) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag  

Todd McKinnon - Creating and Defining a New Market Category - [Founder’s Field Guide, EP.7]

Invest Like the Best

  • 32 views
  • 21 days ago
  • 01:01:22

My guest today is Todd McKinnon, co-founder and CEO of Okta, the leading provider of identity management for enterprises. Todd started Okta in 2009 after realizing that enterprises would need a robust solution for identity management in a world where everything was quickly moving to the cloud and today counts over 7,000 enterprises as customers. Our conversation focuses on how Todd decided to leave Salesforce to start Okta, the painful early years of growing the business, how companies can create and define a new market, the different roles he's had to play as the company grew and went public, and the frameworks he's put in place to continue to innovate and test new things as public business. I hope you enjoy our conversation.  This episode is brought to you by Microsoft for Startups. Microsoft for Startups is a global program dedicated to helping “enterprise-ready” B2B startups successfully scale their companies. If you’re a founder running a B2B company targeting the enterprise, you should definitely check them out.  For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag   Show Notes (2:19) – (First question) – Best slide in his presentation for starting Okta (5:21) – The early days of Okta and what they were trying to do (8:36) – Challenge of building the company from an engineering perspective (10:32) – First version of the Okta product (11:03) – An overview on identify management (13:55) – The major innovation in the early days of the product (16:11) – The early struggles of starting a company (18:49) – Becoming a default mode solution (20:39) – Most interesting ways the company has grown its services (22:10) – Future of platform businesses (24:24) – Expanding into an infrastructure business (25:59) – Important shifts that they are paying attention (28:21) – Future of our digital identity and Okta’s potential role (32:20) – The chapters of Okta’s story so far (35:03) – Challenges they had to overcome in growing the company (37:31) – Recruiting the right talent and fostering it early on (39:12) – Biggest mistakes he’s made with the business (41:06) – Benefits of extreme focus vs having a broader view of the problems (43:35) – Innovating within Okta (46:02) – How software businesses define cost of revenue and cost of goods (48:23) – Lessons they’ve learned about selling the services of a small company into the largest company (49:54) – Lessons from working with bad clients/customers (51:06) – Their inside view into the future of business today             (51:10) – Jeff Lawson podcast Episode (52:36) – Best way to maintain the growth of Okta over the long term (53:30) – Lessons he would give to business students today (54:51) – Being scared as a founder (55:27) – Kindest thing anyone has done for him   Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag