early-stage venture capital

also referred to as: early stage venture capital

20 statements across 17 episodes · 4 bullish · 7 bearish · 17 people on the record · first statement Jan 22, 2015 by Ifty Ahmed · across every show →

Everything said about early-stage venture capital, oldest first

Jan 22, 2015 neutral
Insight
Ifty Ahmed: Early-stage VC relies on evaluating passion, not financial analysis
“The truth of venture capital is that it's really all about the people. Unlike growth stage investing or private equity investing where there is a business, there are financial analysis to be done, there are stuff to be looked at. When it comes to startups and …”
Ifty Ahmed Jan 22, 2015 ▶ 2:45 20 VC 006: Google Glass & Founding Teams
Dec 9, 2015 neutral
Assertion Not checkable as stated
Teten: Cash Returns in Early-Stage VC Take at Least 10 Years
“And in the best case scenario, it can take 10 years to actually see cash returns.”
David Teten Dec 9, 2015 ▶ 14:40 20 VC 095: How VCs Find Startups and How To Add Value Once Invested with David Teten @ ff Venture Capital
Jan 11, 2016 positive
Insight
Early-stage VCs must be increasingly excited about each new investment
“I think the key to being an early stage investor is that every day, and every company you invest in, you need to be more excited about than the last one. Otherwise, it's hard to keep your energy up.”
David Tisch Jan 11, 2016 ▶ 27:16 20 VC: David Tisch @ Box Group on The Future of Consumer Mobile, Developing Pattern Recognition and FOMO
Jul 6, 2016 bullish
Insight
Kim: Micro VC seed funds now outperform larger traditional venture funds
“Ultimately, I think our thesis proved out these smaller funds do outperform, and these smaller funds have effectively become early stage venture capital today.”
Michael Kim Jul 6, 2016 ▶ 5:32 20VC: What It Takes To Raise A VC Fund & Investing in First Time Fund Managers with Michael Kim @ Cendana Capital
Feb 19, 2018
Insight
Liew: Early-Stage Venture Ownership Matters More Than Valuation
“I think at an early stage, ownership matters more than absolute valuation.”
Jeremy Liew Feb 19, 2018 ▶ 11:17 20VC: Lightspeed's Jeremy Liew on Being The First Investor in Snapchat, Why The Pessimism Around Consumer Is Wrong & Why Silicon Valley Is An Isolated Bubble and What Can Be Done To Change This
Jun 26, 2020
Insight
Toney: Early-stage VCs must maximize initial ownership since follow-on buy-ups are unfeasible
“The ability to be disciplined, have the right portfolio construction model, recognize that, you know, you need to get as much ownership on the front end as possible because you're not going to be able to buy up. Those are all the things that are most critical”
Lo Toney Jun 26, 2020 ▶ 32:24 20VC: How Fundraising For Funds Has Changed in The World of COVID, The Benefits of Managers Selling Part of Their GP & How To Think Through Your "Minimum Viable Fund Size" with Lo Toney, Founding Managing Partner @ Plexo Capital
Apr 22, 2022 negative
Insight
Cillufo: Early-stage value investing risks severe adverse selection
“Truly being a, quote, value investor at the early stage, that has a serious risk of some adverse selection problems”
Bill Cillufo Apr 22, 2022 ▶ 14:59 20VC: How Today's Market Changes How Companies Should Approach Burn and Runway, Are Financing Markets Closing? How To Know When To Pay Up vs Stay Price Disciplined & Why The Most Important Thing in Venture is Generating Positive Selection with Bill Cilluf
Jun 29, 2022 positive
Insight
Eisenberg: The best time to invest in early-stage VC is during busts
“The best time to invest is when it busts. You need to maintain a constant investment pace, no matter what the external circumstances are around the bust in early stage venture capital.”
Michael Eisenberg Jun 29, 2022 ▶ 15:25 20VC: The Memo: Bill Gurley, Doug Leone, Keith Rabois; Investing Lessons from Prior Busts, How Their Investor Psychology Changed, What Can Be Applied To Today's Market
Dec 6, 2022 negative
Insight
Casado: Evaluating Early-Stage Startups in Isolation Is an Underdetermined Problem
“I used to have the hubris to believe that if a, of a company walked in, I could look at the company and I can determine if it's a good investment or not. And you think, well, of course you do. That's the job. And I've decided that's a totally underdetermined p…”
Martin Casado Dec 6, 2022 ▶ 20:30 a16z GP Martin Casado: How I Went from Engineer to VC; Lessons from Chris Dixon | 20VC #956 · 20VC with Harry Stebbings
Dec 6, 2022 positive
Opinion
Casado: Crossover model is right, but finance people struggle at early stage
“I think it was actually brilliant. I think that was a very, very smart model and it's the right one. You know, I think it's very hard for finance people to deploy money effectively at the early stage, but I think it's the right model if you can actually unders…”
Martin Casado Dec 6, 2022 ▶ 1:01:26 a16z GP Martin Casado: How I Went from Engineer to VC; Lessons from Chris Dixon | 20VC #956 · 20VC with Harry Stebbings
Oct 18, 2023 negative
Insight
Clarkson: Growth equity mindset in early-stage funds fails long-term
“It's so clear in early stage, if you're not taking a big swing for the fence, which doesn't mean saying taking like ridiculous, I haven't thought about it risks, right? But you just have a lot of people that think that they can do sort of smaller investments, …”
Beezer Clarkson Oct 18, 2023 ▶ 52:14 Beezer Clarkson: Are LPs Open for Business & Why Do LP Incentive Mechanisms Need to Change? | E1073 · 20VC with Harry Stebbings
Nov 3, 2023
Insight
Lemkin: By the Time Startup Exponential Growth Is Obvious, It Is Too Late
“I haven't found I can see it early enough to take action. You can see who the winners are. There's time to see who the winners are, right? No question. But that, that edge of the curve, right? The inflection, the exponential growth It's beyond, it's too late i…”
Jason Lemkin Nov 3, 2023 ▶ 52:35 Roundtable #5 with Jack Altman, Auren Hoffman, Jason Lemkin, Harry Stebbings | E1077 · 20VC with Harry Stebbings
Mar 6, 2024 negative
Insight
Wagner: Low Valuation Is Never Justification to Invest in Flawed Companies
“A low price is never a reason to do, to make an investment right, so there's no, no, No, no price, you know, that, that will, that is sufficient justification for something that is, you know, otherwise flawed.”
Peter Wagner Mar 6, 2024 ▶ 39:14 Peter Wagner: 27 Years of Investing Lessons of Picking Founders, Price Discipline & Reserve | E1123 · 20VC with Harry Stebbings
Mar 6, 2024 negative
Insight
Wagner: Early-stage VCs miss key factors by over-relying on quantitative metrics
“I think over-reliance on quantitative metrics in investment decision-making. So the whole, and in early stage so the, I think the dependence upon this sort of suite of metrics as indicators of what, you know whether you should invest or not, you know, is it ha…”
Peter Wagner Mar 6, 2024 ▶ 55:33 Peter Wagner: 27 Years of Investing Lessons of Picking Founders, Price Discipline & Reserve | E1123 · 20VC with Harry Stebbings
Jul 8, 2024
Insight
Grady: Data signals work far better for growth investing than early stage
“It's a lot better for growth than it is for early. It's a lot harder to get those signals out early, which is why we have the ARC program.”
Pat Grady Jul 8, 2024 ▶ 39:34 Pat Grady: Sequoia Partner on Investing Lessons from Doug Leone, Roelof Botha and Alfred Lin | E1174 · 20VC with Harry Stebbings
May 5, 2025 bearish
Prediction Not checkable as stated
Moore: Spreadsheet investors will be pushed into later stages
“And so my view is that these spreadsheet investors are just going to keep getting pushed later and later stage.”
Bucky Moore May 5, 2025 ▶ 19:55 Bucky Moore @ Lightspeed Venture Partners: Why You Cannot Do VC If You Do Not Do Pre-Seed · 20VC with Harry Stebbings
May 5, 2025
Insight
Moore: Mega VC platforms must maintain early-stage investing to win mega-deals
“None of that matters if you don't maintain a lot of dedication to early stage investing. If you're Sam Altman or you're Dario and you're asking yourself, do I want to hitch my wagon to one of these firms by raising billions of dollars from one of them? You kno…”
Bucky Moore May 5, 2025 ▶ 3:20 Bucky Moore @ Lightspeed Venture Partners: Why You Cannot Do VC If You Do Not Do Pre-Seed · 20VC with Harry Stebbings
Aug 11, 2025 bearish
Opinion
Mignot: Mega funds distract VCs and hinder early-stage investing
“On the early stage you know, either seed or early venture or early growth, I don't think you need, you know, those mega assets, and I think they distract you, and they tend to pull you towards the later stage, and, you know, if you have so much capital to depl…”
Martin Mignot Aug 11, 2025 ▶ 5:03 Index Ventures Partner, Martin Mignot: Figma, Scale, Wiz: Inside Index’s Decacorn Factory · 20VC with Harry Stebbings
Mar 28, 2026
Insight
Gili Raanan: Early-stage product and market analysis is mostly analyzing smoke
“We know very little when we get into investments. We, you know, we analyze, if we analyze product ideas and markets, mostly we analyze smoke cause, you know, the founders would change their mind In, in just a few weeks, and it would be a different product, dif…”
Gili Raanan Mar 28, 2026 ▶ 9:22 Why Margins Don't Matter for Early-Stage Startups | Gili Raanan · 20VC with Harry Stebbings
Apr 30, 2026 neutral
Insight
O'Driscoll: Early VCs must increase portfolio company count as hit rates drop
“From a portfolio construction at the early stage, early broadly defined, you just have to have a higher end count because your probability of getting one right is lower.”
Rory O'Driscoll Apr 30, 2026 ▶ 54:46 Anthropic Raises $45B but Falls Short on Compute & Thoma Bravo Hand Back Medallia Keys to Creditors · 20VC with Harry Stebbings
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