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Apr 13, 2015 · 30m · 20vc

20 VC 027: Greg Rogers on Techstars, Mentors and The Potential for Fintech

Greg Rogers · 23m spoken Harry Stebbings · 3m spoken
0:00 / 0:00

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

In this episode of The 20 Minute VC, host Harry Stebbings interviews Greg Rogers, Managing Director at Techstars, discussing his transition from ad tech founder to investor, the growth of London's fintech ecosystem, and best practices for startup mentorship.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Harry holds 13.5% of the talking time here. How this is scored →

Harry as informed peer 1.7 Guest teaching 3.3 Guest disagreement 1.5 Harry pushing back 1.8
05100:0010:0020:0030:001:22–9:20 · Harry as informed peer 1/10 Greg Rogers' Entrepreneurial History with Takoda and Pictella Harry asks standard career background questions while Greg outlines his history at Takoda and Pictella. Harry offers a light challenge asking if Takoda sold too early, which Greg reframes around market timing prior to the 2007 crash.9:21–13:50 · Harry as informed peer 1/10 Joining Techstars and the Evolution of London Fintech Greg explains how he joined Techstars London despite lacking a fintech background, emphasizing how operational experience outweighs domain knowledge. When Harry asks if London is the 'Silicon Valley of fintech', Greg explicitly rejects the premise and terminology.13:50–18:49 · Harry as informed peer 2/10 Financial Inclusion and the Barclays Techstars Accelerator Model Greg explains financial inclusion and details the mechanics of the Barclays Techstars accelerator. Harry asks clarifying questions about whether mentors take equity or donate time, leading Greg to detail the altruistic motives of experienced founders.18:49–21:18 · Harry as informed peer 1/10 Essential Characteristics and Value of Effective Mentors Harry asks Greg to outline essential mentor traits and their importance to early startups. Greg breaks down intellectual curiosity and honesty in a cooperative response.21:18–24:39 · Harry as informed peer 2/10 The Vision Behind SmartUp and Angel Investing Harry inquires about SmartUp and probes whether Greg will step back from Barclays to focus on it. Greg corrects Harry's assumption, clarifying that he is purely an investor rather than an operator.24:39–30:14 · Harry as informed peer 3/10 Quick Fire Round: Fintech Advice, Disruption, and Startup Highlights During the quick-fire round, Harry references Peter Thiel's stance on disruption to challenge Greg's outlook. Greg provides a nuanced explanation distinguishing between value creation and societal friction.1:22–9:20 · Guest teaching 3/10 Greg Rogers' Entrepreneurial History with Takoda and Pictella Harry asks standard career background questions while Greg outlines his history at Takoda and Pictella. Harry offers a light challenge asking if Takoda sold too early, which Greg reframes around market timing prior to the 2007 crash.9:21–13:50 · Guest teaching 4/10 Joining Techstars and the Evolution of London Fintech Greg explains how he joined Techstars London despite lacking a fintech background, emphasizing how operational experience outweighs domain knowledge. When Harry asks if London is the 'Silicon Valley of fintech', Greg explicitly rejects the premise and terminology.13:50–18:49 · Guest teaching 4/10 Financial Inclusion and the Barclays Techstars Accelerator Model Greg explains financial inclusion and details the mechanics of the Barclays Techstars accelerator. Harry asks clarifying questions about whether mentors take equity or donate time, leading Greg to detail the altruistic motives of experienced founders.18:49–21:18 · Guest teaching 3/10 Essential Characteristics and Value of Effective Mentors Harry asks Greg to outline essential mentor traits and their importance to early startups. Greg breaks down intellectual curiosity and honesty in a cooperative response.21:18–24:39 · Guest teaching 3/10 The Vision Behind SmartUp and Angel Investing Harry inquires about SmartUp and probes whether Greg will step back from Barclays to focus on it. Greg corrects Harry's assumption, clarifying that he is purely an investor rather than an operator.24:39–30:14 · Guest teaching 3/10 Quick Fire Round: Fintech Advice, Disruption, and Startup Highlights During the quick-fire round, Harry references Peter Thiel's stance on disruption to challenge Greg's outlook. Greg provides a nuanced explanation distinguishing between value creation and societal friction.1:22–9:20 · Guest disagreement 1/10 Greg Rogers' Entrepreneurial History with Takoda and Pictella Harry asks standard career background questions while Greg outlines his history at Takoda and Pictella. Harry offers a light challenge asking if Takoda sold too early, which Greg reframes around market timing prior to the 2007 crash.9:21–13:50 · Guest disagreement 4/10 Joining Techstars and the Evolution of London Fintech Greg explains how he joined Techstars London despite lacking a fintech background, emphasizing how operational experience outweighs domain knowledge. When Harry asks if London is the 'Silicon Valley of fintech', Greg explicitly rejects the premise and terminology.13:50–18:49 · Guest disagreement 1/10 Financial Inclusion and the Barclays Techstars Accelerator Model Greg explains financial inclusion and details the mechanics of the Barclays Techstars accelerator. Harry asks clarifying questions about whether mentors take equity or donate time, leading Greg to detail the altruistic motives of experienced founders.18:49–21:18 · Guest disagreement 0/10 Essential Characteristics and Value of Effective Mentors Harry asks Greg to outline essential mentor traits and their importance to early startups. Greg breaks down intellectual curiosity and honesty in a cooperative response.21:18–24:39 · Guest disagreement 2/10 The Vision Behind SmartUp and Angel Investing Harry inquires about SmartUp and probes whether Greg will step back from Barclays to focus on it. Greg corrects Harry's assumption, clarifying that he is purely an investor rather than an operator.24:39–30:14 · Guest disagreement 1/10 Quick Fire Round: Fintech Advice, Disruption, and Startup Highlights During the quick-fire round, Harry references Peter Thiel's stance on disruption to challenge Greg's outlook. Greg provides a nuanced explanation distinguishing between value creation and societal friction.1:22–9:20 · Harry pushing back 2/10 Greg Rogers' Entrepreneurial History with Takoda and Pictella Harry asks standard career background questions while Greg outlines his history at Takoda and Pictella. Harry offers a light challenge asking if Takoda sold too early, which Greg reframes around market timing prior to the 2007 crash.9:21–13:50 · Harry pushing back 2/10 Joining Techstars and the Evolution of London Fintech Greg explains how he joined Techstars London despite lacking a fintech background, emphasizing how operational experience outweighs domain knowledge. When Harry asks if London is the 'Silicon Valley of fintech', Greg explicitly rejects the premise and terminology.13:50–18:49 · Harry pushing back 2/10 Financial Inclusion and the Barclays Techstars Accelerator Model Greg explains financial inclusion and details the mechanics of the Barclays Techstars accelerator. Harry asks clarifying questions about whether mentors take equity or donate time, leading Greg to detail the altruistic motives of experienced founders.18:49–21:18 · Harry pushing back 1/10 Essential Characteristics and Value of Effective Mentors Harry asks Greg to outline essential mentor traits and their importance to early startups. Greg breaks down intellectual curiosity and honesty in a cooperative response.21:18–24:39 · Harry pushing back 2/10 The Vision Behind SmartUp and Angel Investing Harry inquires about SmartUp and probes whether Greg will step back from Barclays to focus on it. Greg corrects Harry's assumption, clarifying that he is purely an investor rather than an operator.24:39–30:14 · Harry pushing back 2/10 Quick Fire Round: Fintech Advice, Disruption, and Startup Highlights During the quick-fire round, Harry references Peter Thiel's stance on disruption to challenge Greg's outlook. Greg provides a nuanced explanation distinguishing between value creation and societal friction.

speaking balance: gold is Harry, purple is the guest (3 minute bins)

0:00 · Harry 53% · guest 47%0:00 · Harry 53% · guest 47%3:00 · Harry 3.9% · guest 96.1%3:00 · Harry 3.9% · guest 96.1%6:00 · Harry 6.3% · guest 93.7%6:00 · Harry 6.3% · guest 93.7%9:00 · Harry 2.4% · guest 97.6%9:00 · Harry 2.4% · guest 97.6%12:00 · Harry 7% · guest 93%12:00 · Harry 7% · guest 93%15:00 · Harry 9.7% · guest 90.3%15:00 · Harry 9.7% · guest 90.3%18:00 · Harry 10.6% · guest 89.4%18:00 · Harry 10.6% · guest 89.4%21:00 · Harry 12.4% · guest 87.6%21:00 · Harry 12.4% · guest 87.6%24:00 · Harry 15.5% · guest 84.5%24:00 · Harry 15.5% · guest 84.5%27:00 · Harry 5.3% · guest 94.7%27:00 · Harry 5.3% · guest 94.7%30:00 · Harry 64.7% · guest 35.3%30:00 · Harry 64.7% · guest 35.3%
Sharpest disagreement ▶ 13:00 Rejecting Silicon Valley Comparison

When Harry asks if London is becoming the Silicon Valley of fintech, Greg directly shuts down the question with 'No' and rejects the use of the term entirely.

 Hardest push from Harry ▶ 3:56 Interpreting Takoda Exit

Harry pushes back on Greg's narrative regarding the Takoda exit by directly asserting 'You sold too early then?', forcing Greg to defend the financial timing.

 Biggest teaching moment ▶ 16:00 Why Banks Fail at Financial Inclusion

Greg educates Harry on why traditional physical branch banking models fail economically when trying to serve low-income populations in developing markets.

 Harry holds his own ▶ 25:52 Peter Thiel's Disruption Thesis

Harry brings external expertise to the discussion by citing Peter Thiel's thesis that disruption can be harmful, forcing Greg to provide a nuanced counterargument.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Greg Rogers' Entrepreneurial History with Takoda and Pictella 1312 Harry asks standard career background questions while Greg outlines his history at Takoda and Pictella. Harry offers a light challenge asking if Takoda sold too early, which Greg reframes around market timing prior to the 2007 crash.
Joining Techstars and the Evolution of London Fintech 1442 Greg explains how he joined Techstars London despite lacking a fintech background, emphasizing how operational experience outweighs domain knowledge. When Harry asks if London is the 'Silicon Valley of fintech', Greg explicitly rejects the premise and terminology.
Financial Inclusion and the Barclays Techstars Accelerator Model 2412 Greg explains financial inclusion and details the mechanics of the Barclays Techstars accelerator. Harry asks clarifying questions about whether mentors take equity or donate time, leading Greg to detail the altruistic motives of experienced founders.
Essential Characteristics and Value of Effective Mentors 1301 Harry asks Greg to outline essential mentor traits and their importance to early startups. Greg breaks down intellectual curiosity and honesty in a cooperative response.
The Vision Behind SmartUp and Angel Investing 2322 Harry inquires about SmartUp and probes whether Greg will step back from Barclays to focus on it. Greg corrects Harry's assumption, clarifying that he is purely an investor rather than an operator.
Quick Fire Round: Fintech Advice, Disruption, and Startup Highlights 3312 During the quick-fire round, Harry references Peter Thiel's stance on disruption to challenge Greg's outlook. Greg provides a nuanced explanation distinguishing between value creation and societal friction.

Statements from this episode (10)

Assertion Supported
AOL Time Warner acquired Takoda for $275 million in 2007
“Around 2007, the CEO decided that he wanted to sell the company. He got a very good offer from AOL Time Warner for around two hundred and seventy five million.”
Greg Rogers Apr 13, 2015 ▶ 2:55
Insight
Startups must bring software development in-house for adequate control
“But eventually what winds up happening is you eventually want to bring things in house. You want to be able to control development a little bit better.”
Greg Rogers Apr 13, 2015 ▶ 6:09
Insight
Founders evaluating acquisition offers must weigh future dilution against higher exit targets
“You look at the cap table when somebody comes to you and you say, okay, well, we're going to have to do another raise. And if we do another raise, we're going to dilute by this much roughly, right? And if we do dilute by this much roughly, how much do we then …”
Greg Rogers Apr 13, 2015 ▶ 8:05
Insight
Techstars prioritizes former founders over industry experts for Managing Director roles
“But first and foremost, Techstars looks for entrepreneurs for their MDs. He said, you know, you can find industry experts all you want, but what's actually really hard to find are people who have, you know, gone through the VC races, been rejected multiple tim…”
Greg Rogers Apr 13, 2015 ▶ 10:30
Opinion
Greg Rogers: London is becoming a global leader in fintech disruption
“No. No, because I would say London is, is certainly becoming a center of FinTech. I don't like to use the word Silicon Valley. That's a very unique ecosystem and geography and community. But I would certainly say that London is, you know, I, it's funny, I hear…”
Greg Rogers Apr 13, 2015 ▶ 13:05
Opinion
Greg Rogers: Fintech is a blue ocean opportunity like 2000s adtech
“The opportunity for fintech today is the same opportunity I saw in ad tech 15 years ago. It's just a blue ocean.”
Greg Rogers Apr 13, 2015 ▶ 14:13
Assertion Contradicted
Rogers: 80% of the global population lacks financial service access
“Something like, 80% of the world doesn't have a bank account, doesn't have access to financial services.”
Greg Rogers Apr 13, 2015 ▶ 15:34
Disclosure
Rogers: Techstars mentors donate their time without receiving equity
“It's a charitable donation of time.”
Greg Rogers Apr 13, 2015 ▶ 18:03
Insight
Greg Rogers: Effective startup mentors possess intellectual curiosity and honesty
“The best mentors are the ones that are intellectually curious, so you can get a sense pretty quickly by talking to somebody whether or not they love to work on puzzles. So are these the people who can sit down with you and just very quickly, and they, you can …”
Greg Rogers Apr 13, 2015 ▶ 19:06
Insight
Greg Rogers: Fintech founders should partner with big banks for distribution
“I would say don't be afraid to collaborate. There are a lot of fintech entrepreneurs who are, you know, they're staying away from the traditional banks because they feel like they're trying to disrupt them. But my one recommendation would be, you know, big ban…”
Greg Rogers Apr 13, 2015 ▶ 25:14
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