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Apr 16, 2015 · 29m · 20vc

20 VC 028: Co-Founding TechCrunch and The Benefits of Not Raising Venture Funding with Keith Teare

Keith Teare · 21m 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 tech pioneer Keith Teare about his path from political activism to co-founding EasyNet and TechCrunch. Teare discusses the advantages of bootstrapping over venture funding, structural solutions for gender equality in tech, and the changing landscape of Silicon Valley VC.

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 14.2% of the talking time here. How this is scored →

Harry as informed peer 1.9 Guest teaching 4.3 Guest disagreement 1.9 Harry pushing back 0.6
05100:0010:0020:001:17–6:12 · Harry as informed peer 1/10 Political Activism and the Shift to Programming Host asks open questions about early tech history, allowing Keith to elaborate on political activism, self-taught coding, and building early publishing interfaces without host intervention.6:18–8:43 · Harry as informed peer 2/10 Launching EasyNet and Siberia Cyber Cafe Host asks if Siberia Cyber Cafe was intended to be women-only, prompting Keith to directly correct the misconception by citing male investors like Mick Jagger and Morris Saatchi.8:44–12:03 · Harry as informed peer 2/10 Structural Equality and Gender Disparities in Tech Keith provides socio-political analysis on structural gender discrimination and childcare, while the host provides brief summaries of Keith's points.12:04–16:56 · Harry as informed peer 3/10 Co-Founding TechCrunch and the Value of Bootstrapping Keith clarifies Michael Arrington's primary role in TechCrunch and explains why TC never raised VC funding, while host prompts with questions about the AOL exit.16:56–20:01 · Harry as informed peer 2/10 Contrasting UK and Silicon Valley Venture Capital Cultures Keith explains class and regional accent bias in UK venture capital compared to the foreigner advantage in Silicon Valley.20:02–23:42 · Harry as informed peer 3/10 The Barbell Structure of Modern Silicon Valley VC Keith breaks down the barbell VC ecosystem in Silicon Valley, with host demonstrating understanding by completing the barbell metaphor.23:42–28:41 · Harry as informed peer 2/10 Quick Fire Round and Archimedes Portfolio Showcase Keith answers quick-fire questions and outlines Archimedes portfolio companies, offering strong opinions on platform choices.28:42–29:16 · Harry as informed peer 0/10 Conclusion and Listener Information Host monologue outro and website plugging with no guest interaction.1:17–6:12 · Guest teaching 4/10 Political Activism and the Shift to Programming Host asks open questions about early tech history, allowing Keith to elaborate on political activism, self-taught coding, and building early publishing interfaces without host intervention.6:18–8:43 · Guest teaching 6/10 Launching EasyNet and Siberia Cyber Cafe Host asks if Siberia Cyber Cafe was intended to be women-only, prompting Keith to directly correct the misconception by citing male investors like Mick Jagger and Morris Saatchi.8:44–12:03 · Guest teaching 5/10 Structural Equality and Gender Disparities in Tech Keith provides socio-political analysis on structural gender discrimination and childcare, while the host provides brief summaries of Keith's points.12:04–16:56 · Guest teaching 4/10 Co-Founding TechCrunch and the Value of Bootstrapping Keith clarifies Michael Arrington's primary role in TechCrunch and explains why TC never raised VC funding, while host prompts with questions about the AOL exit.16:56–20:01 · Guest teaching 5/10 Contrasting UK and Silicon Valley Venture Capital Cultures Keith explains class and regional accent bias in UK venture capital compared to the foreigner advantage in Silicon Valley.20:02–23:42 · Guest teaching 6/10 The Barbell Structure of Modern Silicon Valley VC Keith breaks down the barbell VC ecosystem in Silicon Valley, with host demonstrating understanding by completing the barbell metaphor.23:42–28:41 · Guest teaching 4/10 Quick Fire Round and Archimedes Portfolio Showcase Keith answers quick-fire questions and outlines Archimedes portfolio companies, offering strong opinions on platform choices.28:42–29:16 · Guest teaching 0/10 Conclusion and Listener Information Host monologue outro and website plugging with no guest interaction.1:17–6:12 · Guest disagreement 1/10 Political Activism and the Shift to Programming Host asks open questions about early tech history, allowing Keith to elaborate on political activism, self-taught coding, and building early publishing interfaces without host intervention.6:18–8:43 · Guest disagreement 3/10 Launching EasyNet and Siberia Cyber Cafe Host asks if Siberia Cyber Cafe was intended to be women-only, prompting Keith to directly correct the misconception by citing male investors like Mick Jagger and Morris Saatchi.8:44–12:03 · Guest disagreement 2/10 Structural Equality and Gender Disparities in Tech Keith provides socio-political analysis on structural gender discrimination and childcare, while the host provides brief summaries of Keith's points.12:04–16:56 · Guest disagreement 2/10 Co-Founding TechCrunch and the Value of Bootstrapping Keith clarifies Michael Arrington's primary role in TechCrunch and explains why TC never raised VC funding, while host prompts with questions about the AOL exit.16:56–20:01 · Guest disagreement 2/10 Contrasting UK and Silicon Valley Venture Capital Cultures Keith explains class and regional accent bias in UK venture capital compared to the foreigner advantage in Silicon Valley.20:02–23:42 · Guest disagreement 3/10 The Barbell Structure of Modern Silicon Valley VC Keith breaks down the barbell VC ecosystem in Silicon Valley, with host demonstrating understanding by completing the barbell metaphor.23:42–28:41 · Guest disagreement 2/10 Quick Fire Round and Archimedes Portfolio Showcase Keith answers quick-fire questions and outlines Archimedes portfolio companies, offering strong opinions on platform choices.28:42–29:16 · Guest disagreement 0/10 Conclusion and Listener Information Host monologue outro and website plugging with no guest interaction.1:17–6:12 · Harry pushing back 0/10 Political Activism and the Shift to Programming Host asks open questions about early tech history, allowing Keith to elaborate on political activism, self-taught coding, and building early publishing interfaces without host intervention.6:18–8:43 · Harry pushing back 1/10 Launching EasyNet and Siberia Cyber Cafe Host asks if Siberia Cyber Cafe was intended to be women-only, prompting Keith to directly correct the misconception by citing male investors like Mick Jagger and Morris Saatchi.8:44–12:03 · Harry pushing back 1/10 Structural Equality and Gender Disparities in Tech Keith provides socio-political analysis on structural gender discrimination and childcare, while the host provides brief summaries of Keith's points.12:04–16:56 · Harry pushing back 1/10 Co-Founding TechCrunch and the Value of Bootstrapping Keith clarifies Michael Arrington's primary role in TechCrunch and explains why TC never raised VC funding, while host prompts with questions about the AOL exit.16:56–20:01 · Harry pushing back 1/10 Contrasting UK and Silicon Valley Venture Capital Cultures Keith explains class and regional accent bias in UK venture capital compared to the foreigner advantage in Silicon Valley.20:02–23:42 · Harry pushing back 1/10 The Barbell Structure of Modern Silicon Valley VC Keith breaks down the barbell VC ecosystem in Silicon Valley, with host demonstrating understanding by completing the barbell metaphor.23:42–28:41 · Harry pushing back 0/10 Quick Fire Round and Archimedes Portfolio Showcase Keith answers quick-fire questions and outlines Archimedes portfolio companies, offering strong opinions on platform choices.28:42–29:16 · Harry pushing back 0/10 Conclusion and Listener Information Host monologue outro and website plugging with no guest interaction.

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

0:00 · Harry 40.1% · guest 59.9%0:00 · Harry 40.1% · guest 59.9%3:00 · Harry 3.3% · guest 96.7%3:00 · Harry 3.3% · guest 96.7%6:00 · Harry 10.9% · guest 89.1%6:00 · Harry 10.9% · guest 89.1%9:00 · Harry 6.8% · guest 93.2%9:00 · Harry 6.8% · guest 93.2%12:00 · Harry 9.3% · guest 90.7%12:00 · Harry 9.3% · guest 90.7%15:00 · Harry 7.6% · guest 92.4%15:00 · Harry 7.6% · guest 92.4%18:00 · Harry 5.1% · guest 94.9%18:00 · Harry 5.1% · guest 94.9%21:00 · Harry 15.7% · guest 84.3%21:00 · Harry 15.7% · guest 84.3%24:00 · Harry 20.5% · guest 79.5%24:00 · Harry 20.5% · guest 79.5%27:00 · Harry 26.3% · guest 73.7%27:00 · Harry 26.3% · guest 73.7%
Sharpest disagreement ▶ 8:00 Blunt correction on cyber cafe premise

Keith directly shuts down the host's premise that Siberia Cyber Cafe was meant to be women-only, noting high-profile male investors.

 Hardest push from Harry ▶ 14:48 Host questioning TechCrunch valuation judgment

Host pushes back on Keith's initial doubt about TechCrunch by bringing up the eventual AOL acquisition outcome.

 Biggest teaching moment ▶ 8:00 Educating host on EasyNet and Siberia history

Keith corrects the host's misconception about the cafe's origins and details who actually funded and ran it.

 Harry holds his own ▶ 21:10 Synthesizing the barbell metaphor

Host tracks Keith's detailed economic breakdown and correctly identifies the thin middle layer of the venture barbell before Keith expands.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Political Activism and the Shift to Programming 1410 Host asks open questions about early tech history, allowing Keith to elaborate on political activism, self-taught coding, and building early publishing interfaces without host intervention.
Launching EasyNet and Siberia Cyber Cafe 2631 Host asks if Siberia Cyber Cafe was intended to be women-only, prompting Keith to directly correct the misconception by citing male investors like Mick Jagger and Morris Saatchi.
Structural Equality and Gender Disparities in Tech 2521 Keith provides socio-political analysis on structural gender discrimination and childcare, while the host provides brief summaries of Keith's points.
Co-Founding TechCrunch and the Value of Bootstrapping 3421 Keith clarifies Michael Arrington's primary role in TechCrunch and explains why TC never raised VC funding, while host prompts with questions about the AOL exit.
Contrasting UK and Silicon Valley Venture Capital Cultures 2521 Keith explains class and regional accent bias in UK venture capital compared to the foreigner advantage in Silicon Valley.
The Barbell Structure of Modern Silicon Valley VC 3631 Keith breaks down the barbell VC ecosystem in Silicon Valley, with host demonstrating understanding by completing the barbell metaphor.
Quick Fire Round and Archimedes Portfolio Showcase 2420 Keith answers quick-fire questions and outlines Archimedes portfolio companies, offering strong opinions on platform choices.
Conclusion and Listener Information 0000 Host monologue outro and website plugging with no guest interaction.

Statements from this episode (13)

Assertion Contradicted
Teare: EasyNet Was Europe's First Consumer ISP
“We started EasyNet, which was the first consumer ISP in Europe.”
Keith Teare Apr 16, 2015 ▶ 7:32
Assertion Supported
Teare: Mick Jagger Invested in 1990s Cyberia Internet Cafe
“Mick Jagger was an investor in it.”
Keith Teare Apr 16, 2015 ▶ 8:26
Opinion
Teare: Economic Independence for Women Is More Important Than Voting Rights
“Well, allowing women to work would seem to be a pretty big step, even more important than allowing women to vote. Because with money comes power, and freeing women of the responsibility for individually raising their children, you know, goes right to the heart…”
Keith Teare Apr 16, 2015 ▶ 10:05
Assertion Not checkable as stated
Teare: Structural Position of Women in Tech Remains Virtually Unchanged
“But the truth is, the structural position of women is barely changed, except, you know, you can point to very high-profile exceptions, very similar to the structural position of African-Americans or African Europeans, who, you know, you can get a high-profile …”
Keith Teare Apr 16, 2015 ▶ 11:36
Assertion Partly supported
Teare: RealNames Raised $130M and Filed for $1.5B IPO in 1999
“We raised a hundred and thirty million dollars. We filed for a one and a half billion dollar IPO. In 1999.”
Keith Teare Apr 16, 2015 ▶ 13:45
Disclosure
Teare: TechCrunch Never Raised Outside Venture Capital
“TechCrunch never raised a penny. Ever.”
Keith Teare Apr 16, 2015 ▶ 14:55
Assertion Supported
Teare: EasyNet IPO'd Without Ever Raising Venture Capital
“We grew the business from revenue from day one, and we never raised venture capital before we floated on the end market.”
Keith Teare Apr 16, 2015 ▶ 17:40
Insight
Teare: Foreign Founders in Silicon Valley Are Judged More on Merit
“As a foreigner, you get judged on your merits. Actually easier than Americans. Americans, you know, they do ask which school did you go to each other, and it doesn't matter what the answer is. But if you're a foreigner that, that doesn't play a role.”
Keith Teare Apr 16, 2015 ▶ 19:00
Assertion Contradicted
Teare: 98% of Seed-Stage Startups Die From Lack of Follow-On Funding
“About 98% of those companies die. And they die because there is no money to fund the next step, which is to build a team and build something really substantial.”
Keith Teare Apr 16, 2015 ▶ 20:58
Assertion Partly supported
Teare: Series A and B Face Severe Capital Shortage
“There's about five billion dollars available at the seed stage for all the companies every three to five years. There's about one to two billion available at the A and B stage. And then at the growth stage, at the other end, there's more than a hundred billion…”
Keith Teare Apr 16, 2015 ▶ 21:15
Insight
Teare: Mobile Startups Are Far More Expensive Than Web 2.0 Startups
“And that was somewhat true in the web two oh era, when all you had to build was a web service. It's really no longer true in the mobile era where you have to build an Android app, an iPhone app, a cloud service, and probably a web service as well.”
Keith Teare Apr 16, 2015 ▶ 22:55
Opinion
Teare: VCs Naively Expect $100K to Go Far in Modern Startups
“But the funding environment has kind of got a delayed reaction. It still acts as if it is cheap, and it thinks you can do a lot with a 100,000 dollars, which you can't.”
Keith Teare Apr 16, 2015 ▶ 23:20
Opinion
Teare: No Rational Silicon Valley Founder Launches Android First
“IOS first, which is very typical here in the Valley. No one does Android first unless they are, you know, somehow politically minded to make that choice. No rational business person does that.”
Keith Teare Apr 16, 2015 ▶ 26:12
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