StarZero All shows Try the podcast clipper →

May 25, 2015 · 21m · 20vc

How to Pitch a Top VC with Simon Menashy @ MMC Ventures

Simon Menashy · 16m 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 episode 39 of The 20 Minute VC, host Harry Stebbins interviews Simon Menashy, Investment Director at MMC Ventures, covering Simon's career trajectory, effective pitching strategies, Series A metrics, and emerging sector opportunities in fintech and machine learning.

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 18.9% of the talking time here. How this is scored →

Harry as informed peer 2.8 Guest teaching 2.2 Guest disagreement 0.7 Harry pushing back 2.0
05100:0010:0020:000:46–3:20 · Harry as informed peer 1/10 Simon Menashy's Background and Journey to VC Harry introduces the guest and asks an open-ended career history question. Simon provides a detailed background monologue about his journey from consulting at Deloitte into VC.3:21–7:21 · Harry as informed peer 2/10 Effective Networking and Securing Warm VC Introductions Harry asks basic tactical questions about pitch documentation and meeting etiquette. Simon explains the reality of pitch meetings and how VCs test founders beyond their slide decks.7:22–11:18 · Harry as informed peer 5/10 MMC Ventures' Investment Stage and Thesis Harry cites Peter Thiel's view on disruption and pushes back on Simon's optimistic view by raising Uber's negative impact on black cab driver employment. Simon gently reframes the issue around expanding consumer choice.11:18–13:28 · Harry as informed peer 2/10 London's Rise as a Fintech Capital and Government Policy Harry asks about London's status as a fintech hub and government support. Simon highlights specific schemes like EIS and R&D tax credits that encourage early-stage investment.13:28–16:34 · Harry as informed peer 4/10 Shifting Funding Dynamics and the Series A Crunch Harry demonstrates familiarity with venture market structures by introducing the barbell analogy for startup funding. Simon expands on the underlying institutional LP dynamics driving the Series A crunch.16:34–21:20 · Harry as informed peer 3/10 Quickfire Round: Red Flags, Holding Periods, and Recent Deals Harry conducts a quickfire round, actively probing into what makes founders defensive and connecting earlier talk on Uber to market creation. Simon clarifies VC expectations for founder coachability.0:46–3:20 · Guest teaching 1/10 Simon Menashy's Background and Journey to VC Harry introduces the guest and asks an open-ended career history question. Simon provides a detailed background monologue about his journey from consulting at Deloitte into VC.3:21–7:21 · Guest teaching 3/10 Effective Networking and Securing Warm VC Introductions Harry asks basic tactical questions about pitch documentation and meeting etiquette. Simon explains the reality of pitch meetings and how VCs test founders beyond their slide decks.7:22–11:18 · Guest teaching 3/10 MMC Ventures' Investment Stage and Thesis Harry cites Peter Thiel's view on disruption and pushes back on Simon's optimistic view by raising Uber's negative impact on black cab driver employment. Simon gently reframes the issue around expanding consumer choice.11:18–13:28 · Guest teaching 2/10 London's Rise as a Fintech Capital and Government Policy Harry asks about London's status as a fintech hub and government support. Simon highlights specific schemes like EIS and R&D tax credits that encourage early-stage investment.13:28–16:34 · Guest teaching 2/10 Shifting Funding Dynamics and the Series A Crunch Harry demonstrates familiarity with venture market structures by introducing the barbell analogy for startup funding. Simon expands on the underlying institutional LP dynamics driving the Series A crunch.16:34–21:20 · Guest teaching 2/10 Quickfire Round: Red Flags, Holding Periods, and Recent Deals Harry conducts a quickfire round, actively probing into what makes founders defensive and connecting earlier talk on Uber to market creation. Simon clarifies VC expectations for founder coachability.0:46–3:20 · Guest disagreement 0/10 Simon Menashy's Background and Journey to VC Harry introduces the guest and asks an open-ended career history question. Simon provides a detailed background monologue about his journey from consulting at Deloitte into VC.3:21–7:21 · Guest disagreement 0/10 Effective Networking and Securing Warm VC Introductions Harry asks basic tactical questions about pitch documentation and meeting etiquette. Simon explains the reality of pitch meetings and how VCs test founders beyond their slide decks.7:22–11:18 · Guest disagreement 2/10 MMC Ventures' Investment Stage and Thesis Harry cites Peter Thiel's view on disruption and pushes back on Simon's optimistic view by raising Uber's negative impact on black cab driver employment. Simon gently reframes the issue around expanding consumer choice.11:18–13:28 · Guest disagreement 1/10 London's Rise as a Fintech Capital and Government Policy Harry asks about London's status as a fintech hub and government support. Simon highlights specific schemes like EIS and R&D tax credits that encourage early-stage investment.13:28–16:34 · Guest disagreement 0/10 Shifting Funding Dynamics and the Series A Crunch Harry demonstrates familiarity with venture market structures by introducing the barbell analogy for startup funding. Simon expands on the underlying institutional LP dynamics driving the Series A crunch.16:34–21:20 · Guest disagreement 1/10 Quickfire Round: Red Flags, Holding Periods, and Recent Deals Harry conducts a quickfire round, actively probing into what makes founders defensive and connecting earlier talk on Uber to market creation. Simon clarifies VC expectations for founder coachability.0:46–3:20 · Harry pushing back 0/10 Simon Menashy's Background and Journey to VC Harry introduces the guest and asks an open-ended career history question. Simon provides a detailed background monologue about his journey from consulting at Deloitte into VC.3:21–7:21 · Harry pushing back 1/10 Effective Networking and Securing Warm VC Introductions Harry asks basic tactical questions about pitch documentation and meeting etiquette. Simon explains the reality of pitch meetings and how VCs test founders beyond their slide decks.7:22–11:18 · Harry pushing back 5/10 MMC Ventures' Investment Stage and Thesis Harry cites Peter Thiel's view on disruption and pushes back on Simon's optimistic view by raising Uber's negative impact on black cab driver employment. Simon gently reframes the issue around expanding consumer choice.11:18–13:28 · Harry pushing back 1/10 London's Rise as a Fintech Capital and Government Policy Harry asks about London's status as a fintech hub and government support. Simon highlights specific schemes like EIS and R&D tax credits that encourage early-stage investment.13:28–16:34 · Harry pushing back 2/10 Shifting Funding Dynamics and the Series A Crunch Harry demonstrates familiarity with venture market structures by introducing the barbell analogy for startup funding. Simon expands on the underlying institutional LP dynamics driving the Series A crunch.16:34–21:20 · Harry pushing back 3/10 Quickfire Round: Red Flags, Holding Periods, and Recent Deals Harry conducts a quickfire round, actively probing into what makes founders defensive and connecting earlier talk on Uber to market creation. Simon clarifies VC expectations for founder coachability.

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

0:00 · Harry 27.7% · guest 72.3%0:00 · Harry 27.7% · guest 72.3%3:00 · Harry 16.9% · guest 83.1%3:00 · Harry 16.9% · guest 83.1%6:00 · Harry 15.1% · guest 84.9%6:00 · Harry 15.1% · guest 84.9%9:00 · Harry 12.2% · guest 87.8%9:00 · Harry 12.2% · guest 87.8%12:00 · Harry 15.7% · guest 84.3%12:00 · Harry 15.7% · guest 84.3%15:00 · Harry 13.5% · guest 86.5%15:00 · Harry 13.5% · guest 86.5%18:00 · Harry 19% · guest 81%18:00 · Harry 19% · guest 81%21:00 · Harry 66.7% · guest 33.3%21:00 · Harry 66.7% · guest 33.3%
Sharpest disagreement ▶ 9:18 Reframing Uber's impact on transport

Simon directly rejects Harry's premise that Uber displaces black cabs and creates job loss, arguing instead that it unlocks entirely new consumer journeys.

 Hardest push from Harry ▶ 9:04 Challenging technological disruption via Uber

Harry explicitly challenges Simon's positive framing of disruption by citing Uber's destruction of black cab livelihoods and potential mass unemployment.

 Biggest teaching moment ▶ 6:08 Explaining off-script VC evaluation

Simon educates the host on how successful pitch meetings function, demonstrating that VCs purposefully derail formal slide presentations to evaluate how founders think.

 Harry holds his own ▶ 14:46 Introducing the barbell funding analogy

Harry shows industry domain knowledge by framing the capital distribution problem using the barbell analogy across seed and late stage funding.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Simon Menashy's Background and Journey to VC 1100 Harry introduces the guest and asks an open-ended career history question. Simon provides a detailed background monologue about his journey from consulting at Deloitte into VC.
Effective Networking and Securing Warm VC Introductions 2301 Harry asks basic tactical questions about pitch documentation and meeting etiquette. Simon explains the reality of pitch meetings and how VCs test founders beyond their slide decks.
MMC Ventures' Investment Stage and Thesis 5325 Harry cites Peter Thiel's view on disruption and pushes back on Simon's optimistic view by raising Uber's negative impact on black cab driver employment. Simon gently reframes the issue around expanding consumer choice.
London's Rise as a Fintech Capital and Government Policy 2211 Harry asks about London's status as a fintech hub and government support. Simon highlights specific schemes like EIS and R&D tax credits that encourage early-stage investment.
Shifting Funding Dynamics and the Series A Crunch 4202 Harry demonstrates familiarity with venture market structures by introducing the barbell analogy for startup funding. Simon expands on the underlying institutional LP dynamics driving the Series A crunch.
Quickfire Round: Red Flags, Holding Periods, and Recent Deals 3213 Harry conducts a quickfire round, actively probing into what makes founders defensive and connecting earlier talk on Uber to market creation. Simon clarifies VC expectations for founder coachability.

Statements from this episode (11)

Opinion
Menashy: Startups execute in a week what takes corporations six months
“You can suggest something to them and they've implemented it a week later rather than, You know, you've got to go through some six month political process at a big company.”
Simon Menashy May 25, 2015 ▶ 2:07
Disclosure
Menashy: MMC Ventures primarily invests in familiar founders or warm referrals
“Most of our investments are people that we've known for a few years by the time we invest, or they're people that have come through a really a person that we trust and it makes us pay more attention and get that person in front of us quicker.”
Simon Menashy May 25, 2015 ▶ 4:09
Insight
Menashy: Founders over-prepare pitch decks and under-prepare for VC Q&A
“I mean, honestly, I think a lot of founders make the mistake of thinking that they need to come up with a really big formal pitch. They need to fill an hour. They produce a big IM you know, and they kind of over prepare on the documentation and the format and …”
Simon Menashy May 25, 2015 ▶ 5:09
Insight
Menashy: VCs use pitch questions to test founder thinking and data
“I think the reality is that a VC is testing you. They're testing your thinking. They're testing you know, really is the business model going to work? Really is the market as big as we all think it is? And is that really addressable? And you need to know the an…”
Simon Menashy May 25, 2015 ▶ 6:09
Insight
Menashy: Founders should prepare 15-minute pitches for hour-long VC meetings
“I would much rather that a founder comes in with 15, 20 minute presentation prepared, which probably takes half an hour because, you know, I'll ask some questions and we'll, we'll have a nice chat around a few things. And then we have lots of time to delve int…”
Simon Menashy May 25, 2015 ▶ 6:54
Disclosure
Menashy: MMC Ventures typically invests £1M to £5M in Series A
“So at NMC, we're typically investing in the Series A round. So for us, that means a company that's got some initial traction, it's got customers, customers that are willing to pay, and that are demonstrably getting some kind of value or ROI out of the product,…”
Simon Menashy May 25, 2015 ▶ 7:28
Opinion
Menashy: Uber expands the transport market rather than replacing black cabs
“I don't think it's replacing black cabs. I mean, there may be a little bit of replacement in the short term, but I think it's enabling totally new journeys.”
Simon Menashy May 25, 2015 ▶ 9:19
Assertion Not checkable as stated
Menashy: EIS tax scheme made the UK a top European VC hub
“EIS is a fantastic example that has made London one of the best places, and the UK generally, one of the best places to raise venture capital funding in Europe, and it's brought a lot more capital into the market from sources that might otherwise not be lookin…”
Simon Menashy May 25, 2015 ▶ 12:27
Assertion Not publicly verifiable
Menashy: Only 10 VCs in London write active Series A checks
“I could probably name you 10 VCs in London who can write a good Series A check and will do more than a couple of those a year, and that's a problem for the community, I think.”
Simon Menashy May 25, 2015 ▶ 15:32
Insight
Menashy: Startups commonly need multiple Series A or bridge rounds
“Normally we see companies, frankly, they do a couple of series A rounds, or they do you know, a bridge, something like that, because it's taking longer for those companies then to get to series B.”
Simon Menashy May 25, 2015 ▶ 16:23
Prediction Not checkable as stated
Menashy: Apple Watch v1 will be rubbish but sell well
“My personal view, I would say version one is going to be rubbish, but still sell a lot. And version two will be much better and a big success.”
Simon Menashy May 25, 2015 ▶ 19:02
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 1,200 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.

Try the podcast clipper Learn more