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Oct 14, 2015 · 29m · 20vc

20 VC 079: BETAWORKS WEEK: East vs West Coast Investing with Peter Rojas, EIR @ Betaworks, Co-Founder @ Weblogs & Engadget

Peter Rojas · 21m spoken Harry Stebbings · 5m 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 Peter Rojas, Entrepreneur in Residence at Betaworks, discussing his career transition from founding tech media outlets like Engadget and Gizmodo to venture investing. Rojas shares insights on East versus West Coast ecosystems, early-stage product evaluation, maintaining openness to outside founders, and Betaworks' studio model.

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 21.3% of the talking time here. How this is scored →

Harry as informed peer 2.4 Guest teaching 3.1 Guest disagreement 0.7 Harry pushing back 0.3
05100:0010:0020:002:44–7:21 · Harry as informed peer 1/10 Peter Rojas's Career Walkthrough: From Tech Journalism to Betaworks Harry introduces Peter and asks for a career walkthrough. Peter shares his transition from Red Herring and founding Gizmodo/Engadget to Betaworks, while Harry occasionally prompts for dates.7:21–11:11 · Harry as informed peer 2/10 Betaworks' West Coast Expansion and Studio Investing Model Harry asks about Betaworks' West Coast expansion and how they differentiate themselves from other VCs. Peter details the studio model and hands-on operational support network.11:11–14:53 · Harry as informed peer 2/10 Comparing East vs. West Coast Ecosystems and Valuation Trends Harry asks about differences between East and West Coast ecosystems and whether high valuations create challenges for seed funds. Peter notes that valuations are rationalizing and highlights geographic mix benefits.14:53–17:40 · Harry as informed peer 4/10 Maintaining Openness, Inclusivity, and an Outsider Mentality in VC Harry presses Peter on why he accepts cold emails when most VCs hide their contact information, citing Peter's study at Sussex. Peter attributes his openness to his background as an outsider blogger and Hispanic heritage.17:40–20:05 · Harry as informed peer 2/10 Early-Stage Evaluation: Prioritizing Product Mechanics over Metrics Harry asks what specific KPIs or metrics Peter checks first when emailed a pitch. Peter explicitly rejects the premise, explaining that at seed stage he focuses on product mechanics and whether the founder falls in love with a problem rather than metrics.20:05–23:48 · Harry as informed peer 3/10 Early Impressions of Venture Capital and Admired Investors Harry asks Peter about early impressions of VC culture and admired investors. Harry interjects to add that VCs must stay collaborative to syndicate deals together.23:48–28:03 · Harry as informed peer 3/10 Quick Fire Round: Tools, Reading List, Sourcing, and Antifragility In the quick fire round, Peter lists RSS tools, newsletters, and AngelList sourcing. He offers a thoughtful breakdown of Taleb's Antifragile concept, illustrating how constraints serve as vital forcing functions.2:44–7:21 · Guest teaching 3/10 Peter Rojas's Career Walkthrough: From Tech Journalism to Betaworks Harry introduces Peter and asks for a career walkthrough. Peter shares his transition from Red Herring and founding Gizmodo/Engadget to Betaworks, while Harry occasionally prompts for dates.7:21–11:11 · Guest teaching 3/10 Betaworks' West Coast Expansion and Studio Investing Model Harry asks about Betaworks' West Coast expansion and how they differentiate themselves from other VCs. Peter details the studio model and hands-on operational support network.11:11–14:53 · Guest teaching 3/10 Comparing East vs. West Coast Ecosystems and Valuation Trends Harry asks about differences between East and West Coast ecosystems and whether high valuations create challenges for seed funds. Peter notes that valuations are rationalizing and highlights geographic mix benefits.14:53–17:40 · Guest teaching 2/10 Maintaining Openness, Inclusivity, and an Outsider Mentality in VC Harry presses Peter on why he accepts cold emails when most VCs hide their contact information, citing Peter's study at Sussex. Peter attributes his openness to his background as an outsider blogger and Hispanic heritage.17:40–20:05 · Guest teaching 5/10 Early-Stage Evaluation: Prioritizing Product Mechanics over Metrics Harry asks what specific KPIs or metrics Peter checks first when emailed a pitch. Peter explicitly rejects the premise, explaining that at seed stage he focuses on product mechanics and whether the founder falls in love with a problem rather than metrics.20:05–23:48 · Guest teaching 2/10 Early Impressions of Venture Capital and Admired Investors Harry asks Peter about early impressions of VC culture and admired investors. Harry interjects to add that VCs must stay collaborative to syndicate deals together.23:48–28:03 · Guest teaching 4/10 Quick Fire Round: Tools, Reading List, Sourcing, and Antifragility In the quick fire round, Peter lists RSS tools, newsletters, and AngelList sourcing. He offers a thoughtful breakdown of Taleb's Antifragile concept, illustrating how constraints serve as vital forcing functions.2:44–7:21 · Guest disagreement 0/10 Peter Rojas's Career Walkthrough: From Tech Journalism to Betaworks Harry introduces Peter and asks for a career walkthrough. Peter shares his transition from Red Herring and founding Gizmodo/Engadget to Betaworks, while Harry occasionally prompts for dates.7:21–11:11 · Guest disagreement 0/10 Betaworks' West Coast Expansion and Studio Investing Model Harry asks about Betaworks' West Coast expansion and how they differentiate themselves from other VCs. Peter details the studio model and hands-on operational support network.11:11–14:53 · Guest disagreement 1/10 Comparing East vs. West Coast Ecosystems and Valuation Trends Harry asks about differences between East and West Coast ecosystems and whether high valuations create challenges for seed funds. Peter notes that valuations are rationalizing and highlights geographic mix benefits.14:53–17:40 · Guest disagreement 0/10 Maintaining Openness, Inclusivity, and an Outsider Mentality in VC Harry presses Peter on why he accepts cold emails when most VCs hide their contact information, citing Peter's study at Sussex. Peter attributes his openness to his background as an outsider blogger and Hispanic heritage.17:40–20:05 · Guest disagreement 3/10 Early-Stage Evaluation: Prioritizing Product Mechanics over Metrics Harry asks what specific KPIs or metrics Peter checks first when emailed a pitch. Peter explicitly rejects the premise, explaining that at seed stage he focuses on product mechanics and whether the founder falls in love with a problem rather than metrics.20:05–23:48 · Guest disagreement 0/10 Early Impressions of Venture Capital and Admired Investors Harry asks Peter about early impressions of VC culture and admired investors. Harry interjects to add that VCs must stay collaborative to syndicate deals together.23:48–28:03 · Guest disagreement 1/10 Quick Fire Round: Tools, Reading List, Sourcing, and Antifragility In the quick fire round, Peter lists RSS tools, newsletters, and AngelList sourcing. He offers a thoughtful breakdown of Taleb's Antifragile concept, illustrating how constraints serve as vital forcing functions.2:44–7:21 · Harry pushing back 0/10 Peter Rojas's Career Walkthrough: From Tech Journalism to Betaworks Harry introduces Peter and asks for a career walkthrough. Peter shares his transition from Red Herring and founding Gizmodo/Engadget to Betaworks, while Harry occasionally prompts for dates.7:21–11:11 · Harry pushing back 0/10 Betaworks' West Coast Expansion and Studio Investing Model Harry asks about Betaworks' West Coast expansion and how they differentiate themselves from other VCs. Peter details the studio model and hands-on operational support network.11:11–14:53 · Harry pushing back 1/10 Comparing East vs. West Coast Ecosystems and Valuation Trends Harry asks about differences between East and West Coast ecosystems and whether high valuations create challenges for seed funds. Peter notes that valuations are rationalizing and highlights geographic mix benefits.14:53–17:40 · Harry pushing back 1/10 Maintaining Openness, Inclusivity, and an Outsider Mentality in VC Harry presses Peter on why he accepts cold emails when most VCs hide their contact information, citing Peter's study at Sussex. Peter attributes his openness to his background as an outsider blogger and Hispanic heritage.17:40–20:05 · Harry pushing back 0/10 Early-Stage Evaluation: Prioritizing Product Mechanics over Metrics Harry asks what specific KPIs or metrics Peter checks first when emailed a pitch. Peter explicitly rejects the premise, explaining that at seed stage he focuses on product mechanics and whether the founder falls in love with a problem rather than metrics.20:05–23:48 · Harry pushing back 0/10 Early Impressions of Venture Capital and Admired Investors Harry asks Peter about early impressions of VC culture and admired investors. Harry interjects to add that VCs must stay collaborative to syndicate deals together.23:48–28:03 · Harry pushing back 0/10 Quick Fire Round: Tools, Reading List, Sourcing, and Antifragility In the quick fire round, Peter lists RSS tools, newsletters, and AngelList sourcing. He offers a thoughtful breakdown of Taleb's Antifragile concept, illustrating how constraints serve as vital forcing functions.

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

0:00 · Harry 94.6% · guest 5.4%0:00 · Harry 94.6% · guest 5.4%3:00 · Harry 4.3% · guest 95.7%3:00 · Harry 4.3% · guest 95.7%6:00 · Harry 9% · guest 91%6:00 · Harry 9% · guest 91%9:00 · Harry 4.9% · guest 95.1%9:00 · Harry 4.9% · guest 95.1%12:00 · Harry 15.1% · guest 84.9%12:00 · Harry 15.1% · guest 84.9%15:00 · Harry 13.2% · guest 86.8%15:00 · Harry 13.2% · guest 86.8%18:00 · Harry 6.9% · guest 93.1%18:00 · Harry 6.9% · guest 93.1%21:00 · Harry 11.1% · guest 88.9%21:00 · Harry 11.1% · guest 88.9%24:00 · Harry 6.9% · guest 93.1%24:00 · Harry 6.9% · guest 93.1%27:00 · Harry 55% · guest 45%27:00 · Harry 55% · guest 45%
Sharpest disagreement ▶ 17:52 Rejecting the metrics-driven premise

When asked what specific KPIs he looks at first, Peter directly counters Harry's premise by stating he is not metrics-driven at this early stage and redirects the conversation to product mechanics.

 Hardest push from Harry ▶ 14:53 Pressing on cold email accessibility

Harry challenges Peter to explain why he chooses to accept cold emails and answer everyone, contrasting him directly against the broader VC community that hides contact information.

 Biggest teaching moment ▶ 17:52 Educating on product mechanics over metrics

Peter reframes Harry's question about KPIs, educating the host on why metrics are often irrelevant at seed stage compared to product market fit mechanics and founder commitment to solving a core problem.

 Harry holds his own ▶ 16:01 Demonstrating background research on Sussex and diversity

Harry demonstrates strong background preparation by correctly calling out Peter's master's degree from University of Sussex and highlighting Peter's status as a Hispanic VC.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Peter Rojas's Career Walkthrough: From Tech Journalism to Betaworks 1300 Harry introduces Peter and asks for a career walkthrough. Peter shares his transition from Red Herring and founding Gizmodo/Engadget to Betaworks, while Harry occasionally prompts for dates.
Betaworks' West Coast Expansion and Studio Investing Model 2300 Harry asks about Betaworks' West Coast expansion and how they differentiate themselves from other VCs. Peter details the studio model and hands-on operational support network.
Comparing East vs. West Coast Ecosystems and Valuation Trends 2311 Harry asks about differences between East and West Coast ecosystems and whether high valuations create challenges for seed funds. Peter notes that valuations are rationalizing and highlights geographic mix benefits.
Maintaining Openness, Inclusivity, and an Outsider Mentality in VC 4201 Harry presses Peter on why he accepts cold emails when most VCs hide their contact information, citing Peter's study at Sussex. Peter attributes his openness to his background as an outsider blogger and Hispanic heritage.
Early-Stage Evaluation: Prioritizing Product Mechanics over Metrics 2530 Harry asks what specific KPIs or metrics Peter checks first when emailed a pitch. Peter explicitly rejects the premise, explaining that at seed stage he focuses on product mechanics and whether the founder falls in love with a problem rather than metrics.
Early Impressions of Venture Capital and Admired Investors 3200 Harry asks Peter about early impressions of VC culture and admired investors. Harry interjects to add that VCs must stay collaborative to syndicate deals together.
Quick Fire Round: Tools, Reading List, Sourcing, and Antifragility 3410 In the quick fire round, Peter lists RSS tools, newsletters, and AngelList sourcing. He offers a thoughtful breakdown of Taleb's Antifragile concept, illustrating how constraints serve as vital forcing functions.

Statements from this episode (8)

Assertion Contradicted
Rojas: Fewer than 1,000 people were blogging in 2001
“It seemed at the time blogging was a very, very, very small space. There were maybe, at that point, I think there was probably less than a thousand people blogging.”
Peter Rojas Oct 14, 2015 ▶ 4:13
Assertion Supported
Rojas: Betaworks made 25 to 30 percent of investments on West Coast
“Now, Betaworks has done about 25, maybe 30% of its investments historically have been on the West Coast with the majority of those being pretty much in San Francisco, a handful in Silicon Valley.”
Peter Rojas Oct 14, 2015 ▶ 7:56
Assertion Not checkable as stated
Rojas: Startup valuations at the seed stage have begun to rationalize
“I think that they've actually started to rationalize a little bit more.”
Peter Rojas Oct 14, 2015 ▶ 13:14
Disclosure
Rojas is open to cold emails and reviews every pitch
“I'm actually pretty open to the cold emails for what it's worth. I take a look at everything”
Peter Rojas Oct 14, 2015 ▶ 14:23
Disclosure
Rojas: Seed-stage investment decisions are driven by product, not metrics
“So not metrics driven at this stage for me. I think that what I care a lot about is I look at the product.”
Peter Rojas Oct 14, 2015 ▶ 17:52
Opinion
Rojas: Venture community is open and friendly, not cutthroat
“I think one of the things that I, I've been pleasantly surprised by is how open and friendly other people in the community, the venture community are... I think there's maybe this stereotype that of feces is very kind of cutthroat and always trying to You know…”
Peter Rojas Oct 14, 2015 ▶ 20:20
Assertion Supported
Rojas: Weblogs Inc. took investment from only Mark Cuban
“We only had one investor in Weblogs Inc. It was Mark Cuban”
Peter Rojas Oct 14, 2015 ▶ 22:21
Opinion
Rojas: Easy Kickstarter crowdfunding hurts hardware startups' operational discipline
“One of the things about when you're building, say, raising money for hardware on Kickstarter, for example, is that You can raise money so easily for if you lay out a compelling product vision that it actually takes away some of the constraints that would force…”
Peter Rojas Oct 14, 2015 ▶ 26:59
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