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Dec 4, 2015 · 25m · 20vc

20 VC FF 025: Crowdfunding Gimlet Media and Why The Nature Of Startup Equity Is Changing with Erin Glenn, CEO @ Betaworks' backed, Quire

Erin Glenn · 15m spoken Harry Stebbings · 8m spoken
0:00 / 0:00

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In this episode of The 20 Minute VC, host Harry Stebbings interviews Erin Glenn, CEO of Quire, to explore the evolution of equity crowdfunding, regulatory changes under JOBS Act Title III, and strategies for expanding investor diversity in startup ecosystems.

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 34.8% of the talking time here. How this is scored →

Harry as informed peer 2.1 Guest teaching 2.3 Guest disagreement 0.4 Harry pushing back 1.1
05100:0010:0020:002:15–4:25 · Harry as informed peer 1/10 Erin Glenn's Journey from Kid Entrepreneur to Quire CEO Harry asks open-ended conversational questions to establish Erin's background as a child entrepreneur and her journey through consulting, banking, and joining Betaworks. The dynamic is extremely warm, collaborative, and conversational.4:26–7:49 · Harry as informed peer 3/10 How Quire Works and the Impact of SEC Title III Regulations Harry asks informed questions regarding SEC Title III delays and foreign regulatory barriers. Erin educates the host on the SEC's rationale regarding retail investor protection risks and platform vetting obligations.7:50–11:15 · Harry as informed peer 2/10 Quire and Mattermark Diversity Study Key Findings Harry references the Quire-Mattermark investor diversity study. Erin highlights key metrics on gender, diversity, and how UK crowdfunding rules evaluate financial sophistication versus US wealth accreditation rules.11:18–16:19 · Harry as informed peer 3/10 Marketplace Dynamics and VC Collaboration Harry poses strategic questions on whether equity crowdfunding will replace or complement venture capital. Erin explains the sympathetic VC-crowd relationship and cites Bain research on customer-owner loyalty benefits.16:21–18:43 · Harry as informed peer 3/10 Navigating Regulatory Delays and the Betaworks Studio Advantage Harry playfully pushes back on Erin's claim that NYC is the financial capital of the world, asserting London's rival claim. Harry also presses her on contingency plans if SEC regulations fall through.18:45–22:15 · Harry as informed peer 2/10 Leadership Evolution and Comparing SF vs. NYC Startup Ecosystems Harry asks a multi-part question comparing SF to NYC startup ecosystems and her leadership growth. Erin explains why NYC hosts a higher proportion of female tech founders due to crossover from traditional executive sectors.22:15–24:10 · Harry as informed peer 1/10 Quickfire Round During the quickfire round, Erin resists picking a single favorite portfolio company. Harry playfully insists that other VCs manage to choose, prompting her to list three top picks.2:15–4:25 · Guest teaching 1/10 Erin Glenn's Journey from Kid Entrepreneur to Quire CEO Harry asks open-ended conversational questions to establish Erin's background as a child entrepreneur and her journey through consulting, banking, and joining Betaworks. The dynamic is extremely warm, collaborative, and conversational.4:26–7:49 · Guest teaching 3/10 How Quire Works and the Impact of SEC Title III Regulations Harry asks informed questions regarding SEC Title III delays and foreign regulatory barriers. Erin educates the host on the SEC's rationale regarding retail investor protection risks and platform vetting obligations.7:50–11:15 · Guest teaching 3/10 Quire and Mattermark Diversity Study Key Findings Harry references the Quire-Mattermark investor diversity study. Erin highlights key metrics on gender, diversity, and how UK crowdfunding rules evaluate financial sophistication versus US wealth accreditation rules.11:18–16:19 · Guest teaching 3/10 Marketplace Dynamics and VC Collaboration Harry poses strategic questions on whether equity crowdfunding will replace or complement venture capital. Erin explains the sympathetic VC-crowd relationship and cites Bain research on customer-owner loyalty benefits.16:21–18:43 · Guest teaching 2/10 Navigating Regulatory Delays and the Betaworks Studio Advantage Harry playfully pushes back on Erin's claim that NYC is the financial capital of the world, asserting London's rival claim. Harry also presses her on contingency plans if SEC regulations fall through.18:45–22:15 · Guest teaching 3/10 Leadership Evolution and Comparing SF vs. NYC Startup Ecosystems Harry asks a multi-part question comparing SF to NYC startup ecosystems and her leadership growth. Erin explains why NYC hosts a higher proportion of female tech founders due to crossover from traditional executive sectors.22:15–24:10 · Guest teaching 1/10 Quickfire Round During the quickfire round, Erin resists picking a single favorite portfolio company. Harry playfully insists that other VCs manage to choose, prompting her to list three top picks.2:15–4:25 · Guest disagreement 0/10 Erin Glenn's Journey from Kid Entrepreneur to Quire CEO Harry asks open-ended conversational questions to establish Erin's background as a child entrepreneur and her journey through consulting, banking, and joining Betaworks. The dynamic is extremely warm, collaborative, and conversational.4:26–7:49 · Guest disagreement 0/10 How Quire Works and the Impact of SEC Title III Regulations Harry asks informed questions regarding SEC Title III delays and foreign regulatory barriers. Erin educates the host on the SEC's rationale regarding retail investor protection risks and platform vetting obligations.7:50–11:15 · Guest disagreement 0/10 Quire and Mattermark Diversity Study Key Findings Harry references the Quire-Mattermark investor diversity study. Erin highlights key metrics on gender, diversity, and how UK crowdfunding rules evaluate financial sophistication versus US wealth accreditation rules.11:18–16:19 · Guest disagreement 0/10 Marketplace Dynamics and VC Collaboration Harry poses strategic questions on whether equity crowdfunding will replace or complement venture capital. Erin explains the sympathetic VC-crowd relationship and cites Bain research on customer-owner loyalty benefits.16:21–18:43 · Guest disagreement 1/10 Navigating Regulatory Delays and the Betaworks Studio Advantage Harry playfully pushes back on Erin's claim that NYC is the financial capital of the world, asserting London's rival claim. Harry also presses her on contingency plans if SEC regulations fall through.18:45–22:15 · Guest disagreement 0/10 Leadership Evolution and Comparing SF vs. NYC Startup Ecosystems Harry asks a multi-part question comparing SF to NYC startup ecosystems and her leadership growth. Erin explains why NYC hosts a higher proportion of female tech founders due to crossover from traditional executive sectors.22:15–24:10 · Guest disagreement 2/10 Quickfire Round During the quickfire round, Erin resists picking a single favorite portfolio company. Harry playfully insists that other VCs manage to choose, prompting her to list three top picks.2:15–4:25 · Harry pushing back 0/10 Erin Glenn's Journey from Kid Entrepreneur to Quire CEO Harry asks open-ended conversational questions to establish Erin's background as a child entrepreneur and her journey through consulting, banking, and joining Betaworks. The dynamic is extremely warm, collaborative, and conversational.4:26–7:49 · Harry pushing back 1/10 How Quire Works and the Impact of SEC Title III Regulations Harry asks informed questions regarding SEC Title III delays and foreign regulatory barriers. Erin educates the host on the SEC's rationale regarding retail investor protection risks and platform vetting obligations.7:50–11:15 · Harry pushing back 0/10 Quire and Mattermark Diversity Study Key Findings Harry references the Quire-Mattermark investor diversity study. Erin highlights key metrics on gender, diversity, and how UK crowdfunding rules evaluate financial sophistication versus US wealth accreditation rules.11:18–16:19 · Harry pushing back 1/10 Marketplace Dynamics and VC Collaboration Harry poses strategic questions on whether equity crowdfunding will replace or complement venture capital. Erin explains the sympathetic VC-crowd relationship and cites Bain research on customer-owner loyalty benefits.16:21–18:43 · Harry pushing back 3/10 Navigating Regulatory Delays and the Betaworks Studio Advantage Harry playfully pushes back on Erin's claim that NYC is the financial capital of the world, asserting London's rival claim. Harry also presses her on contingency plans if SEC regulations fall through.18:45–22:15 · Harry pushing back 0/10 Leadership Evolution and Comparing SF vs. NYC Startup Ecosystems Harry asks a multi-part question comparing SF to NYC startup ecosystems and her leadership growth. Erin explains why NYC hosts a higher proportion of female tech founders due to crossover from traditional executive sectors.22:15–24:10 · Harry pushing back 3/10 Quickfire Round During the quickfire round, Erin resists picking a single favorite portfolio company. Harry playfully insists that other VCs manage to choose, prompting her to list three top picks.

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

0:00 · Harry 91.9% · guest 8.1%0:00 · Harry 91.9% · guest 8.1%3:00 · Harry 17.4% · guest 82.6%3:00 · Harry 17.4% · guest 82.6%6:00 · Harry 30.7% · guest 69.3%6:00 · Harry 30.7% · guest 69.3%9:00 · Harry 9.3% · guest 90.7%9:00 · Harry 9.3% · guest 90.7%12:00 · Harry 33.5% · guest 66.5%12:00 · Harry 33.5% · guest 66.5%15:00 · Harry 24.6% · guest 75.4%15:00 · Harry 24.6% · guest 75.4%18:00 · Harry 12.9% · guest 87.1%18:00 · Harry 12.9% · guest 87.1%21:00 · Harry 20.6% · guest 79.4%21:00 · Harry 20.6% · guest 79.4%24:00 · Harry 89.9% · guest 10.1%24:00 · Harry 89.9% · guest 10.1%
Sharpest disagreement ▶ 23:09 Playful pushback on portfolio favorites

Erin gently resists Harry's prompt to name a single favorite portfolio company, asking how she could possibly pick just one.

 Hardest push from Harry ▶ 17:22 Challenging the financial capital claim

Harry interrupts Erin's statement about NYC being the financial capital of the world to jokingly assert London's competing status.

 Biggest teaching moment ▶ 9:30 UK vs US accreditation sophistication standards

Erin educates the host on how UK crowdfunding regulations evaluate investor financial literacy rather than strict US income and net-worth thresholds.

 Harry holds his own ▶ 17:22 London vs New York financial dominance

Harry leverages his UK background to challenge Erin's characterization of New York City as the sole financial capital of the world.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Erin Glenn's Journey from Kid Entrepreneur to Quire CEO 1100 Harry asks open-ended conversational questions to establish Erin's background as a child entrepreneur and her journey through consulting, banking, and joining Betaworks. The dynamic is extremely warm, collaborative, and conversational.
How Quire Works and the Impact of SEC Title III Regulations 3301 Harry asks informed questions regarding SEC Title III delays and foreign regulatory barriers. Erin educates the host on the SEC's rationale regarding retail investor protection risks and platform vetting obligations.
Quire and Mattermark Diversity Study Key Findings 2300 Harry references the Quire-Mattermark investor diversity study. Erin highlights key metrics on gender, diversity, and how UK crowdfunding rules evaluate financial sophistication versus US wealth accreditation rules.
Marketplace Dynamics and VC Collaboration 3301 Harry poses strategic questions on whether equity crowdfunding will replace or complement venture capital. Erin explains the sympathetic VC-crowd relationship and cites Bain research on customer-owner loyalty benefits.
Navigating Regulatory Delays and the Betaworks Studio Advantage 3213 Harry playfully pushes back on Erin's claim that NYC is the financial capital of the world, asserting London's rival claim. Harry also presses her on contingency plans if SEC regulations fall through.
Leadership Evolution and Comparing SF vs. NYC Startup Ecosystems 2300 Harry asks a multi-part question comparing SF to NYC startup ecosystems and her leadership growth. Erin explains why NYC hosts a higher proportion of female tech founders due to crossover from traditional executive sectors.
Quickfire Round 1123 During the quickfire round, Erin resists picking a single favorite portfolio company. Harry playfully insists that other VCs manage to choose, prompting her to list three top picks.

Statements from this episode (8)

Assertion Supported
Stebbings: Quire raised $275K in equity crowdfunding for Gimlet Media
“Choir actually featured on Alex Bloomberg's startup, as Choir raised 275,000 dollars for Gimlet Media.”
Harry Stebbings Dec 4, 2015 ▶ 1:10
Assertion Contradicted
Glenn: Only 3% of US households qualify as accredited investors
“Despite the accreditation limits and the fact that only three percent of American households can invest, it is an approachable amount that makes it easy to support founders and then will support larger investments.”
Erin Glenn Dec 4, 2015 ▶ 5:01
Assertion Contradicted
Glenn: Women represented 22% of Quire and Mattermark survey respondents
“And even with that high percentage, women still only made up 22% of our respondents.”
Erin Glenn Dec 4, 2015 ▶ 8:48
Assertion Supported
Glenn: Only 2% of VC decision makers are Latino or Black
“You know, only two points of decision makers at VC firms are Latino or African American.”
Erin Glenn Dec 4, 2015 ▶ 9:01
Opinion
Glenn: Title III equity crowdfunding is transformative for US small businesses
“Like, we think Title III is transformative not just for tech startups, but also for the broader small and medium-sized businesses, you know, across the United States.”
Erin Glenn Dec 4, 2015 ▶ 10:49
Prediction Not checkable as stated
Glenn: Equity crowdfunding will complement venture capital, not displace it
“I think it's going to be a sympathetic relationship. You know, there are instances when companies need 50, a 102 hundred, fifty million dollars to grow in scale, and the crowd is never going to provide that capital, and I think VCs provide important seats at t…”
Erin Glenn Dec 4, 2015 ▶ 12:32
Assertion Supported
Glenn: Bain study shows customer-owners spend more and have higher loyalty
“There was a study done a while back by Bain that shows customers who are owners of the business spend more, they refer more, they talk about the business more, and they're more loyal.”
Erin Glenn Dec 4, 2015 ▶ 15:58
Assertion Not publicly verifiable
Glenn: New York has significantly more female founders than San Francisco
“And then there's, there are many more female founders in New York.”
Erin Glenn Dec 4, 2015 ▶ 21:35
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