Dec 21, 2015 · 27m · 20vc
20 VC: Running Lerer Hippeau Ventures Like A Startup with Eric Hippeau, Managing Partner @ Lerer Hippeau Ventures
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 Eric Hippeau, Managing Partner at Lerer Hippeau Ventures, discussing his transition from media executive to venture capitalist, LHV's seed-stage investment strategy in New York, and the evolution of digital media.
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 24% of the talking time here. How this is scored →
speaking balance: gold is Harry, purple is the guest (3 minute bins)
When Harry asks if disappearing ad dollars are a major concern, Eric directly refutes the premise, stating ad dollars are not disappearing but rather shifting rapidly from TV to digital video.
Hardest push from Harry ▶ 7:32 Harry presses on VC advice enforcementHarry refuses to accept a generic answer on founder advisory, pressing Eric on exactly how far a VC should push their advice when they strongly believe in a direction.
Biggest teaching moment ▶ 19:46 Eric re-educates on long-form journalism historyEric reframes Harry's concern about dying long-form journalism by educating him that long-form content never had a mass audience historically and actually reaches larger audiences today due to digital scale.
Harry holds his own ▶ 15:43 Harry names specific NY seed fundsHarry demonstrates strong industry knowledge by specifically calling out active NY seed funds and founders like Ed Sim at Boldstart, FF, and Brooklyn Bridge to contextualize the local market.
the scores for every segment, with the reasoning behind each
| Chapter | Topic | Harry as informed peer | Guest teaching | Guest disagreement | Harry pushing back | Why |
|---|---|---|---|---|---|---|
| Eric Hippeau's Background in Media and Technology | 1 | 2 | 0 | 0 | Harry asks a broad opening question about Eric's entry into technology and venture capital. Eric provides a detailed history of Ziff Davis, SoftBank, and early investments in Yahoo. | |
| Comparing the Roles of Operator and Venture Capitalist | 3 | 3 | 1 | 2 | Harry asks insightful follow-ups regarding the transition between operator and VC roles, specifically asking how hard a VC should press advice on founders. Eric explains the constraints of being a minority shareholder and taking long-term perspectives. | |
| Running Lerer Hippeau Ventures Like a Startup | 2 | 2 | 0 | 0 | Harry asks whether Eric views LHV as a startup itself and what drove its early success. Eric explains LHV's early fund economics and strict focus on NY seed investments. | |
| Operational Support and Platform Resources at LHV | 1 | 3 | 0 | 0 | Harry asks about the specific value-add seed investors offer. Eric breaks down LHV's two-tiered support system, including its proprietary technology platform and custom advisory plans. | |
| Common Challenges Faced by Early-Stage Startups | 4 | 2 | 0 | 0 | Harry demonstrates solid knowledge of the local landscape by citing prominent NY seed funds like Boldstart and Brooklyn Bridge. Eric discusses SaaS market sizing and the collaborative nature of NY venture. | |
| Elements of an Exceptional Pitch | 2 | 3 | 2 | 0 | Harry asks Eric to single out the best pitch he has ever seen. Eric politely declines to pick one, reframing the question to outline LHV's core evaluation criteria. | |
| Evolution of Media and Journalism | 3 | 5 | 3 | 1 | Harry raises industry premises around dying long-form journalism and disappearing ad dollars. Eric refutes both premises, explaining media unit economics and digital ad migration from television. | |
| Quickfire Round | 2 | 2 | 3 | 1 | In the quickfire round, Harry asks direct questions about Yahoo and top VCs. Eric gives candid, sharp responses, flatly answering 'Of course not' regarding keeping Marissa Mayer. |