StarZero All shows Try the podcast clipper →

Dec 28, 2015 · 29m · 20vc

20 VC: The Ultimate Guide To Marketplaces with Boris Wertz, Founding Partner @ Version One Ventures

Boris Wertz · 19m spoken Harry Stebbings · 7m 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 Twenty Minute VC, host Harry Stebbings interviews Boris Wertz, Founding Partner at Version One Ventures, about his journey from marketplace founder to venture capitalist and the fundamental mechanics of building multi-sided platforms. Wertz shares strategic insights on solving the cold-start problem, evaluating venture-scale opportunities, scaling operational infrastructure, and identifying future marketplace trends.

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 27.9% of the talking time here. How this is scored →

Harry as informed peer 2.8 Guest teaching 2.7 Guest disagreement 0.3 Harry pushing back 0.7
05100:0010:0020:003:09–5:10 · Harry as informed peer 1/10 Boris Wertz's Journey from Founder to Venture Capitalist Harry asks a standard open-ended background question about Boris's transition from founder to VC. Boris gives a clear, friendly narrative of his career leading up to Version One Ventures without any friction or debate.5:10–9:24 · Harry as informed peer 2/10 The Power and Re-Emergence of the Marketplace Model Harry prompts Boris to explain the underlying mechanics and modern re-emergence of marketplaces. Boris delivers a structured explanation covering verticalization, mobile-first hyperlocal use cases, and on-demand services.9:24–12:03 · Harry as informed peer 2/10 Insights from Version One's Marketplace Guide Harry praises Version One's marketplace guide and asks what motivated the book. Boris explains their philosophy around writing to learn, supporting the founder ecosystem, and clarifying their investment thesis.12:03–19:00 · Harry as informed peer 5/10 Evaluating Market Opportunities and Solving the Cold-Start Problem Harry shows strong preparation by asking about market selection, niche unbundling, and citing specific case studies from Version One's book. Boris provides insightful frameworks on monogamous versus transactional user relationships and hotspot liquidity.19:00–23:50 · Harry as informed peer 4/10 Scaling Challenges, Ecosystem Building, and Future Horizons Harry actively interrupts to clarify Boris's definition of on-demand platforms using DoorDash as an example. Boris accepts the clarification and elaborates on scaling, power sellers, and decentralized blockchain marketplaces.23:50–28:07 · Harry as informed peer 3/10 Quick Fire Round: VC Metrics, Books, and Recent Investments Harry conducts a rapid-fire question round on VC metrics, books, and sector hypes. Boris offers sharp takes, calling 'Uber for X' overhyped while defining critical marketplace metrics like Gross Merchandise Sales and take rate.3:09–5:10 · Guest teaching 1/10 Boris Wertz's Journey from Founder to Venture Capitalist Harry asks a standard open-ended background question about Boris's transition from founder to VC. Boris gives a clear, friendly narrative of his career leading up to Version One Ventures without any friction or debate.5:10–9:24 · Guest teaching 3/10 The Power and Re-Emergence of the Marketplace Model Harry prompts Boris to explain the underlying mechanics and modern re-emergence of marketplaces. Boris delivers a structured explanation covering verticalization, mobile-first hyperlocal use cases, and on-demand services.9:24–12:03 · Guest teaching 2/10 Insights from Version One's Marketplace Guide Harry praises Version One's marketplace guide and asks what motivated the book. Boris explains their philosophy around writing to learn, supporting the founder ecosystem, and clarifying their investment thesis.12:03–19:00 · Guest teaching 4/10 Evaluating Market Opportunities and Solving the Cold-Start Problem Harry shows strong preparation by asking about market selection, niche unbundling, and citing specific case studies from Version One's book. Boris provides insightful frameworks on monogamous versus transactional user relationships and hotspot liquidity.19:00–23:50 · Guest teaching 4/10 Scaling Challenges, Ecosystem Building, and Future Horizons Harry actively interrupts to clarify Boris's definition of on-demand platforms using DoorDash as an example. Boris accepts the clarification and elaborates on scaling, power sellers, and decentralized blockchain marketplaces.23:50–28:07 · Guest teaching 2/10 Quick Fire Round: VC Metrics, Books, and Recent Investments Harry conducts a rapid-fire question round on VC metrics, books, and sector hypes. Boris offers sharp takes, calling 'Uber for X' overhyped while defining critical marketplace metrics like Gross Merchandise Sales and take rate.3:09–5:10 · Guest disagreement 0/10 Boris Wertz's Journey from Founder to Venture Capitalist Harry asks a standard open-ended background question about Boris's transition from founder to VC. Boris gives a clear, friendly narrative of his career leading up to Version One Ventures without any friction or debate.5:10–9:24 · Guest disagreement 0/10 The Power and Re-Emergence of the Marketplace Model Harry prompts Boris to explain the underlying mechanics and modern re-emergence of marketplaces. Boris delivers a structured explanation covering verticalization, mobile-first hyperlocal use cases, and on-demand services.9:24–12:03 · Guest disagreement 0/10 Insights from Version One's Marketplace Guide Harry praises Version One's marketplace guide and asks what motivated the book. Boris explains their philosophy around writing to learn, supporting the founder ecosystem, and clarifying their investment thesis.12:03–19:00 · Guest disagreement 1/10 Evaluating Market Opportunities and Solving the Cold-Start Problem Harry shows strong preparation by asking about market selection, niche unbundling, and citing specific case studies from Version One's book. Boris provides insightful frameworks on monogamous versus transactional user relationships and hotspot liquidity.19:00–23:50 · Guest disagreement 0/10 Scaling Challenges, Ecosystem Building, and Future Horizons Harry actively interrupts to clarify Boris's definition of on-demand platforms using DoorDash as an example. Boris accepts the clarification and elaborates on scaling, power sellers, and decentralized blockchain marketplaces.23:50–28:07 · Guest disagreement 1/10 Quick Fire Round: VC Metrics, Books, and Recent Investments Harry conducts a rapid-fire question round on VC metrics, books, and sector hypes. Boris offers sharp takes, calling 'Uber for X' overhyped while defining critical marketplace metrics like Gross Merchandise Sales and take rate.3:09–5:10 · Harry pushing back 0/10 Boris Wertz's Journey from Founder to Venture Capitalist Harry asks a standard open-ended background question about Boris's transition from founder to VC. Boris gives a clear, friendly narrative of his career leading up to Version One Ventures without any friction or debate.5:10–9:24 · Harry pushing back 0/10 The Power and Re-Emergence of the Marketplace Model Harry prompts Boris to explain the underlying mechanics and modern re-emergence of marketplaces. Boris delivers a structured explanation covering verticalization, mobile-first hyperlocal use cases, and on-demand services.9:24–12:03 · Harry pushing back 0/10 Insights from Version One's Marketplace Guide Harry praises Version One's marketplace guide and asks what motivated the book. Boris explains their philosophy around writing to learn, supporting the founder ecosystem, and clarifying their investment thesis.12:03–19:00 · Harry pushing back 2/10 Evaluating Market Opportunities and Solving the Cold-Start Problem Harry shows strong preparation by asking about market selection, niche unbundling, and citing specific case studies from Version One's book. Boris provides insightful frameworks on monogamous versus transactional user relationships and hotspot liquidity.19:00–23:50 · Harry pushing back 2/10 Scaling Challenges, Ecosystem Building, and Future Horizons Harry actively interrupts to clarify Boris's definition of on-demand platforms using DoorDash as an example. Boris accepts the clarification and elaborates on scaling, power sellers, and decentralized blockchain marketplaces.23:50–28:07 · Harry pushing back 0/10 Quick Fire Round: VC Metrics, Books, and Recent Investments Harry conducts a rapid-fire question round on VC metrics, books, and sector hypes. Boris offers sharp takes, calling 'Uber for X' overhyped while defining critical marketplace metrics like Gross Merchandise Sales and take rate.

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

0:00 · Harry 100% · guest 0%0:00 · Harry 100% · guest 0%3:00 · Harry 29.9% · guest 70.1%3:00 · Harry 29.9% · guest 70.1%6:00 · Harry 6.2% · guest 93.8%6:00 · Harry 6.2% · guest 93.8%9:00 · Harry 15% · guest 85%9:00 · Harry 15% · guest 85%12:00 · Harry 16.8% · guest 83.2%12:00 · Harry 16.8% · guest 83.2%15:00 · Harry 13.5% · guest 86.5%15:00 · Harry 13.5% · guest 86.5%18:00 · Harry 13.6% · guest 86.4%18:00 · Harry 13.6% · guest 86.4%21:00 · Harry 18.6% · guest 81.4%21:00 · Harry 18.6% · guest 81.4%24:00 · Harry 8.4% · guest 91.6%24:00 · Harry 8.4% · guest 91.6%27:00 · Harry 60.7% · guest 39.3%27:00 · Harry 60.7% · guest 39.3%
Sharpest disagreement ▶ 25:08 Dismissing 'Uber for X' Hype

Boris offers a contrarian critique of the tech industry's obsession with 'Uber for X' pitches, arguing that founders blindly copy the label without understanding why Uber actually succeeded.

 Hardest push from Harry ▶ 22:08 Clarifying On-Demand Scope

Harry interrupts Boris mid-thought to challenge and specify his broad use of 'on-demand', asking whether he specifically means service and product integration like DoorDash.

 Biggest teaching moment ▶ 13:00 Monogamous vs. Transactional Relationships Framework

Boris educates Harry on core marketplace dynamics by distinguishing between monogamous services (like doctors or cleaners) where users bypass platforms and transactional services (like ride-hailing) where marketplaces thrive.

 Harry holds his own ▶ 18:25 Citing Airbnb NYC Case Study from Book

Harry demonstrates deep subject familiarity and thorough preparation by directly citing a specific case study from Version One's e-book regarding Airbnb's focus on NYC high-value rentals.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Boris Wertz's Journey from Founder to Venture Capitalist 1100 Harry asks a standard open-ended background question about Boris's transition from founder to VC. Boris gives a clear, friendly narrative of his career leading up to Version One Ventures without any friction or debate.
The Power and Re-Emergence of the Marketplace Model 2300 Harry prompts Boris to explain the underlying mechanics and modern re-emergence of marketplaces. Boris delivers a structured explanation covering verticalization, mobile-first hyperlocal use cases, and on-demand services.
Insights from Version One's Marketplace Guide 2200 Harry praises Version One's marketplace guide and asks what motivated the book. Boris explains their philosophy around writing to learn, supporting the founder ecosystem, and clarifying their investment thesis.
Evaluating Market Opportunities and Solving the Cold-Start Problem 5412 Harry shows strong preparation by asking about market selection, niche unbundling, and citing specific case studies from Version One's book. Boris provides insightful frameworks on monogamous versus transactional user relationships and hotspot liquidity.
Scaling Challenges, Ecosystem Building, and Future Horizons 4402 Harry actively interrupts to clarify Boris's definition of on-demand platforms using DoorDash as an example. Boris accepts the clarification and elaborates on scaling, power sellers, and decentralized blockchain marketplaces.
Quick Fire Round: VC Metrics, Books, and Recent Investments 3210 Harry conducts a rapid-fire question round on VC metrics, books, and sector hypes. Boris offers sharp takes, calling 'Uber for X' overhyped while defining critical marketplace metrics like Gross Merchandise Sales and take rate.

Statements from this episode (9)

Disclosure
Version One Ventures invests from a $35M second early-stage fund
“Fund one was an eighty million dollar fund, and currently we're investing out of our second fund which is a thirty-five million dollar early stage fund.”
Boris Wertz Dec 28, 2015 ▶ 5:03
Insight
Wertz: Content strategy forces VC learning and efficiently educates founders
“You know, when we put out content either in the form of blog posts or kind of a book like that, we're always thinking about three things. The first one is by writing content and thinking through a specific question that we have in our head. We learn a lot. And…”
Boris Wertz Dec 28, 2015 ▶ 10:03
Insight
Wertz: Transactional buyer-seller relationships make marketplaces easier to scale
“And it's much easier to build up a big marketplace if you have A transactional relationship in, in between buyers and sellers.”
Boris Wertz Dec 28, 2015 ▶ 13:46
Insight
Wertz: VCs require startups to scale to $100M revenue in 5-7 years
“When we look at those opportunities through the lens of a Venture capitalists that needs to make a certain return for their fund and hence kind of has a requirement in, in, in, in, to invest in companies that can scale to, you know, a hundred million dollars i…”
Boris Wertz Dec 28, 2015 ▶ 14:41
Insight
Wertz: Early-stage marketplaces must almost always focus first on supply
“Ultimately you usually always have to start with supply and kind of getting something onto the platform that key people can buy.”
Boris Wertz Dec 28, 2015 ▶ 16:15
Assertion Supported
Wertz: Uber seeded supply by paying idle drivers in new cities
“Uber has done a very good job whenever they launch a city to initially pay their drivers to kind of drive around idle just to have inventory and be quick to pick up the next passenger once there's an order coming in.”
Boris Wertz Dec 28, 2015 ▶ 16:55
Insight
Wertz: Marketplace scale is driven primarily by power sellers, not hobbyists
“You see in almost every marketplace that they usually start out on the supply side with very small sellers, hobby sellers, or people that only put a little bit of their inventory onto the marketplace. Over time, like, most of the development and the scale of t…”
Boris Wertz Dec 28, 2015 ▶ 19:53
Opinion
Wertz: On-demand 'Uber for X' startup business models are overhyped
“As much as we're excited about on demand I think it's also a little bit overhyped. At some stage, you know, kind of people said kind of, I'm going to create the Uber for X, for vertical X. So there was a lot of this on demand for here, Uber for X et cetera. I …”
Boris Wertz Dec 28, 2015 ▶ 25:08
Insight
Wertz: Gross merchandise sales and take rate define marketplace potential
“I think gross merchandise sales and take rate. I mean, gross merchandise sales being kind of the top line kind of what is the volume you're creating for your marketplace and then take rate is what do you take out of that? I mean, what are your revenues relativ…”
Boris Wertz Dec 28, 2015 ▶ 26:32
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