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Apr 20, 2016 · 27m · 20vc

20VC: The Rise Of The Celebrity VC & The Pros and Cons Of Staying Private with Logan Bartlett @ Battery Ventures

Logan Bartlett · 17m spoken Harry Stebbings · 8m spoken
0:00 / 0:00

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Host Harry Stebbings interviews Logan Bartlett of Battery Ventures on The 20 Minute VC to discuss career progression in venture capital, personal versus firm branding, proactive deal sourcing, and current market dynamics surrounding private company lifecycles.

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 33.9% of the talking time here. How this is scored →

Harry as informed peer 3.2 Guest teaching 2.0 Guest disagreement 0.8 Harry pushing back 2.0
05100:0010:0020:002:27–4:39 · Harry as informed peer 1/10 Logan Bartlett's Journey into Venture Capital Harry introduces Logan and asks an open-ended question about his background entering venture capital. Logan provides a candid, self-deprecating overview of his career path from banking to Battery Ventures without friction.4:39–7:58 · Harry as informed peer 3/10 Building Personal and Firm Brands in VC Harry brings up prominent industry examples like Mark Suster to discuss personal branding versus firm branding. Logan responds thoughtfully, emphasizing authenticity while contrasting boutique firm anonymity with Battery's established reputation.7:58–12:59 · Harry as informed peer 4/10 Deal Sourcing Strategies and Outbound Prospecting Harry references investor Paige Craig and probes Logan on deal sourcing and outbound prospecting. Harry offers a mild challenge, asking if publicly stating strong market theses could deter founders from reaching out, which Logan politely addresses.12:59–15:57 · Harry as informed peer 3/10 Startup Evaluation Frameworks and Developing Pattern Recognition Harry inquires about specific SaaS metrics and developing pattern recognition as a newer investor. Logan outlines his structured 'ones of stages' evaluation framework and discusses learning through reading and partner osmosis.15:57–20:34 · Harry as informed peer 6/10 Venture Capital Market Dynamics and Private Market Liquidity Harry demonstrates strong background research by citing a specific slide from Logan's past presentation and directly challenging his claim that late-stage non-traditional capital is a win-win. Logan concedes his thinking has evolved and breaks down both positive and negative market impacts.20:34–24:50 · Harry as informed peer 2/10 Quick Fire Round with Logan Bartlett Harry conducts a quick-fire round touching on books, investor FOMO, and recent deals. The dynamic is friendly, fast-paced, and cooperative throughout.2:27–4:39 · Guest teaching 1/10 Logan Bartlett's Journey into Venture Capital Harry introduces Logan and asks an open-ended question about his background entering venture capital. Logan provides a candid, self-deprecating overview of his career path from banking to Battery Ventures without friction.4:39–7:58 · Guest teaching 2/10 Building Personal and Firm Brands in VC Harry brings up prominent industry examples like Mark Suster to discuss personal branding versus firm branding. Logan responds thoughtfully, emphasizing authenticity while contrasting boutique firm anonymity with Battery's established reputation.7:58–12:59 · Guest teaching 2/10 Deal Sourcing Strategies and Outbound Prospecting Harry references investor Paige Craig and probes Logan on deal sourcing and outbound prospecting. Harry offers a mild challenge, asking if publicly stating strong market theses could deter founders from reaching out, which Logan politely addresses.12:59–15:57 · Guest teaching 3/10 Startup Evaluation Frameworks and Developing Pattern Recognition Harry inquires about specific SaaS metrics and developing pattern recognition as a newer investor. Logan outlines his structured 'ones of stages' evaluation framework and discusses learning through reading and partner osmosis.15:57–20:34 · Guest teaching 3/10 Venture Capital Market Dynamics and Private Market Liquidity Harry demonstrates strong background research by citing a specific slide from Logan's past presentation and directly challenging his claim that late-stage non-traditional capital is a win-win. Logan concedes his thinking has evolved and breaks down both positive and negative market impacts.20:34–24:50 · Guest teaching 1/10 Quick Fire Round with Logan Bartlett Harry conducts a quick-fire round touching on books, investor FOMO, and recent deals. The dynamic is friendly, fast-paced, and cooperative throughout.2:27–4:39 · Guest disagreement 0/10 Logan Bartlett's Journey into Venture Capital Harry introduces Logan and asks an open-ended question about his background entering venture capital. Logan provides a candid, self-deprecating overview of his career path from banking to Battery Ventures without friction.4:39–7:58 · Guest disagreement 1/10 Building Personal and Firm Brands in VC Harry brings up prominent industry examples like Mark Suster to discuss personal branding versus firm branding. Logan responds thoughtfully, emphasizing authenticity while contrasting boutique firm anonymity with Battery's established reputation.7:58–12:59 · Guest disagreement 1/10 Deal Sourcing Strategies and Outbound Prospecting Harry references investor Paige Craig and probes Logan on deal sourcing and outbound prospecting. Harry offers a mild challenge, asking if publicly stating strong market theses could deter founders from reaching out, which Logan politely addresses.12:59–15:57 · Guest disagreement 1/10 Startup Evaluation Frameworks and Developing Pattern Recognition Harry inquires about specific SaaS metrics and developing pattern recognition as a newer investor. Logan outlines his structured 'ones of stages' evaluation framework and discusses learning through reading and partner osmosis.15:57–20:34 · Guest disagreement 2/10 Venture Capital Market Dynamics and Private Market Liquidity Harry demonstrates strong background research by citing a specific slide from Logan's past presentation and directly challenging his claim that late-stage non-traditional capital is a win-win. Logan concedes his thinking has evolved and breaks down both positive and negative market impacts.20:34–24:50 · Guest disagreement 0/10 Quick Fire Round with Logan Bartlett Harry conducts a quick-fire round touching on books, investor FOMO, and recent deals. The dynamic is friendly, fast-paced, and cooperative throughout.2:27–4:39 · Harry pushing back 0/10 Logan Bartlett's Journey into Venture Capital Harry introduces Logan and asks an open-ended question about his background entering venture capital. Logan provides a candid, self-deprecating overview of his career path from banking to Battery Ventures without friction.4:39–7:58 · Harry pushing back 1/10 Building Personal and Firm Brands in VC Harry brings up prominent industry examples like Mark Suster to discuss personal branding versus firm branding. Logan responds thoughtfully, emphasizing authenticity while contrasting boutique firm anonymity with Battery's established reputation.7:58–12:59 · Harry pushing back 3/10 Deal Sourcing Strategies and Outbound Prospecting Harry references investor Paige Craig and probes Logan on deal sourcing and outbound prospecting. Harry offers a mild challenge, asking if publicly stating strong market theses could deter founders from reaching out, which Logan politely addresses.12:59–15:57 · Harry pushing back 1/10 Startup Evaluation Frameworks and Developing Pattern Recognition Harry inquires about specific SaaS metrics and developing pattern recognition as a newer investor. Logan outlines his structured 'ones of stages' evaluation framework and discusses learning through reading and partner osmosis.15:57–20:34 · Harry pushing back 6/10 Venture Capital Market Dynamics and Private Market Liquidity Harry demonstrates strong background research by citing a specific slide from Logan's past presentation and directly challenging his claim that late-stage non-traditional capital is a win-win. Logan concedes his thinking has evolved and breaks down both positive and negative market impacts.20:34–24:50 · Harry pushing back 1/10 Quick Fire Round with Logan Bartlett Harry conducts a quick-fire round touching on books, investor FOMO, and recent deals. The dynamic is friendly, fast-paced, and cooperative throughout.

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

0:00 · Harry 95.1% · guest 4.9%0:00 · Harry 95.1% · guest 4.9%3:00 · Harry 10.8% · guest 89.2%3:00 · Harry 10.8% · guest 89.2%6:00 · Harry 26.6% · guest 73.4%6:00 · Harry 26.6% · guest 73.4%9:00 · Harry 26.7% · guest 73.3%9:00 · Harry 26.7% · guest 73.3%12:00 · Harry 18.9% · guest 81.1%12:00 · Harry 18.9% · guest 81.1%15:00 · Harry 21.3% · guest 78.7%15:00 · Harry 21.3% · guest 78.7%18:00 · Harry 22.3% · guest 77.7%18:00 · Harry 22.3% · guest 77.7%21:00 · Harry 13.4% · guest 86.6%21:00 · Harry 13.4% · guest 86.6%24:00 · Harry 68.7% · guest 31.3%24:00 · Harry 68.7% · guest 31.3%27:00 · Harry 100% · guest 0%27:00 · Harry 100% · guest 0%
Sharpest disagreement ▶ 19:04 Logan re-evaluating his previous thesis on late-stage investors

When challenged on his previous presentation, Logan reframes his stance by admitting his perspective has evolved as private market dynamics have played out.

 Hardest push from Harry ▶ 18:34 Harry directly questioning Logan's 'win-win' slide

Harry refuses the guest's former framing, explicitly calling out a past slide and arguing that non-traditional late-stage capital inflates valuations and prices out traditional VCs.

 Biggest teaching moment ▶ 13:24 Logan explaining the 'ones of stages' framework

Logan provides a clear conceptual framework around $1M ARR milestones, educating the host on how Battery categorizes growth progression beyond basic ARR metrics.

 Harry holds his own ▶ 18:34 Harry demonstrating deep research on guest presentations

Harry showcases impressive preparation and expertise by citing Logan's prior Mattermark slide and challenging its underlying economic logic.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Logan Bartlett's Journey into Venture Capital 1100 Harry introduces Logan and asks an open-ended question about his background entering venture capital. Logan provides a candid, self-deprecating overview of his career path from banking to Battery Ventures without friction.
Building Personal and Firm Brands in VC 3211 Harry brings up prominent industry examples like Mark Suster to discuss personal branding versus firm branding. Logan responds thoughtfully, emphasizing authenticity while contrasting boutique firm anonymity with Battery's established reputation.
Deal Sourcing Strategies and Outbound Prospecting 4213 Harry references investor Paige Craig and probes Logan on deal sourcing and outbound prospecting. Harry offers a mild challenge, asking if publicly stating strong market theses could deter founders from reaching out, which Logan politely addresses.
Startup Evaluation Frameworks and Developing Pattern Recognition 3311 Harry inquires about specific SaaS metrics and developing pattern recognition as a newer investor. Logan outlines his structured 'ones of stages' evaluation framework and discusses learning through reading and partner osmosis.
Venture Capital Market Dynamics and Private Market Liquidity 6326 Harry demonstrates strong background research by citing a specific slide from Logan's past presentation and directly challenging his claim that late-stage non-traditional capital is a win-win. Logan concedes his thinking has evolved and breaks down both positive and negative market impacts.
Quick Fire Round with Logan Bartlett 2101 Harry conducts a quick-fire round touching on books, investor FOMO, and recent deals. The dynamic is friendly, fast-paced, and cooperative throughout.

Statements from this episode (7)

Opinion
Bartlett: Celebrity VCs prioritize personal brand over actual investing
“For the first time, it seems like there is more celebrity there are celebrity VCs to some extent, where the personality is first and foremost, and then the investment is secondary to that.”
Logan Bartlett Apr 20, 2016 ▶ 6:39
Insight
Bartlett: VC branding is a tool for founder self-selection
“I sort of view the branding aspect of it as a means to have people kind of self-select into the right person to work with and the right partner that they want to have for their business. But it's not a means to an end in and of itself.”
Logan Bartlett Apr 20, 2016 ▶ 7:09
Insight
Bartlett: The 'ones' framework for evaluating B2B startup growth stages
“I sort of think about it as the ones of stages, and so there's the one million in ARR standpoint, there's the one million that you're adding a quarter, and then there's the one million that you're adding a month, and so those are three different points in time…”
Logan Bartlett Apr 20, 2016 ▶ 13:32
Insight
Bartlett: Market compression is funding startups that were previously unfundable
“At the end of the day, that kind of creates two different areas that are compressing into a single one. And so it does lead to a lot more funding of companies that maybe four or five years ago wouldn't have gotten funding.”
Logan Bartlett Apr 20, 2016 ▶ 18:19
Prediction Held up
Bartlett predicts the tech IPO drought will end by late 2016
“I'm optimistic over the course of the next six months or so this drought that we've had over the last quarter in companies going public. I think we're going to see that short itself up,”
Logan Bartlett Apr 20, 2016 ▶ 20:03
Assertion Not checkable as stated
Bartlett: Just 10 deals drive 97% of annual venture capital returns
“At the end of the day, 2000 companies in a given year will get funded from venture investors and 200 of those will probably be done by firms that, that We would consider peers of ours and quality investors. And at the end of the day, 10, 10 of those will drive…”
Logan Bartlett Apr 20, 2016 ▶ 21:29
Insight
Bartlett: Pitching executive recruits is a VC's most important value add
“The board and the C-suite executives, you know, at the end of the day are kind of recruiting arms and chief evangelists for the company. And so I think the biggest value add that, that a VC can have is just being able to look either other independent board dir…”
Logan Bartlett Apr 20, 2016 ▶ 23:18
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