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Sep 28, 2016 · 27m · 20vc

20VC: Dave Morin on Why Building A Fund Is Like A Company, Why Venture Is A Craft & The Journey To Establish Slow Ventures

Dave Morin · 18m 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 20 Minute VC, host Harry Stebbings interviews Dave Morin, co-founder of Slow Ventures, about his transition from tech operator to investor. Morin shares the core philosophy behind Slow Ventures, the process of scaling an institutional venture fund, and his perspectives on long-term value creation, media, and life.

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 30.6% of the talking time here. How this is scored →

Harry as informed peer 2.3 Guest teaching 2.7 Guest disagreement 0.3 Harry pushing back 0.2
05100:0010:0020:002:55–7:03 · Harry as informed peer 2/10 Dave Morin's Transition from Tech Operator to Investor Harry asks open-ended questions about Dave's transition from Facebook operator to angel investor and fund founder. Dave reflects on building muscle memory in venture capital and offers warm praise regarding Harry's entrepreneurial nature.7:03–12:25 · Harry as informed peer 2/10 Long-Term Value Creation vs. Fast Flips Dave explains the rationale behind naming Slow Ventures, contrasting fast-flip hackathon hype with long-term value creation and slow food principles. The interaction remains extremely warm and friendly, including light banter about European lunches.12:25–14:47 · Harry as informed peer 3/10 Scaling Fund Operations, Diligence, and Partnership Dynamics Harry asks a structured question about how scaling fund size to 65 million dollars and adding over 100 LPs alters fiduciary duties and investment processes. Dave details their memo structure, diligence requirements, and partnership dynamics.14:47–17:53 · Harry as informed peer 3/10 The Venture Network Strategy and Ownership Targets Harry probes how Slow handles ownership targets given their high volume of investments. Dave explains their venture network model, targeting two to five percent ownership without taking board seats rather than traditional venture capital ownership targets.17:53–21:24 · Harry as informed peer 2/10 Reimagining Media and Transforming Dwell into an Interest Network Harry invites Dave to discuss the digital media landscape. Dave details his vision for transforming niche magazine brands into interactive interest networks using Dwell as a primary example.21:24–25:22 · Harry as informed peer 2/10 Quick Fire Round: Books, Mentors, Fatherhood, and Biotech Harry runs through a standard quick fire round covering books, mentors, fatherhood, podcasts, and biotech investments. Dave responds with thoughtful, appreciative answers in a highly collaborative tone.2:55–7:03 · Guest teaching 2/10 Dave Morin's Transition from Tech Operator to Investor Harry asks open-ended questions about Dave's transition from Facebook operator to angel investor and fund founder. Dave reflects on building muscle memory in venture capital and offers warm praise regarding Harry's entrepreneurial nature.7:03–12:25 · Guest teaching 3/10 Long-Term Value Creation vs. Fast Flips Dave explains the rationale behind naming Slow Ventures, contrasting fast-flip hackathon hype with long-term value creation and slow food principles. The interaction remains extremely warm and friendly, including light banter about European lunches.12:25–14:47 · Guest teaching 3/10 Scaling Fund Operations, Diligence, and Partnership Dynamics Harry asks a structured question about how scaling fund size to 65 million dollars and adding over 100 LPs alters fiduciary duties and investment processes. Dave details their memo structure, diligence requirements, and partnership dynamics.14:47–17:53 · Guest teaching 3/10 The Venture Network Strategy and Ownership Targets Harry probes how Slow handles ownership targets given their high volume of investments. Dave explains their venture network model, targeting two to five percent ownership without taking board seats rather than traditional venture capital ownership targets.17:53–21:24 · Guest teaching 3/10 Reimagining Media and Transforming Dwell into an Interest Network Harry invites Dave to discuss the digital media landscape. Dave details his vision for transforming niche magazine brands into interactive interest networks using Dwell as a primary example.21:24–25:22 · Guest teaching 2/10 Quick Fire Round: Books, Mentors, Fatherhood, and Biotech Harry runs through a standard quick fire round covering books, mentors, fatherhood, podcasts, and biotech investments. Dave responds with thoughtful, appreciative answers in a highly collaborative tone.2:55–7:03 · Guest disagreement 0/10 Dave Morin's Transition from Tech Operator to Investor Harry asks open-ended questions about Dave's transition from Facebook operator to angel investor and fund founder. Dave reflects on building muscle memory in venture capital and offers warm praise regarding Harry's entrepreneurial nature.7:03–12:25 · Guest disagreement 1/10 Long-Term Value Creation vs. Fast Flips Dave explains the rationale behind naming Slow Ventures, contrasting fast-flip hackathon hype with long-term value creation and slow food principles. The interaction remains extremely warm and friendly, including light banter about European lunches.12:25–14:47 · Guest disagreement 0/10 Scaling Fund Operations, Diligence, and Partnership Dynamics Harry asks a structured question about how scaling fund size to 65 million dollars and adding over 100 LPs alters fiduciary duties and investment processes. Dave details their memo structure, diligence requirements, and partnership dynamics.14:47–17:53 · Guest disagreement 1/10 The Venture Network Strategy and Ownership Targets Harry probes how Slow handles ownership targets given their high volume of investments. Dave explains their venture network model, targeting two to five percent ownership without taking board seats rather than traditional venture capital ownership targets.17:53–21:24 · Guest disagreement 0/10 Reimagining Media and Transforming Dwell into an Interest Network Harry invites Dave to discuss the digital media landscape. Dave details his vision for transforming niche magazine brands into interactive interest networks using Dwell as a primary example.21:24–25:22 · Guest disagreement 0/10 Quick Fire Round: Books, Mentors, Fatherhood, and Biotech Harry runs through a standard quick fire round covering books, mentors, fatherhood, podcasts, and biotech investments. Dave responds with thoughtful, appreciative answers in a highly collaborative tone.2:55–7:03 · Harry pushing back 0/10 Dave Morin's Transition from Tech Operator to Investor Harry asks open-ended questions about Dave's transition from Facebook operator to angel investor and fund founder. Dave reflects on building muscle memory in venture capital and offers warm praise regarding Harry's entrepreneurial nature.7:03–12:25 · Harry pushing back 0/10 Long-Term Value Creation vs. Fast Flips Dave explains the rationale behind naming Slow Ventures, contrasting fast-flip hackathon hype with long-term value creation and slow food principles. The interaction remains extremely warm and friendly, including light banter about European lunches.12:25–14:47 · Harry pushing back 0/10 Scaling Fund Operations, Diligence, and Partnership Dynamics Harry asks a structured question about how scaling fund size to 65 million dollars and adding over 100 LPs alters fiduciary duties and investment processes. Dave details their memo structure, diligence requirements, and partnership dynamics.14:47–17:53 · Harry pushing back 1/10 The Venture Network Strategy and Ownership Targets Harry probes how Slow handles ownership targets given their high volume of investments. Dave explains their venture network model, targeting two to five percent ownership without taking board seats rather than traditional venture capital ownership targets.17:53–21:24 · Harry pushing back 0/10 Reimagining Media and Transforming Dwell into an Interest Network Harry invites Dave to discuss the digital media landscape. Dave details his vision for transforming niche magazine brands into interactive interest networks using Dwell as a primary example.21:24–25:22 · Harry pushing back 0/10 Quick Fire Round: Books, Mentors, Fatherhood, and Biotech Harry runs through a standard quick fire round covering books, mentors, fatherhood, podcasts, and biotech investments. Dave responds with thoughtful, appreciative answers in a highly collaborative tone.

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 10.9% · guest 89.1%3:00 · Harry 10.9% · guest 89.1%6:00 · Harry 19.6% · guest 80.4%6:00 · Harry 19.6% · guest 80.4%9:00 · Harry 13.5% · guest 86.5%9:00 · Harry 13.5% · guest 86.5%12:00 · Harry 18.9% · guest 81.1%12:00 · Harry 18.9% · guest 81.1%15:00 · Harry 9.6% · guest 90.4%15:00 · Harry 9.6% · guest 90.4%18:00 · Harry 7.2% · guest 92.8%18:00 · Harry 7.2% · guest 92.8%21:00 · Harry 21.4% · guest 78.6%21:00 · Harry 21.4% · guest 78.6%24:00 · Harry 56.9% · guest 43.1%24:00 · Harry 56.9% · guest 43.1%27:00 · Harry 100% · guest 0%27:00 · Harry 100% · guest 0%
Sharpest disagreement ▶ 7:03 Dismissing quick-flip hackathon culture

Dave gently counters the prevalent Silicon Valley narrative that companies can be built overnight via weekend hackathons, advocating instead for slow, patient value creation.

 Hardest push from Harry ▶ 16:31 Questioning broad portfolio ownership strategy

Harry pushes Dave on how fund math and ownership stake targets operate when spreading capital across more portfolio companies than traditional venture funds.

 Biggest teaching moment ▶ 16:42 Explaining non-traditional venture network math

Dave educates Harry on Slow's deliberate choice to seek lower ownership percentages without taking board seats, contrasting it with traditional venture fund models.

 Harry holds his own ▶ 12:25 Probing operational changes from LP expansion

Harry demonstrates keen industry context by asking specifically how moving from angel-funded vehicles to a $65M institutional LP fund changes diligence and partner decision-making.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Dave Morin's Transition from Tech Operator to Investor 2200 Harry asks open-ended questions about Dave's transition from Facebook operator to angel investor and fund founder. Dave reflects on building muscle memory in venture capital and offers warm praise regarding Harry's entrepreneurial nature.
Long-Term Value Creation vs. Fast Flips 2310 Dave explains the rationale behind naming Slow Ventures, contrasting fast-flip hackathon hype with long-term value creation and slow food principles. The interaction remains extremely warm and friendly, including light banter about European lunches.
Scaling Fund Operations, Diligence, and Partnership Dynamics 3300 Harry asks a structured question about how scaling fund size to 65 million dollars and adding over 100 LPs alters fiduciary duties and investment processes. Dave details their memo structure, diligence requirements, and partnership dynamics.
The Venture Network Strategy and Ownership Targets 3311 Harry probes how Slow handles ownership targets given their high volume of investments. Dave explains their venture network model, targeting two to five percent ownership without taking board seats rather than traditional venture capital ownership targets.
Reimagining Media and Transforming Dwell into an Interest Network 2300 Harry invites Dave to discuss the digital media landscape. Dave details his vision for transforming niche magazine brands into interactive interest networks using Dwell as a primary example.
Quick Fire Round: Books, Mentors, Fatherhood, and Biotech 2200 Harry runs through a standard quick fire round covering books, mentors, fatherhood, podcasts, and biotech investments. Dave responds with thoughtful, appreciative answers in a highly collaborative tone.

Statements from this episode (11)

Disclosure
Morin Founded Slow Ventures in 2009 While Still at Facebook
“I started Slow in late 2009, actually while I was still at Facebook.”
Dave Morin Sep 28, 2016 ▶ 3:15
Disclosure
Morin: The First Two Slow Ventures Funds Were $1M Each
“The first two slow funds were only a million US dollars, you know, enabled a lot of 25 K, 50 K, a hundred K kind of investing”
Dave Morin Sep 28, 2016 ▶ 5:01
Opinion
Morin: Entrepreneurial Drive Is Innate and Instantly Identifiable
“If you're an entrepreneur. It's just innate. Like, it's really clear to me. Like, I can tell that you're a purebred entrepreneur from, like, across the ocean and having never talked to you on the phone. Like, it's just, like, super clear. You know, when you ha…”
Dave Morin Sep 28, 2016 ▶ 6:30
Opinion
Morin: Silicon Valley Culture Is Workaholic and Transactional
“I think in Silicon Valley, we have a workaholic culture is really sort of transactional.”
Dave Morin Sep 28, 2016 ▶ 8:23
Insight
Morin: Venture Partnerships Are Like Marriages Requiring Collective Decision-Making
“I think of it as building out a marriage more than anything, you know, it requires really honest and open communication and, An eye towards the collective rather than, you know, a single person benevolent dictatorship.”
Dave Morin Sep 28, 2016 ▶ 14:13
Disclosure
Morin: Slow Ventures Averages $250K to $1M Checks and Avoids Board Seats
“You'll see that we today, you know, average between 250 K to one million dollars going into most companies. However, we don't take board seats unless it's something that we're extremely passionate about.”
Dave Morin Sep 28, 2016 ▶ 16:49
Insight
Morin: Slow Ventures Targets 2% to 5% Ownership Over Traditional 20%
“At the size of funds that, that we are at today you know, we think we can create performance at the two to five percent level of ownership. Do that across many companies rather than needing to just be at the 20, 30% your traditional fund might target along wit…”
Dave Morin Sep 28, 2016 ▶ 17:07
Prediction Not checkable as stated
Morin: VC Funds Must Adopt Traditional Strategies as Fund Sizes Grow
“I think that over time, as funds get larger, have to play the more traditional game, but right now, this is working pretty well for us.”
Dave Morin Sep 28, 2016 ▶ 17:46
Insight
Morin: Traditional Media Must Connect Niche Communities Peer-to-Peer
“Most of those media companies have been talking in a one-to-many kind of way with their community, rather than trying to generate and take their community and connect it to itself and enable people to contribute and Meet each other, connect to each other”
Dave Morin Sep 28, 2016 ▶ 19:10
Insight
Morin: Having Children Is a Fundamental Operating System Upgrade
“I think having kids is an operating system upgrade. You know, it's one of those things that's impossible to describe. Once you go through it, you can't go back. I love the saying that once you have toast, you can't turn it back into bread again. It really is a…”
Dave Morin Sep 28, 2016 ▶ 23:01
Prediction Not checkable as stated
Morin: Biotech and Software Intersection Starts 30-Year Shift Like PCs
“I really think that we're on, we're at the beginning of a thirty-year journey that's similar to the personal computer that is going to Be based on genomics, technology, and software.”
Dave Morin Sep 28, 2016 ▶ 24:53
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