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Troy Steckenrider

Co-Founder and Partner, A* Capital · 1 appearance on the record.

computed by AI from the episodes · how this works → · full disclaimer →

investorfounderexecutiveoperatora-star.co ↗

Troy Steckenrider co-founded venture firm A* Capital and served as CFO and Director for the SPACs one and two. Previously, he was Chief Operating Officer at ZeroDown and Director of Capital Markets at Opendoor.

8statements → 4claims → 4claims resolved → 100%fully supported → 3.5/5average certainty → 2/5average debate potential →

4 supported 0 partly supported 0 contradicted how the 4 claims stand · each chip opens the sources

1 prediction · 3 assertions · 3 opinions · 1 insight · every statement was checked. The prediction and assertions are the 4 claims: statements the public record can support or contradict. 4 are resolved. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Troy argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported
Steckenrider: 99% of SPAC merger deals since 2010 passed investor votes
“I mean, I think it's something like 99% of deals have had a yes vote, of SPAC deals since like twenty-ten have had a yes vote.”
Troy Steckenrider Aug 31, 2020 ▶ 8:43 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*

Expressed certainty vs assessment result

none yet certainty 1
none yet certainty 2
100% certainty 3
100% certainty 4
none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. We have 1,671 words of Troy Steckenrider, and that is not enough to publish a rate. This says nothing about how they speak.

How the interview went all their pushback → series average →

Across 1 rated episode:

host pushback ▾ 5/10
pushed back at the host 2/10
setup questions received 45%

Everything Troy Steckenrider said on 20VC that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Supported
Steckenrider: 99% of SPAC merger deals since 2010 passed investor votes
“I mean, I think it's something like 99% of deals have had a yes vote, of SPAC deals since like twenty-ten have had a yes vote.”
Troy Steckenrider Aug 31, 2020 ▶ 8:43 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*
Opinion
Steckenrider: SPAC Investor Redemption Risk Is Overstated
“The redemption thing is certainly a risk, but I think it's a little bit less risky than people actually make out when you actually kind of track the real world technicals in terms of the way it trades.”
Troy Steckenrider Aug 31, 2020 ▶ 9:02 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*
Opinion
Steckenrider: Traditional SPAC founder shares misalign incentives during down markets
“You get the founder shares regardless of whether the deal does well, and so there's a world where the company post-DSPAC could trade down. Investors have lost money, the company has lost money, And yet the SPAC management team would still walk away having done…”
Troy Steckenrider Aug 31, 2020 ▶ 13:48 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*
Opinion
Steckenrider: SPACs Provide Private Companies an Easier Path to Public Markets
“And so from the company's perspective, this is a much easier and straightforward way to get to the public markets.”
Troy Steckenrider Aug 31, 2020 ▶ 6:13 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*
Prediction Held up
Steckenrider: A* will adjust SPAC sponsor terms during partner company negotiations
“For our SPAC, we plan to kind of address this when we're negotiating with a specific partner company to make sure that whatever deal we end up with, we are fully aligned.”
Troy Steckenrider Aug 31, 2020 ▶ 16:05 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*
Insight
Steckenrider: PIPE investors in SPACs function like IPO anchor investors
“In the SPAC world, pipes are a little bit different, and I would say the analog in the SPAC world looks far more similar to an anchor investor in an IPO, where the pipe investor in a SPAC typically has done a lot of underwriting of the company, has gotten to m…”
Troy Steckenrider Aug 31, 2020 ▶ 21:46 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*
Assertion Supported
Troy Steckenrider: SPAC sponsor founder shares typically equal 20% post-money
“The first are sponsor shares, which are typically 20% of the post-money SPAC investment.”
Troy Steckenrider Aug 31, 2020 ▶ 13:09 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*
Assertion Supported
Steckenrider: Multiple SPACs have never historically combined for one transaction
“Historically there really hasn't been a transaction that's involved multiple SPACs working with the same target.”
Troy Steckenrider Aug 31, 2020 ▶ 20:56 20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Better Than IPOs & Direct Listings? How Should Founders Think About Them? Kevin Hartz & Troy Steckenrider @ A*

Appearances (1)

EpisodeDateSpeaking time
20VC: SPACs. What Are They? Why Now? How Do They Change The Venture Landscape? Are They Be Aug 31, 2020 6m
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