Phin Barnes, Partner at First Round Capital, discusses venture capital investment decision-making and mitigating cognitive biases on The 20 VC.
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“I think pattern recognition is another name for intellectual laziness, right?”
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More from Phin Barnes
Opinion
Barnes: Great Founders Need Help, But Not From VCs
“Every great founder needs help. They just don't need it from VCs.”
Phin BarnesOct 2, 2023▶ 29:36Phin Barnes: The Services Model of Venture Capital is Broken, The Best Founders Do Need Help | E1067 · 20VC with Harry Stebbings
Insight
Barnes: Traditional VC Fee and Carry Model Fails for Platform Services
“Then the fee and carry model doesn't work because those services show up as a cost center on the statement, the cash flow statement of the VC firm itself.”
Phin BarnesOct 2, 2023▶ 20:16Phin Barnes: The Services Model of Venture Capital is Broken, The Best Founders Do Need Help | E1067 · 20VC with Harry Stebbings
Insight
Barnes: VCs Losing Deals to Mega Funds Have a Product Problem
“And so when I hear people say that, I think you have a product problem. And if you can't convince a founder that partnering with you is what's best for their business in the face of your competition, You need to do something different.”
Phin BarnesOct 2, 2023▶ 31:47Phin Barnes: The Services Model of Venture Capital is Broken, The Best Founders Do Need Help | E1067 · 20VC with Harry Stebbings
Opinion
Barnes: Traditional VC Technical Diligence Is an Ineffective Game of Telephone
“The traditional process of understanding what a founder is doing technically is as a VC, that's not technical. You sit in that room, you do your best to understand, you reach out to someone who is technical, you provide some bastardized description of what tha…”
Phin BarnesOct 2, 2023▶ 1:00:06Phin Barnes: The Services Model of Venture Capital is Broken, The Best Founders Do Need Help | E1067 · 20VC with Harry Stebbings
Opinion
Phin Barnes: Saying startup ideas don't matter drives me crazy
“I think recently when I hear people say ideas don't matter, it just drives me crazy. Like the idea is the most valuable thing you have when you start, and the best ones are the result of a tremendous amount of work and effort, experience, insight. They're uniq…”
Phin BarnesFeb 4, 2020▶ 34:30Breaking News: Meet First Round Capital's Newest Partner, How To Approach Generational Transition as a Venture Firm & The Dangers of Attribution In Venture
Disclosure
Barnes: TheGP Earns Equity for Operator Services Instead of Fee Funding
“And we can do that because our business model means that, that, that work is a revenue center for the firm rather than a cost center, because we are in equity for doing that work.”
Phin BarnesOct 2, 2023▶ 26:36Phin Barnes: The Services Model of Venture Capital is Broken, The Best Founders Do Need Help | E1067 · 20VC with Harry Stebbings
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