The Ledger
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Gil Penchina: Negotiating annoying terms is the primary VC profession
“I get a lot less excited about negotiating annoying terms and things like that, which is sort of the primary VC profession, it seems.”
Gil Penchina: AngelList syndicates are community-driven, not institutional financiers
“And so it's really more of a community. Of people helping people than it is professional financiers trying to make money for, you know, Oxford and Harvard and Princeton's endowments.”
Gil Penchina: Average VCs ignore post-meeting follow-up emails from founders
“The average VC ignores that email because they were selling, they weren't actually promising, you know, and the worst VCs will actually just tell you like, no, I'm not going to help.”
Gil Penchina: Entrepreneurs evaluate founders better than spreadsheet analysts
“The best judges of entrepreneurs tend to be former entrepreneurs or current entrepreneurs, you know, and not spreadsheet jockeys.”
Gil Penchina: Venture capital is fundamentally a game of exceptions
“You know, I think this game is a, my joke is all venture capital is a game of exceptions, right? Every deal is different. Every deal has some strange exception that you hadn't seen before.”
Flight.vc secures pro rata rights in 80% to 90% of deals
“So I would say we insist on it to a point, and probably 80 or 90% of our deals at Perrada would be my guess, but we're also not rule-driven, inflexible bureaucrats, so if there's a reason why it doesn't make sense, you know, we'll work through it with people.”
Gil Penchina: Flight.vc aims to become a mainstream consumer retirement platform
“My dream is that we'd be buying a 32nd ad on your show talking about our family of funds, and, you know, we'd have, you know, ads in a magazine just like Fidelity and Vanguard do, and we would become one of those places where consumers invest to, help them, he…”
Flight.vc operates 25 AngelList syndicates across verticals and regions
“Flight is just a umbrella name for the now 25 syndicates we run ranging from You know, the SaaS syndicate to the fintech syndicate to the IOT syndicate. We then branched out and launched syndicates in the UK and Germany and Israel and Canada”
Founders and executives make up 30% of Flight.vc syndicate investors
“Yeah, I'd say about 30% are in a entrepreneurial venture. They're either a founder or, Executive at an early stage company. Another 30 or 40% are more broadly working in technology, whether that's, you know, IBM and Accenture or Dell or, you know, bigger compa…”
Flight.vc caps deals at 99 investors and has 3,000 total backers
“Every investment has a cap of 99 people who can invest, and we have about 3000 backers across the portfolio.”
Gil Penchina: Reid Hoffman is the poster child for paying it forward
“Guys like Reid Hoffman are sort of the poster child for pay it forward. Reid is always helping, you know, anytime you're in a meeting with him, he's taking notes on like the things he's going to do for you.”
Flight.vc is launching a traditional follow-on venture expansion fund
“Eric is working on more of a, what I would call a traditional venture fund that will buy follow-on in various Angel investments.”
Flight.vc invested in AltSchool's seed and Series B rounds
“We were in the seed, and then we put, we're just wrapping up putting more money into the bee.”