Quist: Effective TAM analysis focuses on past spending on inefficient solutions
“I think a lot of TAM analyses, like, starts off on the wrong foot. I like to ask, and I think the question you want to have about marketizing is, most products are built to solve a problem. Most problems are solved, but inefficiently. And so the question I hav…”
Quist: All competitive startup moats eventually erode over time
“I think as soon as you begin talking about a product, there's only a few ways people have ever created defensibility. And I know it all erodes. There's no sure thing modes, but there are higher walls than others, right? Around network effects, intellectual pro…”
Quist: Underwriting startups with multiple novel theories is exponentially riskier
“Being novel, having a novel theory and being correct, having one of them in your life is a low odds proposition. There just aren't that many. Having two isn't linear risk or the odds of being right on two vectors is exponentially lower. And I think that there'…”
Quist: Mid-sized VC funds will struggle to find alpha by 2027
“I think the pie gets bigger. But unfortunately it subsists less people. Goldman and Morgan are much more profitable than a lot of other investment banks. And so I think you'll see firms that have picked a quadrant and set up their organization and strategy wor…”
Quist: Industry Ventures returned 10-12x on LiveRamp's Series B acquisition
“There's a company called LiveRamp that Oren Hoffman founded, that I was lucky enough to lead the Series B. And this was at a time when ad tech related products were kind of written off, right? As hard to differentiate, hard to find novelty, hard to find defens…”
Quist: Slow Ventures passed on leading Deel's seed round over valuation
“We were negotiating to be the lead of the seed, and I literally were like this far apart and decided that was too far apart.”