Everything David Fialkow said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Fialkow: Venture capital success is 100% about founders, not TAM
“It's a hundred percent about the founders. Not 99, it's a hundred percent. Forget about markets, forget about TAM, forget about even other co-investors. Myopically focus on your relationship with founders in choosing people who are going to build the next gene…”
Fialkow: Distributors refused to buy 'The Dissident' over Saudi fears
“Couldn't get the film sold. It was one of the best films that we ever made, and no film company would buy it. No film company would distribute it, because they honestly were all scared of the Saudis. And it taught me a lesson. Right after winning an Academy Aw…”
Fialkow: Founders should ignore TAM and CAC/LTV in early pitches
“So the first thing I would say is forget about markets. Forget about TAM. Forget about CAC LTV. Forget about all the things you think traditional people are going to ask you. Paint a picture for me. What do you want to build?”
Fialkow: Co-founders must prioritize business needs over protecting their friendship
“Most people who start business with their friends, I think, can make a mistake. They say, let the business never get in the way of the friendship. We said the exact opposite. Let the friendship never get in the way of business.”
Fialkow: Great founders do not need to be well-rounded
“Building a business is not like playing tennis. To be a tennis player, you have to learn how to head back in. You can't get away with it. Business is not like that. You don't have to be well-rounded. I mean, obviously, I'm a good example of that, right? What y…”
Fialkow: Great early-stage startup teams operate like cults
“Great early stage companies are like cults. They all believe, they believe with a capital B.”
Fialkow: Poor family relationships signal poor leadership potential
“Somebody who's a loner and somebody that doesn't like to get along with people who has shitty relationships with their family, not as a rule, but it's pretty hard to imagine that they're going to be a great leader.”
Fialkow: New leadership outperforms General Catalyst's original founders
“And in the years since They've all really taken on the day-to-day management of the firm. It's a much better place. I don't hate to admit. They have done a much better job than Joel and I ever did.”
General Catalyst launched without a master plan to hatch Boston startups
“We had no plan. We had no strategy. We had no business model. All we knew is that we were going to take some of the money we just made selling our travel business, and we were going to hatch companies in Boston.”
Fialkow: Investor value lies in network mobilization over individual expertise
“There's a limited amount that I can bring anybody, but I can bring an enormous amount of people to you as a founder who have skill sets or relationships or desires to help you.”
Fialkow: Inviting acquaintances to curated dinners ruins group openness and dynamic
“If I bring two people that know each other, they're immediately going to change the dynamic of the group.”
Fialkow: Founders unable to endure extreme stress will fail regardless of idea
“The first thing you've got to evaluate is, is this person that's sitting in front of me Capable of the emotional, physical, and mental stress that it's going to take to build a business. Binary. If they're not that person, regardless of how good their idea is,…”
General Catalyst LPs stayed supportive despite the firm's market underperformance
“We had a tough fundraise. The market was off. We didn't have a lot of liquidity. And we went to our LPs and said, hey, things aren't great right now. We're really, like, feel like we underperformed the market over the last couple of years. But, and they all sa…”
Accel's Jim Swartz warned General Catalyst to expand beyond Boston
“Jim Schwartz told us in the summer of 2011 that if we didn't open a presence in California because we were only in Boston, we would never survive as a firm.”
Fialkow built a multi-hundred million dollar travel company without VC funding
“We built a business with several hundred million dollar business without ever having to raise venture capital.”
General Catalyst's first $70M fund was structured as an LLC
“Well, the first fund was probably seventy million dollars, and it wasn't even in GPLP, it was an LLC, because of course we were building a company, which is the only thing we thought we knew how to do. It was seventy million, most of it was from us, and then a…”
Fialkow was a struggling documentary filmmaker at age 24
“Can I tell you what life was like for me when I was 24? You know, I was a filmmaker trying to make documentary films, and it was like I couldn't make a living. I wasn't sure what I wanted to do, and I had a couple of ideas.”