Everything John Glushik said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Pitch meetings are the worst possible environment to truly evaluate founders
“The pitch meeting is probably the worst possible environment, in my opinion, to really get to know somebody, you know, and I'm sure everyone would say that it's a necessary part of the process, so that's okay.”
Founders who claim flawless past performance lose credibility during due diligence
“If you tell me that everything has just gone perfectly fine over the last few years, you might lose a little bit of credibility with me at least unless, because inevitably there are things that you have to work through.”
A venture capitalist's reputation is defined by how they treat passed founders
“So a lot of the way you're defined in the market as an investor is how you treat those people you don't invest in.”
Investors cannot rely on cookie-cutter due diligence for truly unique startups
“If they're not unique in some meaningful way, then they're really not a good investment opportunity. If they're really unique, then you can't provide a cookie cutter approach to a diligence process.”
Any single member of HG Ventures' five-person IC can veto a deal
“We don't have a strict kind of, you know, unanimous or majority approval, but if anybody in the room has an issue with the deal, we won't be doing the deal.”
Glushik: HG Ventures has made investment decisions in hours
“We can move very quickly with the structure and we have, so we've made decisions in a matter of hours, right?”
The difficult startup fundraising and liquidity environment will not change anytime soon
“I do, I, you know, I do think liquidity is going to be a big problem. And I think it's translating into how people put money to work. We're seeing a very, very hard fundraising environment as a result for companies in our portfolio that are going, they're goin…”
HG Ventures deploys $50M annually off The Heritage Group's balance sheet
“Our check size is highly variable. We invest off the balance sheet. So we have some flexibility there. And on average, we put to work about fifty million US dollars per year.”
Glushik: Titan Energy pivoted from second-life batteries to manufacturing diagnostics
“When we initially invested in the company they were, their business model was to approach second life batteries... That industry ended up moving very slowly, and the business model was tough within the automotive industry, especially. They pivoted to focus on …”
Glushik: Multimillion-dollar venture investing decisions require in-person interaction
“Venture investing is, is a little bit like entrepreneurship in the sense that you need to have those collisions, right? In the hallway, in the office you need to be able to look each other in the eye, and when you're making decisions about where you put millio…”
Glushik: HG Ventures' IC includes Heritage Group CEO and chairman
“It's five people. It's myself and the other managing director for HG Ventures. It's the CEO of the Heritage Group the chairman of the board of the Heritage Group, and then one independent director.”
Glushik: Never invested without shaking CEO's hand prior to 2020
“I had at that point been, you know, in the industry for 20 years. And up to that point I had never made an investment in a company without shaking hands with the CEO.”
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