Everything Spencer Rascoff said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Rascoff: Reg A offerings are the future of pre-IPO capital raising
“We think it's the future of capital. It's sort of capital raising at this Kind of bridge moment once you're done raising venture capital from traditional Silicon Valley type investors, but before you're publicly traded up.”
Rascoff: Early-stage VCs were more helpful than Fortune 500 CEOs in 2008
“I'm thinking back to 2008 when, you know, the world came to an end. The directors that were most helpful to us working through that were the VCs that had a lot of early stage experience and had seen a lot of other companies die. It wasn't the marquee, you know…”
Rascoff: Risk of potential acquirers copying startup ideas is very low
“The chances of a competitor, whether it's a big potential acquirer or even another startup, learning something from that conversation and going and replicating it is, is very low. It's not zero, but it is quite low. And the potential upside is really significa…”
Rascoff: Zillow replaced board PowerPoint decks with Amazon-style written memos
“We switched about a year ago to a memo system after Bezos and Amazon's model of kind of no PowerPoint for one or two meetings in a row.”
Rascoff: Board members dialing in via phone are effectively useless
“I hate when I have to dial into a, to a board call, and I hate when people are on the phone. I just think it, You know, we all know they're only half paying attention. We all know that, you know, it's hard for them to hear, and papers are shuffling and whateve…”
Rascoff: Mortgage rate hikes were a bigger threat to Pacaso than COVID-19
“Actually, frankly, the more almost existential challenge more so than COVID really was the rise in mortgage rates. And that hit the brakes on really most real estate transactions, whole home, partial home, everywhere in between. And so managing through that se…”
Rascoff: Homeownership pushback is emotional about neighborhoods, not industry lobbying
“I think some of the public affairs issues that some other sharing economy businesses faced were more about disrupting legacy industries that had you know, lobbyists and entrenched interests. Homeownership is, is really different. It's pretty, it's quite emotio…”
Rascoff: Domain expert directors keep management honest and thoroughly prepared
“It's more that in the boardroom, It keeps the conversation on that topic much more honest, and it forces the management team to become much more prepared, because the, they know they can't snow the director on that particular topic. Maybe they can snow the oth…”
Rascoff: VC firm brand matters far less than individual board partner
“And don't just think about the Brand of the VC. Because once the check clears, that doesn't really matter that much. What matters is who's in the boardroom for the next 10 years.”
Rascoff: Inviting executives to board meetings creates a hard-to-reverse precedent
“Once you start inviting executives to board meetings, it's really hard to get them out.”
Rascoff: Bad news must be shared before board meetings to avoid surprises
“The biggest sign of a bad board meeting is one where there's, there are a lot of surprises. Like, if you've got bad news to share, for example, you want to share it ahead of time, and you want to make sure that you know, bad news should travel faster than good…”
Rascoff: Zulily's first board meeting had 30 attendees due to observers
“So when I showed up the first time at the first Zulily board meeting, there were literally 30 people there or something, because it was a hot company about to go public. Everyone was there with their observer seat, and their assistant, and their associate, and…”
Rascoff: Pacaso created financing for fractional second-home mortgages
“One of the big benefits of buying a Picasso is you can get a mortgage on just your portion of the home because Picasso created that. Financing instrument.”
Rascoff: Gen Z aged 18-24 is the primary user base for Tinder and Hinge
“Gen Z, 18 to 24, is the primary user of Tinder, Hinge, and our other apps.”
Rascoff: Zillow's median acquisition time across 17 deals was two years
“Zilla bought 17 companies. I bought 17 companies when I was CEO. Dotloop was one of them. The median time from when I first shook hands with the founder of those 17 companies to when Those 17 wires across was about two years.”
Rascoff: Zillow mandates board materials be sent 48 hours in advance
“We require decks have to get out or memos or whatever, 48 hours ahead of time. You know, if possible, 72 hours, but 48 is the absolute... Latest.”