The Ledger, every show

“There's hundreds of investment firms around the country that love consumer and retail, almost none of them will invest below 10 or fifteen million dollars in revenue.”

“In that industry, because there's no Silicon Valley, it takes on average eight to 12 months to raise capital.”

“In the private markets, that feedback loop is much, much longer. You won't get your money back for years. And you can't really see the performance nearly as granularly, right? And it's just choppier. So that feedback loop leads investors to invest once or mayb…”

“When Beyond Meat went public one of their investors had met Beyond Meat through us, and he responded to the original introduction that we facilitated. And he responded to that email when they went public and said, thanks for this intro... And he told us that h…”

“I think it was a top decile fund amongst all venture, by the way, not just consumer.”

“Marketplace model, while everyone originally thought it would be stickier, turns out people writing 1000 dollar checks is not stickier than a large institution large endowment or whatnot.”

“Most venture funds kind of like 50 to 60% net contribution margin. I mean, these things mint money, like it's an unbelievable profit pool.”

“So if you think of like the CPG products, they're selling through a third party, the retailer. Now they have to make a much bigger bet. They can't usually just start in five safe ways. So they have to start in 200. Now when you start in 200, flipping that and …”

“Grocery today, two, three percent net margin business. That's hard to strip out a lot of costs from that.”

“The challenge has been many of them tap out at five, ten million consumers, at least here in the U.S. The problem with that level is that then that's such a small portion of the pot of the overall population that you're not capturing the long tail of companies…”

“Many of the offline retailers are eliminating or lowering slotting fees.”

“So today, large CPG spends about two percent of sales on R&D.”

“When you look at the winners and consumer, the previous winners looked really similar. That might have been a different, might have been a different magnitude, but they grew in really, really similar ways.”

“Right now, many, not all, but many of the LPs, their compensation is almost entirely salary. The bonus based on performance doesn't really move the needle for them that much.”

“Union Square Ventures, Benchmark, or some other exceptions to what I said.”

“RX Bar, a snack bar, raised 10,000 dollars to sell for six hundred million dollars to Kellogg's.”

“The standard deviation of consumer company valuations is dramatically lower than the standard deviation of tech valuations.”

“Most investors We'll only invest after a company hits 10 or fifteen million dollars in revenue.”

“Everyone in the company has complete access to all the metrics. We present the board deck every 60 days, completely unedited.”

“According to Cambridge associates, it's averaged a 22% IRR for 15 years, never negative vintage and half the volatility of tech.”

“More than I more, more, more than I make per year now, frankly.”

“The hours were great. I worked less than 40 hours a week, and I probably was on ESPN.com 10 times a day.”

“What I should mention is for 14 months or so in a row before we pivoted, ending two or three months before we pivoted, each month was a record month.”

“The problem with credit card data is it can tell you what the retailer is selling, not what was bought at the retailer. So I can see what Nordstrom.com sales were last month. I can't see what pairs of jeans were bought there.”

“Tech spends about 14% of sales on R&D.”

“Halo top ice cream, which is now a couple hundred million dollar revenue company”

“In 2012 when we first started the average check on circle up was 12,000 dollars and it was all from individual investors accredited investors in 2015 the average individual check was over a 100,000 dollars into a single deal on circle up and half the capital c…”

“And raised our seed round, which Maveron and Clayton Christensen wrote the book called the innovators dilemma through his hedge fund, Rose Park. They led that back in in 2012. That was a very hard round for us to raise, to be frank with you. And I think we wen…”