The Ledger, every show

“Most venture funds are set up to be highly internally competitive, which I think is crazy in a market that's as externally competitive as venture. So things like deal by deal carry, things like giving credit based off sourcing deals or serving on a board, thes…”

“I think there's going to be almost as much of a change in, like, the way that our economy and our lives work from genomic medicines as from AI.”

“There's a big gap between using venture capital and the private credit markets that are more traditional and sort of profit oriented. And there really needs to be an basically infrastructure financing or project financing for growth stage businesses. That's a …”

“I believe over the next 20 or 30 years it will make a huge difference. Yes. I just think in the short run, there's investments that need to be made to realize that. And I think that, you know, the way that our system deals with that is by adding to the debt.”

“So ABC, we've done away with all that. We've incentivized collaboration. So there's no concept of this is my deal or your deal. I might have responsibility for certain aspects of it because of course there needs to be Delegation. But there's no concept of rewa…”

“In order for functional AI to exist in applications, especially in the business world, we need there to be data in software systems, which means we need enterprise software with highly complex and vertically focused data structures before AI can have very much…”

“On the left, there's very little talk in the mainstream media about the fact that the real prejudice and racism, in my opinion, that exists in the United States exist in the court system, not necessarily as much in other parts of the world.”

“It's now 30% of what we do. All of our capital employees and, you know, 30% of it goes into companies we co-founded.”

“I mean, Sutter Hill has done this better than anyone.”

“On a relative basis, like, I think having like a nearly two billion dollar exit for state and local Government software is like probably equivalent to like a Palantir type outcome or something.”

“Bonus depreciation is awesome. If you're Boeing, It's awesome if you're a real estate developer. And that's great, but it doesn't do anything for a startup because they're a C Corp. So it doesn't pass through their investors. They have plenty of net operating …”

“Maybe robotics will get there and there'll be, you know, a real sort of conflict between, you know, whatever robot can do electrical work and electricians. But I think that's much farther off than you know, automating low-level web design.”

“Well, like with resilience, one thing we learned, which is going to sound very obvious, but you know, early on, we took a little bit of like, if we build it, they'll come strategy. That's a bad idea. It's much better to buy or invest in a facility alongside a …”

“I would say we'll be on Mars by 20 50. I don't think we would, I mean, colonized maybe is like, depends what that means, but I think there will be a human on Mars by 20 50.”

“Venture capital is so distinct, at least culturally and, you know, in the media from private equity, because fundamentally they are very similar and really they're identical businesses done at different scale and at different times in a company's life cycle.”

“Private equity actually has been incredibly entrepreneurial for a long period of time and really actually much more operationally focused than venture capital.”

“As an investor, you are legally, if you're on a board, you are legally responsible for being company friendly. You are violating your obligations if you are founder friendly or if you are investor friendly. You're supposed to be company friendly to all stakeho…”

“But as companies stay private longer and longer, I think that that's going to change. I think what you're going to see is investors become more company friendly. And what that manifests itself in is looking at all shareholders, not just the founders.”

“I think they are, but just barely. And I'm not sure that on the sort of for the best companies, they will be set up.”

“At the C and Series A, and even sometimes Series B, these companies may not even have been written about in TechCrunch. They don't even know who they are. So I very strongly believe in proprietary deal flow at the earlier stages of the stack.”

“The reality is doubling into something you, especially early on in career, you get exponential return to your time. So focusing on one thing, you're going to get an exponential return on that.”

“Venture capitalists have become a little bit too obsessed with the technology itself versus the way the technology accomplishes creating a highly compelling business.”

“Growth creates value when there's an argument or there is evidence of operating leverage, because then it creates more profitability.”

“And I think that it's probably the biggest reality of this reindustrialization concept, I think is that it's going to require the federal government and some state governments and startup companies to interact in a way that is probably hasn't happened in a lon…”

“Building a new university. It's like starting a super complex startup, but there's no like profit, you know, dream at the end of it.”

“I think also top founders, like, they want to have They want an idea to be theirs, at least to some extent. And so if you over refine the idea, then it can become less interesting to a founder who wants to, you know, take it, you know, put their own, kind of p…”

“I think the thing that's underappreciated is how much your organization has to be designed intentionally to make to balance this sort of dichotomy of starting companies and investing in them. There, there's definitely some overlap, but I think if you don't int…”

“They also work six days a week in person, which is pretty cool.”

“Figuring out how to build ships in the United States again, which is an area that we probably have, you know, the fallen behind the most. In terms of our capacity. And that's on the defense side, but also on the commercial side as well.”

“Part of that's because if you're successful, it's, you know, like a 99% margin business. So if you can do it, if you're really bad and it's an 89% margin, who cares?”

“Pharma companies are rationally incredibly averse to switching their process because they've already, you know, they make tons of investments or acquisitions across all these different sort of binary bets. You get one that works, you don't want to have to go d…”

“I think it's gonna be a massive productivity gain, at least for the next 20 years. If you're like, you run a construction company, or you have an HVAC business. Because right now you're paying some person 50 grand to make your website. Like that's done.”

“I think that the Trump administration will bring, will make a big dent on that, that will improve, but I don't think it'll hit 13.1%.”

“The real benefit of being young, and I'm sure that you've experienced this, is that people are really willing to help you. Partially, that's because they probably don't see you as that competitive. And so they don't see you as threatening, which is probably tr…”

“If you're starting a business in the Midwest, you probably had to think a lot about this because it was very expensive for you to raise money, and so you probably thought a lot more about it.”

“And I think Joe and I and the rest of the EPC crew have probably done over two dozen at this point over the last, you know, decade or so.”

“The predominant way now is that we have a group of three or six EIRs at any time that are, you know, they're full-time employees at APC, but they're working only on sort of the process of either coming to an idea or getting it ready to kind of launch.”

“The initial check size for us is like, it's probably three to four million on the small side and maybe 25 to 30 or 40 the bigger side.”

“They bought a, an old shipyard you know, and they're retrofitting that, but then they're, they have much bigger plans too.”

“In life science, these facilities are incredibly expensive. They require huge amounts of labor that needs to be there, whether there's a commercial project or not. Because you're a GMP manufacturing facility, you can't have, you know, mold accumulating. If you…”

“We're not going to build our, you know, our fill finish facility in any other country at Resilience. We are 100%, we're more than 100% all in, in that facility, right? Cerronek's not going to go build ports in, you know, some random tax haven place just becaus…”