Footwork

also referred to as: footwork ventures

10 statements across 1 episodes · 5 bullish · 0 bearish · 3 people on the record · first statement Sep 23, 2021 by Mike Smith · said 32 times in 1 episodes since 2021 · across every show →

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brought up most by Beezer Clarkson (15), Ted Seides (7), Nikhil Basu Trivedi (7), Mike Smith (3)

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Everything said about Footwork, oldest first

Sep 23, 2021
Disclosure
Smith: Footwork assigns one GP as director and the other as observer
“And so the way we work organically is one of us will take the board seat and the other one will be a board observer.”
Mike Smith Sep 23, 2021 ▶ 17:30 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021 neutral
Disclosure
Smith: Footwork raised Fund I without meeting most LPs in person
“Most of the LPs we did not meet in person during this process”
Mike Smith Sep 23, 2021 ▶ 37:26 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021 positive
Assertion Not checkable as stated
Smith: Footwork was ~2x oversubscribed on Fund I by early March 2021
“We felt very fortunate to be in a position in early March of being, call it, two X oversubscribed our target.”
Mike Smith Sep 23, 2021 ▶ 35:04 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021 bullish
Assertion Not checkable as stated
Trivedi: Via reached millions in ARR within a year on minimal capital
“And with Via, the product had launched just over a year ago. The business is already at hundreds of customers, millions in annual recurring revenue. It's barely spent any capital and it's in a space of SMS based marketing and customer support in this mobile co…”
Nikhil Basu Trivedi Sep 23, 2021 ▶ 24:08 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021 positive
Disclosure
Trivedi: Footwork plans to add future partners at equal carry
“And so when we will expand our partnership one day, we hope to bring in folks at the same equal level and to give them the platform of our firm as a result.”
Nikhil Basu Trivedi Sep 23, 2021 ▶ 30:40 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021
Assertion Supported
Trivedi: Footwork closed debut venture fund at $175M in April 2021
“That culminated in our decision last fall to go build Footwork together, to start to speak to limited partners, and then in January of 2021, Mike left Stitch Fix, and in April we closed our first fund with one hundred and seventy five million in commitments an…”
Nikhil Basu Trivedi Sep 23, 2021 ▶ 16:05 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021 neutral
Insight
Smith: VC firms operate like golf teams rather than true team sports
“On a good day, I think venture firms on their best day Our golf teams, like individuals shooting their best score, their lowest score, and adding them up at the end. We really think about our team and our approach more like a basketball team or a soccer team, …”
Mike Smith Sep 23, 2021 ▶ 32:00 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021 positive
Insight
Clarkson: A manager's deal logic matters more than dollars invested
“It's always a question, not just what you've done as far as dollars invested, but why someone likes a deal. It really speaks to us about what makes this manager different, how they think of a deal, how they think of the space. It's in those kinds of questions …”
Beezer Clarkson Sep 23, 2021 ▶ 6:50 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021 positive
Disclosure
Basu Trivedi: Footwork raised Fund I in a single close
“Our approach ended up being a bit different where we said, this is the fund that we want to raise. And ideally we'd want to do it and be one and done on, on a close so that we can figure out what all the different puzzle pieces of LP construction look like and…”
Nikhil Basu Trivedi Sep 23, 2021 ▶ 39:21 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
Sep 23, 2021
Insight
Basu Trivedi: Small VC firms must operate as thesis-driven specialists
“When you're a small firm, you can't do everything in today's ecosystem. And so you have to decide where you want to spend time. And so the principle behind being a thesis driven specialist is finding swim lanes where we go deep in certain areas where we look a…”
Nikhil Basu Trivedi Sep 23, 2021 ▶ 22:00 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
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