Tribe Capital

“Another one is we have a company called Invenia. Super stealth. Almost make about a billion a year in revenue. It's 60 people.”

“If you ask me about any of our top 12 concentrated positions where we spent upwards of a billion dollars just in like a very concentrated way, there's probably 20 to 30% of the companies that say, I think they could do it better, they could do it faster.”

“These are all folks that we've all been close with and partnered with in the past, Mark's an LP.”

“I think a part of it is we don't care about board seats, at least again, aspirationally, we have, some of us have a ton, some of us have none.”

“We see like a, 2000 companies that are at the top of the funnel per year, roughly, give or take. We do this analysis between, I would say at the low end, 500 times a year, at the high end, up to 800. You have 800 artifacts. These reports are like 50 to a hundr…”

“And so they always benchmarked at the top five percent of companies that we had ever seen, but I had no idea what they did.”

“We don't rely on the last board meeting didn't feel good. So I don't want to do my pro rata. Or I didn't have a good conversation with the founder. We look very, very purely at the metrics and say, okay, great. If we were to upsize, what do we need to see?”

“The moment I get it on average, if we prioritize it, let's call it a P zero at the firm, it's 20 minutes to get a 50 to a hundred page report.”

“So we bootstrapped it. And the way to do that, just like when you bootstrapped a company was that we started again, lucky that it was happening at that time. We started with SPVs. And built a brand around not the SPV, but that we were investing across early, m…”

“And so if we can, we trade, we'll trade spots sometimes to say like this company is now at a stage where we think this is the right person or vice versa. I'll come in at different stages or I'll let go.”

“If on average, let's just say I have a hundred million dollar fund we had, I think it was roughly 15 companies, but probably concentrated to about seven. Fund two, same thing. It's about 12 companies. And you're not as ownership sensitive.”

“If I'm giving you a 50 to a hundred page report and I'm passing on you with a 50 to a hundred page report. No one does that.”

“The earlier we invest, the more hands-on work. The later we invest, the less. There's more governance. But the much more later the company becomes in their life cycle, let's call it five, 10, fifteen billion these days that you see for a lot of our companies, …”

“90% of the time, companies do not have product market fit. That's a really hard statement. Even companies that have raised upwards of 25, 50, a hundred million dollars, sometimes they don't have product market fit.”

“And so historically, and up until this day, you know, fast forward four or five years since we started, our loss ratios have always been sub five percent.”

“I think the number for us is that we have roughly about two percent of almost all of the venture backed companies, private data sets that sit within our coffers and we benchmark off of, and the goal is to get to 10%, right?”

“Like I'm not looking at a data room. I don't look at their deck. I don't care about any of that.”

“So I mentioned those two examples, but if I was to count the revenue uptake for our whole portfolio, just through the first look program, I'm just getting customers. It's probably over a hundred million in annual revenue or ARR depending on the company.”