Assertion certainty 4/5 debate potential 1/5

Smith: Footwork was ~2x oversubscribed on Fund I by early March 2021

Mike Smith · Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12) · Sep 23, 2021 · at 35:04

Mike Smith, co-founder of Footwork Ventures, discusses the rapid fundraising demand for their inaugural early-stage venture fund.

0:00 / 0:08exact quote · 8.7s
720p mp4 · rendered on demand · StarZero watermark
“We felt very fortunate to be in a position in early March of being, call it, two X oversubscribed our target.”

quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →

More from Mike Smith

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)
Insight
Smith: The best founders master all three financial statements
“The best founders, I think, just know like all three financial statements and can talk really intelligently about how their business needs to scale and what capital is required to scale their business.”
Mike Smith Sep 23, 2021 ▶ 26:56 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
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)
Assertion Supported
Smith: Stitch Fix scaled to 10,000 employees and $2B in revenue
“The specific seat I got to sit in at Stitch Fix, taking the company from five people to 10,000 people from basically zero revenue to two billion.”
Mike Smith Sep 23, 2021 ▶ 13:27 Mike Smith and Nikhil Basu Trivedi – Footwork Ventures (Manager Meetings, EP.12)
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)
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 700 episodes transcribed, diarized, checked and made playable, runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the moments worth sharing, cuts them, captions them, and reframes them for every feed.