StarZero All shows Try the podcast clipper →

Aug 3, 2020 · 29m · neon-show

Sheel Mohnot, Better Tomorrow Ventures on his journey from Fintech Entrepreneur to Fintech VC

Sheel Mohnot · 20m spoken Siddhartha Ahluwalia · 4m spoken
0:00 / 0:00
▶ Watch on YouTube →

gold bands on the timeline = statements, start to end. Hover to read, click to jump. CC turns on captions

On the 100x Entrepreneur Podcast, venture capitalist Sheel Mohnot shares his journey from serial fintech founder to co-founding Better Tomorrow Ventures, detailing his investment framework, the 'everything is fintech' thesis, and key entrepreneurial lessons.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. How this is scored →

Siddhartha as informed peer 2.0 Guest teaching 1.7 Guest disagreement 0.4 Siddhartha pushing back 0.4
05100:0010:0020:001:00–4:42 · Siddhartha as informed peer 1/10 From Nonprofit Lending to Founding Better Tomorrow Ventures The host provides an open-ended introductory prompt asking about the guest's background. Mohnot presents an uninterrupted overview of his transition from Kiva and BCG to founder exits and starting Better Tomorrow Ventures.4:43–7:37 · Siddhartha as informed peer 2/10 Launching 'The Pitch' Podcast and Media Exit to Gimlet The host inquires into the specifics of 'The Pitch' podcast acquisition and ad revenue metrics. Mohnot clarifies the timing of revenue generation and shares his thesis on subscription podcasting.7:37–9:51 · Siddhartha as informed peer 2/10 Evaluating Pre-Seed Founders and Relentless Vision The host asks how Mohnot identified breakout winners like Coinbase and Instacart at the seed stage. Mohnot elaborates on evaluating relentless founder vision and large market sizes.9:51–13:23 · Siddhartha as informed peer 1/10 Better Tomorrow Ventures' Core Portfolio Investments The host asks for an overview of the fund's recent investments. Mohnot explains the value propositions of Unit, Super, Quinn, and Figure HR without any friction.13:23–15:33 · Siddhartha as informed peer 3/10 Hospital Software Dynamics and the 'Everything is FinTech' Thesis The host challenges Mohnot by citing a past interview where he expressed hating hospital software. Mohnot clarifies how Quinn avoids Cerner's pitfalls and explains how vertical SaaS connects to fintech.15:33–19:18 · Siddhartha as informed peer 3/10 Living on ₹2000 in India and Examining Digital Public Infrastructure Mohnot discusses living on 2000 rupees a month in India and his hesitation around leading Indian deals. The host demonstrates domain knowledge by highlighting the impact of India's UPI stack and Aadhaar.19:19–21:58 · Siddhartha as informed peer 1/10 Embracing Jugaad, Startup Scrappiness, and Entrepreneurial Independence The host asks about life-changing milestone moments. Mohnot shares personal stories of embracing jugaad and overcoming parental resistance against entrepreneurship.21:58–26:40 · Siddhartha as informed peer 3/10 The Evolution of Seed Investing from 2012 to the Modern Market The host suggests Y Combinator check sizes remained static while batch sizes expanded. Mohnot corrects him with historical context, pointing out that 2012 YC checks were only $15k to $18k.26:41–29:03 · Siddhartha as informed peer 2/10 Core Venture Lessons and Banking Versus Technology Founders The host assumes fintech founders need prior banking experience. Mohnot rejects the premise, clarifying that he backs tech founders and that banking backgrounds are often a negative signal.1:00–4:42 · Guest teaching 0/10 From Nonprofit Lending to Founding Better Tomorrow Ventures The host provides an open-ended introductory prompt asking about the guest's background. Mohnot presents an uninterrupted overview of his transition from Kiva and BCG to founder exits and starting Better Tomorrow Ventures.4:43–7:37 · Guest teaching 1/10 Launching 'The Pitch' Podcast and Media Exit to Gimlet The host inquires into the specifics of 'The Pitch' podcast acquisition and ad revenue metrics. Mohnot clarifies the timing of revenue generation and shares his thesis on subscription podcasting.7:37–9:51 · Guest teaching 2/10 Evaluating Pre-Seed Founders and Relentless Vision The host asks how Mohnot identified breakout winners like Coinbase and Instacart at the seed stage. Mohnot elaborates on evaluating relentless founder vision and large market sizes.9:51–13:23 · Guest teaching 1/10 Better Tomorrow Ventures' Core Portfolio Investments The host asks for an overview of the fund's recent investments. Mohnot explains the value propositions of Unit, Super, Quinn, and Figure HR without any friction.13:23–15:33 · Guest teaching 2/10 Hospital Software Dynamics and the 'Everything is FinTech' Thesis The host challenges Mohnot by citing a past interview where he expressed hating hospital software. Mohnot clarifies how Quinn avoids Cerner's pitfalls and explains how vertical SaaS connects to fintech.15:33–19:18 · Guest teaching 1/10 Living on ₹2000 in India and Examining Digital Public Infrastructure Mohnot discusses living on 2000 rupees a month in India and his hesitation around leading Indian deals. The host demonstrates domain knowledge by highlighting the impact of India's UPI stack and Aadhaar.19:19–21:58 · Guest teaching 0/10 Embracing Jugaad, Startup Scrappiness, and Entrepreneurial Independence The host asks about life-changing milestone moments. Mohnot shares personal stories of embracing jugaad and overcoming parental resistance against entrepreneurship.21:58–26:40 · Guest teaching 4/10 The Evolution of Seed Investing from 2012 to the Modern Market The host suggests Y Combinator check sizes remained static while batch sizes expanded. Mohnot corrects him with historical context, pointing out that 2012 YC checks were only $15k to $18k.26:41–29:03 · Guest teaching 4/10 Core Venture Lessons and Banking Versus Technology Founders The host assumes fintech founders need prior banking experience. Mohnot rejects the premise, clarifying that he backs tech founders and that banking backgrounds are often a negative signal.1:00–4:42 · Guest disagreement 0/10 From Nonprofit Lending to Founding Better Tomorrow Ventures The host provides an open-ended introductory prompt asking about the guest's background. Mohnot presents an uninterrupted overview of his transition from Kiva and BCG to founder exits and starting Better Tomorrow Ventures.4:43–7:37 · Guest disagreement 0/10 Launching 'The Pitch' Podcast and Media Exit to Gimlet The host inquires into the specifics of 'The Pitch' podcast acquisition and ad revenue metrics. Mohnot clarifies the timing of revenue generation and shares his thesis on subscription podcasting.7:37–9:51 · Guest disagreement 0/10 Evaluating Pre-Seed Founders and Relentless Vision The host asks how Mohnot identified breakout winners like Coinbase and Instacart at the seed stage. Mohnot elaborates on evaluating relentless founder vision and large market sizes.9:51–13:23 · Guest disagreement 0/10 Better Tomorrow Ventures' Core Portfolio Investments The host asks for an overview of the fund's recent investments. Mohnot explains the value propositions of Unit, Super, Quinn, and Figure HR without any friction.13:23–15:33 · Guest disagreement 0/10 Hospital Software Dynamics and the 'Everything is FinTech' Thesis The host challenges Mohnot by citing a past interview where he expressed hating hospital software. Mohnot clarifies how Quinn avoids Cerner's pitfalls and explains how vertical SaaS connects to fintech.15:33–19:18 · Guest disagreement 0/10 Living on ₹2000 in India and Examining Digital Public Infrastructure Mohnot discusses living on 2000 rupees a month in India and his hesitation around leading Indian deals. The host demonstrates domain knowledge by highlighting the impact of India's UPI stack and Aadhaar.19:19–21:58 · Guest disagreement 0/10 Embracing Jugaad, Startup Scrappiness, and Entrepreneurial Independence The host asks about life-changing milestone moments. Mohnot shares personal stories of embracing jugaad and overcoming parental resistance against entrepreneurship.21:58–26:40 · Guest disagreement 2/10 The Evolution of Seed Investing from 2012 to the Modern Market The host suggests Y Combinator check sizes remained static while batch sizes expanded. Mohnot corrects him with historical context, pointing out that 2012 YC checks were only $15k to $18k.26:41–29:03 · Guest disagreement 2/10 Core Venture Lessons and Banking Versus Technology Founders The host assumes fintech founders need prior banking experience. Mohnot rejects the premise, clarifying that he backs tech founders and that banking backgrounds are often a negative signal.1:00–4:42 · Siddhartha pushing back 0/10 From Nonprofit Lending to Founding Better Tomorrow Ventures The host provides an open-ended introductory prompt asking about the guest's background. Mohnot presents an uninterrupted overview of his transition from Kiva and BCG to founder exits and starting Better Tomorrow Ventures.4:43–7:37 · Siddhartha pushing back 1/10 Launching 'The Pitch' Podcast and Media Exit to Gimlet The host inquires into the specifics of 'The Pitch' podcast acquisition and ad revenue metrics. Mohnot clarifies the timing of revenue generation and shares his thesis on subscription podcasting.7:37–9:51 · Siddhartha pushing back 0/10 Evaluating Pre-Seed Founders and Relentless Vision The host asks how Mohnot identified breakout winners like Coinbase and Instacart at the seed stage. Mohnot elaborates on evaluating relentless founder vision and large market sizes.9:51–13:23 · Siddhartha pushing back 0/10 Better Tomorrow Ventures' Core Portfolio Investments The host asks for an overview of the fund's recent investments. Mohnot explains the value propositions of Unit, Super, Quinn, and Figure HR without any friction.13:23–15:33 · Siddhartha pushing back 2/10 Hospital Software Dynamics and the 'Everything is FinTech' Thesis The host challenges Mohnot by citing a past interview where he expressed hating hospital software. Mohnot clarifies how Quinn avoids Cerner's pitfalls and explains how vertical SaaS connects to fintech.15:33–19:18 · Siddhartha pushing back 0/10 Living on ₹2000 in India and Examining Digital Public Infrastructure Mohnot discusses living on 2000 rupees a month in India and his hesitation around leading Indian deals. The host demonstrates domain knowledge by highlighting the impact of India's UPI stack and Aadhaar.19:19–21:58 · Siddhartha pushing back 0/10 Embracing Jugaad, Startup Scrappiness, and Entrepreneurial Independence The host asks about life-changing milestone moments. Mohnot shares personal stories of embracing jugaad and overcoming parental resistance against entrepreneurship.21:58–26:40 · Siddhartha pushing back 1/10 The Evolution of Seed Investing from 2012 to the Modern Market The host suggests Y Combinator check sizes remained static while batch sizes expanded. Mohnot corrects him with historical context, pointing out that 2012 YC checks were only $15k to $18k.26:41–29:03 · Siddhartha pushing back 0/10 Core Venture Lessons and Banking Versus Technology Founders The host assumes fintech founders need prior banking experience. Mohnot rejects the premise, clarifying that he backs tech founders and that banking backgrounds are often a negative signal.

speaking balance: gold is Siddhartha, purple is the guest (3 minute bins)

0:00 · Siddhartha 0% · guest 100%0:00 · Siddhartha 0% · guest 100%3:00 · Siddhartha 0% · guest 100%3:00 · Siddhartha 0% · guest 100%6:00 · Siddhartha 0% · guest 100%6:00 · Siddhartha 0% · guest 100%9:00 · Siddhartha 0% · guest 100%9:00 · Siddhartha 0% · guest 100%12:00 · Siddhartha 0% · guest 100%12:00 · Siddhartha 0% · guest 100%15:00 · Siddhartha 0% · guest 100%15:00 · Siddhartha 0% · guest 100%18:00 · Siddhartha 0% · guest 100%18:00 · Siddhartha 0% · guest 100%21:00 · Siddhartha 0% · guest 100%21:00 · Siddhartha 0% · guest 100%24:00 · Siddhartha 0% · guest 100%24:00 · Siddhartha 0% · guest 100%27:00 · Siddhartha 0% · guest 100%27:00 · Siddhartha 0% · guest 100%
Sharpest disagreement ▶ 27:30 Rejecting banking background premise

Mohnot politely dismisses the host's assumption that fintech founders must have banking experience, pointing out that none of his portfolio founders come from banks and that banking experience is often viewed as a negative signal.

 Hardest push from Siddhartha ▶ 13:23 Calling out contradictory hospital software investment

The host confronts Mohnot with his own past quote stating he hated making software for hospitals, demanding an explanation for why he subsequently invested in a hospital software startup.

 Biggest teaching moment ▶ 25:45 Fact-checking historical Y Combinator terms

When the host asserts that YC check sizes have remained static over time, Mohnot corrects him by explaining that in 2012 the check was only $15,000 to $18,000 for 6-7% equity rather than the modern $125k standard.

 Siddhartha holds their own ▶ 18:18 Citing UPI stack and digital public infrastructure

The host demonstrates strong domain knowledge of Indian fintech by detailing how the UPI stack and Aadhaar are leapfrogging traditional financial rails to serve a billion people.
the scores for every segment, with the reasoning behind each
ChapterTopicSiddhartha as informed peerGuest teachingGuest disagreementSiddhartha pushing backWhy
From Nonprofit Lending to Founding Better Tomorrow Ventures 1000 The host provides an open-ended introductory prompt asking about the guest's background. Mohnot presents an uninterrupted overview of his transition from Kiva and BCG to founder exits and starting Better Tomorrow Ventures.
Launching 'The Pitch' Podcast and Media Exit to Gimlet 2101 The host inquires into the specifics of 'The Pitch' podcast acquisition and ad revenue metrics. Mohnot clarifies the timing of revenue generation and shares his thesis on subscription podcasting.
Evaluating Pre-Seed Founders and Relentless Vision 2200 The host asks how Mohnot identified breakout winners like Coinbase and Instacart at the seed stage. Mohnot elaborates on evaluating relentless founder vision and large market sizes.
Better Tomorrow Ventures' Core Portfolio Investments 1100 The host asks for an overview of the fund's recent investments. Mohnot explains the value propositions of Unit, Super, Quinn, and Figure HR without any friction.
Hospital Software Dynamics and the 'Everything is FinTech' Thesis 3202 The host challenges Mohnot by citing a past interview where he expressed hating hospital software. Mohnot clarifies how Quinn avoids Cerner's pitfalls and explains how vertical SaaS connects to fintech.
Living on ₹2000 in India and Examining Digital Public Infrastructure 3100 Mohnot discusses living on 2000 rupees a month in India and his hesitation around leading Indian deals. The host demonstrates domain knowledge by highlighting the impact of India's UPI stack and Aadhaar.
Embracing Jugaad, Startup Scrappiness, and Entrepreneurial Independence 1000 The host asks about life-changing milestone moments. Mohnot shares personal stories of embracing jugaad and overcoming parental resistance against entrepreneurship.
The Evolution of Seed Investing from 2012 to the Modern Market 3421 The host suggests Y Combinator check sizes remained static while batch sizes expanded. Mohnot corrects him with historical context, pointing out that 2012 YC checks were only $15k to $18k.
Core Venture Lessons and Banking Versus Technology Founders 2420 The host assumes fintech founders need prior banking experience. Mohnot rejects the premise, clarifying that he backs tech founders and that banking backgrounds are often a negative signal.

Statements from this episode (8)

Assertion Partly supported
Mohnot: Kiva has deployed several billion dollars in 0% interest loans
“And, you know, through that, through the course of Kiva, we've done several billion dollars of loans, all at zero percent interest.”
Sheel Mohnot Aug 3, 2020 ▶ 1:37
Assertion Partly supported
Mohnot: Majority of Shark Tank deals never actually close
“What they depict is not the reality of venture capital. And the majority of the companies that get funded on the show don't actually get funded, all sorts of issues.”
Sheel Mohnot Aug 3, 2020 ▶ 5:09
Insight
Mohnot: Relentless execution fails without a sufficiently large market
“You can be relentless in a small market and It still won't do that well. So I think, you know, ultimately you have to be able to build into a larger market”
Sheel Mohnot Aug 3, 2020 ▶ 9:12
Prediction Not checkable as stated
Mohnot: Marketplaces and vertical SaaS businesses will become fintech companies
“What we mean is many companies in the future will be FinTech companies and specifically, especially companies that are marketplaces or vertical SaaS businesses. If you have distribution and you have a data advantage, you can layer in other stuff like lending, …”
Sheel Mohnot Aug 3, 2020 ▶ 15:09
Opinion
Mohnot: India’s government pioneered global digital infrastructure with UPI and Aadhaar
“Yeah, it's really cool, you know, what the government has done in India and UPI, Aadhaar these are all really smart things that the Indian government has pioneered for the rest of the world, and it'll be interesting to see where else these things happen. Hones…”
Sheel Mohnot Aug 3, 2020 ▶ 18:52
Opinion
Mohnot: 2012 YC batches were higher quality and one-tenth today's size
“Like, you know, at the time, the YC demo days were one 10th the size that they are today, and the quality was higher.”
Sheel Mohnot Aug 3, 2020 ▶ 23:43
Prediction Not checkable as stated
Mohnot: 2010–2012 VC fund returns will be tough to replicate
“You think about those vintage years from a fund perspective, that's 2010, 11, 12. Those are the best years of venture and it'll be tough to replicate going forward.”
Sheel Mohnot Aug 3, 2020 ▶ 24:02
Opinion
Mohnot: Prior banking experience is often a negative signal for fintech founders
“And in fact, it's probably generally seen as a negative signal if they have worked at a bank. Not always, but many times.”
Sheel Mohnot Aug 3, 2020 ▶ 28:34
Made with StarZero

Turn any episode into a week of clips.

This entire site, over 300 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.

Try the podcast clipper Learn more