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Jun 13, 2017 · 20m · top-founders

689: Barbara Corcoran from Sharktank is Looking For These Deals with Partner Phil Nadel

Phil Nadel · 10m spoken Nathan Latka · 8m spoken
0:00 / 0:00

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In episode 689 of 'The Top,' host Nathan Latka interviews Phil Nadel, co-founder of Barbara Corcoran Venture Partners, to explore how their AngelList syndicate democratizes early-stage angel investing, manages cap table logistics, and identifies capital-efficient, post-revenue startups.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Nathan holds 42.2% of the talking time here. How this is scored →

Nathan as informed peer 4.5 Guest teaching 3.2 Guest disagreement 1.5 Nathan pushing back 2.8
05100:0010:0020:000:54–5:24 · Nathan as informed peer 5/10 Introducing Phil Nadel and the AngelList Syndicate Model Nathan digs into syndicate operations and exits. When Phil clarifies that Shark Tank investments are distinct from the syndicate, Nathan pushes back to ensure Phil acknowledges the TV show is the primary deal-flow driver.5:24–7:52 · Nathan as informed peer 5/10 Syndicate Mechanics, Cap Table Management, and Legal Protections Nathan probes how micro-investments appear on cap tables and asks about legal liability from frivolous micro-investor lawsuits. Phil explains the SPV mechanics and Assure Fund Management legal buffers.7:52–10:27 · Nathan as informed peer 5/10 Fund Dynamics: Why Syndicates Outperform Traditional VC Models Nathan questions why Phil and Barbara bother 'messing around' with syndicates instead of raising a traditional fund. Phil pushes back on the phrasing and outlines how engaged retail backers provide strategic value.10:27–13:23 · Nathan as informed peer 5/10 Managing Investor Risk and Platform Selection Nathan posits a scenario where unsophisticated grandmas lose money investing out of affection for Barbara. Phil immediately dismantles the hypothetical by citing accredited investor regulations and mandatory risk disclosures.13:24–16:40 · Nathan as informed peer 5/10 Meural Showcase and Core Investment Criteria The conversation shifts to portfolio company Meural and core investment criteria. Nathan reinforces Phil's focus on capital efficiency by contrasting it against tech founders burning cash.16:41–19:23 · Nathan as informed peer 2/10 Sponsor Break: Travel Nutrition and Green Juice Mid-roll sponsor read followed by the standard rapid-fire Famous Five wrap-up questions and show outro.0:54–5:24 · Guest teaching 3/10 Introducing Phil Nadel and the AngelList Syndicate Model Nathan digs into syndicate operations and exits. When Phil clarifies that Shark Tank investments are distinct from the syndicate, Nathan pushes back to ensure Phil acknowledges the TV show is the primary deal-flow driver.5:24–7:52 · Guest teaching 4/10 Syndicate Mechanics, Cap Table Management, and Legal Protections Nathan probes how micro-investments appear on cap tables and asks about legal liability from frivolous micro-investor lawsuits. Phil explains the SPV mechanics and Assure Fund Management legal buffers.7:52–10:27 · Guest teaching 4/10 Fund Dynamics: Why Syndicates Outperform Traditional VC Models Nathan questions why Phil and Barbara bother 'messing around' with syndicates instead of raising a traditional fund. Phil pushes back on the phrasing and outlines how engaged retail backers provide strategic value.10:27–13:23 · Guest teaching 6/10 Managing Investor Risk and Platform Selection Nathan posits a scenario where unsophisticated grandmas lose money investing out of affection for Barbara. Phil immediately dismantles the hypothetical by citing accredited investor regulations and mandatory risk disclosures.13:24–16:40 · Guest teaching 2/10 Meural Showcase and Core Investment Criteria The conversation shifts to portfolio company Meural and core investment criteria. Nathan reinforces Phil's focus on capital efficiency by contrasting it against tech founders burning cash.16:41–19:23 · Guest teaching 0/10 Sponsor Break: Travel Nutrition and Green Juice Mid-roll sponsor read followed by the standard rapid-fire Famous Five wrap-up questions and show outro.0:54–5:24 · Guest disagreement 2/10 Introducing Phil Nadel and the AngelList Syndicate Model Nathan digs into syndicate operations and exits. When Phil clarifies that Shark Tank investments are distinct from the syndicate, Nathan pushes back to ensure Phil acknowledges the TV show is the primary deal-flow driver.5:24–7:52 · Guest disagreement 1/10 Syndicate Mechanics, Cap Table Management, and Legal Protections Nathan probes how micro-investments appear on cap tables and asks about legal liability from frivolous micro-investor lawsuits. Phil explains the SPV mechanics and Assure Fund Management legal buffers.7:52–10:27 · Guest disagreement 3/10 Fund Dynamics: Why Syndicates Outperform Traditional VC Models Nathan questions why Phil and Barbara bother 'messing around' with syndicates instead of raising a traditional fund. Phil pushes back on the phrasing and outlines how engaged retail backers provide strategic value.10:27–13:23 · Guest disagreement 2/10 Managing Investor Risk and Platform Selection Nathan posits a scenario where unsophisticated grandmas lose money investing out of affection for Barbara. Phil immediately dismantles the hypothetical by citing accredited investor regulations and mandatory risk disclosures.13:24–16:40 · Guest disagreement 1/10 Meural Showcase and Core Investment Criteria The conversation shifts to portfolio company Meural and core investment criteria. Nathan reinforces Phil's focus on capital efficiency by contrasting it against tech founders burning cash.16:41–19:23 · Guest disagreement 0/10 Sponsor Break: Travel Nutrition and Green Juice Mid-roll sponsor read followed by the standard rapid-fire Famous Five wrap-up questions and show outro.0:54–5:24 · Nathan pushing back 4/10 Introducing Phil Nadel and the AngelList Syndicate Model Nathan digs into syndicate operations and exits. When Phil clarifies that Shark Tank investments are distinct from the syndicate, Nathan pushes back to ensure Phil acknowledges the TV show is the primary deal-flow driver.5:24–7:52 · Nathan pushing back 3/10 Syndicate Mechanics, Cap Table Management, and Legal Protections Nathan probes how micro-investments appear on cap tables and asks about legal liability from frivolous micro-investor lawsuits. Phil explains the SPV mechanics and Assure Fund Management legal buffers.7:52–10:27 · Nathan pushing back 4/10 Fund Dynamics: Why Syndicates Outperform Traditional VC Models Nathan questions why Phil and Barbara bother 'messing around' with syndicates instead of raising a traditional fund. Phil pushes back on the phrasing and outlines how engaged retail backers provide strategic value.10:27–13:23 · Nathan pushing back 4/10 Managing Investor Risk and Platform Selection Nathan posits a scenario where unsophisticated grandmas lose money investing out of affection for Barbara. Phil immediately dismantles the hypothetical by citing accredited investor regulations and mandatory risk disclosures.13:24–16:40 · Nathan pushing back 2/10 Meural Showcase and Core Investment Criteria The conversation shifts to portfolio company Meural and core investment criteria. Nathan reinforces Phil's focus on capital efficiency by contrasting it against tech founders burning cash.16:41–19:23 · Nathan pushing back 0/10 Sponsor Break: Travel Nutrition and Green Juice Mid-roll sponsor read followed by the standard rapid-fire Famous Five wrap-up questions and show outro.

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

0:00 · Nathan 56.6% · guest 43.4%0:00 · Nathan 56.6% · guest 43.4%3:00 · Nathan 29.4% · guest 70.6%3:00 · Nathan 29.4% · guest 70.6%6:00 · Nathan 35.1% · guest 64.9%6:00 · Nathan 35.1% · guest 64.9%9:00 · Nathan 34.5% · guest 65.5%9:00 · Nathan 34.5% · guest 65.5%12:00 · Nathan 12.6% · guest 87.4%12:00 · Nathan 12.6% · guest 87.4%15:00 · Nathan 53.6% · guest 46.4%15:00 · Nathan 53.6% · guest 46.4%18:00 · Nathan 79.4% · guest 20.6%18:00 · Nathan 79.4% · guest 20.6%
Sharpest disagreement ▶ 8:24 Rejecting the 'messing around' characterization

Phil explicitly counters Nathan's dismissive premise about syndicate operations, asserting that democratized investing aligns closely with their core mission.

 Hardest push from Nathan ▶ 3:58 Forcing clarification on Shark Tank branding benefit

When Phil draws a technical distinction between Shark Tank and the fund, Nathan restates his point and forces Phil to concede that television fame creates their deal flow.

 Biggest teaching moment ▶ 11:13 Accredited investor requirement correction

Phil corrects Nathan's narrative of uneducated fans losing savings by explaining legal accredited investor net worth thresholds and platform risk warnings.

 Nathan holds their own ▶ 7:18 Pressing on micro-investor litigation risks

Nathan shows deep domain knowledge of early crowdfunding pitfalls by drilling down into how SPVs protect portfolio companies from predatory small-check lawsuits.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Introducing Phil Nadel and the AngelList Syndicate Model 5324 Nathan digs into syndicate operations and exits. When Phil clarifies that Shark Tank investments are distinct from the syndicate, Nathan pushes back to ensure Phil acknowledges the TV show is the primary deal-flow driver.
Syndicate Mechanics, Cap Table Management, and Legal Protections 5413 Nathan probes how micro-investments appear on cap tables and asks about legal liability from frivolous micro-investor lawsuits. Phil explains the SPV mechanics and Assure Fund Management legal buffers.
Fund Dynamics: Why Syndicates Outperform Traditional VC Models 5434 Nathan questions why Phil and Barbara bother 'messing around' with syndicates instead of raising a traditional fund. Phil pushes back on the phrasing and outlines how engaged retail backers provide strategic value.
Managing Investor Risk and Platform Selection 5624 Nathan posits a scenario where unsophisticated grandmas lose money investing out of affection for Barbara. Phil immediately dismantles the hypothetical by citing accredited investor regulations and mandatory risk disclosures.
Meural Showcase and Core Investment Criteria 5212 The conversation shifts to portfolio company Meural and core investment criteria. Nathan reinforces Phil's focus on capital efficiency by contrasting it against tech founders burning cash.
Sponsor Break: Travel Nutrition and Green Juice 2000 Mid-roll sponsor read followed by the standard rapid-fire Famous Five wrap-up questions and show outro.

Statements from this episode (5)

Disclosure
Corcoran Venture Partners has zero overlap with Barbara's Shark Tank deals
“The companies that Barbara invests in on Shark Tank are completely separate and apart from the companies we invest in at Barbara Corcoran Venture Partners. So there's no overlap whatsoever. In fact, we're focused on different types of companies.”
Phil Nadel Jun 13, 2017 ▶ 3:46
Disclosure
Corcoran Venture Partners has two unannounced exits underway
“We have not had exits in the syndicate portfolio yet although there are two that are unannounced in the portfolio. So there aren't any announced yet, but there are a few, there are two that have not yet been announced.”
Phil Nadel Jun 13, 2017 ▶ 4:54
Disclosure
Corcoran Venture Partners deployed $8M across 38 syndicate deals
“Yeah, it's actually, it's closer, I'm sorry, it's probably about eight million, yeah.”
Phil Nadel Jun 13, 2017 ▶ 8:08
Insight
Syndicate investors provide more active help than traditional fund LPs
“If you had a fund with LPs, they generally are strictly financial investors, right? They're not interested so much in helping out, or they don't have the time to. They're building a large portfolio. But the individuals who are investing smaller amounts, it's m…”
Phil Nadel Jun 13, 2017 ▶ 9:37
Disclosure
Corcoran Venture Partners requires at least $15k monthly revenue to invest
“Number one criterion that, that weeds out a lot of companies is that we only invest in post-revenue companies, right? We don't do anything pre-revenue. You must be generating revenue. And, you know, at least sort of 15, 20,000 a month at a very, very minimum.”
Phil Nadel Jun 13, 2017 ▶ 15:30
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