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Jun 18, 2016 · 37m · top-founders

Where This VC Helps Put $3.7B Worth of Capital And Five $100M+ Companies He Loves, EP 299: Adam Valkin

Adam Valkin · 18m spoken Nathan Latka · 13m spoken
0:00 / 0:00

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In this episode of The Top, host Nathan Latka interviews Adam Valkin, Managing Director at General Catalyst, exploring his journey from building LoveFilm in Europe to backing category-defining tech and gaming companies like ClassPass, Super Evil Megacorp, CCP Games, and Giphy. Valkin shares valuable venture capital perspectives on market disruption, founder evaluation, and the evolving mechanics of digital media and mobile gaming.

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% of the talking time here. How this is scored →

Nathan as informed peer 4.5 Guest teaching 2.6 Guest disagreement 1.3 Nathan pushing back 2.1
05100:0010:0020:0030:000:43–2:55 · Nathan as informed peer 0/10 Weekly Giveaway Announcement and Contest Details Solo host intro covering episode sponsors, weekly cash giveaway winner, and a detailed background introduction of guest Adam Valkin.2:55–5:58 · Nathan as informed peer 5/10 The LoveFilm Story and Early European Tech Nathan asks about Adam's early VC background in Europe and the founding of LoveFilm. Adam shares his journey from the dot-com bubble to incubating the company.5:59–10:08 · Nathan as informed peer 6/10 European Tech Renaissance and Competing With Netflix Nathan pulls the conversation back to confirm LoveFilm's acquisition numbers and poses a tactical question on how small startups could compete with Netflix. Adam explains the long-tail live sports strategy.10:08–13:31 · Nathan as informed peer 6/10 Disruption Mindset and Backing Super Evil Megacorp Nathan cites General Catalyst portfolio track record stats before Adam shares his realization of wanting to back disruptors rather than defend incumbents.13:31–17:19 · Nathan as informed peer 6/10 The Hailo Investment and Moving Back to the US Nathan presses on whether Hailo's taxi-partnership thesis was flawed compared to Uber's disruption model. Adam acknowledges the competitive intensity while highlighting European tech successes.17:19–19:44 · Nathan as informed peer 6/10 Backing Payal Kadakia and the Growth of ClassPass Nathan cites ClassPass run rates and asks about General Catalyst's follow-on funding strategy across investment rounds.19:44–23:20 · Nathan as informed peer 5/10 Mobile Gaming Thesis and Super Evil Megacorp's Vainglory Nathan asks how Super Evil Megacorp measures being the fastest-growing mobile esport. Adam educates him on touchscreen MOBAs, streaming viewership on Twitch/YouTube, and tournament scaling.23:20–26:48 · Nathan as informed peer 6/10 CCP Games, Virtual Reality, and Gaming Monetization Nathan brings up external revenue figures for CCP Games and asks about virtual reality monetization. Adam clarifies subscription vs free-to-play mechanics.26:48–29:15 · Nathan as informed peer 5/10 Giphy's Growth in Visual Communication and Social Platforms Nathan presses on Giphy's user metrics and monetization timeline. Adam politely deflects giving exact internal metrics, telling Nathan to look online.29:16–31:25 · Nathan as informed peer 0/10 Sponsor Break: FreshBooks Invoicing and HostGator Web Hosting Host sponsor read and promotion for FreshBooks invoicing and HostGator web hosting services.31:26–35:32 · Nathan as informed peer 4/10 The Famous Five Rapid-Fire Questionnaire Nathan runs through the Famous Five questionnaire. Adam is momentarily caught off-guard by the format and requests a restart before completing his answers.0:43–2:55 · Guest teaching 0/10 Weekly Giveaway Announcement and Contest Details Solo host intro covering episode sponsors, weekly cash giveaway winner, and a detailed background introduction of guest Adam Valkin.2:55–5:58 · Guest teaching 3/10 The LoveFilm Story and Early European Tech Nathan asks about Adam's early VC background in Europe and the founding of LoveFilm. Adam shares his journey from the dot-com bubble to incubating the company.5:59–10:08 · Guest teaching 4/10 European Tech Renaissance and Competing With Netflix Nathan pulls the conversation back to confirm LoveFilm's acquisition numbers and poses a tactical question on how small startups could compete with Netflix. Adam explains the long-tail live sports strategy.10:08–13:31 · Guest teaching 3/10 Disruption Mindset and Backing Super Evil Megacorp Nathan cites General Catalyst portfolio track record stats before Adam shares his realization of wanting to back disruptors rather than defend incumbents.13:31–17:19 · Guest teaching 4/10 The Hailo Investment and Moving Back to the US Nathan presses on whether Hailo's taxi-partnership thesis was flawed compared to Uber's disruption model. Adam acknowledges the competitive intensity while highlighting European tech successes.17:19–19:44 · Guest teaching 3/10 Backing Payal Kadakia and the Growth of ClassPass Nathan cites ClassPass run rates and asks about General Catalyst's follow-on funding strategy across investment rounds.19:44–23:20 · Guest teaching 5/10 Mobile Gaming Thesis and Super Evil Megacorp's Vainglory Nathan asks how Super Evil Megacorp measures being the fastest-growing mobile esport. Adam educates him on touchscreen MOBAs, streaming viewership on Twitch/YouTube, and tournament scaling.23:20–26:48 · Guest teaching 4/10 CCP Games, Virtual Reality, and Gaming Monetization Nathan brings up external revenue figures for CCP Games and asks about virtual reality monetization. Adam clarifies subscription vs free-to-play mechanics.26:48–29:15 · Guest teaching 2/10 Giphy's Growth in Visual Communication and Social Platforms Nathan presses on Giphy's user metrics and monetization timeline. Adam politely deflects giving exact internal metrics, telling Nathan to look online.29:16–31:25 · Guest teaching 0/10 Sponsor Break: FreshBooks Invoicing and HostGator Web Hosting Host sponsor read and promotion for FreshBooks invoicing and HostGator web hosting services.31:26–35:32 · Guest teaching 1/10 The Famous Five Rapid-Fire Questionnaire Nathan runs through the Famous Five questionnaire. Adam is momentarily caught off-guard by the format and requests a restart before completing his answers.0:43–2:55 · Guest disagreement 0/10 Weekly Giveaway Announcement and Contest Details Solo host intro covering episode sponsors, weekly cash giveaway winner, and a detailed background introduction of guest Adam Valkin.2:55–5:58 · Guest disagreement 1/10 The LoveFilm Story and Early European Tech Nathan asks about Adam's early VC background in Europe and the founding of LoveFilm. Adam shares his journey from the dot-com bubble to incubating the company.5:59–10:08 · Guest disagreement 1/10 European Tech Renaissance and Competing With Netflix Nathan pulls the conversation back to confirm LoveFilm's acquisition numbers and poses a tactical question on how small startups could compete with Netflix. Adam explains the long-tail live sports strategy.10:08–13:31 · Guest disagreement 1/10 Disruption Mindset and Backing Super Evil Megacorp Nathan cites General Catalyst portfolio track record stats before Adam shares his realization of wanting to back disruptors rather than defend incumbents.13:31–17:19 · Guest disagreement 2/10 The Hailo Investment and Moving Back to the US Nathan presses on whether Hailo's taxi-partnership thesis was flawed compared to Uber's disruption model. Adam acknowledges the competitive intensity while highlighting European tech successes.17:19–19:44 · Guest disagreement 1/10 Backing Payal Kadakia and the Growth of ClassPass Nathan cites ClassPass run rates and asks about General Catalyst's follow-on funding strategy across investment rounds.19:44–23:20 · Guest disagreement 2/10 Mobile Gaming Thesis and Super Evil Megacorp's Vainglory Nathan asks how Super Evil Megacorp measures being the fastest-growing mobile esport. Adam educates him on touchscreen MOBAs, streaming viewership on Twitch/YouTube, and tournament scaling.23:20–26:48 · Guest disagreement 1/10 CCP Games, Virtual Reality, and Gaming Monetization Nathan brings up external revenue figures for CCP Games and asks about virtual reality monetization. Adam clarifies subscription vs free-to-play mechanics.26:48–29:15 · Guest disagreement 3/10 Giphy's Growth in Visual Communication and Social Platforms Nathan presses on Giphy's user metrics and monetization timeline. Adam politely deflects giving exact internal metrics, telling Nathan to look online.29:16–31:25 · Guest disagreement 0/10 Sponsor Break: FreshBooks Invoicing and HostGator Web Hosting Host sponsor read and promotion for FreshBooks invoicing and HostGator web hosting services.31:26–35:32 · Guest disagreement 2/10 The Famous Five Rapid-Fire Questionnaire Nathan runs through the Famous Five questionnaire. Adam is momentarily caught off-guard by the format and requests a restart before completing his answers.0:43–2:55 · Nathan pushing back 0/10 Weekly Giveaway Announcement and Contest Details Solo host intro covering episode sponsors, weekly cash giveaway winner, and a detailed background introduction of guest Adam Valkin.2:55–5:58 · Nathan pushing back 1/10 The LoveFilm Story and Early European Tech Nathan asks about Adam's early VC background in Europe and the founding of LoveFilm. Adam shares his journey from the dot-com bubble to incubating the company.5:59–10:08 · Nathan pushing back 3/10 European Tech Renaissance and Competing With Netflix Nathan pulls the conversation back to confirm LoveFilm's acquisition numbers and poses a tactical question on how small startups could compete with Netflix. Adam explains the long-tail live sports strategy.10:08–13:31 · Nathan pushing back 2/10 Disruption Mindset and Backing Super Evil Megacorp Nathan cites General Catalyst portfolio track record stats before Adam shares his realization of wanting to back disruptors rather than defend incumbents.13:31–17:19 · Nathan pushing back 4/10 The Hailo Investment and Moving Back to the US Nathan presses on whether Hailo's taxi-partnership thesis was flawed compared to Uber's disruption model. Adam acknowledges the competitive intensity while highlighting European tech successes.17:19–19:44 · Nathan pushing back 2/10 Backing Payal Kadakia and the Growth of ClassPass Nathan cites ClassPass run rates and asks about General Catalyst's follow-on funding strategy across investment rounds.19:44–23:20 · Nathan pushing back 3/10 Mobile Gaming Thesis and Super Evil Megacorp's Vainglory Nathan asks how Super Evil Megacorp measures being the fastest-growing mobile esport. Adam educates him on touchscreen MOBAs, streaming viewership on Twitch/YouTube, and tournament scaling.23:20–26:48 · Nathan pushing back 2/10 CCP Games, Virtual Reality, and Gaming Monetization Nathan brings up external revenue figures for CCP Games and asks about virtual reality monetization. Adam clarifies subscription vs free-to-play mechanics.26:48–29:15 · Nathan pushing back 4/10 Giphy's Growth in Visual Communication and Social Platforms Nathan presses on Giphy's user metrics and monetization timeline. Adam politely deflects giving exact internal metrics, telling Nathan to look online.29:16–31:25 · Nathan pushing back 0/10 Sponsor Break: FreshBooks Invoicing and HostGator Web Hosting Host sponsor read and promotion for FreshBooks invoicing and HostGator web hosting services.31:26–35:32 · Nathan pushing back 2/10 The Famous Five Rapid-Fire Questionnaire Nathan runs through the Famous Five questionnaire. Adam is momentarily caught off-guard by the format and requests a restart before completing his answers.

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

0:00 · Nathan 94.4% · guest 5.6%0:00 · Nathan 94.4% · guest 5.6%3:00 · Nathan 10% · guest 90%3:00 · Nathan 10% · guest 90%6:00 · Nathan 26% · guest 74%6:00 · Nathan 26% · guest 74%9:00 · Nathan 30.1% · guest 69.9%9:00 · Nathan 30.1% · guest 69.9%12:00 · Nathan 20.8% · guest 79.2%12:00 · Nathan 20.8% · guest 79.2%15:00 · Nathan 14.6% · guest 85.4%15:00 · Nathan 14.6% · guest 85.4%18:00 · Nathan 34.6% · guest 65.4%18:00 · Nathan 34.6% · guest 65.4%21:00 · Nathan 23.8% · guest 76.2%21:00 · Nathan 23.8% · guest 76.2%24:00 · Nathan 30.8% · guest 69.2%24:00 · Nathan 30.8% · guest 69.2%27:00 · Nathan 47.5% · guest 52.5%27:00 · Nathan 47.5% · guest 52.5%30:00 · Nathan 89.5% · guest 10.5%30:00 · Nathan 89.5% · guest 10.5%33:00 · Nathan 72.8% · guest 27.2%33:00 · Nathan 72.8% · guest 27.2%36:00 · Nathan 97.8% · guest 2.2%36:00 · Nathan 97.8% · guest 2.2%
Sharpest disagreement ▶ 28:13 Adam resists disclosing internal metrics

When Nathan pushes for company scale and active user figures for Giphy, Adam stonewalls the inquiry by telling him to look online.

 Hardest push from Nathan ▶ 14:54 Nathan challenges Hailo's defense-oriented thesis

Nathan interrupts to question whether investing in a startup that bolsters incumbent taxi systems instead of disrupting them like Uber was fundamentally flawed.

 Biggest teaching moment ▶ 22:15 Adam breaks down mobile gaming metrics and MOBA reach

Adam explains to Nathan how touchscreen MOBAs can achieve massive esports scale via streaming audiences on Twitch and YouTube rather than traditional PC metrics.

 Nathan holds their own ▶ 7:16 Nathan asserts LoveFilm acquisition data and reframes the discussion

Nathan cuts in with precise figures regarding LoveFilm's 1.6 million subscribers and $300 million Amazon acquisition to anchor the discussion.
the scores for every segment, with the reasoning behind each
ChapterTopicNathan as informed peerGuest teachingGuest disagreementNathan pushing backWhy
Weekly Giveaway Announcement and Contest Details 0000 Solo host intro covering episode sponsors, weekly cash giveaway winner, and a detailed background introduction of guest Adam Valkin.
The LoveFilm Story and Early European Tech 5311 Nathan asks about Adam's early VC background in Europe and the founding of LoveFilm. Adam shares his journey from the dot-com bubble to incubating the company.
European Tech Renaissance and Competing With Netflix 6413 Nathan pulls the conversation back to confirm LoveFilm's acquisition numbers and poses a tactical question on how small startups could compete with Netflix. Adam explains the long-tail live sports strategy.
Disruption Mindset and Backing Super Evil Megacorp 6312 Nathan cites General Catalyst portfolio track record stats before Adam shares his realization of wanting to back disruptors rather than defend incumbents.
The Hailo Investment and Moving Back to the US 6424 Nathan presses on whether Hailo's taxi-partnership thesis was flawed compared to Uber's disruption model. Adam acknowledges the competitive intensity while highlighting European tech successes.
Backing Payal Kadakia and the Growth of ClassPass 6312 Nathan cites ClassPass run rates and asks about General Catalyst's follow-on funding strategy across investment rounds.
Mobile Gaming Thesis and Super Evil Megacorp's Vainglory 5523 Nathan asks how Super Evil Megacorp measures being the fastest-growing mobile esport. Adam educates him on touchscreen MOBAs, streaming viewership on Twitch/YouTube, and tournament scaling.
CCP Games, Virtual Reality, and Gaming Monetization 6412 Nathan brings up external revenue figures for CCP Games and asks about virtual reality monetization. Adam clarifies subscription vs free-to-play mechanics.
Giphy's Growth in Visual Communication and Social Platforms 5234 Nathan presses on Giphy's user metrics and monetization timeline. Adam politely deflects giving exact internal metrics, telling Nathan to look online.
Sponsor Break: FreshBooks Invoicing and HostGator Web Hosting 0000 Host sponsor read and promotion for FreshBooks invoicing and HostGator web hosting services.
The Famous Five Rapid-Fire Questionnaire 4122 Nathan runs through the Famous Five questionnaire. Adam is momentarily caught off-guard by the format and requests a restart before completing his answers.

Statements from this episode (5)

Assertion Supported
Valkin confirms Amazon acquired LoveFilm for roughly $300M in 2011
“That's accurate.”
Adam Valkin Jun 18, 2016 ▶ 7:37
Opinion
Valkin: Accel underestimated Uber's execution and the ride-hailing market's size
“When I look back, I don't think we ever expected the market to be that big, but I don't think we expected the competitors to be that good.”
Adam Valkin Jun 18, 2016 ▶ 14:39
Disclosure
Valkin: General Catalyst passed on the ClassPass seed round
“But we landed up not investing in the seed round and watching the company for about a year.”
Adam Valkin Jun 18, 2016 ▶ 18:15
Prediction Not checkable as stated
Valkin: Billions of mobile devices will run core games, dwarfing PCs
“There will be three to five billion mobile devices capable of running a core game in the, in, over the next few years, and they're gonna be, you know, probably less than a billion PC devices.”
Adam Valkin Jun 18, 2016 ▶ 20:48
Insight
Valkin: The most disruptive tech ideas come from twenty-something founders
“That it's a young person's world, and that the in the tech world, your twenties, every possibility is open to you. And that many of the really interesting projects and most disruptive ideas come from people that are freshly minted graduates or didn't even get …”
Adam Valkin Jun 18, 2016 ▶ 35:00
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