The Full Ratchet: Venture Capital Demystified

Jason Calacanis joins Nick to discuss Unicorn vs Pegasus, The Softbank Effect, & Impacts of a Recession on VC. In this episode, we cover:

  • Last time we had you on the show was July 2017. What big things have happened over the past (almost) three years with yourself and Launch?
  • Last time you talked a bit about the "Goldilocks zone"... sort of that post-seed, pre-A round. Is that still the stage getting most focus from you?
  • I read an article where you suggested that SoftBank is changing the way Silicon Valley thinks about going public.
  • What are the biggest positive effects you've seen from the Vision Fund?
  • What about negatives and adverse effects?
  • The volume of startups seems to be ever increasing... Any advice for founders on how to stand out?
  • Lots of people talking about an upcoming recession in 2020. If a recession were to hit, what happens to venture? How do you think it could potentially impact startups as well as investors or VCs?
  • How does your investment strategy change in a recession?
  • Anything founders should should do to prepare for a correction?
  • As part of the fallout from WeWork... I've been hearing a lot of VCs talk about a shift from growth at all costs to a focus on profitability. Are these empty words or are you seeing a material change amongst VCs?
  • Want to get your input on investment and selection...
  • First off, in the book, if memory serves, you suggest angels should focus exclusively on SF-based startups and founders should relocate to SF. We recently committed to a Launch Accelerator company that is not in SF, they're in Chicago. Have your thoughts changed on location?
  • What is a unique requirement or heuristic you use that you don't think other investors consider?
  • What are your biggest red flags or dealbreakers?
  • What are some acceptable risks or issues vs. what's not acceptable?
  • I notice you talking about Pegasus startups (vs. Unicorns). What the heck is a Pegasus?
  • What tips do you have for founders to reach the Unicorn as well as Pegasus status?
  • You also talk about the “Dark Pegasus” can you give us some insight into what that entails and how to avoid these startups as an investor?

 

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