216. Crisis Coverage w/ Patrick Gallagher - VC Firm Survival, How Seed Investing Scales, & A Glimpse at the Road Ahead

Patrick Gallagher of Tuesday Capital joins Nick on a special Crisis Coverage installment to discuss VC Firm Survival, How Seed Investing Scales, & A Glimpse at the Road Ahead. In this episode, we cover:

• Walk us through your path to venture
• How did things first come together for Crunchfund w/ you and Michael Arrington?
• Why did Michael leave and why did you rebrand Crunchfund to Tuesday?
• Gives us the highlights of your thesis?
• How do current events effect your approach going forward?
• Anything you'll avoid/be much more cautious investing in?... or anything you're leaning into?
• Some have said that many seed venture firms will not survive the current crisis.  I think there may be more than 1000 seed firms currently...  Do you think the volume of seed players reconciles as a result of this correction?
• What is your reserve strategy?  How much and how do you make decision as to how you deploy reserves into current portcos?
• Why the partnership with Frog and what does that mean for your portcos?
• Aside from design, branding, storytelling... what is an area that is significantly under-utilized as an area of value that VCs can provide to starutps?
• I believe you're in Airbnb and Uber... was it difficult to invest in their later rounds while you had a young seed-focused fund?
• Do you believe seed funds can scale?
• Why do you think there are so many people that want to do this job?  The numbers aren't good... it takes a long time to establish yourself, most funds fail and even the successful ones take a long time to make money.
• Before we wrap things up, what would you say to a young individual that wants to make a career in venture capital?

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