205. Unicorn vs Pegasus, The Softbank Effect, & Impacts of a Recession on VC (Jason Calacanis)

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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