エピソード

  • The Seduction of TVPI: How Paper Markups Can Deceive Venture Investors

    The Seduction of TVPI: How Paper Markups Can Deceive Venture Investors
    2026/08/24
    In this episode we dissect why a high TVPI can masquerade as success when it doesn’t translate into cash, examining DPI, IRR, and valuation policies that drive the illusion. We walk through case studies from Accel and Andreessen Horowitz to illustrate how late‑stage markdowns, ownership dilution, and strategic follow‑on decisions affect real returns. Along the way we touch on angel investing, crowdfunding dynamics, and broader lessons for founders and investors on distinguishing paper performance from realized value. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    25 分
  • How Venture Capitalists Evaluate Market Size

    How Venture Capitalists Evaluate Market Size
    2026/08/24
    This episode dives into the mechanics of market size estimation—top‑down versus bottom‑up—and examines the pitfalls of inflated TAM slides. We track Accel’s disciplined early investment in Facebook, contrast it with Andreessen Horowitz's platform thesis, and discuss how angel rounds and crowdfunding still influence the funding ecosystem. The conversation also covers ownership, dilution, term‑sheet nuances, and how founders’ realities shape investor expectations. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    18 分
  • How Accel Found Facebook Early—and Why Angels, Crowdfunding, and Founders Matter

    How Accel Found Facebook Early—and Why Angels, Crowdfunding, and Founders Matter
    2026/08/24
    We dissect Accel Partners’ $12 million bet on early‑stage Facebook, the role angel investors play in bridging funding gaps, and how crowdfunding models democratize startup finance. The episode also distills entrepreneurial lessons that shape investment decisions, ownership dynamics, and valuation strategies. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    18 分
  • How Benchmark Stayed Small and Made Big Returns

    How Benchmark Stayed Small and Made Big Returns
    2026/08/24
    An in‑depth look at Benchmark’s boutique approach: equal partnership carry, seed‑stage focus, disciplined follow‑on strategy, and how keeping the fund lean enabled outsized ownership stakes and returns on early bets like eBay, Twitter, Instagram and Uber. The episode also contrasts Benchmark with larger firms such as Accel and Andreessen Horowitz to illuminate how fund size shapes sourcing, valuation, and risk management. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    22 分
  • Recycling Capital in VC – How Exit Proceeds Fuel New Deals (What LPs Need to Know)

    Recycling Capital in VC – How Exit Proceeds Fuel New Deals (What LPs Need to Know)
    2026/08/24
    In this episode we break down the mechanics of fund recycling, why GPs re‑invest exit cash, and how that affects ownership and returns for LPs. Using case studies from Accel’s early Facebook investment, Andreessen Horowitz’s scaling strategy, the role of angel investors and crowdfunding, we show how these practices shape portfolio construction, dilution, and value creation in venture capital. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    22 分
  • Hands‑Off vs Hands‑On Venture Capital: How Accel and Andreessen Horowitz Navigate Speed, Governance, and Portfolio Success

    Hands‑Off vs Hands‑On Venture Capital: How Accel and Andreessen Horowitz Navigate Speed, Governance, and Portfolio Success
    2026/08/24
    The episode dissects the tension between a hands‑off approach to governance and the need for structured oversight in early‑stage companies. Through case studies of Accel and Andreessen Horowitz it tracks how these firms source deals, set ownership targets, and decide when to intervene or step back, while also charting the evolution from angel investing and crowdfunding through later‑stage venture financing. Listeners gain insight into the real trade‑offs that shape startup trajectories and VC portfolio performance. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    20 分
  • Andreessen Horowitz and the API Platform Playbook

    Andreessen Horowitz and the API Platform Playbook
    2026/08/24
    In this episode we explore how Andreessen Horowitz built a platform‑centric investment thesis around APIs and infrastructure, trace Accel’s early Facebook play, examine angel and crowdfunding roles in the funding pipeline, and distill practical lessons about valuations, term sheets, ownership, and portfolio construction that go beyond hype. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    22 分
  • Thunder Lizards, Mega Funds, and Crowdfunding: How VCs Identify Disruptive Winners

    Thunder Lizards, Mega Funds, and Crowdfunding: How VCs Identify Disruptive Winners
    2026/08/24
    The episode examines Mike Maples Jr.’s Thunder Lizard concept through Floodgate’s early bets on Twitter, Lyft, and Twitch, then traces how Accel and Andreessen Horowitz applied disciplined sourcing, ownership, and follow‑on strategies to capture large exits. It also contrasts seed angel rounds and crowdfunding as early-stage validation mechanisms and explores what these practices reveal about portfolio construction, dilution, term sheets, and market sizing in venture capital. Learn more about your ad choices. Visit megaphone.fm/adchoices
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    21 分