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SPEAKER_02: Hey, everybody. Welcome to This Week in Startups. We're going live, live. I know this is risky. It's crazy. But we're doing Ask Jason again with my boy, Zach Coleus, who is an angel investor

SPEAKER_03: who grinds it out just like me every day of his life, finding great companies to invest in. Welcome back to Ask Jason and Zach. Zach. What up? How are you doing? How are you doing

SPEAKER_05: here in the final days of the pandemic? You ready to, you ready to blow the doors off this

SPEAKER_07: and get the Roaring Twenties started? I am. Yeah, yeah. We've got a Roaring Twenties are

SPEAKER_08: on fire. So hopefully our Roaring Twenties will be better than those Roaring Twenties and

SPEAKER_03: won't end up quite as horrible. Yeah. I cannot wait to get started to see y'all. We're going to do This Week in Startups Live combined with the All In Podcast Live. So imagine. What?

Chamath Palihapitiya: Yes, we're doing. Crazy. It's going to be fucking bonkers. Insane. I am going everywhere. Is that

SPEAKER_15: legal? Sure. Dude, in this, in this, is that legal? They might, they might show up at your

SPEAKER_17: door and I can't. Here's what we're gonna do. My the venue I dreamed of going to the Royal

SPEAKER_03: Albert Hall in London. I think it's in London. I want to rent out the Royal Albert Hall and do This Week in Startups, then have a dinner, or maybe This Week in Startups then have like a cocktail hour reception. And then everybody goes back in the hall for Act Two. This All In Podcast Live besties all over the place. It's going to be a party. But I want to rent the Royal Albert Hall, where Mark Knopfler did a six day residence and broke the doors off of the records there. And I am going to go to London and I am going to stalk Mark Knopfler. I'm

SPEAKER_22: joking. I'm not joking at all. Here we go. First question from Jake, big picture, what is

SPEAKER_25: the future of venture capital with all these new syndicates, rolling funds, capital being cheaper than ever? Who is the loser in all of this mid tier firms? And I'm going to add to that I'm going to punch up your question, Jake, Oh, Republic doing a $5 million investment in one day, equity crowdfunding has now raised, we're not accredited investors has gone from 1 million to 5 million. This seems to be a turning point. This just happened. What are your thoughts, Zach, to Jake's question, who is losing and then if you want to expand upon what we just saw Sahil do with Gumroad for 5 million on Republic, I'm interested in

SPEAKER_29: your thoughts. Yeah, I mean, it's a crazy time to be alive. It's fun. There's so much

SPEAKER_08: money sloshing on right now. I mean, there's, I think the cool thing is, is that that's just leading to a tremendous amount of innovation. You know, people are trying new ideas, they're doing new stuff, and it comes in all up and down the stack. And it's not just sort of startups, but it's also in venture capital. I mean, if you look at the tired, bored old white guys that have been running VC firms for the last, you know, 30 years, they're finally

SPEAKER_31: being forced to like up their game. And new entrants are coming in and pushing the throttle and really challenging them both from the bottom end, you know, the angel list, syndicate, rolling plan area, but also from the top end, you know, the hedge funds are coming down and saying, hey, we can play this game. So I think it's great. It's innovation is good.

SPEAKER_08: New entrance. The game is just going to get more exciting.

SPEAKER_03: So in terms of losers to Jake's question, I think we're it's pretty clear that the in existing industrial venture capital complex, the top tier firms, I don't think are impacted at all. In fact, I think they do better, because there's more funded companies for them to choose from, who does lose, I think Jake, you answered your own question, the bottom tier funds and the in the mid tier funds who

SPEAKER_25: are part of the industrial complex, who are just eking out barely enough of a IRR and internal rate of return. They're going to be challenged, I think they're gonna lose the top deals. And then where is their space if the hedge funds and the you know, late stage funds are coming down and grabbing that deal flow earlier. And if Republic can basically say to any founder, you don't need a venture capitalists, just write a deal memo, put it on our website. That to me seems highly disruptive. Then there's nobody getting carry on the deal. There is no sponsor. But then the follow up question is, well, that's a platform. They're not the sponsor of the deal who gets carried. So who is actually shepherding that deal? That does seem to be the weak link in the crowdfunding chain. Am I

SPEAKER_08: right, Zach? Yeah, I mean, I think no sponsor. I think if, if you open up a platform and you let all comers come, you're going to end up with bad actors. There's no question about that. I mean, look at like what's happened on Clubhouse, the, you know, audio chat program. I mean, it opened up and now suddenly you got scam artists all over it,

SPEAKER_31: basically ripping people off, trying to convince them to part with their hard earned money through, you know, MLM scams. Same thing happens when you, when you open up the world of sort of funding to anyone, scam artists are going to show up, you know, how we get through that and sort through that mess is going to be, you know, a process, but it's just like a process. When you open up a new gold rush,

SPEAKER_36: a whole bunch of scam artists will be there really needs to be. I think this is my advice to the

SPEAKER_03: folks who are not accredited investors, dare I say non sophisticated yet, you will become sophisticated over time. I think you need to really be cautious when investing in alternative assets, whether it's bubblegum cards, NFTs, or startups. And you're going to want to make small bets as you learn. And in that spirit, Zach, we are opening up Angel University, which was previously only for

SPEAKER_36: accredited investors. And now anybody can attend. We sell the tickets for $300, all the proceeds go to

SPEAKER_03: charity. If you can't afford the 300, you can email me or somebody on my team, and we might give you a discount like a scholarship or whatever. But we're gonna open it up to everybody. Because you know, Zach, my thinking is, you know, I want people who are going to, you know, these equity crowdfunding sites to actually get the education. Why not? Yeah. Okay. Okay, from LinkedIn. We are using LinkedIn

SPEAKER_41: live for the first time. And I got a lot of followers on LinkedIn. This is from Joe Timmons.

SPEAKER_03: Joe Timmons question. Who do you guys think, you know, Joe, okay, I know Joe, I don't I mean, I know a lot of Joe's I don't know this Joe. Who do you think is the next legitimate competitor to Tesla? Rivian Lucid, Lordstown? No, that is Neo? No, no, what that is. Li Auto, BMW, etc, etc. I could take this one first, I think. I don't think the pro here. Well, I mean, I just, yeah, I mean, I have I own the Tesla's I own one of each I think at this point, or four out of five, I traded in my three for one. So I think that Ford and Volkswagen are going to produce electric cars that become more and more compelling. But I think the electric car challenge, and this is gonna be a little controversial, was solved five years ago. When Tesla started hitting 50 to $60,000 a car, and they got it to 300 mile range, all of the issues around electric cars were basically solved. Now I'm sure you're going to say, hey, there needs to be a $20,000 version or a $30,000 version. There is it's called

SPEAKER_25: a used one. And the used ones are starting to hit market. So and in terms of range, the average American only drives this is pre pandemic data 27 miles a day. So even in the, you know, edge cases of people driving an hour to work and back, even if they're driving, you know, very fast, it's still half of the 300 mile battery range, all the issues in electric cars have been solved. And your question was, you know, the competitor to Tesla on electric cars, I don't think it matters. The new game is electricity writ large, for cities like Texas, or Sydney, which were having problems with their electrical grids or all of the incompetent California. Tesla is now an energy company, building batteries for cities, batteries for your home, solar panels and EVs for your driveway. But I believe EVs will be but a portion of the revenue, and that the actual business is energy. And who's close to Tesla on self driving only really two or three companies, Waymo, I don't know who else is

SPEAKER_27: actually really GM, GM, I guess. Yeah, sure. Okay, yeah. So there's your big three. Yeah. What do you

SPEAKER_43: what do you think? You think there is actually a challenger to Tesla at this point? I don't think

SPEAKER_08: there is fusion energy. I agree with you. I think I think the electrical car problem is less now the car and more of the distribution of the charging stations, the ability to basically manage, you know, that scale that's required to do that. And then the big next game is self driving. Because the thing is, once you have self driving, it's like the number of car companies in the world probably shrinks by 70 to 80%. Because 90% of our vehicles sit there not moving in any given moment in time, time. And so, you know, we just don't need so many car companies if people don't need to own cars

SPEAKER_31: anymore. When you have automated fleets, the world changes.

SPEAKER_36: And that's the other issue here is you are 100% correct, Zach, that car ownership could go away

SPEAKER_03: just with Uber and self driving cars. Both of those were pushing the envelope on people getting out of cars. Obviously, the pandemic created this moment in time when people wanted to be in a bubble separated from people and not be near a ride sharing driver or whatever, or on public transportation, that all

SPEAKER_27: gets reversed after the vaccine. And I think it's gonna get reversed very quickly. And you know, my

SPEAKER_03: understanding was, there were tons of American car companies in the 1900s, a big boom, and you can,

SPEAKER_27: here's a graph of it, we'll have them throw it up in post. But in the 1900s, there were like 250 new

SPEAKER_03: American car companies, and they all consolidated down to the five or whatever we have now in the or we had by the 80s. So I think all of these new car companies are almost all of them will fail. Fisker

SPEAKER_27: is a multi time failure. We had Nicolo's founder, or former founder on the podcast. He's under investigation, that whole thing's a house of cards. And so I think it's a complete disaster. Yikes,

SPEAKER_03: I think it's all gonna come down burning down. Yeah. Both of those companies, I believe, will be worth $0.0. That's my personal belief. It's not slander. It's just my educated guess. I can guess

SPEAKER_43: that I think they're worth zero. I think it's allowed. If you don't like it, come on the program

David Friedberg: explain to me why you're not worth $0. Do you ever wish that you invested early in some of the best

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SPEAKER_25: from Justin on YouTube. Any thoughts on the new Google certification? This is really interesting. Did you see this, that Google's creating a certification? And I don't know what the cost of it is, but it's very low. And they're basically doing a, I think it's a six month certification. Yep. And I think it's close to free. So, they're basically going to give everybody, and I think this was their internal MBA-ish program, that they've now, as a mitzvah for society, decided to give for free to all people on the planet. What do you think? God bless Google. God bless Google.

SPEAKER_08: I mean, it's a pretty cool thing, right? Yeah. I mean, you can look at the sort of academic industrial complex as it currently exists today, that is totally broken. I mean, it's just a disaster as far as anyone can tell. And it needs competition. It needs basically, it needs to, it needs to figure out how to innovate. And the only way to do that is to force

SPEAKER_31: them to do it. And the best way to do that is have new entrants like that, or Lambda, or, you know, the fact that you can go online now and find all the information in the world, you can study yourself

SPEAKER_78: and learn things. It's super powerful. And I think, I think Google's really, is really pushing the ball forward for all this. I got a hot take on this. Hot take. Hot take. Right. I think

SPEAKER_25: Google's certification programs will mean more to employers

SPEAKER_03: A university degree. Than a university degree, and will be on par with even, if you complete them, an Ivy League degree within the next couple of years. Now, this is a little bit crazy, but here's what I'm thinking. What they teach you in the Ivy League or in a college has got to be far,

SPEAKER_25: far behind what the state of the art at Google is, one of the world's leading companies. Google's

SPEAKER_03: new professional certifications are now joining the IT support certifications they've had for a little while. These cost $249 for a data science course. They take 10 hours of study per week, which is basically like you binge one less series. Okay, you lazy bums out there who are complaining, there's no way for you to move up in the world. Go take some certification courses at

SPEAKER_25: Google and apply for some jobs and tell me that after you've done it, and you stop watching TV. Each of these certifications is basically what you need to land the entry level job UX design, Android developers, IT support data analysis, and just here's here's the quote from their course that started in 2018. These certificates have been successful in bringing in more talent from groups traditionally underrepresented in tech. 53% of graduates of the IT support server certificate in the US have been female, black, Latino, or veterans, Google claimed in a blog post, and 82% of graduates overall say the program helped them advance their careers within six months, including getting a raise, finding a new job, or starting a new business. This is so huge and underreported. This is going to be, I think one of the great, great moves by Google to really, really help the world. And you know who the loser is. And this is,

SPEAKER_82: we want to always look at the losers. Here's the loser. I don't want to say University of Phoenix, I don't get sued or something like that. But I think University of Phoenix and these other,

SPEAKER_90: you know, online universities that some people felt had maybe too high prices and maybe not enough.

SPEAKER_34: Now, I, I'm telling you right now, University of Phoenix and others, who have a varying degree of

SPEAKER_25: reviews, and who charge, I think 20 or 30 or 40 times what Google's charging, you're about to get

SPEAKER_03: your asses handed to you. Because University of Phoenix, when I hear that I think, really bad, you know, content, and maybe people don't get these great, you know, great experiences, and they overpaid. Yeah. Now, what is an HR person going to think when they see a University of Phoenix IT degree next to a Google one? Which one are you taking? Who are you hiring? It's pretty simple.

SPEAKER_43: Is University of Phoenix public? Can I short that company? I think those companies lose.

SPEAKER_27: Yeah, and the bottom 1000 colleges, which are overcharging and running people,

SPEAKER_03: running roughshod over people. Okay, let's take another question. Looks like I'm going to go to my notion page. Shout out notion. What are this from Devin? What are the common mistakes red flags you see in a startup pitch pitch deck? How could inexperienced founders avoid this mistake? Zach,

SPEAKER_08: this is your way. Let's go ahead. Yeah, where do I start? There's so many things. I mean, I think I think the biggest red flag is that they haven't really done any research on how to do a startup deck. And if you go out and you spend a couple hours schooling around, you can learn an incredible amount of information. A ton. A stun. Yeah, yeah, exactly. And there's just, there's so many things

SPEAKER_31: in there that they they overlook. But I think the biggest red flags that I look for are like, I basically say three things. One, an idea is worthless. A validated idea is priceless. And the difference between that is when you come and say, Hey, I got this idea to create this thing, it's going to be amazing. And I'm like, Okay, prove it. Whereas when you go in and say, Hey, I got this idea to create a thing. And I went and talked to these 20 customers. And here's their feedback. And here's their email addresses. And they want it tomorrow. Suddenly, it's like, Oh, that's exciting. You got something there. It's one, a validated idea to like, you really need to basically use less words. I think a lot of people basically want to write a book. Great, go write a book. But don't send me a book to basically try to look because I look at, you know, 50 pitches a day come in and I have to look dig through them and figure out which ones I want to talk to. And so when you got an investor's attention for a few minutes at best, you really need clarity and like your ideas need to be very simple. And then the last thing I would say is like, they really, really, really, really, really, really, really, really, really, really, really, really, really don't try to hide things. Because like, whenever you leave something off, like when you show me your 2021 revenues,

SPEAKER_74: but you don't have your 2020 revenues, I'm like, Okay, guys, clearly something happened in 2020.

Chamath Palihapitiya: Maybe you should tell me that because I'm gonna figure it out anyway. Right? I think being candid upfront about all things is super important.

SPEAKER_03: One slide one point, I think is the punch up, I would say, Zach, to what you're saying, which is people put like, a paragraph on a slide, that's not a presentation is not a deal memo, a deal memo is one that's written with words, a deck is supposed to be visual, that means charts, and you know, bullet points and brevity, one point per slide, please. When you put three or four points on one slide, you know, and you've got your CAC over here, and you've got your team on the same side, say, well, just break into two slides and move through the deck. I think a good cadence is moving through the deck every 30 seconds or so every minute. So if you're going to do a 20 minute meeting, that means the decks like 30 slides, and you're going to just click, click and you're in sync, what you're saying in the pitch meeting is what's in the deck. Now, the deck should be beautifully designed as well. An ugly deck is like coming in with a stain on your shirt, it just shows that you're not refined. And that doesn't mean you have to spend a fortune, there are templates online that are gorgeous, and just keep making the deck cleaner and cleaner. And when people are making a decision, they're going to make a decision on your traction, on your customers on your team, and on how amazing the product is. The Tam and, you know, a bunch of startup awards and competitions you won,

SPEAKER_25: and some non paid partnership you got all that, all the cruft, the more you take out cruft, and bullshit and put in customers product team traction. That's the cycle here you hire a great team, you build a great product, you get great customers, you get great insights. And then you hire more people to make a better product than you get that flywheel going. Keep it in that zone is my

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SPEAKER_25: two decades. Why is that? Well, because of its consistent performance through multiple market cycles. And with Fundrise, this level of powerful diversification is now available to you. That's right with Fundrise, they provide access to diversified portfolios of private real estate to all investors with their industry leading easy to use platform. Whether you're looking to add stable cash flow via dividends, or you prefer long term growth through appreciation, Fundrise makes investing in real estate as easy as investing in stocks, bonds or mutual funds. With their easy to use website, you can track your portfolio's performance and watch as properties across the country are acquired, improved, and operated via dynamic updates from their team. So see for yourself how 130,000 investors have built a better portfolio with private real estate. It's going to take just a couple of minutes for you to get started. You just go to fundrise.com slash twist today. It's free to join F-U-N-D-R-I-S-E dot com slash twist fundrise.com slash twist. What is the best way? This is from B-Stom CEO. What is the best way to go into an investor meeting pre-revenue?

SPEAKER_34: Hmm, interesting. You got the investor meeting. So this assumes you have the meeting, but you don't have revenue yet.

SPEAKER_29: What's your best approach there, Zach? Yeah. So it's kind of like I just said, I mean,

SPEAKER_08: it really comes down to validation. Like if you don't have something to sell your customers yet,

SPEAKER_31: I really want to see customers who desperately want it built. I want to see people who are like, I really want that. Can you please build it for me? I'm happy to pay for it as soon as it's there. Because, you know, for a startup to succeed, you need to be 10x better than either the existing solutions that are out there, or you need to solve a pain that's so painful that they are desperate to have it solved. And in either of those cases, if you can't find somebody who's willing to basically publicly or in an email say, I desperately want this, then you probably aren't going to succeed. Yeah, if you're pre-revenue, but you have a product

SPEAKER_03: and some level of product market fit, that's okay. And you got the meeting. So obviously, there's something that's intriguing. I would say you got the meeting, it's intriguing. Talk about the usage patterns of your top 20% of customers. In other words, assume the looky loos and the drive

SPEAKER_25: by users are just that they're not important, they're going to churn. So you say to the investors,

SPEAKER_03: when you're in the meeting, yeah, we have 100 people using the product every day. If you take out

SPEAKER_25: the people who use it once a month, or twice a month, and we look at just the top 20% of users, these are our ideal customer profile. And what we see with them is that they are using the product 14 times a day. And this would be the equivalent of in the clubhouse example saying, Okay, they've got 13 million 14 million downloads. Tell me about the top 500,000 people using the product. So not even 5%. You know, we're talking about low single dish, just tell me about the top 3% users. Oh, they're in the app four hours a day. Okay, now what you have to ask yourself is, out of the 14 million, if they got to 1.4 billion downloads, like a YouTube, or a Chrome, or a Facebook, if you imagine that world, and you imagine the 14 million people who make up the top 1%, or let's times it by 10, the top 140 million, what are those 140 million look like? What I just described is Twitter. Twitter has a very small number of users who are addicted to the product, like Zack and I are to a level that is absolutely unhealthy for anybody involved. I mean, celebrities are so addicted to this thing, that they get themselves canceled. This dummy from The Mandalorian is one of my favorite goddamn characters. Couldn't shut up enough to stay in a Star Wars series when they were going to make her her own spinoff show. Did you hear about that? I did. I mean, how dumb are you people you you picked tweeting, which you don't get paid for over being an anchor character that Disney was going to build a series around you. And now you're working for Ben Shapiro in some movie. Dummy. So dumb. It's unfortunate. Oh, so dumb people get I mean, feel sad. I mean, it's really crazy. And you know what this also happened with Snapchat,

SPEAKER_03: my understanding is when a friend of mine invested in Snapchat, he said, you know, when you look at the top 20% of Snapchat users, they were in the app every couple of hours, you know, literally all day long, because it was the first social network that really had messaging at the core of it. And it we just did wonderful. Okay, there's another question. This one's from YouTube. I'm from Belgium, working on an app. I hear a lot that it's easier to make apps succeed in the US. How much truth is in this statement? And why? It's first time I'm hearing it. Zach, you've heard this before?

SPEAKER_08: I mean, it's, I think it's the nature of a lot of startup wisdom is that people say something five years ago, and then they still think it's true, even if it's totally not true anymore. Yes. So yes, this is an example of that. No, it's actually probably easier to build

SPEAKER_31: the app in Belgium. Because the cool thing is in Belgium, you probably are seeing things that are different than all of the sort of herd mentality that is Silicon Valley, probably you're having different ideas, you probably have different way of looking at the how to build something to make the world a better place. And, and that's the place to do it. Not to mention it's cheaper probably to hire engineers is cheaper to hire people like all these things are true. There's so much money floating around in Europe right now for Oh, is there? Oh, my God, if you're the European

Chamath Palihapitiya: governments are just literally fire hosing money into startups. Oh, wow. Fantastic. There you go.

SPEAKER_03: Grants. I mean, this is why Europe, all due respect has some weak startups because the government's funding them. Anytime the government, I mean, I appreciate the government trying to help.

SPEAKER_27: But I'll be honest, when the government gives you a grant kind of makes you weak, you kind of got a clear market with the serious investors or clear market with customers to make a go of it. So if your company is living off of grants, you're probably gonna fail. Yeah, and you need to get

SPEAKER_03: more focused. It's fine for a starting place. But you know, I don't know if you've met these companies that are in year three or four, and they're applying for grants. I'm like, this is like your friend who is on their third graduate degree. And you're like, ever want to enter the real world? Or just want to stay at college? Oh, really? Oh, now you're going for music theory? Okay, congratulations. How's the sculpting degree? And your pre med going? Okay, yeah. Okay, good. You're scared of being in the real world? Got it. I think I was thinking here is maybe Europeans,

SPEAKER_27: there have more balance in their life, and they don't, they're not as addicted to their phones. And maybe there just isn't as much of a consumer wave. But anyway, it's a weird.

SPEAKER_08: One of my best companies is from Poland, and they're just crushing it. You want to give a shout out? Give a shout out. Oh, yeah, it's called Booksy. It's basically the much, much bigger version of Style Seat. So if you

SPEAKER_31: want to basically, you want to get your haircut and get your nails done. If you're in one of the markets for Booksy, I mean, they're the biggest in the world now. Oh, wow. Congratulations. I'm an investor in Style Seat. It's a great category for sure. It's, we got a little duel going on there. I love it.

Chamath Palihapitiya: Jason, Zach, joust. You know what? It's, that's like being like, you know what? I, I own the Aria casino and you own the win. It's like, eh, we're both going to win. I think it'll be okay in the end for us. That would be awesome. That would be so cool. Let's aspire to that. Now,

SPEAKER_74: that would be, that would be even cooler than literally owning a sports team if we owned like

Chamath Palihapitiya: one of those casinos because they would cash flow that would come out of that. I want to start, this is my idea. I want to start my own private club, like the battery, but a little bit smaller,

SPEAKER_03: maybe a 10,000 square foot location. That's just for car players and you know, I would do it in the Bay area. Maybe, yeah, maybe somewhere more central on the peninsula and then people could drive there,

SPEAKER_147: have parking, security. Oh yeah, maybe that's a good spot. So then our friends could just fly in

SPEAKER_150: and just walk. Yeah, you could fly in the wells. Like literally walk over to the card room and we've got our world-class card room right there. Exactly. But it's just like a place where there's four

SPEAKER_152: rooms. There's no rake. There's no chips or anything. There might be some good food and maybe

SPEAKER_03: people have lockers with their cigars and scotch or whatever. I mean, it's a good idea, right? I mean, let's do it. Let's do it. Let's do it. Okay. All in card rooms. All in card club. All in card club. We can't call it card room because we wouldn't be dealing cards, right? It'd just be, hey,

SPEAKER_74: you can play some cards. It'd be a membership, a membership site and it'd be a good place to host

SPEAKER_82: events. Yes. Yes. Now you got it. We'll see you next time on This Week in Stardust. Bye-bye.