E776: Social Capital Chamath Palihapitiya: VC ecosystem, rethinking biz; Samsung NEXT Pres David Eun
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- Опубліковано 29 сер 2024
- At LAUNCH SCALE 2017, Jason sits down with two leaders defining the future of investment. Chamath Palihapitiya, who grew Facebook and went on to found VC powerhouse Social Capital, sets us straight on the state of venture capital and markets today, and what we need to do to win. It’s a turbulent time to say the least; investors need to help founders hunker down and restructure how they’re spending money and get their business models working for escape velocity. (Hint: this does not include the use of ICOs, for which Chamath has many choice words….) Next is David Eun, President of Samsung NEXT who talks to Jason about his formidable work at AOL and Google, which led to him to Samsung and helping founders and startups. David nurtures innovation by meeting entrepreneurs wherever they are, a strategy that’s paying off with 23 (and counting) acquisitions in transformative software, including Smart Things leader in smart home. Exciting days.
Timestamps
0:01 Thank you to our partners LinkedIn & Texture. Go to / twist and get $50 credit towards your first job post. Also, go to texture.com/twist to save 30% on your magazine subscription.
FIRESIDE with Chamath Palihapitiya
0:36 Jason introduces Chamath Palihapitiya (CEO of Social Capital) to the Launch SCALE audience.
1:35 Chamath explains the story of how he managed to become an owner of the Golden State Warriors, and ultimately why he made the decision to own a professional sports team.
4:12 Chamath explains what has changed in startups. He calls it a “bleeding of talent.” Many more entrepreneurs/companies are being born all over the world, but lack the concentration of talent.
6:14 Chamath explains a problem in Silicon Valley of tremendous amounts of capital being invested into companies without adding true value. And his solution to fix this problem.
9:12 An important example of how Social Capital is adding value to their portfolio companies, by asking one simple question.
11:15 Thank you to LinkedIn for supporting TWiST. Go to / twist for a $50 credit toward your first job post.
13:40 Jason talks about the illiquid IPO market, with companies deciding to stay private for longer. Chamath explains the importance of going public & rewarding your employees.
16:45 Google fact: An engineer obsoletes him/herself in 7 years. What does this mean for a company? Chamath explains the lifetime of businesses may be shrinking.
17:41 Chamath explains how Social Capital manages to recruit the best talent. “We only ever lose a race for human capital to Facebook & Google.”
19:00 Chamath explains his solution to solve the liquidity problem through his SPAC (Special Purpose Acquisition Company), allowing companies to go public within 90 days.
21:31 Explanation of how a SPAC works. Chamath compares it to Facebook acquiring WhatsApp.
23:34 How Social Capital thinks about outsourcing knowledge to help build businesses. Chamath explains the benefit of “Knowledge as a Service”.
25:17 Thank you to Texture for supporting TWiST. Go to texture.com/twist to save 30% on magazine subscriptions.
27:00 Jason directs the conversation to cryptocurrency. Chamath gets heated & expresses his strong views towards ICOs/crypto-funds. Chamath: “Get back to core fundamental business practices.”
29:21 Chamath explains how Venture Capital will be disrupted by people creating value. And what it takes to build a great company.
30:38 Chamath talks about Slack, why he thinks they’re a fantastic company, and how Social Capital is helping them along the way.
32:23 Chamath explains his views on the Trump Presidency. “What is said, and what is done, have been two very different things.”
34:22 Chamath explains his view on the current economy. Comparing it to the last 30 years. And mentions that it is a scary time to invest in the public markets… right now.
37:12 Jason asks Chamath: What are your thoughts on Seed & Early-stage becoming less attractive to Venture Capital firms? Chamath explains why this is happening.
38:58 Jason takes notes from Chamath on how to make a syndicate better. And concludes the fireside chat.
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All these people started off at the bottom. The difference is they committed themselves with enormous focus toward accomplishing one thing, one product. Amazon, Google, Facebook. Each started with one product, grew their capital, and branched out to enormous behemoths. Take an idea, any idea, and work at and succeed with it. It can then bring capital that you can then direct toward more lofty goals and objectives. Start somewhere though. With commitment.
Good point.
You are absolutely right and wrong at the same time. A lot of this is also luck and circumstances. The hard work and talent met luck and circumstances and made these companies.
@@Jeevanm71 What difference does it make if you aren't prepared when luck strikes? And we can't control when luck strikes, so why do we worry about it? With respect to the three companies named - Amazon, Google, Facebook - which of these succeeded on luck? Each one made a product that filled a specific need. If you're talking about luck to get the talent to invent the product to begin with, well that's getting into religion and why the universe was created to begin with.
That is a recipe for failure. You should create a litmus test based on the idea that you’re actually pursuing...
What's up with the bleeping? I think we can handle a few curse words. :)
That's 1 hour well spent. Great speaker Chamath!
chamath is back baby
Chamath and Jason are on top of their game. its been a while since they did this.
of course he's brilliant ... he got 'MATH' in his name!
and very friendly too... coz "pal" in his name
You're the government. You need money. You engineer a stock market rise. People spend money. It raises economic output. You collect taxes. You then engineer a downturn in the market. You engineer an inversion of the yield curve. People sell stocks. You collect taxes. During the downturn interest rates fall. The government debt is easier to service. (You don't go into crazy debt expecting to pay it off.) You save everybody by printing money. That makes it easier to service debt. Rinse, repeat,...
I am so thankful for the academic liberty that TWiST fosters. This is valuable education!
Love it when he curses, the bleeping lol.
I really enjoyed every interview and fireside I've seen from him.
bleeping? really? who do you think your audience is
devout puritans
its a booming user base
a 15-year-old child. literally
I couldn't agree more! Above all, it's a contradiction in itself, on the one hand they want to convey the idea "we are so open, free thinking and future-oriented" and on the other hand they are applying this childish censorship.
keeping it professional
I love your podcast. One complaint: please shorten the advertisement time.
I remember talking to David Eun in one of these VC/Startup conferences. He now sounds totally different. Sounds so corporate. Probably that's what Samsung does to you.
No homo but I have such a man crush on Chamath. He's just so fucking cool! LOL #BestFriendGoals
Yes strongly agree with the comment below - why are you bleeping this - makes no sense what so ever - but thanks for the great vid!
That jacket though
Isn’t Chamath just describing taking management consulting and wrapping it up with fancy-sounding Silicon Valley jargon?
He speaks - we listen
I’m set 🤑 already, ready set GO!!!
Great talk. The ad part of the video is so annoying and takes too long. I forgot what chamath was even talking about.
Bleeping out perceived curse words is annoying. Please stop doing it.
*Anyone notice the Drake - 6PM in New York instrumental?*
hard work meets opportunity.
add a button to repeat the advert (UX feedback to youtube)
YES!
Collar action!
Isn't he basically describing a consulting firm?
@39:24 Sweat equity isn't new for Angels. The difference is that most angels typically prefer to find the places they want to work versus being told where they will work and how to split their time. A syndicate approach is worth contemplating, especially if they have a proven track record, but execution will be critical. I've always considered my differentiation is my ability to pick winners from a technical perspective and focus on them. Finding someone who specialized in selecting on other criteria would be beneficial to me.
Brilliant interview, Jason! When are you coming to LA?
Great Episode
He is right on target. Get back to basics. Stop the gimmicks
his first point about investment surface and talent is so simple yet so true. Good chat!
He owns how much percent of Bitcoin?
Also Jason is getting better at interviews or he has a man crush on Chamath.
Owned. They are using that money to invest now.
I bet they would have made more value (money and been more useful to the society) if they didn't sell out
None. They sold it.
In a CNBC interview, he said he accumulated a position up to owning 5% of all BTC at one point with an average purchase cost around $100. We started unwinding his position when it went past the $10,000 mark.
In a talk just about a year after, chamath shits on the very VC services he seemed to be big proponent of in this talk
Can't wait to watch this episode! I just invested in IPOA ;)
up .74 in a month.
Good beeping....kids are around here....
No need to bleep out the curse words, that's actually annoying. Nice material though.
One can just listen to the flow of intelligence coming from Chamath for hours! And is Jason on friggin drugs or something, lol
smart
@27:01 Rich people are getting out of cash. Why? Because POLITICS are inherently unstable. This one dude isn't going to change that. The fintech industry will evolve, and the institutional investors will jump ship as soon as they are allowed to (and that part is inevitable). Hearing Chamath being so aggressively against it makes me wonder about him as a visionary.
that leather jacket, though...
Is it just me or does Jason look really nervous in this interview? He is making like 5 different facial expressions every second.
8:00 I'm literally building a business that does this. Lol
@1:14:30 ; great question when Jason asks David for a TV app/functionality to hit the button "extras" and get the characters´ names, locations, etc...we thought the same in 2015 and we have created DIVE for you! (www.dive.tv)
I have a million ideas for businesses, I have been able to only implement a couple of them due to lack Documents and capital.
Let me connect with you.
I like the bleeping ... my mind can imagine way worse s**t than he actually said and it is clearly attention-grabbing and underlines the emotion in his tone further ... if the words weren't bleeped I wouldn't even pay attention to it I think
4:05
Check @32:59 😩😳😂
haha @ ua-cam.com/video/3YMq_YFSaUI/v-deo.html
Whatup with the beep beep, if there is a 4 years old watching & listening to this type conversation then i am totally a moron washed-up dude. I am gonna expect that my next boss is a 12 years old.
Shameless fucking LinkedIn plug..pro - tip. Just keep it short..like less than 5 seconds. You don’t have to say LinkedIn 50 times..we get it
I think he's kinda just a younger mark cuban. Good not great.
Buuuuuuuu el hacker a titanes chamath palihapitiya
What doesn't Chamath understand about the ease of selling liquid tokenized assets?
Very poor argument from him here on this front.
I wish Jason had probed into this. F-bombs don't cover up poor reasoning.
Yeah, maybe he's defensive about ICOs it bypasses accredited investors and goes direct to consumer. I've been with him on everything else until this, but he has his own interests to look after too.
He bought 5% of Bitcoin before the term token was invented. You can be sure he thought deeply about digital assets. And that he won't pass up on the money if it's a real opportunity.
I admire Chamath’s abrasive views but the abrasive cussing is immature and a bit embarrassing
Chamath's just showing what success is. Take anybody on a rocket ship of success, big money. He has a short period to convey his message. I find the language abrasive as well, but is effective in telling you how (financial.y) successful people can become.
You must be British
Fuck you, i'm British and i find your sentence offensive ;)
World In A Nutshell ok Sam Goody Too Shoes. Go cover your ears and let the adults enjoy the conversation.