Spearhead: Recent Episodes
Naval
Invest in people with high energy, intelligence and integrity.
Transcript: http://spearhead.co/nice
If there’s no technical team, you’re not investing in technology.
Transcript: http://spearhead.co/technical
You’re not going to become a great tech investor by reading TechCrunch.
Transcript: http://spearhead.co/scientists
You're not running the company—you’re betting on the founder.
Transcript: http://spearhead.co/fantasize
A startup that breaks all the rules won’t get anywhere.
Transcript: http://spearhead.co/flaw
If nobody thinks it looks weird, you’re making a consensus investment.
Transcript: http://spearhead.co/weird
It’s a sign of good judgment when proven investors pile into the round. Transcript: http://spearhead.co/pile
Bets on seed-stage startups are bets on founders.
Transcript: http://spearhead.co/pivots
Over time you’ll need less data to assess a deal.
Transcript: http://spearhead.co/preparation
But you still need a portfolio effect to be successful.
Transcript: http://spearhead.co/lottery
It takes years to know if you have good judgment.
Transcript: http://spearhead.co/judgment
Investing keeps founders sharp—and plugged into what the best startups are doing.
• Founders want to be backed by other founders
• Investing aligns interests
• Advisors have adverse selection
Transcript: http://spearhead.co/founders
You have to work from first principles and make up your own mind.
• Be non-consensus right
• Don’t learn how to invest from the commentariat
• The larger your herd, the worse your returns
Transcript: http://spearhead.co/non-consensus
Create your own dealflow by helping companies get started.
• Be a shadow co-founder to create your own dealflow
• Get valuable pro-rata rights by investing pre-seed
Transcript: http://spearhead.co/pre-seed
Branch out from there after you’ve built your reputation.
• Branch out after you’ve exhausted your network
Transcript: http://spearhead.co/deals
If the market never shows up or shows up late, your brand is shot.
• Top VC firms rarely specialize
• Mistimed or unrealized markets cost investors a lot of money
Transcript: http://spearhead.co/vertical
I pitched growth hacking to Twitter; they passed on it—but they let me invest.
• Ryan Hoover and Patri Friedman have interesting brands
Transcript: http://blog.spearhead.co/started
You have to be willing to do something that hasn’t been done before.
• You can build a brand through your advisors and limited partners
• You can build software for startups
• You can buy common stock instead of preferred
Transcript: http://blog.spearhead.co/innovation
The airwaves are too crowded for undifferentiated content and distribution.
• You’re not going to build a brand simply because you want to
Transcript: http://blog.spearhead.co/ape
A brand is an authentic reputation you have with founders and investors.
• Investing in winners is the best way to build a brand
• You can build a brand through content
Transcript: http://blog.spearhead.co/brand
Most returns come from a few deals—don’t let them pass on you.
• The majority of returns come from a few deals
• Getting cut out of deals is a sign you won’t do well
• Paying two-and-twenty to a good angel investor is a steal
Transcript: http://blog.spearhead.co/adverse
You need to raise money, develop judgment over time and gain access to the right deals.
• Capital is the hardest or easiest to get—depending on your circumstances
• Apply the same judgment to investments as you do to yourself
• Good investors are more pessimistic than good founders
• Everybody has dealflow—the challenge is getting in the good ones
Transcript: http://blog.spearhead.co/capital-judgment-dealflow
As the hits get bigger, it makes more sense to invest and a little less sense to start companies.
• Founder, employee or investor?
• As the hits get bigger, it makes more sense to invest
• Angel investing is something you can do until the day you die
• Every founder should learn angel investing
Transcript: http://blog.spearhead.co/life
Financiers now come to Silicon Valley to invest in companies before they get to Wall Street.
• If you’re investing in the IPO, you're literally last in line
• I sleep well knowing my net worth is invested in the best talent
• Startups can compound capital faster than public companies
• A 401(k) plan is like investing in the DMV
• $50,000 invested in a smart entrepreneur will change their life
Transcript: http://blog.spearhead.co/ipo
There’s no better place to invest today than technology.
• There are tax benefits to angel investing
• The less efficient the market, the better you will do
• Few people can play at angel investing
• You should be doubling down on tech
Transcript: http://blog.spearhead.co/gold-mine
It’s a gold rush era in technology hubs like Silicon Valley.
• If you’re not in a tech hub, the odds are stacked against you
• There are about two dozen tech hubs in the world
• Silicon Valley is a more forgiving place to invest
• The best indicators of a startup hub are exits and later-stage investors
Transcript: http://blog.spearhead.co/hub
This is not investment advice; it’s just one unique approach to investing.
• This is not investment advice
• This is just one unique approach to investing
• We change our minds constantly
Transcript: http://blog.spearhead.co/disclaimers
A new podcast for angels in technology hubs.
• Advice for new angels in technology hubs
• Where to learn the basics
• Open-sourcing what we teach at Spearhead
Transcript: http://blog.spearhead.co/angel