If you were to start a Venture Fund, how would you do it ? | Women In Finance | Claudia Zeisberger
Summary
TLDRIn this insightful discussion, the award-winning teacher and respected figure in the private capital space shares his perspective on starting a venture capital business today. He emphasizes the importance of a hands-on approach, engaging closely with entrepreneurs to build successful businesses, rather than adopting the 'spray and pray' strategy. He believes that the key to success lies in forming a team with entrepreneurial expertise and the ability to add value beyond just capital, highlighting the significance of the human element in venture capital investments.
Takeaways
- 🏆 The speaker has won the 'Best Teacher of the Year' award, highlighting their expertise and influence in the field.
- 💼 The speaker is recognized in the private capital space, indicating a strong professional network and understanding of the industry.
- 🚫 A clear rejection of the 'crossover funds' model, suggesting a preference for traditional venture capital approaches.
- 🤝 Emphasizes the importance of a close relationship between venture capitalists and entrepreneurs for successful business building.
- 💡 Refers to venture capital as 'true creative capital' when it aids in the development of businesses, a concept attributed to George Doro.
- 🚫 Criticizes the 'spray and pray' approach to venture capital, implying it lacks the hands-on strategy the speaker prefers.
- 👥 Advocates for building a team with entrepreneurial expertise to better understand and support the entrepreneurs they invest in.
- 🤔 Questions the feasibility of the hands-on approach in the current market, acknowledging changes in private and public markets.
- 💡 Suggests that the value a venture capitalist brings, beyond just money, is the key differentiator in a crowded market.
- 🤝 Highlights the need for an 'educated entrepreneur' who recognizes the value of the venture capitalist's contributions.
- 🔄 Notes that venture capital is still a 'people business' where successful partnerships can lead to substantial outcomes.
Q & A
What is the speaker's view on the current venture capital model?
-The speaker believes that the current model, which they refer to as 'spray and pray,' does not align with the traditional venture capital approach they prefer.
What award has the speaker recently won?
-The speaker has won the 'Best Teacher of the Year' award as voted by the students.
How does the speaker define 'true creative capital'?
-'True creative capital' is defined by the speaker as venture capital that engages closely with entrepreneurs to help build the best possible businesses.
What approach does the speaker advocate for in venture capital?
-The speaker advocates for a hands-on approach where venture capital investors support and help entrepreneurs build their businesses.
What type of team would the speaker build for a venture capital business?
-The speaker would build a team with entrepreneurial expertise and experience working with entrepreneurs, who can relate to them and provide valuable support.
What has changed in private and public markets that the speaker acknowledges?
-The speaker acknowledges that private and public markets have seen significant changes, including more participation in venture investing and a greater amount of capital under management.
What is the speaker's view on the role of money in venture capital today?
-The speaker believes that money is no longer a differentiator in venture capital; instead, the differentiator is the value and network that a venture capital investor brings to the table.
What does the speaker see as essential for a successful venture capital partnership?
-The speaker sees the partnership between venture capital investors and entrepreneurs as essential, where both parties see value in what the other brings to the table.
How does the speaker describe the current state of capital in private capital markets?
-The speaker describes the current state as having more capital and assets under management in venture capital and private equity than ever before, with a record amount of 'dry powder' available for investment.
What is the speaker's opinion on the importance of an educated entrepreneur?
-The speaker appreciates the importance of an educated entrepreneur but emphasizes that venture capital is still a people business, and the partnership between investor and entrepreneur is key.
What does the speaker imply about the future of venture capital investing?
-The speaker implies that despite the changes in the markets and the increase in capital, the future of venture capital investing still heavily relies on the quality of the relationships and the value provided by the investors.
Outlines
🏆 Winning Best Teacher and Venture Capital Insights
The speaker begins by acknowledging the receipt of the 'Best Teacher of the Year' award, as voted by students, and their reputation in the private capital space. They are asked how they would start a venture capital business today, given the changing landscape. The speaker expresses a preference for a traditional approach, emphasizing close engagement with entrepreneurs to build successful businesses, rather than following the 'spray and pray' model that is becoming more common. They advocate for venture capital to be 'true creative capital,' as described by George Doro, and highlight the importance of a hands-on approach with a team that has entrepreneurial expertise and can empathize with entrepreneurs.
Mindmap
Keywords
💡Venture Capital
💡Best Teacher of the Year Award
💡Private Capital Space
💡Crossover Funds
💡True Creative Capital
💡Hands-On Approach
💡Entrepreneurial Expertise
💡Spray and Pray
💡Private Markets
💡Differentiator
💡Dry Powder
Highlights
Winning the best teacher of the year award as voted by students
Being recognized as one of the best network people in private capital space
The changing model of venture capital business
Preference for a traditionalist approach to venture capital
Importance of engaging closely with entrepreneurs to build the best businesses
Venture capital as true creative capital according to George Doro
Criticizing the 'spray and pray' model of venture capital investing
Advocating for a hands-on approach in venture capital
Building a team with entrepreneurial expertise to relate to entrepreneurs
The possibility of maintaining a hands-on approach despite market changes
The need for finding entrepreneurs who value the venture capitalist's contributions
Increased capital and assets under management in venture capital and private equity
The irrelevance of money as a differentiator in today's venture capital market
The value brought to the table by venture capital investors as the key differentiator
The importance of an educated entrepreneur in the venture capital partnership
Venture capital as a people business where the partnership is crucial for success
Transcripts
[Music]
you've also just won the best teacher of
the year award
congratulations as voted by the students
and
are one of the best network people in
private capital space
with all that perspective and background
if you were to start a venture capital
business today how would you do it
that's a that's a really good question
because the model seems to be changing
let me start maybe by saying how i would
not do it i would not do it like a lot
of the crossover funds are doing it
nowadays so i would not be built
another tiger that has made the
headlines recently
and rather a more traditionalist when it
comes to venture capital and firmly
believe that venture capital investors
need to engage very closely with the
entrepreneur to ultimately build the
best possible businesses out there so
they need to be there to help us
entrepreneurs support them help them
build the business
then really venture capital becomes what
uh george doro used to call true
creative capital and um i believe that
the uh nowadays the new model of what i
call spray and pray a bit cynically
um
doesn't quite stack up to that so i like
the hands-on approach of venture capital
so i would build a team around me that
has worked with entrepreneurs before has
entrepreneurial expertise and really
really can
relate to the entrepreneurs on the other
side of the table
um that's interesting do you think
that's still possible today i mean
private markets and public markets have
changed so much
over the years and there's a lot more
participation even in venture investing
um so do you think that's still still
possible
yeah i think it's possible i mean
obviously it also requires that you find
the right entrepreneurs that basically
see value in what you bring to the table
so you're absolutely right i mean we
have nowadays more
capital more assets under management in
venture capital as well as in private
equity with more dry powder than we've
ever had in the history of private
capital markets
but what it also means that money or
investable money is really not a
differentiator anymore what really is
the differentiator is what you bring to
the table as a venture capital investor
so what is your network what is your
value that you bring to the table i
appreciate that that requires an
educated entrepreneur but i find that
you know when those two you know venture
capital ultimately still is a people
business
and when the that partnership works when
one-on-one will ultimately make
significantly more than two
[Music]
you
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