AcquiredSeptember 28, 2022

Benchmark Part I

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Audio URL: https://pscrb.fm/rss/p/media.transistor.fm/f53ac626/a75b0628.mp3

About This Episode

Benchmark Capital. We tell the tale of the legendary equal partnership that accomplished something no other venture firm can claim: twice it has produced the highest returning fund of its cycle, each time with a 100% different GP lineup. If ever there were a playbook for successful generational transfer of a generational-defining venture firm, this is it. We spend 3.5+ hours digging into how the dotcom “eBay eBoys” transformed into the rockstar Fab Four of the Uber, Instagram and Snap mobile gold rush (spoiler: not by a straight line!), and what the future holds for Benchmark’s next GP generation. If you’re a student of the venture game from any angle — founder, GP, LP, etc — this is a story you need to tune in for!

Book Mentions

6 book mentions in this episode.

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Tip: Click a cover image to open a book link.

Books Mentioned

Built to Last

Jim Collins

“Bob reads Jim Collins' book 'Built to Last' and aligns its principles with his vision for the future fund, using it as a marketing tool while pitching to LPs.”

Sentiment: Deep Dive

Trigger: fund management challenges

For: Entrepreneurs and investors in venture capital

Key quote: “They actually hand a copy of the book to every LP as they're pitching them going around for fund one, which is really funny because a, I think they did believe in the values espoused therein, but it's also brilliant marketing.”

The host mentions 'Built to Last' to illustrate how the principles in Jim Collins' book align with the founding values of Benchmark Capital. By handing out copies of the book to potential investors, they effectively communicated their commitment to building a lasting and successful firm despite initial challenges.

ASIN: B0813QCVN9

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eboys

“It is the authorized history of benchmark up until 2000, where the author actually sat with the partners for the better part of two years, fully sanctioned to observe conversations in partner meetings.”

Sentiment: Critical Analysis

Trigger: history of benchmark capital

For: Readers interested in venture capital history and interpersonal dynamics in business.

Key quote: “It is both looked on as a lot of the facts are right, but also there's a lot of drama.”

The host mentions 'eboys' to provide insight into the history of Benchmark Capital and its partners' dynamics during the late 90s. The book offers a mix of factual accounts and dramatic portrayals, highlighting the complexities of venture capital during that era.

ASIN: 1587991357

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Steve Jobs and the Next Big Thing

Randall Strauss

“Randall Strauss had written at that point, Steve Jobs and the next big thing about next. The tagline on the book was the first inside account of venture capitalists at work.”

Sentiment: Deep Dive

Trigger: venture capital insights

For: Aspiring venture capitalists and entrepreneurs

Key quote: “Randall Strauss had written at that point, Steve Jobs and the next big thing about next.”

The host mentions 'Steve Jobs and the Next Big Thing' to highlight the importance of having a visionary leader in venture capital investments. The book provides an inside look at how venture capitalists operate, which is relevant to the discussion about bold investment strategies.

ASIN: N/A

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Startup

Jerry Kaplan

“This is like the Go Corporation of which Jerry Kaplan wrote the great book Startup about.”

Sentiment: Passing Reference

Trigger: venture capital strategies

For: Entrepreneurs and investors interested in venture capital trends.

Key quote: “They clearly transitioned from the eBay generation to the Uber generation.”

The host briefly touches on the evolution of venture capital firms, particularly Benchmark, and their unique approach to scaling. This mention serves to highlight the changing landscape of venture capital and the importance of adaptability in the industry.

ASIN: 0395711339

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E-Boys

“The whole recruitment process, all the internal discussions about Bill are chronicled in E-Boys. It's dramatized, but there's a discussion about Bill that screamed off the page to me.”

Sentiment: Deep Dive

Trigger: Bill Gurley's venture capital journey

For: Individuals interested in venture capital history and dynamics

Key quote: “And like, I can't believe how wrong this is. And like, God, this is so E-Boys.”

The host mentions 'E-Boys' to highlight the recruitment process and internal discussions surrounding Bill Gurley during his early venture capital career. The book provides a dramatized account that reflects the tension between risk-taking and analytical decision-making in the venture capital industry at that time.

ASIN: B00182XI3U

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The Hard Thing About Hard Things

Ben Horowitz

“The speaker mentions reading 'The Hard Thing About Hard Things' and expresses excitement about meeting Eric Mistrya, who worked with Ben Horowitz.”

Sentiment: Passing Reference

Trigger: startup leadership challenges

For: Entrepreneurs and startup leaders

Key quote: “I had just read The Hard Thing About Hard Things and I was like, oh my God.”

The host mentioned 'The Hard Thing About Hard Things' while reflecting on the transition of leadership within Benchmark and the impact of past experiences on current decisions. The reference serves to highlight the complexities and challenges faced in startup environments, as discussed in Horowitz's book.

ASIN: B00I0A6HUO

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