Spearhead
Naval on angel investing. David Sacks on scaling. On Twitter at @spearhead.
- Update frequency
- every 2 days
- Average duration
- 1 minutes
- Episodes
- 68
- Years Active
- 2019 - 2020
Invest in the Smartest Scientists in a New Field
You’re not going to become a great tech investor by reading TechCrunch.
Transcript: http://spearhead.co/scientists
Don’t Fantasize About What You Would Do If You Were the Founder
You're not running the company—you’re betting on the founder.
Transcript: http://spearhead.co/fantasize
You’ll Get Less Money in Your Winners
Always try to get your standard bite-size.
Transcript: http://spearhead.co/winners
You Can Give Every Deal One Fatal Flaw
A startup that breaks all the rules won’t get anywhere.
Transcript: http://spearhead.co/flaw
The Best Deals Look Weird
If nobody thinks it looks weird, you’re making a consensus investment.
Transcript: http://spearhead.co/weird
Judgment Requires a Willingness to Be Unpopular
Groupthink leads to poor judgment.
Transcript: http://spearhead.co/unpopular
Are Good Investors Piling in the Round with You?
Transcript: http://spearhead.co/pile
Pivots Mean Your People Judgment Really Matters
Bets on seed-stage startups are bets on founders.
Transcript: http://spearhead.co/pivots
Judgment Is the Work You Do Before a Deal Arrives
Over time you’ll need less data to assess a deal.
Transcript: http://spearhead.co/preparation
Judgment Gives You the Winning Lottery Numbers
But you still need a portfolio effect to be successful.
Transcript: http://spearhead.co/lottery
Everybody Thinks They Have Good Judgment
It takes years to know if you have good judgment.
Transcript: http://spearhead.co/judgment
Founders Backing Founders
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
Transcr…
Be Non-Consensus Right
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
Transcrip…
Be a Shadow Co-Founder
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/pr…
The Best Deals Come from Your Network
Branch out from there after you’ve built your reputation.
• Branch out after you’ve exhausted your network
Transcript: http://spearhead.co/deals
Don’t Build a Brand in a Narrow Vertical
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/vert…
My Original Brand Was in Growth Hacking
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
There’s Very Little Innovation in Venture Capital
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 stoc…
You Can’t Build a Brand by Aping Someone Else
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
You Need a Brand to Get into Hot Deals
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.spearh…