E59: Mike Maples Jr. on Disruptive Investing

"Turpentine VC" | Venture Capital and Investing

Mike Maples Jr., Founding Partner at Floodgate, sits down with David Weisburd to discuss Mike’s new book “Pattern Breakers: Why Some Start-Ups Change the Future”. This is a masterclass on early-stage venture investing. Mike shares his views on identifying ideas and founders that led to his early investments in Lyft, Twitter, and Okta. They also cover how Mike thinks about fundraising from LPs, his learnings from legendary LP David Swensen, and the power and importance of pursuing non-consensus ideas.

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RECOMMENDED PODCAST:

🎙️The 10X Capital Podcast

David Weisburd interviews LPs and GPs to examine the Venture Capital ecosystem through the lens of Limited Partners.

Spotify: https://open.spotify.com/show/2MHgyKMmJgznPI66MLxZfC

Apple: https://podcasts.apple.com/podcast/id1697772657

Youtube: https://youtube.com/@10xcapitalpodcast

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LINKS:

Floodgate: https://www.floodgate.com/

Pattern Breakers Website: https://www.patternbreakers.com/

Pattern Breakers: Why Some Start-Ups Change the Future: https://www.amazon.com/Pattern-Breakers-Start-Ups-Change-Future/dp/1541704355

10x Capital Newsletter: https://10xcapitalpodcast.com/

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X / TWITTER:

@m2jr (Mike Maples)

@dweisburd (David Weisburd)

@TurpentineVC

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TIMESTAMPS:

(00:00) Intro

(01:03) Introduction to "Pattern Breakers"

(02:22) The role of startup capitalists

(04:40) The Twitter story and insights on early-stage investing

(07:04) The importance of founder future fit

(15:13) Product market fit: deciding when to pivot vs. stay the course\

(21:33) Sponsors: Carta | Oracle

(23:22) Insights empowering new business models

(28:48) Creating movements and the role of passion

(33:19) Building relationships with LPs

(38:39) Sponsor: Squad

(39:45) Advice for new VCs raising money

(41:44) The importance of pursuing non-consensus ideas

(45:18) Lessons from David Swensen

(49:28) Benefits of a compatible partnership

(51:16) Circle of competence and competitive advantage in VC

(53:54) How to find Mike’s new book "Pattern Breakers"