Why Venture is Hard

[00:01:17] – Jerry's take on the venture landscape and the type of investments new VC’s are making vs what they should be making

[00:03:44] – Most important implications of excess VC firms

[00:05:32] – Misalignment of incentives in the VC space

[00:08:19] – What he does differently from angel investors or VC’s

[00:10:11] – The notion of risk and the types of risk the people he invests in takes

[00:14:33] – Protections that he thinks about when it comes to the ideas he invests in

[00:19:37] – Is there an area of expertise that provides an edge for startups

[00:20:11] – Network effects are picked over

[00:21:35] – IP protection

[00:23:08] – One of the two most interesting things for VC’s to go after, brands

[00:25:13] – The other most important thing, the value chain

[00:27:42] – A current example of a disruptive value chain

[00:29:14] – Innovation as the source of profit

[00:31:50] – Efficiency innovation vs value innovation

[00:35:50] – Efficiency investments he’s made

[00:37:13] – Investment in Unsupervised and the machine learning landscape

[00:41:25] – Investment in Sila

[00:43:14] – Investment in Edmit

[00:44:44] – Investing on gut

[00:50:32] – Black boxes and their value in investments

[00:53:23] – Metrics about the predictive level of whether people are going to succeed

[00:54:45] – What defines good people worth backing

[00:57:50] – Advice for LP investors in this space and how they should evaluate VC’s in this space