Wij willen met u aan tafel zitten en in een openhartig gesprek uitvinden welke uitdagingen en vragen er bij u spelen om zo, gezamelijk, tot een beste oplossing te komen. Oftewel, hoe kan de techniek u ondersteunen in plaats van dat u de techniek moet ondersteunen.

Welcome back to the transcribed edition of the popular podcast Equity. Kate Clark had the hosting reins this week and welcomed Revolution’s Clara Sieg to the studio.

They discussed the trend of investors backing companies from “second-tier” markets like Austin, Atlanta, Denver, Philadelphia, Seattle, etc. Just how do cities become tech hubs? It’s a special kind of recipe, Sieg says. A city must have a great university, or a few, nearby to provide a constant flow of talent. They need some big corporations around for the same reason. They need a healthy community of angel investors ready and willing to get things going.

Sieg: Fundamentally in these second and third tier markets, an idea on the back of a napkin doesn’t get funded, so you really have to bootstrap to a certain degree and prove out really economics before you can unlock capital. Typically the companies that we’re investing in at the Series A, Series B level are a little bit farther along than their brethren would be in the Bay Area or New York.

Valuation expectations are just lower so you own more of a company for a smaller check-in. Inherently, if it’s an exit, that is a better outcome for you and it’s just cheaper to scale companies in those markets. Employee retention is better, cost of living is lower, so the capital required to scale these companies and that’s coming in after you and diluting you is less.

Clark: So when Steve Case founded Revolution, was he coming at it from the perspective of like, “This is obviously good business?” Which it is, to invest in these companies, or was it coming from a perspective of like, “It’s not fair that companies in these areas just don’t have access to capital like we do here in the Bay Area?”

Sieg: Neither, really. I think our investing approach in the early days, and what we still focus on today is what is now commonly referred to as disruption, right? Historically, Zipcar was basically disrupting the rental car market, and it was not really thought of as a great venture-backable opportunity in the early days. That’s obviously changed now, transportation is a huge piece of what venture capitalists focus on, but from day one, we focused on sleepy, incumbent markets where technology can be an enabler of a new business model that makes it better, faster, cheaper for the consumer, or the business that it’s serving, and where you can change the margins in the business to create a market leader that incumbents then either have to own or that can be a large standalone company.

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Welcome back to the transcribed edition of the wildly popular TechCrunch podcast, Equity. This week Kate Clark and Alex Wilhelm convened in the new studio to discuss the biggest venture capital news of the week.

There was a lot of news to get to so they started with some quick hits about Thumbtack, Bird, Scoot, Mirror and Looker. Then they got down to business and went in-depth on SoftBank’s Vision Fund and whether the money has dried up.

And folks from Social Capital are back with a new firm called Tribe Capital that looks a lot like … Social Capital.

Kate: I think the TLDR here is, if the Vision Fund doesn’t raise a Vision Fund Two, we will feel changes in the market. I think we will see deal sizes come back to earth a little bit, and I think we may see at least not increasingly large valuations, because I think that people may, especially now that it’s been a couple of years, people may underestimate the force that is a Vision Fund. We don’t have the Vision Fund, you know that obvious force that dark cloud is gone.

Alex: You’ll feel the lack. Yes. Couple of quick notes about why this might be. It isn’t just that people like Kate and I think this way. I mean, there’s been structural problems with the Vision Fund. There’s been some discussions about opacity and how it operates. How its decisions are made, and I would throw in there, there’s probably some questions about the prices it has paid. Uber managed to claw back above it’s IPO price for a hot second, and is back under it today.

Kate: And didn’t last long.

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