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Benchmark's Sarah Tavel on being recruited by Peter Fenton, disrupting VC from inside | Angel S4 E4
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Sarah Tavel, Partner at Benchmark shares insights on getting recruited by Peter Fenton, disrupting VC gender norms from the inside, transitioning from operator to investor & more 0:50 Jason intros Benchmark's Sarah Tavel 1:20 Aside from Slack, what other companies grew like consumer-facing but charge like enterprise? 3:19 How was Sarah recruited to Benchmark? How is Benchmark different from other major VC firms? 12:04 Limited upside of talking to the press in 2020 17:30 Growing up in NYC and going to Harvard 21:30 Jason on becoming a "Don't touch the thermostat" dad 23:58 How did the offer from Peter Fenton go down? What drew Sarah to Benchmark? 28:36 Sarah's thoughts on disrupting VC as a woman from the inside & from the outside 37:30 How going from operating to investing is trading stress for anxiety 40:51 Jason and Sarah discuss their most personal & significant investments: Calm & Pinterest 47:26 How Pinterest's business model was a mold of Facebook and Google 49:45 Jason tells regulators how to stop Google 58:14 Investing in Chainalysis & Crypto infrastructure 1:12:44 Are the best companies polarizing? 1:16:30 Investing in Hipcamp 1:29:43 Marc Andreessen asks Sarah a question
Segments Timeline
Introducing Sarah Tavel
In this segment, Jason introduces Sarah Tavel, a Partner at Benchmark, highlighting her impressive background in venture capital and her transition from operator to investor. The discussion sets the stage for exploring her insights on the venture capital landscape.
"the podcast this is episode 4 of season 3 and we are cooking with oil the guests have been transcendent and people aren't just raving about the Dan Rose episode I think you're gonna love today's as we..."
Introducing Sarah Tavel
In this segment, Jason introduces Sarah Tavel, a Partner at Benchmark, highlighting her impressive background in venture capital and her transition from operator to investor. The discussion sets the stage for exploring her insights on the VC landscape and her experiences at top firms.
"the podcast this is episode 4 of season 3 and we are cooking with oil the guests have been transcendent and people aren't just raving about the Dan Rose episode I think you're gonna love today's as we..."
Consumer vs. Enterprise Growth
Sarah discusses the dynamics of companies that grow like consumer-facing businesses but charge like enterprise firms. She highlights Slack as a prime example and explores the go-to-market strategies that differentiate these models.
"yeah I mean mark yeah a lot of market places b2b b2c and then you you know nowadays you can't ignore SAS if you're you know doing actually consumer investing I mean a user as a consumer at the end of ..."
Consumer-Facing Companies with Enterprise Models
Sarah discusses the unique growth trajectory of companies like Slack, which operate like consumer-facing businesses but charge enterprise-level prices. She explores the go-to-market strategies that differentiate these companies and mentions other examples like Yammer and Dropbox.
"yeah I mean mark yeah a lot of market places b2b b2c and then you you know nowadays you can't ignore SAS if you're you know doing actually consumer investing I mean a user as a consumer at the end of ..."
Recruitment to Benchmark
Sarah shares her recruitment journey to Benchmark, detailing how Peter Fenton reached out to her. She compares Benchmark's approach to that of Greylock, emphasizing the cultural and structural differences that make Benchmark unique in the venture capital space.
"colleague my friend yeah girly who I think you work pretty closely with yes was he the one who recruited you it's a team effort that's what that's the stock bench it's so true I don't not who made the..."
Recruitment to Benchmark
Sarah shares her journey of being recruited to Benchmark by Peter Fenton. She contrasts Benchmark's approach to venture capital with that of Greylock, emphasizing the cultural and structural differences that define her current firm.
"colleague my friend yeah girly who I think you work pretty closely with yes was he the one who recruited you it's a team effort that's what that's the stock bench it's so true I don't not who made the..."
The Press and VC in 2020
In this segment, Sarah reflects on the limited upside of engaging with the press in 2020. She discusses the challenges and risks associated with media interactions for venture capitalists, highlighting the changing dynamics of public perception.
"you know when you start getting beat up in the press a little bit like you just what's the upside of cutting on a podcast or talking to any press today for people like us I I agree with you on that po..."
The Press Dilemma
In this segment, Sarah reflects on the limited upside of engaging with the press in 2020. She discusses the challenges public figures face in navigating media narratives and the impact of social media on public perception.
"you know when you start getting beat up in the press a little bit like you just what's the upside of cutting on a podcast or talking to any press today for people like us I I agree with you on that po..."
Growing Up in NYC and Harvard
Sarah shares her upbringing in New York City and her experiences at Harvard. She reflects on how her background shaped her perspective and approach to venture capital, providing insights into her formative years.
"Stuyvesant I did really hard to get into but a public school yep very diverse very vibrant and when you went it was on the West Side Highway it rests just opened it had just opened that's right yeah w..."
Growing Up in NYC
Sarah shares her upbringing in New York City and her experience attending Harvard. This personal background provides context for her perspectives on venture capital and the tech industry.
"Stuyvesant I did really hard to get into but a public school yep very diverse very vibrant and when you went it was on the West Side Highway it rests just opened it had just opened that's right yeah w..."
Jason's Parenting Style
Jason humorously discusses his transformation into a 'Don't touch the thermostat' dad, providing a light-hearted moment in the conversation that contrasts with the serious themes of venture capital.
"am literally I'm 49 now mold yeah you're like 10 years younger than me what are you 35 yeah ten years younger than 38 you 38 yeah you look great you look quick 22 I look like I'm 65 I don't know what ..."
Becoming a 'Don't Touch the Thermostat' Dad
Jason humorously discusses his transition into fatherhood, coining the phrase 'Don't touch the thermostat' to describe his parenting style. This light-hearted moment adds a personal touch to the conversation.
"am literally I'm 49 now mold yeah you're like 10 years younger than me what are you 35 yeah ten years younger than 38 you 38 yeah you look great you look quick 22 I look like I'm 65 I don't know what ..."
The Offer from Peter Fenton
Sarah recounts the details of her offer from Peter Fenton at Benchmark. She explains what drew her to the firm and how the recruitment process unfolded, emphasizing the significance of the opportunity.
"moment where all of these dinners whatever three four months in yeah where the actual offer happens how does that go down is it a phone call hey we want to make you a formal offer or somebody says the..."
The Offer from Peter Fenton
Sarah recounts the details of her offer from Peter Fenton at Benchmark. She explains what drew her to the firm and how the recruitment process unfolded, emphasizing the significance of the opportunity.
"moment where all of these dinners whatever three four months in yeah where the actual offer happens how does that go down is it a phone call hey we want to make you a formal offer or somebody says the..."
Disrupting VC Gender Norms
In this segment, Sarah discusses her thoughts on disrupting venture capital gender norms from both inside and outside the industry. She shares her experiences as a woman in VC and the importance of fostering diversity in investment.
"first female partner I benchmark is that right correct and you'd think about this moment in time I think you look at how much alien ly how much effort she had to put in over a decade or whatever and a..."
Disrupting VC Gender Norms
Sarah discusses her thoughts on disrupting venture capital gender norms from both inside and outside the industry. She shares her experiences as a woman in VC and the importance of fostering diversity in investment.
"first female partner I benchmark is that right correct and you'd think about this moment in time I think you look at how much alien ly how much effort she had to put in over a decade or whatever and a..."
From Operator to Investor
In this segment, Sarah reflects on her transition from operating roles to investing. She describes the shift as trading stress for anxiety, highlighting the unique challenges faced by investors.
"thinking of going from operating to venture that you trade stress for anxiety you trade stress mm-hmm for anxiety explain the difference well in in when you're operating you can control the outcomes r..."
From Operator to Investor
Sarah reflects on her transition from operating roles to investing, describing it as a trade-off between stress and anxiety. She shares insights into the emotional challenges of moving into venture capital.
"thinking of going from operating to venture that you trade stress for anxiety you trade stress mm-hmm for anxiety explain the difference well in in when you're operating you can control the outcomes r..."
Significant Investments: Calm & Pinterest
Jason and Sarah discuss their most personal and significant investments, focusing on Calm and Pinterest. They explore the impact of these companies and the strategies that led to their success.
"as well the most significant like company not the most successful but the one that makes you feel the most warmth warmth just warmth like just warms your heart kind of thing in calm that's mine mmm be..."
Significant Investments: Calm & Pinterest
Jason and Sarah discuss their most personal and significant investments, focusing on Calm and Pinterest. They explore the impact of these companies and what makes them stand out in the market.
"as well the most significant like company not the most successful but the one that makes you feel the most warmth warmth just warmth like just warms your heart kind of thing in calm that's mine mmm be..."
Pinterest's Business Model
Sarah analyzes Pinterest's business model, noting its similarities to Facebook and Google. She discusses how these models have influenced Pinterest's growth and market positioning.
"were analyzing the Pinterest investment this was an era of don't worry about making money and just came to scale that's right correct when did the discussion cuz this this has poisoned the mind of a l..."
Pinterest's Business Model
Sarah analyzes Pinterest's business model, noting its similarities to Facebook and Google. She discusses how Pinterest has carved out its niche in the competitive landscape of social media.
"were analyzing the Pinterest investment this was an era of don't worry about making money and just came to scale that's right correct when did the discussion cuz this this has poisoned the mind of a l..."
Regulating Google
In this segment, Jason shares his thoughts on how regulators can effectively address the challenges posed by Google. He discusses the implications of regulation in the tech industry.
"regulators I can tell you how to stop Google I'm sorry sooner if you want to understand how to stop Google all you have to do is record I'm looking into the camera here so you can make this into a cli..."
Regulating Google
Jason shares his thoughts on how regulators can effectively address Google's dominance in the market. This segment delves into the challenges of regulating tech giants and the implications for competition.
"regulators I can tell you how to stop Google I'm sorry sooner if you want to understand how to stop Google all you have to do is record I'm looking into the camera here so you can make this into a cli..."
Investing in Chainalysis & Crypto
Sarah discusses her investment in Chainalysis and the broader landscape of crypto infrastructure. She shares insights on the potential of blockchain technology and its implications for the future.
"I really want to get into hip camp yeah and the pitch on that one because I know the company well but chain analysis chain Alice's yeah that was the first this is a crypto one it is a crypto one I am ..."
Investing in Chainalysis & Crypto Infrastructure
Sarah discusses her investment in Chainalysis and the broader landscape of crypto infrastructure. She shares insights into the potential of blockchain technology and its implications for the future.
"I really want to get into hip camp yeah and the pitch on that one because I know the company well but chain analysis chain Alice's yeah that was the first this is a crypto one it is a crypto one I am ..."
Are the Best Companies Polarizing?
Sarah and Jason explore the idea that the best companies often evoke polarized opinions. They discuss the factors that contribute to this phenomenon in the venture capital space.
"then but the best companies aren't they polarizing that's you know is that true or not I we I don't I don't know um at benchmark well I'll say this I Greylock we would talk about that a lot actually t..."
Polarizing Companies
In this segment, Sarah explores the idea that the best companies are often polarizing. She discusses the characteristics that make companies stand out and the risks associated with such polarization.
"then but the best companies aren't they polarizing that's you know is that true or not I we I don't I don't know um at benchmark well I'll say this I Greylock we would talk about that a lot actually t..."
Investing in Hipcamp
Sarah shares her experience investing in Hipcamp, discussing the unique aspects of the company and its potential for growth in the outdoor recreation market.
"invested your second deal is a camping starting yes have camp hip camp mm-hmm most people will be like camping startup you know yeah not venture scale I had the same reaction when I looked at the seed..."
Investing in Hipcamp
Sarah shares her experience investing in Hipcamp, discussing the unique aspects of the company and its potential for growth in the outdoor recreation market.
"invested your second deal is a camping starting yes have camp hip camp mm-hmm most people will be like camping startup you know yeah not venture scale I had the same reaction when I looked at the seed..."
Marc Andreessen's Question
In this closing segment, Marc Andreessen poses a question to Sarah, adding a final layer of insight to the conversation. The interaction highlights the collaborative nature of venture capital.
"Andreessen you know he's a huge fan of the show and he doesn't do any meetings anymore all he does is like listen to the pod and he's texting me like all the time it's the critique is that I'm like Ma..."
Marc Andreessen's Question
The segment concludes with a surprise appearance from Marc Andreessen, who poses a question to Sarah. This moment highlights the interconnectedness of the venture capital community and the importance of dialogue.
"Andreessen you know he's a huge fan of the show and he doesn't do any meetings anymore all he does is like listen to the pod and he's texting me like all the time it's the critique is that I'm like Ma..."