00:23:08 · Eric Kim
They have a similar philosophy around putting the company first. Are they open to feedback, doing reference checks deeply? Those soft elements of what makes for a great entrepreneur, we're able to spend the vast majority of time because of this dual approach between art and science. And so that's been the heart and soul of Goodwater since day one and something we continue to innovate on too. We interview a lot from venture capital associates, VPs, principals, partners. One of our screening criteria, if you wanna be famous, this is not the place for you. The Goodwater approach is one that is obsessed with finding generational companies that will have tremendous impact. One firm that I admire greatly is Sequoia Capital, and they had this saying that they were just one away. If they just missed one great deal, then that would lead them to potentially being a mediocre firm. And so they had this obsession with finding great companies. If that is someone's singular purpose, if that is their obsession as well, which is to find great companies and to invest in them, that's what we look for in young venture capitalists. And I think that's what young people who are looking to get into the venture capital should ask themselves. Is this something that I'm really obsessed with that I would go the ends of the Earth tube? I will fly over 200,000 plus miles going back and forth to countries to visit entrepreneurs. It's a really hard lifestyle. It's not glamorous, but you do it because you love it, that you are obsessed with finding that insight about a company that will lead to investment that no one else in the world might see. And if that's something that young people really want to do and they're willing to put in the hard work to have the discipline. It's like playing a sport. You have to be like an athlete. You have to be able to invest in your craft day in, day out, and get incrementally better every week, and it's not something that will ever be handed to you. Maybe some venture capitalists just get lucky. That's certainly possible. But to sustain a franchise and to sustain a career over the long term, it really takes a lot of discipline, hard work, and an intensity that is driven by a passion to find and invest in great companies and support them throughout the life cycle of growth.
00:25:16 · Eric Kim
I teach a class on this at various institutions, but how do you have an investor mindset that is, a, able to see the big picture, always having that big picture, that home run vision in your mind, b, understand what are the key components that allows that to come true. What do you have to believe for that big vision to come true? C, understand what are the key risks to those and being able to, d, then research those and underwrite those risks. And ultimately, e, taking a leap of faith that allows you to put it all together to have conviction in your ideas. Whether you're an investor or whether you're a founder, having those key components and being able to break it down, I think having this mindset for the key decisions you need to make is something that we talk about internally. We certainly teach it for our investors. And, also, I think great CEOs also have this investor mindset too because they're doing capital allocation, and they're making decisions. So how do you go through that framework and be able to follow it and then also know when not to follow it? When do you know to break the rules too? That's really where the poetry comes about, that you can able to innovate and create new things when you're able to have exceptions. But to do that, you actually have to know the frameworks and the rules first. We preach both that the frameworks are really helpful, but also, really importantly, knowing when to break the rules too is really important too.
00:26:53 · S3, S5, S6, S7
Ad[00:26:53] S3: The secret society of semi homemade? Listen up. Sam's Club has premade dishes for a Thanksgiving feast that's ready in two hours, all while tasting suspiciously homemade. Come join us. Ad[00:27:05] S5: Sam's Club. Individual oven times may vary. Ad[00:27:08] S6: Your sausage McMuffin with egg didn't change. Your receipt did. The sausage McMuffin with egg extra value meal includes a hash brown and a small coffee for just $5. Only at McDonald's for a limited time. Price and participation may vary. Promotion pricing may be lower than meal pricing. Ad[00:27:23] S7: PrizePicks packs are here. Rip digital packs and get real basketball, football, and Pokemon cards on PrizePicks packs. Available now nationwide. Once you see your pool, you have a choice to sell back instantly for real cash or ship at home. Cash from your sale will immediately be added to your PrizePicks balance. It's just another way to run your game. New users, download the PrizePicks app today and use Coke Spotify to get $25 instantly and bonus packs when you buy your first $5 pack. PrizePicks, run your game. 18 plus eligible areas terms apply, collect responsibly.
00:27:23 · S7, S8, S2
Ad[00:27:23] S7: PrizePicks packs are here. Rip digital packs and get real basketball, football, and Pokemon cards on PrizePicks packs. Available now nationwide. Once you see your pool, you have a choice to sell back instantly for real cash or ship at home. Cash from your sale will immediately be added to your PrizePicks balance. It's just another way to run your game. New users, download the PrizePicks app today and use Coke Spotify to get $25 instantly and bonus packs when you buy your first $5 pack. PrizePicks, run your game. 18 plus eligible areas terms apply, collect responsibly. Ad[00:27:53] S8: It's officially the holiday season, and Abercrombie's new collection has outfits for everything on your calendar. It's the busiest time of year, and between shopping and party invites, I don't have time to plan every look. But Abercrombie's always got me covered. Their sweaters are the perfect easy layer for low key plans, and on a nice night out, I'm reaching for their classic trousers. Fill your closet with the pieces you'll need all season long. Have a very Abercrombie holiday. Shop in the app, online, and in stores. [00:28:23] S2: 'Twas many nights before Christmas, and one woman knew she needed a tree, so to Wayfair she flew. She found more decor and added to cart. Merry Christmas to all. Get your Wayfair head start. For holiday decor you can count on, Wayfair delivers.