Inspired with Alexa von Tobel
00:46:59 · Alexa von Tobel, Penny Pritzker, Alexa von Tobel
[00:46:59] S0: Really. [00:46:59] S1: Yes. We're always thinking about our investors and thinking about what... How would... You know, making sure that they're aware of important decisions that are being made. It's not like they're over there and we're over here. We feel we feel... We carry that rock with us always and in our hearts because it's who we are. So it's it's a place I'm very proud to be associated with and a group of people that I, you know, really enjoy and think are doing really exciting things. [00:47:35] S0: There is an athleticism. By the way, you're also somehow on top of all this triathlete, which is just bananas because I'm not a tri athlete. I... I'll I'll stick to the running. [00:47:43] S1: It's been a while, but I'm still I'm still training, but I haven't raced in a while. [00:47:48] S2: So you're just so impressively bananas sometimes. I'm like, you do what? [00:47:52] S0: But there's an athleticism to us building business here, which is Yes. That we're the muscles. In a funny way, like [00:48:00] S1: training in the sense that you build muscles and you start to have pattern recognition, but you also build muscles of learning how to be a good partner to a founder. [00:48:10] S0: I was trying to remember the two. You said intensity and care were the two pillars. [00:48:15] S1: Yes, exactly. [00:48:16] S2: I was like, if you're calling me intense, I don't know what that says, but I will
00:48:16 · Alexa von Tobel, Alexa von Tobel, Penny Pritzker
[00:48:16] S2: I was like, if you're calling me intense, I don't know what that says, but I will [00:48:20] S0: take it. But intensity and care, and we really do bring it every single day. So we just closed Fund IV, our $450,000,000 fund. And culturally here, you, me, the team out there, Mark, Lucy, Annie, etcetera, we tend to be kinda quiet in the way that we like to build. We we we kinda feel like this is a really long sport. We have to keep our head down, and the results in the future will just continue to speak for themselves, and that's how we like to show up. It's kinda nice to be six and a half years in and start to have some things that we can actually share. Wanna share some of the stuff we're proud of? [00:49:02] S1: Well, I think, first of all, let's just talk about getting to Fund IV. I think that less than 20% of venture capital funds actually get to a Fund IV. And I'm particularly proud of the fact, and I know you are, that our our investors have stuck with us. In other words, they've come in and seen what we're doing and are... You know, wanna stay with us over the duration, which to me is a really important sign of retention of of folks who wanna invest with us. The second is, you know, I think we have 10 companies in our portfolio that are unicorns Yep. Which is amazing. [00:49:43] S0: Yep. [00:49:44] S1: And we also have 15% of our core portfolio of companies that have revenues over $100,000,000. [00:49:52] S0: Yep. Where we were the first investor.
00:49:52 · Alexa von Tobel, Penny Pritzker
[00:49:52] S0: Yep. Where we were the first investor. [00:49:53] S1: Where we were the first investor at the seed in series a, you know, which is pretty amazing. I think we actually have one company over 500,000,000 and several over 400,000,000 in revenue. So, I mean, and that's across funds. That's not just in one vintage because often- [00:50:13] S0: That's right. [00:50:14] S1: There are periods where it's easier to invest than others. So I think it's that consistent effort. I also think the other thing I'm particularly proud of is the way we go about constantly self evaluating, constantly asking ourselves, are we living? Are we the best embodiment of an early stage venture investor? And you always hold us to a massively high standard. And I think we're top quartile in fund one. I think we're top 5% in fund two. And, you know, fund three, we're just finishing the investing, so it's too soon to know. But we have some very early breakouts there. So it's exciting, but I think you and I are, as you said at the beginning, we're not really people to go out and sort of brag about what we're doing. We want the results to speak for themselves. But we're also asking ourselves, how can we do better? How can we do more? What's the next iteration of Inspired so that we can be best in the best?
00:51:23 · Alexa von Tobel, Penny Pritzker
[00:51:23] S0: Yeah. It feels like we're just really getting started in a way where, hopefully we can prove that we help our companies outperform, out execute, and especially at a time when I think it's never been more important to build towards where the future is headed. I want to end just asking a few questions about the future. I know, you know, just in the last, you know, few weeks, we've been talking about the future of AI and what that means. You're sitting in the Microsoft Boardroom, probably truly one of the most important companies on the planet around the future of what's happening. Give us just a sense of what it's like to be a fly on that wall and like what you get to learn. And again, you've been in the White House, you're on the board of Microsoft, etcetera. What can you see about the future, and what gets you excited? [00:52:18] S1: Well, I'm excited about... First of all, I think it's extremely important. I think Microsoft embodies this, which is is to know your values, and Microsoft really is committed to this idea of trust and being there for the enterprise, I. E, the customer as opposed to just existing for themselves. And so what I see is a... At a time when people are talking about the end of civilization because of AI, Microsoft is working on what's the bill of rights for individuals and for enterprises in in the world. We're going to... AI is in our world. It's not going away. So we need to create rules around that. And I don't mean rules that are self serving. I'm talking about rules that are truly in the best interest of our customer.
00:52:18 · Penny Pritzker, Alexa von Tobel
[00:52:18] S1: Well, I'm excited about... First of all, I think it's extremely important. I think Microsoft embodies this, which is is to know your values, and Microsoft really is committed to this idea of trust and being there for the enterprise, I. E, the customer as opposed to just existing for themselves. And so what I see is a... At a time when people are talking about the end of civilization because of AI, Microsoft is working on what's the bill of rights for individuals and for enterprises in in the world. We're going to... AI is in our world. It's not going away. So we need to create rules around that. And I don't mean rules that are self serving. I'm talking about rules that are truly in the best interest of our customer. [00:53:09] S0: Of humanity.
00:53:09 · Penny Pritzker
[00:53:09] S1: And of humanity. Yeah. First and foremost, humanity. And so I think that that is something that I am... Do we always get it right? No. But I think it's really an important endeavor to try and figure out and to work to build a common collective support for doing the right thing. I mean, one would hope that at some point there will be regulation and things like that, but it doesn't feel like that's coming. So the industry is kinda trying to figure out how to do it itself. And the problem with that is, of course, is we're also in a competitive race with China in terms of AI. And and really, truly, that's the job of the federal government, not any country, any company can't do that alone. But the other thing I'm struck by is the humanness of of the endeavor. In other words, I watch the CEO and and our president, and I watch them wrestle with what's the best approach. What is the... How do we serve our customer right? I watch them listen. We have... That boardroom has a ton of people who are customers of Microsoft, and they are not easy on the CEO in the sense of saying, hey. Here's what my team thinks. Here's what you need to get done. Here's how to improve. And the fact that that CEO invites that, doesn't wanna skirt it, doesn't want to skirt it, but instead is inviting in feedback is I think is setting a good example for all of us. We need to be closer to our customers. Now what do I think the future is? I think, you know, one of the things in talking to CEOs is they're beginning to realize that the org chart is changing. Yes. The org chart is going to be people and agents. Yes. The org chart is also gonna be less pure amount.