Transcript
1
00:00:00,080 --> 00:00:01,120
Double click on that.
2
00:00:01,120 --> 00:00:03,379
How does media help you win deals?
3
00:00:03,439 --> 00:00:06,419
Ultimately, I can get on the phone with anyone.
4
00:00:06,480 --> 00:00:08,639
And I really saw that that took about 2 years.
5
00:00:08,639 --> 00:00:14,160
And then I wanna say about a year ago now,
early 2024, I remember there were founders that
6
00:00:14,160 --> 00:00:15,974
had term sheets from Super Notable Funds.
7
00:00:15,974 --> 00:00:19,814
I typically try not to chase those deals, but I
really liked the business they were building.
8
00:00:19,814 --> 00:00:20,855
I loved their background.
9
00:00:20,855 --> 00:00:24,535
So I remember sending a note on LinkedIn and
just saying, you know, like, hey, team would
10
00:00:24,535 --> 00:00:25,015
love to meet.
11
00:00:25,015 --> 00:00:27,734
I know I'm pretty late in the process, but let
me know if you have time.
12
00:00:27,734 --> 00:00:30,739
Something that at least I do with other
managers, I'm not sure how common this is
13
00:00:30,739 --> 00:00:34,500
outside of my little bubble, but we all usually
will share a spreadsheet and say, hey.
14
00:00:34,500 --> 00:00:35,939
Here's everyone I've met with.
15
00:00:35,939 --> 00:00:38,600
Here's everyone that has converted in our LPs.
16
00:00:38,739 --> 00:00:42,179
Here's everyone that you might actually be a
great fit for because they're looking for a, b,
17
00:00:42,179 --> 00:00:42,579
and c.
18
00:00:42,579 --> 00:00:47,375
And so a lot of us try to just share who are
the LPs that are active, and frankly, who are
19
00:00:47,375 --> 00:00:48,655
the ones that waste your time.
20
00:00:48,655 --> 00:00:50,734
There are folks that are just not active that
are out there.
21
00:00:50,734 --> 00:00:53,615
They wanna talk, and then they maybe want a lot
of things from you.
22
00:00:53,615 --> 00:00:56,895
Like, they wanna direct invest in some of your
companies, and they you know, just there's some
23
00:00:56,895 --> 00:00:57,635
bad actors.
24
00:00:59,829 --> 00:01:05,750
Nicole, you pulled off a $50,000,000 fundraise
in one of the toughest markets, the summer of
25
00:01:05,750 --> 00:01:06,250
2024.
26
00:01:06,549 --> 00:01:07,829
How did you accomplish this?
27
00:01:07,829 --> 00:01:13,034
In terms of strategy going out March, telling
LPs, I guess I was sort of bluffing, but I
28
00:01:13,034 --> 00:01:18,395
believed it that I would have a first close and
ideally on 50% of the fund, around the May
29
00:01:18,395 --> 00:01:21,935
timeline and was aiming for a final close in
August.
30
00:01:21,995 --> 00:01:25,230
And crazy enough, I've maybe I manifested it,
but it worked out.
31
00:01:25,710 --> 00:01:31,490
So Sundana came in, anchored the fund, and it
was off to the races in 5 months end to end.
32
00:01:32,030 --> 00:01:35,950
The other piece, and then I'll pause, is just
having a good product.
33
00:01:35,950 --> 00:01:36,270
Right?
34
00:01:36,270 --> 00:01:41,795
So there are some data that came out that was
just showing, like, median IRR and and and and
35
00:01:41,795 --> 00:01:48,275
metrics for funds from the 2021 vintage and 22,
both of which are my fund 1 and 2, and we're
36
00:01:48,275 --> 00:01:48,995
top decile.
37
00:01:48,995 --> 00:01:49,234
Right?
38
00:01:49,234 --> 00:01:51,555
And so and we had some early markups in fund 2.
39
00:01:51,555 --> 00:01:53,400
So the product is also great.
40
00:01:53,400 --> 00:01:53,640
Right?
41
00:01:53,640 --> 00:01:55,400
And our distribution has really taken off.
42
00:01:55,400 --> 00:01:58,920
So I think there obviously you have to have
something that people want to invest in.
43
00:01:58,920 --> 00:02:02,680
One part is just the strategy around like how
to raise because it's frustrating and time
44
00:02:02,680 --> 00:02:03,180
consuming.
45
00:02:03,479 --> 00:02:06,599
And the other is do you actually have something
people want, which was the real test.
46
00:02:06,599 --> 00:02:08,444
And it turns out that that we did.
47
00:02:08,444 --> 00:02:11,141
When you say you have a distribution advantage,
what do
48
00:02:11,141 --> 00:02:12,220
you mean by that?
49
00:02:12,220 --> 00:02:16,265
So one piece that's been really important for
building the firm is obviously brand building.
50
00:02:16,265 --> 00:02:18,153
There's a lot of competition, several funds.
51
00:02:18,153 --> 00:02:22,699
So assuming we had the pieces right to even be
in business being how do we actually help
52
00:02:22,699 --> 00:02:25,199
founders to do this job and why would they
choose us?
53
00:02:25,340 --> 00:02:27,180
I have a really deep operating experience.
54
00:02:27,180 --> 00:02:32,540
So I was very fortunate to be very early and
only work with CEO, cofounders of 3 now very
55
00:02:32,540 --> 00:02:33,520
sizable companies.
56
00:02:33,965 --> 00:02:36,205
And so with that, I've raised a ton of venture
capital.
57
00:02:36,205 --> 00:02:37,485
I've built a ton of products.
58
00:02:37,485 --> 00:02:39,824
I've hired and fired and figured things out.
59
00:02:40,284 --> 00:02:44,305
So having all of that as sort of table stakes
to to hopefully getting started in venture.
60
00:02:44,685 --> 00:02:48,384
The most important piece is how do you continue
to have access to great companies?
61
00:02:48,569 --> 00:02:52,750
How do you continue to have the right to win
and then concentrate in those companies?
62
00:02:53,050 --> 00:02:57,849
And so we have been from day 1 building up the
brand, Twitter being like a core part of the
63
00:02:57,849 --> 00:03:01,870
business, but also LinkedIn and TikTok now with
the podcast.
64
00:03:01,930 --> 00:03:06,864
And ultimately, it's how many people follow us,
know who we are, and we'll pick up our call.
65
00:03:07,245 --> 00:03:08,844
And the answer is a lot.
66
00:03:09,004 --> 00:03:13,504
So that has been a huge core focus, for for the
brand since we started.
67
00:03:13,724 --> 00:03:15,084
And double click on that.
68
00:03:15,084 --> 00:03:17,219
How does media help you win deals?
69
00:03:17,379 --> 00:03:20,360
Ultimately, I can get on the phone with anyone.
70
00:03:20,419 --> 00:03:21,939
And I I I really saw that.
71
00:03:21,939 --> 00:03:23,060
That took about 2 years.
72
00:03:23,060 --> 00:03:29,060
And then I wanna say about a year ago now,
early 2024, I remember there were founders that
73
00:03:29,060 --> 00:03:30,835
had term sheets from Super Notable Funds.
74
00:03:30,835 --> 00:03:34,675
I typically try not to chase those deals, but I
really liked the business they were building.
75
00:03:34,675 --> 00:03:35,735
I love their background.
76
00:03:35,955 --> 00:03:39,955
So I remember sending a note on LinkedIn and
just saying, you know, like, hey, team.
77
00:03:39,955 --> 00:03:40,514
Would love to meet.
78
00:03:40,514 --> 00:03:43,414
I know I'm pretty late in the process, but let
me know if you have time.
79
00:03:43,599 --> 00:03:50,879
And it was and since then, in any situation
like this, cold message, they respond at a 100%
80
00:03:50,879 --> 00:03:51,520
of the time.
81
00:03:51,520 --> 00:03:54,479
It is, Nicole, I've been following you on x for
a long time.
82
00:03:54,479 --> 00:03:55,300
You're a hustler.
83
00:03:55,360 --> 00:03:57,199
I would absolutely love to take a call with
you.
84
00:03:57,199 --> 00:04:00,155
We've got 500 k left even though there's a lot
of interest.
85
00:04:00,215 --> 00:04:01,754
Do you have time tomorrow morning?
86
00:04:01,894 --> 00:04:02,935
We have earned that right.
87
00:04:02,935 --> 00:04:03,734
Cold message.
88
00:04:03,734 --> 00:04:07,734
And now I would say that that's probably a
response and a quick response time, like,
89
00:04:07,734 --> 00:04:11,974
almost a 100% of the time, and that is to get
on the phone with just about anyone.
90
00:04:11,974 --> 00:04:14,555
So that is what you get from the socials.
91
00:04:14,840 --> 00:04:17,259
And that also translates into closing as well.
92
00:04:17,319 --> 00:04:17,819
100%.
93
00:04:18,199 --> 00:04:19,419
It's a warm relationship.
94
00:04:19,639 --> 00:04:20,680
They feel like they know you.
95
00:04:20,680 --> 00:04:24,759
And so it's not like going up to someone, like,
at a random coffee shop and, like, trying to,
96
00:04:24,759 --> 00:04:25,959
like, get them to take your money.
97
00:04:25,959 --> 00:04:26,279
You know?
98
00:04:26,279 --> 00:04:28,454
Even though that's normally what a first call
feels like.
99
00:04:29,334 --> 00:04:31,175
So it feels like we skip that part.
100
00:04:31,175 --> 00:04:32,954
What's the limits to that scalability?
101
00:04:33,334 --> 00:04:38,294
Would you be able to deploy that into
$5,000,000 checks, $10,000,000 checks, or does
102
00:04:38,294 --> 00:04:40,314
it only work on small checks?
103
00:04:40,534 --> 00:04:43,414
So far, we are proving that we can increase
check size.
104
00:04:43,414 --> 00:04:47,550
And, you know, I think that hopefully
everything else sides out of, okay, Nicole, we
105
00:04:47,550 --> 00:04:49,310
wanna work with her, but what does she really
do?
106
00:04:49,310 --> 00:04:52,990
So, right, even though I get on that first call
and they love the brand, the next question just
107
00:04:52,990 --> 00:04:58,545
becomes like and I I transparently haven't been
asked this in a few years, but I don't often
108
00:04:58,545 --> 00:05:01,584
get the question anymore from founders, like,
but but why should we choose you?
109
00:05:01,584 --> 00:05:02,144
Which is good.
110
00:05:02,144 --> 00:05:03,665
So it means some things are working.
111
00:05:03,665 --> 00:05:05,125
A lot of it is also references.
112
00:05:05,185 --> 00:05:08,865
Like, I will have if I'm trying to win a deal,
some of my my existing portfolio founders,
113
00:05:08,865 --> 00:05:10,564
like, call in and say, hey.
114
00:05:10,589 --> 00:05:11,949
You should really work with Nicole.
115
00:05:11,949 --> 00:05:14,370
She's been fantastic for us, so that's super
helpful.
116
00:05:14,829 --> 00:05:18,689
I'd say, look, so far, fund 1, our average
ownership is 0.7%.
117
00:05:19,069 --> 00:05:21,629
I think our average check was around a 150 k.
118
00:05:21,629 --> 00:05:23,250
That was the $5,000,000 fund.
119
00:05:23,514 --> 00:05:25,855
Fund 2, our average ownership right now is
4.7%.
120
00:05:26,395 --> 00:05:28,875
Our average check size is around 650 k.
121
00:05:28,875 --> 00:05:33,595
So we're swinging pretty like, you know, with
smaller checks or around 5% of companies, we've
122
00:05:33,595 --> 00:05:34,795
easily been able to do that.
123
00:05:34,795 --> 00:05:35,455
No question.
124
00:05:35,514 --> 00:05:40,069
I think as we get into the $50,000,000 fund
strategy, leading and co leading most of the
125
00:05:40,069 --> 00:05:43,589
time and writing up to, let's say, $2,000,000
checks, we will see.
126
00:05:43,909 --> 00:05:46,250
But so far, the the model has been working.
127
00:05:46,310 --> 00:05:51,584
Was that your biggest objection when you met
with LPs in in raising a $50,000,000 fund?
128
00:05:51,904 --> 00:05:52,644
No, actually.
129
00:05:53,104 --> 00:05:56,384
I I I'd say the biggest reason people pass is
that the fund size was small.
130
00:05:56,384 --> 00:06:00,865
So I was really trying to go more institutional
and a $50,000,000 fund is very small for folks
131
00:06:00,865 --> 00:06:03,925
that need to write 15 to $25,000,000 checks.
132
00:06:04,750 --> 00:06:09,949
I would say that, you know, I had Sundana, my
anchor, gave me an interesting exercise, and I
133
00:06:09,949 --> 00:06:12,930
ended up sharing this with a lot of my other
LPs, which was, hey, Nicole.
134
00:06:13,389 --> 00:06:18,165
If you could, layer on top of your fund 2
positions to date.
135
00:06:18,165 --> 00:06:22,884
So of the 12 to 14 companies you've invested in
and your check size in fund 2, which was 6
136
00:06:23,045 --> 00:06:23,865
let's say 650.
137
00:06:24,805 --> 00:06:29,524
If you layered on your fund 3 strategy and went
back to those companies, which of those
138
00:06:29,524 --> 00:06:33,205
companies do you think that you could have
successfully deployed that bigger check into
139
00:06:33,205 --> 00:06:34,139
versus not?
140
00:06:34,300 --> 00:06:37,980
And it was a great exercise, and I think it
ended up being that I would have gotten
141
00:06:37,980 --> 00:06:40,400
probably closer to 8 a half, 9 percent
ownership.
142
00:06:40,699 --> 00:06:43,100
And then they referenced every single one of my
companies.
143
00:06:43,100 --> 00:06:44,060
So they validated that.
144
00:06:44,060 --> 00:06:47,420
Like, you know, they probably didn't say Nicole
says she could have put 2,000,000 in, but it
145
00:06:47,420 --> 00:06:49,754
was a good exercise, and I shared that with
every LP.
146
00:06:49,834 --> 00:06:52,395
You went public with your process and and your
funnel.
147
00:06:52,395 --> 00:06:54,895
So walk me through that at a high level.
148
00:06:54,955 --> 00:06:59,915
So out of the gate, I did what I recommend my
startups do, which is get every investor in the
149
00:06:59,915 --> 00:07:01,535
funnel at the same time.
150
00:07:01,675 --> 00:07:06,629
And so out of the gate, I set up 80 calls, out
of the total 108 first calls.
151
00:07:06,629 --> 00:07:10,709
So I think the pipeline was between existing
and folks I had already met prior to raising.
152
00:07:10,709 --> 00:07:11,610
That was 80.
153
00:07:11,829 --> 00:07:15,910
And so within the 1st 3 weeks of the raise in
March, I had several calls a day.
154
00:07:15,910 --> 00:07:17,910
Like, 7 to 9, I think, was my max.
155
00:07:17,910 --> 00:07:19,849
Some 45 minutes, some an hour.
156
00:07:20,444 --> 00:07:23,165
And I wanted to get everyone in the data room
at the same time.
157
00:07:23,165 --> 00:07:27,485
I wanted them to know that that there that was
the goal of the May 1st close, the final close
158
00:07:27,485 --> 00:07:28,225
in August.
159
00:07:29,245 --> 00:07:30,925
And so that was what I stuck to.
160
00:07:30,925 --> 00:07:35,904
Again, no idea if that was gonna work out, but
I put my head down and, like, that was what the
161
00:07:36,100 --> 00:07:36,839
expectation was.
162
00:07:37,540 --> 00:07:43,000
In reality, it took, to get to 50% raised and
closed that two and a half to 3 months.
163
00:07:43,620 --> 00:07:48,279
And then from there, that remaining 50% of the
funds, so 25,000,000 took 30 days.
164
00:07:48,580 --> 00:07:50,040
I can speak more to that.
165
00:07:50,194 --> 00:07:54,194
And then the final month of that, so let's say
we were 4 months in, was really just legal back
166
00:07:54,194 --> 00:07:54,675
and forth.
167
00:07:54,675 --> 00:08:01,474
So red lines on the LPA, getting docs signed,
is honestly tons of leg work and actually
168
00:08:01,474 --> 00:08:06,230
really expensive from a legal perspective, but
that took up about, like, a month of it.
169
00:08:06,230 --> 00:08:09,670
So of the 108 calls, 28 committed.
170
00:08:09,670 --> 00:08:11,290
So we converted about 26%.
171
00:08:11,670 --> 00:08:13,350
I don't have benchmarks for other funds.
172
00:08:13,350 --> 00:08:14,310
I don't know if that's great.
173
00:08:14,310 --> 00:08:15,350
I don't know if it's terrible.
174
00:08:15,350 --> 00:08:16,310
It worked for us.
175
00:08:16,310 --> 00:08:16,949
It's a good number.
176
00:08:16,949 --> 00:08:17,930
We got it done.
177
00:08:18,865 --> 00:08:24,064
An interesting stat, 38,500,000 of the
50,000,000 are from 6 LPs.
178
00:08:24,064 --> 00:08:30,704
So we really have, like, 4 or 5, $5,000,000
checks and then $115,000,000 check, and then
179
00:08:30,704 --> 00:08:36,600
the rest are 2,000,000, 1,000,000, and then a
very, very few existing LPs that really wanted
180
00:08:36,600 --> 00:08:39,740
to come back in, but I've outgrown that wrote
500 k checks.
181
00:08:40,120 --> 00:08:44,845
How did you get people to commit to the first
close so quickly?
182
00:08:44,845 --> 00:08:48,785
In other words, what was your forcing mechanism
for getting the first 50% in?
183
00:08:48,845 --> 00:08:50,625
So that's a really good question.
184
00:08:51,404 --> 00:08:56,365
All existing folks, I think there so there were
a few folks in they're specifically single
185
00:08:56,365 --> 00:09:01,129
family offices that I had really gotten to know
that missed fund 2 that said, Nicole, no matter
186
00:09:01,129 --> 00:09:03,629
what, like, when you start raising, we won in
for a million.
187
00:09:03,690 --> 00:09:06,169
And so that was 3 checks that came in.
188
00:09:06,169 --> 00:09:07,690
Was this after your fund 2 was closed?
189
00:09:07,690 --> 00:09:09,949
Was it at the tail end they couldn't get their
diligence?
190
00:09:10,009 --> 00:09:11,209
Why did they miss fund 2?
191
00:09:11,209 --> 00:09:12,350
The it was closed.
192
00:09:12,855 --> 00:09:15,254
They saw, I think, some press, and they're
like, we really wanna meet Nicole.
193
00:09:15,254 --> 00:09:19,014
And, like, is there any chance you can increase
the $20,000,000 fund size and take more
194
00:09:19,014 --> 00:09:19,514
capital?
195
00:09:19,894 --> 00:09:21,434
And the answer was no.
196
00:09:21,975 --> 00:09:24,389
And so we kept in touch for 2 years.
197
00:09:24,470 --> 00:09:28,809
And so whenever I kicked it off, they were very
quick to say, send the docs like we're in.
198
00:09:29,269 --> 00:09:31,190
We stand by wanting to commit a million.
199
00:09:31,190 --> 00:09:32,710
And I had I catch up with folks.
200
00:09:32,710 --> 00:09:35,129
I try to at least 2 to 3 times per year.
201
00:09:35,269 --> 00:09:36,710
This is a relationship business.
202
00:09:36,710 --> 00:09:40,384
So for the folks also I really like, I wanted
to spend more time with them.
203
00:09:40,384 --> 00:09:43,924
So I was really, you know, determined to
building those relationships.
204
00:09:44,065 --> 00:09:49,345
So the May 1 is a really important date, and I
I tweeted about this.
205
00:09:49,345 --> 00:09:55,259
But so when I kicked off in March, I had
probably, yeah, close by May 1.
206
00:09:55,259 --> 00:09:58,860
So in that first, let's say, 2 months or until
May 1st, March, April.
207
00:09:58,860 --> 00:09:59,339
Oh, gosh.
208
00:09:59,339 --> 00:09:59,820
That's yeah.
209
00:09:59,820 --> 00:10:00,559
A little bit.
210
00:10:01,659 --> 00:10:06,375
We so over 2 months in, I had commitments,
like, you know, verbal commitments.
211
00:10:06,375 --> 00:10:08,954
They would they people were in for just shy of
$10,000,000.
212
00:10:10,214 --> 00:10:15,414
And I kept saying so I had Sundana had anchored
fund 1 and 2, but they took a little bit to let
213
00:10:15,414 --> 00:10:15,815
me know.
214
00:10:15,815 --> 00:10:17,095
So I told all LPs, listen.
215
00:10:17,095 --> 00:10:19,710
I expect half the fund to be reserved for
existing investors.
216
00:10:19,769 --> 00:10:26,589
And so Sundana, I'll never forget, calls me, on
May 1, and I was 9 months pregnant.
217
00:10:26,730 --> 00:10:29,049
And they said, Nicole, we're in.
218
00:10:29,049 --> 00:10:34,134
We're in for 15,000,000, and our only ask of
you is that you cap the fund at 50 instead of
219
00:10:34,134 --> 00:10:34,379
60.
220
00:10:34,379 --> 00:10:38,312
As I mentioned back in October, I had floated a
$60,000,000 fund cap to existing LPs.
221
00:10:38,558 --> 00:10:41,507
And so they ended up coming in for 30% of the
fund.
222
00:10:41,507 --> 00:10:44,456
I was, of course, I'll cap, you know, I'll cap
the fund.
223
00:10:44,456 --> 00:10:47,159
I ended up being way oversubscribed, and they
would not budge.
224
00:10:47,959 --> 00:10:50,120
But that was, you know, that was the process.
225
00:10:50,120 --> 00:10:51,639
And so I had already had a game.
226
00:10:51,639 --> 00:10:52,360
I said the 10.
227
00:10:52,360 --> 00:10:53,480
They came in for 15.
228
00:10:53,480 --> 00:10:54,459
We're at 50%.
229
00:10:54,679 --> 00:10:57,639
I raised to a close, you know, 3 weeks after
that.
230
00:10:57,639 --> 00:10:59,179
So I think it was the end of May.
231
00:10:59,879 --> 00:11:00,860
And I emailed.
232
00:11:01,000 --> 00:11:08,485
I got great advice, which I think we'll get
into, which was send little drip campaigns.
233
00:11:08,625 --> 00:11:11,504
You know, the existing LPs, send them little
drip notes saying, hey.
234
00:11:11,504 --> 00:11:13,345
Here's the progress over the last 2 to 3 weeks.
235
00:11:13,345 --> 00:11:17,899
So they feel like they're close to it, that the
timeline seemed tangible again back to when
236
00:11:17,899 --> 00:11:19,759
this closes, not if this closes.
237
00:11:20,460 --> 00:11:26,220
And so on May 1st, when Sedona called me and
they committed and I knew I was, like, gonna
238
00:11:26,220 --> 00:11:29,294
have that big first close, like, I hoped and
manifested.
239
00:11:30,315 --> 00:11:34,554
I emailed every single person that was still in
the pipeline and just said and and again, this
240
00:11:34,554 --> 00:11:37,934
is a good forcing function too, and I even
recommend my startups do this.
241
00:11:38,074 --> 00:11:41,355
People will hang around the hoop and largely
because they're just not interested and can't
242
00:11:41,355 --> 00:11:41,674
get there.
243
00:11:41,674 --> 00:11:44,610
And you need to suss that out as quickly as
possible and move on.
244
00:11:44,750 --> 00:11:48,529
And so I emailed every single person in the
pipeline and just said, hey.
245
00:11:48,589 --> 00:11:49,549
Here's the update.
246
00:11:49,549 --> 00:11:51,629
Huge first close on 50% of the fund.
247
00:11:51,629 --> 00:11:54,830
We're still marching towards mid August for a
final close.
248
00:11:54,830 --> 00:11:56,529
Let me know if you wanna catch up.
249
00:11:56,995 --> 00:12:02,694
25% of people who ended up passing or maybe 30
passed because of the timeline.
250
00:12:02,995 --> 00:12:04,914
Some I just wasn't a a big fit for.
251
00:12:04,914 --> 00:12:08,514
And then the other big reason why people passed
were because the fund size was just too small
252
00:12:08,514 --> 00:12:11,720
and their checks were too big for the fund,
which I also appreciate.
253
00:12:11,720 --> 00:12:15,179
I don't want a $25,000,000 check for a
$50,000,000 fund.
254
00:12:15,480 --> 00:12:16,840
So those were a few of the reasons.
255
00:12:16,840 --> 00:12:19,580
1 was just the tight timeline, and 2 was the
fund size.
256
00:12:19,720 --> 00:12:24,600
How do you suss out who's actually interested
and who's just hanging on the hoop because they
257
00:12:24,600 --> 00:12:25,454
don't wanna say no.
258
00:12:25,454 --> 00:12:26,414
Thank you for listening.
259
00:12:26,414 --> 00:12:30,174
To join our community and to make sure you do
not miss any future episodes, please click the
260
00:12:30,174 --> 00:12:31,794
follow button above to subscribe.
261
00:12:32,654 --> 00:12:38,815
So I I guess what isn't fair, I guess, for LPs
is that they do have their own internal
262
00:12:38,815 --> 00:12:40,529
timeline, and so it is a balancing act.
263
00:12:40,690 --> 00:12:43,570
Sometimes they are not hanging around the hoop.
264
00:12:43,570 --> 00:12:46,790
They are actually hoping that they have another
60 days.
265
00:12:46,930 --> 00:12:49,269
And so in some case, I've had LPs say, hey,
Nicole.
266
00:12:49,330 --> 00:12:51,970
They work on, like, quarters most of the time.
267
00:12:51,970 --> 00:12:53,269
And so they're like, hey.
268
00:12:53,375 --> 00:12:54,495
Q three not great for us.
269
00:12:54,495 --> 00:12:56,334
If this goes into q four, we're very in.
270
00:12:56,334 --> 00:13:00,095
And so a lot of them were hanging around the
hoop hoping that this would hit, like, an
271
00:13:00,095 --> 00:13:03,134
October one timeline, and we'd be a q four
investment.
272
00:13:03,134 --> 00:13:07,389
And so a lot of them, when I was getting closer
and it was directly within, like, the August
273
00:13:07,389 --> 00:13:10,129
time frame that I had hoped for, they had to
pass.
274
00:13:10,350 --> 00:13:11,629
And people communicate that.
275
00:13:11,629 --> 00:13:16,129
Or if they try to gatekeep their timeline
because they don't want you to write them off,
276
00:13:16,350 --> 00:13:18,110
then they're kind of you force their hand.
277
00:13:18,110 --> 00:13:19,389
And so a lot of it was just saying, hey.
278
00:13:19,389 --> 00:13:20,509
We're still marching towards this.
279
00:13:20,509 --> 00:13:21,274
Do you wanna catch up?
280
00:13:21,274 --> 00:13:22,715
But eventually, they just let you know.
281
00:13:22,715 --> 00:13:27,615
I'd say by the 3rd touch point, they give you
an answer, and it's really helpful.
282
00:13:27,995 --> 00:13:29,115
But you kinda have to force it.
283
00:13:29,115 --> 00:13:31,915
I mean, again, sometimes they do convert.
284
00:13:31,915 --> 00:13:34,095
It just depends on their timeline and your
timeline.
285
00:13:34,235 --> 00:13:40,339
Is it fair characterization to say the the top
quartile LPs are very independent when it comes
286
00:13:40,339 --> 00:13:43,620
to their decision making and some of the other
LPs are looking for signals?
287
00:13:43,620 --> 00:13:46,039
It's hard to read through the the, like, the
lines.
288
00:13:46,579 --> 00:13:49,394
And so I actually don't know that it dictated
much.
289
00:13:49,394 --> 00:13:52,754
Like, I think, you know, even when I closed my
1st institutional, children's came in and I
290
00:13:52,754 --> 00:13:53,875
circulated a note and said, hey.
291
00:13:53,875 --> 00:13:54,934
We're now at 35,000,000.
292
00:13:55,955 --> 00:13:57,815
We're almost finished or 40,000,000.
293
00:13:58,674 --> 00:14:02,274
It didn't rush anyone's process, which just
told me that if they're gonna come in, they're
294
00:14:02,274 --> 00:14:03,759
gonna spend time with you from the start.
295
00:14:03,759 --> 00:14:07,200
And even if there's not a lot of early signal,
and if they're not, they're not.
296
00:14:07,200 --> 00:14:12,480
But I maybe a few single family offices get
excited and they try to follow great LPs, and I
297
00:14:12,480 --> 00:14:13,539
don't blame them.
298
00:14:13,600 --> 00:14:18,375
But I honestly felt like I there was no, like,
carrot that I was hanging that got people in or
299
00:14:18,375 --> 00:14:20,475
out even if it was new news on LPs.
300
00:14:20,855 --> 00:14:25,174
You mentioned that one endowment told you that
they have a 12 month policy before they could
301
00:14:25,174 --> 00:14:25,654
even invest.
302
00:14:25,654 --> 00:14:27,174
They have to know you for 12 months.
303
00:14:27,174 --> 00:14:28,134
Tell me about that.
304
00:14:28,134 --> 00:14:31,274
We'll be right back, but first, a word from our
sponsor.
305
00:14:31,910 --> 00:14:36,389
Innovation is a driving force in the world and
runs through everything that Reed Smith does.
306
00:14:36,389 --> 00:14:40,950
Reed Smith is a law firm that combines
pioneering technology with industry expertise
307
00:14:40,950 --> 00:14:43,029
in order to solve their client's most
challenging matter.
308
00:14:43,029 --> 00:14:47,535
Their approach is grounded in collaboration
with a focus on growth, efficiency, and
309
00:14:47,535 --> 00:14:52,835
customization because every client's challenges
are unique and their solutions should be too.
310
00:14:52,975 --> 00:14:57,455
I'm proud to partner with Reed Smith, a firm
that continually adapts to meet their clients'
311
00:14:57,455 --> 00:14:57,955
needs.
312
00:14:58,175 --> 00:14:59,669
That was the only time I've heard that.
313
00:14:59,750 --> 00:15:04,009
I will say, though, and I don't know if it is
fair to say that this is all endowments.
314
00:15:04,149 --> 00:15:07,029
I do know you know, I I was talking to a few
other funds.
315
00:15:07,029 --> 00:15:09,909
They got a few LPs, and then they said, Nicole,
we closed them in 4 months.
316
00:15:09,909 --> 00:15:13,589
It was just a really tight or got to a
commitment in 4 months, and then legal takes,
317
00:15:13,589 --> 00:15:14,570
like, another 2.
318
00:15:15,154 --> 00:15:16,595
I don't know that it's that common, though.
319
00:15:16,595 --> 00:15:18,855
I will say endowments are just a different
beast.
320
00:15:19,475 --> 00:15:24,034
I don't have, candidly, any endowments as LPs
yet, though I've been getting to know several
321
00:15:24,034 --> 00:15:27,014
for the past, you know, a year and a half or 2
years.
322
00:15:27,659 --> 00:15:31,980
I find that in a lot of cases, either my fund
size is too small, like think of Yale or
323
00:15:31,980 --> 00:15:38,539
someone that's huge, or the a lot of what I
experience is that these endowments are trying
324
00:15:38,539 --> 00:15:43,334
to get exposure to emerging emerging managers,
but they have never invested in 1.
325
00:15:43,875 --> 00:15:46,754
And so it's a lot of phone calls, but no one's
converting.
326
00:15:46,754 --> 00:15:48,754
But I don't think that's just because of my
fund.
327
00:15:48,754 --> 00:15:52,534
I think they're just not writing checks yet and
just assessing the market.
328
00:15:52,595 --> 00:15:57,190
You got a lot of help from other emerging
managers like Charlie Ma and Byron at 12 Below.
329
00:15:57,250 --> 00:15:58,389
Tell me more about that.
330
00:15:59,009 --> 00:15:59,250
Look.
331
00:15:59,250 --> 00:16:01,250
We are all incentivized to help each other.
332
00:16:01,649 --> 00:16:05,350
So and and we're thankfully not all raising at
the same time, but a few things.
333
00:16:05,570 --> 00:16:10,945
1, it didn't dictate So I would never dictate
when I'm gonna go to market to raise a fund
334
00:16:10,945 --> 00:16:14,144
based on feedback from other GPs about the
timing of the market.
335
00:16:14,144 --> 00:16:18,065
And, actually, thankfully, I didn't do that
because I feel like 100% of the time over the
336
00:16:18,065 --> 00:16:23,044
last 3 years, GPs say it's a bad time to raise,
and it is a bad time to raise, since 21.
337
00:16:23,319 --> 00:16:25,720
And so you can't let that dictate when you go
to market.
338
00:16:25,720 --> 00:16:29,019
Ultimately, when do you need the capital is
when you should go to market.
339
00:16:29,159 --> 00:16:33,240
Again, as I said before, if I it could have
taken 18 months, I didn't wanna be in a
340
00:16:33,240 --> 00:16:36,699
position where I didn't have capital to deploy,
and so I went out earlier.
341
00:16:37,014 --> 00:16:40,214
And then from there, I did the around the
world, and I called everyone that I knew that
342
00:16:40,214 --> 00:16:43,115
had raised or and closed a fund in the past 6
months.
343
00:16:43,174 --> 00:16:47,414
And because that's usually a good benchmark for
the market is, including, you know, Charlie and
344
00:16:47,414 --> 00:16:53,069
Maddy at Pathlight, and, you know, Byron at 12
Below and just said, you know, walk me through
345
00:16:53,069 --> 00:16:53,709
your raise.
346
00:16:53,709 --> 00:16:57,470
I wanna better understand, like, the process,
you know, who is active.
347
00:16:57,470 --> 00:17:01,389
So something that at least I do with other
managers, I'm not sure how common this is
348
00:17:01,389 --> 00:17:05,549
outside of my little bubble, but we all usually
will share a spreadsheet and say, hey.
349
00:17:05,549 --> 00:17:06,884
Here's everyone I've met with.
350
00:17:06,884 --> 00:17:09,625
Here's everyone that has converted in our LPs.
351
00:17:10,005 --> 00:17:13,445
Here's everyone that you might actually be a
great fit for because they're looking for a, b,
352
00:17:13,445 --> 00:17:14,105
and c.
353
00:17:14,325 --> 00:17:19,845
And so a lot of us try to just share, you know,
who who are the, like, the LPs that are active.
354
00:17:19,845 --> 00:17:22,184
And, frankly, who are the ones that waste your
time?
355
00:17:22,289 --> 00:17:24,369
There are folks that are just not active that
are out there.
356
00:17:24,369 --> 00:17:27,250
They wanna talk, and then they maybe want a lot
of things from you.
357
00:17:27,250 --> 00:17:30,769
Like, they wanna direct invest in some of your
companies and they you know, just there's some
358
00:17:30,769 --> 00:17:31,330
bad actors.
359
00:17:31,330 --> 00:17:32,210
It's not that common.
360
00:17:32,210 --> 00:17:35,009
But when you're raising a fund, you don't wanna
waste any time.
361
00:17:35,009 --> 00:17:38,865
And so, like, the guys I mentioned were all
extremely helpful in saying, hey, Nicole.
362
00:17:39,325 --> 00:17:44,285
Here are the top 5 institutionals, if you wanna
go institutional, that are looking at emerging
363
00:17:44,285 --> 00:17:44,684
managers.
364
00:17:44,684 --> 00:17:45,325
We are 1.
365
00:17:45,325 --> 00:17:45,965
They came in.
366
00:17:45,965 --> 00:17:50,365
They have more exposure this year that we think
that you should meet, and we always help each
367
00:17:50,365 --> 00:17:50,684
other.
368
00:17:50,684 --> 00:17:53,190
I mean, it's one, I can do the same for them.
369
00:17:53,190 --> 00:18:00,309
So I'd say every time I get one of these lists,
there's probably up to maybe 35% overlap with
370
00:18:00,309 --> 00:18:00,710
LPs.
371
00:18:00,710 --> 00:18:02,549
So that's not that's not crazy.
372
00:18:02,549 --> 00:18:06,150
There's still a lot of open relationships to
build, and that goes both ways.
373
00:18:06,150 --> 00:18:10,765
So where when Charlie and Maddy get ready to go
for their next one or Byron, I hope they do
374
00:18:10,765 --> 00:18:11,884
call me and say, hey, Nicole.
375
00:18:11,884 --> 00:18:12,605
Who should we meet?
376
00:18:12,605 --> 00:18:14,785
But it's really common and it's very helpful.
377
00:18:15,164 --> 00:18:17,805
And how did you build these very trusted
relationships?
378
00:18:17,805 --> 00:18:20,305
So I think a lot of people would love to have
these kind of relationships.
379
00:18:20,740 --> 00:18:23,140
I've taken a very community driven approach to
all of this.
380
00:18:23,140 --> 00:18:27,220
Like, I think it takes a village to get a fund
off the ground, and I think it probably takes
381
00:18:27,220 --> 00:18:27,859
one to run it.
382
00:18:27,859 --> 00:18:28,899
It's just different needs.
383
00:18:28,899 --> 00:18:30,679
Ultimately, you are your network.
384
00:18:30,980 --> 00:18:36,315
And so I wanted to start get dipping my hands
into different networks and working with people
385
00:18:36,315 --> 00:18:37,615
that, one, are awesome.
386
00:18:37,674 --> 00:18:40,955
So I really I mean, there's plenty of fund
managers I met that I was like, we that is not
387
00:18:40,955 --> 00:18:42,495
a relationship I wanna build.
388
00:18:43,195 --> 00:18:45,275
And there are ones that I just deeply care
about.
389
00:18:45,275 --> 00:18:46,634
And so for me, it's really natural.
390
00:18:46,634 --> 00:18:49,829
Like, I wanna hang out with Charlie and Maddy
even if it's unrelated to the fund.
391
00:18:49,829 --> 00:18:50,150
You know?
392
00:18:50,150 --> 00:18:51,910
Like, I've invited them to my birthday party.
393
00:18:51,910 --> 00:18:57,430
Like, and so who are the people I wanna spend
time with that I can learn from, that and and
394
00:18:57,430 --> 00:18:59,910
also things are give and takes outside of its
business.
395
00:18:59,910 --> 00:19:00,069
Right?
396
00:19:00,069 --> 00:19:02,805
So outside of helping each other on the fun
stuff.
397
00:19:02,884 --> 00:19:07,125
And there's great emerging manager group chats
where we're all constantly some of the best
398
00:19:07,125 --> 00:19:12,485
early managers, I would say, some are now far
from emerging and they have emerged, but that
399
00:19:12,485 --> 00:19:16,485
are always talking about, like, you know, who
do you use for legal on this, or how do you
400
00:19:16,485 --> 00:19:17,640
think about opportunity funds?
401
00:19:17,640 --> 00:19:21,500
Like, we're all trying to help each other,
which is awesome.
402
00:19:21,720 --> 00:19:24,119
I think the other part is also deals.
403
00:19:24,119 --> 00:19:28,519
So if you wanna meet everyone that's kind of
either gonna mark up your companies or co
404
00:19:28,519 --> 00:19:29,505
invest with you.
405
00:19:29,585 --> 00:19:33,265
And so how can I find like minds, you know, the
Charley's and Marty's I've done deals with,
406
00:19:33,265 --> 00:19:34,305
Byron at 12 Below?
407
00:19:34,305 --> 00:19:36,005
We were talking about a deal this morning.
408
00:19:36,545 --> 00:19:41,585
And so you just, you know, keep the doors open
and and really just kind of, like, just feed
409
00:19:41,585 --> 00:19:43,525
these relationships because they're really
important.
410
00:19:43,669 --> 00:19:46,630
Do you find that there's an 80 20 aspect to
your relationships?
411
00:19:46,630 --> 00:19:51,109
Like, a small amount of your relationships
drive a lot of your co investors and a lot of
412
00:19:51,109 --> 00:19:52,250
the help on the fund?
413
00:19:52,309 --> 00:19:52,809
Yes.
414
00:19:52,869 --> 00:19:57,734
I, so Lee Vixell is a a mentor and a friend,
and I'll never forget.
415
00:19:57,734 --> 00:19:59,015
I was probably 2 years into this.
416
00:19:59,015 --> 00:20:00,875
I'm now 3, so I guess a year ago.
417
00:20:01,095 --> 00:20:03,734
And when I first got started, I cast a huge
net.
418
00:20:03,734 --> 00:20:05,815
You know, I was like, I am and I was all over
the Internet.
419
00:20:05,815 --> 00:20:07,994
As I mentioned, I was always posting still am.
420
00:20:08,295 --> 00:20:14,859
And I started to try to do deals with a lot of
people, a lot of fund managers that, you know,
421
00:20:14,859 --> 00:20:19,359
their names are splashed over the headlines,
like the up and coming GP, you know, whatever.
422
00:20:20,140 --> 00:20:22,700
And I wanted to meet everybody, and I wanted to
do deals with them.
423
00:20:22,700 --> 00:20:25,519
And this this is, like, again, very I think it
precedency.
424
00:20:25,740 --> 00:20:27,315
It takes a village on a cap table.
425
00:20:27,315 --> 00:20:29,875
I think as you scale, you don't need as many
funds.
426
00:20:29,875 --> 00:20:32,615
So, in every round that is.
427
00:20:32,994 --> 00:20:37,875
And so started doing business with a lot of
people, and you learn pretty quickly who you do
428
00:20:37,875 --> 00:20:39,075
not wanna do business with.
429
00:20:39,075 --> 00:20:41,519
A lot of it is just their acumen with founders.
430
00:20:42,380 --> 00:20:45,500
Some sometimes it's, like, from a sense of
entitlement, but I've made introductions to my
431
00:20:45,500 --> 00:20:45,820
founders.
432
00:20:45,820 --> 00:20:46,940
They're like, how old do you know?
433
00:20:46,940 --> 00:20:51,900
That person that call was, like, terrible, or a
lack of follow through or things that are
434
00:20:51,900 --> 00:20:52,700
really important to me.
435
00:20:52,700 --> 00:20:55,634
Like, you're gonna get your shit done if you
work with my founders.
436
00:20:55,634 --> 00:20:55,795
Right?
437
00:20:55,795 --> 00:20:58,275
Like, you're a reflection of me, and these
introductions are a reflection of me.
438
00:20:58,275 --> 00:21:00,275
And so I remember saying to Lee, gosh.
439
00:21:00,275 --> 00:21:03,954
I cast a wide net, and I met, like, you know,
probably 50 other fund managers.
440
00:21:03,954 --> 00:21:07,474
And I was like, is it crazy that the list of
people I trust and wanna work with is probably,
441
00:21:07,474 --> 00:21:08,855
like, 8 of the 50?
442
00:21:08,994 --> 00:21:09,609
And he's he's like, no.
443
00:21:09,609 --> 00:21:10,250
Absolutely not.
444
00:21:10,250 --> 00:21:12,429
He's like, I did the same thing when I was
early at Tiger.
445
00:21:13,049 --> 00:21:16,569
And, you know, you cast a wide net, you meet a
lot of people, and then that list becomes,
446
00:21:16,569 --> 00:21:18,029
like, 8 to 10.
447
00:21:18,409 --> 00:21:22,649
So that's happening now, and I'm still trying
to add people in and maybe push people out.
448
00:21:22,649 --> 00:21:26,715
But, like, there's only a small group of people
that you really trust, and that trust takes
449
00:21:26,715 --> 00:21:27,215
time.
450
00:21:27,994 --> 00:21:28,394
Yeah.
451
00:21:28,394 --> 00:21:29,855
Almost literally 20%.
452
00:21:31,195 --> 00:21:36,894
So you've built up an enormous Twitter
followers on a relative basis to VC.
453
00:21:37,460 --> 00:21:41,160
Walk me through how you built up your Twitter
followers in the very beginning.
454
00:21:41,299 --> 00:21:41,700
Yes.
455
00:21:41,700 --> 00:21:46,820
So I was not on Twitter and using any form of
social media, outside of, like, Instagram
456
00:21:46,820 --> 00:21:49,400
personally probably, until 2021.
457
00:21:49,700 --> 00:21:53,115
So I raised my first fund while I was still
operating at a start up.
458
00:21:53,194 --> 00:21:57,674
I just had my head down, knew all of the LPs,
and had great access.
459
00:21:57,674 --> 00:21:58,714
So I was like, great.
460
00:21:58,714 --> 00:21:59,194
Let's do this.
461
00:21:59,194 --> 00:22:00,734
We had a $5,000,000 fund.
462
00:22:00,875 --> 00:22:05,194
And I'm in a group chat with Aaron Frank, who
is, at the time, like, an amazing angel
463
00:22:05,194 --> 00:22:08,815
investor that fell into the deep dark side and
started as a partner at Lightspeed.
464
00:22:09,150 --> 00:22:10,690
I say that in a loving way.
465
00:22:10,830 --> 00:22:16,529
And Alex Cohen, who's, like, a popular shit
poster and now, founder himself, on Twitter,
466
00:22:17,070 --> 00:22:19,630
and they said, Nicole, you just closed a
$5,000,000 fund.
467
00:22:19,630 --> 00:22:20,670
Like, you're a VC now.
468
00:22:20,670 --> 00:22:22,049
Like, you have to get on Twitter.
469
00:22:22,204 --> 00:22:24,924
And so I think I hard launched September 2021
saying, hey.
470
00:22:24,924 --> 00:22:26,444
I just raised a $5,000,000 fund.
471
00:22:26,444 --> 00:22:27,585
Like, who should I be?
472
00:22:28,365 --> 00:22:32,444
Again and knowing nothing about it, I think a
quick take too as I spent a few months on it
473
00:22:32,444 --> 00:22:34,684
was people are absolutely nuts.
474
00:22:34,684 --> 00:22:37,740
Like, VC Twitter is unhinged, absolutely
ridiculous.
475
00:22:37,740 --> 00:22:39,180
And I'll get into what I really think about it.
476
00:22:39,180 --> 00:22:42,619
But, and so my first tweet that really took off
and I was like, wait.
477
00:22:42,619 --> 00:22:46,700
I need to, like, keep pouring fuel on this was
I posted something I call, like, my first
478
00:22:46,700 --> 00:22:47,200
heater.
479
00:22:47,420 --> 00:22:52,565
I had maybe 200 followers, and I said, can
confirm it's 10 x easier to raise a $5,000,000
480
00:22:52,705 --> 00:22:54,565
fund than to get 500 Twitter followers.
481
00:22:54,945 --> 00:22:59,345
And Alex and Aaron, Alex, the time at a 100,000
followers, they retweet this, and it totally
482
00:22:59,345 --> 00:22:59,825
takes off.
483
00:22:59,825 --> 00:23:01,525
I get to my first 1,000 followers.
484
00:23:02,200 --> 00:23:03,880
And, you know, after that, I can't really
remember.
485
00:23:03,880 --> 00:23:06,779
I would say I think those first 1,000 are the
most difficult.
486
00:23:06,920 --> 00:23:08,920
Is is that a social proof aspect?
487
00:23:08,920 --> 00:23:11,740
Like, you get to a 1,000 and now people take
you seriously?
488
00:23:11,799 --> 00:23:14,055
Why are those first 1,000 so much more
difficult?
489
00:23:14,134 --> 00:23:14,775
It's a human psychology.
490
00:23:14,775 --> 00:23:15,255
I don't know.
491
00:23:15,255 --> 00:23:17,735
I think you click into someone's profile and
you're like, oh, they're kinda legit.
492
00:23:17,735 --> 00:23:18,695
People I know follow them.
493
00:23:18,695 --> 00:23:22,295
Because if you have a 1,000 followers, you have
at least 1 mutual with almost, like, everyone
494
00:23:22,295 --> 00:23:23,115
second degree.
495
00:23:23,174 --> 00:23:26,455
And so I think when they see that, like,
there's at least 1 or 2 mutuals, you become
496
00:23:26,455 --> 00:23:27,174
more legitimate.
497
00:23:27,174 --> 00:23:29,515
I feel like that 1,000 just sticks out on
Twitter.
498
00:23:30,190 --> 00:23:33,390
And so that maybe that's just a personal take,
but it felt like that was the hardest.
499
00:23:33,390 --> 00:23:37,250
And then after that, like, it felt like it was
much faster to get to get going.
500
00:23:38,029 --> 00:23:42,430
I think the a few things, and these are, I
don't know, hot takes, maybe I'll regret saying
501
00:23:42,430 --> 00:23:42,750
later.
502
00:23:42,750 --> 00:23:48,444
But, like, VC Twitter is kinda broken up into,
like, I I'd say, like, 3 different personas,
503
00:23:48,585 --> 00:23:51,164
like, pending 4, which maybe is the bucket I
fall into.
504
00:23:51,545 --> 00:23:54,904
1, you have, like, the deeply insecure
billionaires who argue with each other all the
505
00:23:54,904 --> 00:23:55,404
time.
506
00:23:55,785 --> 00:23:59,865
And then you have, I think, 2, they're either
associates or partners with, like, a tiny pea
507
00:23:59,865 --> 00:24:04,679
who just shadow the rich guys and try to be
bullies on the Internet, who pitch the same
508
00:24:04,679 --> 00:24:06,299
book and call themselves contrarian.
509
00:24:07,079 --> 00:24:11,480
And then you have the, like, total sweethearts
who are the partners who, like, know that
510
00:24:11,480 --> 00:24:16,115
building a brand really matters, but they're so
uncomfortable posting online, and they are way
511
00:24:16,115 --> 00:24:19,875
too afraid to look stupid and to be judged that
they literally just post humble and honor to be
512
00:24:19,875 --> 00:24:22,455
a part of, like, series a, and then that that's
the Twitter feed.
513
00:24:22,674 --> 00:24:27,394
I'd say what is, I guess, totally, like,
original and really interesting are the really
514
00:24:27,394 --> 00:24:28,375
authentic accounts.
515
00:24:28,839 --> 00:24:31,960
I don't know if I can, like, say that I'm a
part of this, but maybe it's what I'm going
516
00:24:31,960 --> 00:24:35,319
for, where I just don't give a shit.
517
00:24:35,319 --> 00:24:35,639
Right?
518
00:24:35,639 --> 00:24:40,299
Like, if people and and by that, I mean, I
don't mind getting beat up on the Internet.
519
00:24:40,534 --> 00:24:43,575
What I like about Twitter is that people tell
you you're an idiot and that you're wrong, and
520
00:24:43,575 --> 00:24:44,694
in some cases, they're right.
521
00:24:44,694 --> 00:24:45,515
And that's refreshing.
522
00:24:45,575 --> 00:24:46,454
I learned something.
523
00:24:46,454 --> 00:24:49,515
Like, I'll go rethink, you know, whatever it is
that I posted.
524
00:24:50,375 --> 00:24:55,820
I have the courage to be myself, which I think
is actually, like, the the, like, very, very
525
00:24:55,820 --> 00:24:56,960
limited in the world.
526
00:24:57,580 --> 00:25:02,619
And so for better or worse, like, I people
follow me because I've been open and I've taken
527
00:25:02,619 --> 00:25:05,100
an approach that's I'm gonna build this firm in
public.
528
00:25:05,100 --> 00:25:06,380
I'm going to say what I think.
529
00:25:06,380 --> 00:25:10,555
I'm gonna say that I don't really buy that
there's a lot of money we made in AI, and I'll
530
00:25:10,555 --> 00:25:14,095
stand by it and someone can point back to that
and say, you know, she was wrong.
531
00:25:15,035 --> 00:25:19,434
I the benefit of doing what I do and never
working at a big fund is that I don't have,
532
00:25:19,434 --> 00:25:23,355
like, an issue with groupthink, and I don't sit
around at big firms and weekly partner meetings
533
00:25:23,355 --> 00:25:27,160
and get brainwashed by, like, the only things
that the partners say can work at the fund.
534
00:25:27,940 --> 00:25:29,220
And, look, founders love it.
535
00:25:29,220 --> 00:25:33,619
So the most important thing is I am relatable
to founders because I'm building something.
536
00:25:33,619 --> 00:25:34,599
It's really hard.
537
00:25:34,980 --> 00:25:37,934
And I'm saying what I think along the way even
if I might be wrong.
538
00:25:38,495 --> 00:25:40,575
And they feel like that it's it's relatable.
539
00:25:40,575 --> 00:25:42,115
And frankly, so do other VCs.
540
00:25:42,174 --> 00:25:46,414
Like, you know so a lot of times I get messages
like, thanks for saying, you know, what I can't
541
00:25:46,414 --> 00:25:46,815
say.
542
00:25:46,815 --> 00:25:47,615
So whatever.
543
00:25:47,615 --> 00:25:48,515
We ride at midnight.
544
00:25:49,134 --> 00:25:52,890
What would be your advice to somebody trying to
build out their Twitter brand today?
545
00:25:52,970 --> 00:25:57,210
I would say the people that really wanna do it
and are gonna be just really good at it are the
546
00:25:57,210 --> 00:25:59,630
people that are just that don't even have to
ask me.
547
00:26:00,250 --> 00:26:04,890
I and I say that because usually the people and
GPs, by the way, reach out a lot.
548
00:26:04,890 --> 00:26:07,690
Either they have their own funds or they're at,
like, multistage funds.
549
00:26:07,690 --> 00:26:09,634
Like, Nicole, I know this is important.
550
00:26:09,634 --> 00:26:10,595
Like, how do I do it?
551
00:26:10,595 --> 00:26:12,214
Those people that were in that 3rd bucket.
552
00:26:13,154 --> 00:26:16,595
The short answer is if you have to ask that,
you're gonna be too uncomfortable to probably
553
00:26:16,595 --> 00:26:19,734
do it because it is cringey, and I think cringe
scales.
554
00:26:20,115 --> 00:26:21,634
But a lot of folks are really afraid of that.
555
00:26:21,634 --> 00:26:27,650
And I I got a text from, I won't put him on
blast, but, like, a notable seed fund GP, one
556
00:26:27,650 --> 00:26:28,369
of my LPs.
557
00:26:28,369 --> 00:26:30,070
And he said the other night, he's like, Nicole.
558
00:26:30,450 --> 00:26:32,529
He's like, we're doing the podcast thing.
559
00:26:32,529 --> 00:26:33,890
I'm leaning in on socials.
560
00:26:33,890 --> 00:26:35,090
Like, you were totally right.
561
00:26:35,090 --> 00:26:38,654
He's like, cringe scales basically alluding to
my content probably.
562
00:26:39,275 --> 00:26:41,355
And he was like, you were right, like, 2 years
ago.
563
00:26:41,355 --> 00:26:42,954
Like, this is an area where you have to invest.
564
00:26:42,954 --> 00:26:44,394
It's the future, and I've always said that.
565
00:26:44,394 --> 00:26:50,839
And, and so, I mean, the the short of it is if
you do need the advice on how to have better
566
00:26:50,839 --> 00:26:54,599
tweets, maybe it's working, but it's not like
taking off is you have to have something unique
567
00:26:54,599 --> 00:26:56,679
to say and have an opinion.
568
00:26:56,679 --> 00:26:58,919
And so a lot of people will tweet, you know,
the sky is blue.
569
00:26:58,919 --> 00:26:59,319
It's like, great.
570
00:26:59,319 --> 00:27:00,440
Well, how do you feel about that?
571
00:27:00,440 --> 00:27:01,079
Is that shitty?
572
00:27:01,079 --> 00:27:01,900
Is that amazing?
573
00:27:01,960 --> 00:27:03,099
Like, have an opinion.
574
00:27:03,319 --> 00:27:07,275
You don't have to be relatable, but try to be
to the masses as in stick to your niche.
575
00:27:07,275 --> 00:27:09,115
So if it's VCs, don't break up.
576
00:27:09,115 --> 00:27:13,515
Don't ever post about anything other than the
VC for probably the 1st 12 months.
577
00:27:13,515 --> 00:27:14,795
Like, I've gotten more personal.
578
00:27:14,795 --> 00:27:15,755
I'll talk about family.
579
00:27:15,755 --> 00:27:19,410
I'll talk about things where people get to know
me, but you really don't wanna go off script,
580
00:27:19,890 --> 00:27:22,549
for a little while, and keep them short.
581
00:27:22,849 --> 00:27:26,450
So people writing novels and trying to like, no
one has time for someone they don't know to
582
00:27:26,450 --> 00:27:27,410
read 3 paragraphs.
583
00:27:27,410 --> 00:27:30,549
They have time to read, you know, like, 2
sentences.
584
00:27:30,690 --> 00:27:31,904
So stick to those things.
585
00:27:32,144 --> 00:27:34,545
And do you have a power law to your post?
586
00:27:34,545 --> 00:27:40,085
Like, do, like, 1% of your posts end up leading
to most of your growth, or is it more linear?
587
00:27:40,144 --> 00:27:41,105
Definitely more linear.
588
00:27:41,105 --> 00:27:44,460
I don't even when I think back to, like,
notable moments, you know, like, wait.
589
00:27:44,460 --> 00:27:45,740
I announce a new fund.
590
00:27:45,740 --> 00:27:49,740
I'll get maybe a 1000 new or 2,000 more
followers, which is always, like you know, it's
591
00:27:49,740 --> 00:27:50,480
big news.
592
00:27:51,259 --> 00:27:53,419
If I yeah.
593
00:27:53,419 --> 00:27:58,640
I would say from a single post, maybe the most
followers I've gotten is, like, 2 to 3000.
594
00:27:58,859 --> 00:28:02,515
I think even there there was, like, the Keith
or boy, 3rd tier VC thing that happened a
595
00:28:02,515 --> 00:28:06,355
couple years ago, and I think there was
probably 25 100 or 3,000 followers that came
596
00:28:06,355 --> 00:28:06,755
from that.
597
00:28:06,755 --> 00:28:10,134
But right now, we're close to a 100000, so
that's not crazy.
598
00:28:10,274 --> 00:28:13,634
I'd say on average, I like, there's a stat
counter I follow.
599
00:28:13,634 --> 00:28:19,569
On average, I think I grow between, like, 70
a100, like, followers a day if I post every
600
00:28:19,569 --> 00:28:20,069
day.
601
00:28:20,130 --> 00:28:21,169
So it's just consistent.
602
00:28:21,169 --> 00:28:21,730
It takes time.
603
00:28:21,730 --> 00:28:23,889
I mean, everyone thinks there's overnight
success.
604
00:28:23,889 --> 00:28:28,049
It's taken me almost 3 years to get to a 100000
followers, and that's posting 1 to 2 times a
605
00:28:28,049 --> 00:28:28,855
day for that long.
606
00:28:28,855 --> 00:28:31,575
Well, Nicole, we've been in contact since, I
think, roughly May.
607
00:28:31,575 --> 00:28:34,134
You were in your 9th month pregnancy raising
your fund.
608
00:28:34,375 --> 00:28:35,835
You certainly did not disappoint.
609
00:28:36,214 --> 00:28:38,794
How could people follow you and get in touch?
610
00:28:38,855 --> 00:28:41,734
So, one, I'm super active on x, and my DMs are
open.
611
00:28:41,734 --> 00:28:44,075
So that's probably the fastest path to a
response.
612
00:28:44,670 --> 00:28:48,130
And then my handle is just n Wishoff, so, my
last name.
613
00:28:48,670 --> 00:28:50,990
I you can shoot me a DM on LinkedIn as well.
614
00:28:50,990 --> 00:28:52,130
You know, Nicole Wishoff.
615
00:28:52,969 --> 00:28:56,569
And my email is nicole@wishoff.com, so not
really creative here.
616
00:28:56,569 --> 00:28:57,609
But would love to be in touch.
617
00:28:57,609 --> 00:28:59,209
And, again, DMs are open everywhere.
618
00:28:59,209 --> 00:28:59,449
Great.
619
00:28:59,449 --> 00:29:00,249
Thank you, Nicole.
620
00:29:00,249 --> 00:29:00,569
Of course.
621
00:29:00,569 --> 00:29:01,714
Thank you so much for having