Welcome to our new website!
March 30, 2022

Mac the VC (Rarebreed Ventures) - How He Leveraged Twitter To Raise a Fund, Why He Decided To Start RareBreed, How He Evaluates Customer Acquisition Strategy, and The Current State of Venture Capital

Mac the VC (Rarebreed Ventures) - How He Leveraged Twitter To Raise a Fund, Why He Decided To Start RareBreed, How He Evaluates Customer Acquisition Strategy, and The Current State of Venture Capital

Our guest today is McKeever Conwell II or as he’s most well known Mac the VC, Founder and managing partner of Rarebreed Ventures. RareBreed Ventures is a pre-seed fund that invests in exceptional founders primarily outside of large tech ecosystems, earlier than everyone else. We discuss how Mac built relationships on Twitter with investors and founders and was able to raise a VC fund all on Twitter, his due diligence process and how he thinks about customer acquisition.

  1. What led you to becoming an entrepreneur?
  2. Why investing? Why did you decide to become a VC and start a fund?
  3. How were you able to leverage Twitter to become an investor?
    1. What was your strategy?
  4. I know you invest in both consumer and enterprise. What makes consumer investing hard?
  5. Where are you seeing the opportunity within consumer?
  6. How do you approach sourcing and finding diamonds in the rough?
  7. What's you diligence process? How do you validate how large a problem the entrepreneur is solving?
    1. Rebundled
  8. What's the most common reason why you passed?
  9. What are some of your favorite accelerators that are still under the radar?
  10. Do you believe in pattern recognition is important when it comes to investing?
  11. What is a day in the life of an emerging manager?
  12. What have founders needed the most help from?
  13. What motivates you everyday?
  14. What's one thing you would change about venture capital?
  15. What's one book that inspired you personally and one book that inspired you professionally?
    1. Why should white guys have all the fun?
  16. What's one piece of advice that you have for founders?
  17. What's the best piece of advice that you've received?
Transcript
WEBVTT 1 00:00:12.439 --> 00:00:17.039 Hello and welcome to the consumer VC. I am your host, Michael but 2 00:00:17.120 --> 00:00:21.199 and on this show we talked about the world adventure capital and innovation in both 3 00:00:21.239 --> 00:00:25.960 consumer technology and consumer products. If you're enjoying this content, you could subscribe 4 00:00:26.000 --> 00:00:30.679 to my newsletter, the consumer VC DOT sub stackcom, to get each new 5 00:00:30.679 --> 00:00:34.719 episode and more consumer news delivered straight to your inbox. Our guests today is 6 00:00:34.840 --> 00:00:38.719 mckiever Conwell, the second or, as he's most well known, Mac, 7 00:00:38.880 --> 00:00:43.799 the VC founder and managing partner of rare breed ventures. Rare breed ventures is 8 00:00:43.799 --> 00:00:49.600 a precede fund that invest in exceptional founders, primarily outside of large tech ecosystems 9 00:00:49.600 --> 00:00:54.960 and earlier than everyone else. We discuss how MAC built relationships on twitter with 10 00:00:55.000 --> 00:00:59.119 investors and founders, was able to raise a VC fund all through twitter, 11 00:00:59.240 --> 00:01:03.480 his due diligence process and how we thinks about customer acquisition. Without further ADO, 12 00:01:03.519 --> 00:01:14.319 here's Mac. Mac, thank you so much for being here and coming 13 00:01:14.400 --> 00:01:17.280 on this show. How are you? I'm doing good. Thank you for 14 00:01:17.280 --> 00:01:19.280 the MVITE. MIC, is good to see man, great to see you're 15 00:01:19.319 --> 00:01:23.439 great to see you and really excited to catch up with you here in chat. 16 00:01:23.519 --> 00:01:29.519 Serving the beginning, Mac I mean what was your initial attraction to technology? 17 00:01:29.760 --> 00:01:34.280 I maybe what what led you down like the entrepreneurial path? So technology 18 00:01:34.599 --> 00:01:40.400 was in sixth grade I had a teacher by the name of Mr Davis, 19 00:01:40.400 --> 00:01:42.799 who I didn't recognize it at the time. It went till like years later 20 00:01:42.959 --> 00:01:48.079 that I realized he was a former software engineer and here he was seagons group 21 00:01:48.159 --> 00:01:52.840 of, you know, sixth graders about robotics and coding and like before we 22 00:01:52.879 --> 00:01:57.040 had language for it. And so by the time I was in eight grade 23 00:01:57.079 --> 00:02:00.599 I was in robotics competitions. You know, when I was in high school 24 00:02:00.640 --> 00:02:04.920 I started the Robotis Club in my high school. I was that kind of 25 00:02:05.000 --> 00:02:07.359 kid. I also played on the football team. So, like you know, 26 00:02:07.840 --> 00:02:09.159 also that kind of kid. Yeah, you know, I was that 27 00:02:09.240 --> 00:02:15.360 kind of kids. So that's where I got started. Entrepreneurship really stun for 28 00:02:15.400 --> 00:02:17.879 my father, and my father was really my father was a dreamer, you 29 00:02:17.919 --> 00:02:22.039 know, he was a guy who was always looking to do more and you 30 00:02:22.080 --> 00:02:24.960 know, as a pump ten year old kid, will tell my dad I 31 00:02:25.000 --> 00:02:29.159 wanted to be a rapper. One day he asked me the question, like 32 00:02:29.159 --> 00:02:35.319 who you know who signs your favorite rappers checks and I didn't understand what he 33 00:02:35.400 --> 00:02:38.800 was seeing and he so he made me go like look it up and realize 34 00:02:38.840 --> 00:02:42.360 like, Oh, the guy who writes the checks is the one with the 35 00:02:42.400 --> 00:02:45.159 real money, not the rapper. The rapper gets to be cool. The 36 00:02:45.159 --> 00:02:47.000 guy who sides to check gets all the money. I want to be the 37 00:02:47.039 --> 00:02:50.560 guy with all the money. And so, you know, that's kind of 38 00:02:50.599 --> 00:02:53.199 like the beginning of like thoughts of entrepreneurships, like the earliest days. That's 39 00:02:53.240 --> 00:02:57.520 where it comes from. Yeah, no, no, I appreciate that. 40 00:02:57.919 --> 00:03:02.039 So you start at companies. Like what were like the reasons why you and 41 00:03:02.280 --> 00:03:07.080 like the period in your life to that kind of made you want to, 42 00:03:07.159 --> 00:03:10.560 you know, put two feet in and actually become an entrepreneur and dedicate, 43 00:03:10.759 --> 00:03:15.599 you know, have this actually as your job and obviously build a company yourself. 44 00:03:15.719 --> 00:03:19.919 And wouldn't that well thought out right? What happened was I software engineer 45 00:03:20.000 --> 00:03:23.680 working for the government and I had a good friend by the name of Patrick 46 00:03:23.800 --> 00:03:28.800 Jackson who was obsessed with being the Black Mark Zuckerburg. Right today he's the 47 00:03:28.840 --> 00:03:31.560 CTEO of a company called disconnector is the VP and company. And so, 48 00:03:31.639 --> 00:03:35.560 you know, he was building a website, he was building apps, like 49 00:03:36.039 --> 00:03:38.280 what the iphone comes out and no seven. He builds his first IPHONE APP 50 00:03:38.280 --> 00:03:42.719 into eight. Like he was that guy and he was also the first one 51 00:03:42.719 --> 00:03:45.960 of the group to like quit his job and move to San Francisco. And 52 00:03:46.000 --> 00:03:47.840 so we all and so he was always talking about how to build things that 53 00:03:47.879 --> 00:03:51.680 make money while you sleep. So for me, for our first company, 54 00:03:51.680 --> 00:03:54.360 me with my two best friends, it was really the build a company that 55 00:03:54.439 --> 00:03:57.400 could make money while we slept. Right it was like, Oh, we 56 00:03:57.439 --> 00:04:00.400 were engineers, were software engineers, so we we're builders, so we could 57 00:04:00.400 --> 00:04:03.360 build something. So let's build something cool and make some money. We didn't 58 00:04:03.360 --> 00:04:06.639 think of it as a company. We didn't know what startups were, we 59 00:04:06.639 --> 00:04:09.879 didn't know what VC's. Were we in the any of that stuff. was 60 00:04:09.919 --> 00:04:12.759 just like, if you build a website the school, you can make money. 61 00:04:12.759 --> 00:04:15.560 Figure it out from the year. It wasn't ntil about a year and 62 00:04:15.560 --> 00:04:20.399 a half in that we started going to events, started networking, started meeting 63 00:04:20.439 --> 00:04:25.240 people, started learning that we realize, oh, we're building a company. 64 00:04:25.319 --> 00:04:29.240 We got like take this seriously. So we kind of just fell into it, 65 00:04:29.399 --> 00:04:32.199 honestly, and ran that first company for four and a half years or 66 00:04:32.240 --> 00:04:35.879 what, through two accelerators and eventually sold the IP to a four to one 67 00:04:36.000 --> 00:04:41.319 hundred companies like that was a hell of a Ri it's amazing. That's amazing 68 00:04:41.360 --> 00:04:45.360 and I also love how you said like the founding journey. It was you 69 00:04:45.439 --> 00:04:46.839 kind of fell into it. It was just something that maybe you thought was 70 00:04:46.920 --> 00:04:53.199 cool and you were maybe inspired by your buddy and just wanted to I mean, 71 00:04:53.240 --> 00:04:56.680 obviously it's great to build a business that you know makes money. Why 72 00:04:56.720 --> 00:05:00.560 you sleep right. So that obviously is very attractive to want to start a 73 00:05:00.600 --> 00:05:04.399 business like that. Why did you decide to? Like I let's also type 74 00:05:04.439 --> 00:05:08.040 A little bit about like your investment journey and why you shift it over to 75 00:05:08.079 --> 00:05:13.120 become an investor and then eventually, like dive into the world of like vc 76 00:05:13.360 --> 00:05:16.639 and and kind all that jazz. So my first company, we sell the 77 00:05:16.639 --> 00:05:20.519 technology off. The second company fails, end up getting a job at a 78 00:05:20.560 --> 00:05:25.639 marking firm. So I'm morking the job in this marking firm where I've been 79 00:05:25.680 --> 00:05:30.160 the CEO to start ups, I've done deals with like Disney and Viacom and, 80 00:05:30.800 --> 00:05:34.000 you know, hundreds and not thousands of customers and all this stuff, 81 00:05:34.040 --> 00:05:38.199 to now, you know, working out a marking firm managing a team of 82 00:05:38.360 --> 00:05:43.600 engineers, which is very different, and I end up quitting that job at 83 00:05:43.600 --> 00:05:46.279 that marking firm because we had a client I didn't agree with, Earth at 84 00:05:46.360 --> 00:05:50.240 least I quite on principle. In the week after that, literally I quit 85 00:05:50.319 --> 00:05:54.120 on a Friday. In the very next Monday I got an email, a 86 00:05:54.199 --> 00:05:57.000 community wid email, from the Investment Roma the state of Marylan, saying we're 87 00:05:57.040 --> 00:06:00.319 hiring. So I was just narrogant entrepreneur who figured I was good enough and 88 00:06:00.399 --> 00:06:04.399 like I could do that job, and so I literally apply for a job 89 00:06:04.519 --> 00:06:08.920 off an email and four and a half months later they hired me a home. 90 00:06:09.000 --> 00:06:12.120 So that's how I broken the venture and that was like the beginning of 91 00:06:12.160 --> 00:06:15.240 what I called Tell People's my third career. You know, I was engineer, 92 00:06:15.319 --> 00:06:17.160 that I was entrepreneur, and then I broke into the like the state 93 00:06:17.319 --> 00:06:21.600 rand venture firm, and that's really where I cut my teeth in the venture. 94 00:06:21.680 --> 00:06:28.720 And what happened was I realize I found the job I loved. Like 95 00:06:28.879 --> 00:06:33.199 these people were paying me to go to events, talk to entrepreneurs and every 96 00:06:33.240 --> 00:06:36.560 now and then give them money. It was like I was doing all the 97 00:06:36.600 --> 00:06:40.639 things I love to do already, and now I had to Addi Botus of 98 00:06:40.720 --> 00:06:44.680 every now and then I could give people money and watch their dreams come true, 99 00:06:44.720 --> 00:06:46.439 and I used to joke with my bosses that I couldn't believe they would 100 00:06:46.439 --> 00:06:49.839 paying me to do this. It's like the greatest job ever and I was 101 00:06:50.000 --> 00:06:54.399 literally making the least amount of money I'd ever made in my professional career at 102 00:06:54.439 --> 00:06:58.879 that point. Wow, and I was so happy. I was so happy 103 00:06:58.920 --> 00:07:01.680 I love doing it. That was the first time my life I had a 104 00:07:01.759 --> 00:07:03.720 job where, you know, where people always say like, if you love 105 00:07:03.759 --> 00:07:06.120 what you do, you never work at day your life. Always thought that 106 00:07:06.199 --> 00:07:10.199 was bs because, like, who actually likes a job? I found the 107 00:07:10.279 --> 00:07:14.600 jobs actually left and so that's like the beginning of me knowing like the rest 108 00:07:14.600 --> 00:07:18.639 of my career was going to be adventure. So what made you leave that 109 00:07:18.680 --> 00:07:25.480 position and work for the state and their venture capital arm to start your unthink. 110 00:07:25.920 --> 00:07:29.000 So the goal was always originally, you know, get the job there, 111 00:07:29.160 --> 00:07:30.879 cut my teeth and like go get a job in a bigger fund. 112 00:07:31.279 --> 00:07:35.439 And while I was there, you know, I started a precede fun within 113 00:07:35.480 --> 00:07:40.120 the state, specifically for under our STIMDA founders, and you know, the 114 00:07:40.160 --> 00:07:43.560 first of his kind in the country and that was really fun. Well, 115 00:07:43.560 --> 00:07:48.240 while I was doing that, I was still finding founders who I really believed 116 00:07:48.279 --> 00:07:54.319 in but couldn't get funded or had a hard time getting funded, and I 117 00:07:54.439 --> 00:07:59.680 recognize if I've ever going to back these amazing founders, I was going to 118 00:07:59.720 --> 00:08:03.600 have to do it on my own terms, and so I quit my job 119 00:08:03.639 --> 00:08:07.680 in two thousand and twenty, September, two thousand and twenty, to build 120 00:08:07.759 --> 00:08:13.920 rare breed for that explicit purpose of investing in these amazing founders, the matter 121 00:08:13.959 --> 00:08:18.160 who they learn, no matter where they were, based on what I knew 122 00:08:18.199 --> 00:08:22.480 to be true about startups. You know, whether it was a woman building 123 00:08:22.560 --> 00:08:28.240 a tumble dryer for wigs, or a seventeen year old who's got crazy ideas 124 00:08:28.240 --> 00:08:35.360 but it's smarter than everybody else in the room, or just your Silicon Valley 125 00:08:35.360 --> 00:08:39.159 repeat founder who's building a super high growth company. Those, all three of 126 00:08:39.159 --> 00:08:43.559 those companies look very different. The all three of those founders look very different 127 00:08:43.600 --> 00:08:46.879 and all three of those founders are in my portfolio. When you realize it, 128 00:08:46.000 --> 00:08:52.120 like what were some of the reasons why some of these founders were overlooked 129 00:08:52.120 --> 00:08:54.840 and kind of we're part of your inspiration for prare breed. I tell a 130 00:08:54.879 --> 00:09:00.039 story often about the founder who, like truly is my inspiration. Was a 131 00:09:00.080 --> 00:09:03.559 woman wanted to build a whig drier and I watched her for three years get 132 00:09:03.559 --> 00:09:07.840 nothing. But knows right. She she had an idea for a product and 133 00:09:07.960 --> 00:09:13.440 industry that had not innovation our lifetime. She had ideas for additional products. 134 00:09:13.440 --> 00:09:18.000 She wanted to make some multi billion dollar market that know, wigs and Herrickson 135 00:09:18.000 --> 00:09:22.000 Shu understand. Most people don't get our most VC's don't understand. But like 136 00:09:22.120 --> 00:09:26.840 a gigantic market. And she struggles so hard to get access to capital or 137 00:09:26.879 --> 00:09:31.360 getting by the believe her dream. She decided to become a sarage mother to 138 00:09:31.399 --> 00:09:35.360 raise the capital will start building a prototype. Like to watch a woman literally 139 00:09:37.080 --> 00:09:43.120 sell herself to raise a nominal amount of money just to start the process of 140 00:09:43.159 --> 00:09:46.399 building a Proun ply not even like truly build, but just started, was 141 00:09:46.440 --> 00:09:48.159 heartbreaking. And you know, as a VC, we all save me one 142 00:09:48.200 --> 00:09:52.879 invest in category to finding companies like she's literally building a product and industry that 143 00:09:52.919 --> 00:09:56.480 didn't have that had that innovation in like thirty, forty, fifty years, 144 00:09:56.679 --> 00:09:58.879 and yet we're still investing in the next cool be TOB SASS company. Don't 145 00:09:58.919 --> 00:10:03.080 get me wrong, I got playing ABB SASS compies that invested. Love those 146 00:10:03.080 --> 00:10:07.200 two. But, like when I'm looking at deal flow and I'm trying to 147 00:10:07.200 --> 00:10:11.759 pick out unique founders and people have the chance to really generate amazing returns, 148 00:10:11.799 --> 00:10:16.200 I'm betting on the founder who's in an industry that didn't have any competition, 149 00:10:16.679 --> 00:10:20.919 owns willing to do whatever it takes to be successful. You can't say that 150 00:10:20.000 --> 00:10:24.919 that every founder. And so, after watching her journey, like I knew 151 00:10:24.080 --> 00:10:26.960 if I was going to do this, I was going to do them all. 152 00:10:26.080 --> 00:10:28.039 Like when I was working for the state of Maryl I couldn't get her 153 00:10:28.039 --> 00:10:31.159 fund at the stay in the Maryland. Why? Because I had an I 154 00:10:31.279 --> 00:10:33.799 see and I was like I can't, like, I look around at all 155 00:10:33.799 --> 00:10:39.200 you folks. It's it just makes me up sick. I know that this 156 00:10:39.200 --> 00:10:41.600 woman has a chance to be successful. All she needs is the capital. 157 00:10:41.639 --> 00:10:46.639 How dare you hold that from her? So I started the fund so nobody 158 00:10:46.639 --> 00:10:48.879 could hold that from her again. That's amazing. I love to kind of 159 00:10:48.960 --> 00:10:54.480 know how you think about, you know, the buckets in terms of what 160 00:10:54.960 --> 00:11:00.360 looks like a really compelling value proposition to you versus one that might be just 161 00:11:00.480 --> 00:11:03.360 not as interesting. It's always on a case by case basis for these companies, 162 00:11:03.440 --> 00:11:07.159 right. I am a generalist, but my reason for investing in companies 163 00:11:07.200 --> 00:11:11.600 is different for almost every company. You know, the big thing I look 164 00:11:11.639 --> 00:11:16.759 at mostly is customer acquisition. I want to know how you're going to acquire 165 00:11:16.799 --> 00:11:18.679 customers. Like yeah, you can have a great product, but like so 166 00:11:18.720 --> 00:11:24.279 what? There's, I know, plenty of products that are way better than 167 00:11:24.320 --> 00:11:28.120 the market leading companies that will never see the lighted day or never go anywhere. 168 00:11:28.279 --> 00:11:33.759 I've seen people spend years building like beautiful, amazing products and nobody ever 169 00:11:33.879 --> 00:11:39.279 uses right. I'm looking for people who I'm looking for founders who know how 170 00:11:39.279 --> 00:11:43.840 to find customers and keep their customers coming back. So that's like at the 171 00:11:43.840 --> 00:11:48.840 top of my list. Then there's also found it just building amazing products and 172 00:11:48.879 --> 00:11:52.639 thesent industries. Right. So, like a company like rebundled. I'm making 173 00:11:52.720 --> 00:11:58.080 plant based biodegradable breeding are hair made out of plants. I never heard of 174 00:11:58.159 --> 00:12:01.679 it. I'm pretty sure you haven't either. Like, like that's just an 175 00:12:01.759 --> 00:12:05.480 amazing idea, like let's let's give that a shot and you know that found 176 00:12:05.519 --> 00:12:09.519 that had built an amazing brand and people love the products. You got companies 177 00:12:09.600 --> 00:12:13.080 like, you know, super high growth companies that just everybody's trying to get 178 00:12:13.120 --> 00:12:16.799 into. And even in the in the cases of companies like that, it's 179 00:12:16.840 --> 00:12:20.080 still usually something else. It's not just this is a hot company, it's 180 00:12:20.080 --> 00:12:22.320 not just that everybody wants to get into. is like, what kind of 181 00:12:22.399 --> 00:12:26.039 founder are you know? What do you care about? Why is this mission 182 00:12:26.120 --> 00:12:30.600 so important? We want to know that. And sometimes found their stories of 183 00:12:30.679 --> 00:12:33.200 found the journeys are just so exceptional that like, whatever I'm in, like, 184 00:12:33.279 --> 00:12:35.399 I don't, I don't mean know this business, does doesn't matter. 185 00:12:35.519 --> 00:12:39.320 You sound like an amazing person. I want to be part of your journey 186 00:12:39.440 --> 00:12:43.279 and all of those are buckets like that. Last one happens to least. 187 00:12:43.000 --> 00:12:48.519 I don't do that often, but it happens right, and so I'm always 188 00:12:48.639 --> 00:12:54.519 looking for I'm looking for whatever it is that gives a founder edge to potentially 189 00:12:54.720 --> 00:12:58.919 build a Unicorn. Or is it their tenacity? Is it their customer acquisition 190 00:12:58.960 --> 00:13:03.360 strategy? Is it the market they're they're in? Like, what's that edge? 191 00:13:05.240 --> 00:13:07.720 And that edge can come in many different forms. So I'm always trying 192 00:13:07.720 --> 00:13:11.919 to figure out what that edge is. It's interesting too, because you talk 193 00:13:11.279 --> 00:13:15.799 a lot about, you know, cus PRA acquisition, which is obviously so 194 00:13:15.879 --> 00:13:18.960 important. As you say, there's so many beautiful products that just haven't seen 195 00:13:18.960 --> 00:13:22.480 the light of day because the winner in the category one through cuss P acquisition. 196 00:13:22.759 --> 00:13:26.519 To you, as an investor, flipping the script a little bit, 197 00:13:26.759 --> 00:13:33.080 how important to you is the product itself like, and maybe how beautiful or 198 00:13:33.240 --> 00:13:35.960 just great the product is? Just like if an entrepreneur came to you with 199 00:13:37.120 --> 00:13:41.919 like a an amazing product but maybe didn't have the cust practition strategy like panned 200 00:13:41.919 --> 00:13:45.000 out, like what would be maybe like your reaction per se? Come back 201 00:13:45.039 --> 00:13:48.080 when you figure out how to get customers. So, like, it's not 202 00:13:48.200 --> 00:13:52.039 about what I think of your products. That's what customers think of your products. 203 00:13:54.279 --> 00:13:56.480 Like founders ask me all the time, like what do you think? 204 00:13:56.679 --> 00:13:58.639 It's not what I think. Like what I think doesn't matter. Show me 205 00:14:00.080 --> 00:14:03.639 dirty of your customers and tell me what they think and why they think that, 206 00:14:03.320 --> 00:14:07.320 and then go repeat that and get another third. You can't figure that 207 00:14:07.399 --> 00:14:09.600 part out, then the matter how great of a product is, no matter 208 00:14:09.639 --> 00:14:15.120 how beautiful is right. What I think about how beautiful or how great your 209 00:14:15.200 --> 00:14:18.919 product is. It's nominal. I'm I maybe a customer by much, just 210 00:14:20.000 --> 00:14:22.720 white customer, right, and if you're going to be a billion dollar company, 211 00:14:24.120 --> 00:14:26.919 you're going to need them, bunch of them. And so it's really 212 00:14:26.960 --> 00:14:28.960 about, you know, how do your customers react to it? What are 213 00:14:28.960 --> 00:14:31.159 your customers think about it? You know, don't just tell me you have 214 00:14:31.240 --> 00:14:35.120 a beautiful product. Have your customers telling you have a beautiful product. And 215 00:14:35.240 --> 00:14:37.000 if you have a terrible looking product but your customers love is so much they 216 00:14:37.039 --> 00:14:41.440 still use it, who cares? You could you now have runway to figure 217 00:14:41.480 --> 00:14:46.519 out all the other stuff. What our stuff like? Really Unique Custo practition 218 00:14:46.600 --> 00:14:52.759 strategy that you've seen. I mean obviously in in consumer yeah, so I'm 219 00:14:52.840 --> 00:15:00.039 so for my second company was a ECOMMERCE platform targeting sellers on Instagram, and 220 00:15:00.559 --> 00:15:03.799 so what I did was I created an instagram page, it's called shop redberry, 221 00:15:03.919 --> 00:15:09.120 still here, where I would basically just repost products from sellers I liked, 222 00:15:09.399 --> 00:15:11.840 and it gave me two things. One, based on how many lights 223 00:15:11.879 --> 00:15:16.879 are comments, I could tell how much consumers might like the product, but 224 00:15:18.320 --> 00:15:24.000 also the whoever the seller was of that product always liked our commented on my 225 00:15:24.120 --> 00:15:26.759 post, and thirty percent of all my other lights and comments came from other 226 00:15:26.879 --> 00:15:31.039 sellers and bloggers. And so I did that for about two months and built 227 00:15:31.120 --> 00:15:37.000 up a giant spreadsheet of all these different sellers who I now had a touch 228 00:15:37.080 --> 00:15:41.039 point with, and I used as email campaign to start selling up sellers for 229 00:15:41.159 --> 00:15:45.200 my product. We signed up a hundred and twenty sellers and two weeks preproduct 230 00:15:45.720 --> 00:15:52.639 well in the paid twenty dollars a month for our services. Say That's didn't 231 00:15:52.639 --> 00:15:56.799 spend the die, just spent the whole bunch of time and learned way too 232 00:15:56.879 --> 00:16:00.279 much about Instagram, a company I invested in. The founder, who was 233 00:16:00.360 --> 00:16:04.039 seventeen at the time, introduced me to the idea that vemo was a social 234 00:16:04.080 --> 00:16:08.679 media APP where it was a it was a tool helping college students get money 235 00:16:08.759 --> 00:16:12.120 for college. And what he did was he found all his friends and their 236 00:16:12.200 --> 00:16:17.519 friends and sent them all a penny with the message to say here's money for 237 00:16:17.600 --> 00:16:21.360 college. If you want more, check out our website. Wow, the 238 00:16:21.519 --> 00:16:25.759 smartest things I ever saw like that. This is incredible. They signed up 239 00:16:25.759 --> 00:16:29.679 twenty five Tho users in their first three months. Good is oh my goodness, 240 00:16:30.679 --> 00:16:34.279 yeah, like things like that are really cool. Yeah, that's that's 241 00:16:34.320 --> 00:16:37.639 super cool because, like we talked a ton on this show about, you 242 00:16:37.799 --> 00:16:41.320 no longer have the arbit charge opportunities like you once did, and like facebook 243 00:16:41.360 --> 00:16:45.279 and Google and you know, I mean I even see brands that come like 244 00:16:45.679 --> 00:16:48.840 or, you know, just is consumer companies that come and they talk about 245 00:16:48.879 --> 00:16:52.519 growth. It's like, Oh, like facebook, like our money's to go 246 00:16:52.600 --> 00:16:55.200 to facebook. And you know, I know there's like a forty percent of 247 00:16:55.240 --> 00:16:57.120 all like been or dollars ghosts like facebook ads, which is pretty whack. 248 00:16:57.519 --> 00:17:03.000 And so I love these stories of just like very unique ways to actually acquire 249 00:17:03.119 --> 00:17:07.400 and adopt like your early, early customers. That's super cool, super cool. 250 00:17:07.759 --> 00:17:14.720 So how do you also approach sourcing and finding diamonds in the rough and 251 00:17:14.799 --> 00:17:18.519 as well as how far along is the company, since you are focus on 252 00:17:18.559 --> 00:17:22.799 customer acquition, like will not focus on cups position like that is like one 253 00:17:22.880 --> 00:17:26.680 of like a big selling point to you that, if you're your your ability 254 00:17:26.880 --> 00:17:30.960 to to acquire customers, how far along must the company be in order for 255 00:17:32.119 --> 00:17:36.240 you to be to be interested? So from steel sourcing, we take deals 256 00:17:36.279 --> 00:17:41.480 from everywhere, in bound, outbound, twitter, linkedin, cold emails. 257 00:17:41.400 --> 00:17:45.880 I speaking like one the two accelerators a week. Like I look everywhere, 258 00:17:47.160 --> 00:17:51.359 all right, but then when thinking about how far along company has to be 259 00:17:51.920 --> 00:17:53.720 different for every company. Now, most companies we talked to are going to 260 00:17:53.759 --> 00:18:00.079 be post product, post revenue, show some good growth, interesting mark it. 261 00:18:00.680 --> 00:18:03.440 Some companies are going to be like almost growth companies, doing really well. 262 00:18:03.480 --> 00:18:07.279 They don't need my money, but I would love to give them money. 263 00:18:07.599 --> 00:18:11.319 And every now and then there's companies where's they're super early their pre product. 264 00:18:11.960 --> 00:18:15.000 Right. That's rare, but it's happened and it's usually a unique founder 265 00:18:15.119 --> 00:18:23.839 or unique opportunity or some special thing there that prompts us to do that again. 266 00:18:25.079 --> 00:18:26.359 We don't do it off, but we doing. So I was all 267 00:18:26.440 --> 00:18:30.920 over the board, right. I got everything from pre product, free revenue, 268 00:18:30.960 --> 00:18:34.440 free website to sixteen million in revenue. And you just want to be 269 00:18:34.519 --> 00:18:38.559 in the room, right. So it's not a great answer, but it's 270 00:18:38.640 --> 00:18:41.839 like this is why our door, our portfolio, is so widely the verse, 271 00:18:41.880 --> 00:18:45.039 because, like, will you invest in everybody? That's really helpful because, 272 00:18:45.079 --> 00:18:48.599 as you say, like even from the very beginning of this conversation, 273 00:18:48.240 --> 00:18:52.559 just in like the preproducts of like if a bounder truly blows you away. 274 00:18:52.920 --> 00:18:56.640 You're going to give them money and you're trusting them to obviously figure it out. 275 00:18:56.880 --> 00:18:59.839 I also wanted to know to and I know you you touch on this 276 00:19:00.279 --> 00:19:03.119 quite a few times, but how do you also like source or able to 277 00:19:03.200 --> 00:19:07.279 really build your network through, you know, twitter and social media for your 278 00:19:07.359 --> 00:19:11.359 fund as well? I didn't have a network right when I went to go 279 00:19:11.559 --> 00:19:15.359 raise my fund. I needed to learn how to raise a fun and so 280 00:19:15.599 --> 00:19:18.759 the tweeting was recently just an experiment. So after George Floyd, I had 281 00:19:18.799 --> 00:19:22.000 some things to get off on my heads. I started tweeting. That said, 282 00:19:22.000 --> 00:19:25.480 I'Mna just keep tweeting and see what happens. If I tweet every day 283 00:19:25.480 --> 00:19:29.200 for two weeks, it's just what happens. And so as I was doing 284 00:19:29.359 --> 00:19:33.160 that, most of my tweets are just information, the founders giving advice, 285 00:19:33.359 --> 00:19:36.240 talking about venture. And as I was doing that, I noticed more and 286 00:19:36.319 --> 00:19:37.920 more VC's were following me, and so I just like, okay, if 287 00:19:37.920 --> 00:19:41.519 I see a new VC follow me, I'm going to send them a dum 288 00:19:41.599 --> 00:19:45.640 for meeting because, like, I just need to meet people learn how to 289 00:19:45.759 --> 00:19:49.079 raise a fund. I was I was meeting with these investors and found that 290 00:19:49.240 --> 00:19:52.200 some of them were starting to commit money to my fund, and so it 291 00:19:52.319 --> 00:19:57.240 was like, okay, the more gps I talk to, the more I 292 00:19:57.319 --> 00:20:00.079 might be able to raise some then that just became the strategy. And as 293 00:20:00.119 --> 00:20:03.319 that became the strategy for my fund raise, I mean taking as many meanings 294 00:20:03.359 --> 00:20:07.680 as I possibly could. So from the middle of June to the middle of 295 00:20:07.680 --> 00:20:11.880 September, two thousand and twenty I had over one hundred meetings. That just 296 00:20:11.960 --> 00:20:15.079 started growing the network and it just kind of build and build a snowball. 297 00:20:15.200 --> 00:20:18.400 But like, it wasn't like a planned out thing. It wasn't like I 298 00:20:18.559 --> 00:20:22.880 was going in and had like a strategy, just something that just happened on 299 00:20:22.960 --> 00:20:26.160 the fly. I just kept going with it. Was it one of the 300 00:20:26.279 --> 00:20:29.440 things where, like, you were tweet all because obviously, with all your 301 00:20:29.480 --> 00:20:33.920 experience both as a founder and an investor, prior just trying to be helpful 302 00:20:33.960 --> 00:20:37.440 for our founders all these kind of things. Were you always in the back 303 00:20:37.480 --> 00:20:40.920 of your mind thinking that I'm going to raise a venture fund? Or was 304 00:20:40.960 --> 00:20:42.720 the type of thing where you started just meeting with Dra capitalist and they'd be 305 00:20:42.799 --> 00:20:47.200 like hey, back if you did a fund, I would back you. 306 00:20:47.640 --> 00:20:51.160 At the point when I started meeting people, I was in the idea of 307 00:20:51.559 --> 00:20:55.400 fund raison. But like those first two weeks when I first started it, 308 00:20:55.720 --> 00:21:00.079 that wasn't the idea. I was just tweeting and I met a founder the 309 00:21:00.160 --> 00:21:04.559 company called robot aunt jump by the name of Roberto, who was Latin Guy 310 00:21:04.680 --> 00:21:08.519 Based on Dallas Texas, trying to build this cold d Tob SASS company and 311 00:21:08.839 --> 00:21:12.559 nobody was trying to support them and it didn't make sense to me because, 312 00:21:12.599 --> 00:21:17.079 like, he had the numbers he had to grow. If he had partnerships, 313 00:21:17.720 --> 00:21:21.480 he can raise any money right and it was like this doesn't make sense. 314 00:21:21.880 --> 00:21:25.039 So I started to try and do a special purpose vehicle to do a 315 00:21:25.079 --> 00:21:27.319 one off investment his company because I worked for the state of Maryland. And 316 00:21:27.480 --> 00:21:30.680 that's when one of my mentors say, Hey, here's some money. I 317 00:21:30.720 --> 00:21:34.640 think you should go reason fun and it's like okay, I should go raise 318 00:21:34.680 --> 00:21:37.920 a fund and then that's why I looked at me saw that my twitter file 319 00:21:37.079 --> 00:21:41.160 was growing. That VC's we found. He's like, okay, let me 320 00:21:41.200 --> 00:21:44.240 go learn how to raise a fun and it just kind of snowball down the 321 00:21:44.279 --> 00:21:48.440 control from there. It's truly amazing is you're able to be extremely helpful to 322 00:21:48.480 --> 00:21:52.039 an entrepreneur that clearly needed to be given a chance, like deserved a chance 323 00:21:52.319 --> 00:21:56.559 and just wasn't. Wasn't actually given one because he didn't have a network or, 324 00:21:56.720 --> 00:21:59.559 you know, whatever the reason is, because you know, as we 325 00:21:59.680 --> 00:22:03.400 know, vc it's really a very network people business, just like a lot 326 00:22:03.440 --> 00:22:07.839 of industries are. That makes a ton of sense. What has been like 327 00:22:07.400 --> 00:22:11.960 for any like new WHO's listening to someone that maybe wants to start their VC 328 00:22:12.200 --> 00:22:17.720 fund? What we're something like the hardest and challenging parts to raising fund one, 329 00:22:18.160 --> 00:22:21.559 it takes a really long time, takes a lot of meetings, it 330 00:22:21.640 --> 00:22:26.519 takes a lot of nose. You know, under normal times you spending a 331 00:22:26.599 --> 00:22:30.279 lot of time traveling, going to meet people all over the country just for 332 00:22:30.359 --> 00:22:34.000 them to tell you know right that part's not fun. I'm not independently wealthy, 333 00:22:34.079 --> 00:22:37.359 so when I was starting to raise my fun before my first clothes and 334 00:22:37.440 --> 00:22:41.000 even weeks after my first goals, like, money was tight, but I 335 00:22:41.119 --> 00:22:44.599 knew this is what I was going to do, so there was nothing that 336 00:22:44.680 --> 00:22:48.559 is going to stop it. That stuff sucks. Fundraising is not fun. 337 00:22:48.039 --> 00:22:52.319 What also like your Tragi, because like part of your fun. You're going 338 00:22:52.400 --> 00:22:56.000 into you know, secondary, tertiary markets and markets that are very much underserved 339 00:22:56.039 --> 00:23:00.680 when it comes to you know, VC's maybe don't typically look into those markets. 340 00:23:00.880 --> 00:23:03.880 What your kind of strategy to like build relationships with like founders, like 341 00:23:03.960 --> 00:23:06.279 a cross maybe, like the country that are outside, you know, the 342 00:23:06.319 --> 00:23:07.720 silicon values of the world, the New York's of the world and and what 343 00:23:07.960 --> 00:23:12.039 have you. Twitter helps. It's twitters everywhere. So twitter, like a 344 00:23:12.079 --> 00:23:17.680 lot of this always goes back to twitter being very thoughtful about the accelerators and 345 00:23:17.759 --> 00:23:22.440 incubators I speak at right, speaking at accelerators in the Midwest, in the 346 00:23:22.519 --> 00:23:29.440 southeast and the those tertiary markets. Um being willing to talk the founders off 347 00:23:29.519 --> 00:23:34.079 of cold emails, Cold Ems, tweets, things like that opens you up 348 00:23:34.119 --> 00:23:37.480 to like founders all over the place. Was it up too, founders all 349 00:23:37.480 --> 00:23:41.400 over the globe? And then you know also, you know, as the 350 00:23:41.480 --> 00:23:44.920 merging manager, I have a lot of friends who are emerging managers who also 351 00:23:45.079 --> 00:23:48.279 investing in these Nason places, who are sending me deal flow. So like 352 00:23:48.440 --> 00:23:52.759 all that stuff bills on itself. That makes that of sense. What are 353 00:23:52.839 --> 00:23:55.920 a couple of your favorite accelerators that are still, you think, very under 354 00:23:55.960 --> 00:23:59.079 the radar. I'll know under the radar. They are by love generator, 355 00:23:59.359 --> 00:24:06.039 generators that you know, great companies on the Midwest. Text ours is everywhere 356 00:24:06.119 --> 00:24:10.200 now. So, like you know, text ours is a gigantic networks. 357 00:24:10.400 --> 00:24:14.359 I love text our folks. Five hundred startups. I have a love in 358 00:24:14.440 --> 00:24:17.680 my heart for five hundred startups and they send me good stuff. But then 359 00:24:17.720 --> 00:24:21.519 you got like these off the bean pathic celerators like acceleerate Baltimore. You know, 360 00:24:21.519 --> 00:24:26.000 they clerated locally, velacity, the accelerator Birmingham, Alabama. Right, 361 00:24:26.119 --> 00:24:29.599 like those kind of accelerators, you get some really unique stuff out of if 362 00:24:29.599 --> 00:24:32.759 you watch closely. So you know, those are the things. I know. 363 00:24:33.279 --> 00:24:36.519 Those are places like spend my time. We invested in the company rebundle, 364 00:24:36.799 --> 00:24:41.279 those plant based by all the gradable braiding hair, and before I invested 365 00:24:41.599 --> 00:24:47.400 I ran a competition on twitter the giveaway some of the hair to folks, 366 00:24:47.400 --> 00:24:52.599 would to women who would tell me stories, horror stories of like interacting with 367 00:24:52.680 --> 00:24:57.000 fake hair. The amounts of women and the depth of their stories and the 368 00:24:57.160 --> 00:25:04.920 pain they depicted in those stories, which so significant that it was like impossible 369 00:25:06.079 --> 00:25:11.759 to ignore the the the normity of the problem right, and they were sitting 370 00:25:11.839 --> 00:25:18.680 on two mackerel trends of sustainability and creating a product that was healthier. And 371 00:25:18.880 --> 00:25:22.279 we saw that in the reactions where some people talking about they just wanted to 372 00:25:22.319 --> 00:25:26.000 live a more sustainable lifestyle, some people talk about they wanted to you synthetic 373 00:25:26.039 --> 00:25:29.440 hair that wasn't going to be irritating to their scout. Some people wanted both, 374 00:25:29.799 --> 00:25:32.759 and is like, okay, this is validating all the things we think 375 00:25:32.759 --> 00:25:37.039 about in the market. So I actually helped out the founder as a way 376 00:25:37.160 --> 00:25:41.279 to validate and dug one though. That's amazing. What I love about that 377 00:25:41.720 --> 00:25:45.359 is if you use twitter and and leverage twitter, obviously amazing, to build 378 00:25:45.359 --> 00:25:49.200 your network, build relationships and build a fund, but what you've also done 379 00:25:49.839 --> 00:25:56.240 is use your network actually validate, you know, ideas and actually really be 380 00:25:56.359 --> 00:25:59.200 helpful to founders, whether you invest or not, but actually see if there's 381 00:25:59.200 --> 00:26:02.559 actually something there. I love that example to rebundle, and I love also 382 00:26:02.640 --> 00:26:07.519 the way that you think about social media in not only in like the VC 383 00:26:07.759 --> 00:26:10.400 world, like in terms of, you know, raising a fund and like 384 00:26:10.440 --> 00:26:11.920 what have you and like, you know, being helpful for founders, but 385 00:26:11.960 --> 00:26:15.440 also like being helpful founders and that hey, like, let's see if this 386 00:26:15.640 --> 00:26:19.720 really is like a real pain point that you'd be solving for people. Absolutely, 387 00:26:19.799 --> 00:26:25.039 I mean, I got a community of Sixtyzero folks. Let's all work 388 00:26:25.079 --> 00:26:26.880 together. It's amazing. Love it, love it. Talk to me through 389 00:26:27.000 --> 00:26:32.279 like a day in the life of an emerging manager. Every days, every 390 00:26:32.440 --> 00:26:36.160 day you got your calendar of you try to catch up on emails, you 391 00:26:36.279 --> 00:26:40.480 missed them, that the night before. You gotta to do list of founders, 392 00:26:40.519 --> 00:26:42.920 you gotta catch up with introductions you got to make. You probably have 393 00:26:44.440 --> 00:26:48.640 several meetings throughout the day, you know, meeting with founders, having second 394 00:26:48.680 --> 00:26:52.400 meaning of the founders, you know, going over companies with your team, 395 00:26:52.680 --> 00:26:56.480 meaning with potential lps and either in your current fund or future funds, meeting 396 00:26:56.559 --> 00:27:02.000 with operators that could potentially be employ these for your companies, dealing with the 397 00:27:02.079 --> 00:27:06.279 massive amount of emails to come in as you can, and then also dealing 398 00:27:06.359 --> 00:27:07.960 with like just day to day operations of the fund. So, you know, 399 00:27:08.680 --> 00:27:12.039 making sure we're management fees go out, making sure capital calls are happening, 400 00:27:14.000 --> 00:27:18.240 making sure you know all the fun documents are in the right order, 401 00:27:18.839 --> 00:27:22.400 making sure that you're getting all the day to you need from your portfolio companies, 402 00:27:22.440 --> 00:27:26.240 making sure your portfolio companies don't need help. So every day some combination 403 00:27:26.400 --> 00:27:32.240 of those things, and that day could be anywhere from eight to to in 404 00:27:32.359 --> 00:27:34.880 a morning, or it could be from like eight to, you know, 405 00:27:36.279 --> 00:27:40.119 six in either right, they the six and the evening or typically rare for 406 00:27:40.200 --> 00:27:42.039 me these days, but sometimes that happens. But eight to two in the 407 00:27:42.079 --> 00:27:48.400 morning, that happens. That happens a lot. I appreciate that. I 408 00:27:48.440 --> 00:27:51.720 appreciate that. I think it goes to show just all the different kind of 409 00:27:51.759 --> 00:27:53.759 shuffling and all different types of people that you're dealing with. Right, for 410 00:27:53.839 --> 00:27:59.400 anyone that's thinking about what's the reason why someone you think should start a fund 411 00:27:59.599 --> 00:28:03.799 versus joining a fund, if you're thinking about starting the fun I would tell 412 00:28:03.839 --> 00:28:08.799 you make sure you have a clear viewpoint in thesis that you truly believe can 413 00:28:08.920 --> 00:28:12.279 make money for your lps right. Can't just be a mission and can't just 414 00:28:12.319 --> 00:28:15.559 be a passion as guy to like. At the end of the day, 415 00:28:15.720 --> 00:28:21.319 what we do is we are glorified financial advisors. We have wealthy people and 416 00:28:21.400 --> 00:28:26.240 wealthy organizations will give us money to make the more money by investing the private 417 00:28:26.279 --> 00:28:30.119 companies, and so having a clear viewpoint and clear thesis and clear thought on 418 00:28:30.319 --> 00:28:34.519 clear strategy of how you're going to do that should be the boy number two. 419 00:28:36.279 --> 00:28:38.559 If you want to start a fund, you should have in your mind 420 00:28:38.920 --> 00:28:45.559 be prepared for a fifteen to twenty year career of just doing right, because 421 00:28:45.559 --> 00:28:51.440 the fun is going to be a ten year committment right start there. Two 422 00:28:51.519 --> 00:28:53.440 to three years in the fun one, you'll go raise fun to. Okay, 423 00:28:53.559 --> 00:28:56.319 now you're twelve to thirteen years old. Two to three years in the 424 00:28:56.400 --> 00:29:00.480 fund to you're going to raise fun three. You've now got sixty got fifteen 425 00:29:00.559 --> 00:29:06.680 to sixteen years worth of like committed to your part, to your investors over 426 00:29:06.720 --> 00:29:10.839 the course of these three funds. That's the next fifteen or sixteen years of 427 00:29:10.920 --> 00:29:12.960 your life. This is what you're going to do. So be prepared for 428 00:29:14.079 --> 00:29:17.200 that. And so I would say also make sure you love what we do, 429 00:29:17.400 --> 00:29:19.720 because this job isn't always easy and it takes a lot of time and 430 00:29:19.880 --> 00:29:23.759 you're going to sacrifice some things to do it right. Like, it ain't 431 00:29:23.880 --> 00:29:27.000 just all fun and parties and conferences. Right, guess that's a lie. 432 00:29:27.880 --> 00:29:36.480 So be in a place where you truly want to support these founders or to 433 00:29:36.680 --> 00:29:41.200 be an asset manager in this asset class, because this is what you're passionate 434 00:29:41.240 --> 00:29:44.119 about, not just because you think it's cool, just because you think it's 435 00:29:44.160 --> 00:29:45.599 fun, because, like, this is truly what you want to be, 436 00:29:45.960 --> 00:29:48.279 what you want to do, like I'm going to spend the rest of my 437 00:29:48.359 --> 00:29:52.119 life, like this is the last job I'll ever have, right and less, 438 00:29:52.160 --> 00:29:53.680 barring something crazy, is the last job I'm ever going to have, 439 00:29:55.319 --> 00:30:00.440 because I love supporting him back and these amazing founders that we have of and 440 00:30:00.480 --> 00:30:03.519 I will make it money and I get to do both. What motivates you 441 00:30:03.640 --> 00:30:11.119 every day. The founders are support like like the number of founders who may 442 00:30:11.279 --> 00:30:15.599 not have a business today had I not written them their first check. That 443 00:30:15.720 --> 00:30:21.319 gives me up out of bed. The the the founders will reach out to 444 00:30:21.480 --> 00:30:26.039 me and thank me for the advice I gave them along the way, even 445 00:30:26.119 --> 00:30:30.839 though I didn't invest in their company, or the LP who writes me a 446 00:30:30.960 --> 00:30:33.279 note of before I met you, I always wanted to be the last check 447 00:30:33.359 --> 00:30:37.839 in the seeds around, but after meeting you and hearing the stories of the 448 00:30:37.880 --> 00:30:41.240 founders you back, I now want to be the first check in the preceding 449 00:30:41.319 --> 00:30:44.920 round, because it matters. Those are the things that get me up out 450 00:30:44.960 --> 00:30:48.799 of bed every day. Wow, yeah, that's that's amazing. That's amazing. 451 00:30:49.160 --> 00:30:52.400 What's one thing you would change about penture capital? There's a lot I 452 00:30:52.440 --> 00:30:56.400 would change. I would make it more diverse. Price. One thing I 453 00:30:56.440 --> 00:31:00.880 would change. I either make a venture capital lot more diverse or I would 454 00:31:00.960 --> 00:31:03.400 change some of these arcadic rules where with that limit the number of lps. 455 00:31:04.400 --> 00:31:08.079 Like if I don't have to worry about number of lps, we'd have a 456 00:31:08.119 --> 00:31:11.319 two hundred and fifty million dollar fund in the next three months. Like guarantee, 457 00:31:11.480 --> 00:31:15.119 like I promise you. We could make you APP and we would do 458 00:31:15.279 --> 00:31:21.039 well. But you know, first and foremost I would make venture more diverse 459 00:31:21.359 --> 00:31:25.839 across the board. Yeah, absolutely, absolutely. What's one book that is 460 00:31:25.880 --> 00:31:29.279 paraty personally, one book in his party. Professionally, it's the same book. 461 00:31:29.559 --> 00:31:33.759 Why should white guys have all the fun? The Life Story of Ragel 462 00:31:33.799 --> 00:31:38.279 F Luis, a black man who was a lawyer and later became got in 463 00:31:38.400 --> 00:31:42.960 the private equity and became a billionaire, who's originally from Baltimore, some of 464 00:31:44.039 --> 00:31:48.279 the worst parts of Baltimore. It is an amazing book about an amazing individual 465 00:31:48.440 --> 00:31:52.200 who comes from my city, who does what I do, just in a 466 00:31:52.240 --> 00:31:56.240 different asset class. This is a different level, the same mass a class. 467 00:31:56.759 --> 00:32:01.160 That book has been profound and letting me see somebody who looks like me 468 00:32:01.319 --> 00:32:07.759 make it in this industry and somebody who looks like me has a background coming 469 00:32:07.799 --> 00:32:10.000 from the same city I came from. So, both professionally and personally, 470 00:32:10.440 --> 00:32:15.359 that's the book. That's amazing. I definitely definitely check that out and no 471 00:32:15.519 --> 00:32:17.640 one else on this show has mentioned this book. So really excited to Adit 472 00:32:17.640 --> 00:32:22.720 to our reading list. Yes, amazing book, I'm I promise you you'd 473 00:32:22.799 --> 00:32:25.680 enjoy it. Yeah, no, definitely, I definitely need to get it. 474 00:32:27.000 --> 00:32:31.359 What's one piece of advice that you have for founders as unique in creative 475 00:32:31.599 --> 00:32:37.519 in this thoughtful as you are about your product, be just as unique and 476 00:32:37.680 --> 00:32:42.519 creative in your customer acquisition, because customer acquisitions was going to get you paid 477 00:32:42.839 --> 00:32:47.240 either in revenue and customers are funding. So don't put all your brain power 478 00:32:47.319 --> 00:32:52.319 and just a product, but just as much bringing power into your customer acquisition. 479 00:32:52.480 --> 00:32:54.880 Don't just default. We're going to look for influencers are we're going to 480 00:32:54.920 --> 00:32:59.440 buy some mad's like. No, put some real work into that. It'll 481 00:32:59.440 --> 00:33:01.519 pay off a promise. My pottle question to you is, what's the best 482 00:33:01.599 --> 00:33:07.720 piece of advice that you've received? The best piece of advice I've ever received? 483 00:33:07.640 --> 00:33:13.759 Do what you love, because life is short. In everything is hard, 484 00:33:14.359 --> 00:33:16.119 so whatever is you're going to do is going to be harsh or Lisa, 485 00:33:16.279 --> 00:33:19.160 is going to be hard. Do something you love to do. I 486 00:33:19.279 --> 00:33:22.440 love that. I love that. Absolutely agree there as well. This has 487 00:33:22.480 --> 00:33:24.200 been such a pleasure. Thanks so much for coming on the show. I 488 00:33:24.279 --> 00:33:27.960 appreciated Mike. This is fun, man. There you have it. It 489 00:33:28.119 --> 00:33:31.400 was such a blast tatting with Mac. I highly highly recommend following him on 490 00:33:31.440 --> 00:33:36.039 twitter at Mac the VC. If you enjoyed this episode, I love it 491 00:33:36.039 --> 00:33:38.240 if you'd write a review on the apple podcast. You're also welcome to follow 492 00:33:38.359 --> 00:33:42.519 me, your host, Mike, on twitter at my guelb and also follow 493 00:33:42.680 --> 00:33:45.319 for episode announcements at Consumer VC. Thanks for listening. Everyone,