Behind The Scenes of Benchmark’s Boldest Bets
EP 90 of The Logan Bartlett Show: Untold stories from tech's inner circle
Eric Vishria (General Partner, Benchmark) and I both got into venture in 2014 and both focus on enterprise software. In episode 90, we discuss Eric’s unique approach to investments and what he looks for in founders/companies.
We go back and forth on his model versus mine, as well as Eric's background, having grown up in Memphis and graduating Stanford at 19 years old before joining Loudcloud, which became Opsware with Ben Horowitz and Marc Andreessen.
Click here to view the episode transcript | Watch on Youtube | Listen on Spotify or Apple Podcasts
✉️ Episode Memo
→ 4 important things Eric looks for in a founder
Truly novel ideas: Eric listens for a unique thesis he’s never heard before - surprising statements that make you go “huh, that’s plausible.” He sees if the entrepreneur explains the intricacies and backs them up with evidence before considering…
If everything worked, could the unique idea lead to a big, valuable business?
On top of the insight, does the team have a defensible, non replicable angle of attack on the market?
If an investor already agrees with a thesis, many people probably have the same idea, and this is not where the next big companies will be found.
Authenticity during pitches: While an entrepreneur is selling their idea, Eric wants to see that they also listen and engage authentically. It’s a great sign when the founder shows they’re seeking truth on the best way to build the company, learn, and improve.
Ability to navigate the unknown: It’s impossible to extrapolate early revenue numbers & you’re never just betting on an idea. In reality, you’re betting on the entrepreneur's ability to overcome unseen obstacles.
Constant learning: The entrepreneur’s rate of learning is insanely impressive
→ How Eric thinks about investments
The importance of tailwinds: It doesn’t matter how good a company or team is structured if there is no macrotrend behind the business. Companies are like sailboats. If there is no wind, even a state-of-the-art boat with a world class crew will stall. If the wind is strong, even a dinghy can fly.
Why price doesn’t really matter in early stages: If you think a company is going to be the next multi-billion dollar success, then the current price is negligible. If you don’t envision it being the next big thing, price doesn’t matter either! Of course, you must believe you can generate enough return to justify the opportunity cost.
⭐ Trailer
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