Ernestine Fu: Introduction to Venture Capital

[Music] Stanford University this week is kind of a second part of what we have called introduction to the world of venture capital so last class we talked about GPL fee dynamics as well as VC firm composition structure governance and today we're specifically going to cover all these topics we're gonna run through them as quickly as possible but also have a chance to ask questions be very interactive and answer any questions you have so first topic would be sourcing deals and finding investment opportunities so you've made it you're a VC now you're looking to your first deal how do you actually find that deal how do you actually make that investment happen to term-sheet basics so you finally sat down on the table decided that you want to negotiate with us founder what are the key terms that you should be looking out for and kind of the things that you should be fighting for third aspect is dynamics of negotiating your financing around fourth is portfolio management so how do you actually decide on which companies to spend more time with how do B C's in general or decide on which companies to spend more time with and then fifth topic is getting into VC and staying in VC so this is a question that we get asked pretty much every single year and want to address that and I think the ways we're getting into VC is unique and different for every single person and then finally if we have time we'll discuss the state of EC today are we in a bubble what our new trends that are happening AngelList for example is one disruptive thing that's only been around for the past few years so what exactly is the state of VC today okay so sourcing deals and finding investment opportunities so VJ is the world's most desperate venture capitalist and he says YouTube have good math grades if you grow up and marry and produce a little engineer baby I want to invest in its first idea and the couple is like you know we're already looking for later stage funding so so I think that does ring true in terms of first question in terms of how DVCS find investment teenies so traditional thinking for that is your VC you have a bunch of money you want to find the best startups to invest in maybe you start off by looking at the App Store you look at a piane you see what apps are performing the the best like which ones are really gaining traction blowing up maybe you look at TechCrunch maybe look at crunch base you notice that this company just got funding from all these prominent angel investors and you want to put in additional capital to leave their series a financing round or maybe you're attending a demo day why kilometer a demo day other incubators other accelerators and you want to get a peek at kind of what startups are coming out from that so I think the most important thing when thinking about how do you source deals and find investment opportunities is you want to do whatever everyone else is not doing so if you think about it App Store metrics demo days what's available online what's available on CrunchBase TechCrunch everyone else has access to that information as well you want to do what everyone else is not doing so specifically for example you want to have a strong network of other investors who might be Co investors angel investors founders that you fact who might know from the very beginning when someone's going to create a new company you want to have one a really strong network of people and kind of be those people be your eyes and ears to actually actively sourcing and finding those investment opportunities for you before they become public before they have their first TechCrunch article before they present at demo day so a couple ways for doing that include that I've seen that have been very successful is for example we met David Hornick a couple weeks ago so he organizes an event every single year called the lobby conference if you google search the lobby conference you'll see that a number of people have attended including I think Mark Zuckerberg was an early attendee co-founder of Zynga was an early attendee and he organizes this event in Hawaii every single year part of the reason why we also don't have class in two weeks since I'm going to that but just an opportunity to basically be able to form a network and have a opportunity to talk to these individuals before they actually raise their next round of financing start their next company so hosting events dinner's hosting exclusive opportunities that's one way in which I see VCS actually try to get the inside knowledge before it's public to everyone else one thing that I've personally done is when I first started NBC I noticed that a lot of VCS weren't targeting university campuses and specifically the research that was coming out of research labs so the very first two investments that I did came out of Stanford PhD programs one of the company actually ended up being sold to Apple but it was just something that a lot of VCS didn't have that inside track into universities and what was happening in the university research lab and being able to have a first insight on that and then see the company form in shape and be able to influence and direct that financing around was one strategy that I took yes [Music] yes definitely and I think um I think Stanford is also unique University and that there's so many students undergrads grad students who are starting companies out of that and then there's the entire office of OTL office of technology and licensing office and as someone who's working out stand for teaching Stra like you want you don't want to be encouraging students to be dropping out of the university so I think um one thing that I actually find really interesting is that Frederick Terman who I consider and a lot of people consider a godfather at Silicon Valley he actually had this mindset very early on to actually encourage entrepreneurship and support it but not push students to do it and I think that's kind of the right mindset in terms of if a student has an idea if they want to pursue a company if they want to walk out being supportive of what the student decides but not pushing them to co-founded company or whether you are hire them as a co-founder to actually create a company or any of that so stone and that even encourage people to yep all the time I've attended a number of hackathons myself and I think the number one thing and the reason why I attend hackathons is because finding really really talented engineers and really really talented individuals who have a vision to build a product is my top top priority and I would never kind of force a founder or force a potential founder she like go incorporate and go start the company but I will keep in touch with really smart individuals who are idea generators who are just have that vision and support them as they're thinking about starting a company but hackathons is a great way to also just if we talk about sourcing deals finding potential companies like hackathons are a great opportunity for that other questions related to that yeah besides research now what source of information are you aware of find useful that most so I think that for sourcing deals my primary primary source is actually just three of founders that I've backed or other investors who I've done deals with before and these include angel investors Co investors in early stages of financing round and then on the founder side I think founders are extremely extremely critical so for example I've had founders who I backed who have gone through for example the Stanford startup incubator star tax or for example Y Combinator and they have that inside knowledge as a founder in terms of their mentoring the current class of founders in startups in Y Combinator before demo day even happens they know all the list of companies they're about to present being able to have that inside knowledge before it's out in the public is really helpful and they'll constantly recommend companies for me to invest in so so in terms of kind of another question what do VCS look for in investments every single VC is going to say something along the lines of team market and product and every single VC might say that they look for something different but if you observe all of those responses it ends up being somewhere the longs along the lines of team market and products so on the team front I think the biggest thing is that ideas are very cheap and oftentimes you'll have something that's been pitched a hundred times but it's only actually the team who can execute on that that actually makes it a billion dollar company on the market front you want to make sure that the founder is targeting and addressing a large market so for example if you're targeting a hundred percent of a tiny tiny market that's just focused on a specific breed of cats like that's not a huge billion-dollar opportunity if you're targeting a ginormous market of say payments and you're owning about 5% of that and that's a multi-billion dollar market you're gonna build a huge business out of that and then on the product front you want to be able to have a product that one has defensible technology this might be through for example IP and patents and just fear a unique technology and research or it might be through a killer UI and user experience okay so we're gonna take a short break stand up so I think one of this is a stretch as well so I think one of the things that investors look for all the time is is this founder of visionary so for example being at a place like Stanford there's a lot of really smart individuals you guys are all very smart very high IQ but do you actually have that vision if in terms of if you're looking at the company five ten years from now what what is the company going to look like what is that broader vision so okay let's do a fun exercise okay try to pat your head and rub your tummy at the same time so everyone has to do this this is this is a fun exercise it's also a stretch break okay so keep out of your head rubbing your tummy okay so padding your head this idea is being able to execute so we all talked about founders need to be able to execute well all right you guys can you guys can stop okay so being able to pat your head and execute and figure out what is product one point I would look like how can you actually build that product hire the right engineering team make that product happen and have a very narrow focus on building that first version of the product but at the same time rubbing your tummy and being able to paint a vision of the future of the company what's kind of the five and ten-year goals okay sit down Elsa so so that's just that's just in terms of I think vision is very very important and critical so next topic is term sheet basics so we'll go back to BJ the world's most desperate venture capitalist so the entrepreneur who's a dog says I need a hundred billion to build an ocean city and VG's like take my money take it take it and then he's asked do I get stock or something and the dogs like maybe maybe not so so when we're thinking about a term sheet as a venture capitalist there's two things that are extremely critical and important one is economics and she was actual control so as an investor you might be giving three million dollars to a company what do you get out of that first one economics you might be getting say 50 percent of the company 20% of the company a certain percentage of ownership the second aspect is control so for example what exactly are the protective provisions that you're getting what are the board control rights that you're getting how can you actually influence the company and decide on where it goes so in terms of if you look at what a B C's getting it's always one economics to control and specifically kind of the special terms and conditions for control include a number of the terms in the term sheet which we'll go over so so these are a list of terms that you often see in a term sheet so we'll go over each of those very quickly a term sheet itself might be two or three pages these are some of the key terms that you should always look for the first and most important term is this idea of pre and post money valuation it's actually very very simple addition so pre-money valuation is how much is the company worth before you actually invest as a venture capitalist so for example a founder might argue that my company's worth seven million dollars and then VC might agree to that usually doesn't agree immediately and then the VC might say hey I'm gonna put in three million dollars so the post-money valuation for that is just three plus seven which is ten million dollars keep in mind that the math isn't that simple even though on paper it's very simple in reality the three million dollars that the investor is putting in is worth a lot more than three million dollars there's this idea of smart capital the resources not the VC is not just providing the capital but also smart resources and specifically if you think about that three million dollars anyone can provide a founder three million dollars all the cash comes from one place the Treasury prints it at the end of the day it's all the same exact dollar but the three million dollars that you're putting in you're providing not just that cash but also your network your resources your advice your support your time to actually help the founder growth which is why later rounds of financing the company valuation constantly goes up so another term that's very important for VC investors is this idea of liquidation preference and this is a way for VCS to get their money back if they're putting in three million dollars liquidation preference basically means that I can get my three million dollars back and that's if the company sells so keep in mind that this actually only matters if VCS sell if the company sells below the valuation if the company's sold above the valuation basically VC's got their three million dollars back they got additional dollars back and the founder also gets an outcome out of that so there's two types of liquidation preference one is participating and one the other is non participating so participating is basically the VC gets not just the dollar amount that they put in say three million dollars but they also get the percentage ownership and what that amounts to back as well say it might be fifteen or twenty percent that actually doesn't happen in the valley at all I don't see a lot of term sheets at all with that with that term the other aspect is non-participating which basically means the VC gets either their three million dollars back there the amount of cash that he put him back or they get back their percentage ownership save fifteen percent and one company who absolutely hates liquidation preference and avoids it and only sells common stock is snapchat so occasionally you'll see rare exceptions to this two common into the first is there do you typically do you ever see voting right differences between the two and the second thing is I think I think in Teresa Horowitz is like promoting us now or they prefer founder CEOs or founding team to have which already voting rights and so then you get into this hole classic shares which gives even though the founders don't have majority equity snakes have majority voting rights puzzle yes I think the specific situation you're referring to as one some of the best founders will negotiate and argue for super voting shares so you have preferred and then you have common and then within common there's both super voting stock as well as your traditional so it's best issued at the time of founding just for tax implications but you could also have creative structures to issue it before the next round of financing that's a good transition to the next term we have up here a board of directors so this is a way for the board of the company to hold the CEO accountable to hold and help guide the company so typical structure that you see for a lot of early-stage deals is you'll have say for example a three-person board there's one person who holds the common seat who represents the company and is elected by the company usually the company elects the CEO to take that common seat you have to an investor seat so usually the investor the institutional investor who's leading your financing round who owns the majority of the preferred or take that seat and then three you'll have an independent seat someone who is mutually agreed upon by both the common stock director as well as the preferred stock director your investor seat later rounds of financing that board might expand to say a five-person board and what you have two people representing the company on the common stock side as well as two investors representing on the investor side the preferred side and one independency occasionally you'll see four very very hot deals that there might be a completely unique and different structure so for example you might have two common seats and one investor seat or two common seeds one investor seat and one independent seat because you carry president according director and therefore server so the board director has at the end of the day most important thing is the Board of Directors has a fiduciary responsibility to the company so the board director is voting for all the matters such as approving stock option grants for example making key acquisitions key hires the board's approving all of that oftentimes an investor isn't able to fight their way to actually get a board seat but they still want to be able to observe the company have some control of influence and that's where they'll negotiate for example a board observer seat so I think the most common way I actually see investors negotiating board observer seats as strategic investors so if you think about a strategic investor a large corporate VC fund say for example Samsung Rakatan other strategic investors oftentimes founders don't actually want the strategic investor on their board voting on these different matters because for example the board approves on whether or not an acquisition goes through if you have a strategic investor sitting on that board and actually deciding do I want to sell the company to Samsung or to AT&T very likely that board director wants to sell the company to Samsung so what founders will often negotiate is for example for a strategic investor allow them to have a board observe receipt to still because they put in all the capital observe and see what's going on with a company but in general founders definitely investors definitely prefer to actually have that boards national investor a time issue they don't yeah - in your experience against so I think you hit a really good point in terms of time commitment so if you talk to any VC the maximum number of boards that they're usually on is anywhere between eight to ten maybe twelve or fifteen if you're really aggressive VC per partner so if you think about that if you're deciding to actually lead a financing around take a board seat you better really really like the company and really really like the founder to be spending literally hundreds of hours with them dozens of hours just on board meetings alone so that's a huge decision on the Investor front if they actually want to spend the time to be a board director and then on the board observer front sometimes an investor might actually use that as a way to train an associate arena principal to actually sit in on those board meetings observe but not actually make kind of key fiduciary decisions for the company it definitely varies per company but some companies will compensate board directors with a separate kind of allocation of common stock on top of what the board director is already getting from the carry from the fund for being a part of that deal and then other times they'll for example like compensate travel travel expenses accommodations for negotiating deals and and whatnot so the same same same answer for a report observer see so we're gonna move on and just go through some of other terms so protective provisions NVC a National Venture Capital Association has a set of protective provisions that a lot of times investors will argue for this includes for example a protective provision for the investor to decide and control on the sale of the company so for example you don't want the company to be sold for say $1 to your best friend or the founders best friend you want to be able to have that block to actually control that another common protective provision is around the next round of financing making sure that the valuation for that round of financing as an investor you want that to be higher than the current round of financing the previous round of financing and not a down round so usually a protective provision around that for example another protected provision that's very common is any material changes to the business so that can be argued and defined differently by the investor or the founder of ideas if you're funding a software company you don't want the company to all of a sudden change the business and to say a restaurant without you having that protective provision so another term right a first refusal this is something that's not just one specific clause but something that you'll see sprinkled throughout a term she's the idea for that is as an investor you want to have the right to refuse something be the first person to refuse that this often happens around the cell of secondary shares so for example you have an employee at a company they're about to leave the company they want to sell their shares and the investor doesn't just want a random person to purchase those years but they want to have the right of first refusal be the first person to actually have the option to purchase those shares what usually happens is you actually have what we call a right of first refusal chain so for example first the first person who can actually have the right to purchase those shares might be the investor a certain percentage of those and then it could be the founders have a certain percentage in which they can actually purchase those shares and then it might be the angel investors and that might go all the way back around again so another term pro rata this simply means in proportion it's a very commonly accepted term there is basically nowadays no term sheet in Silicon Valley that won't have this pro rata provision so this basically means that today you're an investor you're putting in say three million dollars purchasing 20% of the company you want to be able to maintain that 20% ownership moving forward especially as the valuation of the company goes up and up and up so pro rata basically means that in the next round of financing say the Series B financing or the Series C financing you basically want to be able to put additional money additional capital at that valuation price in order to maintain that 20% ownership so it's the right to be able to do that most important thing to note for that is as we discussed very briefly during the last class this is a right that's a one-sided right in which the investor can decide whether or not they want to put in the pro rata the entrepreneur always has to except for that there's no way for the entrepreneur to actually force the investor to put in additional capital to get that continued ownership so so this is very common country very common investors want to be able to have and maintain their ownership I think that brings on an interesting point in terms of as an investor say you have a 50 million dollar fine 100 million dollar fund you invest a certain amount of capital into new deals and then you want to be able to reserve capital for especially those hot companies hot traction companies that you want to put in additional capital out of ha even though it's out of hire evaluation to maintain that ownership and the good news is that like the best investors they'll continue to raise additional funds and they'll be able to maintain their pro rata but there are cases in which a VC fund isn't just based on limited amount of capital left in that specific fund okay so another term dragged along so this is really important because there's this idea of when you're investing in a company there's this idea of a majority investor versus a minority investor and that's usually separated by a specific dollar amount that you put in so for example some term sheets some deals will say that if you invest at least two million dollars you're considered majority investor purpose of the drag along as you might have for example 50 angels who are each putting in 100k tracts and if you have a major decision that needs to be made out to companies such as sell or acquisition you don't want to have all these 50 angels having to make a decision on whether or not and voting to actually make that happen but drag along just means that the major investor the lead investor literally just drags along all those other investors to make a decision [Music] so they're not the exact same thing so majority investors just you're investing above a certain threshold and that means you can have certain information rights certain voting rights just certain rights in general and then the lead investor has all the rights of a majority investor but usually also has additional rights such as most notably a board seat so we're gonna try to run through these last two terms pretty quickly and cover some additional topics just because we're short on time so this idea of employee option pool we all have heard of the story of for example the Facebook cook who became a millionaire because he received some early options in facebook so idea of this is so that employees of the startup employees of the company can actually win and participate in the up side of the company especially as the valuation goes up and the company becomes very successful employee option pool is something that's always included in terms of it's typically around 15 to 20 percent of the company is reserved for employees of the company the way that investors and founders negotiate for that differs so investors will always prefer that the employee option pool is created before the financing around reason for that is when you actually create the employee option pool before the financing around you create a 15 20 % option pool that actually dilutes everyone on the existing cap table which includes existing investors the founders but it doesn't dilute the new investor in the company when you create the employee option pool after the financing around basically that dilutes not just everyone who's already on the cap table but also the investor who put in capital and it dilutes the investor as well so depending on if the employee option pool is created post or before post or pre before the financing around the investor can actually get some additional percentage points over ownership so final term just to cover is this idea of no shop agreement so every similar term sheet has this no shop agreement and the reason for that is you want to do all your shopping or all your kind of figuring out which investor you want to have before you actually sign the term sheet because once you sign the term sheet the no chopper agreement could be anywhere from 30 days to 90 days or somewhere kind of within that range outside of that range and the idea is that the investor still has a fiduciary responsibility to bear limited partners to their investors to their LPS and they want to make sure that they do the diligence in terms of legal diligence tech diligence background checks and most important reason why the no shop agreement exists is because a term sheet is not binding at all at the end of the day the investor doesn't actually have to go through with the financing more than often the investor always goes through with that financing because their reputation is on the line silicon's are very small if you're signing all these term sheets but not going through the financing it looks very bad on your part but also the no shop agreement is a way for investors to do additional diligence and make sure that the founder isn't shopping around the term sheet and trying to get a better deal so so the terms like exactly so that's a good question and super important because the term sheet is not binding at all it's there's no obligation to actually finance the company from the term sheet process founders and investors go into the final dog stage a term sheet is usually only about two or three pages the final Doc's are a lot lengthier 10 15 20 30 pages and once the final Doc's are signed and the money is wired that's when you actually have the deal done okay next topic dynamics of negotiating a financing round offers cover very briefly the process for how a deal actually gets done very first stages sourcing so as an investor we talked briefly about how you actually source a deal this is just constantly on the lookout I'm trying to find the best company possible and then after that what usually happens is one the one VC the one partner at the VC fund will start talking to that founder start engaging start having a conversation actually consider whether or not they want to invest if there is some sort of interest the next stage after that is that it usually goes to what we call the partnership the partner meeting in which the founder actually goes in and pitches the entire partnership out of VC fund that's incredibly important because VC funds operate as partnerships so usually the voting structure for how a deal actually gets done in the valley is that you want to have some sort of consensus some sort of major consensus amongst all the partners at the VC fund so that's when the founder actually goes in and pitches the rest of the partnership there are some cases in which a VC might have for example a silver bullet or an ability to do one deal a year that the rest of the partners don't have to agree on after the entrepreneur has pitched the partnership and this usually happens on Mondays right after the Monday partner meeting where all the VCS all the partners are actually in the office that day once that happens what will happen is just some light form of diligence usually some light form of tech diligence just in terms of seeing about this is actually a viable investment from there we go into the term sheet negotiation in which the VC and the founder wall together lay out and decide what are the key terms most of the terms all the terms that we covered just now in terms of what's the valuation of the company how much is the VC gonna own what are the rights is there a board seat who are who else is participating in the round just like general general basic terms based on that from there there is we talked about the no shop provision from there the VC wall do additional diligence this includes for example additional tech diligence if you have IP and patents the VC will have a lawyer actually make sure that you actually have those IP and patents or they might do for example background checks security checks on they won't do legal diligence look through your incorporation documents look through all of your documents to make sure that everything's right and in order and then from there there'll be what we call the final docks that are drafted so everything that's laid out in the term sheet is then put into final docks written out in to lengthy lengthy the question you asked was kind of lengthy 10 15 20 page docks once that's signed the money is wired and then that's when the deal is actually complete so the deal is never done until you actually have the money wired and in the bank so that's kind of the basic process in terms of from start to finish of investor meeting the founder for the first time to the money actually being wired in in the bank account questions on that turning side so that can range anywhere from I would say three days one week up until a month or more and the process I outlined is what usually happens for the lead investor the person who's leading the round if you're for example Wilco investors sometimes those deals can happen as quickly as one day six hours in which you're throwing in a small check of 50 K to 50 KN you don't have to go through that entire process because the lead investor is setting the terms negotiating the terms putting together the final docs doing all the tech diligence doing all the legal diligence and you're just following on with a small check so questions on that so I think one thing that's really important to note for this entire process is that it's a very delicate balance between your VC partner you're in the middle standing between one of the founders who you want to invest in and to your partners at the VC firm so the founders wants a like a hundred million dollar valuation your partners at the VC firm wants a a fifty million dollar valuation and your job is to be in the middle and in order to get the deal done it's a very complicated and intricate balance between making sure the founders are satisfied and making sure your partners are satisfied and I think that's probably the most complex aspect of being a VC partner and is actually bridging those two and making that deal happen so the no shop agreement only exists once you actually sign the term sheet so before then you can collect as many term sheets as you want before you actually sign one and it's actually I actually encourage founders to do this being on the founders side in terms of if you want to get the best valuation possible for your company and you have additional term multiple multiple term sheets on the table that sets the market and VC's respond to that so just covering a couple additional topics very quickly portfolio management so you've been bested in a dozen companies how do you actually manage the portfolio the strategy that all the best species take and it's actually very important to note as a founder is VCS want to spend most of their time with their very best companies so if you're a company that's if you look at all the companies that the VC has invested in if you're the company that's struggling the most the VC likely doesn't want to spend time with you they want to spend time with the top two or three companies that they've invested in that's also really important in terms of deciding on which VC to go with for example if you're going with a VC who has already say like ten other companies and then you're gonna be the new company that comes in and the VC just doesn't have time to spend with you or it just doesn't want to spend time with you that also influences the outcome of your company so I think most species if they look out their portfolio at least I like to categorize it in terms of three ways one is the unicorns so we love unicorns they're magical they're worth the billion plus dollars VCS want to spend time on unicorns - I like to categorize companies as dragon eggs so companies that have the potential to grow and become unicorns they have a lot a lot of potential to hatch and become say a unicorn and three the company that you don't want to be within a VCS portfolio is a walking dead company so a company that's just continuously walking completely dead has a steady kind of revenue strategy steady growth but just isn't having that explosive what we call hockey stick growth that explosive growth to become a billion-dollar company so I'm just going to read out this activity for you to think about and we can discuss it next class or if you want to talk to each of us individually about this this is just an interesting exercise do you think about that does happen in Silicon Valley you're the founder of a mobile analytics company I have spent a lot of time figuring out which VC to choose you make the distal tree capital and close your hot 15 million dollar series a financing and then a few months post the clothes the specific VC partner you chose to sit on your board leaves vulture capital what are the dynamics and what should you do so just food for thought one final topic will just cover very very briefly is this idea of how do you get into VC in the first place getting on TVC I think the most important thing to note is that there's absolutely no job application to become a partner out of EC firm however I think at the end of the day anyone can become a VC and there's multiple ways to get into this one common path I've seen is for example you've entered into Silicon Valley you're starting to do a couple angel deals you've invested in some really hot companies and have built a network around that and provided value to those companies other VCS who then put on additional capital into those startups that you've invested in take notice of you and they might ask you to join that VC fund with them another strategy is for example you've built a company you're one of the portfolio companies of that VC fund you might not have that billion dollar exit but you've shown that you've been very good at making key product decisions you returned your VC's back their money you have a vision you're very smart you're very technical you're able to make good decisions and instead of being that the CEO of the next publicly traded company instead you might join that VC fund because you've had a good relationship with the VC who invested you and you like you had good port dynamics and you might join the VC fund that way and then another instance is for example you're an executive at a hot fast-growing startup and you decide to leave that company and you're hired into a VC fund that way I think at the end of the day I think the most important thing is that there's no job application for it it's all about your network your presence your ability to be a partner to the VC and just be able to work on deals together before you actually join the fund be able to get to know the VC and the end of the day a VC firm is a partnership and no one wants to work with someone unless they fought it to know them for a period of time I'll close with one final note in terms of once you get into VC it's not a permanent job it's not a job of a lifetime keep in mind that V sees raised from LPS LPS only want to invest in VCS and VC firms who actually generate a return for them you have to actually be able to close deals and get returns in order to stay in VC

Channel: Stanford

Views: 235,450

Rating: 4.9323564 out of 5

Keywords: VC, Venture Capital, Founder, Entrepreneur, Ernestine Fu, Startup, Valuation, Portfolio Management, Silicon Valley, Finance

Id: nJjaHcoDfRE

Length: 39min 6sec (2346 seconds)

Published: Wed Mar 25 2020