Next Legacy Perspectives

One of the traits 645 Ventures looks for most in founders is what they call a "purity of motivation." They seek founders who are intrinsically motivated to solve some problem for reasons that go beyond potential riches or accolades. As early stage investors, 645 Ventures is in the business of investing in companies that can become a huge success before it is obvious that huge success lies in their future. To reduce their errors of omission (saw a great company and chose to pass) and co-mission (invested in a company that failed) Nnamdi and the 645 Ventures team focus their evaluation around what they call "early predictable performance metrics." This week's Next Play Perspectives podcast unpacks and demystifies the process for early stage investing that can sometimes look to outsiders like someone throwing darts at a dart board. Enjoy this thoughtful conversation that really dives into the "how" of venture investing, including the ways in which 645 looks to support their companies after they have invested.

New York born, Portland, Oregon raised, Talia brings a "first principles" mindset to everything, whether that is creating her own major at Penn, her approach to venture investing, or what she looks for in a founding team. Talia fits right in with the Next Play crew as a self professed fitness junkie, and she sees many parallels between athletes and founders, starting with the simple truism, "Practice makes perfect." Talia brings a wealth of good advice for founders and investors alike. She is experienced enough to have enjoyed the highs and lows of VC investing, but young enough to relate to most founders. In fact, she is the youngest partner ever at the oldest VC firm in existence. Quite a claim to fame!

Stephanie invests around a core thesis focusing on how technology affects how we live, work, and play. Her conversation with Next Play founder Ryan Nece covers a lot of ground, including her current investment focus areas, her favorite hobbies (travel, yoga), how to win competitive deals (have good references), why VCs need psychology degrees, and much more. Wanna know how Stephanie has two biological children 14 days apart in age? Hint: it does not involve adoption. Check out this week's podcast to hear her unique story.

Jessica is a woman on a mission. Uncharted began as a modest, playful way to address the power insecurity of the developing world, with a soccer ball that could be used to charge and run household devices. While they remain a scrappy upstart in the broader landscape of global energy, she has put luminaries like Elon Musk on notice that she is coming for them. Now focused on energy infrastructure, Jessica and Uncharted hope to disrupt an industry long in need of more innovation. An inventor at heart, Jessica says, "entrepreneurship is ultimately problem solving without regard for resource." She will need all of that resourcefulness with the ambitious plans Uncharted has laid out. Learn more about their plans on this week's Next Play Perspective's conversation.

Aileen Lee would be near the top of any short list of the most influential women, and people, in VC. After 13 years at Kleiner Perkins, Aileen struck out on her own, founding seed stage firm Cowboy Ventures, which has invested in many eventual unicorns, a term Aileen actually coined in her famous NYT article. Her conversation with Next Play Founder Ryan Nece explores many of the ways she has felt like an outsider in VC. Her gender is the most obvious, but she also confesses to sometimes feeling like a "guppy swimming with sharks." She's found her swim lane enough to now feel more like a dolphin, not less than, just different. Aileen also shares some insight on where Cowboy is investing these days, and why they increasingly love "un-sexy" businesses, especially those that build software for businesses that rely on archaic systems and infrastructure. Aileen is full of actionable pearls of wisdom that apply to many walks of life. This great friend of Next Play does it all with a humility that almost makes it hard to appreciate just how accomplished she really is.

Following a career in product at Intuit, Brian has been at Venrock for 22 years. While the VC industry has changed a great deal in that time, Brian's approach has not. He invests in founders by building trust first. That trust, he says, is a prerequisite to adding value, offering feedback, making intros, or anything else. Brian explains why Venrock thinks "pattern recognition" can lead to bad decision making, but details how many of their investing theses build out as "franchises" around one or a few successful prior investments. Taking it a step further than "adding value," Brian and his Venrock colleagues strive to be an entrepreneur's first call - his or her first call with a problem, with something to celebrate, with a question, or maybe, eventually, with another great idea for a business or an intro to another founder.

Three time founder, two acquisitions, one IPO – Josh Kopelman then decided to try his hand at investing to help other founders navigate their own journeys. The result is one of the best brands in VC, regularly stocking the Midas List, leading in rankings of entrepreneurs favorite VCs, and regularly producing top decile returns. First Round Capital is one of the most heavily access restricted VC funds on the planet and one of the most sought after investors by founders trying to build the next big thing. Josh is a wealth of thoughtful, candid reflections on why First Round always seems to do things their own way. Most funds with their track record would now be raising $1B+ funds and leading mega rounds to further exploit their impressive portfolio of high growth companies. First Round chooses to focus on what they do best, helping startups navigate their first 24 months of existence. Listen to Josh explain why they choose to focus – and why they expect that same tunnel vision in their founders.

Tristan Walker always knew he had it – but having the ability, or the potential, or even the ambition isn't always enough when you are black kid from the projects. What started as a chip on his shoulder to prove he could make it, get rich, and overcome long odds to success has evolved into much more. Those early dreams were all accomplished by age 30, and this founder and CEO now has different motivations. He runs Walker and Company, a health & beauty company focused on people of color, which was acquired by Proctor & Gamble. He also sits on two public company boards (Foot Locker and Shake Shack), has a family, and spends much of his time trying to lead or inspire others with the example he sets. He is clear and deliberate about his values and in his desire to do business and share life with people who share those values. As an investor, he's shifted from accumulation to preservation, and mostly now supports people or projects he wants to see succeed in the world. Enjoy this conversation that journeys into the mind and ethos of this authentic leader.

Natasha Watley knows what it takes to be a success. This four time All-American softball player at UCLA went on to win two medals as the first black woman on the US National Team. She played professionally in both the US and Japan where she was a fixture on the All-Star team, but her passion nowadays is on the ways she can impact the next generation. She has inspired many young women of color, once a rarity in the game of softball, to play and excel in the game, and she is currently an assistant coach for the US National Team. This week's podcast is a case study into the way one of the best to ever play the game of softball approached her craft on a daily basis, and how those same habits have carried over into her post-sports career.

Managing Director of Precursor Ventures, Charles Hudson has decades of experience in Silicon Valley. This candid conversation with Next Play Founder Ryan Nece focuses both on Precursor's investment philosophy and on broader changes that need to happen in the VC industry. Amongst those changes, hear why Charles thinks some of the old school habits, even the ones that have worked well, are responsible for some of the systemic lack of diversity in VC. A huge sports fan, Charles also discusses the ways that elite athletes exhibit behaviors that all startup founders should seek to emulate. Charles' advice is remarkably consistent for founders and VCs alike: focus on your strengths and find your superpower to pursue excellence.