216. Crisis Coverage w/ Patrick Gallagher - VC Firm Survival, How Seed Investing Scales, & A Glimpse at the Road Ahead

Patrick Gallagher of Tuesday Capital joins Nick on a special Crisis Coverage installment to discuss VC Firm Survival, How Seed Investing Scales, & A Glimpse at the Road Ahead. In this episode, we cover: Walk us through your path to venture How did things first come together for Crunchfund w/ you and Michael Arrington? Why did Michael leave and why did you rebrand Crunchfund to Tuesday? Gives us the highlights of your thesis? How do current events effect your approach going forward? Anything you'll avoid/be much more cautious investing in?... or anything you're leaning into? Some have said that many seed venture firms will not survive the current crisis.  I think there may be more than 1000 seed firms currently...  Do you think the volume of seed players reconciles as a result of this correction? What is your reserve strategy?  How much and how do you make decision as to how you deploy reserves into current portcos? Why the partnership with Frog and what does that mean for your portcos? Aside from design, branding, storytelling... what is an area that is significantly under-utilized as an area of value that VCs can provide to starutps? I believe you're in Airbnb and Uber... was it difficult to invest in their later rounds while you had a young seed-focused fund? Do you believe seed funds can scale? Why do you think there are so many people that want to do this job?  The numbers aren't good... it takes a long time to establish yourself, most funds fail and even the successful ones take a long time to make money. Before we wrap things up, what would you say to a young individual that wants to make a career in venture capital? To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes. Also, follow us on twitter @TheFullRatchet for updates and more information.