241. Finding Markets with Long-Term Tailwinds; Macro Impacts on Venture; and Robust vs. Fragile Data (Niki Pezeshki)

Niki Pezeshki of Felicis Ventures joins Nick to discuss Finding Markets with Long-Term Tailwinds; Macro Impacts on Venture; and Robust vs. Fragile Data. In this episode, we cover: Background and path to venture. Thesis at Felicis and your focus there? How has the pandemic affected your approach to investment? You've mentioned that you look for market tailwinds, especially tailwinds that will be lasting. Right now, we're seeing a number of shifts that will have lasting effects -- which are you watching most closely? Why do you think the public markets have, largely, stayed high during a very large health and economic crisis? Can you give us an overview on your three-part investing framework for making investment decisions? Where do you look for these large shifts, creating opportunity -- aside from Mary Meeker's report? How do you make sure you are current on-trend instead of getting anchored on data that's old or fragile? What are you looking for in the business model that indicates to you that it is not only the correct approach but can lead to transformational changes in the industry? In which types of businesses do you like to see product-focused founders versus marketing-focused founders, is there a heuristic or systematic way that you think about this? You mentioned that business is a formula and that it's clear early on whether it's going to work or not -- can you give us an example of the formula? What's your approach to coaching and advising founders?  There's this fine line between being overbearing w/ advice and not providing enough insight in an area that could derail a company.  How do you strike the balance? What keeps you up at night... the ones you invested in that you shouldn't have or the ones you didn't invest in that you wished you had? 3 Data points: Let's say that you have a consumer SaaS company that is doing 300K in ARR, growing 20%  MoM and that's all you currently know about the company. Which 3 data points do you ask for and why? 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.