E22: Phin Barnes on Unbundling VC

In this episode of Turpentine VC, Phin Barnes, co-founder of The General Partnership, joins Erik Torenberg to discuss Phin’s idea of building a YC for emerging fund managers, the sweat equity model, and building the General Partnership. If you’re looking for an ERP platform, check out our sponsor, NetSuite: http://netsuite.com/turpentine---RECOMMENDED PODCAST: History 102 with WhatifAltHistEvery week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more.Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihmApple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913YouTube: https://www.youtube.com/@History102-qg5oj---SPONSOR: HARMONIC | NETSUITE | SHOPIFY🧲 Learn why Craft, Bedrock, NEA and 100s more trust Harmonic’s data to source deals. Harmonic is the most complete startup database, finding new companies as soon as they incorporate and tracking them through IPO. Head to https://bit.ly/harmonicturpentine and make sure to mention Turpentine VC during your demo.NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist.Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen---Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/---RELATED SHOWS: The Limited PartnerIf you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner---X / TWITTER:@phineasb (Phin)@theGP (The General Partnership)@eriktorenberg (Erik)@TurpentineVC---TIMESTAMPS:(00:16) Episode Preview(01:16) The Journey of Starting a Venture Firm(05:49) Exploring Different Business Models in Venture Capital(08:56) Building a YC for Emerging Managers(12:53) The Evolution of Sweat Equity Ventures(20:00) The Sweat Equity Model(24:24) The General Partnership’s Product Offering(26:53) Sponsor - Netsuite and Shopify(29:30) Fund Sizing(35:49) Unbundling of Venture Capital (45:04) Advantages of Service for Equity(49:06) The GP’s Services Pricing(50:38) Incubation(54:02) The Importance of Talent Networks(01:07) Advice for Starting a Fund Right Now(01:14) Talent Networks(01:19) The GP’s LPs