E27: Compound’s Michael Dempsey on Thesis-Driven vs Founder-Driven Investing

In this episode of Turpentine VC, Michael Dempsey, Managing Partner at Compound, joins Erik Torenberg to discuss thesis-driven vs founder-driven investing, Compound’s AI thesis, company building opportunities, ways to win at venture, advice for emerging managers, and much more.---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 | BRAVE🧲 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.Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign.---Join our free newsletter: https://turpentinevc.substack.com/---RELATED SHOWS: 10X Capital PodcastIf you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/---X / TWITTER:@mhdempsey (Michael)@compoundvc (Compound)@eriktorenberg (Erik)@turpentinemedia@turpentineVC---TIMESTAMPS:(00:00) Intro(01:00) Thesis-Driven vs Founder-Driven Investing(03:19) Compound's AI Thesis(08:28) Company Building Opportunities(11:48) Creativity is the Constraint(14:52) More Founders or More Capital?(18:36) Michael on Crypto(24:01) Ways to Win at Venture(39:25) Michael on Bio(43:02) Michael's Family Planning Thesis(46:28) Technical Risk(49:14) Pre and Post Single Point of Proof Investing(51:24) Advice for Emerging Managers(53:04) Building a Research Organization(57:21) Compound in 2024This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].