Joanne Chen | Foundation Capital - On The Great Reorg, learning to let go of outcomes, and why every fund has to stand for something

Meet Joanne Chen, General Partner at Foundation Capital.Foundation has been investing for over three decades, focused on seed and Series A, backing companies before product-market fit around two mega trends: AI and blockchain. The firm has had 35 IPOs, including Cerebras, which it incubated in its own offices. Joanne joined almost twelve years ago after being introduced to the firm by co-founder Kathryn Gould. Before venture, she was an engineer, a banker, and even spent a few years on the placement agent side before making the jump to investing.In this episode, we get into how Foundation turns customer conversations into investment ideas, what she found interviewing companies for what she calls The Great Reorg, why raising more capital doesn't mean returning more capital, why she got less attached to outcomes and more attached to growth, and why she thinks venture is a human psychology exercise rather than a pattern-matching one.