Mo Koyfman: The Secret to Winning in Venture; Why Small Funds Outperform Large Funds | 20VC #915

Mo Koyfman is the Founder and General Partner @ Shine Capital, who announced earlier this year Shine II, a $200M early-stage fund, and Shine Opportunities I, a $100M vehicle. Prior to founding Shine, Mo was the Managing Member @ Moko Brands where he made angel investments in Coinbase, Polychain, Harry’s to name a few. Before Moko, Mo spent over 7 years as a General Partner @ Spark Capital where he made investments in Plaid, Warby Parker, Skillshare and Hivemapper, to name a few. Finally prior to Spark, Mo spent over 5 years at IAC where he oversaw group of companies that included Connected Ventures, parent of Vimeo, CollegeHumor & BustedTees. ------------------------------------------- Timestamps: 00:00 Intro 00:39 How did you get into venture? 07:45 Biggest takeaways from time with Spark Ventures 10:59 Strong opinions, weakly held 15:11 Do you have mentors who challenge you? 16:52 Getting bigger is inversely correlated with getting better 19:33 How big is Shine Ventures today? 24:39 Reserves and allocation in the face of unknowns 27:35 Thoughts on Pro Rata and VC competition 32:38 Communicating with founders about Pro Rata 35:40 What do you think about ownership percentage? 42:16 Collaboration in venture - lowest it’s ever been? 47:44 Biggest lessons from successes and failures 51:43 How do you advise early stage founders on taking VC money? 55:01 Favorite book and why? 55:23 Keys to a phenomenal burger 56:35 What do you know now that you wish you knew then? 57:35 What do you wish you could change about venture? 1:00:08 The next 5 years for you and for Shine Ventures. ------------------------------------------- In Today’s Episode with Mo Koyfman: 1.) From Entrepreneurial Parents to IAC, Spark Capital and Founding Shine: How did Mo make his way into the world of venture having worked with Dara Khros, Barry Diller and Jeremy Liew? What were some of the biggest takeaways from his time with Barry Diller and IAC? How did Mo’s time at Spark impact his investing mindset? What did he learn that he took with him to founding Shine? 2.) Investment Firm vs Investment Partnership: What are the biggest differences between investment firms and investment partnerships? What are the biggest risks founders are taking when they take money from investment firms? Mo has very strong beliefs, how does he manage and inspire debates within his firm without shutting down or intimidating younger, less experienced team members? What does Mo mean when he says, “firms are great but partners matter”. 3.) How To Win in Venture: Why does Mo always believe that small funds outperform large funds? What have been some of Mo’s biggest lessons from Fred Wilson on fund strategy and sizing? How much of an emphasis does Mo place on the importance of ownership? Why does Mo believe the way to win in venture is to be collaborative? Why does Mo believe in the macro conditions we are entering, the landscape is about to become a lot more collaborative? Why does Mo believe any firm that says they will always do their pro rata is lying? 4.) The Lessons: Success and Failure: What are some of Mo’s biggest lessons from his biggest wins, like Plaid at seed? That said, why does Mo believe it is so dangerous to try and learn lessons from the wins? What failures have been most impactful to Mo? What did he take away from them? Why does Mo believe that making great burgers is like building great companies? Items Mentioned in Today’s Episode: Mo’s Favourite Book: Portnoy’s Complaint by Philip Roth ------------------------------------------- #VentureCapital #venturecapitalist #MoKoyfman #HarryStebbings #20VC #FredWilson #ShineCapital #prorata

Mo KoyfmanguestHarry Stebbingshost

Aug 8, 20221h 0mWatch on YouTube ↗

EPISODE INFO

Released: August 8, 2022
Duration: 1h 0m
Channel: The Twenty Minute VC
Watch on YouTube: ▶ Open ↗

EPISODE DESCRIPTION

Mo Koyfman is the Founder and General Partner @ Shine Capital, who announced earlier this year Shine II, a $200M early-stage fund, and Shine Opportunities I, a $100M vehicle. Prior to founding Shine, Mo was the Managing Member @ Moko Brands where he made angel investments in Coinbase, Polychain, Harry’s to name a few. Before Moko, Mo spent over 7 years as a General Partner @ Spark Capital where he made investments in Plaid, Warby Parker, Skillshare and Hivemapper, to name a few. Finally prior to Spark, Mo spent over 5 years at IAC where he oversaw group of companies that included Connected Ventures, parent of Vimeo, CollegeHumor & BustedTees. ------------------------------------------- Timestamps: 00:00 Intro 00:39 How did you get into venture? 07:45 Biggest takeaways from time with Spark Ventures 10:59 Strong opinions, weakly held 15:11 Do you have mentors who challenge you? 16:52 Getting bigger is inversely correlated with getting better 19:33 How big is Shine Ventures today? 24:39 Reserves and allocation in the face of unknowns 27:35 Thoughts on Pro Rata and VC competition 32:38 Communicating with founders about Pro Rata 35:40 What do you think about ownership percentage? 42:16 Collaboration in venture - lowest it’s ever been? 47:44 Biggest lessons from successes and failures 51:43 How do you advise early stage founders on taking VC money? 55:01 Favorite book and why? 55:23 Keys to a phenomenal burger 56:35 What do you know now that you wish you knew then? 57:35 What do you wish you could change about venture? 1:00:08 The next 5 years for you and for Shine Ventures. ------------------------------------------- In Today’s Episode with Mo Koyfman: 1.) From Entrepreneurial Parents to IAC, Spark Capital and Founding Shine: How did Mo make his way into the world of venture having worked with Dara Khros, Barry Diller and Jeremy Liew? What were some of the biggest takeaways from his time with Barry Diller and IAC? How did Mo’s time at Spark impact his investing mindset? What did he learn that he took with him to founding Shine? 2.) Investment Firm vs Investment Partnership: What are the biggest differences between investment firms and investment partnerships? What are the biggest risks founders are taking when they take money from investment firms? Mo has very strong beliefs, how does he manage and inspire debates within his firm without shutting down or intimidating younger, less experienced team members? What does Mo mean when he says, “firms are great but partners matter”. 3.) How To Win in Venture: Why does Mo always believe that small funds outperform large funds? What have been some of Mo’s biggest lessons from Fred Wilson on fund strategy and sizing? How much of an emphasis does Mo place on the importance of ownership? Why does Mo believe the way to win in venture is to be collaborative? Why does Mo believe in the macro conditions we are entering, the landscape is about to become a lot more collaborative? Why does Mo believe any firm that says they will always do their pro rata is lying? 4.) The Lessons: Success and Failure: What are some of Mo’s biggest lessons from his biggest wins, like Plaid at seed? That said, why does Mo believe it is so dangerous to try and learn lessons from the wins? What failures have been most impactful to Mo? What did he take away from them? Why does Mo believe that making great burgers is like building great companies? Items Mentioned in Today’s Episode: Mo’s Favourite Book: Portnoy’s Complaint by Philip Roth ------------------------------------------- #VentureCapital #venturecapitalist #MoKoyfman #HarryStebbings #20VC #FredWilson #ShineCapital #prorata

SPEAKERS

Mo Koyfman
guest
Harry Stebbings
host

EPISODE SUMMARY

In this episode of The Twenty Minute VC, featuring Mo Koyfman and Harry Stebbings, Mo Koyfman: The Secret to Winning in Venture; Why Small Funds Outperform Large Funds | 20VC #915 explores mo Koyfman Reveals Why Small, Focused Venture Funds Outperform Giants Mo Koyfman, founder of Shine Capital and former Spark Capital partner, explains how his background, career at IAC and Spark, and deep love for early-stage company building led him to start his own New York–based firm.

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