Ruchi Sanghvi: My Job Interview with Mark Zuckerberg; Deep Dive on DAOs | 20VC #895

Ruchi Sanghvi is a Founder and Partner @ South Park Commons Fund, a home for the most talented technologists, builders, and domain experts figuring out what’s next. Prior to SPC, Ruchi was the first female executive at Dropbox and served as their Vice President of Operations. Prior to Dropbox, Ruchi was the first female engineer at Facebook, and was instrumental in implementing the first versions of key features like News Feed, Facebook Platform, Facebook Connect and Privacy. Ruchi has also served as a director on the board of Paytm, India’s largest mobile payments platform. Prior to SPC, Ruchi was an active angel investor in 50+ companies including Gusto, Pinterest, Paytm, Brex, Figma, and Stemcentrx. ---------------------------------------------- Timestamps: 0:00 What was it like working at Facebook and Dropbox? 1:53 Was it difficult to make the transition? 2:34 What were your takeaways from FB and Dropbox? 4:48 How did you start South Park Commons? 8:47 Do you believe venture is stagnant? 10:30 How do you advise founders on choosing a VC? 11:46 What happens to the multi-stage VC firms? 13:02 How do you think about ownership requirements? 14:38 What’s enough diversification for a portfolio? 16:48 Is the crypto fund landscape bifurcated? 18:22 Should traditional funds hire a crypto partner? 21:14 Will venture be replaced by DAOs? 22:32 How do DAOs make decisions? 23:25 How are DAOs different than venture? 25:02 How do tokens work? 27:10 What is the biggest challenge DAOs face? 28:49 What tooling do you use in DAOs? 30:00 Will institutional capital move into DAOs? 32:18 Zero tolerance for mediocrity a weakness? 33:46 How do you think about ambition throughout your career? 36:06 How do you think about your relationship to money? 37:43 What are your biggest insecurities? 39:42 How do you deal with ego? 41:50 Do you align your identity to your company? 44:12 What does “-1 to zero” mean? 48:08 Where do founders go wrong when picking their idea? 50:25 When should a founder give up? 51:51 Do VCs poach from SPC? 53:33 Favorite book and why? 54:05 What have you recently changed your mind on? 54:32 Most challenging element of SPC fundraise? 55:20 Who’s your biggest mentor? 56:24 How I first met Mark Zuckerberg 57:56 What makes Mark so special? 1:00:55 Most recently announced investment --------------------------------------- In Today’s Episode with Ruchi Sanghvi: 1.) From First Female Engineer To Community Leader and Fund Manager: How Ruchi made her way into the world of tech becoming the first female engineer at Facebook? What were her biggest lessons from her time at Facebook? What does Ruchi believe makes Mark Zuckerberg the special leader he is? How did Ruchi’s time at Dropbox impact how she operates today? Does Ruchi agree with the Facebook motto, “move fast and break things”? 2.) Answering Life’s Big Questions: Ego, Money, and Insecurity: What advice did Ruchi’s father give her before he passed away that really impacted how Ruchi operates and acts in the world today? How does Ruchi assess her own relationship to money? How has it changed over time? How does she use a spreadsheet to measure her relationship to money? Having had such success so young, how does Ruchi approach ego management? When has Ruchi been arrogant in the past? How does she manage her ego today? What are Ruchi’s biggest insecurities today? Why are they? 3.) Will DAOs Replace Venture Capital: How does Ruchi analyze the crypto fund landscape today? Where are the opportunities? Does Ruchi believe that large multi-stage firms can simply hire crypto partners and win in the new world of Web3 and crypto? How does Ruchi believe DAOs will disrupt the venture model today? Will DAOs displace institutional LP dollars from venture funds and be directed to DAOs? How are DAOs governed today? Who makes the decisions? How are tokens allocated? 4.) -1 to Zero: The Art of the Pick: What does Ruchi mean when she speaks of -1 to zero? What stage of company formation is this? What is the right framework by which founders should approach picking an idea to work on? How should a founder know when to give up and try a new idea? What are the most common mistakes founders make in this stage of idea picking? -------------------------------- #RuchiSanghvi #Facebook #HarryStebbings #DAOs #harrystebbings #20VC