Tom Blomfield: Do the Best All Raise Pre-Demo Day & YC's Fundraising Advice to Startups | E 1152

Tom Blomfield is a Group Partner at YC. Before YC, Tom founded two unicorns in the UK. He was co-founder of Monzo (most recently valued at $5BN), one of the first challenger banks in the UK. Monzo raised more than £1bn and counts 15% of the UK population as customers. Before Monzo, Tom founded GoCardless (YC S11), an online payments processor, most recently valued at $2.1BN. ----------------------------------------------- Timestamps: (00:00) Intro (00:53) Background (10:07) Switch from Founder to Investor with YC (13:43) European Work Ethic Critique (17:14) Transition from Angel to Investor in Partnership (19:47) Signals of The Highest Quality Founders (21:55) Questions to Ask in YC Interviews with Founders (27:08) The YC Batch: How it Works (43:38) The Hype Surrounding AI (58:25) Quick-Fire Round ----------------------------------------------- In Today’s Episode with Tom Blomfield We Discuss: 1. From Founding Two Unicorns to YC Partner: Does Tom believe that all great founders show signs of exceptionalism early? What does Tom know now that he wishes he had known when he started his first company? Why did Tom decide now was the right time to switch from founder to investor with YC? 2. The YC Application Process: How it Works: How do the YC partners select which companies are accepted vs rejected? What specifically does Tom look for in the problem the company is looking to solve? In the interview, what are the signals of the highest quality founders? What questions does Tom always want to ask in YC interviews with founders? 3. The YC Batch: How it Works: How do the YC partners work with the 25 companies in their batch? What is the interaction? What are the single biggest mistakes companies make while in YC? What are the biggest pieces of advice YC gives founders on fundraising approaching demo day? How do the best YC founders fundraise and use demo day? How do the most nervous fundraise? How are YC partners measured in terms of their success and effectiveness? 4. AI: Consumer vs Enterprise/ Infrastructure vs Application Layer: Does Tom believe there is money to be made investing in infrastructure layer models today? Why is the commoditization of foundation models the best outcome for society? Why is Tom most excited about the application layer for the next wave of AI? What are the most exciting opportunities in consumer AI that are wide open today? ----------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on Twitter: https://twitter.com/HarryStebbings Follow Tom Blomfield on Twitter: https://twitter.com/t_blom Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #TomBlomfield #ycombinator #monzo #gp #founder #venturecapital #startup #leaderrship #hiring #salesteam

Tom BlomfieldguestHarry Stebbingshost

May 13, 20241h 10mWatch on YouTube ↗

EPISODE INFO

Released: May 13, 2024
Duration: 1h 10m
Channel: The Twenty Minute VC
Watch on YouTube: ▶ Open ↗

EPISODE DESCRIPTION

Tom Blomfield is a Group Partner at YC. Before YC, Tom founded two unicorns in the UK. He was co-founder of Monzo (most recently valued at $5BN), one of the first challenger banks in the UK. Monzo raised more than £1bn and counts 15% of the UK population as customers. Before Monzo, Tom founded GoCardless (YC S11), an online payments processor, most recently valued at $2.1BN. ----------------------------------------------- Timestamps: (00:00) Intro (00:53) Background (10:07) Switch from Founder to Investor with YC (13:43) European Work Ethic Critique (17:14) Transition from Angel to Investor in Partnership (19:47) Signals of The Highest Quality Founders (21:55) Questions to Ask in YC Interviews with Founders (27:08) The YC Batch: How it Works (43:38) The Hype Surrounding AI (58:25) Quick-Fire Round ----------------------------------------------- In Today’s Episode with Tom Blomfield We Discuss:
1. From Founding Two Unicorns to YC Partner: Does Tom believe that all great founders show signs of exceptionalism early? What does Tom know now that he wishes he had known when he started his first company? Why did Tom decide now was the right time to switch from founder to investor with YC?
1. The YC Application Process: How it Works: How do the YC partners select which companies are accepted vs rejected? What specifically does Tom look for in the problem the company is looking to solve? In the interview, what are the signals of the highest quality founders? What questions does Tom always want to ask in YC interviews with founders?
1. The YC Batch: How it Works: How do the YC partners work with the 25 companies in their batch? What is the interaction? What are the single biggest mistakes companies make while in YC? What are the biggest pieces of advice YC gives founders on fundraising approaching demo day? How do the best YC founders fundraise and use demo day? How do the most nervous fundraise? How are YC partners measured in terms of their success and effectiveness?
1. AI: Consumer vs Enterprise/ Infrastructure vs Application Layer: Does Tom believe there is money to be made investing in infrastructure layer models today? Why is the commoditization of foundation models the best outcome for society? Why is Tom most excited about the application layer for the next wave of AI? What are the most exciting opportunities in consumer AI that are wide open today? ----------------------------------------------- Subscribe on Spotify: https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466 Subscribe on Apple Podcasts: https://podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465 Follow Harry Stebbings on Twitter: https://twitter.com/HarryStebbings Follow Tom Blomfield on Twitter: https://twitter.com/t_blom Follow 20VC on Instagram: https://www.instagram.com/20vchq Follow 20VC on TikTok: https://www.tiktok.com/@20vc_tok Visit our Website: https://www.20vc.com Subscribe to our Newsletter: https://www.thetwentyminutevc.com/contact ----------------------------------------------- #20vc #harrystebbings #TomBlomfield #ycombinator #monzo #gp #founder #venturecapital #startup #leaderrship #hiring #salesteam

SPEAKERS

Tom Blomfield
guest
Harry Stebbings
host
Narrator
other

EPISODE SUMMARY

In this episode of The Twenty Minute VC, featuring Tom Blomfield and Harry Stebbings, Tom Blomfield: Do the Best All Raise Pre-Demo Day & YC's Fundraising Advice to Startups | E 1152 explores tom Blomfield on YC, brutal fundraising, AI, and founder reality Tom Blomfield, founder of GoCardless and Monzo and now a YC partner, reflects on his journey from precocious kid entrepreneur to running hyper‑growth, regulated startups and ultimately burning out on being a CEO.

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