This Was The First Venture Capital Firm to Have a Website

1. BGBen Gilbert0:00

   Okay, David. Is it Benchmark Capital or is it Benchmark? I know they used to say Benchmark Capital.

2. DRDavid Rosenthal0:06

   Well, the entity itself is Benchmark Capital.

3. BGBen Gilbert0:08

   At least their goofy website.

4. DRDavid Rosenthal0:10

   Yeah, they used to have a truly goofy website.

5. BGBen Gilbert0:13

   Yeah. But I actually think I know something that you don't.

6. DRDavid Rosenthal0:16

   Oh, okay. Go for it.

7. BGBen Gilbert0:18

   So many people know that Benchmark has a website that just says Benchmark. I think it has, uh, some contact information.

8. DRDavid Rosenthal0:25

   A link to their Twitter feed.

9. BGBen Gilbert0:27

   Yes. Which of course, lists their announced portfolio companies in a Twitter list. And I assumed that was always the case. I assumed they just never updated their website because they thought that would be a, uh, way to keep the mystery a little bit, or at least keep our operations simple. Uh, they were actually the very first venture capital firm to have a website in the early nineties.

10. DRDavid Rosenthal0:50

    Oh, I did not know that.

11. BGBen Gilbert0:52

    I guess in the mid-nineties. Yes. It's just awesome. I mean, it is like hilariously goofy. And, uh, you can find directions on how to drive to pitch them. And they evolved it a few times. It sort of got more and more modern. And, uh, then Matt Cohler joins the firm and says, "Hey, I think we really need to update our website. You guys, like, this is embarrassing."

12. DRDavid Rosenthal1:12

    Oh, I actually heard the story was the opposite. It was the, the other existing partners when he joined were like-

13. BGBen Gilbert1:17

    Oh.

14. DRDavid Rosenthal1:17

    "You're the new guy. Your initiation ritual, you're coming from Facebook, like, you deal with the website."

15. BGBen Gilbert1:23

    Oh, I actually don't know which direction it was. Uh, but anyway, I think he worked on it a little bit. He sort of came up with some ideas. He, you know, needed to make it more Web 2.0-y, more interactive, incorporate live things. Ultimately, one problem was it ended up putting Benchmark too far forward. It was almost like taking credit for these entrepreneurs' success, and, uh, that is antithetical to everything Benchmark stands for. They wanna be in the background. They want it to be entrepreneurs' show. They wanna be that sort of quiet confidant and partner. And they think that the best founders will be attracted to the idea that they're not taking credit by featuring those companies on the website, which I think is sort of an interesting rationale for it. I think what really happened, or at least what also happened, is Matt was showing it to the rest of the partnership in these early revisions and got a whole lot of feedback and a whole lot of opinions, and it ultimately ended in just saying, "Hey, actually, I think we shouldn't have a website at all 'cause I don't wanna deal with this." [upbeat music]

16. SPSpeaker2:25

    Who got the truth? Is it you? Is it you? Is it you? Sit me down, say it straight. Another story on the way. Who got the truth? Who got the truth now? Hmm

Episode duration: 2:44