Ilya Strebulaev: Venture Mindset Takeaways for Board Members.
(0:00) Intro. (1:39) About the podcast sponsor: The American College of Governance Counsel. (2:25) Start of interview. Reference to E21 with Ilya Strebulaev from October 2020. (4:01) On why he wrote his book The Venture Mindset: for decision makers in large organizations. (5:37) About the first principle: Home Runs Matter, Strikeouts Don’t. Make small bets vs fear of failure. (7:23) Two types of innovation: incremental (step by step) vs. disruptive innovation. (13:32) The unique role that independent directors can play in innovation. (18:20) On corporate unicorns and intrapreneurs. (20:11) On errors of omission and building anti-portfolios. (24:01) Promoting the venture mindset for large companies to be more innovative and become more like Silicon Valley. (28:29) Red flags in decision-making ("why should I not invest?"), and the example of Theranos. Examples from Shark Tank. (34:00) On Yuri Milner's investment in Facebook (2009) and investing without taking a board seat (informal controls and indirect influence). (38:30) Formal vs informal control rights in corporate governance. (44:13) Stay private vs go public debate. On "quasi-public" companies. (49:11) On the pressures to go public for VCs and employees, and the evolution of secondary markets. (52:20) On the principle (#5) to Bet on the Jockey (put people above process). (53:22) On the principle (#7) to Double Down or Quit (allow flexibility, and phenomenon of escalation of commitment). Ilya Strebulaev is a Professor at the Stanford Graduate School of Business and is an expert in corporate finance, venture capital and private equity, corporate innovation, innovation ecosystems, and financial decision-making. His recent work has examined the valuation of VC-backed companies, decision making by venture capital and private equity investors, corporate venture capital, and impact of venture capital. You can follow Ilya on social media at: Twitter: @IlyaStrebulaev LinkedIn: https://www.linkedin.com/in/ilyavcandpe/ Venture Mindset Website: https://thevcmindset.com/ You can follow Evan on social media at: Twitter: @evanepstein LinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/ __ You can join as a Patron of the Boardroom Governance Podcast at: Patreon: patreon.com/BoardroomGovernancePod __ Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License
From "Boardroom Governance with Evan Epstein"
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