What makes a great founder?

Sandy Kory has spent decades trying to answer that question. As the founder of Horizon, he's backed companies like Palantir, BillionToOne, Canva, BaseTen, and SendCutSend long before they became breakout successes.

In this episode, Sandy shares the unconventional framework he uses to identify exceptional founders, why he ignores most pitch decks, why talent density matters more than almost anything else, and how he developed conviction in companies years before the market recognized them.

KEY HIGHLIGHTS
-Why Sandy invested in Palantir before the company had a clear business model
-The founder traits he looks for before reviewing a pitch deck
-How he discovered BillionToOne at a $4 million valuation
-Why talent density is the most important metric in a startup
-Missionary vs. mercenary founders
-The role of intellectual honesty in building great companies
-How Sandy evaluates founders in the first 20–60 minutes
-Why he believes early-stage investing remains highly inefficient
-The SendCutSend story and backing an overlooked manufacturing company
-How AI may change venture capital—and what won't change

TIMESTAMPS
00:00 Introduction
08:46 The Palantir Investment Story
23:22 Finding BillionToOne Early
36:00 Sandy's Founder Evaluation Framework
47:07 Missionaries vs. Mercenaries
53:18 Hiring, Talent Density & Red Flags
01:09:25 AI, Investing & The Future
01:19:29 The SendCutSend Story
01:34:03 Advice for Founders & Closing Thoughts

Follow Tommy: https://x.com/Shaughnessy119
Follow Sandy: https://www.linkedin.com/in/sandykory/

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DISCLAIMER
This podcast is strictly informational and educational and is not investment advice or a solicitation to buy or sell any tokens or securities or to make any financial decisions. Do not trade or invest in any project, tokens, or securities based upon this podcast episode. The host and members at Delphi Ventures may personally own tokens or art that are mentioned on the podcast. Our current show features paid sponsorships which may be featured at the start, middle, and/or the end of the episode. These sponsorships are for informational purposes only and are not a solicitation to use any product, service or token.