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- [00:00]
A
Yeah. So also, like a honeypot deception tool is, you know, if I'm an organization, I obviously want to make sure I'm secure in lockdown as best as possible. So you have these honey pots which would lure the attackers to them, making them think that there's actually something substantial there. And in reality, it's absolutely nothing.
- [00:23]
B
Sure. Oh. So it's actually a good thing to capture nefarious people. So it's, it makes, it makes kind of like the, the fraudsters think that there's something attractive and then, and then you can kind of just catch those people there. Welcome to the Investor, a podcast where I, Joel Palo Thinkle, your host, dives deep into the minds of the world's most influential institutional investors. In each episode, we sit down with an investor to hear about their journeys and how global markets are driving capital allocation. So join us on this journey as we explore these insights and we'll just let them in. So we should be going live in a second here. Okay, it looks like we are live here, so I'm just going to go ahead and kick this off. So, Daria, thanks for coming in tonight. I know you're super busy, so really means a lot for you to give us your time. You know, tonight we've got Daria Abe from Naples Technology Venture. She is near my hometown, you know, where I grew up. So it's always great to, to, to meet VCs from Florida with all the craze that's going on with everybody moving to Miami. You know, it's going to be an interesting discussion to see how the ecosystem is in Florida and how it's evolved and I guess some of the other supporting ecosystems as well. But why don't we kick this off? So, Daria, why don't you share a little bit about your background? I know you started talking about where you grew up in the Northeast D.C. area, but maybe talk a little bit about your career, where you grew up, and then how you made it into the venture world, focusing. And you do have a unique role as well, which I'm excited to learn a little bit more about with Naples Technology of Ventures. And then we can go a little deeper on the fund and the thesis.
- [02:22]
A
Yeah, absolutely. So, well, first off, thank you so much for having me tonight. You know, I'm really happy to be joining. So just to give you a little bit of background on myself, I went to Florida Gulf Coast University. Family ended up moving down here, so I was lucky enough to be close to home. After school, I decided that I wanted to either venture out to Chicago or New York City and really live that big city life. So I really grow and expand really as quickly and as best that I possibly could. So ended up going up to New York City, where I was working in CyberSecurity for about three years or so. I started in customer success there, and then my last role there was Director of Enablement. So I was responsible for onboarding all of our clients. And then also a professional services team led up to me as well. So that includes our pen testing assessments, stuff like that. We when the pandemic hit, I ended up coming down here for about a month or so just to get out of the city. And at that time, I realized that I didn't want to be in New York City anymore and really didn't think I would have wanted to be in New York City for probably years to come. So ended up getting an opportunity down in Naples as Director of Investor Relations at Naples Technology Ventures. So I've been here now coming up on about a year or so, and my role is very unique because our firm is still fairly lean, so everyone kind of gets involved in everything, which is really nice because there are a ton of learning opportunities and you really never get bored with walking into work every day. So obviously, Director of Investor Relations, I work with our current LPs, and then also when we're funding, I work on bringing in new LPs as well. But in addition to that, for us, something that's really important is if we see a great company that doesn't necessarily meet our investment criteria, which I'll also get into that as well. We still want to help them, really, as best as we can. So what I do is I have a network that's been built up of about 60 or so other VC groups, accelerators, incubators, just stuff like that that we like passing good deals along to. So it's been really great. Obviously, that's how I met Joel as well. So just to also give a little bit of background on Naples Technology Ventures, so we were founded in 20 by our two managing partners, Micah Bay and Bridge Sharma. At that time, we kicked off our first fund, which was $10 million. Really just friends and family, you know, just kind of seeing if our investment thesis pulled through. And we ended up having great success in that fund. So our team decided to kick off our second fund, which is the fund that we're allocating out of right now, which is $50 million, primarily investing in FinTech, HealthTech, InsurTech, and then REC Tech as well. All B2B SaaS companies, we typically invest in that lead seed series, a stage typically say that we go after companies with about a million or so in ARR, but we do talk to some that have a little less and some that have a little more. Just mandate referenceable clients and a platform that's up and running. Our check sizes range from about 500,000 all the way to three and a half million geographically. We look all throughout the US and we do look at some opportunities overseas, but do like them to be headquartered in the US and then I guess lastly on that, our investment approach is a little different of other VCs. So the way that we look at it is really anyone can have their company funded, but we are very active investors. So we like to lead our investment rounds and we require a board seat as well. And we've got a pretty vast network. So we like to come in and just help the team grow as best as we can, whether it be helping them build out their pricing model, helping them, you know, build out their sales team, whatever that might look like. We really just like to be active investors and just help the entrepreneur as best as we can.
- [06:32]
B
Yeah, that's really helpful. And I think you make a good point. You know, being at, you know, a leaner team, there's. Would you say there's more opportunity to take on more of a leadership role versus kind of a bigger, large established fund like Sequoia, where there's more hierarchy and formality if you want to extend your reach. Is that what you like about being with a leaner venture fund? Kind of just being able to kind of dip your hands into various things? Because it looks like not only are you doing building the pipeline and building the relations with LPs, but it sounds like you're also quite involved with the portfolio companies and portfolio support as well.
- [07:11]
A
Yeah, absolutely. So, you know, I also work on due diligence of the companies as well, which is really nice. So when we do talk to prospect companies, our whole team typically, you know, at least has the calendar invite. So if you're able to join, you join. So it's nice that all of us really know what's going on, the companies that we're talking to, how far along we are in the due diligence process, all that sort of stuff. And it creates learning opportunities as well, because you're not necessarily doing the same thing day in and day out. And if any of our team members really want to get more involved in some aspect of the business, I think it's very easy to do that. With such a small, lean team.
- [07:53]
B
Yeah. And how has the ecosystem evolved in Naples? You know, I left Orlando. You know, I did my PhD in Orlando, so I left in like 2012. And I remember, you know, they, they slowly started to develop a lot more of the startup demo days. They didn't have any of that until kind of closer to when I left. So I can only imagine that's, that's crazy. It's almost like 10 years now. But I can imagine like the UCF, you know, university campus, that area I think is kind of definitely grown. They're one of the bigger universities. And then Naples, you know, what's kind of the partnering ecosystems that you guys are closely aligned with? Is it like the Space Coast? Do you guys do any stuff with like Cocoa beach in those areas or is it mainly kind of really focused on, you know, in the south, you know, south, South Florida, like Fort Lauderdale and Miami or, you know, I guess as far as the ecosystem building.
- [08:50]
A
Yeah, absolutely. You know, I think in some ways the pandemic has created a lot of opportunities down in Florida. Yeah, especially in the tech space. A lot of companies really are moving down and gravitating, I think especially towards the Miami area. But in Naples it was funny actually yester someone had reached out to me via LinkedIn for Naples accelerator. So I definitely think the ecosystem is evolving and a lot more VC groups are moving down, not just in Naples, but Florida in general. Actually last week our team co hosted an event over in Miami and There were about 20 other local VCs that ended up coming and joining the event. So it was really great seeing the venture community really get together and how the venture community has built up over the years, especially down in Florida.
- [09:44]
B
Let me ask you a funny question. Do you think those people that have moved to Miami are there to stay or do you think they're going to eventually just go back to Silicon Valley?
- [09:53]
A
You know, I think from, honestly a lot of the people that I've spoken to, they're here, here to stay. I mean, just a little side note, typically in Naples, a lot of people after Easter, they tend to go back. But I was on 5th Avenue in Naples last weekend and it was honestly busier than ever. And making a reserv, unless you want to go at 9pm it's, it's become very difficult. Yeah, I don't know if that's a good thing or a bad thing in some ways, but.
- [10:21]
B
Yeah, no. One of my good friends, he's, he's from Chicago, but he's, he's In Naples now too. And he really likes it down there. The weather's really beautiful. When I went over the holidays, you know, I was trying to meet him and there was just a lot of really cool restaurants and places to, to to hang out there. So definitely like a, a fun place to be. The weather is definitely great. So, you know, obviously, you know, growing ecosystem. So thanks for sharing all that stuff on the ecosystem. Now when you guys are looking at B2B SaaS companies, what is some of your. Just so we can think about this because we got some people who are, you know, aspiring VCs, emerging managers, and I think you guys are kind of now on your second fund. So I think there could be a lot of helpful knowledge here. What are some of the best practices that you guys use to source and screen deals? And maybe as far as kind of vetting that first pass before you kind of take in the deal flow, maybe you can talk about that and maybe your process would be really good and then any kind of best practices you have would be really helpful for the audience.
- [11:30]
A
Yeah, absolutely. So as far as sourcing deals, we do the traditional way pitchbook, just kind of like that cold email and whatnot out to companies. But that's just one of the avenues. So we do get a lot of deal flow from other VC groups, even angel groups. They come across companies that are a little too late stage for them, so they make that intro for us. And then our two managing partners, they occasionally bring in deals as well. And then our LPs bring in a lot of deals for us. So obviously they know our investment criteria. So it's very easy for them to find a company and say, oh, you know what, I think they might be a great fit for Naples Technology Ventures. So from there what we usually do is we have an initial call with the company and typically it'll be at least one of our analysts, our chief investment officer, if he's available, and then myself as well join those calls and then we create a write up. We also have a checklist that we go through that we just kind of use that as like a scoring key for our potential companies. So it's a lot easier when we go to talk about the companies, how we generally compare them to those in their industry and those doing similar things. So then from there we typically have a Monday weekly investment committee meeting that includes our entire team along with our managing partners and we really sit down. Sometimes it takes an hour and a half, two hours, depending on how many companies we've spoken to the week prior. And go through all of those companies. And then obviously from there we go down the process of having a follow up call, take a deeper dive into really what they're, you know, technology is. And some key factors for us is obviously looking at the management team and really seeing where the, the, you know, management team's backgrounds are, how successful they've been in the past, you know, if they're on the same trajectory in this company. And then it's also just looking at the overall company and looking at the overall offering that they have and seeing where they would be a good fit in the market, if they would be a good fit in the market. And then obviously sometimes we, like I mentioned before, we've got an extensive advisory team. So our advisors will sit on the board on our behalf in this fund. So we like to get the advisor that would be sitting on the board of that company involved very early on. So they help out with the due diligence, they put in and weigh in very early on. And then this way when we do put them on the board of that company, they already know the company inside. Signing out.
- [14:16]
B
Sure. No, it's interesting. And you guys have done some broad types of investments, so it looks like you guys have done some robotics as well. So what are some trends that you're excited about? Like, you know, what are some of the sectors and emerging markets that you personally are excited about when you're sourcing deals? I mean, for example, for me, like, I definitely am not the expert in robotics, but I have like a huge excitement for like the future of space technology. And there are a couple funds in Orlando that they're kind of near the Space coast, so I have a big excitement for that and then kind of background in fintech. So do you feel yourself leaning towards or kind of bringing back some of your cybersecurity expertise as kind of like a sweet spot for you? Because I see myself often leaning towards fintech, not only because I like it, but also just because I have some knowledge in the industry. So do you think that's something that you align with as far as what you're excited about and do you think that's something that you would recommend for the audience too if they're just breaking into VC to maybe start out with kind of like a sector that they're comfortable with?
- [15:30]
A
Yeah, so I think honestly that's a great idea. So our two managing partners, one of them has an extensive health tech background while the other has that fintech background. So obviously those are two main areas of focus for us. And whenever we sit down in our meetings, you know, someone will say, you know, it really doesn't excite me. And a lot of the times I've noticed it's because it's not what they're familiar with, not what they're, you know, what the industry that they know best. So for me personally, all of the deals of, most of the deals that I've brought in are really in that cyber space and then regulatory and compliance, because I know that space better. I also, you know, I find that space very fascinating, but I also think that right now there's a huge calling for cyber. And I just think that space is just going to get bigger and bigger. So my kind of opinion and input on that is, you might as well. You really should be trying to get in while you can.
- [16:26]
B
Yeah, I think it was Cal Newport that had that, that video that says, like, don't follow your passion. He was just saying that, you know, because, you know, when I was, when I was in college, I didn't know anything about fintech or what fintech was, but I ended up just kind of stumbling upon it. And then because I built some knowledge, I ended up becoming passionate about it. Right. So I think that's so true. Like, I don't think, and I'm just guessing here, but I'm assuming, like right when you started college, you were not like, oh, my God, I'm so passionate about cyber. But, you know, you kind of form that passion and conviction just because you immerse yourself in it as an expert.
- [17:03]
A
Right, exactly, exactly. And. And something that I've learned being in the cyberspace for several years is that the cyber, like the cyber landscape is always changing and really never stays the same. So you always need to keep up with that. So I think that's also why I'm drawn to the cyberspace, because there are always new technologies being out, you know, all these different new, you know, tools and all that sort of stuff that I really find fascinating.
- [17:30]
B
Yeah, we do. One of our portfolio companies is in the cyberspace. It's mainly focused on web authentication. So just the market size for authentication and just cyber security in general is massive. And then there's just so many more opportunities for people to get their data and information breached and hacked. And two factors, you know, is just not secure, especially push text, SMS verification. Yeah. So there's a lot of like, really more advanced protocols with like biometrics that, that I'm starting to see. What are your thoughts? Because I've seen some applications when it comes to quantum Computing and, you know, the. The opportunity for encryption when quantum gets to. To scale. Right now, I think it's still early, but what are some trends that maybe we should think about in general? Because. Because you are the cy when we're looking at deals to think about when it comes to cyber deals.
- [18:32]
A
Yeah, so I've been seeing some interesting trends in, like, deception technologies. So. Yeah, so, you know, initially when we saw it, they used to be called, I believe, honey pots. And over the years, they've changed the name to, like, these deception technologies and decoys and stuff like that, which is really like a more advanced honeypot. So I've been finding those really, really interesting. And I actually had spoken to a couple people that are really in the MSP space to get their thoughts on these deception tools, and they are saying that, you know what, we haven't really been approached to resell these products, so if we come across one and we really like it, we would take that to market and really, really hit the ground running with it.
- [19:20]
B
Yeah. And what's an example of a honeypot? Just for the. The audience here and also for me. Right. So is that something that. That would make people. Is it some type of deceptive measure that a nefarious person would use to make people think there's some, you know, offer or some attractive opportunity, and then when they go there, they give their credit card or something like that, and then they get hacked?
- [19:49]
A
Yeah. So. Well, so like a honeypot deception tool is, you know, if I'm an organization, I obviously want to make sure I'm secur during lockdown as best as possible. So you have these honey pots which would lure the attackers to them, making them think that there's actually something substantial there, and in reality, it's absolutely nothing.
- [20:12]
B
Sure. Oh, so it's actually a good thing to capture nefarious people. So it's. It makes. It makes kind of like the. The fraudsters think that there's something attractive, and then. And then you can kind of just catch those people there.
- [20:25]
A
Exactly.
- [20:26]
B
Got it. Okay. Yeah. Yeah. I guess the analogy is like with a bear, you know, if you got a honey pot, it's kind of a way to get a bear away from. Yeah, got it. Okay. And what are some of the ways that you can do that? Is it really like, hey, we've got credit card numbers for all the people in New York. You know, go to this portal or something like that? Or is it like access to some type of secure data? Or is it.
- [20:53]
A
I think it can be some of both. They've got different, like there's decoys there, there are a handful of other ones as well that it can like lure you into files for example, or lure you into, you know, whatever else it might be in their network. But in reality it's, you're being lured into absolutely nothing.
- [21:11]
B
Yeah. And then what about authentication? Because they've got, you know, they've had retina scan for a while, they've had, you know, fingerprints. Have you guys seen anything else recently as far as just better ID verification or authentication?
- [21:25]
A
We did speak, I want to say it was about a month ago to an authentication platform, but it really, the one at least the company that we spoke to, it was very similar to two factor authentication, but it was really just using their app. Past that I haven't come across a ton of companies doing a lot of authentication stuff. With that said, I know that there are a lot of them out there, we just haven't spoken to that many of them.
- [21:52]
B
Got it. Yeah. And I'm looking at Tomahawk Robotics. This is really interesting. So this is augmenting human, human performance. So how deep have you guys been going on the robotic side? I'm pretty new to robotics. I haven't done too, too much there, but it looks like there's some military applications. Is that kind of what Tomahawk is, is focusing on?
- [22:14]
A
Yeah, so Tomahawk was one of our investments in our first fund and they, they do do a lot of stuff with the military, which I initially had drawn our team into them. But in this second fund, while, you know, Tomahawk is just doing great and obviously, you know, we really enjoy working with them. I'm not sure if we've looked at any companies in the robotics space. I know it's definitely still something of interest to us, but I don't, I'm not sure if we've actually spoken to any companies in this fund in robotic space. And I just, I just don't think anyone has reached out to us.
- [22:53]
B
Yeah, I mean there's a lot of opportunity with, with, with Deep Tech Robotics, you know, automatic processes. And I think the, the challenge that I've seen is just the capital intensity. So I think some of those companies and you know, tell me what you think. But I, I feel like those companies, you know, like Tomahawk, it looks like they're, they're probably able to get a lot of government contracts, but when you got to have, when you have a, you know, capital intensive business, you also have to just be able to raise a lot of money and have A good pipeline of investor relations. Right. So being able to kind of already think about your roadmap to Series B and you know, really understand how much capital you need to, to really hit your revenue numbers and essentially your valuation numbers too, right?
- [23:36]
A
Yep, absolutely.
- [23:37]
B
Yeah. And how is the, you know, what are some of the opportunities in Florida? So, you know, it looks like, I think there's a huge healthcare system in Florida. So I see opportunities like an aging tech tech. But you know, the portfolio companies that you're seeing in Florida, where are you seeing the innovation and more of the opportunity, you know, and again, you know, going back to Miami, you know, what, what is the majority of tech there? Because, you know, we're in New York, so heavy fintech, insurance tech, obviously on the west coast, you know, there's a lot of consumer tech and you know, obviously B2B SaaS. But what are some of the trends in general that you're seeing with, with the accelerator? You said there's a new accelerator opening up in Naples. So what is kind of the composition of tech talent and sector focus in Florida?
- [24:32]
A
I mean, very huge tech, but I think we've been seeing probably a handful of health tech, fintech, and then also believe a couple like ad tech companies really coming out of Florida. Unfortunately, within this specific Naples community, we really haven't spoken to that many companies. We're really talking to some, you know, in Orlando, Tampa, Miami. So, you know, it's, it's still great to see that Florida ecosystem growing, but it would be, in my opinion, you know, even better to see some coming out of Naples.
- [25:06]
B
Yeah, yeah. In the accelerator. That's exciting to hear about that. So is it like a four month cohort and they're doing like a couple a year or, you know, how many, how many companies are they doing in their, in their class of graduates? I guess.
- [25:20]
A
Yeah, so they are. From what they said to me, it sounded like they were really in partnership with Florida Gulf Coast University and Collier County. So it's a lot of companies, I believe, coming out of the university, which is a huge opportunity. And then there obviously lies a mentorship opportunity as well. So, you know, and I love that mentorship role, being involved in that sort of stuff. So to me that's very exciting.
- [25:49]
B
Sure. Yeah. And it looks like we got a question here. So we might have covered some of this, but as the director of investor relations, how involved do you get in with investment decisions? So based on what you were saying, it sounds like, because this is kind of a really tight knit team, you can kind of form your own role and wear different types of hats and really lead the investment decisions, but also be kind of the main point person with, with LP relationships. But I probably would assume that again, if you're at like a big company like Sequoia Capital. Right. Or you know, one of the bigger logos, that's like your only role and there's like much more hierarchy. Right. And I don't know, I'd love to hear your thoughts from maybe your friends or network of other people that kind of are doing investor relations and how they vary across different, you know, companies and funds.
- [26:39]
A
Yeah. So just to answer the question, within Naples Technology Ventures, as far as making investment decisions, I personally don't make investment decisions. I, during our weekly investment meetings or after we get off calls, obviously state my opinion, state any concerns questions that I might have with the company. But ultimately, as far as making investment decisions, our two managing partners and our CIO are the ones that, that typically do that. From really what I've seen within the investor relation community and just other people that I've spoken to, they really just focus on investor relations day in, day out, you know, fundraising, supporting current LP questions, needs requests, all that sort of stuff. So that's why I like what I do because it's, you know, a lot more involved and I love working with LPs. It's honestly the best part of my job. But I also enjoy the fact that I get to do other things as well and am involved with the companies that we're looking to invest in as well.
- [27:47]
B
Sure. Yeah. And I mean, the whole emerging manager space is really exciting. I mean, that's something I'm truly passionate about. So with, you know, with the LPs, how are you seeing that evolve with the profile of the LPs? Because now we're seeing like next gens. Do you guys, you know, collaborate mostly with like single family offices or is it mostly institutions? And then, you know, now there's a lot of these next generation, you know, kids that are coming out of the family offices. We had a little session last night and one of the mentors that were was in our emerging manager program is a next gen. And he was like, look, you know, you got to slide into their DMs these days. You know, you can't use like the old school, like email databases. So are you seeing that, like, you're kind of finding creative ways to, you know, connect with people, maybe through a Slack channel or maybe through like an Instagram dm, you know, and how can we be more innovative as emerging managers to meet new LPs.
- [28:50]
A
Yeah, that's a great question. So, honestly, my big thing is, which I need to get better at is being active on LinkedIn. I think is so important. I notice when I'm active on LinkedIn, I get so many more people sliding in my DMs, as you say, and reaching out to me and just wanting to schedule a call, learning more about what we're doing and really just taking every opportunity to talk to people. So just to give you an example, a company that had reached out to us, and I manage our contact email address as well. So if anyone reaches out through the website, it comes directly to me. Companies have reached out before and just looking at their deck, they're way too early stage for us, but still we like giving them the opportunity. So we get on the phone with them and through that we actually end up meeting one of their advisors who joins the calls, who is very interested in learning more about Naples Technology Ventures and potentially being an LP. Other ways that we meet potential LPs is through our current LPs, through our current network, really just getting your name out there and don't be shy to get your name out there and meet other people, and not even just in the work environment, but outside of the work environment as well. Just really going out, whether it be a restaurant, whether you're going to an event, a networking event, just take in every opportunity you can possibly get because you never know who you can meet, whether it be a friend, whether it be a potential co worker, whether it be potential lp, all of that sort of stuff.
- [30:26]
B
Yeah. So I got. I see a question here from Dina. Dina, feel free to chime in. I'll. I'll try to call this question out, but let me know if I'm missing anything. So it sounds like you're saying that, you know, you raise the first fund from friends and family. Do you feel that it's easier, obviously, now that you have a track record. Right. With the first fund, to really focus on Fund 2 and let me see what else we have. Yeah. And then I guess, do you guys also raise LP capital globally as well, or is it really the focus to have LPs in the US and what. I guess the third question is, what advice would you give if. If it didn't come from friends and family? Because, Dina, did I ask your question properly?
- [31:17]
A
Yes, correctly.
- [31:18]
B
Okay, cool. Yeah, so it's. Yeah. So I guess to summarize, is it easier or more difficult after the first fund? Because obviously this is a bigger fund. Right. It's 50 million. So you're, you're dealing with a bigger, larger close and then I guess, yeah, international versus domestic. Any thoughts on that with, with LP relations?
- [31:44]
A
I think in some ways us being in the second fund was easier to raise capital because we did have that track record. And at that point, friends of LPs from the first fund were reaching out to us, wanting to invest because they've heard such great things. But at the same time, especially being that $50 million fund, I think the $50 million mark was a little bit tricky in some ways because we, most of our LP base is high net worth individuals, but we also have a couple institutional investors that come in and say, we really want to invest in you guys, but you're a little too small for us because they would like to write larger check sizes. But they also don't want to take up up 20, 30, 40, 50% of our funding. So I think in that way it can be a little more difficult. But again, having that track record definitely helps. And then obviously going into that third fund, that fourth fund, I think it'll start to get a lot easier in some ways because you also have the current LPs that are seeing your success and seeing how well the fund is doing. So hopefully at that point they would want to continue investing.
- [33:00]
B
Yeah, and I totally agree. I mean, I talked to a lot of emerging managers and I mean, the 10 to $15 million micro VC, it's really difficult to profile who the LP really is because there isn't really a family. Like, you know, some of the bigger, well known families, they, you know, they look at funds that are at minimum 75 to 100 million. You know, we had a single family office, I think a couple weeks ago. They represent a conglomerate and they're like, yeah, the smallest we do is 70 million. So it really is like angels in the first fund. And then at the 50, I think you're also still in that situation where you're not at the 70 or 100. So it's kind of like either it's not an angel, it's not a small family office, but it's not an endowment either. Right. So it's kind of like right in the middle. So it's probably like a hybrid, hybrid composition of different high net worth individuals and then maybe some quasi institutions. And I think the additional work is once you start dealing with the institutions, there's all the documentation and auditing and institutional ILPA guidelines that you got to follow as well, I'm assuming, right?
- [34:10]
A
Yeah, absolutely. And I think I missed answering part of the other question. What is the advice if fundraising won't come from family or friends? I think there again, just like I said before, I think it's just really getting your name out there, you know, getting Naples Technology Ventures or. Or whatever company you're working with. Just really getting the name out there as best as you can. Resharing things on LinkedIn. You honestly have no idea how many people will reach out to you by just seeing posts on LinkedIn like that. And another thing that I've noticed is any opportunity you can get to meet someone in person. I know obviously we' in a pandemic right now, and it's, you know, it's. It's very challenging times, but, you know, if you do have the opportunity to go and meet with someone in person, I think that goes a long way.
- [35:02]
B
Yeah, yeah, I agree. And, you know, it's. It's just going to be a really magical experience this Friday because I'm actually meeting some people that I've, like, been having conversations with virtually for about a year. So excited to kind of. We're meeting in, like, Bryant Park.
- [35:19]
A
Park. Yeah.
- [35:19]
B
So we're meeting outside, so. I totally agree. I mean, it's just. It's great to finally try to meet people, even if it's socially distanced. I mean, I got my first vaccine. I'm still wearing a mask and still being careful, but if you're able to at least do that with a mask and still get some face time with people, I think it definitely makes. Makes a big difference. So.
- [35:40]
A
Absolutely.
- [35:40]
B
Yeah. What other questions you guys have? Any other questions from the audience? Let's see here. So let me think about emerging managers here. So. Oh, I got a good one. So community building, right? So what are some tips that you recommend for community building? I would say on my end, I just try to do what is organic for me. Like, I'm not. I just run out of things to tweet about and I just am not as regular on Twitter, but I do like, like writing something. If I want to learn about it, that's the best way for me to learn. And then I'll just kind of document it. Then it's helpful for me to reference it and then I'll just share it and get some feedback. So. And then obviously, these, these video shows are really helpful for me. But you know what, what do you guys do? And then maybe you specifically for your personal brand to, to build community and what do you feel comfortable doing and any, any tips on that? As far as building community.
- [36:43]
A
I mean, I think you just made a good point right there. You're giving me tips by saying something you want to learn more about, you write about it. And you know, that kind of leads to what I was saying earlier on. Not being very active on LinkedIn and not even just like posting things, but also just clicking on pretty much every article you come across, reading it, educating yourself in the comments, asking other questions and just really building up that engagement, I think is something that, that is really important.
- [37:13]
B
Yeah, it's really helpful. What advice would you give to somebody that's trying to break into VC that's not in vc? So you and I both had some pretty hard pivots. So what has worked for you to kind of break into venture? And let's say somebody is coming from a non finance background, they work in consulting. What are some words of wisdom that you would give to them? Them?
- [37:40]
A
Yeah, so obviously I came in from the cybersecurity space, so pivoting into B.C. was very, very different for me. Initially I was hesitant. I didn't know, you know, if, if A, I would enjoy it or B, if I knew enough to really dive into the industry. But sometimes, you know, you need to just be able to take that jump, take that dive and you know, just really soak up the opportunity that you can get and learn as much as you can. Whether it be, you know, reading the news on what's going on in the VC space or talking to other people that are in that space, just really learning from them. So being in investor relations, in some ways it's very similar to customer success. So I kind of took that role, but then also spoke to a couple of people that are in the investor relations space and got their input on really what they do, what works best for them, you know, how they go about potentially sourcing LPs and working with current LPs.
- [38:44]
B
Yeah, and I think also being innovative and being open to, you know, alternate locations. So there was a really great fund that was in, you know, the D.C. area that kind of was in a neighborhood that isn't like obviously a huge big city. But obviously if you're just trying to break in, sometimes you might have to sacrifice the location, sometimes the pay, sometimes it's not like necessarily like the exact role that you, that you want. But you know, if it's at least in kind of the sector that you're interested in, you're closer. I feel like that's been helpful for me at least.
- [39:21]
A
And yeah, just to expand on that, I Couldn't agree more. You know, sometimes that when you're, whether you're exploring a new opportunity or just something slightly different, if it's an opportunity for you to grow and to learn more, in my opinion, you know, even if you are taking that pay cut or having to move somewhere, it's totally worth it because, you know, even for me, having to move from New York City down to Florida, I was able to learn so much in this past year, and I really wouldn't change it for the world.
- [39:54]
B
Yeah. Yeah, that was me too. You know, I'm just like you. So I was in New York and then I moved to Florida. And, you know, had I not went to Florida, I would have never got my Ph.D. you know, but I got a job with the DOD. Very gracious. You know, they, they paid for my full college and I even bought a house during the recession, you know, and then sold it later. So, you know, I think everything kind of works out somehow and, and I think, you know, just follow, follow the path, I guess. Just enjoy the journey as you, as you navigate it. And I feel like the money will always come, right, because, I mean, once you're in vc, you can always go to another city because you're kind of. You already got. Got your foot in the door and you've, you've kind of got some really good experience. But it's really, that first pivot, I felt it was challenging. Right, because you just don't. How do you sell somebody on, on you and, you know, giving you a chance to be reliable, to do the job if you've never done it before and.
- [40:54]
A
Exactly.
- [40:54]
B
I've had to do that a few times.
- [40:56]
A
No, I mean, I think advice that I would give is, is really have more confidence in yourself. Don't doubt yourself. Because I, you know, I'm not going to lie. I've. I've been there, going into a new space, moving it down back to Florida. The worst thing you can do is sell yourself and come to find out there really is no reason to just be confident and trust your gut and trust yourself, and everything, in my opinion, always falls into place.
- [41:23]
B
Yeah, no, I totally agree. Any other questions, guys? Feel free to shout them out or post them in the, the DM here.
- [41:32]
A
And I also, I would love, if everyone reach out to me on, on LinkedIn, would love to connect with everyone there and just really learn about what you guys are all doing.
- [41:41]
B
Yeah, I think another tip too is, you know, and you, you probably definitely did this too, but, you know, really just reach research the fund and, and I always tell everybody, act as if you're already in vc, so already source some deals. There's so many templates on the Internet. Right. So you can probably, you know, know, find some type of partners meeting template. We try to put out a lot of educational content and templates as well, just for community building and you know, on our Slack channel. But I would, would you, would you recommend also just kind of already bringing in deals and, and you know what? And you guys actually have a role open as well. Right? So, so perfect plug. So let me tell me this. What are you looking for in a perfect candidate?
- [42:30]
A
So we are looking for an analyst. To be completely honest with you, I don't know the details as to if, if they're looking for someone who's more of a senior analyst or junior analyst, but we are hiring it for an analyst role. So all of those applications are coming directly to me and then I'm sending them over to our cio. So if you guys know anyone that would be a good fit for that role, please have them apply because that would be awesome. But yeah, so we're really expanding our team right now. We're growing, we're excited and we've got some pretty exciting news that's probably going to be announced in the next couple of weeks or so as well.
- [43:11]
B
I actually posted your job description, so I'll send that again to the community. And then, you know, on culture, so what, what is the DNA of your culture? So when you guys are picking people, obviously the hard skills are there, right? So somebody can source deals, they can determine the market size, they can come up with an investment thesis, they can calculate the ownership that you have when you're investing in a company. So all those hard skills are there. What is important in your culture, in your DNA, when you guys are trying to find the next analyst?
- [43:47]
A
I mean, for us, it's really important that you genuinely are a good person. You're a hard worker. You know, you don't, you don't say no to something just because it's not necessarily your job focus.
- [43:59]
B
Yeah.
- [43:59]
A
You know, take me for example. I get involved in really everything. And we want someone that's willing to help wherever you know they need to help, and someone that wants to get involved, that wants to continue learning. So those are, those are really important aspects of what we look for. But we also look for someone that's willing to collaborate and that wants to collaborate. So a lot of the stuff we do is collaborative work. Everyone is in the office every single day. You know, We're, We've got a pretty big office. So during COVID we also came to the office and it was easy for us to stay apart from each other. Half of us a few weeks ago ended up getting Covid anyway. But it was funny because it was right after we were vaccinated, got the first vaccine. But. But no, someone that's, that wants to collaborate and work with the team, put ideas together. That's really, really important to us.
- [44:52]
B
Yeah, I'd say one big thing, too. And you kind of hit on this. And look, I've been in this situation, right? So I found somebody was asking earlier, like, hey, do you get to make investment decisions? Right. I mean, it. There, there was a long time where I had no trigger pull at all, right? I mean, I would share my opinions. And you're really at the mercy of the partners. It's their decision, right. They have a, A lot of times the partners have their own skin in the game, right? They. They've. They put in their 1% of the fund, so obviously they deserve to have their say. And, and all I can do is give my opinion. So how should people manage their ego and kind of navigate that? And you know, I'll be honest. I mean, there's been times where I thought there was like, amazing deals, and I thought those deals were like, going to be unicorns. And then the partners like, look, you know, this is not a good deal. And I think for me, it's just been helpful to just try to be humble and learn and take that as good feedback. And, And I think for me, it's been helpful to just understand and have a reality that everybody sees the world differently. Right. What I think is a great opportunity in fintech, somebody else, you know, you may not think the same, and you may have stronger conviction. It's all about conviction, Right. So you may have a stronger conviction on cybersecurity and robotics. So how do you advise people starting out in their first VC role to. To kind of mentally prepare for that and be okay with, like, not all their deals going to investment committee?
- [46:22]
A
Yeah, I mean, I think you, you made a very good point there. Everyone does have different opinions, but you still, you know, you and I might have very different opinions, and that's totally okay. But I always like to learn the other person's opinion. I always like to learn why they feel that way. And then maybe after I learn why they think it might be a good deal, why, why they think it might not be, maybe my opinions will change, maybe they won't change, but at least I educated myself a little bit more. So don't. I don't think anyone should really get discouraged if someone says, you know what? I don't really like that opinion. Let's. Let's move on. You know, you're still expressing your opinion, and so building up that courage and confidence. Don't. Don't be afraid to get, you know, shut down. I've definitely gotten shut down before for. For kind of voicing my opinion. But at the same time, where I'm at now, everyone really gets their. Their opinion. And even if our managing partners have a different opinion, they sit down, which is why our meeting sometimes can get dragged out for an hour and a half, two hours. They sit down, and they want to learn why you think that way. And there have been multiple times where someone has proven the facts and. And stated their opinion, and it's honestly altered the opinion of other team members of ours.
- [47:40]
B
Yeah, no, it's totally fair. And it reminds me of, you know, everybody has different opinions about Bridgewater, but one thing that I do appreciate about Bridgewater, one of the tips that Ray Dalio gives is, you know, see why people disagree with you, and if you can really embrace that, I mean, you could probably really save yourself a lot of money and save yourself from mistakes. So I totally agree with that. And there's been times, I mean, with me, you know, I feel something, and then the whole room, like, completely disagrees with me. So there has to be some reason and rhyme to that. So I think really drilling down and not really being focused on being. Being obsessively right. But really, if you. If the different differing opinions are there, really, like you said, you know, really diving deeper and figuring out why is really helpful. So. Yeah, that was really helpful. Well, you know, I know we got 10 minutes. I'll, you know, I'll let people jump in if they have any questions. A question that I always ask all the guests is any type of helpful advice that you've received from maybe a mentor, a family member, somebody you look up to that you'd like to share with us.
- [48:51]
A
I've, honestly, I've received a lot of good advice over the years, so. So I'd say something that I receive that I think is so valuable is always remain humble. Even if you do something that blows everybody away, that's awesome. You get promoted to whatever role it might be that you've been aiming for. That's awesome. But always just remember who you are and stay humble and. And just always stay grounded, no matter what situation you're in.
- [49:25]
B
Yeah, that's good advice because, I mean, even though you're, you know, a partner today, you know, something could happen and you might have to start all over again. And I think you're. You're right. I think just always being humble and, and treating people how you want to be treated is definitely important, so. Cool. Well, hey, this was amazing. All. You know, I guess if nobody else has any other questions, just want to really thank you for coming in. I know it's a little late in the evening, so. So appreciate you giving some time and, you know, talking about. Talking about you, your story and all the great things that you guys are doing at Naples Technology Ventures. And shoot me a note if you come out to New York, you know, maybe we'll, you know, meet at the park or something, you know, and get some other people together. Yeah.
- [50:07]
A
Thank you. Thank you again. Thank you for having me. Thank you, everyone that joined again, please connect with me on LinkedIn. Would love to learn about what everyone is up to, too, and. Yeah, great.
- [50:19]
B
Well, thanks a lot, Daria. Have a good evening.