Jon Staenberg

Yeah, thank you so much. The pleasure is mine. It's really fun to be on this podcast. It's number one on Apple. You guys have done a tremendous job, so excited to be here today. Yeah, so I always like to start because of where I'm from. I'm from Omaha, Nebraska, and I grew up in a very, very middle-class family, a family of entrepreneurs.

Yeah, thank you so much. The pleasure is mine. It's really fun to be on this podcast. It's number one on Apple. You guys have done a tremendous job, so excited to be here today. Yeah, so I always like to start because of where I'm from. I'm from Omaha, Nebraska, and I grew up in a very, very middle-class family, a family of entrepreneurs.

My dad had a real estate business and my mom actually took it over when my dad passed away and she started several other companies. And I got to see firsthand what it was like to be entrepreneurial and to grow. have to do the day in and day out of running a small business. And that always stuck with me. My first job was picking weeds at eight years old at one of our apartments.

My dad had a real estate business and my mom actually took it over when my dad passed away and she started several other companies. And I got to see firsthand what it was like to be entrepreneurial and to grow. have to do the day in and day out of running a small business. And that always stuck with me. My first job was picking weeds at eight years old at one of our apartments.

And so I really understood the value of hard work and treating people right and understanding customers. And that's basically the foundation that really has led me to today. I was lucky also enough to be around Warren Buffett. My mom was friends with his wife. And so he has always been a tremendous influence on my life and the way I look at the world.

And so I really understood the value of hard work and treating people right and understanding customers. And that's basically the foundation that really has led me to today. I was lucky also enough to be around Warren Buffett. My mom was friends with his wife. And so he has always been a tremendous influence on my life and the way I look at the world.

And of course, Warren's always been about value investing. And that's something I hold close and dear to how I look at my own investments. So but from Omaha, I went out to the West Coast. I went to Stanford and went to Stanford Business School as well. And certainly was exposed to a lot of entrepreneurialism there, including, of course, the beginning of venture capital.

And of course, Warren's always been about value investing. And that's something I hold close and dear to how I look at my own investments. So but from Omaha, I went out to the West Coast. I went to Stanford and went to Stanford Business School as well. And certainly was exposed to a lot of entrepreneurialism there, including, of course, the beginning of venture capital.

And I knew going to the business school and meeting the incredible people who were involved with VC at the time, that that's something I wanted to do. I, after business school, went to Microsoft to steep myself in tech and startups. And from there, I then launched a career of some 30 years in venture capital.

And I knew going to the business school and meeting the incredible people who were involved with VC at the time, that that's something I wanted to do. I, after business school, went to Microsoft to steep myself in tech and startups. And from there, I then launched a career of some 30 years in venture capital.

About five years ago, almost six now, I guess, I started thinking to myself that venture capital was a different game and maybe not one for me. And yet, I wasn't even close to being done. I think Warren's 94 or so now, and I don't see myself slowing down. And like Warren, I still skip to work. every day because I love what I'm doing. And I remember thinking, what am I going to do after venture?

About five years ago, almost six now, I guess, I started thinking to myself that venture capital was a different game and maybe not one for me. And yet, I wasn't even close to being done. I think Warren's 94 or so now, and I don't see myself slowing down. And like Warren, I still skip to work. every day because I love what I'm doing. And I remember thinking, what am I going to do after venture?

I still love being around entrepreneurs. I still love the passion that they have. I love coaching and mentoring. And I love the art of the deal. So I went back to Stanford and met my professor. from many decades ago, Irv Groesbeck. And Irv is the godfather, the OG, of something called search funds.

I still love being around entrepreneurs. I still love the passion that they have. I love coaching and mentoring. And I love the art of the deal. So I went back to Stanford and met my professor. from many decades ago, Irv Groesbeck. And Irv is the godfather, the OG, of something called search funds.

And we spoke, and I talked about how I can't believe I missed it the first time around, because it's been around for a while. But I didn't want to miss it this time around. and steep myself in search funds. And today I have created, as of last year, the world's first fund of funds for search. Search is also called ETA at the business schools, Entrepreneurship Through Acquisition.

And we spoke, and I talked about how I can't believe I missed it the first time around, because it's been around for a while. But I didn't want to miss it this time around. and steep myself in search funds. And today I have created, as of last year, the world's first fund of funds for search. Search is also called ETA at the business schools, Entrepreneurship Through Acquisition.

So I basically have created Agate Hound Fund, which invests in funds, which invests in the searchers. And we have become a proxy, if you will, or index fund for small American business run by really smart MBAs using the traditional search fund model. So that's a lot of words. And I'm going to stop there and apologize for going on for so long.

So I basically have created Agate Hound Fund, which invests in funds, which invests in the searchers. And we have become a proxy, if you will, or index fund for small American business run by really smart MBAs using the traditional search fund model. So that's a lot of words. And I'm going to stop there and apologize for going on for so long.

Yeah. So at a very high level, search funds are where MBAs from business schools, instead of taking a job straight out of business school, they go out and see if they can get 8 to 12 investors who will give them a small amount of money, enough money to pay themselves to live and to do research on companies for up to two years while they search to find, acquire, and then run a small business.

Yeah. So at a very high level, search funds are where MBAs from business schools, instead of taking a job straight out of business school, they go out and see if they can get 8 to 12 investors who will give them a small amount of money, enough money to pay themselves to live and to do research on companies for up to two years while they search to find, acquire, and then run a small business.