Keith Rabois

So yes, that's true. And then after that, I went back with back selection from PayPal days to slide, which is on the outsheep of history. We don't have to talk about that. But then I did jump into Square as the 20th employee and helped build a pretty good company.

So yes, that's true. And then after that, I went back with back selection from PayPal days to slide, which is on the outsheep of history. We don't have to talk about that. But then I did jump into Square as the 20th employee and helped build a pretty good company.

I became a VC, you know, became lazy, you know, decided to be a VC in 2013, spent six years at Coastal Ventures, five at Founders Fund last year, almost the last year now.

I became a VC, you know, became lazy, you know, decided to be a VC in 2013, spent six years at Coastal Ventures, five at Founders Fund last year, almost the last year now.

That's true. So I had the benefit of having Vinod on the board of Square, which I think is typically how executives wind up turning into VCs, is you forge a relationship with board members. So like, for example, Rolof Bote, who runs Sequoia, had Mike Moritz on his board. Rolof was our CFO at PayPal, and Mike recruited him.

That's true. So I had the benefit of having Vinod on the board of Square, which I think is typically how executives wind up turning into VCs, is you forge a relationship with board members. So like, for example, Rolof Bote, who runs Sequoia, had Mike Moritz on his board. Rolof was our CFO at PayPal, and Mike recruited him.

So that's a very common, same thing, Ravi at Sequoia today was the COO and CFO of Instacart. Again, same thing, Mike recruited him into Sequoia. So I think that's typically how people become VCs. I always knew I wanted to be a VC since 2003. I was a very active angel investor, as you know, even when I was concentrating on all these other jobs, I was writing a lot of checks.

So that's a very common, same thing, Ravi at Sequoia today was the COO and CFO of Instacart. Again, same thing, Mike recruited him into Sequoia. So I think that's typically how people become VCs. I always knew I wanted to be a VC since 2003. I was a very active angel investor, as you know, even when I was concentrating on all these other jobs, I was writing a lot of checks.

And so anybody who's writing a lot of active angel checks probably has in the back of their mind, one day I might want to be a professional investor. We could talk about the merits or demerits of that, but the goal was pretty clear in my mind. And then at some point, I think you have to make a decision. What do you want to be in life? Venture has long time horizons.

And so anybody who's writing a lot of active angel checks probably has in the back of their mind, one day I might want to be a professional investor. We could talk about the merits or demerits of that, but the goal was pretty clear in my mind. And then at some point, I think you have to make a decision. What do you want to be in life? Venture has long time horizons.

It is a job for life, like 15, 20 years is pretty much what you have to commit to. So you don't really want to start venture when you get too old because 20 years, you'll be like Donald Trump age. Yeah. So I can run for president in 25 years or something.

It is a job for life, like 15, 20 years is pretty much what you have to commit to. So you don't really want to start venture when you get too old because 20 years, you'll be like Donald Trump age. Yeah. So I can run for president in 25 years or something.

So COSA was great. I spent six years there. The truthful reason why I left, it's kind of funny given COVID and how history changes. I hated commuting to Sand Hill Road every day. We were one office period in office every single day. And I felt like the future of investing was more in San Francisco. than in Palo Alto at the time. And I just despise sitting in a car 45 minutes each direction.

So COSA was great. I spent six years there. The truthful reason why I left, it's kind of funny given COVID and how history changes. I hated commuting to Sand Hill Road every day. We were one office period in office every single day. And I felt like the future of investing was more in San Francisco. than in Palo Alto at the time. And I just despise sitting in a car 45 minutes each direction.

Turns out, you know, COVID changed everything, how people do their work. Like we're recording this by Zoom. Before COVID, we'd probably all be in the same studio recording a podcast like this. And so, but Vinod and the team was very inflexible about it. And Founders Fund was located in the city. Obviously, I knew Peter since college, as Jason alluded to.

Turns out, you know, COVID changed everything, how people do their work. Like we're recording this by Zoom. Before COVID, we'd probably all be in the same studio recording a podcast like this. And so, but Vinod and the team was very inflexible about it. And Founders Fund was located in the city. Obviously, I knew Peter since college, as Jason alluded to.

And I decided that, you know, it was better for me. I remember talking to Sam Altman, And I said, am I crazy for changing funds mostly on a commute basis? And Sam said, you're human. And every single study of human happiness is it's inversely correlated to your commute time. It's like, there's nothing wrong with being human. In any event, there are a lot of similarities between FF and KB.

And I decided that, you know, it was better for me. I remember talking to Sam Altman, And I said, am I crazy for changing funds mostly on a commute basis? And Sam said, you're human. And every single study of human happiness is it's inversely correlated to your commute time. It's like, there's nothing wrong with being human. In any event, there are a lot of similarities between FF and KB.

Both are great funds that have put up incredible returns, have funded iconic founders and companies, but they're very different. KB is involved as early as possible, and FF is a momentum investor and is maybe the best on the planet at being a momentum investor. So almost every successful investment of founders fund over eight funds, was invested at $500 million or more entry valuation.

Both are great funds that have put up incredible returns, have funded iconic founders and companies, but they're very different. KB is involved as early as possible, and FF is a momentum investor and is maybe the best on the planet at being a momentum investor. So almost every successful investment of founders fund over eight funds, was invested at $500 million or more entry valuation.