Nick Crocker
speaker
748 appearances
1 recordings
1 series
first heard Jan 2023
last heard Jan 2023
Nick Crocker’s voice in public audio — every appearance, attributed to the second.
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I was thinking about this this morning.
I think the cop-out answer is we get them all wrong.
Because kind of where that question's going is you want me to call out a particular investment that went really wrong that we thought was going to be great.
But actually, I think the answer, the one I got most wrong is a company called Dovetail.
And we led the seed round.
And one thing you try and do when you're an investor is to invest in category creating companies and invest in the one that becomes a defining company in the category.
So, the canonical example is Salesforce as the defining CRM business.
But I just really liked Benjamin and Brad, and I thought they were exceptional product people, but I didn't think when I did the investment that I was onto a category creator necessarily.
Fast forward three, four years, and they are the leading company in the user research space, and that has become a category where people believe, me included, that there's a billion dollar business to be built there, or a multi-billion dollar business.
And I would love to say that I saw that coming.
But if you read my memo from 2018, it was just his two guys who built incredible product with incredible focus and care.
And actually, a lot of the doubts that I got when I talked about the investment was people thought this wasn't going to be big enough.
There weren't enough people who were going to use this.
But their mission now is to improve the quality of everything.
And we suddenly have a category.
And so, I-
I'm going to flip it and make it a positive.
And I got that one wrong to the upside where it became much bigger and more impactful than I thought it would.
It's going to shock you, analyzing financial statements.
Really?
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