Ilya Strebulaev: Venture Mindset Takeaways for Board Members.

(0:00) Intro.(1:39) About the podcast sponsor: The American College of Governance Counsel.(2:25) Start of interview. Reference to E21 with Ilya Strebulaev from October 2020.(4:01) On why he wrote his book The Venture Mindset: for decision makers in large organizations.(5:37) About the first principle: Home Runs Matter, Strikeouts Don’t. Make small bets vs fear of failure.(7:23) Two types of innovation: incremental (step by step) vs. disruptive innovation.(13:32) The unique role that independent directors can play in innovation.(18:20) On corporate unicorns and intrapreneurs.(20:11) On errors of omission and building anti-portfolios.(24:01) Promoting the venture mindset for large companies to be more innovative and become more like Silicon Valley.(28:29) Red flags in decision-making ("why should I not invest?"), and the example of Theranos. Examples from Shark Tank.(34:00) On Yuri Milner's investment in Facebook (2009) and investing without taking a board seat (informal controls and indirect influence).(38:30) Formal vs informal control rights in corporate governance.(44:13) Stay private vs go public debate. On "quasi-public" companies.(49:11) On the pressures to go public for VCs and employees, and the evolution of secondary markets.(52:20)  On the principle (#5) to Bet on the Jockey (put people above process).(53:22) On the principle (#7) to Double Down or Quit (allow flexibility, and phenomenon of escalation of commitment).Ilya Strebulaev is a Professor at the Stanford Graduate School of Business and is an expert in corporate finance, venture capital and private equity, corporate innovation, innovation ecosystems, and financial decision-making. His recent work has examined the valuation of VC-backed companies, decision making by venture capital and private equity investors, corporate venture capital, and impact of venture capital. You can follow Ilya on social media at:Twitter: @IlyaStrebulaevLinkedIn: https://www.linkedin.com/in/ilyavcandpe/Venture Mindset Website: https://thevcmindset.com/ You can follow Evan on social media at:X: @evanepsteinLinkedIn: https://www.linkedin.com/in/epsteinevan/ Substack: https://evanepstein.substack.com/__To support this podcast you can join as a subscriber of the Boardroom Governance Newsletter at https://evanepstein.substack.com/__Music/Soundtrack (found via Free Music Archive): Seeing The Future by Dexter Britain is licensed under a Attribution-Noncommercial-Share Alike 3.0 United States License

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