In this episode of 20vc, Harry Stebbings reconnects with Kirsten Green, founder and managing partner of Forerunner Ventures, to discuss her journey and insights in venture capital. Green, who has led Forerunner in raising over $2 billion and investing in over 100 companies, shares her experiences and the importance of being authentic, curious, and empathetic in business. She emphasizes the significance of relationships, both personal and professional, in shaping one's career and the value of learning from failures. Green also touches on the evolving venture landscape, the challenges of scaling a VC firm while maintaining quality, and the balancing act between work and personal life. The conversation highlights her unique approach to investing, her views on giving constructive feedback, and the lessons learned from both successes and setbacks.
"Now, our guest today was last on the show five years ago, since they've had more hit investments than I've done podcast episodes, and they're also one of the most kind and genuine people in this business. I'm so proud to welcome back to Kirsten Green, founder and managing partner of Forerunner Ventures, one of the leading firms of the last decade investing at the intersection of innovation and culture."
This quote introduces Kirsten Green as a successful and influential figure in the venture capital industry, highlighting her achievements and her return to the podcast after five years.
"A huge thank you to Eddie. It curated. Yuri Kim Andy Dunn Anu at YC Jeremy Liu Alfred Lynn my word, we do do our references and more, and it really did make such a difference. So huge thank you for that."
This quote expresses gratitude to the individuals who contributed to the episode, emphasizing the collective effort behind the podcast.
"Ultimately became clear that early stage investing really offered the things that I valued, which was operating at this intersection of qualitative and quantitative thinking."
This quote encapsulates Kirsten's realization that early-stage investing aligns with her personal values and strengths, merging analytical and creative thinking.
"Investing creativity is pretty closely tied to curiosity. Curiosity is one of the most valuable characteristics that has the potential to lead you on fantastic journeys."
Kirsten links creativity with curiosity, suggesting that a curious mindset is essential for success and enjoyment in the venture capital industry.
"My entrepreneurial bug was kind of rooted in that experience of wanting to have more of a role in my own destiny."
This quote reflects on Kirsten's motivation to become an entrepreneur, driven by a desire for self-determination and learning from personal experiences.
"Life is a series of choices. There are a multitude of doors that get opened, and some ways for every door that gets opened, others get closed."
Kirsten's perspective on life's choices suggests that while some opportunities are lost, others are gained, and it is important to value the experiences that come from the paths chosen.
"And I just think it's important to appreciate what that opportunity that created for you."
This quote emphasizes the importance of recognizing and valuing the opportunities that life presents, as they contribute to personal growth and future success.
"And we can't do everything. That's just the reality of life."
This quote acknowledges the reality that life requires making choices and that it is impossible to engage in every potential activity or opportunity.
"Not in the founder friendly bullshit way, but like, really move the needle for the companies."
This quote from Eddie highlights Kirsten Green's genuine and effective approach to adding value to companies, distinguishing her from others who may only superficially claim to be founder-friendly.
"I mean, yes, certainly."
Kirsten Green confirms that she feels a chip on her shoulder, which has been a motivating factor in her career.
"For every person that looked at me while I was on this kind of let's call it my 30s. My path of discovery and exploration, which started to become clearer and clearer."
This quote reflects on Kirsten Green's journey of self-discovery and the skepticism she faced while pursuing a career in venture capital.
"I think venture is collaborative industry, and I really appreciate that. It's also a competitive industry, and I really appreciate that about it."
This quote highlights Kirsten Green's appreciation for the dual nature of the venture capital industry, which is both collaborative and competitive.
"I really try to go back to a place of being authentic."
This quote underscores Kirsten Green's belief in the power of authenticity as a guiding principle for personal and professional behavior.
"Finding one of the things about venture and it being kind of an ecosystem driven business and being a founder and thinking about the various investors that you bring along around the way is you can get, like, a council of experts."
This quote explains the importance of having a diverse group of experts with different strengths in the venture capital ecosystem to support founders.
"Quality. And to me, quality is showing critical and thorough thinking in the work and the approach, and then results."
Kirsten Green defines high performance as the combination of quality work and achieving results, both of which require thoughtful and critical approaches.
"It's a great question, and it's a topic that I, in many ways, am obsessed over."
This quote shows Kirsten Green's dedication to maintaining quality in her venture capital practice as it grows.
"I don't know, Harry, that I ever said we're only doing consumer investing."
Kirsten Green clarifies that Forerunner Ventures has always been inspired by consumer trends, even when considering investments outside of the strictly consumer space.
"And we can do that from various different segments, and we can do that within a segment." "We've always had a mix of b to b and b to C companies in our portfolios." "We went from having a really, again, like the big picture, being consumer North Star, but saying, okay, we're going to do this one segment, we're going to do the evolution of ecommerce, and then we're going to expand it into the b, two b tools that serve that..."
The quotes emphasize the strategic approach of Forerunner Ventures in diversifying their investment focus across various segments and within specific segments, evolving from consumer-centric to a broader scope including B2B tools.
"So what gets easier over time is you have the benefit of experience and that can be leveraged." "But the more people you have, the more you're kind of also serving for those ambitious people and their own needs to be recognized and to have successes and wins."
The quotes highlight the benefits of experience in decision-making and the complexities of managing a growing team with individual ambitions and the need for maintaining culture.
"I believe and I hope that I empower the people that I work with." "I try to lead by example I really love the work that I do." "I empower people to do things on their own."
These quotes reflect Kirsten Green's leadership philosophy centered around empowerment, leading by example, and setting clear standards for work quality and reputation.
"So it's about being direct, but being respectful all the time, using your words wisely, and not trying to say too much in one conversation."
The quote suggests a measured and respectful approach to providing difficult feedback, emphasizing the importance of clarity and restraint in communication.
"But do I ever lose my shit? And just. No, I don't think so." "I'm pretty good at holding multiple feelings at once."
These quotes illustrate Kirsten Green's emotional intelligence and her ability to maintain composure and empathy even in frustrating situations.
"Actually, there are positive, constructive relationships in the world that not only add, but enable or even make possible things that you want to do as a person." "If I hadn't had a partner that had stepped up that way and had known what it meant to me and the value of that, I could not have been a good mother and started something that had potential to be successful at the same time."
These quotes convey the importance of supportive relationships in achieving career success and personal fulfillment, using Green's own life as an example.
"Honestly, I will say, I think for me, it was really an unlock it really. We're all a tapestry of different strengths and experiences that come together. So it's not just one thing, but for me, when I had my child, I really was motivated into making the most of every moment."
The quote emphasizes the transformative effect of parenthood on Kirsten Green's life, leading her to prioritize and be fully engaged in every activity, whether professional or personal.
"Parenting is a journey, Harry. The kid at twelve is very different than the baby at six months and one child. I have a son and a daughter. They have so many similarities and they're also very different."
This quote illustrates the ongoing and changing nature of parenting, highlighting the differences between children and the evolution of the parental role over time.
"My biggest strength is I'm an optimizer. I think I'm a pretty good strategic optimizer. My biggest weakness is, listen, I care so much."
Kirsten Green sees her ability to optimize strategically as her key strength, while her caring nature presents challenges in a profession that requires frequent rejection.
"One of my earliest investments, before I had any successes that was somewhat high profile, ended in just fabulous fashion in terms of just being a big blow up."
This quote recounts a significant setback in Kirsten Green's career that, despite its difficulty, provided her with essential experience and lessons that she values highly today.
"Journal. A journal. But you say a journal is not luxury. But if you're there, you have more time to think than you ever have in any other time. I'd like to write it down."
The quote highlights the importance Kirsten Green places on reflection and documentation, considering a journal a luxury for its ability to capture thoughts during a time of solitude.
"I would like my children to find resilience, curiosity, and empathy."
This quote succinctly lists the three key traits Kirsten Green prioritizes for her children's development, reflecting her values and aspirations for their character.
"But it's really a long haul. Every fund is a ten year commitment, at least."
Kirsten Green's quote underscores the long-term nature of venture capital investments and the significant commitment they represent.
"And I think some people do not appreciate the importance of that or the."
The quote indicates that some aspects of team building and nurturing talent may not be fully recognized by everyone in the venture capital industry, which Kirsten Green has had to adapt to.
"Five years. I think we're going to be talking about incredible companies that were built custom."
This quote conveys Kirsten Green's forward-looking perspective and confidence in the potential for growth and success in the years to come.
"As I said at the beginning, Kirsten is one of the most kind, genuine, and authentic people in this business."
Harry Stebbings' quote acknowledges Kirsten Green's personal qualities and the positive impact they have had on her professional relationships and success.