New @ThePeelPod with @jmj at @chapterone We talk about building a venture firm like a product, why round labels are dead, the reason picking rates have fallen, consumer AI, delivering flowers door-to-door in Kansas, taking down Tinder with a push notification, how none of his Fund 1 returners were in the Bay Area, and why Ch 1 never announced their $64M Fund 3. Full episode here + links below. 0:00 Publishing IC notes every week 3:45 Do round names matter anymore? 8:20 Putting a big check into Erebor's $2B round 11:40 Why deep tech went from instant pass to preferred in 3 years 15:30 When deep tech companies should raise debt 19:00 Should this company raise $1M or $100M? 23:25 You have two days to say yes 25:55 The sourcing software he built at Tinder 28:05 Their crypto book hit 22x, then the market turned 30:55 Paradigm, SendCutSend, and re-founding a firm 33:35 If you're going to pivot, re-found the company 37:25 Flex's wedge was too illegible to fund 40:10 When should you actually pivot? 42:45 Zaarly, the Uber for everything 45:15 Moving to Kansas City with a bag of clothes 47:25 Delivering flowers door-to-door 51:30 Raising a $64M Fund 3 and not announcing it 56:30 Joining Tinder as employee 50 57:35 The push notification that took down Tinder 1:00:55 Why you shouldn’t start a dating app 1:04:15 Consumer got too predictable 1:08:55 Consumer AI economics look worse than enterprise 1:10:35 Supabase and the non-human customer 1:13:00 Launching Chapter One from his Tinder desk 1:15:05 50 experiments per fund cycle 1:16:10 Product Club, the world's smallest accelerator 1:19:00 Evolving portfolio construction between funds 1:21:25 Why picking rates have fallen 1:24:40 Smaller funds can invest in illegible categories 1:27:40 Zero Fund 1 returners were in the Bay Area 1:29:35 Don't compete with Sequoia at Seed 1:32:00 His grandfather built Mervyn's