20VC: David Tisch on Why High Ownership and Concentration is BS | Why No Manager Actually Wants to Stay Small | Why Competing with the Mega Platforms is a Losing Game | Why the Lean Startup is a Fake?

David Tisch is the Founder of Box Group, one of the best seed funds of the last decade with early investments in Cursor, Baseten and Clay to name a few. Today the fund invests from two funds, a $275M seed fund and a $275M opportunity fund. AGENDA: 10:40 Why we have less dilution now than ever before 12:50 Why I don't want to compete with the best VCs, and why it's a trap 16:15 What concentrated funds know but do not admit to 17:25 Why multiple tranched rounds can be good for founders 18:45 Why the Lean Startup was a total fake 28:55 Why LPs are frustrated by a market that we can't change 31:50 What is the single best-returning investment in the history of BoxGroup? 33:15 Why fund returners are not always obvious in the early years 40:05 Why funding consumer brands at seed no longer makes sense for venture 42:00 Rogo, the now $2B company, got passed on by 39 out of 40 investors 45:40 Why the marketing message that pro rata is not a right is BS 1:01:50 Why we do not allow negativity in the investment decision-making process 1:03:00 The true magic of early-stage venture capital 1:04:35 Why YC has the best business model in all of venture