Robert F. Smith

How can investors get early points on the board when building a successful career managing people's money? I recently spoke with Ryan Miller, MFin., host of the insightful and influential Making Billions with Ryan Miller podcast, about differentiated investment strategies that are proven to move the needle, including sourcing better, executing to produce better results, and providing value to drive exits. More takeaways from our rich conversation centered on how not to lose as a fund manager: 🤝 Why investments are about trust — not transactions 🌟 Finding a unique win-win for your fund, such as Beyond Capital Ventures' framework that shares part of our carry with our portco founders 🚀 Identifying founders who are looking to evolve their vision, such as Josh Whale and Alper Tilev of Ampersand Energy who took their company's initial product (a better-built e-motorcycle) and created an infrastructure (a comprehensive e-battery swap network that extends throughout East Africa) Another favorite topic of mine? How partnering with people who lift you up ("umpires") and help expand your vision ("empires") while avoiding "vampires" is the key to establishing an abundance mindset. That's why I work with people like Keren Eldad PCC to help keep me "above the line," as we like to say at BCV. Give our episode of Making Billions a listen and let me know your thoughts! 🔊 https://lnkd.in/drBbRZXp #VentureCapital #ConsciousLeaders #EmergingMarkets #Africa #India #EMobility #MakingBillions

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🚀 New Episode Alert: #IPO Stories episode 37 with Professor Michelle Lowry from Drexel University 🚀 What’s really driving the decline in IPOs? How should newly public companies structure their governance—and why does it matter for retail investors? In our latest episode, I sit down with Michelle Lowry, Professor of Finance at Drexel University, whose research has shaped how regulators and investors think about IPOs, corporate governance, and retail investing. We dive deep into: - The changing landscape of companies going public - and why this makes it more challenging to find an equilibrium valuation to go public - The changes in types of investors - with the rise of VCs investing in public firms, and mutual funds investing pre-IPO - Why governance standards for large, mature firms may not be the best value creation for high-growth, recently listed firms - How to spark retail investor participation in the stock market, including through IPOs. Some quotes from our discussion: 📜“We have a lot of regulations related to corporate governance […], the SEC in particular relies a lot on academic research in writing these regulations. But the vast majority of that academic research is based on the S&P1500 firms, and what if the best corporate governance for these large, mature firms are not the same as the best corporate governance for small, recently listed firms?” 🦈“When you think about Shark Tank, the entrepreneur does not always choose the shark that provides the most money, they choose the shark that is providing a little bit less money but knows a lot about the industry and can help the company develop to the next round. I think of the VC as the shark that has both the money and the expertise." ✨“One of the unique aspects of a newly public firm is the inexperience of the management. […] as a result it will naturally rely more on the board for its advice. That will lead the firm to benefit more from certain board structures, even though these same structures might be value decreasing for more mature firms.” 🎧 Tune in to hear Michelle’s insights, which are relevant for anyone who cares about how the stock market is evolving. 👇Links to the episode in comments below #IPO #CorporateGovernance #RetailInvesting #Podcast #Finance #IPOStories Disclaimer: The discussion in this episode is not financial advice, nor an investment recommendation, nor a solicitation to buy or sell any financial instruments or an offer for financial services or any other transaction. The information contained in the recording has no contractual value and is intended for informational purposes only. Amundsen Investment Management and the participants in this podcast may have holdings in the companies being discussed. Any views expressed are those of the guests only, and not of Amundsen Investment Management.  

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🚨 Major policy movement on Capitol Hill that could reshape early-stage capital formation in the U.S. The House Financial Services Committee just advanced three bipartisan bills aimed at easing the path for fund managers and, by extension, the founders they back. Promising? Yes. Straightforward? Not quite. Let’s break it down: 📘 Small Business Investor Capital Access Act This bill proposes modernizing the outdated $150M SEC registration threshold. On one hand, it could unburden smaller funds and redirect more capital toward startups. On the other? Oversight matters, especially in today’s fast-growing and opaque private markets. The original threshold wasn’t arbitrary. 📘 ICAN Act Expands both fund size and investor count limits for small VC funds. It’s a win for emerging managers needing more flexibility. But will it lead to greater innovation or just greater confusion? Managing a broader investor base often means more reporting complexity and compliance risk, especially for new entrants. 📘 DEAL Act Broadens what qualifies as a VC investment to include fund-of-funds and secondaries. It’s a nod to liquidity and inclusion. But the flip side? It risks muddying the waters around what venture capital really is and could open the door to less disciplined investment practices. 🔍 Why it matters: ✅ Lowers entry barriers for new fund managers ✅ May help spread capital beyond traditional tech hubs ✅ A step toward funding more diverse and underserved founders ⚠️ But: Easing rules without reinforcing responsibility could backfire. Less friction can also mean less accountability. 📎 A broad coalition including #Carta, #AngelList, #NVCA, #ACA, and others have backed these changes in a public letter (Shoutout to Carta's Policy Counsel Holli Heiles Pandol for making it available). Worth reading if you care about how venture capital evolves. Let’s hope the next chapter strengthens both access and accountability.

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