{"id":13116,"date":"2020-10-09T17:20:57","date_gmt":"2020-10-09T17:20:57","guid":{"rendered":"https:\/\/fabricegrinda.com\/?p=13116"},"modified":"2022-03-20T09:32:59","modified_gmt":"2022-03-20T09:32:59","slug":"episode-4-fj-labs-investment-thesis","status":"publish","type":"post","link":"https:\/\/grinda.org\/zh-hans\/episode-4-fj-labs-investment-thesis\/","title":{"rendered":"Episode 4: FJ Labs\u2019 Investment Thesis"},"content":{"rendered":"\n<p>In the <a href=\"https:\/\/fabricegrinda.com\/playing-with-unicorns-episode-3-how-vcs-evaluate-startups\/\" target=\"_blank\" rel=\"noreferrer noopener\">third episode<\/a>, I described how VCs evaluate startups by using a combination of the team, business, deal terms and whether the idea fits with their thesis to decide whether to invest or not. In this episode, I present FJ Labs\u2019 Investment thesis.<\/p>\n\n\n\n<p>I start by covering why we focus on marketplaces, then detail: &nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Our current marketplace theses:<ul><li>Verticalization of horizontals<\/li><\/ul><ul><li>Transition to supply pick marketplaces<\/li><\/ul><ul><li>B2B marketplaces<\/li><\/ul><\/li><li>The Future of Food<\/li><li>The Future of Work<\/li><li>The Future of Real Estate<\/li><li>The Future of Lending<\/li><\/ul>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Episode 4: FJ Labs Investment Thesis\" width=\"840\" height=\"473\" src=\"https:\/\/www.youtube.com\/embed\/hoBRHBIAr14?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>For your reference I am including the slides I used during the episode.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide1-4.jpg\" alt=\"\" class=\"wp-image-13120\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide1-4.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide1-4-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide1-4-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide1-4-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide1-4-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide2-2.jpg\" alt=\"\" class=\"wp-image-13127\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide2-2.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide2-2-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide2-2-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide2-2-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide2-2-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide3-1.jpg\" alt=\"\" class=\"wp-image-13128\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide3-1.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide3-1-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide3-1-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide3-1-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide3-1-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide4-1.jpg\" alt=\"\" class=\"wp-image-13129\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide4-1.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide4-1-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide4-1-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide4-1-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide4-1-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide5-1.jpg\" alt=\"\" class=\"wp-image-13130\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide5-1.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide5-1-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide5-1-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide5-1-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide5-1-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide6-1.jpg\" alt=\"\" class=\"wp-image-13131\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide6-1.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide6-1-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide6-1-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide6-1-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide6-1-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide7-1.jpg\" alt=\"\" class=\"wp-image-13132\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide7-1.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide7-1-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide7-1-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide7-1-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide7-1-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide8-1.jpg\" alt=\"\" class=\"wp-image-13134\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide8-1.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide8-1-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide8-1-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide8-1-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide8-1-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide9.jpg\" alt=\"\" class=\"wp-image-13135\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide9.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide9-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide9-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide9-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide9-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide10.jpg\" alt=\"\" class=\"wp-image-13136\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide10.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide10-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide10-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide10-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide10-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide11.jpg\" alt=\"\" class=\"wp-image-13137\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide11.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide11-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide11-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide11-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide11-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide12.jpg\" alt=\"\" class=\"wp-image-13138\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide12.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide12-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide12-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide12-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide12-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide13.jpg\" alt=\"\" class=\"wp-image-13139\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide13.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide13-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide13-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide13-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide13-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide14.jpg\" alt=\"\" class=\"wp-image-13140\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide14.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide14-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide14-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide14-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide14-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide15.jpg\" alt=\"\" class=\"wp-image-13142\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide15.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide15-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide15-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide15-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide15-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide16.jpg\" alt=\"\" class=\"wp-image-13143\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide16.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide16-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide16-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide16-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide16-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide17.jpg\" alt=\"\" class=\"wp-image-13144\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide17.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide17-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide17-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide17-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide17-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide18.jpg\" alt=\"\" class=\"wp-image-13145\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide18.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide18-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide18-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide18-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide18-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide19.jpg\" alt=\"\" class=\"wp-image-13146\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide19.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide19-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide19-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide19-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide19-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide20.jpg\" alt=\"\" class=\"wp-image-13147\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide20.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide20-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide20-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide20-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide20-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide21.jpg\" alt=\"\" class=\"wp-image-13148\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide21.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide21-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide21-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide21-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide21-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide22.jpg\" alt=\"\" class=\"wp-image-13150\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide22.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide22-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide22-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide22-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide22-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide23.jpg\" alt=\"\" class=\"wp-image-13151\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide23.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide23-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide23-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide23-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide23-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/fabricegrinda.com\/wp-content\/uploads\/2020\/10\/slide24.jpg\" alt=\"\" class=\"wp-image-13152\" width=\"960\" height=\"540\" srcset=\"https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide24.jpg 1920w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide24-768x432.jpg 768w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide24-1536x864.jpg 1536w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide24-1200x675.jpg 1200w, https:\/\/grinda.org\/wp-content\/uploads\/2020\/10\/slide24-1320x743.jpg 1320w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 1362px) 62vw, 840px\" \/><\/figure><\/div>\n\n\n\n<p>If you prefer, you can listen to the episode in the embedded podcast player.<\/p>\n\n\n\n<figure><iframe loading=\"lazy\" style=\"border: none\" src=\"\/\/html5-player.libsyn.com\/embed\/episode\/id\/16336718\/height\/90\/theme\/custom\/thumbnail\/yes\/direction\/forward\/render-playlist\/no\/custom-color\/000000\/\" height=\"90\" width=\"100%\" scrolling=\"no\"  allowfullscreen webkitallowfullscreen mozallowfullscreen oallowfullscreen msallowfullscreen><\/iframe><figure>\n\n\n\n<p>In addition to the above Youtube video and embedded podcast player, you can also listen to the podcast on:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>iTunes:&nbsp;<a href=\"https:\/\/podcasts.apple.com\/us\/podcast\/fj-labs-investment-thesis\/id1532336635?i=1000494173661\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/podcasts.apple.com\/us\/podcast\/fj-labs-investment-thesis\/id1532336635?i=1000494173661<\/a><\/li><li>Spotify:&nbsp;<a href=\"https:\/\/open.spotify.com\/episode\/75MmR9hhExZ7Lf7VP1PQYx\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/open.spotify.com\/episode\/75MmR9hhExZ7Lf7VP1PQYx<\/a><\/li><\/ul>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the third episode, I described how VCs evaluate startups by using a combination of the team, business, deal terms and whether the idea fits with their thesis to decide &hellip; <a href=\"\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;&#8221;<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":18505,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-13116","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-playing-with-unicorns"],"acf":[],"contentUpdated":"Episode 4: FJ Labs\u2019 Investment Thesis. Categories - Playing with Unicorns. Date-Posted - 2020-10-09T17:20:57 . \n In the third episode, I described how VCs evaluate startups by using a combination of the team, business, deal terms and whether the idea fits with their thesis to decide whether to invest or not. In this episode, I present FJ Labs\u2019 Investment thesis.\n I start by covering why we focus on marketplaces, then detail: &nbsp;\n Our current marketplace theses:Verticalization of horizontalsTransition to supply pick marketplacesB2B marketplacesThe Future of FoodThe Future of WorkThe Future of Real EstateThe Future of Lending\n For your reference I am including the slides I used during the episode.\n If you prefer, you can listen to the episode in the embedded podcast player.\n In addition to the above Youtube video and embedded podcast player, you can also listen to the podcast on:\n iTunes:&nbsp;https:\/\/podcasts.apple.com\/us\/podcast\/fj-labs-investment-thesis\/id1532336635?i=1000494173661Spotify:&nbsp;https:\/\/open.spotify.com\/episode\/75MmR9hhExZ7Lf7VP1PQYx\n ","Category":["Playing with Unicorns"],"_links":{"self":[{"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/posts\/13116","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/comments?post=13116"}],"version-history":[{"count":13,"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/posts\/13116\/revisions"}],"predecessor-version":[{"id":18506,"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/posts\/13116\/revisions\/18506"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/media\/18505"}],"wp:attachment":[{"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/media?parent=13116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/categories?post=13116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/grinda.org\/zh-hans\/wp-json\/wp\/v2\/tags?post=13116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}