205. Unicorn vs Pegasus, The Softbank Effect, & Impacts of a Recession on VC (Jason Calacanis)

Jason Calacanis joins Nick to discuss Unicorn vs Pegasus, The Softbank Effect, & Impacts of a Recession on VC. In this episode, we cover: Last time we had you on the show was July 2017. What big things have happened over the past (almost) three years with yourself and Launch? Last time you talked a bit about the "Goldilocks zone"... sort of that post-seed, pre-A round. Is that still the stage getting most focus from you? I read an article where you suggested that SoftBank is changing the way Silicon Valley thinks about going public. What are the biggest positive effects you've seen from the Vision Fund? What about negatives and adverse effects? The volume of startups seems to be ever increasing... Any advice for founders on how to stand out? Lots of people talking about an upcoming recession in 2020. If a recession were to hit, what happens to venture? How do you think it could potentially impact startups as well as investors or VCs? How does your investment strategy change in a recession? Anything founders should should do to prepare for a correction? As part of the fallout from WeWork... I've been hearing a lot of VCs talk about a shift from growth at all costs to a focus on profitability. Are these empty words or are you seeing a material change amongst VCs? Want to get your input on investment and selection... First off, in the book, if memory serves, you suggest angels should focus exclusively on SF-based startups and founders should relocate to SF. We recently committed to a Launch Accelerator company that is not in SF, they're in Chicago. Have your thoughts changed on location? What is a unique requirement or heuristic you use that you don't think other investors consider? What are your biggest red flags or dealbreakers? What are some acceptable risks or issues vs. what's not acceptable? I notice you talking about Pegasus startups (vs. Unicorns). What the heck is a Pegasus? What tips do you have for founders to reach the Unicorn as well as Pegasus status? You also talk about the “Dark Pegasus” can you give us some insight into what that entails and how to avoid these startups as an investor?   To listen more, please visit http://fullratchet.net/podcast-episodes/ for all of our other episodes. Also, follow us on twitter @TheFullRatchet for updates and more information.