This Week in Startups - E1157: TWiSTYs 2020 – Jason gives awards for the best, funniest, wettest beak & more!

Episode Date: December 25, 2020

Watch the Winners: WTF Moment of the Year: https://youtu.be/SH-zhlqvJWM Episode of the Year: https://youtu.be/I22xMg-1w1c Funniest Moment of the Year: https://youtu.be/_1mWg-7iFOE Wet Beak of the Year: https://youtu.be/0En-UylFCaM Guest of the Year: https://youtu.be/NsISIpo1Fx4

And now introducing the host of the 2020 Twisties. Thank you, everybody. Thank you, everybody. Thank you. It's great to be hosting the Twisties 2020 for the 10th time in a row. Sorry to Ellen and to Dave Chappelle, who didn't get the hosting spot for this year. We are going to have an incredible show tonight, everybody. This week in Startups is brought to you by Mbroker. The Embroker Startup Insurance Program helps startup secure the most important types of insurance.

at a lower cost and with less hassle. Save up to 20% off of traditional insurance today at imbroker.com slash twist. While you're there, get an extra 10% off by using offer code twist. The Twisties 2020 starting off with our most prestigious award, the WTF moment of the year. And this was submitted, all of these awards submitted by you, the audience. I don't know the winners, but here we go. the WTF moment of the year goes to Nicola founder Trevor Milton. Oh my lord, what an incredible episode that was. Hundreds of you requested Nicola to be on the program, the Nicola founder, Trevor

Milton. And we were shocked when the CEO of this spectacular $34 billion company agreed to come on episode 1090 back in July, they were at literally a $34 billion valuation in June. Trevor was riding high. But your boy, J.Cal knew that something was amiss. I knew it. I got the Theranos vibes. I got the scam vibes. I got the riding on Tesla's coattail vibes.

And I had told you all, Jason's rule, when a company becomes worth more than a billion dollars and they have not launched a product yet. They have no customers, no product. What is it? It's either a scam or it's going to zero. That's my rule. I've been correct. I will continue to be correct. I predict. Now you see Magic Leap in Florida worth billions of dollars. Where's their product? I don't know. We had, of course, Theranos, there are many examples in history where the market gets ahead of itself and perhaps none were more tragic, embarrassing, and perplexing. Let's roll to the tape of me doing what I think was a spectacular job of just laying that rope. Every said, hey, you're being a little easy on this guy. Come on. You know what I'm doing. I was just giving him

the rope. I was letting him run because I knew the more he talked, the more we would learn. And the more we'd learned, the more we would learn that this thing was a dumpster fire. Let's roll the tape. So now you've got all this cash on the balance sheet and you've got all this runway. But you, this building a network of hydrogen chargers and coordinating the building of hydrogen trucks and satisfying a bunch of customers seems like an awful lot of work. And then, I'm not sure exactly the date you announced it, what date did you announce? And what date did you announce that you're going to take on Ford's F-150 pickup truck and Elon Cyber Truck and the Rivan?

Rivan is the other. Rivian. Rivian. Sorry, Rivian. So now you decide, F it, I'm going to create an F-150, the best-selling car in the United States, I think, and obviously the best-selling truck. Why would you take on more work? That's a good question.

Yeah. So here's the reason why. Our trucks are a gravy train with money. that's where all the money comes from is our big semi-trucks right the problem is is 90% of americans will never own a semi-truck and so your investment your investment your investment your portfolio of investors can be very limited and we wanted to go and build a company that's going to be worth 500 billion trillion dollars over say 10 or 15 years and if you're limited yourself to 10% of the market you'll never do it no matter how good your numbers are the reason why people love

apple everyone touches their product why do they love google everyone touches their product so you're what i idea is I knew day one, you know, once, once we started coming out, we had all this gravy train coming in from the semi-truck program. My question was, okay, that's great, but I'll never touch the average consumer. So therefore, 90% of investors will probably never invest in me. So I needed to touch the consumer. And so the truck is for the profit, the semi-truck, the pickup trucks for the consumer. And the consumer is the one who is part of the Robin Hood portfolio, is part of the, you know, the family office or whatever. And that's where all the valuation of the company comes from. Okay, and when you watch me in that clip, you see my furrowed brow.

You see the WTF pouring out of my ears because I realized, wait a second, did this CEO founder of a public company worth $34 billion just tell me that he created a product in order to bait day traders and new retail investors into buying his stock? And I just thought to myself, I wonder what the SEC is going to think about somebody creating a product to incent retail investors to buy the stock, but not to make money. It was this crazy moment where I just thought, he's manipulating the market. He's intentionally trying to trick Robin Hood, my precious Robin Hood traders, the people who are learning into market. He's trying to manipulate them. and he just said it.

And I thought to myself, if they ever sue this person, if he fails, and I'm pretty sure he's going to fail because he doesn't seem to know what he's doing, when he fails, they're going to play this clip in some deposition and say, you told J-Cal. And you know those people who are, you know, the attorneys who are going to sue them, they're all fans of the show. They've already seen this. There's probably ambulance chasing lawyers who watch this show just waiting for the one in 500 founder who, who.

is going to be a fraud. They're just waiting for somebody like him to step into their class action lawsuit. As of December 1st, it appears the Badger has been discontinued as GM renegotiated the Badger production out of their contract with Nicola in late November, September. Of course, Trevor Milton steps down as CEO. There are personal allegations against him that are just gross and horrific, and I'll just leave it to you to Google them if you are so inclined. But this is an important moment for all of us to reflect on 2020 year of the SPAC. And be careful. Just be careful.

If you see a company and it's spacking, make sure they have a product or customers. Make sure maybe if it's not launched yet, that it's a credible CEO, that it's a credible promoter for the SPAC, and that maybe they have deposits for their stuff, et cetera. And I started asking him about these contracts. He didn't have the details. and obviously I will stand by my position that Nicola will not exist in two or three years, and it will be a zero. If you still own the stock, I beg of you buy something like Disney, something we know will be here.

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I'm telling you they all love it. Thank you again to our sponsors for this year's Twisties. And I'm just finding out about this now. Y'all picked, and this is a real dark horse. Had no idea that this would be the guest of the year. Index Ventures partner, Sarah Cannon, who appeared on the first episode of Angel Season 4 back in January, when we were doing shows in person.

Here I am layered with three different layers. I almost hit four layers. I should have brought a scarf with me. But there were some incredibly funny moments. We were talking about tons of issues. And this is super prescient because we were right before the pandemic and tons of fun moments. We got to have her back on the pod because she was a riot and super smart. Let's throw to the tape.

What could we change? Here. that would increase upward mobility. I'll go first or you can go first. You pick. Okay, I'll go first. Great. I knew you would.

I mean, I'd accept it to Harvard and Stanford. There's no chance you're going to be like, no, of course, you're the host. You go first. Oh, no, no, I'm rude. Your hand goes right up. No, I'm rude. You're the first person, like one third of your classes

were class participation. When I was at GSB, literally, I've never seen 100% of people raise their hand when the professor said, does anybody have any feedback? And then there's the poor one guy who doesn't raise his hand, and he definitely gets cold calls. There was a TA who had a picture of every single person in a spreadsheet, and when they asked a question, she typed in if they asked it. And there's a problem with Sarah. It's a really easy name to say. So you really get called on a lot.

Okay, yeah, so maybe I raise my hand. Go ahead, this is great. Reforming the quality of our K-12 education system. Fantastic. Education 2 was on mine, but I will not pick that as my first. What's your first? My first is to change the accreditation laws to be sophisticated laws so that any person in the United States who's able to play roulette in Vegas is also able to invest in private companies. So if you were an Uber driver or an Airbnb host, you would be able to freely buy shares in the company and not be stopped. Because then the debate that we're talking about of the millions of people driving for trucking companies, Uber and Lerner,

Lyft and Postmates could say, for every $100,000 you bill through the system, we are going to give you $500 in shares at the current valuation, which they cannot do because of the oppressive, patriarchal rules that make capital gains in private company investment something for the rich, not the poor. What's your second? I... And you feel free to react to my... No, no, no. Actually, the Germans have a lot to teach us about this. So they actually will have a lot of workers represented on the boards of companies to deal with this.

So I don't think it's, so that's more representation than it is financial. But it's the same principle. Same principle. So I think we have a lot to learn. So my second one is actually also learning from the Germans and the South Africans do this well too. But it is having technical schools where you actually are learning skills that can be applied at work, but like over the course of your life. So we have community colleges. And I think, and we have a lot of great four-year institutions.

I think there's still a room. I'm hoping someone will start this business. it's one that I've thought about starting, where you're getting kind of technical skills that then you go into work, but you do this every five years. So I think education needs to change. Exactly. But like, why is it that in our lives we're born? We have a chapter of education and then a chapter of work. Why don't I have some education, work? Then maybe all of a sudden, venture capital can be done by robots. And Sarah, you're out of luck. And I can go learn to be a philosopher, which I've always wanted to do.

All right. Listen, amazing. You know, I watched that clip and you see. see that rhythm with a guest, that back and forth, that volleying. That's what you're always dreaming about when you're a podcast host. I have that with Rabeau. Obviously on the all-in podcast, you see us passing the ball around like the Warriors, getting the extra crisp pass in. And I think that's why you, the audience, picked her as the guest of the year. There was great chemistry, and I think we got to make her a yearly guest. I'm going to ask producer Nick to go ahead and put her down as a yearly guest. Having won the best guest of the year, I think it's only right that they get to come back and defend in year two. So for 2021, look for Sarah to come back on

the program. And, you know, this was very interesting. The discussions we had accelerated through the year. So one of the things I try to do with the show for my own, for my own enjoyment, is thread the topics and try to keep. them in my mind and accreditation, the discussion we had here, we wound up ending the year with Hester from the SEC talking about this issue and everywhere in between talking about the issue. Even on the All-InPod, we talked about accreditation laws. And we've had a ton of people talking about ISIS, income sharing agreements. And I've now made two or three investments in this space. I've only announced two of them. So stay tuned. And we had a couple of episodes about

ISIS. So maybe you're doing some math right now. And maybe. Maybe. you will be able to get your beak wet. Of course, on August 26, 2020, they expanded the accredited investor definition over the SEC. Thank you to our friends at the SEC. All right, here we go. Funniest moment, this winner is one I wasn't expecting. And this is episode 1123 when I reacted to Apple's iPhone 12 release. And I guess it was one of those days where I just went off. but when they went to this shot of the roof of the mothership headquarters, I couldn't believe what they were telling me here, but listen to this, folks. We've also been transitioning our iPhone manufacturing partners to renewable energy.

Okay, that's great. Renewable energy is perfect. We looked for ways to cut waste and use less material. Okay, I'm with you. Cut waste is a great idea. Customers already have over 700 million lightning headphones. Okay, we got headphones, yes. And many customers have moved to a wide.

wireless experience. Yep, I bought three pairs of AirPods. With AirPods, the other wireless headphones. Definitely. And there are also over two billion Apple power adapters out of the world. I bought all these adapters from you.

I got them in every room. And that's not counting the billions of third party adapters. Yeah, I buy the anchor ones. So we are removing these items from the iPhone box. What? Reduces carbon emissions and avoid the mining and use of precious materials. Removing these items also means a smaller, lighter iPhone box. And this is where my head to these was like,

They're charging you $1,200 for a phone, but they took out the charger because there's already $2 billion on the planet. And they took out the headphones because they want you to buy the $300 ones. I mean, and then they're explaining to us that it's a smaller footprint and the box is smaller because they took stuff out. It's so ridiculous. But this is in your best interest and better for the planet. Okay, I get you Apple.

They're screwing us. I see what you did. They're scoring us, Jake Al. You're basically took everything out. They did it. Except for, and this is where, you know, everybody was crazy. on say it, Jake. The Twitter,

not only to have the audacity to tell you, you don't need a charger with your new $1,200 phone, and you don't need an iPhone and your new $1,200 phone. It's not like they lowered the price on this thing. It's still expensive. But then the audacity is they still use a lightning connection.

So if they actually did care about chargers and they do care about the environment, why not go with the standard USBC? Oh, what a point. This is a great point. This is a good podcast host. smart. You smart, J-Cow.

You make us buy it for our MacBooks and our MacBooks and MacBooks and MacC and every other devices move to USBC except for this one device, which still makes us by redundant lightning cables. So forgive me, but I find this now. Ridiculous. I'm looking at myself there and I'm realizing after 11 years of doing this podcast, I'm actually finally good at it because I'm concise. I get to the point and you're all nodding and agreeing with me that this was

ridiculous on Apple's part. This is going to be a great one. Wedding our beak. This has become a theme of the year. The beaks must be wet. And we all have to get a taste if we've learned anything in 2020. For me, it's the theme of the year. We all, you, the audience, me, the besties, my LPs, the syndicate.com. Everybody needs to get their beak wet. And the wet beak of the year, here we go. Darius Goldman founder of Meritas is on the program with this full service

SaaS platform for ISAs and I was in awe of him and I started the negotiation early. Let's go to the tape where I, Yum, Yum, negotiate with Darius, who is a super fan of the podcast

who could not believe that after a decade of listening to this podcast, he actually got to be on it and now his super clean cap table. Oh, my dream is a cap table with only the founder on it for me to swoop in and be that first investor. Sometimes I wake up in the middle of night knowing I was the third or fourth investor in Uber and say, why wasn't I the first? And here with Darius, my rising star, he is allowing me as a superfan to become the first investor in Maritas. Let's listen to

to the tape. And you've raised zero dollars. You funded this company yourself? Is that correct? We're bootstrapped and at this point the revenue that we bring in is going back into operations. I'm just going to throw something out here. Look how excited I am. Throw something out here. Look at that fan of the pod already. You know the power of the pot. Look at the smile. Look at Darius's smile. He knows what's coming. It's kind of great to have a first investor. You know, I was like the third, fourth and Uber. Sounds like this would be a match made in heaven if I was her first investor. you're thinking about raising money and how would it be would it be good if I was like the first person to invest? I'll do it with the safe. Look at that and a quick yes. I love it. I mean,

I am so in love with your vision, Darius. Can you imagine if you had to compete with me as an investor and I have here I am, the elite entrepreneurs building the coolest shit in the world and they listen to my podcast and then I just get them on the pod and offer them to invest on the pod. That's how I the com.com investment. I literally I'm young. Correct. Had that work out. On the podcast to invest.

Ah, look at that. Look at me at the top of my game. This is what I always dreamed about when I was a kid. Money, power, fame, dominating my competitors like Mark and Dresen, who will have to come and beg me

and ask me to buy my shares in Darius's companies. And I will say, no. sorry Mark Andreessen, who's never come on the program and disrespected the This Week in Startups audience. You know what he did? I'll tell a story here. I'm not speaking out of school.

I'm old school. I just tell it like it is. He tried to buy my superhuman chairs. They came in. They tried to take my pro rata in superhuman. You know what I said to Mark and Dresen? You can have my pro rata when you...

That's what I said to Andresen Horowitz. And that's why there's never going to be anybody from Andreessen Horowitz on this podcast. Because they threw an elbow in J. Cowell's face. And they keep doing it. The audacity of the Indrisen Horowitz firm to take the legendary point guard in our industry. Me, who closes deals on the pod for unicorns

and to throw an elbow in my face and dare to ask me for my pro rata and superhuman. And then try to not come on the podcast and insult you, my audience, and then block me? Mark Andreessen blocks the greatest active angel investor in the world. Stunad, get out of here. And to the PR people over Andresen Horowitz, it's never going to end. It's never going to end. I'm never going to stop bringing it up. And to the partners over there, here I come down the court like Chris Paul. I am like Lanzo ball. I got control. I got control

of that ball. And you know, whoop, zoop, past social capital. Whoop. Pass Sequoia. Boop. Passed. Crave Ventures, David Sacks. Oh, maybe you tried to get him as a partner. And he said, no, it started his own firm. Boop, boop, I'm passing to everybody. But you, Ben, and Mark, and listen, I'm old school. I hold a grudge. And I think that's the grudge that we will be holding for a long time into 2021.

Until maybe Mark Adreason and Ben stop being so disrespectful and come on the pod. I mean, I don't know. Maybe we've burned that bridge too much. Who is the reoccurring guest of the year? I'm going to rip open the envelope. Right now, let's get that envelope ripping sound, Nick. Up, we all know this. This is just too easy.

Keith Rabeau appeared in May, in August, and you didn't. You didn't stop asking me to have him on again. So I let you wet your beak, and I had them back on in December the first time in the history of the show that somebody's been on three times in a year, with the exception of maybe Brian Alvey on a news roundtable. But here it is. Keith Rabeoy back in May discussing a potential silver lining of the pandemic innovations in homeschooling. Let's go to the tape. I do think there are some positive developments, and there always are.

At least there's volatility in flux in the ecosystem in the world. There's opportunities for innovation because basically inertia, gravity is not your friend as an entrepreneur. So typically when there's platform changes or cultural changes, it's easier to break through with new ideas. So, for example, I'll give you tangible one, homeschooling. So I've been a long-time proponent of homeschooling. I think the evidence about outcomes, both social and academic, is unequivocally positive. A homeschoolers will outperform virtually any school in America. And it's been a steady growth.

A homeschooling has grown considerably over the last 20 years to 4 million Americans, I think last year were homeschooled. It's a pretty considerable audience. but this new world order is unlocking the opportunity. 100% homeschooling on steroids. Because people are realizing that basically a lot of schooling is fancy babysitting. It's babysitting. And the reason why we don't have innovation and next generation entrepreneurs

and cutting edge scientists and breakthrough, you know, Nobel Prize winning people is our schools are regressing to the middle of the bell curve. They're not teaching excellence like we did post-Spotneck. And I think the homeschooling movement, will allow us to create more thoughtful, more original, more brilliant thinkers, and allow parents to have more control, which is also a good thing. So I'm excited about that as an example.

As I said, I've been looking for a company to fund for two to three years publicly on Twitter. I have one, Dexter. You got to check it out. I actually did find one before the virus, but I think now you can see the world coming together in a way that's going to be very good, very good for everybody. So I think that's the key is to find the opportunities. where you can improve.

Just such a great guest. And he's just, he's crushed it. He moved to Miami. Congratulations to Miami on like literally, it's like LeBron. It's like LeBron going to the heat. I'm going to say that's the equivalent. I think Keith Rabeau instantly makes Miami the number two or number three, Tech City after the Bay Area.

I mean, New York and L.A. Obviously have done strongly. So actually, you know what? I'll just say of the emerging class of, you know, New York is, pretty Boston, Seattle. Those are pretty well established. I think Miami is going to quickly become super relevant because Keith Rabeo is there. And I'm going to give you a little lightning round of other episodes. I personally love. Thank you so much to the audience for for tuning in and giving me such great feedback. But I also want to thank my team, Nick and Jackie,

J.B, just everybody on the team who've been so good at producing this show. And the guests have been extraordinary. Just working backwards in 2020. I love to have to have. and Dave Portnoy from Barstow Sports. That guy's my kind of old school media entrepreneur. He's sharp elbowed. He wants to get in fights. He's going to defend his position. The stories about Call Her Daddy and him and his 20-year overnight success and battles

was just to me inspiring. Bradfeld coming on, a lot of heartfelt moments. Really, really loved having him on. And Darius, obviously, if I wet my beak there, that's, we talked about is going to be a big one. Episode 1143 with Cortland. He was a surprise, like just really incredibly insightful. And I love the folks who are focusing on the builders like him and Daniel Gross, who was also on. I don't remember what episode number, but Daniel Gross was another surprise guest.

I put Daniel and Cortland right in the same strata for me of people really focused on the builders in the world. Those first year builders, Pioneer app and indie hackers, two places you definitely got to spend some time with. From my own portfolio, I really loved having Andrew Farrah from. density. That's been incredible for me. I think the best co-lab of the year is probably me and the boys from Acquired.fm. You all love that. My old school friend coming on, best old school friend who I haven't talked to in a while was Jamie Siminoff from Ring. We had to get through some PR nonsense because, you know, hey, listen, he's a big hot shot now over at Amazon. But man, he was amazing. Then if we go down the list, I really, really enjoyed having, in terms of legends, I always like to

show some respect to the people who shoulders were standing on. We had Dave Weiner on and Bruce Raquel. They share different episodes. And boy, you know, if you want to know how we all get to do what we do, understanding what Bruce DeKale did for this industry and understanding what Dave Weiner did is absolutely critical. In terms of the mentor award of the year, for me, SurveyMonkey's CEO, Zandallori, who has been personally a great mentor and friend to me, loved having that on. Desktop Metal was the wet, my beak moment, I think. a lot of beak wedding moments after the Darius one because desktop metal getting to go public through a SPAC really personally meaningful to me. And so many, many more moments I could comment on.

We obviously had the Trevor Milton episode in 1090. That episode's going to live in infamy. I have to thanks Alex over at Tech Crunch for being on the pod so many times. By the way, Pioneer founder Daniel Gross was on 1079. And Pomp came on 1078. That was a good run we had. I think the run of 76, 77, 78, 79, and 80 was just a killer run. I just want to go point this out. I think this is my best streak. This is when I really had the hot hand. I had Sunny Madra on from Ford X on episode 1076.

Then I had the alchemy founder, Rory Sutherland, and we had great chemistry, two hours and 20 minutes. Then I had pomp on, and I did two hours and 16 minutes. That shows you those were really, I'm in my zone there in 77, 78, it's. It's like a Clay Thompson, 12, three-pointers. You remember that third quarter he did where he just lights out? Then I got Daniel Gross and Arlen on. And Arlen and I also a lot of back and forth. She is just a force of nature.

I look at Arlin as like kind of my career times five. Like she is just, I told her personally, and I'll say it here publicly, you know, she, when I was in year one, her year one is like my year three. Her year three and her year five is going to be like my year 10. I mean, she is just on an accelerated, accelerated path. What a year it's been. I just want to thank everybody who made the show possible, my entire team. It's a good time to thank everybody who's on my team.

Also the investment team. Jackie, Presh, Laura, Heidi, Marine, amazing, Ashley and the syndicate. Extraordinary. Matt, who keeps the lights on. So many people for me to thank. but really oh and by the way loved having my voice George Zachary on the just he is that silent legend here in Silicon Valley and that was a great one for me personally to finally have him on the pod. I actually know it may have been a second time but it was a decade ago.

Best year ever on all counts. Wellfront CEO Andy Rackcliffe coming on was amazing. Dan Rose was amazing formerly of Facebook and now putting a billion dollars to work with KOTU. capital. I mean, this is the show you can count on to have not only the most powerful players in the industry, but really the emerging folks. And it is my pleasure. And I mean this sincerely to do this show for you, the fans of the show, the fact that you write reviews, you share the show with people, you tell me that you go walk your dog, you get on your peloton, when you were commuting, you share the love with me. And I cannot tell you how great it feels. When I am out in public, and I haven't been, you know, because of the pandemic in a long time, but walking

the streets of San Francisco or going to a conference and you guys just screaming at me, love the show where I go through an airport and you say, Saka, where you say the Travis episode, or you just yell at me, you know, J-Cow, what's up? I mean, it is extraordinary. When you walk into the bathroom with me and take the urinal next to me and pitch me to your startup, that's weird. I'm not going to lie. It's a weird moment. But deep down, I'm kind of flat. I'm kind of flasked. So you're in a way. And ladies, I'm sorry that the guys get that unique advantage. But buy me a cup of coffee. Say hi to me. If you see me in public, please ask for a selfie because there is nothing I love more than the fans of this show. And I will do this until I can stand

no more. I am going to be a sad, decrepit old man breaking down, trying to form sentences for you In 30 or 40 years, if Peter Thiel's blood transfusion doesn't work, I'm thinking he's going to get that done, though. I'll be totally honest. And even after that, I'm uploading all this into my AI Arvatar, and I will have an AI bot that will continue the show when I'm long gone. And Mark Andreessen and Ben Harrodt will still not be on the show in 30 or 40 years. Thank you so much for a great year, everybody, and we'll see you in 2021.

It's going to get better. Bye-bye.