20VC with Harry Stebbings | Akshay Kothari: How Notion Has More Money Than Ever & Why Startup Fundraising is Broken | E1203 @20VC | Uploaded September 2024 | Updated October 2024, 21 hours ago.
Akshay Kothari is Co-Founder at Notion, one of the fastest-growing companies of the last decade. Akshay has run every function in the company from sales, to marketing to finance and even led their fundraising efforts raising $340M+ from Sequoia, Index and Coatue with the latest round pricing them at $10BN. Before Notion, Akshay was VP Product at Linkedin for 5+ years, leading all of their content efforts. He joined LinkedIn when his previous company, Pulse, was acquired by LinkedIn in 2013.
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Timestamps:
(00:00) Intro
(00:47) Adapting to Multiple Roles & Learning Fast
(04:34) Founder Mode & the Transformation of Traditional Org Structures
(06:00) Managing Growth Without Losing Focus Amid Increased Funding
(07:16) The Importance of Speed
(10:58) Lessons on Hiring
(16:12) Unmade Decisions Weighing on Notion's Future
(19:37) Are We Building Companies the Wrong Way Today?
(22:26) Raising $50M at $2BN Valuation
(27:25) Raising $270M at $10BN Valuation
(32:12) What Would You Change About Fundraising? How Did Sequoia Join?
(36:15) What Was Unique About How Akshay Structured His Board
(39:50) Quick-Fire Round
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In Today’s Episode with Akshay Kothari We Discuss:
1. Founder Mode, Veto Powers and Focus:
Does Akshay agree with “founder mode”? What are the biggest downsides to founder mode that not enough people are discussing?
Why does Akshay believe that the single greatest power of a founder is their “veto power”?
What is the biggest opportunity that Notion jumped on that they should not have done?
What is the biggest opportunity that Notion did not jump on that they should have jumped on?
2. Raising $50M at $2BN Valuation:
Why did Ivan and Akshay decide to do this raise when they did not even need the money?
How did the fundraising process for this round go? Why did they choose Coatue and Index?
Why did Sequoia say no to this round?
With the benefit of hindsight, what does Akshay wish that they had done differently?
3. Raising $270M at $10BN Valuation:
How did Sequoia come back into the frame with this round? Why did they say yes here when they did not before?
Why does Akshay believe that of all the investor brands, Sequoia is the most powerful? In what way does having Sequoia as an investor change the trajectory of the company?
Is Akshay concerned about how he will be able to scale into the $10BN valuation?
How does Akshay address the challenge of bringing new team members in with stock options priced at $10BN? How much of a blocker is that?
4. Boards and Social Media are F*******:
How is the way in which boards are constructed broken?
How does Akshay believe that boards should be constructed?
What roles should founders hire for in their board members?
Why is Akshay most concerned about the “Tiktokification of everything”?
Why does Akshay believe that social media has never been more concerning?
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Subscribe on Spotify:
open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466
Subscribe on Apple Podcasts:
podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465
Follow Harry Stebbings on Twitter:
twitter.com/HarryStebbings
Follow Akshay Kothari on Twitter:
twitter.com/akothari
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Visit our Website:
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Subscribe to our Newsletter:
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#20vc #harrystebbings #akshaykothari #venturecapital #founder #notion #linkedin #sequoia #coatue
Akshay Kothari is Co-Founder at Notion, one of the fastest-growing companies of the last decade. Akshay has run every function in the company from sales, to marketing to finance and even led their fundraising efforts raising $340M+ from Sequoia, Index and Coatue with the latest round pricing them at $10BN. Before Notion, Akshay was VP Product at Linkedin for 5+ years, leading all of their content efforts. He joined LinkedIn when his previous company, Pulse, was acquired by LinkedIn in 2013.
-----------------------------------------------
Timestamps:
(00:00) Intro
(00:47) Adapting to Multiple Roles & Learning Fast
(04:34) Founder Mode & the Transformation of Traditional Org Structures
(06:00) Managing Growth Without Losing Focus Amid Increased Funding
(07:16) The Importance of Speed
(10:58) Lessons on Hiring
(16:12) Unmade Decisions Weighing on Notion's Future
(19:37) Are We Building Companies the Wrong Way Today?
(22:26) Raising $50M at $2BN Valuation
(27:25) Raising $270M at $10BN Valuation
(32:12) What Would You Change About Fundraising? How Did Sequoia Join?
(36:15) What Was Unique About How Akshay Structured His Board
(39:50) Quick-Fire Round
-----------------------------------------------
In Today’s Episode with Akshay Kothari We Discuss:
1. Founder Mode, Veto Powers and Focus:
Does Akshay agree with “founder mode”? What are the biggest downsides to founder mode that not enough people are discussing?
Why does Akshay believe that the single greatest power of a founder is their “veto power”?
What is the biggest opportunity that Notion jumped on that they should not have done?
What is the biggest opportunity that Notion did not jump on that they should have jumped on?
2. Raising $50M at $2BN Valuation:
Why did Ivan and Akshay decide to do this raise when they did not even need the money?
How did the fundraising process for this round go? Why did they choose Coatue and Index?
Why did Sequoia say no to this round?
With the benefit of hindsight, what does Akshay wish that they had done differently?
3. Raising $270M at $10BN Valuation:
How did Sequoia come back into the frame with this round? Why did they say yes here when they did not before?
Why does Akshay believe that of all the investor brands, Sequoia is the most powerful? In what way does having Sequoia as an investor change the trajectory of the company?
Is Akshay concerned about how he will be able to scale into the $10BN valuation?
How does Akshay address the challenge of bringing new team members in with stock options priced at $10BN? How much of a blocker is that?
4. Boards and Social Media are F*******:
How is the way in which boards are constructed broken?
How does Akshay believe that boards should be constructed?
What roles should founders hire for in their board members?
Why is Akshay most concerned about the “Tiktokification of everything”?
Why does Akshay believe that social media has never been more concerning?
-----------------------------------------------
Subscribe on Spotify:
open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466
Subscribe on Apple Podcasts:
podcasts.apple.com/us/podcast/the-twenty-minute-vc-20vc-venture-capital-startup/id958230465
Follow Harry Stebbings on Twitter:
twitter.com/HarryStebbings
Follow Akshay Kothari on Twitter:
twitter.com/akothari
Follow 20VC on Instagram:
instagram.com/20vchq
Follow 20VC on TikTok:
tiktok.com/@20vc_tok
Visit our Website:
20vc.com
Subscribe to our Newsletter:
thetwentyminutevc.com/contact
-----------------------------------------------
#20vc #harrystebbings #akshaykothari #venturecapital #founder #notion #linkedin #sequoia #coatue
