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Ben Gilbert and David Rosenthal

ACQ2 is Ben and David's conversations with expert founders and investors. Acquired the stories of great companies — and ACQ2 dives deeper into the lessons we can learn from them, often with the protagonists themselves.

ACQ2 by Acquired

Vercel has become the infrastructure platform powering modern web development over the past several years, with companies from Stripe to Adobe to Runway all building their front ends on them. Today we’re joined by founder and CEO Guillermo Rauch, who shares why Vercel has been uniquely successful in the fragmented (to say the least!) world of web development platforms. There are now more than 6 million Vercel users, 80,000 active teams, and users have grown 200% year-over-year. The company also crossed $100m in annualized revenue last May, and Guillermo shared with us that they’ve been growing at 80% since, and were recently valued at $3.25 billion.

This is also a particularly interesting moment for Vercel. Last year they launched a new product, “v0”, which lets anyone create and deploy a working website simply by describing it in English and letting AI take care of the rest. Guillermo shares its origin story within the company (and insanely that it reached $2m ARR in the first 14 days!), and how it’s changed their entire thinking about what’s possible now with AI products.

We also cover:

 • How to build a business around an open source project (Next.js)
 • How they balance both being a fast and nimble platform for startups with being a reliable platform for enterprises
 • Guillermo's unconventional approach to staying deeply technical as CEO at scale

Links:

VercelV0.devNext.js

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

Building Web Apps with Just English and AI (with Vercel CEO Guillermo Rauch)

We sit down with ServiceNow CEO Bill McDermott for a masterclass in the art of enterprise sales — a topic where Bill ranks as one of the all-time greats by any measure. Bill started his career as a bag-carrying salesman at Xerox in New York City (alongside Howard Schultz!) back in 1983, and rose to become the company’s youngest corporate officer at age 36 before going on to become CEO of global software giant SAP. Since joining ServiceNow in 2020 Bill has grown the company from $3.5 billion in revenue over $10 billion today, and a nearly $200B market cap — which makes it one of the largest enterprise software companies in the world. Whether your job directly involves selling or not (and if you’re a founder, make no mistake — selling is the MOST important part of your job) there’s something here to be learned for everyone. Break out your notebooks and enjoy!

Links:

ServiceNowThe SPIN selling methodBill’s fantastic interview with Ben Thompson on Stratechery

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

The Art of Selling Enterprise Software (with ServiceNow CEO Bill McDermott)

We sit down with Zach Perret, CEO of Plaid, to discuss the remarkable journey of Plaid and the broader fintech landscape over the past several years. Zach takes us blow-by-blow through journey of almost getting acquired by Visa, the challenges faced during the COVID-19 pandemic… which quickly reversed with ZIRP tailwinds, and how Plaid navigated the volatile market conditions to build a diversified business. We explore the company’s strategic pivots, including their expansion into analytics for fraud detection, alternative credit systems, and bank payments. If you’ve ever wondered “how do you turn from one simple product into a more durable business?” this episode is for you.

Links:

Come see Acquired LIVE at Radio City Music Hall • !

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

Undoing a $5 Billion Acquisition and Building a Durable Standalone Plaid (with Plaid CEO Zach Perret)

Kicking off ACQ2 (formerly known as the LP Show) and diving into some jargon-y VC vocab. 

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

VC Vocab

Ben and David are back for episode #2, diving into the most elusive early-stage investing and company-building topics: product-market fit. 

 

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

Product-market fit

Ben and David are back for episode #3, with special guest Dan Hill. Dan discusses:

- How his startup, Crashpadder, got acquired by Airbnb

- Why Airbnb succeeded, and why marketplace businesses in the US have an advantage in early growth

- How they decided on growth metrics at Airbnb

- How his new company, Alma, is making charitable giving simple

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

Growing Airbnb (with Dan Hill, CEO of Alma and former Head of Growth at Airbnb)

Ben and David discuss “the art of the pitch” through the lens of fundraising for seed-stage companies, but the takeaways are also (hopefully) applicable far beyond!

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24
 

Links:

 • Sequoia pitch deck template: 
 https://www.sequoiacap.com/article/writing-a-business-plan/# • Don Valentine talk at GSB: 
https://www.youtube.com/watch?v=nKN-abRJMEw • Jim Goetz talk at GSB: 
https://www.youtube.com/watch?v=gnmYSze9M2g

The Art of Pitching

Ben and David continue the Acquired holiday tradition. Happy holidays to everyone!

 

Note: we apologize for David’s sound quality... we’re still working out the kinks on our mobile recording setup.

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

 

Extended carve-out links:

 • Books: 
 • David: Broken Earth trilogy 
https://www.amazon.com/gp/bookseries/B01947LZ8A • Ben: eBoys 
 https://www.amazon.com/dp/B000FC1HTG/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 • Article: 
 • David: “My Dad's Friendship With Charles Barkley” 
 http://www.wbur.org/onlyagame/2018/12/14/lin-wang-charles-barkley • Ben: Birth of a New American Aristocracy 
 https://www.theatlantic.com/magazine/archive/2018/06/the-birth-of-a-new-american-aristocracy/559130/ • Podcast: 
 • David: 996 Podcast 
https://996.ggvc.com/category/podcast/ • Ben: Dissect Season 2 
https://itunes.apple.com/us/podcast/dissect/id1143845868?mt=2 • Music: 
 • David: Tiny Desk concerts 
https://www.npr.org/series/tiny-desk-concerts/ • Ben: Odesza’s A Moment Apart & 
 https://open.spotify.com/album/3VzsvmhnUb9OZ59bq2aoNZ?si=dHUDPR4tSW2u6yey0MWTFw • TV / Movie: 
 • Both: Black Panther 
https://www.imdb.com/title/tt1825683/ • App: 
 • David: Steady Health 
https://steady.health • Ben:
 • Moment 
https://www.shopmoment.com • Weather Line: 
http://weatherlineapp.com • Auto Sleep 
http://autosleep.tantsissa.com

2018 Holiday Special

Ever wondered what's really going on during the Monday Meetings of your friendly neighborhood VC firm? Ben and David take you behind the scenes to discuss structure (especially how the management company works), staffing, LPs, and most importantly decision-making and motivations for VC firms and their partners. Whichever side of the table you're on, we hope you find this episode useful!

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24

How VC Firms Really Work

Ben and David talk about some of their current investment theses at PSL and Wave, as well as how VCs think about themes and theses in general. 

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24
Links:

 • Greg McAdoo “Wave” talk at Startup School 2008 
https://youtu.be/fZ5F2KhMLiE • The Myth of the Job Hopping Millenial 
https://www.vox.com/the-big-idea/2018/7/11/17559484/gig-economy-jobs-rooted-rootless-moving-job-hopping-millennials

Investment Theses

We’re joined by Tock CEO Nick Kokonas to discuss how they’re “arming the restaurateur rebels” versus DoorDash / Uber Eats, in much the same way Shopify has done so for e-commerce merchants versus Amazon. This episode is full of lessons on how to execute a counter-positioning playbook to disrupt entrenched incumbents, including the influence of Nick’s friend / Tock investor and Nobel prize-winning economist Richard Thaler. Whether you’re an entrepreneur who’s also building a “picks & shovels” type business or an investor interested in the future of the food industry or disruption in general, this is not one to miss.

See Ben's original Tweet that spurred the episode here: https://twitter.com/gilbert/status/1277740701246083072

There are lots of great replies to help understand the restaurant tech ecosystem, and of course, Nick chimed in with a tweet that led to him coming on the show. (Thanks to Matt Shobe for connecting us!) You can read distilled observations from all the replies here.

“Even if you’re long on Tesla, don’t buy Tesla Options.” – Nick Kokonas (Instagram: @nkokonas, Twitter: @NickKokonas)

Sponsors:

 • Statsig: 
https://bit.ly/acquiredstatsig24
 

Be sure to follow the Acquired Podcast:

Acquired.fm

@AcquiredFM

 

Show Links:

Tuesday is Not Saturday

Tim Ferriss Interview w/ Nick: 

VCs Congratulating Themselves

Arming the Restaurant Rebels with Tock CEO Nick Kokonas

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