Sramana Mitra: Would you write the term sheet? Would you lead? Jon Staenberg: I used to a lot. At this point, I am not. To help in a situation, I would rather see a focused institutional firm. For me, pricing is not the signal that I want to give to the market. I would like
Sramana Mitra: What are those areas of personal interest to you currently? Jon Staenberg: Gaming is one of these massive categories. If you are not in it or if you are not a participant, then you don’t know how large and exciting it is. My generation doesn’t get that this is changing the world in so
Sramana Mitra: What is your current strategy going forward? Humanity has never changed in such space as you pointed out earlier. As we are seeing everywhere in all dimensions of life, this has been a real change enforcer. How do you parse that and what is your investment thesis going forward? What are you looking
Jon Staenberg, Managing Partner at Staenberg Venture Partners, discusses the trends he is seeing and the investment thesis he is following. Sramana Mitra: How have you been? How has COVID been? Has everything been okay? Jon Staenberg: I was just talking about that this morning. I feel very lucky. I traveled a lot during COVID.
Sramana Mitra: Have you met any entrepreneur who is trying to merge the world of art collecting and blockchain? Shane Neman: I haven’t met them, but I have seen some decks. Sramana Mitra: If you locate them, can you send them to me? I have a concept that merges those two. I am looking for
Sramana Mitra: You were running a bootstrapped business; you had to make it profitable, otherwise you would go out of business. Shane Neman: Right. It is interesting because there were certain things that I could have done to accelerate a lot. However, I chose not to do it because it would be highly unprofitable to
Sramana Mitra: Did they come to you or did you approach them? How did you find that exit? Shane Neman: We were friendly, but we were fierce competitors. I approached him and said, “Listen, something’s got to give, I would be willing to discuss selling the company if that was something that you were interested in.
Sramana Mitra: You also did ad sales on your own? Shane Neman: Initially, I did. The first advertiser I got was a boutique that was doing a sample sale. They asked me how much I wanted to send out an email blast. I said $5,000. I just made up a number. It was whatever I