Top Takeaways

• There is a "middle squeeze" occurring in venture, just like what happened in consumer retail. A few players will be able to compete with their brand, but most of the middle will lose to the cheapest, fastest, most convenient competitor.
• The zone after product-market fit and before IPO is becoming "non-differentiated capital."
• By skipping heavy diligence (drafting off of the work of top-tier early stage VCs) and having an army of Bain consultants ready to answer questions, the Tiger investment team only has to focus on analyzing companies and investment decisions.
• By investing at a pace of nearly a deal per day in 2021, Tiger Global is creating an Index Fund for the next generation of technology companies.
• Everett calls Tiger's funding method BFC Capital - Better, Faster, Cheaper

‎This Week in Startups: How Tiger Global is outpacing VC with better, faster, cheaper, capital ft. Founders Fund's Everett Randle | E1207 on Apple Podcasts

https://www.youtube.com/watch?v=koDKxjHe_Kk

Intro:

Guest: Everett Randle | @EverettRandle | Substack

• Principal at Founders Fund (2020-Present)
• Previously worked at Vista Equity Partners, Bond Capital, & Kleiner Perkins

On April 12th, 2021 Everett published a Substack article about Tiger Global's high-pace startup investing strategy titled "Playing Different Games."

How Tiger Global came to be

Overview

• Tiger is a crossover hedge fund that invests in companies from early-stage venture investments through public markets. Other firms operating in this space include Coatue Management, Altimeter Capital, Drangoneer, and D-1.