LA Venture Podcast: Lightspeed Ventures' Nicole Quinn on Getting Deals Done Quickly

On this week's episode of the LA Venture podcast, hear from Lightspeed Ventures' partner Nicole Quinn. The iconic Silicon Valley fund has $10 billion in assets under management. Quinn focuses on early-stage consumer internet and fintech companies, with a portfolio that includes Calm, Goop, Lady Gaga's House, Rothy's, Zola and Girl Boss.

Quinn says "you can't be called Lightspeed and move slowly" and explains how they can get a term sheet done in two to three days. She also shares lots of insights on building an enduring brand that are applicable whether you're in the consumer space or creating an insurance company.


Key Takeaways:

  • Lightspeed is laser focused on the consumer and startups.
  • When Nicole goes to her team for an investment recommendation about a company, she tends to have more conviction around the companies that get high and low scores (1s and 10s), opposed to middle scores (5s and 6s).
  • Metrics Lightspeed looks at to determiner year=-over-year growth include Seed: between three and five X, series A: three X and series B: two to three X.
"I think the rise of 'no code' [has] really only just begun." —Nicole Quinn
"We have two ears and one mouth, and we should be using them in that proportion." — Nicole Quinn

Nicole Quinn is a partner and Lightspeed Ventures. She spent eight years on the equity sales and research side of Morgan Stanley. There, she worked on IPOs for companies including Facebook, Groupon and Pandora. She earned a BSc in math and economics from York University in England, and an MBA from Stanford.

Want to hear more of L.A. Venture? Listen on Apple Podcasts, Stitcher, Spotify or wherever you get your podcasts.

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It's almost 90 degrees outside in Los Angeles as lines of cars pull up to Dodger Stadium, home to a mass vaccination site that opened Friday.

"Please make sure that they're not under the sun in the cart," Edith Mirzaian is telling a volunteer as she directs the person to put ice packs on coolers that hold up to 20 COVID vaccines. Mirzaian is a USC associate professor of clinical pharmacy and an operational lead at one of California's largest vaccination sites.

Dodger Stadium alone — once the nation's largest COVID-19 testing site — is slated to vaccine up to 12,000 people each day, county and city health officials said this week. Officials plan to finish vaccinating some 500,000 health care and assisted care employees by the end of this month before opening appointments up to people 65 and older.

Mirzaian is desperately trying to make sure that the vaccines don't spoil.

"We have to be the guardians of the vaccine," she said.

Earlier this month, hundreds of vaccinations were lost after a refrigerator went out in Northern California, forcing the hospital to rush to give out hundreds of doses. Mirzaian's task tells a larger story of the difficult and often daunting logistical process required to roll out a vaccine that requires cold temperatures.

"You know they can't be warm so just keep an eye out," she gently reminds the volunteer.

The volunteers and staff from USC, the Los Angeles Fire Department and Core Laboratories prepared enough doses to vaccinate around 2,000 residents on Friday and they plan to increase capacity each day after.

Local health officials are holding the vaccination syringes in coolers after they leave the air-conditioned trailers. The coolers are then covered in ice packs and wheeled on carts to clinicians administering shots to health care workers and nursing home staff eligible under the state's vaccination plan.

"Vaccines are the surest route to defeating this virus and charting a course to recovery, so the City, County, and our entire team are putting our best resources on the field to get Angelenos vaccinated as quickly, safely, and efficiently as possible," said mayor Eric Garcetti in a statement announcing the plan.

Health officials around the world are racing against time as the virus mutates and poses greater dangers.

"We have a little bit of borrowed time here right now because these variants are not here in great numbers from what we can tell," said Susan Butler-Wu, an associate professor in clinical pathology at USC's Keck School of Medicine of USC.

Curbing the spread of the virus is a vital way to prevent mutant strains from developing, she said.

Mirzaian, who arrived at the site before it opened at 8 a.m., said that there were logistical challenges as volunteers scrambled to assemble what will likely be the hub of the region's vaccination efforts.

"It's challenging to make sure that everyone knows what the process is and what we're doing and what to tell the patients who receive the vaccines."

After a few hours, the procedure moved quicker.

Residents have to show identification and proof of employment before they're taken through a list of pre-screening questions and given the vaccine through their car window. They're required to then wait for 15 minutes while clinicians monitor them for side effects.

Mirzaian said the process took each car about an hour. While eligible residents can walk-in for vaccinations, she recommends they make appointments so that enough doses are made available each day.

"As long as people have their appointments, they will get in," she said. "We are ready. We are like an army ready to give vaccines."

Snap promoted executive Ben Schwerin to be its new senior vice president of content and partnerships, as the company seeks to grow its content business to challenge rival TikTok.

As part of the reorganization, Chief Strategy Officer Jared Grusd, who previously oversaw content, will become a strategic advisor to Snap CEO Evan Spiegel.

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As a casting director, Lacey Kaelani has a leading view on Hollywood's content pipeline. Based on what she's been seeing on her venture-backed casting platform, Casting Depot, prepare for a deluge of unscripted shows.

"It's all gonna be handheld videos where everything looks like a Zoom call," she said. "Dating shows, talk shows, food competition shows – that's what was cast and is going into production."

The Casting Depot launched its latest beta version on Friday, with a "six-figure" investment from global venture capital firm Antler. Its board includes leaders from companies including CAA, Airtime, iHeartMedia, WorkMarket and IAC.

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