Greg Gretsch is Founding Partner and Managing Director of Jackson Square Ventures, an early-stage VC firm based in San Francisco that invests in software businesses. In this episode, we discuss his entrepreneurial journey in Silicon Valley, both as a founder and an investor. We also explore power dynamics in founder-investor relationships, shifting governance norms (including distinctions between VC, PE, and public companies), and how equity compensation in tech companies has evolved in the last 25 years. We also talk about the evolution of private markets including liquidity alternatives from secondary markets, plus the rise of AI as a new technology platform shift. In addition, we talk about his investment in Cornershop, a leading online grocery provider focused originally on Latin America (acquired by Uber). If you like this show, please consider subscribing, leaving a review, or sharing this podcast on social media. You can also contribute as a Patron on the link patreon.com/BoardroomGovernancePod or you can subscribe to the Boardroom Governance Newsletter at evanepstein.substack.com This podcast is sponsored by the American College of Governance Counsel.
(0:00) Intro.
(1:17) About the podcast sponsor: The American College of Governance Counsel.
(2:03) Start of interview.
(3:08) Greg's "origin story."
(6:53) From the University of Georgia to Apple in Cuppertino.
(10:50) The start of his entrepreneurial journey in 1992 with his first company.
(13:03) The boom and bust cyclical nature of Silicon Valley. "[M]y father used to say that the stock market has predicted nine of the last three recessions. And, you know, I think in Silicon Valley, the investor and entrepreneurial class has predicted nine of the last three technology waves."
(17:24) His first foray with startup boards. The role and influence of Don Lucas, and Bob Frick (former CFO of BoA), on his board.
(21:49) On the shifting power dynamics in founder-investor relationships (ascendance of "founder ethos").
(29:02) On the differences between private equity (PE) and venture capital (VC). "Control investors"
(31:29) His experience as a director of public companies: Responsys, acquired by Oracle (2013), and Upwork (IPO in 2018).
(34:57) On equity comp (stock options and RSUs) in tech companies. *Reference to BG2 podcast episode.
(47:35) IPOs, private markets and secondary markets. *You can check out my newsletter #52 on this topic.
(54:24) On his investment in Cornershop (acquired by Uber) and Latin America market.
(1:00:58) On AI as the next technology platform shift.
(1:03:50) Books that have greatly influenced his life:
(1:05:36) His mentors.
(1:07:00) Quotes that he thinks of often or lives her life by: "Experience is what you get when you don't get what you want."
(1:07:47) An unusual habit or absurd thing that he loves.
(1:08:28) The living person he most admires.
Greg Gretsch is a Founding Partner and Managing Director of Jackson Square Ventures, an early stage venture capital firm that invests in software businesses.