In this episode of Turpentine VC, Alexis Ohanian, co-founder of Reddit and Seven Seven Six, joins Erik Torenberg to discuss how Seven Seven Six is a “tech company that deploys venture capital”, the lack of internal metrics in venture, and how he plans to reinvent venture using software. If you’re looking for an ERP platform, check out our sponsor, NetSuite:http://netsuite.com/turpentine --- Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors (including Dan) sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we over better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv --- SPONSOR: NETSUITE | SHOPIFY NetSuite has 25 years of providing financial software for all your business needs. More than 36,000 businesses have already upgraded to NetSuite by Oracle, gaining visibility and control over their financials, inventory, HR, eCommerce, and more. If you’re looking for an ERP platform head to NetSuite http://netsuite.com/turpentine and download your own customized KPI checklist. Shopify is the global commerce platform that helps you sell at every stage of your business. Shopify powers 10% of ALL eCommerce in the US. And Shopify's the global force behind Allbirds, Rothy's, and Brooklinen, and 1,000,000s of other entrepreneurs across 175 countries.From their all-in-one e-commerce platform, to their in-person POS system – wherever and whatever you're selling, Shopify's got you covered. With free Shopify Magic, sell more with less effort by whipping up captivating content that converts – from blog posts to product descriptions using AI. Sign up for $1/month trial period: https://shopify.com/momentofzen --- Seven Seven Six just launched a new website that displays what the firm has done in the last 365 days. Check it out: https://sevensevensix.com/ --- Join our free newsletter to get Erik's top 3 insights from each episode: https://turpentinevc.substack.com/ --- RELATED SHOWS: The Limited Partner If you like Turpentine VC, check out our show The Limited Partner with David Weisburd, where David talks to the investors behind the investors: https://link.chtbl.com/thelimitedpartner --- X / TWITTER: @alexisohanian (Alexis) @eriktorenberg (Erik) @Turpentinemedia --- TIMESTAMPS: (00:00) Intro (01:11) Alexis's Experience at Initialized (01:21) Formation and Vision of 776 (04:53) The Role of Metrics in Venture (06:15) 776's Approach to Venture Capital (06:43) The Importance of Software in VC (07:10) 776's Unique Approach to Software (07:52) The Impact of Transparency in Venture (13:07) The Role of Software in Sourcing and Evaluating (13:36) The Development of Cerebro (14:21) The Importance of Feedback and Accountability (23:20) The Amplify Tool and Its Impact (25:34) The Future of 776 (27:00) The Power of Software in Venture Capital (27:42) The Challenges of Pioneering in the VC Space (28:18) The Future of VC: Roadmap and Opportunities (28:58) Building a Community: The Power of Intentionality (30:18) Reimagining the Office Space: The Agora IRL Concept (32:40) Sponsor Break: NetSuite and Shopify (35:22) The Importance of Operational Rigor in VC (39:11) The Future of 776: Fund Size and Strategy (49:19) The Role of Software in Sourcing and Evaluating (52:06) Closing Thoughts: The Future of VC and 776