In this episode of Turpentine VC, Michael Dempsey, Managing Partner at Compound, joins Erik Torenberg to discuss thesis-driven vs founder-driven investing, Compound’s AI thesis, company building opportunities, ways to win at venture, advice for emerging managers, and much more. --- RECOMMENDED PODCAST: History 102 with WhatifAltHist Every week, creator of WhatifAltHist Rudyard Lynch and Erik Torenberg cover a major topic in history in depth -- in under an hour. This season will cover classical Greece, early America, the Vikings, medieval Islam, ancient China, the fall of the Roman Empire, and more. Subscribe on Spotify: https://open.spotify.com/show/36Kqo3BMMUBGTDo1IEYihm Apple: https://podcasts.apple.com/us/podcast/history-102-with-whatifalthists-rudyard-lynch-and/id1730633913 YouTube: https://www.youtube.com/@History102-qg5oj --- SPONSOR: BRAVE Get first-party targeting with Brave's private ad platform: cookieless and future proof ad formats for all your business needs. Performance meets privacy. Head to brave.com/ads and mention “MoZ” when signing up for a 25% discount on your first campaign. --- Join our free newsletter: https://turpentinevc.substack.com/ --- RELATED SHOWS: 10X Capital Podcast If you like Turpentine VC, check out our show The 10x Capital Podcast with David Weisburd, where David talks to the investors behind the investors: https://10xcapitalpodcast.com/ --- X / TWITTER: @mhdempsey (Michael) @compoundvc (Compound) @eriktorenberg (Erik) @turpentinemedia @turpentineVC --- TIMESTAMPS: (00:00) Intro (01:00) Thesis-Driven vs Founder-Driven Investing (03:19) Compound's AI Thesis (08:28) Company Building Opportunities (11:48) Creativity is the Constraint (14:52) More Founders or More Capital? (18:36) Michael on Crypto (24:01) Ways to Win at Venture (39:25) Michael on Bio (43:02) Michael's Family Planning Thesis (46:28) Technical Risk (49:14) Pre and Post Single Point of Proof Investing (51:24) Advice for Emerging Managers (53:04) Building a Research Organization (57:21) Compound in 2024 This show is produced by Turpentine: a network of podcasts, newsletters, and more, covering technology, business, and culture — all from the perspective of industry insiders and experts. We’re launching new shows every week, and we’re looking for industry-leading sponsors — if you think that might be you and your company, email us at [email protected].