Episode Summary
Executive Summary: Dave Morin discusses founding Slow Ventures, shifting from operator to investor while retaining an entrepreneurial mindset, and building Slow as a “venture network” focused on long-term support, personal relationships, and thoughtful investing. He explains the firm’s evolution from tiny angel-style checks to a larger institutional fund, and highlights his interest in media communities and biotech’s future.
Main Topics: From operator to investor (Priority: 5/5): Morin explains how his Facebook experience, desire to give back, and interest in learning investing led him to start Slow Ventures while still at Facebook. Why Slow Ventures is 'slow' (Priority: 5/5): He frames venture as a craft that improves over time, emphasizing long-term thinking, patience, and deep relationships over quick returns. Institutionalizing the firm (Priority: 4/5): He describes the transition from a close-knit group of friends making small personal bets to a formal fund with institutional LPs and more structure. Decision-making and fund scaling (Priority: 4/5): Morin outlines how larger fund size requires process, diligence, and partner communication, while preserving a collaborative culture. Slow as a venture network (Priority: 5/5): He argues Slow’s advantage is not just capital but network effects, personal support, and differentiated thinking across a broad portfolio. Media as communities (Priority: 4/5): Morin discusses the opportunity for traditional media brands to evolve into interactive interest networks, using Dwell as a key example. Biotech and the future of software (Priority: 5/5): He closes by highlighting biotech, CRISPR, and genomics as a major long-term investment theme with transformative potential.
Key Arguments: Morin started Slow Ventures in part to give back to Silicon Valley and learn the investing craft after spending years helping entrepreneurs at Facebook. He believes entrepreneurship is innate; even after considering other VC paths, he sees himself as fundamentally a builder rather than a pure investor. The name 'Slow' reflects both the long, difficult journey of company-building and the philosophy of patient, relationship-driven investing. Early venture investing was done with very small funds and many small checks, helping him develop pattern recognition through repetition and experience. As the fund scaled, Slow had to adopt clearer processes for partner communication and diligence, similar to operational scaling in a startup. Slow aims to differentiate itself through network effects and long-term thinking rather than relying solely on board seats or ownership concentration. Morin sees major opportunity in turning media brands into community platforms where readers can interact, contribute, and connect with one another. He is highly bullish on biotech/software convergence, viewing genomics and CRISPR as foundational to a multi-decade wave of innovation.
Data Points: Start date of Slow Ventures: Late 2009 - Morin says he began Slow while still at Facebook. Initial fund size: $1 million - The first two Slow funds were each only $1 million. Early check sizes: $25K, $50K, $100K - Typical investment sizes in the first funds. Total investments: Nearly 300 - Morin says Slow has made almost 300 investments. Personal investments: Over half - He personally did over half of Slow’s investments. Fund 4 size: $65 million - He references the move to a larger, more formal fund structure in 2015. LP base growth: From 10 to 100+ LPs - The fourth fund expanded from a small club-like LP group to over 100 LPs. Typical current check size: $250K to $1 million - Current average range for investments. Target ownership: 2% to 5% - Slow aims to create performance across many companies at this ownership level. Board seats: Selective only - They do not usually take board seats unless extremely passionate. Podcast quick-fire time: 60 seconds per answer - Terry explains the quick-fire format before asking rapid questions.
Pivotal Quotes: "I named it Slow Ventures because it's a craft and it's something I feel like you have to get good at over time." — Dave Morin: Explaining the philosophy behind the firm’s name. "If you're an entrepreneur, you're an entrepreneur. It's just innate." — Dave Morin: On why he never fully became a traditional VC personality. "We think of Slow not as venture capital, but as I always call it a venture network." — Dave Morin: Describing Slow’s differentiated model and value proposition.
Implications: The episode suggests venture firms can win by combining patience, authentic founder empathy, and network-building. It also points to media and biotech as major areas where community and software can reshape entire industries.