Infinite Games – Investing in the Frontier of Cloud Platforms with Mark Terbeek of Greycroft

“When customers ask for it, it's almost too late already. You should have already done it.” – Mark Terbeek

In this episode of Outliers, we’re talking with Mark Terbeek about his investment process, advice for entrepreneurs, and the power of coaching.

Mark Terbeek is a Partner at Greycroft, an early stage venture capital firm focused on investments in digital media. With experience as an analyst at McKinsey & Company Chicago, a board member for companies like Kontiki, BladeLogic, and Icertis, and a managing director at MK Capital, Mark has helped make Greycroft a leading investment firm in the media and technology spaces. Greycroft manages $1.1B and has made over 120 investments in companies like Thrive Market, Huffington Post, Shipt and Trunk Club.

Chapters in this interview:

• 00:00:22 – Mark’s background at Goldman Sachs and McKinsey
• 00:07:59 – Mark’s foray into entrepreneurship and the VC world
• 00:16:43 – How the world of venture capital has changed over the past 20 years
• 00:20:01 – The patience needed to be a great investor
• 00:22:21 – Comparing enterprise vs. consumer venture capital investing and their trends
• 00:28:05 – Greycroft’s focus areas, including intelligent enterprise and vertical SaaS
• 00:35:15 – Why being API-forward is so important in modern tech companies
• 00:39:45 – Icertis and contract intelligence
• 00:46:19 – The allure of system of record software businesses
• 00:49:17 – Mark’s fundamental investment beliefs
• 00:55:45 – Advice for entrepreneurs and investors: it’s okay to be honest and vulnerable
• 01:02:11 – Resources for entrepreneurs and investors

For more explore the transcript of this episode.

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Links from the Episode

• Connect with Mark Terbeek: LinkedIn | Twitter | Greycroft
• Goldman Sachs
• McKinsey
• DePauw University 
• EQ (Emotional Intelligence)
• Accenture
• Sears 
• Continental Baking Company
• Wonder Bread
• Hostess
• Twinkies
• Walmart
• Costco
• Ameritech 
• Netscape
• Stanford Graduate School of Business 
• Jamcracker 
• SaaS (Software as a service)
• Okta
• Active Directory
• Salesforce
• Facebook
• Microsoft
• Bill Gates
• Alan Patricof 
• Y Combinator
• Fidelity
• Square
• Axios
• SAP
• Satya Nadella
• Workday
• Zendesk
• ServiceNow
• Icertis
• Icertis/Daimler Case Study
• Gong 
• Service Titan
• Docusign
• Mercedes Benz
• Tesla
• Uber
• Snowflake
• Slack
• Palantir
• Stripe
• Twilio
• Zoom
• Mikaela Shiffrin
• LeBron James
• Serena Williams
• Axios Pro-Rata
• Forbes newsletters
• Blinkist
• Chicago Bears

Mark Terbeek's Favorite Books

• East of Eden by John Steinbeck‍
• The Razor’s Edge by W. Somerset Maugham

Key Takeaway

A bit of advice for entrepreneurs: It’s okay to be honest and vulnerable. Acknowledge when you don’t know the answer. Surround yourself with amazing people who have different skills and will constructively challenge the status quo. Work with a coach to gain clarity on yourself. The best athletes in the world (including Serena Williams, Mikaela Shiffrin, and LeBron James) are the most heavily coached. If you want to be a top performer in your field, be humble and direct, surround yourself with incredible people, and focus relentlessly on improving yourself.