IPOs Are Being Replaced

Описание: In this episode of Run the Numbers, CJ sits down with Mike Jung, Co-Founder and Managing Partner of Founders Circle Capital. They unpack the rise of structured liquidity, how secondaries went mainstream, and what CFOs should know before running a tender. Mike shares lessons from the dot-com era, AI’s “super cycle,” and what separates durable growth companies from hype.

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LINKS:

Mostly Talent: https://mostlymetrics.typeform.com/to...

Mike:   / mikjung  
https://www.founderscircle.com/

CJ:   / cj-gustafson-13140948  
https://www.mostlymetrics.com

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TIMESTAMPS:
0:00 Preview and Intro
1:08 Founder Circle origin
3:15 The founder liquidity insight
5:16 Staying private longer problem
6:04 Secondary market control vs chaos
8:44 Secondaries over IPOs
10:12 Liquidity keeps VC alive
11:27 Ask Jeeves dot-com lesson
12:26 $190 to $1 + AMT reality
13:10 Sponsors — RightRev | Rillet | Tabs
16:39 Private share opacity risk
20:25 Founder + employee liquidity playbooks
21:55 Early investors need liquidity too
22:31 Cap table math actually matters
24:17 SPV fee stacking insanity
25:37 Sponsors — Abacum | Brex | Metronome
28:54 Tender offer guardrails
30:09 Minimum vs maximum liquidity balance
33:01 Growth stage sweet spot + IPO bar rising
34:17 AI Cambrian explosion
34:58 Buying fear vs buying hype
36:29 AI growth sustainability
37:19 Founder-led advantage + product velocity
38:47 TAM is created, not measured
41:06 Anti-portfolio lessons
43:01 What is a supercycle
44:34 Do supercycles end in crashes?
46:16 AI’s unprecedented adoption curve
48:31 Community as a moat
52:50 Earning the right to be on the cap table
55:06 Building a firm vs managing a fund

#RunTheNumbersPodcast #Secondaries #GrowthStageInvesting #VentureCapital #FounderLiquidity