Martin Tobias: Founder of Incisive.vc
with Martin Tobias — Founder
Martin Tobias, founder of Incisive.vc and a prolific angel investor, joins The Startup Project to reveal his evolution from a 'shotgun' approach to a thesis-driven strategy. Learn how he evaluates high valuations using 'notional capital' and why he backed DocuSign when it was still illegal.
5 Things You'll Learn from This Episode
- Develop a specific investment thesis to avoid a 'shotgun' approach and focus on areas where you have an asymmetric information advantage.
- Evaluate high valuations by considering 'notional capital'—the total amount raised—and your preference in the capital stack, not just the headline number.
- Make outsized returns by forming a counter-intuitive thesis and being right, as demonstrated by the early investment in DocuSign.
- Seek out less efficient markets, like India, where there are fewer competitors and ideas from mature markets have yet to be implemented.
- Leverage platforms like AngelList to reduce friction and scale your personal investments into a syndicate, bringing more capital to founders you believe in.
About the Episode
Martin Tobias of Incisive.vc shares his 25-year journey in angel investing, from making 150 investments without a framework to developing his focused 'meta themes.' He provides a masterclass on navigating high valuations with the concept of notional capital, recounts the counter-intuitive bet on DocuSign, and explains why he launched his syndicate during the pandemic to invest globally.
Timestamps
- 0:00 — Introduction: Martin's First Angel Investment
- 2:05 — From Shotgun Approach to a Framework
- 4:01 — Developing the Seven 'Meta Themes'
- 6:45 — Starting Incisive.vc in a Pandemic
- 9:30 — Due Diligence in a Remote-First World
- 12:15 — Capital Efficiency: North America vs. India
- 15:45 — Finding Unique Opportunities in the Indian Market
- 19:00 — Navigating High Valuations as a Price Taker
- 20:45 — The Concept of Notional Capital
- 23:15 — The Counter-Intuitive Thesis Behind Investing in DocuSign
- 27:10 — Why Launch a Syndicate on AngelList
- 30:45 — How a Poker Game Led to Biohacking
- 35:15 — Biohacking Resources and Recommendations
About Martin Tobias
Martin Tobias is the Founder of Incisive.vc, a serial entrepreneur, and an angel investor in over 150 deals. He is a 3x CEO who has raised over $500M throughout his career, including leading two companies to IPO.
Founder at Incisive.vc
About the Host
Nataraj Sindam is the creator of The Startup Project, a podcast featuring founders, investors, and operators building the future.
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