THIS MATERIAL (INFORMATION) WAS PRODUCED AND DISTRIBUTED BY FOREIGN AGENT ELIZABETH NIKOLAYEVNA OSETINSKAYA OR CONCERNING THE ACTIVITIES OF FOREIGN AGENT ELIZABETH NIKOLAYEVNA OSETINSKAYA 18+ You can support us by subscribing to Patreon / osetinskaya or making a one-time donation, including in rubles, here https://donate.osetinskaya.io. Ilya Strebulaev is an economist, professor of finance at the Stanford University Graduate School of Business, and the first person to engage in venture capital as a science. In addition, in 2010, Ilya became the first Russian-speaking professor to receive a tenure - the status of a so-called lifelong professor at Stanford. We flew to California specifically to talk to Ilya at his home. It turned out to be a long and interesting conversation about how the venture world works, how venture capitalists make decisions and what kind of founders they are looking for, what is happening in the Valley now, how to treat failures, what is the venture DNA of companies and how Russian students can get into Stanford. You can get to Ilya Strebulaev's Russian-language course on venture investing here http://www.neic.club/ Use the promo code norm for a 5% discount! Timestamps: 00:00:00 Elizaveta Osetinskaya's address to the audience 00:03:22 How many books are in Ilya Strebulaev's library? 00:04:18 How did Strebulaev start studying economics? 00:06:56 "I became interested in science completely by accident" 00:08:44 "Then it turned out that I invented the wheel" 00:12:58 How did Strebulaev end up in the mathematical methods department at NES? 00:14:15 "Strong doctoral programs were not in Russia" - about studying in London 00:16:13 "By Tuesday, I had studied 1200 pages and came to the advanced course" 00:18:46 Why Ilya Strebulaev chose science, not money 00:20:30 What does it take to get a PhD? 00:22:15 How does the employment of scientists work and how to get into Stanford? 00:29:07 "My dream has always been to become a professor at Stanford" 00:30:30 How to become a tenure - a professor who cannot be fired? 00:35:11 About the art collection in Ilya Strebulaev's house 00:37:55 "I'm the first at Stanford to start doing venture investments" 00:42:19 How did Strebulaev start teaching a course on venture investments? 00:45:06 "Students asked questions I didn't have answers to" 00:48:01 How to evaluate venture companies: the "Gornal-Strebulaev model"? 00:49:55 Is it true that there is a crisis in Silicon Valley now? 00:50:29 "2024 is the best year for investing in startups" 00:52:39 Which American universities have produced the most unicorns and why? 00:56:00 How is AI changing business models in different industries? 00:59:09 How does "venture DNA" help large companies? 01:03:53 How do decisions happen in venture funds? 01:09:11 Why have all the large companies in the last 50 years been created in America, and what does venture capital have to do with it? 01:16:36 "Monopolies will be displaced by radical innovation" 01:18:37 The example of Starbucks as a radical innovation 01:21:04 "Most venture investments end in failure" 01:22:41 What should a good venture investor know? 01:25:04 What is the "venture brain structure"? 01:26:07 Why do investors trust founders who have already failed more? 01:29:01 What is constructive failure? 01:30:56 How many of Strebulaev's former students are starting their own startups? 01:33:14 Why are emigrants the most successful founders? 01:36:27 Which countries have the most founders? 01:38:10 How many unicorns were founded by people from the former USSR? 01:40:20 The three main qualities of successful founders 01:45:00 Why is it important to fire a founder in time? 01:47:29 What is flexibility and why is it important? 01:50:12 What kind of founders are venture investors looking for? 01:52:43 "Education is a factor in success" 01:55:17 How much does it cost to study at Stanford? 01:57:15 Why is Stanford so much more expensive than Berkeley? 01:59:14 Differences between higher education in Europe and America 02:02:20 Why Stanford is a unique place 02:05:08 Which education system wins during radical innovations 02:06:36 “Managers of large companies are very eager to learn” 02:07:33 How did Strebulaev’s course on NEIC venture capital come about? 02:10:54 How much does Strebulaev’s course cost? 02:12:20 Top companies and heads of state – who does Strebulaev “coach”? 02:14:03 Can students from Russia now enroll in Stanford? 02:15:13 “To get into Stanford, you need to stand out from the crowd” 02:18:22 How is tuition paid at Stanford? 02:18:54 What programs does Stanford have? 02:20:37 About the fund to help Russian students 02:23:30 How Strebulaev brought Silicon Valley to Yandex 02:25:30 In the Valley, companies grow faster due to competition 02:27:17 Large Russian companies have a "vein for innovation