Investing Across Cycles, Tech Transformation, and Partnering Effectively with Entrepreneurs with Jon Korngold

Village Global's Venture Stories

Jon Korngold joins Olga Serhiyevich, Head of Investor Relations, on this episode. Jon is the Global Head of Blackstone Growth (BXG) and Co-Head of Technology Investing at Blackstone. Prior to joining Blackstone, Jon was Head of General Atlantic’s Global Financial Services and Healthcare sectors.
Takeaways:
- The vast reach of Blackstone, as one of the biggest asset managers in the world, allows them to apply their huge base of operational infrastructure to “make the winning company, not just find the winning company.”
- Entrepreneurs have accepted that we are not going back to 2021 valuations. There will be many casualties on the road ahead. Jon worries that VCs are doing certain complex deals to protect their marks and that there will be a number of zombie portfolios coming out in the next few years.
- The correction has a silver lining: lots of tech transformation comes out of a downturn. This is a healthy thing, like a brush fire in a forest. Also, startups have more and more talent available to them as the cost of leaving an existing job has never been lower.
- When Jon meets founders he pays attention to how often they let the people around them speak. Great founders are humble and surround themselves with people who challenge their thinking.
- Jon recommends that people spend time working and living abroad if they can. He says that his time spent overseas has informed his thinking on markets and given him a competitive advantage at work.
- The sign of a good board member is that they never show up to a board meeting and learn something they didn’t already know. They sit on a low number of boards, are actively keeping up to date on the company, and are deeply involved with the company.
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