Spencer Rascoff Q&A On What Spencer Looks For When Investing In Marketplaces

I actually had a question that was added to the doc that I wanted to ask for someone, but, you know, that's with investing in marketplaces now, you know, what are some of the things that you look for in marketplaces and maybe even kind of like, you know, specific kind of metrics and benchmarks?

I look for big TAM, low NPS. So big total addressable market, low NPS, meaning everybody's kind of pissed off about the stuff they don't like, you know, they don't like how the industry works. So you're solving a real consumer problem. Obviously, I like things that try to solve things for the consumer and the professional on both sides. I like to see things where the founder has a direct connection to the problem. Like the person, the founding team really cares deeply about it. They're not so motivated by money or by some like MBA type analysis that drove them, you know, like I studied 27 different marketplace ideas and selected this one because it has the best industry dynamics. And it's like, You know, no, like I want somebody who's like, I dream about this problem. I spent the last 5 years thinking about it because my mom is a whatever, or my dad is a whatever, or I grew up in this industry and I've always wanted to, you know, whatever. I saw my parents and grandparents run a restaurant and it was always hard for them to buy supplies. And so now I'm building this two-sided marketplace with restaurant supplies on one side and restaurants on the other because like, I was put on this earth to, you know, to help restaurants and small business owners, da, da, da, da, da. Like, that's better than like, I learned at business school that this would be a good marketplace to create.