Description

Mark Shulgan is the Co-Founder of Intrepid Growth Partners.

Intrepid Growth Partners is led by Mark Machin, Mark Shulgan and Ajay Agrawal. Their new fund seeks to invest in fast-growing AI companies primarily in Canada and the UK that have reached $10M in revenue and are on a path to achieving profitability.

Takeaways

• Gaining valuable experience in valuation and underwriting companies during the dot-com bubble.
• Co-founding the Thematic Investing team (now known as Growth Equity) at CPP.
• Building the Growth Equity team at OMERS.
• Learnings around hiring and scaling an investment team.
• What does growth stage investing mean to Mark and what nuances exist at that stage.
• Understanding cash flow and building financial models are important aspects of growth-stage investing.
• How Intrepid was started with Mark Machin calling up Mark to start a fund.
• Why Intrepid is focused on the growth stage and scaling AI companies.
• The step change that is involved in a company that takes them from $10M in ARR to $100M+ ARR.
• Canada and the UK have a rich ecosystem of AI talent and companies.
• LP appetite for the AI space.
• Valuations in the AI space can be hot, but there are reasonable valuations for companies focused on specific applications.

Chapters

00:00 Mark Shulgan's Background and Experiences

09:52 CPP and OMERS: Pension Fund Managers and Growth Investing

15:06 Key Aspects of Growth Stage Investing

18:37 The Genesis Story of Intrepid

24:06 The Potential of Artificial Intelligence in Growth Stage Investing

31:46 The Abundance of AI Talent

35:10 Navigating Valuations and Cutting Through the Noise

43:19 Personal Practices for Dealing with Hard Times

45:40 The Bright Future of AI

Keywords

Mark Shulgan, growth stage investing, dot-com bubble, valuation, underwriting, private equity, subordinated debt, growth equity, CPP, OMERS, Intrepid, artificial intelligence, artificial intelligence, AI, go-to-market enablement, healthcare, robotics, automation, AI talent, valuations, hard times, transcendental meditation, fitness, future