What Was Discussed at the Interlock Summit?
The CEO summit brought together some of the most powerful people in San Diego.
Learn from San Diego's greatest entrepreneurs and companies. Every week, I write a newsletter breaking down the business and money in San Diego. Join hundreds of entrepreneurs and investors by subscribing below.
Founders,
Interlock Capital, a San Diego-based VC firm held its first summit last Thursday.
More than 200 founders, investors, and community members gathered in Encinitas.
It was one of the most exclusive gatherings in tech in recent years.
Please enjoy this brief recap of the event.
High-Level Overview
Poker chips, networking, and money conversations.
The event was designed to “gather hundreds of late-stage CEOs will gather to share knowledge, experiences, and make meaningful relationships,” said Neal Bloom, managing partner at Interlock Capital.
The investor-focused summit spared no expense, with top-notched production, live performances, a casino-themed happy hour. More than 200 people attended the summit, largely thanks to the star-studded lineup of speakers.
Discussing some of the hottest topics in the technology and venture, including AI.
Who hosted the Summit?
The summit was co-organized by venture capital investors Neal Bloom and Al Bsharah, who launched Interlock Capital almost two years ago.
Interlock Capital’s vision was more San Diego than Silicon Valley. While most tech conferences are held Downtown, the summit was set in an iconic North County location this year — The Alila Maria Resort.
The invite-only event, marked a new breeding ground for check-writing, venture capital investments, and mergers and acquisition activity.
Bringing Silicon Valley to San Diego
Neal Bloom kicked-off a fireside conversation with David Friedberg. They discussed the changes in startup landscape over the last two decades.
Friedberg also shared behind-the-scene stories from its popular All-In Podcast and what it was like working at Google as an early employee.
"We're at a point in time right now, where we could see 10x the value generated in this phase of technology advancement, more than we saw during the advancement of the internet,” David Friedberg, told the audience.
A well-respected investor, Friedberg is best known for selling his AgTech startup, Climate for $1.1 billion. It is reportedly one of the first unicorn startups in the agricultural technology space.
“There is both a rush of talent and capital to very early stage AI companies. This will create this massive bubble or index of AI companies. Some great leaders will emerge. They will also accrue extraordinary value across many industries,” said Friedberg.
Wide Ranging Discussions
Real World AI Applications. SOCi’s CEO Afif Khoury, CEO Vinny Lingham of Waitroom, and Arjun Bansal Founder of XOKind, discussed the future of artificial intelligence, the regulatory implications, and AI’s potential to change the way companies work.
Invest In Your People. Fashionphile CEO Sarah Davis, Veyo CEO Josh Komenda, and Cloudbeds CEO Adam Harris, shared strategies and their approach to hiring and training talent in a competitive job market.
Relationship Capital. Founder of Covet PR, Sara Brooks and Founder of Everbowl, Jeff Fenster, discussed the strategies used to obtain celebrity partnerships with Shaquille O'Neal and Drew Brees.
Where’s the Liquidity? Private equity managing partner Brent Granado and Tyler Lay, finance executive at JP Morgan, discussed how private investors are managing their portfolios in today’s challenging fundraising market.
Other panels included:
The State of the Family Office with MooDoos Investments
Winning On and Off The Field with San Diego Loyal Soccer Club
Elevating San Diego's Startup Community with SDSU’s Hala Madanat
The State of the Office overview with Darren Morgan
Key Learnings
The level of talent flowing into AI right now is incredible. Right now there are many amazing, talented founders who are building new AI-powered businesses. This bodes well for the opportunity for smart people to build interesting, new things in AI.
Remote work is here to stay (at least for now). For startups and larger companies looking for office space, now is the best time, in particular the next 3-6 months will be an incredible time to negotiate new spaces with landlords. As of now, shorter-term lease commitments will continue to be a trend.
Seeing a markdown in startup valuations. Across the board, venture deals are taking longer to complete and startups are being valued at considerably less. Many companies’s valuations were significantly slashed compared to 2021 valuations.
The Takeaway
This year's event was one to remember. The summit underscored the next chapter of Interlock Capital, which embodies its “Not your typical startup fund,” mantra.
Since launching, Neal and Al have been busy check-writing and deal-making.
Interlock Capital has made 24 investments into 19 companies so far, many which have already raised at higher valuations, according to Bloom, adding that the venture firm committed for the long haul.
In terms of fund performance, they will need to generate significant financial profits for its limited partners, before the firm’s success reaches the level of the A16z’s and Sequoia’s of the world.
Feedback helps improve SD Founders. How did you like this week's newsletter?