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

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