# Investor Stories 470: Passing on Uber, Perplexity, and Fintech's Breakout Winners — The Stories Behind the Misses (Orthlieb, Callaghan, Byunn)

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Podcast: [The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified](https://stenobird.com/podcast/the-full-ratchet)
Published: 2026-04-09T08:00:00+00:00
Episode link: https://fullratchet.net/orthlieb-callaghan-byunn
Audio file: https://traffic.libsyn.com/secure/fullratchet/Investor_Stories_470_-_Why_I_Passed_Orthlieb_Callaghan_Byunn.mp3?dest-id=204448
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Duration seconds: 351

## Resource

Three venture capitalists share the specific reasons they declined investments in massive successes like Perplexity and Uber. The discussion explores the tension between recognizing great technology and the necessity of finding the right leadership and valuation.

## Highlights
- Main idea: High-growth potential can be undermined by a lack of a clear, visionary CEO during early stages
- Failure mode: Passing on deals due to high valuations or insufficient time for due diligence on founder personality
- Practical takeaway: Strong execution in crowded markets, like challenger banking, can still fail to overcome intense competition
- Main idea: The 'anti-portfolio' is an inevitable part of venture capital, as no investor maintains a perfect win rate
- Failure mode: Overlooking the importance of a 'protagonist' or leader in a project-based early-stage startup

## Topics

Venture Capital, Startup Investing, Anti-portfolio, Founding Teams, Fintech, Company Valuation, Entrepreneurship, Decision Making

## Chapters
- 1:10 — The Perplexity Pass: Ben Orthlieb discusses passing on Perplexity due to high valuation and insufficient time to evaluate the founding team.
- 1:40 — The Uber Regret: John Callaghan reflects on passing on Uber's seed round because the company lacked a central, visionary leader at the time.
- 2:50 — The Necessity of a Leader: A deep dive into why technical excellence cannot compensate for the absence of a 'protagonist' in early-stage investing.
- 5:30 — Fintech Competition: Eric Byunn discusses the challenges of the challenger banking segment and why many well-executed startups end up in the anti-portfolio.
- 6:00 — Navigating Market Saturation: Analyzing how intense competition and market dynamics impact the survival of fintech innovators.

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## Transcript

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