Ron Conway, founder of SV Angel, sits down for a live podcast discussion about his decades-long career as Silicon Valley's most successful angel investor. Conway has invested in defining companies including Stripe, LinkedIn, Facebook, Google, PayPal, Airbnb, and Pinterest, establishing himself as the archetype of angel investing.

The conversation covers Conway's journey from National Semiconductor in the 1970s through every major technology cycle - semiconductors, computers, software, internet boom, and today's AI revolution. Conway emphasizes that the current AI boom "is bigger than all of those combined."

Conway discusses SV Angel's philosophy as "advocates for founders," their holistic approach to supporting entrepreneurs through both business and personal crises, and his role as a relationship broker connecting founders with the resources they need. The discussion also explores his civic engagement, including his current fight against California's proposed wealth tax and his involvement in major crises like the OpenAI leadership coup and Silicon Valley Bank collapse.

From Semiconductors to Angel Investing: Conway's Origin Story

Conway started at National Semiconductor in Santa Clara Valley when it was mostly fruit orchards, then joined Altos Computer as head of sales, disrupting minicomputer companies like DEC and Data General.

Altos went public in 1986 at $21 per share with closing dinner at Club 21 in New York. "I told my wife when I left, this is not a normal business trip. We're going public. At the end of this week, we're going to be what we call wealthy. And she said, You are so full of shit."

Don Valentine of Sequoia Capital became Conway's mentor after Altos was sold to Acer. "Don said, well, if you don't like managing people, why don't you just come hang out at me? Come to board meetings and watch me give founders advice."

Conway's first angel investment was Natural Language Incorporated in Berkeley - an AI company decades ahead of its time that was eventually sold to Microsoft when Bill Gates was already "all over AI."

Building Silicon Valley's Most Powerful Relationship Network

Conway's network originated from National Semiconductor connections when Steve Jobs recruited Mike Markola as chairman and Mike Scott as president of Apple from the semiconductor industry.

"SV Angel has built a relationship network no VC comes close to. Andreessen Horowitz has tried and succeeded. Mark and Ben take tiny salaries and they have the huge service org, but some of it is organic."

Conway describes himself as loving to meet new people and connect them: "Mark Andreessen calls me the router. That's a compliment. I love connecting people because something good is going to happen."

The relationship-building extends beyond tech into government, media, and healthcare. SV Angel has formed partnerships with UCSF medical center and maintains relationships with key legislators.

SV Angel's Philosophy: Always On for Founders

"SV Angel, you're all in or don't bother. We've always taken the approach that if SV Angel had a moniker, it would be advocates for founders."

Conway handles unusual founder crises: "I get the call. My mom just got diagnosed with stage four breast cancer. How am I supposed to run this company and help my mom? And off we go."

SV Angel focuses on inflection points: "We tell founders, we're not going to bother you. We're not going to look over your shoulder. But if you're at an inflection point where it's kind of life and death, that's the kind of shit we're good at."

During COVID, Conway supported Brian Chesky when Airbnb's board questioned the company's viability: "You bet your ass we have a company. You're going to have to make some hard decisions... In 10 days, we had the money."

Fighting for Founders: High-Stakes Crisis Management

Conway prevented global financial crisis during Silicon Valley Bank collapse by pressuring Congress: "By Sunday morning, about six hours before the Tokyo stock market opens, we had to have this solved, or there was going to be a worldwide financial crisis."

"I got very, very firm with them. Like, you're going to be responsible for a worldwide crisis. I don't know what the hell you're doing, but get off your duffs and make the announcement."

Conway's involvement in the OpenAI leadership crisis: "When Sam was asked to leave was a good example. I had conviction that the founder had been mistreated and we were going to make that right. And we were taking no prisoners."

"You have to be fearless. If I had a gravestone, just fearless for founders. That's what we're about. Because founders do get abused."

Thematic Investing Strategy Across Technology Cycles

"SV Angel has always been thematic investors. We have this piece of paper... we're always looking at probably six themes. Any company in that theme that comes in the door, we're going to at least take a look at."

Early themes included search when there were 10 search companies like Yahoo, Ask Jeeves, and Lycos: "Something must be going on in search. Let's make search a theme."

"Today it's kind of easy because everything's AI. But within AI, we have to be thematic within AI because everything's AI."

Conway's competitive nature drives investment decisions: "I do not like losing. I am competitive. You have to be okay with being disliked or having people mad at you."

Political Engagement and California's Wealth Tax Battle

California's proposed ballot initiative would impose 5% wealth tax on all assets: "They would go through your house, appraise every piece of art, appraise your car, and whatever that is, you pay 5%."

The tax calculation based on voting control would devastate founders: "Larry and Sergey own 10% of Google today. They have 80% voting control... they want to tax them for 80% of the market cap of the company."

"That is why Larry and Sergei had to leave. They didn't have it. It wasn't multiple choice for them."

Conway's early political engagement included fighting SOPA PIPA legislation: "I got on the soapbox, gave my lecture, lots of cameras, and we started to turn the tide."