Carta CEO Henry Ward on Private Credit & Private Markets

In this episode of Masters in Business, Barry Ritholtz interviews Henry Ward, the CEO and co-founder of Carta, a company specializing in cap table management and related services for private companies. Ward discusses his educational background, including his time in the Marines and studying in France, and how those experiences shaped his entrepreneurial approach. He recounts the evolution of Carta from its initial concept as "PayPal for equity" to a comprehensive platform for managing cap tables, compensation, and valuations. Ward also shares insights on scaling a company, the challenges of assembling private market data, and his views on the future of private company investing and liquidity, including the importance of providing retail access to private capital markets. He emphasizes the role of luck in entrepreneurial success and the importance of loving the process, even when it involves "chewing glass."

Outlines

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Masters in Business

Introduction to Henry Ward and His Background

The Genesis of Carta and its Entrepreneurial Approach

The Initial Idea and Evolution of Carta

Dematerializing Private Stock and Overcoming Resistance

Why Carta Succeeded Where Others Didn't

Transitioning to a Subscription Model and Defining Carta's Space

Rebranding from eShares to Carta and Scaling Challenges

The Role of Luck and the Love of the Game in Entrepreneurship

Data Strategy and the Incompatibility of Software and Data Businesses

The Rise of Private Markets and the Need for Retail Access

The Future of Secondary Liquidity in Private Markets

The Growing Interest in Private Markets and BlackRock's Perspective

Identifying Adjacent Markets and Carta's Expansion Strategy

Equity vs. Cash and Wealth Management for Illiquid Assets

Mentors, Books, and Advice for Recent Graduates

The Paradox of Skill in Entrepreneurship and Final Thoughts

Carta CEO Henry Ward on Private Credit & Private Markets

Masters in Business

00:00Introduction to Henry Ward and His Background

Introduction to Henry Ward and His Background

05:55The Genesis of Carta and its Entrepreneurial Approach

The Genesis of Carta and its Entrepreneurial Approach

08:00The Initial Idea and Evolution of Carta

The Initial Idea and Evolution of Carta

12:11Dematerializing Private Stock and Overcoming Resistance

Dematerializing Private Stock and Overcoming Resistance

16:36Why Carta Succeeded Where Others Didn't

Why Carta Succeeded Where Others Didn't

20:30Transitioning to a Subscription Model and Defining Carta's Space

Transitioning to a Subscription Model and Defining Carta's Space

24:56Rebranding from eShares to Carta and Scaling Challenges

Rebranding from eShares to Carta and Scaling Challenges

29:00The Role of Luck and the Love of the Game in Entrepreneurship

The Role of Luck and the Love of the Game in Entrepreneurship

32:04Data Strategy and the Incompatibility of Software and Data Businesses

Data Strategy and the Incompatibility of Software and Data Businesses

34:03The Rise of Private Markets and the Need for Retail Access

The Rise of Private Markets and the Need for Retail Access

37:37The Future of Secondary Liquidity in Private Markets

The Future of Secondary Liquidity in Private Markets

42:25The Growing Interest in Private Markets and BlackRock's Perspective

The Growing Interest in Private Markets and BlackRock's Perspective

45:13Identifying Adjacent Markets and Carta's Expansion Strategy

Identifying Adjacent Markets and Carta's Expansion Strategy

49:02Equity vs. Cash and Wealth Management for Illiquid Assets

Equity vs. Cash and Wealth Management for Illiquid Assets

53:39Mentors, Books, and Advice for Recent Graduates

Mentors, Books, and Advice for Recent Graduates

57:21The Paradox of Skill in Entrepreneurship and Final Thoughts

The Paradox of Skill in Entrepreneurship and Final Thoughts