Keith Rabois (@rabois), partner at Founders Fund, joins Erik on this episode. It was recorded live at an On Deck Fellowship event in San Francisco.

They discuss:

- The kinds of companies and founders he looks to fund, including why he wants half of his VC friends to laugh at how ambitious and ridiculous the companies he’s funding are.

- Why going from zero to one involves roughly the same amount of pain no matter whether the “one” the company gets to is tiny or a billion-dollar-plus enterprise.

- Some of the different spaces he’s invested in recently and how he’s navigated the idea maze in different sectors.

- Stories from the early days of PayPal.

- Why he likes regulated markets, and why he says “the more legal risk, the better.”

- How to think about creating a founding team, and why you need to absolutely make sure you and your co-founders agree on first principles.

And of course, they also discuss basketball and politics.

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Check us out on the web at villageglobal.vc or get in touch with us on Twitter @villageglobal.

Venture Stories is brought to you by Village Global, is hosted by co-founder and partner, Erik Torenberg and is produced by Brett Bolkowy.