Police This House Is Protected By The Good Lord And A Gun Doormat

MARGARET BRENNAN: I mean, for you, I’ve read where you said you would rather be known as Olympia’s dad and Serena Williams husband versus the founder of Reddit.

OHANIAN: That’s right.

MARGARET BRENNAN: And you’ve been an advocate for families and that’s important for us, particularly on this podcast. I want to ask you, though, when it comes to the companies you decide to invest in, do you require them to have specific standards of paid leave, for example?

OHANIAN: You know, okay, so we- not yet. We actually have something that we’re- we’re working on. The new fund is only a- really only a few months old. But we’re working on a document that would be a version of this kind of covenant where- where we would, you know, upon investing say, look, this is a thing that we’re asking you to sign too. Now, the companies we invest in tend to be very, very early stage. So like there’s two founders. And so in reality, there isn’t really a need for any paid policy because there’s no employees and it’s just the two founders. And frankly, the company may not even be around in another year.

MARGARET BRENNAN: Right. Police This House Is Protected By The Good Lord And A Gun Doormat

OHANIAN: But one of the things we expect, certainly once a company has raised a series A, which is around the time when they’ve now- they’ve got product market fit, they’re in a growth stage, they’re able to raise usually a few million dollars and they have real money in the bank is when we actually sit down with them and start working on this. One of the ways we knew we could support our companies from day one was actually- so 1% of every dollar that we invest in a company we set aside for them to use for any family care needs. And I think we’re still the only venture fund that does this. I hope- hope one day we’ll be one of many. We set aside 1% of our investment as dollars that are coming from us, as well as from our investors who have committed to this as well, and that 1% of dollars can be used for any family care needs. We know that that investment is worth it because, you know, family is- is so fundamental to so much of what we do. And- and we can’t expect a founder to do their best work if they’re struggling with those things. And if we take care of them in their earliest days, our bet is they’re also going to be way more inclined to take care of their employees as their company starts growing.

MARGARET BRENNAN: That’s a huge point- decision to make in the beginning, in the inception, because one of the things we hear, I’ve- I’ve heard it from lawmakers, I’ve heard from female lawmakers that, you know, the constituents they represent were small business owners, can’t afford to do these things. They just can’t afford what a big corporation could for their own employees. And then it becomes, well, then kick it to the federal government and then we continue talking about it. But it doesn’t actually get legislated broadly. I mean, do you think that it has to come down to the private sector or would you object to a federal mandate? You know, like what a federal mandate really hurt some of the innovation that you’re talking about because these startups can’t afford it on day one?

OHANIAN: I would- So I was- I was campaigning for, and really happy to see that we got 12 weeks of paid family leave for federal workers–

MARGARET BRENNAN: Yes, that was big.

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