In this episode, Joel Palathinkal chats with Gary Benerofe of Mu Ventures about his varied career, spanning Lehman Brothers to the music industry and entrepreneurship. Gary discusses his journey from EMI Music to real estate and founding Corner Light Capital. They delve into asset-heavy vs. asset-light models, triple net leases, and compare venture capital with real estate investment. The conversation covers venture strategies, SMB trends, agency challenges, and AI's impact on sales. They also explore commerce enablement, acquisition channels, grocery delivery models, and innovations in elderly care, childcare, and health tech, concluding with Gary's investment insights. (0:00) The current state of venture markets and introduction to the podcast (0:52) Introducing guest Gary Beneroff and his background (2:22) Gary's career journey and experience at Lehman Brothers (4:44) Transition to music industry and entrepreneurial lessons (6:52) Working at EMI Music, joining real estate business, and founding Corner Light Capital (12:29) Asset heavy vs. asset light business models and triple net leases (17:09) Sam Zell's approach and venture capital vs. real estate investment (20:57) Venture fund strategies, SMB trends, and agency business challenges (24:18) Early CEO mistakes and attractiveness of cash flow positive businesses (25:13) AI and its impact on sales and customer expectations (30:59) Human vs. automated sales debate and data importance in AI sales (34:58) Commerce enablement complexities and emerging opportunities (39:10) Novel acquisition channels and exciting investments in commerce (42:13) Differences in grocery delivery models and transition to suburban living (45:08) Personal experiences with city vs. suburban lifestyle (47:51) Innovations in elderly care, childcare, and health tech investments (49:27) Private equity insights and Beneroff Properties' portfolio (50:38) Family-owned summer camps business and CFO considerations (52:22) Criteria for investments and current business focus (53:35) Closing remarks and thank yous