Today I read 30 VC websites ๐ต๐ซ and, frankly, I don't know how founders navigate the VC landscape.
My advice to VCs: For the love of god, tell me where you invest and what support I should expect from you. If there is something different about how you operate, tell me that too.
— ๐๐ฒ๐๐ถ๐ป ๐ก๐ฎ๐๐ต✌๐ผ (@DEVINENASH) August 11, 2022
I just closed a deal yesterday that we lost last year!
The founder and I maintained a good relationship and I was his first call when he wanted to take on more capital.
Tech peeps that get money don’t do enough cool shit with it - social capital goes to investing in other devops startups and being an LP in their friends funds
Gotta start shifting social capital to investing in arts, culture, education, shit that’s more interesting
This is always a debate with many VCs thinking that markets can expand. Great founders can expand them. I don't believe this to be true for all markets.
Regardless, if VC thinks that the opportunity is too small for their fund size - pass.
If the market is very competitive, and the founders can't articulate a clear wedge, unique insight and why they win, then VC will not see the opportunity and will pass.
We did this, but 50% was just timing and riding the tailwinds of changes in the market that we were ahead of the curve on. The other half was expanding our product line (by talking to customers and seeing what gap we could fill for them). New customer ARPU doubled. pic.twitter.com/xYRr14Mtj1
You would have to test every channel (there are 17 and can be found in the book Traction by Weinberg) to understand the lowest CAC. If I may say, to achieve a 10x growth you would need some virality. That's only possible with Software-based products.
1. The Prophet by Khalil Gibran 2. How to win friends and influence people by Dale Carnegie 3. The power of positive thinking by Norman Vincent 4. The Goal by Eliyahu M. Goldratt 5. The Prince by Niccolo Machiavelli 6. Surely You are joking Mr. Feynman by Richard Feynman
The Count of Monte Cristo. Picked it for a book report as a kid bc the cover looked cool. Have read it 5 times. Each time it means something new to me: as a kid, a teen, a college student, a soldier, husband and father. Great life lessons, namely faith and perseverance.
— Justin Hillman ๐บ๐ฒ ๐ฎ๐ฑ (@justinmhillman) August 17, 2022
In the West, the Bible is THE most influential book whether people are actually religious or not, this is the truth. It’s the foundational book of the Western Civalization
Not sure if there can just one book having biggest impact on my life, but this book is the most interesting book that I have read..and I enjoyed every single page... pic.twitter.com/lwzAv9kZpa
This Spoke Zarathustra. Read it the first time, didn’t get it, thought it was “alright”. Studied it deeply in a graduate course a couple years later, and I think it’s one of the most important texts written ever. I wish it was more commonly discussed.
This one helped me get my head right pretty recently, the rest is falling into place after getting that foundation in place. pic.twitter.com/QNbKY9YH1D
The Lord of the Rings. It was the summer between 5th and 6th grade and blew me away that I’d gone along on this epic journey in my mind. Uncovered the potential and power of books for me. Like many things in life, it’s not always the first but the first best.
My answer is most likely boring but it’s honest and it’s REAL: The Bible ๐คท๐พ♂️๐
Forget how spiritual it can seem, but almost every life lesson takes me back to a statement, a story, a lesson, a principle It’s such a practical guide EVEN when I’m not trying to reference it.
Hitchhikers Guide to the Galaxy series bc it got me to get in bed earlier and fall asleep earlier, asleep by 10pm. Made an enormous difference in my life
Malignant Self love by Sam Vaknin. I was dating a narcissist and I had no clue what was happening. Book finally opened my eyes. Would be appropriate for Melania to read.
I went thru all the comments… it seems no one is impacted by author Gabriel Josรฉ Garcรญa Mรกrquez… My favorites of his are 100 years of solitude and love in the time of cholera. Mind bending for me
Zen and the art of Motorcycle Maintenance - Robert Pirsig.
— Wilson Maravilha de Nicolau Canda (@__wmv__) August 18, 2022
The Bible. It’s all about Jesus Christ who is creator of universe, Lord, savior and king of kings. This Bible changed my life and my navigation heading to where I truly belong. No question to ask.
As economies collapse, Western loans simply won’t get repaid, and poor nations will crash out of the dollar system that props up Western lifestyles. Then, even Americans won’t be able to money-print their way out of trouble. It’s already begun. Sri Lanka has started settling loans in Indian rupees, and India is buying Russian oil in rubles. China may buy Saudi oil with yuan.
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More podcasts and content seems like a natural fit and evolution from what you’ve already been doing! I still think there’s incredible green space to build a startup content juggernaut.
Given that over $100 billion in aid has already been earmarked for Ukraine, which will be more than 50% of its GDP, doesn't anyone wonder if this money is being given to the right people in a country known for corrupt politicians? ๐งต๐
Indian Ambassador in Moscow Pawan Kapoor planted a tree in Moscow's Dream Island Park in honor of the 75th anniversary of the establishment of diplomatic relations between Moscow and New Delhi. pic.twitter.com/CSZDFy0DWK
— Yulia Kapoor เฅ ASTROLOGER (@KapoorYulia) August 11, 2022
Discover the history of Google Search innovation. Explore Search Through Time today.
"You know how it goes with startups. It's a rollercoaster." "Hanging in there." "More work to do tomorrow." "I am looking for more money, do you know of any?" "I am looking to hire a __________, do you know any?" "Hanging by the nails. Just had a crazy day."
Ben Horowitz explained you must first understand how Silicon Valley is run, and that is by a very specific protocol. There are kings (notable investors), king makers/fool makers (influential media), connectors (hyper networked individuals), and actors (founders) that revolve around the deals. Silicon Valley runs on the perception of those inside those deals and those on the outside looking in. If you are not properly situated somewhere in the ecosystem, then your company will not get funded or you will not get access to a hot deal that is being funded that you would like access to as an investor. ...........
the valley is not unlike DC
......... Ben invested in my company AgLocal in 2011, I did not know him previously to pitching him, I barely knew my head from my ass as an entrepreneur, I had no track record as an entrepreneur, I was not from the valley and did not attend any Ivy or MIT so I had no network, and there was nothing inherent or obviously valuable that I could offer to Ben. However, and this is important to note, Ben looked past all of that and decided to take me on as a mentee and subsequently helped me raise a seed for my company also. ............. the networks that run silicon valley. Networks equal access to jobs, funds, and deal flow, and the networks that run silicon valley are Stanford, Harvard, MIT, Google, HP, Ebay, Facebook, Apple, and PayPal.
20 Rules for rookies raising a round Understand that it will be a pretty intense process that will require more meetings than you’d like and more emails than you’d like. This is not going to be different for anyone. Raising a round is a full time job in and of itself. ........ Raise early to spend cash on making cash. ........ When you do approach don’t ask initially for money. Ask for advice. The old adage is, ask for money you’ll get advice, ask for advice and you’ll get money. ........
Investing is social science
........ If someone doesn’t understand your business. That is your fault and not theirs. Make your deck simple, because it will likely be in front of more people than you will. You should model your deck after the simplicity of a children’s story book. Very little words, very obvious plan to win, very beautiful and enjoyable to read. It should be able to talk for you in the case that you aren’t there to explain your business. Trust me me, it will be sent around and in the race against time, can save your energy by rounding up investors for you that have seen it. ............... If an investor hasn’t committed firmly to investing if a stated criteria is met then do not go on wild goose chases and hours of homework, only to be told they need you to do more once that assignment is done. ........ If you can’t get a fast yes, get the next best thing, a fast no (this is a game of time, and attrition) .......... The worst thing you can do is spin your wheels talking to investors that don’t invest in your space, stage, or are overdrawn and can no longer do your deal. ........... Do not take a no personally. Some may find your idea to not be a fit with their ability or desire to fund but may have valuable advice and connections to share nonetheless. Some may not be valuable at all and may in fact be rude and down right dismissive. It is best to identify the difference between a good pass and a bad pass and to ignore the rude ones and engage the good ones ......... There are some that like to meet just to meet with no intention of investing and/or no cash free to invest. You do not need that waste of time. ........ you will have to meet with at least five different investors for every $100k that you raise, and this is the best case scenario. In each of my rounds that I have raised more than $1m, I ended up meeting with at least and more than 50 different investors by count, and in over 100 total meetings. ......... Look at the portfolio of the firm, the twitter and linkedin of the angel to find out if they have invested in a competitor. ......... It may very well be that they want to meet you in order to get educated for their next board meeting and to advise their company on how to outflank you or steal pieces of your model. .......... Lessen your alcohol intake, tighten your schedule to ensure proper sleep and exercise, and find healthy hobbies to take your mind off of your startup.
How to Explain Bitcoin to a No-Coiner Loved One so that you can share the magic of this revolutionary new financial system with those around you. ....... Bitcoins don’t need to be backed by gold or any other government entity in order to have value; they’re simply worth whatever people are willing to pay for them, much like stocks and bonds. This means you can exchange Bitcoins without waiting on a bank or a central bank and without paying steep transaction fees.
It only takes 5 minutes to know if a start-up has a high probability of success or not. Or the “lie to me” method. ........ He will tell you why he decided to take the step. He will tell you what motivates him. In short, his passion. And he will talk about it sincerely, using words that resonate. ...... Why the entrepreneur does what he does. From this “why” will come the culture, which, in turn, will unify the team. It is this culture that will enable the team to react and adapt to the slightest setback.
Chrome and Safari have great competition, meet the new and futuristic browser. browsers such as Chrome, Safari, Microsoft Edge, and Firefox are among the internet’s most utilized and well-known browsers. ........ It makes it feel as if the webpage is an app on your Mac. ....... The sidebar in Arc is home to your tabs, spaces as well as library
While the trolls rejoiced in their echo chamber, @coinbase was quietly building Insto and Wallet products amazing enough for @BlackRock and @Meta to integrate.
Craziest part is we’re [checks notes] just getting started ๐
Giving equity to consultants. Typically to do work that the right investors should do. If you must hire consultants pay them in cash paid by delivering highly defined and documented deliverables /4
Advisors . . . same concept as consultants above. Caveat, giving equity to non participating advisors is weird because If an advisor likes you and your company so much, why don’t they just invest? There are exceptions to every rule, but always be extremely careful with equity /5
Outsourcing software development. Of course there will be times you may need extra help in a sprint, but the core development of the companies IP should always be lead by in house talent, preferably one of the founders /6
Firing too late. Unproductive employee who is liked by the team or highly productive employee who is disruptive and disliked. Both are poisonous for seed stage co. The former due to deflating errors, the latter destroys culture and work place vibe. /7
Firing too late cont: bad assumption, unproductive employee can be retrained on the job, or disruptive employee can change with warnings. Big cos can afford that assumption but startup don’t have the time. Not moving fast is avoidance from an emotionally tough part of the job /8
Overtly complex and unfocused go to market plan. No true north. Should be a set of simple well defined market tests meant to deliver feedback on market thesis. If this happens then we do that, if that happens then we do this . . /9
Founder misalignment: by far the biggest reason startups fail. Failure to engage in tough convos early on, set clear expectations around swim lanes, responsibilities, final say, equity splits, etc - failure to refresh the convo periodically. Especially around financing events /10
Out of scope hiring: 1. hiring too early for co stage. (Ex: Hiring a big name brand co exec too soon, they get bored and leave) 2. hiring into incompetence (ex: hiring a decent designer to head of product or lead UX, with no prior startup experience or management experience) /11
Whiplash: Building the product based on the last interaction with an existing investor, or worse an investor you’re courting for the next round. Investors should learn about the market from the founders. Good investors help founder process information, not think for them /12
Over valuing investor inbound. Most of the time inbound is investors doing their job to know everyone in the space and where they are. Never let inbound distract you, unless they are ready to send a favorable term sheet quickly. Raise money with a strategy, not reactively /13
The homework trap: if you are raising and an investor keeps giving you extra homework that starts to greatly exceed the diligence process originally outlined you are not getting the check. You are doing market research. Move on from that investor /14
Trying to boil the ocean. Starting from the end vision of the fully functional product, vs just getting from zero to one. This will leave you and your team a quagmire. Over engineered features that weren’t important for an unfinished core product /15
Trying to save and cut corners on legal and/or accounting and finance. Word to the wise, you eventually end up paying way more later on and it being much more painful. Just pay the premium for top notch legal, and top tier finance and accounting work /16
Failure to understand deals. Every deal you do early will have an outsized effect on the future of the company. Understand voting, controls, triggers, liquidation preferences, stock class rights, conversion economics (if raising debt) etc - (tweet vastly over simplifies) /16
Everything in the universe is balance. Real growth starts when accountability begins. You can heal the hurt you’ve experienced faster when you’re honest about the hurts you’ve caused. They are interrelated energetically as part of a spiritual knot that needs to be untied
No one is born with courage, it is developed. A valuable life skill related to courage is communication. Many avoid difficult conversations. It takes courage to engage when things aren’t easy but all long lasting relationships (friends, colleagues, partners) are built on this
if you don’t own rights that give you voting control of usage and/or the ability to recoup income accrued, you are either a fan, a customer, or a volunteer
Reminder: go to bed early, in darkness and silence, and sleep a full 7 hours, drink a lot of water throughout the day, make time to go outside for a 30 minute walk - do these things every single day
You can only go as far as your imagination and your risk tolerance allows. Imagination is the seed, and risk is the soil. If you have a big imagination and no risk tolerance it won’t work if you take outsized risk for small ideas it won’t work. Right size for both + work ethic
There’s a misconception that success happens on a slow and gradual slope, when in fact it’s slow then fast, one year of progress in ten years and ten years of success in one. The key is to survive the down spikes and not remove yourself from the game before the big up spike
The sooner you realize you are the author of your challenges, and stop looking for others to blame, the sooner you can take accountability and heal what’s been broken. But if your ego can only handle being the hero or the victim of your narratives you’ll live a circular existence
focusing on creation in what is an incredible moment in the present and manifesting for an abundant future ahead, I don’t talk about the past or give it energy anymore, because I don’t want to dilute what’s happening right now with unclean and dead energy
A platforms technological capabilities don’t mean a thing without users to define its value, and users won’t adopt unless the use cases are understood, and the use cases are translated via culture, and culture is transmitted by story tellers . . . It’s simple, but hard https://t.co/lhZtjmbg5H
Remembering John Coltrane, gone 55 years this week. Here he is performing "Alabama" in 1963 with McCoy Tyner on piano, Jimmy Garrison on bass, and Elvin Jones on drums. pic.twitter.com/zemzaR8tgU
Authenticity is a commitment to live your principles even in the face of consequences, not a crafted public image designed to likable to the maximum amount of people possible
Many people who give great advice, only know their advice from an intellectual standpoint point, but find it hard to live their own advice to others. I commend Jay-Z for his honesty here. This new interview is one that men of all ages should watch https://t.co/hoYhix4zg5
Advising a young CEO, we deconstructed co communication. A mistake young leaders make is to talk more than they listen. In meetings the best leaders tend to spend more time hearing from staff, and tend to note staff input and withhold conclusions in favor of clarifying questions
2/ After all you hire staff to advise you in their specific area of expertise. If you’re a leader, a bad habit to fall into is to try and be the smartest person in the room, and to see each meeting as chance to prove your competence as the leader. But you don’t learn that way
3/ after all you already know what you think. It’s always best to hear from your functional leaders and wait until the next meeting (if the decision attached isn’t time sensitive) or at least an hour or two after the meeting, to make a decision. Contemplation is a leadership key
As I read your essay, I started to note some things that align with Afropolitan, including one vote to 1 NFT and not being coin token led.
Then as I read the conclusion, I was pleasantly surprised to see @afropolitan name mentioned! Thank you, as this validates our vision. https://t.co/vV6ilhWr7D
