Bryce Roberts

Much taller IRL

[Soleio @soleio]

Before @vercel shipped its first command line, Guillermo Rauch @rauchg designed it in a canvas

FIRST OF KIND, Season 3 premieres Thu 10/22

Follow @firstofkind for the full release

[Karri Saarinen @karrisaarinen]

loved foursquare a ton but this an example of death by capital stack.
- more than 1x liquidation stacks
- $400M+ raised including debt

acquisition price is not high debt gets paid first, nothing left so preferred gets canceled, common gets canceled.

the danger of over-raising, not just the latest valuation you have the clear, but the size capital stack you're creating along the way

Linear is profitable and the assets are more than we have raised. At this point if shut down the company investors would actually make money just from the cash assets.

[Bryce Roberts @bryce]

@albertwenger 💯

[Bryce Roberts @bryce]

I think about this graph every day.

A Rorschach test if there ever was one…

[Glenn Solomon @glennsolomon]

$81/month - that’s the median AI spend per employee at venture-backed companies, according to @tryramp’s AI Index. That’s at least 10x everyone else!

When you spend every day surrounded by founders building with AI, it’s easy to assume the rest of the economy spends the way their companies do. Ramp’s data says otherwise.

Of course, PE-backed and traditional companies are moving too. Their spend more than 2x’d over the past year. But they’re starting from a few dollars a month, about the price of a large cup of coffee.

Those of us in venture work inside a bubble of early adopters. For anyone selling into the token path, that’s good news: most of the market hasn’t started spending in earnest.

[Bryce Roberts @bryce]

@preston_holland *chefs kiss*

[Parker Conrad @parkerconrad]

Many (most?) investors disagree with me on this, but they are wrong. Gross margins on token spend, *at full utilization,* is the single most important metric for AI application companies. It's the purest measure of your value-add on underlying intelligence. 2/

[Bryce Roberts @bryce]

@SP1NS1R Count in it

[Bryce Roberts @bryce]

@boxerbk This is good

[Team Phaze @Phaze_in]

Claude can now control PC's & Workstations through Phaze...

[Bryce Roberts @bryce]

@Konnor_Andersen Have heard this

[Bryce Roberts @bryce]

As an OG, it’s still absolutely wild to me that every fundraising announcement discloses the valuation.

[Bryce Roberts @bryce]

@humangallardo False dichotomy. Angels are exactly for building and proving. Unless the terms are egregious or you have reservations about them individually…

[Bryce Roberts @bryce]

@mwalimujulius77 out of the editing window so I'll just let it ride 🙏

[Bryce Roberts @bryce]

@jperla this is sick

[Bryce Roberts @bryce]

There are many sides to every story.

Many valid. Few complete.

[Benjy Boxer @boxerbk]

@bryce Also destroys outcomes for many founders who build big successful companies and who also over raised, leaving themselves underwater on their cap table

[Bryce Roberts @bryce]

@boxerbk 🎯

[Bryce Roberts @bryce]

Equivocating ambition w/ massive funding rounds is the cancer of an entire generation of founders and a magnet for scam artists.

[Alex Macdonald @alexfmac]

Invest in founders with a level of ambition that makes you uncomfortable.

I’ve sat at the table with a number of entrepreneurs who are raising seemingly back-to-back mega rounds every 3 months in the last year.

I’m an extraordinarily aggressive risk-taker, but in all these meetings I’ve felt physically uncomfortable.

To the point when I noticed I was gripping the chair in a meeting with a founder.

This is what it takes to win big and be truly venture-backable today.

[Bryce Roberts @bryce]

@andrewparker 💯

[Bryce Roberts @bryce]

@yesadok "hiding" is a strange choice of words