‘When you’re a young person, you should try to become singularly productive. You are able to make something of economic value and put it in the world in a way that you own the design, engineering, creation, marketing, distribution & monetization.’ @gilbert with my quote of 2023
What I see CEOs at struggling start-ups do:
- Go dark
- Hide
- Lash out
- Tweet about lots of things non-work
- Invest time on tiny expenses
- Argue internally
What should do:
- Be Present
- Be Honest
- Be the Rock
- Be Realistic/Optimistic
You just plain grow faster that way
Three big mistakes founders make post initial product-market fit:
1. Logo Hires: Hire senior execs from logos who have not done the work in years.
2. Expand product/market too soon.
3. Bodies do not solve problems. Post fundraise, 90 day hiring freeze. Revenue per head.
@JustAFootyFan_@JustAFootyFan_ curious, which other wide playmakers have you seen succeed in the game who have a similar profile and level of quality to Antony?
One of my biggest lessons investing:
If the founders are truly still giving it 110%.
The company does not go to 0. It may not be a homerun but it does not fail.
the best founders:
✨share consistent updates (monthly or quarterly)
✨have a sense of their numbers at all times and include the most important KPIs in their update
✨use the update prep as a way to reflect on what is working / not working and what to focus on next
@nqatpod Can’t lie. So happy that you and Dan have finally started to see how useless Antony is and have started calling it out on the pod. Last season, you didn’t seem to see how awful he is and were being SO patient with him.
@UnitedStandMUFC@bethTmufc@planetfaz@mcfc_lads On current form no, on talent, yes. You’re all underestimating how much better playing for Pep makes players. If Martinez played for City, he’d be a lot better than he already is. Whilst if Stones etc played for Utd they’d all be a lot worse than they are
Underappreciated by seed founders today
Most Series A funds are now on pace to do 2-3 deals a year, with the majority being truly AI-first
If you aren’t truly AI-first, you’re competing for 1 slot maybe a year per fund
But number of seed investments not down much at all
The investors who are most insecure are the most likely to bail on founders when the going gets tough
Take money from whoever you need to in order to get your round done and get back to work— that's always the high order bit. But if you have choices, choose secure investors.
VC funds need about $2B in “exits” for each $50m they raise
Why? True average ownership of 10% fully-diluted x $2B = $200m. That’s 4x “gross” $50m or just about good enough today.
So raise a $300m fund, you need about $12B in exits. Or better.