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Builders for the Future (Notes from Dec. 24 – 30) January 16, 2019

Posted by Anthony in experience, finance, Founders, global, Hiring, questions, social, Uncategorized, WomenInWork.
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Hello all! It’s good to write again this week! And this one sent us back to the week of Christmas. Appropriate for this edition because I spent mine with my mom. She’s one of the strongest women that I know – the stars of their respective companies/start-ups/brands. They’re asking questions that affect all of us, whether it’s when we literally stay a Marriott Hotel, question our job choices going forward, try to learn a new skill, or even debating on jumping into a start-up with an idea.

I know I took quite a bit of the segments to heart and reflected on them. They covered a wide range of topics but ultimately, how do we move forward in whatever we’re doing.

  • Nicola Corzine (@ncTheCenter), Exec Director at NASDAQ Entrepreneurial Center (Bay Area Ventures, Wharton XM)
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    • Enabled 7500 entrepreneurs in 65+ countries
    • 49% female and 65% minority as a big driver for her
    • KPIs as solving the business problems that are presented
  • Stephanie Linnartz, Chief Commercial Officer at Marriott International (Wharton XM)
    • Discussed how they had positioned to make sure certain hotels stand by their values
    • After buying Ritz Carlton, keeping it as Ritz Carlton brand
    • Host / rent-type brand and partnership to ensure that they can offer amenities in line with brand
    • Structure of Marriott being franchised, primarily
  • Ellen Ruppel Shell (@EllenRuppelShel), author of The Job (In the Workplace, Wharton XM)
    • What’s it mean to be satisfied at work? Depends on the person.
    • How gig economy changed mindsets – if it did? Many people want consistent paycheck
      • Control isn’t super valuable if they don’t know when the next paycheck is coming
    • Disagreements of people seeking ‘satisfaction’ or ‘meaningful’ employment – falsehood that has been pushed onto workers
  • Alice Bentink (@Alicebentinck), co-founder of Entrepreneurs First (20min VC FF 014)
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    • Founded Girls Code
    • Was originally at McKinsey when she started – best way to think about next steps when they were graduating from university
    • Ingredients for EF: exceptional technical talent, co-founders that matter
      • Idea is important but not perfect idea (doesn’t exist)
        • Idea that resonates with you to attack and start to build
      • Non-technical people need to bring domain expertise (used a translation expert with contacts/work in the space)
        • People with years of expertise don’t want to work in their domain – EF is pained by this
      • Selection based on the talent over ideas (changing them 2-3 times)
    • What makes a great founder?
      • Thousands of applications – built companies or startups or products
        • How to keep an open mindset and willingness to learn
    • First time founders worry too much about the startup than the product being built
      • Don’t worry about accounting, incorporation, logo
      • Do built a test product, get feedback, iterate quickly
    • Friends and family rounds can be dangerous if there isn’t an understanding of the risk or time horizon (say, pensions or house deposit)
    • Scaling from 15 companies a year to 40 companies
  • Kirsty Nathoo, CFO of Y Combinator (20min VC 075)
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    • Went from PWC in Cambridge, UK to YC and do-everything at a start-up accelerator
      • Got involved with YC through her husband, funded in 2008
      • Had a 3 week window to close up Cambridge and get to SV – was doing a ton of responsibilities
        • Control of all bank accounts, access to everything and it made her more trustworthy
    • First batch she was involved with was Winter 2010 and had 26 companies
    • 10 minute interviews questions – how big does it get? How does it adjust with getting customers what they want?
      • Have the founders thought about enough to make each other learn something new?
    • Obvious business expenses vs controllable business expenses – spending investor money and when to vary / change these
      • Founders can break up and it often isn’t ideal – YC makes sure to pay founders and payroll
    • Founders should be able to report a lot
      • How much $ in bank? Runway? Growth rate? Burn rate?
    • Most impressive interviews are ones that founders can articulate answers to questions because they’re so matched with their mission

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