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Fun Founder Stories (Notes from July 29 – Aug 4, 2019) August 21, 2019

Posted by Anthony in Automation, Digital, education, experience, finance, Founders, global, Hiring, Leadership, marketing, medicine, questions, social, Strategy, TV, Uncategorized, WomenInWork.
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Starting with a discussion of Neuralink (Musk’s… brain-child of a company for neural lace) and how it reminds the a16z crew of invasive compared to non-invasive surgeries / medical tech. How did TikTok vary itself in the social space and explode in popularity? Harry Stebbings of 20min VC had been going on and on about HiringScreen and finally had the founder on which was fun to hear. Richard’s origination story for the company and his path that he took was fascinating.

Then I happened to listen to a few different shoe companies with founders on serendipitous and creative stories. One traveling to a new and different country and absorbing the culture to his story. The others, seeing a problem that seemed to arise and noticing there should / could be a solution. Then catching breaks for each of the 2 companies – including the bootstrapping and doing it on their own as something that was fun enough helping people solve those problems / be happy with their footwear. I strongly suggest looking at Sabah shoes for men’s drivers-ish and Birdies for women who go to parties where they may need slippers or comfortable everyday ones.

E-sports and digital discussion for a16z was fun in how society is adapting to digital experiences or how they meld entertainment. For those that don’t think esports may be viable, it’s easy to argue in the cases where they watch reality tv or even game shows (which have been around since tv). It’s just changed how we consume and perceive it as interactive live games vs recordings. Also, malls that are less successful or in areas have been able to take advantage of the space available.

Vivino’s CEO joined and talked about how he is trying to socialize and give people options in the wine space – which, let’s be honest, is always a good thing. Goldie Chan discussed filling the gap in an employment by consulting, by accident, nearly. She turned it into a full pivot consulting and has taken advantage of her great skills at marketing. Hope there’s something for everyone!

  • Neuralink & Brain Interface (a16z 7/21/19, 16min on the News)
    1200px-neuralink_logo.svg_

    • With Vijay, Connie Chan, JPM
    • Announcement of neural lace – culture sci-fi by Ian Banks – processor & sewing machine
    • Non-invasive vs invasive (femoral artery all the way up to the brain)
      • LASIK as invasive / dangerous (still even, but now much better, accepted)
    • Announcing in rats and in monkeys now (surprising his president)
    • TikTok as 3rd most dl app behind WhatsApp and FB Messenger, 1.2bln MAUs – having huge influence at VidCon
      • Sponsored by YouTube but TikTok had a large presence, the ban in India
      • Short, 15sec videos – 1 hit piece can trigger enough people
    • How would they make money? – ecommerce, restaurants, retail – short videos for ads/commercials
    • FaceApp – probably nothing to worry about – unless high profiled public official, NatSec Space, leverage
      • Someone getting negative information or leakage – accusations of the country in general is silly
      • Countries consider privacy differently – in the US, convenience / UX will trump privacy for 15min of joy
        • Europeans, Germans, Italians for instance are more private
    • iHeartRadio announcing direct listing – before, emerging from bankruptcy or spinning off
      • Repurposed after Spotify / Pandora
  • Mobile malware and Bipartisan drug pricing (a16z 7/28/19, 16min on the News)
    • With Martin Casado, Jorge Conde, Jay Rughani
    • Monacle as mobile malware – March 2016 Android-based application
      • In security, netsec and endpoints – protecting desktops, for instance
      • Attacks phone with 2FA, even, and less secure
      • Can take calendar event, account info and app messages, reset PINs
    • Drug pricing – Medicare Modernization Act – why can’t Medicare use its purchasing power to negotiate medicine prices?
      • Part D – Medicare covering prescription prices, prevents HFS from negotiating any part of the value chain
      • Price of insulin where they get price hikes – new therapy gets $2mln for cures (R&D) differences, conflation
      • Price of successful drugs have to make money for drug and all of the failures
        • Counterargument – US subsidizes R&D for the world
        • Complex industry structure: manufacturers, distributors paid to move drugs through channel
          • Pharmacy benefit manager – who is eligible, who’s not – what are drugs for conditions and prescriptions
            • Helps insurers who gets the drugs – takes an economics layer
          • Insurers reduction drug spends, for $1 spent, manufacturer gets a small %
      • Dropping from $8k to $3100 out of pocket
        • Cap by tying to inflation (for growth) or annual price increases
        • May start higher prices because you can’t increase it much
    • Chain is not transparent, but also complex – tech can have an impact but needs help from policy to drive out some inefficiencies
      • Free market works if there’s transparency – what is a medicine and can you make it fair enough for everyone
      • Current system is not set up for the new medicines (extending life from 10 years to a cure)
  • Richard Hanson, CEO & cofounder of HiringScreen (20min VC FF028)
    psrzsqo86j9gj71wrqli

    • Founded in Hong Kong in 2015
    • Studied law in Cambridge, did 11 years recruitment consultancy in London before moving to Hong Kong
      • Then created his own recruitment firm – had his own looking at 196 cv’s for an EA for someone
      • Score, sort and select candidates
    • Tech advances in recruiting industry – job boards and sourcing is at all-time highs
      • Barrier to application is all-time low but have too many to look for (especially manually)
      • Psychometric and phone facility stuff to find relevant candidates – get on with themselves
        • Go through rest of funnel to invest in the process in more efficient manner
    • Had always wanted to live in Asia – pretty exciting, bullish for Asia in general
      • Hong Kong, Singapore, Japan as hubs
    • If you have an idea, try to find someone or go ahead and do a view of what it may be executed on
      • He had the idea, went to his cofounder Luke (better at project management side)
      • Prototyping mockups and getting through the first steps efficiently – may hit a dead-end a few weeks in
        • Validating idea as soon as possible – customer or problems for people (heads of recruitment firms for his problem)
    • Making an effort to code or understand a bit of the UX (in his case, CSS and HTML to understand a bit)
      • Compared to languages in a foreign country
      • When his CTO introduces people, he wants to be confident about what the developer has been doing and understanding their past
      • His responsibility to show an effort/commitment in the job role
    • Looking to raise a round – HiringScreen did it in 8 weeks
      • Competitive slides, why you want to raise, how to convey mission statement, skill and productivity gaps
      • Understanding his potential investors, as well
    • Accelerators – choosing the right ones? He’s with the Blueprint Accelerator by Swire properties
      • B2B focus, no equity in startups – working space and Swire network of companies (conglomerate of different co’s in verticals)
      • Sponsored him and tried to help advance the company by talking to other HR talks
      • Mentions Brinc as hardware accelerator near the top
    • Idea of equity early on would depend on your assessment of what the startup needs?
      • Super low cost – accelerator with working space?
      • Product but proven use case – Blueprint to trial product and test it
      • Balance the need with the equity they’re taking
    • The Alliance book by Reid Hoffman for looking at employee and employer workplace, tour of duty principle
    • Brad Feld and Jason Calacanis’s blogs, Reid Hoffman as the most admirable founder – better people to take LinkedIn on
  • Jennifer Golbeck, College of Information Studies and Affiliate Professor at UMD
    • Talking about social media research, truth and justice
  • Carl Ericson, CEO & cofounder of Atomic Object (Wharton XM, Mind Your Business)
    atomic-object-wordmark-500x265

    • Grand Rapids, Ann Arbor software product development company and why he chose there
    • Sails at Grand Rapids Yacht Club
  • Bianca Gates, Marisa Sharkey, Birdies co-founders (Wharton XM)
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    • Discussing how they started them and Feb 14 – when she landed an article with a SF Chronicle fashion correspondent at a dinner party
    • Driving up to the other in order to get all 2000 orders packaged and sent out

 

 

 

  • Mickey Ashmore, founder of Sabah Shoes (Wharton XM)
    sabahtwotone

    • Doing a 6 month project after Seattle in Turkey – turned into 2 years as the only non-Turk
      • Grew an affinity for the people, culture, food and trends – girlfriend’s grandma at the time gifted him a pair of handmade shoes
    • Returned to NY and beat the crap out of the shoes – wanted another
      • Reached out to the maker (current partner) and bought another pair
      • Ended up getting 5-6 in different colors, customized without the flip – people said they were awesome
      • Ordered 300 – could get 150+ and did a party to showcase them with cocktails, enjoyed hosting
        • Got 30-40 orders on the first night, decided to do it for the rest of the summer “Sabah Saturday/Sundays”
    • Realized it could be a business after in the summer he was making more from shoe sales than his NY P/E job
    • Expanding from 3-4 employees to 40 and expanding from a home to a warehouse – border of Syria/Turkey
      • Has a few key employees that are Syrian refugees – part of the brand and they showcase it on the site
        • Not branding directly, but definitely part of the story
  • Goldie Chan (@goldiechan), digital marketing expert of LinkedIn and actor (Wharton XM)
    • Discussing quitting her job and making a fake company while unemployed
      • Turned into a marketing consulting gig – had a few clients, had to create a company
    • Now doing talks and discussions
  • Kurt Seidensticker, CEO of Vital Protein (Wharton XM)
    ca400555-4bb7-4c66-a217-b5ac910cba73._cr5101107332_pt0_sx600__

    • Collagen and explaining to people how it was – getting some in to Whole Foods through them asking
    • Didn’t hit him until he was in Italy and 2 random women at a café pulled their Vital out
    • Did about 10 companies, 2 succeeded enough to pay for kids college and allow him the freedom
      • Was doing Vital during another company until it surpassed the other
  • Fortnite, esports, Gaming (a16z, 16min on the News)
    • 2 million concurrent livestreaming – not as big as GoT, for instance
    • With Andrew Chen, Darcy Cooligan (investing team on consumer)
    • Bigger prize pool for Dota 2, $3mil for Bugha’s win was larger than Tiger’s Masters victory
    • 10 years for Riot and League – still grossing billion, WoW / Runescape
    • Billions of video consumption between Twitch, YT (and now Microsoft Mixer)
    • iPad can play Fortnite pretty well, for instance – massive multiplayer opportunities
      • Instagram and this generation for coming together as people – Minecraft/Fortnite
      • Gaming and cultural zeitgeist to hang out with friends
    • Sonal did a fight with editorial desk and had seen it for a profiling in 2013 – argued it was similar to sports
      • Big business and much of the same thing – management company, played 2+ years for 6-8 hours, sponsors, fans
      • Performance entertainment and personality-based
        • Comparative for game shows – other people answering trivia, reality tv
    • Strong incentives to keep games going – user-generated content
      • Established player leading way to user-generated thereafter
      • For Fortnite, building levels (similar to mods and mod community in Minecraft and Roblox)
    • Games stadia for esports and digital dualism (in real life compared to virtual – game is the bridge)
      • Malls building areas for this part
  • Chris Tsakalakis, CEO of Vivino (Bay Area Ventures, Wharton XM)
    aws_vivino_logo_600x400.cb594b3d79815eece9e8c685a7b8d043b7910b95

    • Having users and getting customers – at least 1 employee in each region where they sell
    • Mostly in US, Europe – hq in Dublin
    • Bunch of users in Asia / South America (Brazil, specifically), but don’t sell there yet
    • Not taking VC until more recently
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Idea Conversion to Algorithms (Notes from July 22 – 28, 2019) August 14, 2019

Posted by Anthony in Automation, Digital, education, experience, finance, Founders, global, Hiring, Leadership, marketing, medicine, questions, Strategy, Uncategorized, WomenInWork.
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There is quite a bit in this week’s notes to unpack. Most of the stories and experiences provided by the guests, though, premised around testing a hypothesis or quickly trying to solve a problem in a manner that, once validated, could become much more efficient. When trying to make the solution more efficient, whether data or AI-driven, then further questions have to be asked to ensure a proper, scaleable and ethical solution. Lauren deLisaColeman discussed the ML application ethics and what guides them. Karim Galil observed that patient history was stodgy and doctors weren’t in to new things that could save them time because of the catchup time. So he had to produce a solution that could be effective immediately and worth giving back doctors time – he chose oncology to do it in.

Alyssa Dineen discussed profiles as well, but of the dating variety. There were more ways to screw up than attracting attention. At first, she could do it manually before realizing she could improve the work she did and make it better for both business and clients. Khartoon at Spotify talked about how they started at Spotify with freemium model and the streaming aspect before connecting that with all of the data to their corporate and enterprise partners. In turn, the two-way data sharing enabled them to pivot nicely to provide more value and eventually into a paid model that helped the business. Lastly, Max Bruner talked about his hell of a journey where he eventually landed at Metromile, but not before building Mavrx in the best form of dirty solutions – cameras from planes. Then realizing what could be attached and automated to be a full provider to farmers in much of farmland US and improving it. Quite the product path.

Curious about this concept for much of college / graduates.
Idea possibly worth pursuing – saw post on similar idea. Fake VC – take seed or series A opportunities, combine with data plan (via other post). Have various students make their opinions on what to seek, whether funding was good. How to think of next steps? Make action plan, but templated and maybe try to get an argument. Podcast/videos presenting either side. Try to talk to startup that received. Good sourcing examples, data (limited) problems, industry seeking.

Hope you enjoy the week’s notes and check everyone out!

  • Lauren deLisa Coleman (@ultra_Lauren), Digi-cultural Trend Analyst (Wharton XM)
    • Forbes contributor, discussing AI and ethics of ML applications
    • Who makes the rules – is the data guided?
  • Karim Galil, Founder of Mendel.ai (Wharton XM)
    mendel-logo

    • Working in Egypt initially, wasn’t in Cairo but started in Sinai – beach and did surf/kitesurfing lessons deal
      • Talent was not as abundant, but did a project with Pfizer, Dubai government and others
      • Egypt had free healthcare but hospitals couldn’t pay for procedures that may have been experimental – trials would allow it
        • Wouldn’t hear about trials until it was too late in his oncology rotation
    • Observed that you could have a dating record online and perfect match, but not catch up on papers in context in industry
      • Had to start somewhere – landed on oncology – wasn’t a junior vs senior thing – few doctors had the time
    • Losing patients to cancer and messy medical records – trying to improve the healthcare industry
    • Can get a bunch of oncologists to drop everything and work as data scientists
      • Cheaper in Egypt and feasible – fair salaries to do this
      • In the US, very unlikely to happen as oncologists are far above data scientist salary
    • Medical matching service – AI-powered to do trials for language content
    • Paying ~30 employees, where 15 of them are oncologists
  • Alyssa Dineen, Style my Profile founder (Wharton XM)
    style-my-profile

    • Personal stylists online and in NYC
    • Wanting to expand – mentioned Forbes article and expanded 3x
      • Mostly from out of the NYC area
      • Would love to open LA, SF, Chicago, most urban areas
  • Daniel Korschun, assoc prof of Marketing at LeBow Drexel (Wharton XM)
    • Marketing and branding for Kaepernick’s Betsy Ross argument
      • Nike blew opportunity to turn the flag into a very big positive – “Unity” or 13 civil rights activists
    • Owning the branding, making sure to keep it different
    • Making statements or seeing both sides can attribute your opinion without actually doing so
      • Being “informed” by museum after making case for both sides
  • Chandra Devam, CEO of Aris MD (Wharton XM)
    arismdlogo-tealrevised

    • Discussion of iTech NASA competition with Star Trek-surgery
    • A/R and V/R applications – board with the tech
  • Rachel Glaser, CFO of Etsy (Mastering Innovation)
    sell-jewelry-on-etsy

    • Search algorithms to increase sales
    • Etsy as vintage space – defined as 20 years, or handmade materials or put together
    • Have to stay ahead of counterfeit and trends

 

 

  • Sitar Teli (@sitar), MP at Connect Ventures (20min VC 12/30/15)
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    • Doughty Hanson Tech Ventures, series A round in SoundCloud
    • Dual degree in MechE and Econ from Duke
    • Taught English in South Korea for a year, 3 years in IB in US – Broadview (M&A, tech focused)
      • Enjoyed working with the companies but not the banking side – best part was to hear how companies started and early days
      • Hadn’t considered London in 2005 when headhunter had reached out
    • Gaming, fintech, music & content, adtech where Europe is producing big, growing companies now (2015)
      • More cross-pollination of entrepreneurs going back and forth or partnering with others
      • IB moving into VC – different perspectives for her 2 other partners
    • Starting a new fund – “one of worst startups you can think of” – competitive against established funds
      • Build brand, reputation, product and designing it (not just money but experience) – how to work with the founders
      • First year – founders aren’t necessarily eager – want a seriousness that came with business cards
      • Allocating $100 – she’d do $90 to the portfolio and investments, $10 to rejections and focus
        • For No’s, make it quick and even in the meeting or cut short
    • Looking for companies
      • Founders that really understand the market they’re building for – how passionate, how much time to understand, experience
        • CityMapper founder – public transport and how they move through the city and how it can help
        • Stockholm-based Oxy – music creation app (prior at SoundCloud) – digital music tech, digital to greater number of people
      • Founders on a mission (other than $)
      • UX-focused and at the center of what they do
      • As an aside, whole lot of $ (maybe at seed) but it’s not the only bucket – ecommerce, adtech, depending on what founders are
        • Thesis: investors can dictate the entrepreneurs and align them
    • Crowdfunding alongside VC – many biz don’t need venture capital but do need capital
    • Amazing Adventures of Kavalier as book
  • Khartoon Weiss, Global Head of Verticals at Spotify (Wharton XM)
    open-graph-default

    • Starting with the streaming service as free and eventually getting into freemium / subscribers
      • Providing value to users and charging for it
    • Analyzing usage data from subscribers and free users to personalize the experience for listeners and serving brand partners
    • Core value of giving creative artists the opportunity to live off their art
    • Advertisers will see data in events that drive music playing
      • For example, an eclipse occurring will produce more song plays with eclipse themes – can drive user advertising for it, connect brands
  • Max Bruner (@maximusbruner), VP CorpDev at Metromile (Wharton XM)
    metromile

    • Talked about Mavrx, geospatial and agtech company
      • Flying drones and then planes over farmland to assess and improve efficiency
      • Didn’t have the initial equipment when they went to South Africa (needed data during US’s winter)
        • Had pilots take their cameras, IR and others
    • Most of clients were in the midwest – eventually sold to various parts of the vertical
    • Attended UW-Madison in econ and Arabic – did a year abroad between Egypt and Qatar (at the time, nice and hadn’t been through revolutions yet)
      • Felt like something was missing so returned to DC where he worked in the DoE under Reinvestment and Recovery Act

Universal Laws: Parkinson’s Law (Notes from July 15 – 21, 2019) August 6, 2019

Posted by Anthony in Automation, Digital, experience, finance, Founders, global, Hiring, Leadership, marketing, medicine, questions, Real estate, Uncategorized, WomenInWork.
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I included in my thrice-weekly newsletter the blog post by Morgan Housel espousing some of the most common universal laws of our world today. Once you know of them, it’s tough to not consider them in your everyday life. I’ll be honest and say that I hadn’t heard / didn’t know the name or origination of a few, including Parkinson’s. However, I wanted to comment on it because of its commonplace position on my timeline (and in the way I generally price much of my consulting work).

Parkinson’s Law: Work expands to fill the time available for its completion.

ML and apps – attention. Phones and apps have stolen hours of attention over the last 3-4 years (Wharton XM blog) — 3 hours to 4+ hours for the average, now

How do they squeeze in more DAILY? Work efficiency, likely. Most probably don’t have 8 hours of real work – ask anyone. What do we think the % is? I understand there are roles that probably see a full day a few times a week or in certain weeks (looking at you, auditors/accountants/finance/strategy/consultants) where projects line up or during busy times. Even retail / seasonal / cyclical has busy seasons – boosts that require full focus. But generally, not.

Work time vs value – if you can finish a project in 24 hours, charge more because the allowable time outside of that is higher or do you take the full time or project out for time in case of a problem / feedback / there? See: consultants working with a client, maybe a new client? Value = price but want to keep them. Can’t do too low. Can’t go outside of the range. Sweet spot of pricing and expand the time. Expensing to look like the time is filling. I can’t knock any firms taking advantage of this, especially when most have derived the business model from value creation, but it does seem that as time goes on, keeping that price premium and time valued becomes less of an advantage used for good and merely an indicator of what they should bring.

Time will tell for those that hang on the longest. Hope you enjoy the notes.

  • Cynthia Muller, Dir. of Mission Investment at WK Kellogg Fdn (Wharton XM, Dollars & Change)
    • Discussing consulting and the people or culture parts (@cynmull)
      • Merger where everything, paper and number-wise, looked like a perfect match
      • Failed miserably – many of the top producers were unhappy and the merger allowed them to leave easily
    • Satya Nadella at Microsoft reimagining the purpose – got to everyone PC-front but had to overhaul
    • Measuring people – upper quintile in survey of 500k employees (~500 companies) – middle management ratings of purpose
      • 7% YoY performance over others – not lower or upper – middle management was determining factor
  • Scott Kupor (@skupor), MP at Andreesen Horowitz (Wharton XM)
    • Discussion of becoming full-shop, including investments and RIA
    • Value add other than capital is very important to him
    • Tries to make decisions and No comes with why?
      • Sometimes they are wrong, see founders again and some have come back with addressing the reasons “no”
    • IPO extensions to 10+ years vs 6-8 – private and liquidity-driven
      • Discussed employee needs as a big reason for why it will stay 10-12 and not increase
      • Can’t compete with Google or others if you aren’t liquid
      • Early on, private companies aren’t worried about that with the people that can take the risks
    • Secrets of Sand Hill Road book, going through that
  • Brian Kelly, co-founder of The Points Guy (Wharton XM)
    tpg-primarylogo-color-28129

    • Selling to Red Ventures – taken private recently, also
    • Partnering with hotels and airlines to build an app in Austin – connect accounts, personalized, direct to airlines/hotels
      • Make it easier and hopefully change it for the better consumer experience
      • Turning it into a tech company moreso than a media one
    • Blogging initially, leaving Morgan Stanley – consumer-focused and not driven by partnerships
    • Only takes credit card partnerships instead of airlines or others
  • Benito Cachinero, Senior Advisor at Egon Zehnder (Wharton XM)
    egonzehnder_logo

    • Former CHRO at DuPont, ADP and leading succession processes
      • VP of HR for JnJ Medical, Corporate HR VP for MA Divestitures at Lucent Tech
    • Born in Spain, knew he wanted out at an early age
  • Eric Hippeau (@erichippeau), MP at Lerer Hippeau Ventures (20min VC 12/21/15)
    lerer_hippeau_ventures_logo

    • Chairman of RebelMouse, co-founder of NowThis Media
    • CEO in 90s of Ziff Davis initially as media company, the publisher of PC mags as well as conferences
      • Being in tech business moreso than media – sold to p/e firm before they sold to SoftBank
      • Before selling, they were about to be 2nd institutional investor in Yahoo but SoftBank made bid for 1/3 of Yahoo before IPO
      • He went to Yahoo Japan which allowed them to get a lot of source just due to the company
    • Sold business in late 90s, joined SoftBank as investor and opened firm in NY with them before his own
    • Backing company or business requires some business experience and growth/hiring and strategizing are all important
      • All partners at LHV have operating background – biggest difference is probably the time horizon (need really long view as VC)
      • Had just closed 5th fund, very satisfied with the work life instead of operating – running as a startup
      • $8.5 mln initially – no full-time employees initially, until the 2nd fund
    • First investments are at seed level, have always kept money in reserve for follow-on
      • 70% of co’s are in NY
    • Value add for LHV, generally – 2 levels of support
      • Product that is a technology platform that they plug everyone into
        • Recruiting and marketing database, best practices, current series A/B investors and what they’re seeking, Comms layer
      • Each company assigned to one partner and associate – bespoke plan and a to/do list for each company
        • Intros, branding, pricing, organizational structure and growth
    • Biggest problems for portfolio co’s – dependent on sector
      • Ex: SaaS: correctly size marketing opportunity for going after the right, big companies – largest/most important get a premium on the valuation
    • First check is typically $750k – $1mln – characterize this as collaboration between other funds
      • As long as terms are acceptable, let others lead or whatever is best when the companies are the best
    • Best pitch: what they’re looking for is the Big Idea – original, large market, tech-enabled, timing
    • Drone Racing League as public, recent investment: fantastic idea as drones are becoming more popular, variety of them, popularity of video games
  • Sumeet Shah (@PE_Feeds), Investor at Brand Foundry Ventures (20min VC 12/23/15)
    • Investments include Warby Parker, Birchbox, Contently
    • Grad from Columbia in 2008, biomedical and went to p/e through Gotham Consulting Partners (engineers at firm, diff industries)
      • P/E as two party system – deal team of firm and the client portfolio company
      • Lots of outside the box thinking, project work for 2 and B/D for 3 years
      • Met Andrew Mitchell who is the boss at Brand Foundry
    • July 2013 moved into start-up with friends with Gist Digital – help with bizdev
      • 6 months in, help with capital – Andrew reconnected – was offered a full-time job into vc
      • March 2014 was when he went full-time and after the first year is active – seed rounds, pre-seed occasionally
    • Paul and Sarah Lacey – series A crunch with tech/software/app-focused
      • Invested into Cotopaxi for $3mln seed round
      • Working alongside Indiegogo and Kickstarter and have invested in crowdfunding
    • Marketer, operator and technician and his due diligence takes between 2-4 weeks, typically
      • Take on doubles/triples compared to unicorn returns that are worth it – Eilene’s opinion to do unicorns
    • Believes over time that building reputation with doubles and triples, will stumble on a unicorn – those are the ones that can make the fund
    • Most value from investors – sign of weakness is not reaching out to investors
    • Different mindsets of East vs West coast
      • NY looks at building sustainable businesses, SV/SF is a $1 to a dream mentality (need this, still)
        • Want to look at revenue streams, traction, etc… but loonshots are ‘safer’ in SV
      • Founders as female-led – 7 of 13 of their investments have female founders and 3 of them are 2 co-founders female-led
    • No general people in the startups that may catastrophically fail in SV, so it’s okay for the funding to be gone
      • Bullish on TechStars Boulder, looking at ventures or accelerators that are growing in that region
    • Things A Little Bird Told Me as favorite book and most recent investment with LOLA – women’s biodegradable tampons
  • Carolyn Witte (@carolynwitte), co-founder & CEO of Tia Clinic (Wharton XM)
    z6kdoir2_200x200

    • Going from a tech AI program / chat – making women be comfortable with talking to a message
    • Before doctor appointments to after, and then having them bring her in with the doctors
    • How to interact – realized that they needed to complete the offering with their own clinic

 

  • Jessica Bennett, gender editor at NYT, “In Her Words” (Wharton XM)
    • Sympathetic attitudes and gender
  • Boris Wertz (@bwertz), founding partner of Version One (20min VC 12/28/15)
    4z_wfx6c_200x200

    • Top early-stage tech investor, board partner at Andreesen Horowitz, COO of Abebooks.com that sold to Amazon in ’08
    • 2005 named Pacific EY Entrepreneur of the Year
    • Internet 1.0 in 1999 – wanted to be apart of it – started JustBooks with some friends
      • Built it to Europe’s market leader and then sold to competitor AbeBooks before Amazon
    • Took proceeds and put into 35 internet and mobile companies – early wins, early exits and decided to do it professionally
      • First fund was $18mln
    • Power of bringing together customers across the world and finding the book – buyers/sellers in small marketplace with hard-to-find
      • Years and years of book fairs or local inventories that they were limited to
      • Passionate customer stories and being part of the company – personal way to see how marketplaces are important
    • Transportation vertical with Uber as unlocked in marketplaces
      • Mobile first, others – and their investments
      • “A Guide to Marketplaces” book by VersionOne
        • Precision for a thought that may have been in your head when you write – clarity
        • As supportive as possible to the startup ecosystem and how to impact entrepreneurs in portfolio or outside
        • What does VersionOne get excited about and how do they contribute or help?
        • 50 page guide put together for a framework and concise – depth but not overly so
    • Attractiveness of marketplaces
      • Fragmentation of supply/demand – more people on either side of marketplace, buyers/sellers
        • Buyers/suppliers sometimes want a monogamous relationship – doctors, cleaning personnel – don’t want to get someone new
        • Cab driver / uber – doesn’t matter who drives A to B as long as it’s safe
        • Transactional relationships vs monogamous
      • Size of underlying market, ebay grew from collectibles to all sort of products
      • Specific niche market – what is the kind of market you can address – specially-crafted goods
        • When he looks – lens of VC that needs a return, so needs to see a return on capital in 5-7 years
        • Operators can be great in this case because it can be very profitable, bootstrapped or friends/family money to get and grow
    • Demand or supply first? Any marketplace chicken and egg.
      • Depends on marketplace but once you have network effects, it takes off
      • Uber paying drivers to be idle just to have people in the area and have the supply
      • Addressing supply – how much to have? Hotspots.
        • Which transactions work really well?
        • Price point? Vertical? Certain buyer/supplier? AirBnb doubled down in NYC higher value rentals. Just needed that initially.
    • Trust and safety becomes more important after some attention – supply side with hobby sellers with a little bit of their inventory
      • Power starters are the ones that are stronger. Professional sellers.
    • Mobile first marketplaces and on-demand marketplaces excite VersionOne the most.
      • Services / products as on-demand (Fueling of cars, for instance)
      • Fascinated by decentralized marketplaces built by blockchain – will they ever make money but can’t generate money on own?
    • Measuring as VC: how happy are entrepreneurs, were ones that they met with taking away stuff, serving/help them and get feedback
    • Favorite book: Hard Things, Blog/newsletter – Fred Wilson’s
    • Overhyped: on-demand, Uber for X thing – underlying drivers for Uber’s success, for instance
    • Underhyped: quicker hype cycles – blockchain, VR/AR, drones and anything new is all over it in few months
    • Marketplace Key Metrics: gross merchandise sales and take rate (revenues compared to the gross sales)
    • Recent investment: HeadOut mobile first marketplace for travel experiences (NY, LA, Chi, SF, LA, Vegas)
      • Upcoming experiences in next 24 hours in that city

Sharing, Building and Community (Notes from June 24 – 30, 2019) July 16, 2019

Posted by Anthony in Digital, experience, finance, Founders, global, Leadership, medicine, questions, Real estate, social, Strategy, Uncategorized, WomenInWork.
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If you hadn’t noticed or read from the start, you should know that I’ve gone in order from the start on the Twenty Minute VC episodes. Many of the conversations are from 2015 and 2016 so they end up as a bit of a history lesson and window into the mindset surrounding capital / founding at that time. Bubble discussions or higher capital raises are comical when we now know what today looks like – higher, still. Although I’d say geographically, expansion has exponentially grown as it’s become easier and more common for firms to seek out what they really believe is an edge for them. Interestingly enough, people also don’t stay where they were, especially over a few years. As I look them up to refresh and review for these posts, it can be very enlightening to see where they are currently – did they start a new project? Open a new fund? Move on to different industry?

David Teten was one of those switchers, as he was with ff V/C at the time, and now over at HOF Capital. Similar role but perhaps more focused on what he’d like to see. Also, many of the firm founders and partners aren’t heralded for having more than a few roles – some probably for different reasons, but I look at that for myself as a way to stay extremely excited about continuing to learn every day, every week. To believe in yourself to be capable of doing great work, helping to create as much value as possible in the most efficient manner, hopefully. Weird that many people receive flack for multiple positions when many of us strive to follow a few particular, but potentially different, things. For this, I admire David in keeping up with his roles, while keeping us all in the loop of his thoughts, generally, as well.

Next, there were two involved in real estate, housing and construction that were pretty much aligned. What do I mean? Both believed the rising housing (and estate, generally) costs have come as construction costs have increased significantly. This is creating unduly pressure, and making it more difficult for projects to get done. Maggie Coleman went through real estate differences for certain types, while John Rahaim of SF mentioned precautions that are being taken for the coastline and bay.

Then, we had Ryan Hoover, who runs ProductHunt, and is one of my favorite follows. He built what he and his friends wanted – a place to share ideas and products to try. And 5 years later, here he is. I won’t spoil some of the nuggets that he shared, including a few of his favorite books and monetizing once he knew it was real. Not to be outdone, a discussion with Phil Southerland covered how he has built a strong community of athletes born or having diabetes. To demonstrate how they can grow, he helped form a team of all diabetics and professionally rides to bring awareness and improve the lives and conversations surrounding them.

There is important work being done by many people, including ourselves. If we can better someone’s life, it’s likely worth doing it if you’re enjoying it. We can help by just being who we are and doing what we would like to do. I’d love to hear some of your ideas or thoughts regarding the people covered in this week’s notes.

  • David Teten@dteten, Partner at ff Venture Capital, founder and Chairman of HBS (20min VC 095)
    logo-collateral-black

    • Alumni Angels of Greater NY, largest angel group in NY
    • How to Disrupt the Investing Business
    • Grew up in Marin Co, played with computers – consulted and taught Excel as a kid – bah mitzvah on knowledge test
      • Fired when he was 16 from financial services company because they figured out password was pw for admin
    • In college, worked briefly in strategy consulting before investment banking in tech – business school where he started multiple ventures in Israel and US
    • Joined ff VC in 2011 when it was 3 – now 27+ people, as largest headcount seed VC in Canada, Amsterdam, Israel, UK, US
    • Company ff should be generalists – broadest possible but don’t invest in life sciences due to no expertise there yet
      • Can’t predict in advance, so they want companies that are interesting with high growth potential
      • Admires outbound of TA or Summit, but something like SignalFire to look at data for high growth
        • Resources to help founders to reduce write-offs (1 in 6 fail for them) which attracts inbound (2000+ a year)
          • Filters down to ~12 a year to invest
    • Google Ventures / SignalFire and others as algorithmic approaches to source – increasing importance but not validated thesis
    • Loves their model as efficient – frustrations at other vc’s (80% of time with people / co you can’t invest in – partying and not meeting anyone)
      • Nobody at ff has a job as origination, Angelist as disrupting the generalist VCs (those that don’t have added value)
    • Top 3 Important Ways to Support Companies: capital raising, finance acceleration team – CFO acting, recruiting
    • How to determine value add as entrepreneur
      • Reference check
      • Do the math on portfolio: for ff, 60 portfolio co’s (active in 2/3), 24+ ee’s
        • How many people in the team? How many portfolio co’s? How many checks?
          • Use that to determine person-hours you can expect
        • What sort of technology platform to support the company?
      • A16z as huge operational side – finance, marketing, etc…
        • Short list for companies doing this – very capital intensive
      • Believes that there will be some shrinkage in the model in a downturn if it’s not fully thought out
    • Very illiquid asset class (mentioning to LPs) – 12 different academic studies for 18-54% median returns
      • 10+ years for cash returns, lot of institutions aren’t okay with that time range
      • David Swenson (head of Yale endowment) has argued long-lasting liquidity premium for illiquid asset classes
        • Even the most liquid asset classes aren’t liquid when you want them to be (2008, for instance)
    • Indiegogo as seed – crowdfunding space, competitors aren’t invested in – watch Angelist very closely, though
      • Services from Angelist as they look around at different parts of deal flow
      • Encourages member space to get involved in angel investing for next generation of companies – exposure to ecosystem
        • Promote economic growth
    • Research study: Disrupt investing – security, for instance
      • Secure (ID verification), Distill Networks (blocks bots), IONIQ (from Atl, secure cloud usage)
      • New processes and make them efficient: Addapar (Excel/PDF), Earnest Research (nontrad datasets eg: cc info, email receipt mining)
    • VC usage of social media: much more aggressive, judicious but no breakfast tweeting – sell
    • Edward Tufte – Yale prof, must read
    • PandoDaily as top blog – not afraid to make enemies, discuss what they do
    • SkyCatch as most recent – drone tech, set of tools for collecting data via drones – construction use case (Kamatsu client)
      • Monitor exact status of project, imperative they know where everything is
  • Maggie Coleman, MD and Head of Intl Capital at JLL RE (Wharton XM)
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    • Looking at different real estate measures – single family homes, for instance
    • Do different assets in real estate require a different measure to draw attention from foreign investors?
      • Didn’t seem so – would depend on where the capital was coming from (their own environmental basis)
    • Construction costs as outpacing many other costs – affecting many markets

 

  • John Rahaim, Director at SF Planning Dept (Wharton XM)
    • Having to adjust for the changing seaboard – will regulatory measures be taken?
      • No mechanical or living people in commercial buildings on the first floor, for instance
    • Says there are already precautions being taken on the bay – 5-8 feet, for instance
    • Construction costing so much already that it’s been very difficult to get building done post-land acquisition
      • Estimates of $600-800k for this due to inflationary and costs passed from the building companies
      • Said he had some 36? Projects that are being held up
  • Ryan Hoover (@rrhoover), Founder @ ProductHunt (20min VC FF026)
    ph-logo-3

    • Best community builder, Twitter engagement, winner of TC Best New Startup of 2014
    • Just wanted to build a consumer-focused thing to discuss with his friends about app ideas or companies
    • Put it on Quibb and Twitter – manual things initially, set up an email subscription, personal email connecting with people
      • Keep building communities otherwise it peters out
    • First iteration was RoR built over 5 day Thanksgiving holiday – core is the same, people using and community growth
      • Having people tell them and comment on ideas (used it as their new home page)
    • How to plan to go from early adopters to mass market?
      • Eager enough to participate, engage and not necessarily representative of the common users
    • Categorizing Podcasts and putting them on the home page – barrier before, now based on episodes
      • This Week in Startups, Startup Show (by Gimlet founders), Jake Gyllenhaal ep of Mystery Show (Gimlet media) – is he 6′ tall?
    • Worked on Hooked with Nir Eyal, using some in ProductHunt
      • Email digest is the trigger – action is to open / click on something to find inspiration or interesting
        • Built email variability – some consistency, surface different titles and content
      • Follow collection, clicking follow, reward is updates on the collections – permission for emailing to reinforce and come back
    • Ryan’s favorite collections: featured ones, Russ has game collections (browser ones), Julie created bakednight
    • Betaworks kept popping up on their engagement charts – Twitter very active, products (Without, where would he be?)
      • Always tagging the authors and being genuine, personable, funny or light-hearted
    • Monetizing PH – at its core, download/use/purchase products with the right intent
      • Over time, will explore more of this
      • Fundraising: first time for Ryan, different as a side project and growing
    • Quibb as newsfeed other than Twitter and also Crunchies where they announced Shipt but said “Actually, it’s PH”
    • Sunrise as calendar app, Pomodoro – no longer. Favorite book: Art of Game Design by Arty Shell
      • User psychology and game mechanics, how it applies to tech products as well. Game design not always thought about.
  • Brian Solis (@briansolis), author of Lifescale (Wharton XM)
    41bmp2he9el._sx322_bo1204203200_
  • Survey on how social media has changed / warped views for girls
    • Hadn’t fully released yet

 

 

 

  • Phil Southerland (@philsoutherland), CEO of Team Novo Nordisk (Wharton XM)
    novo-nordisk

    • Living with T1 diabetes and bringing awareness
    • T1 and T2 can be helped, dealt with and he’s trying that
    • Cycling team focused on it
      • Full team is athletes with diabetes
        • triathletes, runners and cyclists

Innovative Investing (Notes from June 3 – June 9, 2019) June 25, 2019

Posted by Anthony in Automation, cannabis, Digital, education, experience, finance, Founders, global, Leadership, medicine, NFL, questions, social, Strategy, training, Uncategorized, WomenInWork.
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The primary theme of the week seemed to be how data can get pooled together to determine a signal and how to learn to seek the best way we, as individuals or teams, can discern valuable content to motivate actions on that information. Data is plenty – it’s a matter of gathering, curation, analysis and testing before putting it into action. This is done by any number and types of companies nowadays – this is a source of advantage seeking that forward-thinking ones make, in my opinion.

Since my notes were more detailed, I’ll try to keep this brief. The wonder people below hailed from banks (First Republic Bank), funds like Emerson Collective and Womens VCFund, marketing company like BEN or LikeFolio and then David Epstein’s Range, Sinead O’Sullivan’s work on space or the data Rohan Kumar collects with Azure Data.

Create a hypothesis. Test the hypothesis. Put into action, or iterate. Rinse, repeat. Good luck!

  • Samir Kaji, (@samirkaji) MD @ First Republic Bank (20min VC 093)
    first20republic20logo_gkg

    • Leading private bank and wealth management, before at SVB
    • 1999 – “anyone with a pulse could get a job” but he was working selling vacuum cleaners at dept store
      • Was told by family to get a real job – applied to first business SVB, got resume in and interview immediately before starting
      • First couple years were tough – learned a lot, but was 2004 until companies had scaled and were getting bigger
    • First 10 years were tech companies, series A and B and venture debt – post 2009 Lehman / Bear, went to venture group at SVB for 4 years
      • Made the move with a few others from SVB to First Republic, now leading team in micro-VC and early-stage tech co’s
    • Says the micro-VC is more entrepreneurial & collegial compared to extended stage VC’s
      • First fund is that you can get traction for a second or third one, fees as pressure – most likely why many people come from some wealth
        • Writing large checks as GP, as well
      • 2-2.5% management fees initially vs 1 / 25 or 1/30 model
      • 1999 – 2002 distribution was 0.9x and you’d get 10x return (whoops) – very difficult for funds to get 2-3x for LPs
    • Barriers to entry much smaller for $20-25million as compared to $500mln – institutional, etc — he can go to family friends and high net worth
    • Seed over next 5 years: contraction in space (wrong), but said there isn’t enough returns for funds to max it
      • 1100 in the 2000 year and burst
      • Continued prominence of Angelist platforms, maybe an integral part of the ecosystem
      • Starting to see use of data (Mattermark, CBInsights, SignalFire) to more efficiently identify and action at this level
    • Favorite book is Phil Jackson’s – behavioral psychology, Give and Take is another one
    • Really respects the pioneers of the industry and first-time fund-raisers
      • Mike Maples, Michael Deering, Steve Anderson, Jeff Clavier when it wasn’t a thought
    • Habit – reading book or blog post for 20min in the morning before email
      • Disconnect from audio / video devices and reflect for an hour
      • 2 hours a day for family/friends and disconnecting, as well
    • Thomas Redpoint, Mark Suster, Brad Feld, Strictly VC, Ezra at Chicago Ventures
    • Knows awesome fundraisers but terrible at returning capital – didn’t mention any
  • Collectively Driving Change, Laurene Powell Jobs and Ben Horowitz (a16z 5/27/2019)
    emerson-full-logo

    • LPJ – founder, president of Emerson Collective
    • Grew up in NJ – father passed away in a plane accident when she was 3 – 3 children.
      • Mom remarried so there were 6 of them. Wooded area of NJ.
      • Core values and dedication to education to get out of the area.
      • She went to Upenn – first student from her high school that went to Ivy League – ~20% went on to more schools
    • Addressing East Palo Alto school as a volunteer to help – 1st talk, 0 had taken SATs
      • What happens when you’re first to graduate high school? What’s it mean to the information from family?
      • What happens to be first to want to go to college, thrive&complete it?
        • To have the aspiration, can be a leader in the family – translator, get sucked into all problems
      • Started with 25 freshmen – would have to come with friends for responsibility mechanisms – for College Track
        • 3000 high school students, 1000 college, 550 grads
    • Collective of leaders, innovators – education inequities, access and need for enhanced/robust curriculum
    • 10 year time horizons – getting them together is scheduled with Monday all-staff meetings (3×3 matrix of videos)
      • 5 cities, sometimes philanthropic speakers or reports
      • Discussion of reading as you fall behind through third grade before switching to reading to learn – already behind
    • XQ as SuperSchool dream – 17 of 19 will open in August
    • Caring about impact and solving problems, not wealth increasing – wants access to policy or money and not taxes
      • Judged Giving Pledge for not wanting to be more philanthropic
      • Environmental, edtech portfolio, cancer / oncology investments, immigration incubator, new thinking to old problems
    • How do you know when you’re succeeding? Collecting data on everything they do.
      • Example: XQ – schools and districts, state of RI as switching to statewide competition
      • Chicago has good data for fatal/nonfatal deaths (I disagree)
    • Imperiled or important institutions like journalism and media need to be sustained, how many join?
      • Concentrating and following where IQ is migrating (hahaha – what a joke)
  • Data Infrastructure in the Cloud, Rohan Kumar at BUILD conference (Data Skeptic, 5/18/19)
    microsoft-azure-new-logo-2017

    • Corp VP of Eng of Azure Data Team at Microsoft – SQL and data services, open source, analytics, etc
    • Trends in data engineering in the cloud, serverless and hyperscale
      • ML and AI and enabling applications – shifting to edge vs cloud – analysts predict 70% will be on edge devices
      • Solutions and private edges – training in the cloud and deploy them on the edge applications
        • Data platform needs to be the right foundation
    • Highlight for him from conference: work they’ve done on relational databases in the cloud – as volumes grow, scalability challenges
      • Hyperscale for Azure and PostgreSQL, as well as MS SQL soon enough – system scales with needs (they’ve tested <= 100TB)
    • Acquired Citus Data, support scaling out the compute layer – strong team, great product, matches in Azure and open-source
    • Releasing serverless option for Azure database – costs designed to stay low and optimized
    • Analytics side: customers wanted to do real-time operational analytics – didn’t want to move them outside of their core product
      • How is data distributed and having compute be co-located with the data to gain Spark efficiency being nearest to node
      • Support Jupyter notebooks across all APIs to modernize to do more predictive analytics
      • Attempting to build out pipelines requires too much scripts, instead have Data Flows in Azure Data Factory – no-code and UI
      • Wrangling data visually and seeing if something can be recognized or learned to repeat across other columns/tables
    • Latency won’t be ideal if compute nodes occur nonlocal to the data changes – can’t do 50,000 nodes all at once
    • Excited for the future: Horizon 1 (next 8-12 months), Horizon 2 (~3 years), Horizon 3 (moonshots)
      • H2: Hardware trends, what do customers want? Pushing boundaries of AI and ML, healthcare, gaming, financial services, retail
  • Wide or Deep? David Epstein, author of Range (Invest like the Best, 5/28/19, ep. 133)
    • First book’s research lead him to get into specialization and finding kernel for next
      • Some countries: turning around national sports teams – why don’t we try other sports? Contrary to 10,000 hour rule.
      • SSAC – debating Gladwell – athletes have a sampling period instead of first gene – delay specialization
        • Used Tiger vs Roger – Roger had tried a ton of sports vs Tiger who was born and was playing golf
    • He was not good at predicting what people/public would attach themselves on to – 10,000 hour rule – race/gender as most talked (but weren’t)
      • 10,000 hour rule were based on 30 violinists in world famous music academy (restriction of range)
      • Height in American population vs points scored in NBA (positive correlation) but if you restrict height to NBA players, negative
    • Finnish cross country skier who has genetic mutation similar to Lance’s boosted
      • Sensitivity to pain and modification to your environment – also sudden cardiac arrest in athletes (what pushed his interests)
      • Book as opposition to Outliers and Talent Code – interpreted a lack of evidence as evidence of absence (genetics matter)
        • First year he read 10 journal articles a day and not writing – they were making conclusions they could not make based on their data
      • Differential responses to training – best talent were missed because we don’t know about training responses
    • Collection and exploration phase – competitive advantage for expansive search function to connect sources or topics
      • Has a statistician on retainer, essentially, to check models or surveys
      • Wanted to know what he was missing – “how come I broke the 800m women’s world record after 2 years of practice? – genetic difference”
        • Racing whippets – 40% had a genetic defect that gave them more muscle and oxygen
    • All of sports as a limited analogy (problem after Sports Gene; now, more tempered)
      • Robin Hogarth addressed “When do people get better with experience?” Don’t know rules, can try to deduce them but can’t know for sure.
      • Kind learning environment: feedback immediate, steps clear, information, goal ahead
      • Wicked learning environment: can’t see all information, don’t wait for others, feedback delayed/inaccurate
    • Study at Air Force on “Impact of Teacher Quality on Cadets”
      • Have to take 3 maths – calc I, II, III (20 kids randomized) – professors best at causing kids to do well (overperforming) systematically undermined their performance thereafter
        • 6th in performance and 7th in student evaluations was dead last in deep learning
        • Narrow curricula were better at the test that they had at the end would be negatively correlated with going forward in performance
      • Teachers that ignored what was on the test taught a broader curriculum (making connections vs procedures)
    • Learning hacks: Testing (wonderful – primed to test ahead of learning), Spacing (deliberate not-practicing, Spanish ex spread 4 hour twice, 8 hours), Mixed practice
      • Ease is bad – known time horizon for when you have forgotten again – interleaving and spacing mixed
    • Passion vs Grit (“Trouble with Too Much Grit” – Angela Duckworth’s research)
      • Duckworth did a study at West Point for East Barracks cadets – candidates score (test + leadership + athletic) was not good prediction of doing this (overall it was good)
        • Grit was a better predictor for making it through East Barracks – she questioned whether it had an independent aspect
        • Variance for grit was probably 1-6%, especially after “flattening” groups – looking at people that had a narrowly defined goal for short periods (cadets or spellers)
      • Cadets were scoring lower on grit at late 20s vs earlier – tried some things, learned others about what they want – grit is poorly constructed
        • Look holistically – if, then signatures (giant rave – introvert, small team – extroverts) right fit looks like grit – developmental trajectory as explosion matching spot
    • Choosing a match for a future them who they don’t know in a world they can’t comprehend – people that find good fits (in practice, not theory)
      • Paul Graham’s “Commencement Speech” that he wrote “Most will tell you to predict what you want in 20 years and march toward it.” (premature optimization)
        • Everything you know is constrained by our previous experiences – limited as a teenager – just expanding and learning as you go forward
    • Gameboy example – with so much specialized information that can be disseminated easier – can take from all types of domains and recombine them
      • System of parallel trenches – can be broader much easier now – hired people for Japanese and German translations
      • Japanese man profiled in his book – technology was changing faster than sun melts ice – didn’t get Tokyo interviews
        • When he got to Kyoto company making playing cards, he was a tinkerer who was maintaining machines – started to mess with them (arms)
        • Turned them into a toy, and it was Nintendo – cartoon-branded noodles (failed), and had toy development
          • Lateral thinking with withered technology – stuff that’s cheap, easily available – takes into other areas
            • Remote control, more features – wanted to democratize this and strips it down – LeftyRX only left-turns
        • Sees calculator from Sharp and Casio and thinks he can do a screen and handheld game – small games
          • Had issues with Newton’s rings so he found other small tech (credit cards embossed) to fix small pieces
      • What it lacked in color, graphics and durability (could dry it out, batteries would be fine, split it up, “app” developers because it was super easy to understand)
      • In areas that next steps were clear, specialists were much better – less clear, generalists were more impactful – depends on the specificity of the problem
        • 3M had a lot of areas for this, “Periodic Table of Technology” – post-it note came from reusable adhesive that had no use for
        • Only Chinese national woman to win Nobel – “Three No’s” (No post-grad, foreign research, membership in academy)
          • Interest in science, history – Chinese medicine for treatments of malaria – world’s most effective treatment from ancient text
  • Greg Isaacs, BEN (Branded Entertainment Network) (Wharton XM, Marketing)
    Print

    • Discussion of getting data from Netflix / Amazon / Hulu / tv to better match brands and advertising
      • Dirty data via a wharton grad who set up a survey style
      • Cohorts and demographics, along with psychographics
    • After getting data, attempting to approach Youtubers / social media influencers, tv spots and channels or shows to get their brands in front of the right people
      • More pointed, depending on what interests are for their cohorts
      • Creative storytelling as the change of cultural mind shift has increased
  • Understanding the Space Economy, Sinead O’Sullivan (@sineados1), entrepreneur fellow at HBS (HBR IdeaCast #684, 5/28/19)
    • Facebook, Amazon (3000), SpaceX (12,000) and other funding like Blue Origin / SpaceX / asteroid mining or travel
    • Global space economy as $1tn by 20 years – currently $325bn so it would need to 3x
      • Breaking apart space resources and otherwise – earth-focused (delivering or existing in space that helps earth)
        • Exploration or creating interplanetary existence
    • Running out of space in space for satellites – comparing to airplane docking / loading
      • $2500 per kg now to launch, used to be $50k / kg
    • Reliance had been on unilateral agreement for space policy – one tech startup launched a satellite that didn’t have permission (but no fall-out)
      • Food / grocery stores, wifi, phone, insurance pricing due to satellite data – reliance on services are increasing as the market increases
      • Thinks that we’re close to seeing the cheapest cost of launching – cites SpaceX, but won’t allow everyone to participate
    • Ultrahigh accuracy will require higher powered satellites – GPS, nonmilitary grade is ~0.5 m – thinks it will prevent autonomous vehicles solution
    • Ton of money going into asteroid mining but thinks it’s better for testing missions to Mars and figuring out the problems for future
      • Looking at Uber at start and say “people won’t get into a stranger’s car” or other cases as how we see the future – going to Mars, etc
    • Earth-focused space technology – 100+ launched satellite start-ups, micronano satellites, relay companies, downstream analytics
      • More touchpoints for everything in this manner
      • SpaceX will increase public and government intervention and within 50 years, maybe see a human launched there
  • Investing w Twitter Sentiment, Andy Swan (@andyswan), LikeFolio (Standard Deviations, 4/25/19)
    logo402x

    • 1700+ tweets examined per minute in LikeFolio – discovering consumer behavior shifts before news
      • Direct partnership with Twitter to create massive database and how they’re talked about to look for mentions
      • Purchase intent, sentiment mentions – trends across product categories or brands
    • Example – Delta (as host is a loyalist) – making adjustments
      • Expectations are the relative part – comparison to the baselines (metrics compared to itself as baseline)
    • Put out a comprehensive report on Apple day after keynote event – September 14, 2018
      • Consumers were unimpressed with iPhone lineup – more price sensitive than maybe they’d considered
      • Apple Watch was the silver lining – stock / sales may struggle over 3-9 months (upgrade cycles)
    • WTW version of keynotes – NYE resolutions – subscribing early to drive revenues the rest of the way
      • Purchasing mentions were only up 30-40% compared to 5 or 7x weekly mentions (big difference)
    • Shelf-life and how to consider the sentiment data – lead time may be binary corp event (same store sales or year)
      • Couple months with Apple, for instance, but with Crocs – resurgence that persisted to current time
    • Set up keyword structure and brand database – “I’m eating an apple” as opposed to an Apple mention – human eyes to ‘label’
      • “Closed my 3 rings” – apple watch but sarcasm / spam that wasn’t caught (estimates at 2-3% of data)
      • If spam / sarcasm are consistent portions of the data, doesn’t really have an effect
    • Twitter Mood Predicts Stock Market – Bollen, Mao, Zeng (88% and 5-6% predictions) – fund closed up shortly
    • Advantage being better than analysts or pricing and codifying sentiment behavior compared to past quarters, data
      • Some consumer trends analyzed as true tipping point or actual movements
      • Public prediction before productizing their modeling – made 40 and were 38-2 (confidence as highest)
      • Investing as very specific, concentrated and holding ammo compared to trading with option spreads and has risk profile built
    • https://arxiv.org/pdf/1010.3003.pdf
    • Diversification as 20-25 stocks, doing it over time and with conviction can be done
    • Starting in Louisville for his fintech company, host in Alabama, for instance
      • Talent can be more difficult to seek out but the world is globally flattening via the internet
      • 70% lower overhead cost than being in SF, for instance – developers would anyhow be in Slack channels / not a big deal
      • Reduction in cost maintains greater control of company since they don’t have to take reduction of equity to gather more
    • Network effects don’t matter if you don’t have a great product or product-market-fit
    • Free association game
      • grapenuts: best cereal (Co’s been around for 100+ years, branding and $ spent and they can’t figure it out)
      • Fintech Future: individualization and customization
      • Victory: most important thing in life, achieved what you set out to do – setting goals and achieving these
      • Bourbon: pappie von winkle – collecting for dust on shelf 10 years ago and now going for $3000
  • Jonathan Abrams, co-founder Nuzzel news (Launch Pad)
    nuzzel

    • Landing hedgehog as the mascot – animal as cute, 99designs and surveying 50 friends – 25 men/women
    • Discussing how VC’s don’t have great advice, especially when general – too hard to be an expert in such a wide range
      • Finds it easier to be very context-driven and providing solutions or action-oriented questions to founders
      • Investing now easier with YC and Angelist, etc…
    • Timing and other mistakes he made – out of control, losing equity part early (but depends on where you are / what you need)
  • Etan Green, professor at Wharton (Wharton Moneyball)
    • Discussion on paper of how sharp money comes in at horse racing tracks
      • Difference between sites – fairground action compared to tracks, and specific to region (New Orleans, Minnesota, for instance)
      • Big sharp money comes in very late, pushing the underdog prices to higher values
        • More expensive to bet while at the track than the APIs enabling higher volume bets
        • Books at the track are incentivized to bring in as much $ as possible, so $0.20 on $1 vs $0.15 rebate on $0.20 for volume
    • Value and differences in how people will bet
  • Edith Dorsen, Women’s VCFund founder, MD (Wharton XM)
    wvcfii_logo

    • Talking about their focus on first fund, approach
    • Opportunity for finding diverse founders, 25% of their fund had a woman founder
    • Starting a second fund
    • Had consumer tech, enterprise and not so much b2b, but trying to increase
      • Hard to say or give advice if one of their partners don’t have expertise in the domain
  • Sophie Lanfear, Silverback Films producer on Netflix “Our Planet” (Wharton XM)
    • Species that are dying, going extinct
    • What we can do about it
  • Aliza Sherman, Ellementa co-founder, CEO (Wharton XM)
    logo

    • Discussion of client talks when she made them aware of her cannabis endeavors
    • How friendly the community is
      • Then knocked the idea that ~30% was female to start before diving off a cliff
    • CBD to mask opioids – does it really do anything from a pain/treatment perspective, though?
      • Anti-chemo because of CBD – really?
    • Sounded too rehearsed – made it sound fake, not genuine
      • Passion/motivation/mission and kept repeating as the best advice she could give – painful

Striving to Learn Yourself (Notes from March 18 – 24, 2019) April 11, 2019

Posted by Anthony in Altucher, Digital, education, experience, finance, Founders, global, medicine, questions, social, Strategy, TV, Uncategorized.
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There’s nothing wrong with the selection of a well-traveled path. It’s paved with a full network of people who have gone ahead of you. If you’re active and curious enough, that can lead to opportunities aplenty. But some of us feel as if that can lead to a pigeon holing or limit on what we FEEL like we could achieve. For better or worse – maybe we’re curious along different lines – following a boundary, or making a new path altogether into the woods. Jump into a new space or, adjacent markets, as popularized by Peter Thiel.

It’s hard to go against what we’re generally comfortable with. Habits have been grooved into our system of processes for a reason. I believe that if something is eating at you or there’s an overarching sense of obligation toward a challenge, relishing that opportunity is vital – and should be celebrated. 25+ years ago, maybe less so – as the fallback could have been harder. But now? Nonsense – networks are as connected as we make them out to be – reach out via Twitter to someone, LinkedIn, Facebook, Reddit, Instagram, Slack or the tried-and-true in-person coffee chats, conference meet-ups or otherwise. Interconnectedness has never been this high before. But you have to put in the effort.

 

  • Ashish Walia (@AshishW203), co-founder and COO at LawTrades (20min VC FF 019)
    unnamed

    • Portfolio company of 500 Startups
    • Undergrad in Queens, then law school – read through entrepreneurship opportunities, spoke to lawyers – knew he didn’t want to be full time
    • Decentralize major corporate law firms – before you’d have to go to bottom barrel legal service or stuck paying $600 an hour for routine stuff
      • Middle boutique firms could save money and they were looking for work
    • Joining law firm is like everyone wanting to get in and everyone in wants out – if he knew this already, why not do a different thing
      • He wanted to figure things out for himself and work his tail off for what he wanted to do
      • Idea for LawTrades came up in his 2nd year of law school – businesses and lawyers-directory service, terrible traction initially
      • Using all of the resources – blogs, podcasts, videos, etc… diving in
    • Gary Vaynerchuk as sales and customer experience, as he wasn’t a tech/coder
      • This Week in Startups, Jason Calicanis as well
    • Law school as encouragement for a corporate firm, not to apprentice and then start your own thing
      • More legal technology and open, incubators popping up but not traditional
    • Attorneys with big law experience that want more control over their work-life balance are their target for LawTrades
    • Had started a podcast to drive traffic to LawTrades – had a guest on as founder of Pigeon and he thought they should apply to 500
      • Applied a few days before deadline, had Brian Wang interview while in NYC the day after, then a skype with Elizabeth Yang
        • For LawTrades, they cared about 2-3 recs after learning about the business
      • 4 days after, got in and moved from NY to CA
      • Really wanted 500 Startups because they wanted to drive distribution (vs YC as product-focused)
    • Raised small seed round with the vision, no customers that were just angel investors
    • Enjoyed BrainTree founder Brian Johnson as a nontechnical founder to make it large
      • Altucher, Thiel’s Zero to One, Quora, Medium
  • Dave Sonntag, Gonzaga Associate VP / CMO (Launch Pad, Wharton XM)
    • Discussing university brand, marketing
      • Smaller school of 6000 comparatively, but large brand name
    • Funny to me that he said that the basketball brand was priceless – invaluable
      • Primarily over last 20 years
    • Only the 2nd CMO in the history of the school
    • Started as marketer at Eastern Washington before seeing opening at GU (alma mater)
      • Trying to line up brand exposure to campaigns – bracket + donation set up for the week of tourney start
      • Last year, drove about 1/4 of the site traffic – had to prioritize the home page and stories to make them compelling
      • This year, accentuating professors and their stories (named #1 university professors by US News)
  • Chris Riccobono, UnTUCKit founder (Wharton XM)
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    • Had failed at multiple companies before thinking of returning to finance but landing on doing this co
    • Building a brand around shirts that aren’t to be tucked in – seasonality isn’t necessary
      • Built to have that offering as compared to types of shirts (Tommy Bahama – floral, Armani – club, etc…)
      • 50 stores now and the plan is to have them distribute clothing to better control distribution/supply
    • Increasing market in areas that they put a store – both online and in store
      • Tracking customer data as they go back & forth between online and in-store
      • Control experience of touch and customization to drive conversions
    • Doing once a month “fast fashion” with 4-6 designs that are only available for 48 hours or limited time for attention and marketing – demand driver
  • Linda Crawford (@lcrawfordsfo), CEO at HelpShift (LaunchPad, WhartonXM)
    00-helpshift-4-7

    • Getting over imposter syndrome, realizing she is certainly an expert
    • From Salesforce and Siebel, had ran and grown a ton – wanted to get into start-up land again
    • Building the right team immediately, making sure everyone was on the same page
      • Had been recruited by headhunter and wasn’t predicting going into CRM, again – maybe fin or healthtech
  • Denali Therapeutics, (WhartonXM)
    denali-therapeutics-large

    • Focusing on neuro degenerative diseases, isolating proteins that cause damage
  • For the Billions of Creatives Out There (a16z, 3/16/19)
    SHOW_KO.eps

    • Brian Koppelman, Marc Andreessen, Sonal Chokshi
    • Creativity of business, talking about Brian’s original script with his partner – Rounders
      • Failed initially, people turned down and it wasn’t even a box office hit – super small chance to get the repeated viewings
      • Only about doing the work themselves, the rewards would come
      • Worked as bartender / music exec – would work for 2 hours to write a script
      • Were given a chance $5k to be partner – took advice from Horowitz of Beastie Boys’ sister
        • She said “if someone would pay you money without seeing it, then you should write it and you’ll have options.”
    • Balancing the success – his state initially (creative impulse being down)
      • Toxicity that made him bitter if he let the creative impulse die, even if he had other stuff going on
      • Knew he needed to do the work even if it meant failing
      • The job that was mundane / bitter (music exec), he felt better doing because he had already put in 2+ hours of writing to try
    • In Rounders – rejected by every Hollywood agency
      • Some said overwritten, some said underwritten (he still says unsure)
      • He sold the script over a weekend and Monday to Miramax
        • By Tuesday, every agency that had passed tried to sign them – he read them their notes on why they’d passed
        • All told him that they didn’t read it (assistant, reader)
      • Wanted to overstep to make success by getting a director that they agreed on the vision/leverage
    • Up to you to manage the relationships (founder and investors)
      • Learned at a young age how to talk to powerful people – outside of having college paid for or something
      • Father would put him in position to talk to people – in meetings, in production studios, etc…
      • Don’t treat them with a sense of awe or condescending. Also, make them laugh and you’re comfortable in your own skin.
        • Be able to grow, better yourself, relax and they’re not all-knowing.
      • For shows – make it on budget, crew taken care of, make people heard and listening – take notes only on what can make show better
        • Artie from Larry Sanders (show) – network executives discussion
    • Podcast Brian is not script writing Brian – major leagues now, not getting nurturing Brian
    • New Brian and Adam wouldn’t pitch movie Rounders now, it’d be show Rounders
      • Movies were the way that they communicated from the time
      • Televisions now and visual literature as much better than movies
    • Not letting emotional response dictate your actions – how do YOU comport yourself, not the other
      • Especially in partnership types (founder / CEO or other setup)
      • Has to be more important that the other gets to make the decision than you to be right (both need it)
    • Tim Ferriss w/ interviews, 90%+ meditate (quickly Marc says never so in the minority)
      • Brian does 2x / day, 20min & reduces the physical manifestation of anxiety
      • David Lynch for Transcendental meditation (David Lynch foundation)
      • Argue about journaling for introspection vs meditation as a respite or calming of thoughts
    • Billions stuff: As Good as It Gets scene response to how he writes women so well
      • More the result of everything he’s ever read, done, watched while he sits on his couch with music blasting with his laptop
      • Wants to write the characters to all be smarter than the writers are
      • How he stumbled on Vince Staples’ Street Punks in Axe’s bachelor pad (the scene and debauchery and debased)
  • Tony Kunitz, StatsBomb (Wharton XM at SSAC)
    • In london now, paying attention to premier league
      • Progression passing and going through pressure
      • Building the data, paying people to note and augment with computer vision
    • How baseball has gone through 3 stats progressions
      • First value of players and contracts
      • Changing how to play on the field
      • Now changing training and player development (swings, angles, etc…)
    • Also have changing coaches guard – need people to be able to coach properly or the new developments
  • Maria Konnikova (@mkonnikova), The New Yorker (Wharton XM)
    Books: Confidence Game & others

    • Psychology study and approaching poker after reading John von Neumann’s work on game theory
      • Appropriate mix of human decision making – very different than Go or chess
      • Luck and imperfect knowledge of others – strategy vs luck
    • Approaching Erik Seidel to be her coach – intrigue at her book research, and figured if it succeeded or not – could build a bigger audience
      • Still gives her a tough time at not knowing how many cards in a deck (52 vs 54)
      • Using the “marshmallow test” decision-making of Walter Mischel to see if people with high levels of self-control made better risky conditions
        • Made me think of how high school students beat AI experts at Berkeley AI conference after just an hour of teaching
    • Frame of references and deviations can thrive in environments of change
    • Talked about how pros de-leverage themselves by buying in on other pros (can be up to 75-80% of each other)
      • Know that one thing can boot them from a tournament, even if the math is in their favor
  • David Blanchflower (@d_blanchflower), Prof of Econ at Dartmouth (Wharton XM)
    • Children, Unhappiness and Family Finances paper, with Andrew Clark
    • How to gather the data for unhappiness and finance – not based on income
      • Did it based on “Do you struggle to pay bills?” – always, sometimes, never
      • Found that more people with kids struggle to pay bills
        • But children make them more happy, when asked and measured
    • How to change this – other countries have tried to address child care subsidies or tax breaks
    • Younger kids were also considered to be more happy than teenagers or older ones
  • Steven Rogelberg, author of The Science of Meetings (Wharton XM)
    514kuu7cejl._ac_ul320_sr208320_

    • Employees suffering by tons of meetings that don’t return as much
    • What type of meetings would be preferred? – Remote. What type of meetings are the least productive? – Remote.
      • Have to dial in how to make meetings more productive, especially when remote.
      • Shorter, planned meetings are better – Remote < 30min, for instance.
  • Caring Capitalism, Miriam Schoning author (Wharton XM)

Data + Opportunities for Masses (Notes March 4 – March 10, 2019) March 28, 2019

Posted by Anthony in education, experience, finance, Founders, Hiring, medicine, NFL, questions, training, Uncategorized.
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This week was all about different types of people chasing and building what they wanted to build. What drives people – what are they drawn to? Passion, energy and asking the questions to further the quenching of thirst for the next step. Reading the notes I had for this had me down a rabbit hole for each one – thus the delay.

Interestingly enough, these founders, presidents, authors and data scientists / explorers are in different industries. We had digital tech and marketing, strategy, data science as it applied to healthcare, NFLPA / financial literacy, and education of cs and tech stacks through ISA’s.

Believe that you can learn from others to further what you do to progress forward.

Steve Mast, President and CIO at Delvinia (Measured Thoughts, Wharton XM)
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    • Using Methodify for geolocation data / surveys
    • Digital tech to help marketers, researchers and leaders collect, visualize and enable data
    • Educated as an architect, then video game designer and producer in the 1990s
    • Joined Delvinia in 2000 to build interactive design and digital marketing
      • Talked about doing events where they get volunteers to sign up for brand / marketing analysis
      • Ask 2-3 questions that are pointed, geo-enabled for brand / important points at the event
      • Makes sure not to have personal identifiers
  • Joseph Jaffe (@jaffejuice), author Built to Suck (Wharton XM)
    • Admiral, co-founder at HMS Beagle, strategy consulting for surviving
    • Talked about how Harley Davidson is in every marketing book but what are they doing now? Floundering
    • Nike ads – never talked about the product (shoes), but call to action – Just Do It
      • Nike as providing the tools for which you act
      • Used their stores as ex of environments for their product – having treadmills
        • Each employee was a runner, wearing Nike and touting the products, experts
    • Remembers asking his class if they knew the first bank to implement ATMs
      • Didn’t provide the answer – jumped into 4 P’s – one student asked what the answer was
        • Answer was that it didn’t matter because every single bank mentioned had ATMs
      • Only thing that mattered – first-mover’s “advantage” if you can keep it
      • “What are you doing now?”
  • Chris Albon (@chrisalbon), Getting First Data Science Job (DataFramed #55)
    2672ecf4-b76e-478c-9407-fc48877479bf-1515514797324

    • Data Scientist at Devoted Health, helping to fix healthcare system
    • Co-host of podcast Partially Derivative, since stopped, and had a kid / moved
    • Humanitarian non-profits, working on team for building companies with a soul
      • Devoted – health insurance company started by Todd (CTO of US) & Ed Park (CEO of health company)
        • Creating company that you’d want family members be a part of
        • Make healthcare that works (primarily senior citizens, Medicare)
    • His background is from quantitative political science – politics and civil wars
      • Perspective of research, experimental, statistics – PhD with these fellows
      • Meeting friends with a ton of amazing, applied projects (LinkedIn, etc…)
      • He needed to be applied vs research in order to get out of academia – joint Kenyan nonprofits (election monitoring and disaster relief)
      • Real data or fake reports, safety, ethic and morals come up – threat models aren’t the same
    • First hire at Brick (free wifi to Kenyan homeless, etc…)
      • Using established tools to provide others data / analysis – for a team to not know that going in, it was impressive (wizardry)
    • As a team, you can hire and absorb senior data scientists
      • People who got first time jobs at Facebook or something, got to see scale and experience that they can move on easily
      • At a Facebook/Google, end up doing heavy data analyses for the massive scale and is a big role
        • Hard, analytical challenges
      • Smaller companies may ask someone to do a ‘full stack’ / general data scientist that has to build everything on their own
    • Early on in hiring process – ex with Master’s in ML, and that’s what you want to do
      • Generalist builders at Devoted, but not strictly ML or other thing
      • Heavy AI or ML would be theory-based, dissertation level technical discussion (obvious focus)
    • Doing data science generally – many other problems – Bayesian analysis, RF, etc…
      • Far more jobs for those that are generalists at companies for business data – predicting drones watering crops, customers churn, illnesses
    • With different backgrounds, should figure out how to feature yourself & experience
      • Side projects, blog posts, portfolio, visualizations in a way that’s easy – testing, GitHub, versioning
    • Talked about his first meeting at Devoted Health – 4 data scientists in the room with a doctor, discussing the coding of health / diagnosis
      • Said he was fascinated in the meeting as he wanted to know that side, new business
    • He genuinely enjoys new techniques, analysis that he doesn’t know and learning about it – passionate about what they are and learning
      • Not hiring for junior – it’s because you will want to grow into senior
    • RF > SVM since it works out of the box, but said SVM is an awesome mathematical tool
      • Used it as a teaching point and visual – but in production, he’d never seen it
  • Eric Winston (@ericwinston), President of NFLPA (Wharton XM, Leadership in Action)
    • Talked about how important relationships and the soft skills were
    • Financial literacy as a passion of his – talked about how little players know going in, especially after college
      • College finance doesn’t teach it, either
  • Austen Allred, Founder/CEO at Lambda School (20min VC 3/8/19, FF)
    untitled

    • Bedrock, GGV, GV, Stripe and Ashton Kutcher as investors – $48M so far
    • Prior, Senior Manager for Growth at LendUp and co-founded Grasswire
      • Income inequality, financial health thoughts – nothing was moving incomes
      • Was in a small town in middle of nowhere, Utah
    • Had to live in his car in SV for a while and figured out how to schedule – during summer, would get hurt obviously
    • Raised $500k initially, couple months of cash left, due diligence – investor decided to not continuing Dec 23 (daughter was born soon after)
      • Never wanted to be in that position again – thought it would’ve been VC but it was more about a successful business
      • At YC, wasn’t focused on demo day – modeled 2 scenarios: 1 with VC money vs otherwise going wrong and seeing no VC money didn’t work
    • About the right time to raise: $1 today would be $3 or $4 later, still had much of their series A – getting dozens of VC emails and say no
      • No goal to raise B at that point, walked through the numbers with Jeff (one of investors) over dinner
      • So Good They Can’t Ignore You (Steve Martin quote, but Cal Newport book)
    • Looking at product-market fit – people would pay whatever to get to the job / signal
      • Incentives aligning, job and person – $1000 to start and pay after getting a job: Got into YC and thought no upfront deposit, etc…
      • List of 7k people, trying to refine and make sustainable
    • Training people online was tough, free upfront / no SITG – no Bay Area / NY, online engineering students
    • Iterating on all facets of business so quickly: had to do it, quickly and concurrently
      • Each 5 weeks do a project, roll people together and do an app – if they can’t, roll it back
      • “Insane” – but more people just can’t fathom DOING, the ACTION
      • Before running the experiment, they determined the metrics for success and failure (if it doesn’t happen, fail)
      • Career coaches / meetups / staff bonuses for people trying to get people hired – success of those 8 trials
    • Wright Brothers biography book and Les Miserables (humanity)
    • Changing SV – fundamental human problems, he wants them to build more, try more
    • 500k students in the year for 5 years goal

The Journey (Notes From Feb 25 – March 3, 2019) March 22, 2019

Posted by Anthony in cannabis, education, experience, Founders, global, Hiring, medicine, questions, social, training, Uncategorized, WomenInWork.
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I wanted to focus on the variety of journeys that these amazing people have been  on. All different, all learning. The commonality of assessing one’s place and moving strategically to take advantage of an opportunity that allowed each of them to do what it was, at that time, that they wanted to do or focus. I believe that is an innate skill.  Some have to build up to have the confidence to assess what they want. Others let it sit in the back of their mind until someone brings it out.

As a founder, I believe that becomes even more of an important skill. You have to not only know what you want to chase, but also where you want to go. Then, follow that up with being able to creatively attract others to do the same – whether they’re investors, customers, or potential employees/partners.

  • Julia Silge, co-author of Text Mining with R (Data Skeptic 2/22/19)
    cover

    • At StackOverflow now, phD in astrophysics, astronomy
      • Worked in academia and went to edtech start-up for academic development
      • Transitioned into data science – had needed to brush up on some of the skills and updated machine learning
      • Data scientist for 3-4 years
    • Did some public work for her portfolio, worked with state stuff on Drought, etc…
      • Thought about NLP for analyzing Jane Austen texts (public, projectgutenberg), and opened it up
        • Which parts of book have narrative more sad / joyous and sentiment analysis with heat maps
      • Started to develop TidyText package and R build with a friend – bridging text and R analysis
    • Using R as data science
      • Tidyverse database, messy real source & into the form she needs quickly
      • Mature community for statistical modeling in R
      • Text classification – regex as building blocks for effective results
    • At StackOverflow – texts every day and statistically analyze the numbers
      • Developers survey as one of the largest projects
    • Book for people who may have tried other approaches with text
      • 1st half lays out concepts, common tasks in text mining
      • 2nd half is beginning to end case study – eda, what’s in dataset, implementation of model
  • Brian Wong, Founder at Kiip (20min VC FF018)
    230px-kiip_logo_image

    • Started after university at Digg (laid off after 6 months) before starting Kiip, focused on mobile rewards network
    • People he truly knows are the ones he’s been with over 5 years
      • True Ventures, Relay Ventures, AMEX ventures, Hummer Winblad
    • Founder-friendly in his terms: creating services and ecosystem of the founders among the invested, not taking a massive chunk immediately
      • Services as you’re getting formed, early on
    • Quiet with his board – once every two, three months meet up, depending on financing
      • Sources for him if he needs others, find specific customer or advisor, analytically looking at problems
      • Trained by True Ventures initially about dealing with the board
    • Gamification tactics derived from Predictably Irrational book
    • “Nothing is ever as good as it seems and nothing is ever as bad as it is”
    • Jason’s Calacanis blog – seems to agree with a few
    • Inspired by a few founders: Elon, Elizabeth Holmes; moreso maybe less loud founders, Mike (one of his investors – NASA scientist)
    • Favorite apps: Tinder for dating, Evernote, Box app (storage – mobile app is awesome – faster than DropBox)
    • For Kiip, ad-blocking fever-pitch and being ones that can help – MasterCard as one of their big partners, usage / app data that they’re sitting on
  • Matt Lerner, Distro Partner with 500 Startups (20min VC 082)
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    • Runs the London office, specializing in conversion optimization, analytics engagement, retention
    • Helps them build and grow (Distro team) to growth engines and scale
    • Worked at PayPal in 2004, marketing director initially before later
    • Skype calls over 45 minutes, brainstorm over tests with a cycle time and see results in 48 hours – 2 days
      • Was told he could do this full-time and enjoyed it (Distro Dojo – growth to product-market fit)
        • Invest in post-seed, pre-series A typically – early stage / accelerator program for earlier
      • In London, he looks for live, functioning product with corpus of people out of beta
    • Talked about Mayvenn (connecting to the NEW episode about Series B) – Series A here
    • Where in the funnel do you need to focus on?
      • Understand the business, then brainstorm in the “dojo” – all kinds of ideas
        • 20% CTA button change occasionally – not always
    • Just invested in Fy, Founder Tom in Berlin – built entire business with growth in mind
    • Anna Kerenana “Happy families are all alike but each unhappy family is unhappy in its own special way.”
      • Companies don’t get their product out to customers in a way
      • Measuring / optimizing for wrong targets
      • Tactical things to ensure spend is done properly
      • Way to test quickly – 4 Hour Workweek – Bought 5 different ad-words and checked his titles for unpublished book
      • Paid acquisition in way that CAC is much lower than proven LTV of customer, can go quickly through advertising
        • Most businesses need organic acquisition channels over paid
    • Ultimate growth hacker – David McClure (his boss) – pirate metrics talk (viewing of video)
      • Sean Ellis (from DropBox, GrowthHackers.com owner) – mentored him at PayPal – attachment too big for email, send DropBox
      • Eddie Johns (Growth at Wealthfront, before at Quora and Facebook)
      • In London, Millen Paris?
    • Favorite growth hacking tools: MarTech talk, 500 Startups for best tools
      • Deck in show notes, Top 35 and Top 10
    • Books: The One Thing You Need to Know?
    • Tamatem – exciting startup in Dojo, Middle Eastern mobile games publisher
      • License other successful games, translate them, half the revenue and found money for developers
      • Don’t have to be good at making games – just need to have the database and quick adoption of other games
  • Chuck Smith, CEO / co-founder of Dixie Brands, Cannabusiness (Wharton XM)
    dixielogo

    • Discussing CBD vs THC products and difference in integration / vertical distribution
      • THC requires state and full distribution
      • CBD can be sold online
    • Keeping the brand as a reputable one and making sure it sees plenty of time
    • Partnership with Latin American company for full integration / distribution channels, laying foundation for easy process
      • Ventures with other companies to engage quickly or acquisitions
  • Solomon’s Code authors (Wharton XM)
    • Olaf Groth, Mark Nitzberg
  • The Ultimate Side Hustle – Elana Varon (Wharton XM)
    • Different types of start-ups and trading compensation (time vs money)
  • Marvin Liao (@marvinliao), Partner at 500 Startups – SF accelerator (20min VC 083)
    • 10+ year vet at Yahoo!, came to Bay Area/Silicon Valley in 1999 tech boom, laid off  2001
    • Left Yahoo in 2012, did angel investing and speaking at conferences, mentoring
    • Learned investing game by angel investing, though, to his wife’s scolding, didn’t do well
      • Operator as investors – used to be in the same role – lots of services
      • Online marketing / sales experts in accelerator in the portfolio
      • Both models-Greylock, Accel vs 500 Startup & First Round,service-based)
    • Why 500 Startups? Strongly focused on sales and marketing – fit for him, especially being international (global)
      • First 2-3 meetings or intros are free, but after that – some value returned
    • Went from 1100 companies down to 36 for the accelerator
      • Seed fund – 12-30 cos a week, one inv ~2 weeks – not necessarily random
    • Average check size is $50-100k – doesn’t take board seats but gets board observer rights
      • Look at pre-launch phase, consumer mobile phase wants to see traction (10mil vs 1mil downloads)
      • Won’t look at enterprise SaaS pre-launch, wants to see $10-15k mRR in established space
      • Different industries requiring different attention
    • Industries that he’s looking at – marketplaces / platforms (SkillBridge), digital health
    • Challenge in his 2 years: cycles of learning (shocked that there are arrogant investors), still treats himself as a complete novice
      • Great investor and develop the instincts, thesis and to risk being wrong a majority of the time
    • Favorite book: Art of Worldly Wisdom, Dune (science fiction – key) – SingularityHub
    • Calend.ly and Evernote, Amy.X.AI (?)
    • Take on Yahoo: “They’re toast.” No disrespect to Marissa – trying M&A and most big companies aren’t good.
    • Challenge for 500S: scaling @ quality, going from 2 accelerators to 4 in Silicon Valley
      • Lucky and systematic difference to get to that point
    • Interested in the most recent batch: Neighborly (batch 10, fintech – hates Wall Street so disrupting this), AgFinder (agtech – not much attention but such a vital part of the global problem)
  • Ashley Whillans (@ashleywhillans), Asst Prof at HBS in Negotiations, Orgs and Markets (Wharton XM – Time Poverty)
    • Went through study in Canada with subjects that would receive $40
      • One group subjected to restriction that it has to be spent on “time saving”, other could be whatever
        • Measured happiness after each day (with a call)
      • Time saving could be fast food of some sort, hiring a neighborhood boy to shop, etc…
      • Happiness was higher with the $40 spent for time saving
    • Check the white paper for time saving and happiness
  • Elizabeth Hogan, Brand Dev at GCH, Cannabusiness (Wharton XM)
    • Discussing various levels of products – CBD vs THC and other treats
    • Company founded by Willie Nelson in 2015
      • Willie’s Reserve (flower, edibles, vape products at both med and rec dispensaries)
      • Willie’s Remedy – CBD oil-based products – talked about the neuroscience behind activation with cbd products
    • 8 oz cups of coffee with 5mg dose of CBD – often bring as product demos for concerts, festivals, events
    • Marketing is difficult because of federal regulations and the big marketing channels – Facebook, Instagram, Google, etc
      • Some influencers have been used but have to be careful – can lose their accounts if wrongly done
    • Plenty of organic marketing currently, but looking for paid channels has been a difficult task
  • Hooked author, Nir Eyal, (Wharton XM)
    • Habit building – playing on pains
      • 4 different ways to take market shares
        • Velocity, frequency (think)
      • Pains as psychological effects – pleasure as a result, and minimizing pain

Shifting Mindsets (Notes from Feb 11 – Feb 17, 2019) March 7, 2019

Posted by Anthony in Automation, education, experience, Founders, global, medicine, questions, Uncategorized.
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I think many [most] of us fall prey to the day-to-day grind of life, work and whatever we have going on. We lose out on collection and reflection, maybe some have the time to gather their thoughts. Rarely, unless asked, do we get the chance to work through introspection. The luckiest may then analyze this and work to change their mental processes. If I had to guess, I’d imagine people work through this in conversations or in reading (or both).

What do my thought processes look like? Are they consistent? Do I work through problems in the same manner, or are they dependent on material or background? Have I worked to improve?

What did I hear/read about that may influence these? How does what I worked on or read about influence my opinion/knowledge of other situations/circumstances? Is there a fundamental shift that’s occurred over time? Should there be? Can I anticipate that? Can I preempt the movement?

As the week’s theme, each of the partners or founders on the episodes assessed the known framework for which they were improving upon or changing. At Brightseed, they’re focused on asking questions on how we can transition from infectious diseases to chronic disease prevention, all in a system that has been built and established on the former (big pharma). The diagnoses, the business model, research and development and actions thereafter all influenced by how it has always been done.

  • Sofia Elizondo, co-founder and COO at Brightseed (Bay Area Ventures, WhartonXM)
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    • Talked about how 150 years ago, as pharma started to ramp up, system developed to treat infectious diseases
      • Now, infectious diseases are not the primary, and chronic diseases have taken over
      • Not prepared industry-wide to deal with this (pharma designed for diagnosis and then action)
    • Food industry is health and wellness, some biotech companies trying to make names
    • Mentioned performance of big package food companies – lack of growth, especially only 2% for the biggest names
  • Joel Marcus, Exec Chairman of Alexandria Real Estate (Wharton XM)
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    • Talked about only wanting to buy real estate, commercial lab buildings in bunches and lease or sell to biotechs
      • Have dealt with commercial labs
    • Google had approached and they didn’t like it initially but agreed on the premise of what they’d do
      • Uber is another, soon to be 1million acre real estate for them
  • Patricia Nakache (@pnakache), GP at Trinity Ventures (20min VC 080)
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    • Father was one of first engineers at Computer Sciences Corporation, spent summers in labs and telecom intern
      • Physics and chemistry major in college – went to McKinsey after graduating
      • In 1999 went to a start-up but was also a freelance writer, later had Forbes articles, etc…
    • Interviewed Trinity Ventures in 1999 and they continuously said they were very busy
      • Joined as a contractor, then 3 months later converted 3 months later
    • 2 P’s related to gender difference in venture:
      • Pipeline: nurtured through apprenticeship model, or brought on as a senior role initially
      • Pattern recognition: notion that decisions are based on what attributes have contributed to past successes
    • Care.com has vetted profiles of caregivers for hiring – more concerning for Patricia, so she is attracted by that pain point solution
      • Ruby Ribbon partnership and learning
    • Pedal to the metal for spending and burn rate – product-market fit with a broadly-defined market
      • E-club, meal services to companies (eg 100 ee’s, goes on the app and pick what you want – variety and meals delivered at once)
    • Measuring success – returns to LPs and helping founders
      • Jim Collins “From Good to Great” – ew, but makes sense if she grew up with initial tech boom
    • Fan of on-demand economy / services, but believes there will be a shakeout of it, as well
      • Scheduled cleaning, for instance (not on a whim)
        • Cites Homejoy – wasn’t sure what the app strategy was solving, immediacy
  • Cal Newport, Digital Minimalism book (Wharton XM)
    • Talking about reducing technology overall
    • Habit forming – diets, if you’re not committed to making a lifestyle change, can’t gain the benefits
  • Yogov founder, Ryder Pearce (Wharton XM)
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    • Mission-driven looking for making gov administrative jobs easier, less painful
      • Hard to fix this as there are so many different 3rd party / privatization attempts
    • Spent 3 months in 2016 dealing with California DMV for what he felt should’ve been minutes

  • Phil Libin (@plibin), co-founder CEO of All-Turtles (Launch Pad, Wharton XM)
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    • Attempting to cover real-world problems with AI
    • Focused on Evernote until starting this – have grown broadly to eventually include biotech
    • Talked about doing 72 hour fasts after being very skeptical (as a fad, etc….)

Tech Trends for Business (Notes from Dec. 3 – 9, 2018) December 28, 2018

Posted by Anthony in education, experience, finance, global, medicine, questions, social, Uncategorized.
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Okay, a busy week! Hope everyone had a great Christmas, safe and won all your family games. Earlier in the month, I listened to a couple 20min VC’ episodes that focused on tech trends (episodes from 2016). Looking back, healthcare is still being worked on, and we have definitely expanded into Europe being a larger hub for startups and tech origination.

Then, there remain questions of how we will replace or fundamentally alter the processes that seem ubiquitous such as transaction methods and recording as well as the old rules of portfolio formation.

I hope you guys enjoy some of the notes and feel free to explore further depths on your own!

  • Michael Treskow, Morgan Stanley IB former, VC at Accel Partners (20min VC 073)
    • Investment environment of London vs SF – tons of entrepreneurs in both
    • All else being equal – all experience (prior founder experience) is typically good
      • Gets bug for creating his own thing but then is quickly reminded of how difficult and time-consuming it is
    • He said he looks for market size and ability to attract is what draws him in
      • Obsession for the topic / market / expertise
    • Wunderlist (made in Berlin) for productivity tool.
    • European tech hub: didn’t think there’d just be one – mentions Madrid, Nordics, Tel Aviv and the excitement of all
    • Blog – Term Sheet, big name others

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  • Bob Kocher (@bobkocher), Partner at Venrock (20min VC 074)
    • Focuses on healthcare IT, Alidaide / Jif / GrandRounds / DrOnDemand
    • Consultant at Stanford and Harvard Med – served in Obama Administration, prior at McKinsey
    • 20% of economy is healthcare, aligning incentives and getting people to use it is the main challenge
    • Main changes as byproducts of recent: amazing glut of new information, changes to incentives
      • Healthcare was textbook information asymmetry (getting 90% of doctors/hospitals on board with payment models and data coordination)
      • Consolidation on the providers side which has killed competition and innovation, increased prices
    • Way that care is delivered is one of the biggest challenges – matching right person to the right doctor leads to better outcomes
      • No matter how expert a doctor is, they can’t know everything
    • He didn’t believe that regulators are a big challenge because they’re looking to help the right cases
      • Imagination and scoping solutions to be massive
    • Find joy in what you do every day – skipping the ‘do a job for x years before getting into a job that you like’
      • Trying to make healthcare better each day, if possible
      • The System by 1983 Clinton failure
  • Technological Trends with Fred Wilson, Union Square Ventures & Chris Dixon, Crypto GP at a16z (a16z from Sep 24, 2018)
    • Cars as software / hardware (talking of Elon’s OTA push for services) when Ford broke down often the innovation was a bunch of service centers
    • Google Maps as the app for ALL car service providers (default interface for dispatch of any medium – cars, bikes, scooters)
      • Wants this to happen for functionality
    • Google made advertising was the monetization of internet usage (explorer, outlook, etc…)
      • Thinks crypto would be the similar disrupter (look at movies from the 1990s)
      • Dotbomb game that turned into nearly ALL the current unicorns – needed bigger broadband
      • Youtube needed social sharing and broadband – existed as destination previously, eyeballs/stickiness that prevented wide distribution
    • Cloud infrastructure still pushing innovation, developer experience (10+ years)
      • Cloud as 3 player game – Microsoft, Amazon, Google and enterprise customers
    • He said 90% of developers and start-ups are on AWS and eventually can move to others
      • In enterprise, you have biggest winner as 3x as second, then 3x as 3rd, etc…
      • More room for players, but people treat it as first-movers or incumbents are the toughest
    • Making it possible for everyone to invest in high growth opportunities in capital growth – ICO is complex
      • Allow early adopters to be early investors with tokens – combining them (Tech & Money)
      • In tech, substitutes aren’t the big battles – it’s the combination of experience, ads appearing (hot dog vs hamburgers or buns)
      • Commerce vs ecommerce (IRL commerce, transition period) – emotes, digital motes and resources, domain names
    • Esports as more innovative – real sports will go by the wayside of vinyl, horse riding, etc…
      • Similar to crypto goods and internet domains
      • Shifting digital scarcity (songs aren’t scarce because you can share them – experience is)
      • Business model innovation
    • Internet move initially was moving media / goods to the internet (newspaper, songs)
      • What’s the NEXT move? Bitcoin – mining/release over time, for instance compared to porting
      • Numerai playing with staking (Skin in the Game – Taleb) – crypto-tokens make it easy to do.
        • Governance, on-chain

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  • Carey Lai (@laicarey), Managing Director with Conductive Ventures (Wharton XM)
    • Talked about funding and proper allocations
  • Connecting the Dots author, John Chambers – former Cisco (Leadership in Action / Wharton)
    • 25 years with Cisco, leaders, culture – have to make mistakes with risks
    • Top 3 takeaways included taking risks, know your culture and know your strengths
    • One of the best leaders in talking was the Israeli leader, Shimon Peres, former Pres
    • Kissinger’s quote
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