jump to navigation

Disorganized Trying to Organize (Notes from Feb 3 – Feb 9, 2020) August 4, 2020

Posted by Anthony in Acquisitions, Automation, Blockchain, Coronavirus, Daily fantasy football, Digital, experience, finance, Founders, global, Healthcare, Leadership, NBA, questions, social, sports, Strategy, Streaming, Uncategorized, WomenInWork.
Tags: , , , , , , , , , , , ,
add a comment

Productivity tools have been all the rage. Those familiar with adoption of new technology or tools in an office setting bigger than 20 people have likely been through what’s described as the J curve for adoption, popularized by Erik Brynjolfsson and Daniel Rock in their paper (see: https://economics.stanford.edu/sites/g/files/sbiybj9386/f/brynrocksyv_j-curve_final.pdf) of September 2018 on general purpose technologies. There is a slope downward to start for the adoption because the productivity decrease and difficulty in trying to set it up often leads to a loss. Over time and the consistent use, it can go away and lead to the productivity gains we sought in the first place.

Well, I’m in that too many tools, too many valleys section. Bundle and use a tool that tries to do it all? Or unbundle and use multiple tools. If you are trying to optimize notes for one platform and it doesn’t work for your other platforms (mobile/to-go/car), is it optimal? Is 90% great if you miss on the 10% you don’t have a good solution for? I’m not sure. I’m hopeful that audio can work easily – may even jump into Otter.ai for transcription there.

A family friend of ours was so obsessed with keeping track of all his clothes, colors and features that he took it upon himself to build a database of his closet. Upon telling someone else, I recall a similar story for someone who went further and did bar codes on their clothes. You spend so much time obsessing over something you’d love organization over until that organizing takes up the time you were hoping to save. We could take this further and draw similar analogies to corporate, big companies compared to start-ups in growth as an early employee – always something to be done, may not be optimizing the work, just attempting to get something out compared to optimization runs for something that worked until it breaks. Exciting work on either end but ultimately, there’s a line you must draw.

There are tons of benefits to organization for notes, processes, documentation in that someone could come in at any point and figure out what connects to what. There’s a context. I think YourStacks is doing something like this for personal / professional use of tools and games and everything one comes into contact. There have been corporate / enterprise stack technology sites that break down webpage technology or company technologies. Then there are transparent people / companies who document it both privately and publicly for others to see. We try what we think may improve but it’s tough to know where to start.

There’s a lesson to be learned here in starting, trying to going from there. Some of us want to try to optimize all the tools or one tool to its fullest before moving forward. How good is good? Or not good enough? At what point do you pass to the next or add another tool? How many tools are too many? And will we get a bundling or unbundling of different aspects? I’m hopeful we get voice tools that enable bundling for all sorts of this. Currently, I’ve yet to find the solution. Let me know what your set is!

  • Dr. Tara Smith, Professor of Epidemiology at Kent State University College of PH, Erik Moses (Wharton Moneyball 2/5/20)
    • Hockey – East and West split of conferences currently, top 4 teams in the East and defending champs Blues in the West are 5th
      • More or less deterministic (coin flips previously) – 50% as max from a conference if coin flips
    • Mookie Betts as trying to get 10 year, $40 mil per because he’s so young
    • Joined in August 2013 after being at Univ of Iowa in Emerging Infectious Diseases
  • Chetan Puttagunta, GP at Benchmark Capital (Invest like the Best 1/28/20)
    • Investing in early-stage, MongoDB, Elastic, Mulesoft and advice for POS in enterprise software building Canvas
    • MongoDB – 2012 and had experience building consumer apps from 2007-08 trying to build tech that was pretty limited
      • Felt like an advantage between large companies with proprietary data and tools compared to DIY
      • Met Elliott (MongoDB founder, from DoubleClick) – would ask best devs to work with Mongo and they responded “Don’t need”
      • DB expert – MySQL can work with everything but would miss the class of devs that wanted without planning for scale, app may not work
      • DB could handle scale, millions of users, transactional data by 2015-16, right place right time
      • Oracle as building a great database business and moved into application tier with their apps built on their db
        • CRM, HCM (Peoplesoft) to serve application – 1977 to true leader in databases in 80s, relational
      • Other timing – 1992, for instance, and it would not have worked. Cloud has been so open to these techs.
      • Cockroach for globally scalable, relational db – TimeScale for time-series IoT model, for instance after cloud enabled it
        • Specific use cases have more specifically-tailored results
      • Initiating and potential TAM Salesforce estimates from the start compared to now, where it’s much larger now than suspected
    • Now, enterprise software permeates into companies all over for IoT and consumer tech
      • Caterpillar, Pharma, Financial Services, Shipping companies are all buyers
      • Diva built a CRM system for healthcare vertical on general CRM, Salesforce – multibillion dollar company
      • Client facing software is very important – system that will be helpful and customers will tackle that and tell you directly
    • People come to work and complete a specific job or task – not to work or be an expert with your software
      • New tool into a workflow, only certain amount of walls to learn the software before leaving
      • Go slow to go fast – if you’re building a software solution in the start, build for 5-10 important users
        • Address the needs of those customers – generally applicable to the market (not just the single customer)
        • Won’t become an outside services or dev shop if you deliver services to the general customer
      • Workday and Viva early days – 50% of revenue were services since they entered enterprises (large installation of PeopleSoft)
        • On-prem CRM for Viva – lots of handholding, data migration and such
    • Duffel (Global Distribution System) for airlines selling to consumers
      • Convoluted system to sell and the flows is astounding – entrepreneurs in payments looking to innovate in these instances
      • Found airlines and approached them to “Shouldn’t it work like this?” to get your first partners/customers
      • Patient capital of “go slow to go fast” to super efficient business – spreadsheet vs software
        • Example at Greg Shaw – Mulesoft – burned $8mln from $100mln to 200mln in revenue and burned $4mln from 2-300mln
          • Inside Salesforce, they’ve grown top-line revenues further
    • Unlikely that someone else is building what you’re building
      • 2004 – Salesforce selling CRM, main competitor was Seibel – Salesforce had ACV of $4k and 15 licenses at a time vs Seibel $100k/1k
        • Go after the larger competitors when you have thousands of customers and users ecstatic about your product
      • Won’t run into competitors directly, just objections to your own system, since it’s incomplete
        • Valuing you against their internal/custom solution – take time to create product maturity before prematurely scaling
    • If you’re not missing as an investor, you aren’t taking enough shots
      • 1x your capital if you miss compared to if you pass, miss on 10x or 100x
      • At Benchmark, they’re making 5-10 investments per year, so it’s 1-2 per partner
    • Recruiting and sales – candidates have to feel very good as they go through the proces
      • Only way to scale the software business is to hire the best people to make the software
    • Hard to stand out in SF as an enterprise software integration problem (Mulesoft)
      • Competing with FAANG in a limited labor market, have to be able to recruit amazing talent
      • For start-ups, they have 2 advantages: really exciting for them to embrace remote talent (global market)
        • Running a remote company at scale has very little to do with the tools, and more so with the work culture that’s friendly
        • Everyone meets remotely on video, even in same room
        • Writing a lot of documentation, transparency about thinking in the wikis docs so anyone can catch up
      • Offline ad inventory is very efficient – account-based enterprise software ads at airports – targeting top of funnels
      • How do you transmit a culture that was highly efficient in 10 person to 20 or 100 or 1000 and further, if you’re doing 100% each year
        • 1/2, 1/4, 1/8 haven’t been there for more than 1 year, 2 years, 3, etc..
    • Most portable of early stage investing – Bill Gurley’s blog on CAC and LTV
      • Going down unit economic traps are widely applicable to all tech businesses, consumer, enterprise, etc
        • Can’t drive spreadsheet growth with CAC/inorganic growth for LTV numbers
      • Product engagement – customers in consumer and enterprise
    • Benchmark as 5 equal partners at the firm, no juniors or others
      • Don’t have a NEXT topic that they have to move on to because of this, so open-ended discussions can go very deep
        • Wide networks so they can get useful people to talk
      • Probably not a question that they can’t answer
  • Adam Draper, Founder & CEO of Boost VC (20min VC 2/24/16)
    • Seed stage accelerator, blockchain and VR
    • Before Boost, angel invested in 20+ co’s, including Coinbase, Plangrid, Practice Fusion
      • Geography – heart of SV and ecosystem of entrepreneurs, recently adding V/R to build
    • Founder of Xpert Financial after UCLA graduation, helping later stage companies raise capital in private markets
      • Made every mistake – funding, hiring, firing, product
      • Helped early-stage companies build product and raise capital, including for a friend – wanted to mentor in bulk
        • As a family, helping people get to where they want to go
    • Meeting a lot of people while raising money and helping – took him 12 months to raise his fund
      • $6.6mln after reaching out to 3k, 350 meetings and closed ~35 – basically rule of 10
    • Had 52 investments in blockchain accelerator (had about ~120 companies) among currency/contracts-based work
      • Been in industry for 3 years, seeing mature products and higher quality
    • Mentioned MuggleNet as his favorite blog and TechCrunch
    • JoyStream by a solo founder, trying to merge BitTorrent / BTC
  • Coronavirus (a16z 16min on the News #21, 1/29/20)
    • Judy Savitskaya – 2019-nCoV – 10-20% common cold vs epidemic ones would be severity
    • Sequencing this virus has been incredibly quick (within 2 weeks of genome) whereas it’s taken longer in past
      • If someone in SF said they had a cold at a general clinic, they could decide if it’s this or not
      • Figuring out treatments and protocols based on genome and live medicine
    • Spike proteins used to enter into lung cells didn’t look as bad as SARS, so they thought it was fine
      • Turns out that it’s actually very similar to the protein
    • Nobody really knows – animal sources of viruses (evolving away from human hosts, time in animals)
      • R0 – number of people you’d expect to get sick for every one person that has it
      • Breaking down variables in R0 – how well does virus transmit itself (easy in air, for instance)
        • Is it good at infecting cells? What’s the population like? (Chinese New Year and traveling often)
      • If virus is not that deadly, additional time in the host that can get infected (individually, if deadly and fast, population better)
    • Increase in genomic medicine – Coalition for Epidemic Preparedness Innovations gave out 3 grants to pharma co’s totaling $12.5mln
      • 12-16 weeks time to develop new drugs based on the new sequence
  • Epic Battles in Healthcare, FICO Changes (a16z 16min on the News #22, 2/6/20)
    • FinTech GP’s Angela Strange and Anish Acharya
    • Starting with what is a FICO score – 5 factors: payment history, credit utilization, length of history, new credit, credit mix
      • FICO 2, 3, and 10 now as FICO comes out with reweighting
        • 1 trillion in credit card debt now, so people refi from 25% to 12% loans, but it doesn’t change user spending habits
        • Better job of incorporating debt over a long period of time
      • Designed in 1950s to create a proxy for willingness to pay, originally – now, it’s mostly lenders that have their own algorithms
      • Good lenders will use FICO as a factor but they have their own robust models
    • Hacks such as adding kids as authorized users
    • Old time, 50-100 years credit decisions made on generations, kids play ball with bankers, etc
      • Bank of Italy (now Bank of America), would make loans to Italian immigrants that other banks wouldn’t lend to
      • 2 drivers – willingness and ability to pay
    • International vs US – in US, most decisions decided on score/report, not alternative data
      • In international countries, great way to bootstrap a lending business as a proxy for consumer
      • Difficult to introduce alternative data in the US , cash flow streams for instance
    • Epic’s CEO (EHR information on data) letter sent – with Julie Yoo bio GP
      • Rule that’s been around for 1 year in context of a longer standing law
        • Opening healthcare records from ONC (Office of National Coordinator for CMS), gov agencies overseeing healthcare spend
      • 21st Century CURES Act – Upton and Waldon – means by which we implement the act (healthcare costs will rise, care will suffer)
        • Contending with nonprofit orgs with slim margins
      • Uniquely stored in healthcare data is the doctors’ context (and dialogue) – for what reason would you need the context vs “code”
      • Connecting data between APIs and interoperability – major concept
    • Clause in rule about screenshot sharing – contractual obligations not to share screenshots
      • In trying to see a workflow in a system to connect yours efficiently – one of Julie’s customers at EHR company got hand-slapped for sharing
    • Annual meeting with OMB and ONC for driving sharing and interoperability – Epic wasn’t there – everyone else, systems, plans, incumbents, big tech, EHRc
      • HHS secretary was saying that scare tactics won’t affect what they’re looking for
  • Introduction to ARK’s Big Ideas 2020 (FYI 1/13/20)
    • James Wang interviewing Cathie Wood, CEO/CIO at ARK Invest
      • Building on other years – DL, EV, 3D printing, autonomous ride hailing, automation, genome sequencing, digital wallets and Bitcoin
    • New ones – streaming media, aerial drones and biotech R&D efficiency
    • Streaming media – changing behavior patterns should catapult the industry, roughly $80-90bn, projecting $400bn+ in next 4 years
      • Most people couldn’t understand why she was buying Amazon at $5bn cap at her old firm (when no profits)
        • Believed about their revenues would increase CAGR at 25% for 20 years, deep value play (exp growth wasn’t understood)
      • Terrible sales out of box retailers – want to survive and go to online
      • Gaming could consume media, so is value in content or platforms (say, Tencent showing the way, maybe) – larger than box office now
        • Every time music has come out, it has cannibalized the other, older parts as replacement
        • Gaming was different – expansive, explosive market as stacking (mobile only added to consoles and others)
    • Aerial drones – early side of S curve still – released a paper in 2014 suggesting that if FAA would allow Amazon to deliver parcels over 10 mi
      • Amazon, at that time, could have done it profitably for just $1 per parcel for 5 lb package, for instance
      • Food delivery now, air taxis / passenger drones and given battery tech, could save 20k lives associated with heart attacks – drone faster than ambulance
        • Projecting $275bn food delivery (3mi Delivery for cars is about $4.85 – $5) – drones could do it for $.20, profitably
    • Biotech R&D Efficiency as converging Nextgen sequencing, AI, CRISPR editing
      • Impact on pharma and biotech sector
      • Fewer trial failures with DNA sequencing and companion diagnostics for trials, time to market decrease
        • Human trials, CRISPR is curing things such as Beta-_ and sickle cell (2 people)
      • Value-based pricing could be installment payments, for every year you live – reduction of trials and drugs to market, higher pricing utility
        • Margin structure could follow more of 1980s and 90s (mid20-30s) – innovations were exhausted from there, but now should be innovative
      • CRISPR and gene therapies are delivering great results, cures and evidence of these
        • AI and software side with mundane, life science has supported SaaS company in Viva – extremely motivated for productivity structure
        • Most AI companies doing R&D drug discovery are early, M&A ripe – tech in Alpha Go search problems, for instance
      • Analysts can’t just be healthcare, have to be technology as well – permeating every sector
    • Over past year, innovation has been highly valued in private space – too few opportunities with too much capital
      • Private is valued much higher – seeing some disappointments, public markets should be ripe (P/E ratio is not ideal)
      • 5 year opportunities, not 1-2 timeline and finding out how much growth they’re going to deliver

How to Motivate Yourself to Build (Notes from Jan. 27 to Feb. 2, 2020) July 22, 2020

Posted by Anthony in cannabis, DFS, Digital, Draftkings, education, experience, FanDuel, global, Leadership, medicine, NFL, social, sports, Strategy, Time, training, WomenInWork.
Tags: , , , , , , , , ,
add a comment

Nope, I’m asking. Not telling. It’s constantly a challenge.

Let’s see. A will to win. Certain things provide you a much clearer picture of an end goal. In life or careers, there is often always a next step for those that are driven. I know many people that have said it’s not a linear path, and therefore you see steps/ladders that may be uneven. It’s hard to take that into consideration to pursue action, then, especially if you’re back at square one. It must be some secondary motivator that keeps us looking forward.

I have an idea page of things I want to pursue. Talking about potential pursuits may be a first step. Talking with others, another. Writing them down allows a concrete step toward accountability. Then, what’s next? Talk to potential customers, people in the space, people that could be of interest. Design something, wireframe or code out a rough sketch. Maybe it’s something to see how much of a concrete idea it is. Ideas sometimes just need another opinion to spur passion – whatever can provide the spark to go further.

With a next step in a career, an idea written out for the next step can be a good thing. Approaching mentors or potential mentors or bosses (strategically) may be that step of accountability. The more people involved, the more likely that path could be disrupted as incentives to provide clear steps wane. The earlier you find that out, the better. It’s unfortunate but situations and circumstances can change on a whim for anyone, so it compounds with involvement of others. I’ve seen that time and time again with friends.

Now, I hope I didn’t discourage with that last paragraph. That wasn’t my intention. So, here’s some good news – work has become increasingly global with the progression of the internet / web, more so this year. There are more people online sharing, collaborating, open to discussion with minimal work except seeking the communities out. Tools are better organized and more broadly applied to help, and more people are generally sharing their experience for us to pattern match or adjust. Action is the step. Or asking what the action may be. Take it together.

  • Coach Paul Alexander, Josh Hermsmeyer (Wharton Moneyball 1/22/20)
    • If you pit OL vs DL – OL is more reliable, similar to pitcher vs batter and pitcher wins
    • Beane in Moneyball – didn’t have money to spend so he wanted to get shots at college players since they were less random
      • PFF using survival curves (as time) for measuring lines (from PFF data scientist Timo Riske)
    • 16 of 17 INTs for Mahomes has been < 5 rushers
    • Coach – more hand-oriented now in passing game than leg-driving or shoulders for the evolution of run blocking
    • Josh – turned his attention to music and predicting the first song for halftime show
      • Prop from last year – how long will the national anthem last?
        • Over time, singer spent on song increased (ARIMA model) and he looked at male and female but female was longer at end
        • Gladys ended up going over
      • Billboard is predicting JLo’s most popular song – 20% as Let’s Get Loud or On The Floor (books, too)
        • Acts don’t often start with the most popular song, they end it
        • Setlist.fm as going through common starts
      • Game plan to push as many in the box with the numbers advantage, force Jimmy G to beat them
    • Some quantitative coaching models at PFF and other places
      • Mostert as the 2nd fastest athlete in NFL at the line, behind only Lamar Jackson, by mph
    • Helpful to sit behind someone as QB? (Jimmy, Rodgers, Mahomes) but counters as Peyton (thrown in), Steve Young
      • Qb as living embodiment of the system, not necessarily ‘system qb’
      • When do we get a handle on a QB?
    • Owners as billionaires that earned money in a different industry and hope to be able to transition to teams
      • Experience may or may not come – putting right people in there, getting lucky with all of the processes
      • Little edges, enough chances and them adding up together to finally have success while living through the ups and downs
  • Ian Levy, Michael Hill (Wharton Moneyball 1/29/20)
    • Super Bowl week, Kobe Bryant death – Shaq statement and Kendrick Perkins clamoring for hatchet to be buried with Kdurant
    • MJ’s 3 and 2 years off and then another 3 – only had Scottie as the overlap of players
      • Kobe – 2 rings but 3 straight finals with Pau, sans Shaq, Lebron – taking some poor players and winning rings
      • Teams and styles that have changed to give credit to the great ones
    • Sac down 17 points with 2min 49 sec – broke a streak of 8,378 straight games of losses
  • Dr. Shaili Jain, Prof of Psychiatry & Behavioral Sciences, PTSD Treatment, author of “Unspeakable Mind” (Wharton XM, Future of Everything)
    • Father was a war vet & born in India, Shaili grew up in England and what she ever knew
    • Muted emotions, insidious infiltration of how people work, play and create beyond mind and brain
      • Infiltrates organs, independent risk factors for heart disease, cancer
    • Too many factors, 1/3 genetic (not on marker-level, though) to determine PTSD levels or exposure
      • Dose matters – more deployments = more likely, and cumulative effects
    • Average clinicians outside of VA have a tough time to diagnose & treat whereas vets and exposed know where they can see it
      • Adherence is much lower in people with PTSD and this is massively under-recognized
    • Last thing people want to do is talk to therapists – avoided trauma or be cut off, isolated
      • Health problems often make them lose control
    • Hippocampus is smaller in those with PTSD (not sure if it’s cause or effect), amygdala (part of brain that controls danger)
      • Lot of work done in epigenetics, learned behaviors and environment (followed moms that were pregnant during 9/11, escaped)
        • Work done by Rachel at Mt Sinai to follow their children based on biomarkers – PTSD in them/child
    • Her take – future is in prevention on three levels – primary, secondary and tertiary
      • Primary: prevent the traumas and crimes
        • Lots of people were starting programs that FELT like it worked w/o evidence or metrics for them
          • How do you train women to defend themselves effectively? If you have it, you can scale and replicate. Still need $
      • Secondary: before and after trauma – “Golden Hours” – can you intervene to prevent onset of PTSD?
        • Showing up in ER, instead of waiting for weeks/months/years when they show up to a therapist
        • Group out of Atlanta’s Emory University in the ER that did RCTs to show those that got prolonged exposure medicine improved
          • Cortisol recipients had less PTSD compared to those that didn’t – brain can heal quickly, comparatively
      • Tertiary: integrated care – 10 years prior, she ditched her other-campus psychiatry office to primary care
        • People show up in primary care, not often in specialty offices, attack head on
    • Treatment – first line, standard therapy would be talk therapy (prolonged exposure, EMDR – eye movement desensitization & reprocessing)
      • Focus on dismantling trauma, discussing the event
      • Biggest body of evidence for this being successful as first-line treatment, discussion capability without emotional/physical stress
        • Exposure exercises – measurable body response
      • Meds as second-line treatment (prozac and friends)

Best Ways to Push People to Create (Notes from Jan 13 to Jan 19, 2020) June 30, 2020

Posted by Anthony in Automation, Blockchain, Data Science, Digital, education, experience, finance, Founders, Gaming, global, Hiring, Leadership, marketing, medicine, NBA, social, sports, storytelling, Strategy, Time, TV, Uncategorized, WomenInWork.
Tags: , , , , , , , , , ,
add a comment

So, my title is a bit misleading because I don’t have the answer. It’s a bit annoying. I have many friends and family members that will cite an interest in making something, or even more generally, wanting something to be made. I try to encourage if there’s even an interest of a consistency in what they’re looking to do. It’s worth sharing if they enjoy it. Encouragement isn’t the part that’s lacking. There’s an accountability or fear of not having the time be worth it.

To me, that’s a bit of a weakness. Sure, you can be scared that it won’t be monetarily advantageous to do it – but that’s the part where your own curious/enjoyment makes up for it. If you’re interested, you may be more likely to generally share and stay consistent than if you’re not. Immediate gratification doesn’t go hand-in-hand with consistency, though. And then the starting point usually has a bit of work. All of this adds up to psyching oneself out before ever starting. All the while, we continue scrolling to the next thing, wondering aloud how nice it seems to be sharing something that we’re moderately interested in.

  • Peter Guber, Dodgers/Warriors co-owner (KindredCast – WhartonXM)
    • Lion Tree CEO Aria Borkhov with Chairman/CEO of Mandalay Entertainment, 4 sports teams
    • Hollywood productions for 5 Best Picture nominations (Rain Man winner), Midnight Express, Flash Dance, Batman, Soulsurfer
      • “Tell to Win” best-selling author
    • Also owner of Team Liquid and LA FC, professor at UCLA Anderson, Media
    • Recorded at the end of WS 2018 – never before having World Series Game 7 at Dodgers stadium
    • Can’t just make hits – ups-and-downs are part of the journey, can’t fail will make it so you don’t have success
    • Missed out on Dodgers originally when McCourt was buying from FOX, but asked to put up money at last hour, so he backed out
      • Magic brought him in 9 years later and he was more familiar since he owned the AAA team in Oklahoma City
      • Culture providing leadership and top-down, being managing partner
      • Bring best talent, resourcefulness, undervalued performance from someone as surprises, having a long and short-game
        • If short-term doesn’t work, the long-term rarely is cared for
    • Caring fully for his team – listen to the audience and imagine their experience is theirs and creating relationships
      • Crucial since you can’t get another audience every time – music, movies, sports
      • Brand affinity as breeding success – crucial that word-of-mouth is more powerful than a 30second clip anywhere
        • Looks at it like bond / what the product means for people
      • Audiences expect experiences (how do they feel, what’s the benefit, life) – customers/consumers are looking to spend only / wallets
    • Media – Game 6 had 2nd best since 2009 for viewership
      • How do you get technology into media? Twitter paid $10mln with football, Amazon paid $50mln, Facebook with MLB
      • Linear broadcasting – audience getting every media at once, same way – can’t act on it (analog to digital)
        • Know the individual audience, can talk to friends/you directly – interface with social group, react and a participant
        • Cultivate participation – don’t know about all people generally but now, know the particulars
      • Digital natives – always growing, never had cords – companies need both linear and digital sense
      • Dancing with the enemy – like to kill the other, one is an ally/adversary at different times
      • Can’t take an analog advertisement and plunk it on to digital – won’t be the same
      • When he was in China doing business, he had to go through an interpreter – didn’t have the same feeling/attitude
      • Each sport has unique challenges (and movies) – movie-going has turned into “going to a movie”
        • Driving away from habituation (movie on Fridays) vs (“Let’s go to A movie”)
    • Narrative of baseball – can look at different things, fantasy, play-by-play and story
      • Basketball is rapid so you have to address down-time in a different format – paces are more important (digital can help)
      • Gambling will introduce a new evolution – betting on emotions, last-pitch, blowouts will be important still
    • Esports – Team Liquid in SC2, LoL, HotS, Overwatch, Halo, CoD, DotA
      • True digital native and a culture change – lifestyle connection is different
      • Became invested in technology after joining Sony and his unique way – his life is connection of artists and audiences
        • How do you create value and multiply value?
        • Consumption with esports as 3 things – expansion, underserving market, global, participatory (could play along)
        • Esports as the music for 18-25 now, lights up their heart (“shut off that music”), engagement attraction
      • Have to understand the language, special – challenge to make money
    • Escape velocity for colleges and training, scholarships – getting older
      • Only got into esports Mark Merrill (Riot Games) came to leadership course and was talking about League of Legends, lit him up
    • Advertising planning, consumer information, still very early
      • 1 to 1 engagement is the biggest difference – 1 to many probably outdated or less effective
    • Made a long bet on VR – 5 years ago – they’re the director – mediators give you the meaning
      • Technology as existing for PoC for phone call where you could turn the fight or a game on
    • Fav movie: Godfather 2, Witness — Fav person: Fidel Castro when Peter was doing a show on diving
      • Unbelievably interesting (Castro)
    • Reading: Sapiens (rec for Undoing Project), Thinking Fast & Slow
  • Amy Abernethy (@DrAbernethyFDA), Principal Commissioner of FDA, Vijay Pande, GP on Bio Fund at a16z (a16z Podcast 1/14/20)
    • Food, Drugs, and Tech – 100 Years of Public Health
    • 113 years ago formed out of 100 laws – hygiene issues as science-based agency
      • Safe and effective medical products to be used with your patients
    • Have to come up with flexible mechanisms to avoid and take risks when appropriate
      • Risk-based scientific decision-making, review and expectation of certain risk in products
      • Hepatic failure, may take a person’s life, urgency of problem with number of people of impact, public perception/expectation
      • De-risk: try to ensure pre-conditions are met, toxicity, consistent expectations around clinical effectiveness
    • How does FDA (mentions possible show for crises a la CSI: FDA) deal and think of crises?
      • Medical products could have any crises issues (animals, vapes, food, drugs, biologics, devices, cosmetics)
        • Distribution of potential crises are very real – opioid crisis as slowly creeping up – as information accumulates, problem ID
      • Agency – action plan for several parts on what FDA responsible for
        • What can they do to reduce problem? Reduce patient tablets accessible to, for instance.
          • Can increase methods for access for patient-informed labeling.
        • New treatments for pain and solving problem otherwise
    • 20% of international GDP regulation under FDA and 15% of food imported so needs to be safely labeled, available in country
      • Investigate trucks across border that aren’t available over borders
      • PREDICT program – 10 years old rules engine where they are most likely to have unsafe food
    • Drug shortages – have intervened ahead of 160 drugs for shortages there along with the opposite – what happens if there is one
      • Food-borne illnesses to avert problems and they have these discussions in the morning
    • Kits off Amazon for CRISPR – dog glow in the dark, for instance
      • CAR-T as T-cells to re-engineer to supercharge and put back into patient
    • Improving software products that help the world of controls
      • How does FDA think about data privacy and ownership?
        • Practically, proprietary information and confidential. Drug surveillance that might be more publicly available.
      • In CIO role, she wants a Chief Privacy Role – when brought up, data even in HIPAA may be re-identifiable
    • Platform trials – enabling features within 21st century cures
    • Some company/investigators not wanting to subject only product into clinical evidence framework to figure out – especially only shot on goal
      • Taking a while to determine this
      • Medicare Modernization Act of 2003 – contemplation of new payment delivery models, Institute of Medicine research for digital infra in 2007
      • 2008 – GFCrisis for stimulus bill to get the High Tech Act for full-scale distribution of Elec Health Records in 2009
      • Nov 2016 – 21st Century Cures got pulled from shelf as they tried to figure out which was bipartisan opinions
    • Food – FDA part, genetic engineer and synthetic biology – talking with USDA to draw the lines here
      • With new innovations, do we need to change regulatory paradigm?
      • How do we ensure consumers know what’s going on? Labels / consistent language (ex: almond milk)
    • Smarter Food Safety – possibility for each food to have a full supply chain that we can check on (whether app-enabled, blockchain)
    • For future of FDA – far more processes automated using the glut of more data
  • Seth Walder (@sethwalder), ESPN Sports Analytics Writer; Alexandra Mandrycky, Dir of Hockey Admin for Seattle (Wharton Moneyball, 1/15/20)
    • Plus minus for receivers, how the NFL will do statistics
      • Different than hockey +/- but far more team-involved
    • Talking an Analytics Coverage for the CFP Championship – what is advantageous, expected, etc
      • Good sports information – bettors can make it as they will – actionable or not
    • Daily Wager show – betting and sports and new statistics
      • “Sacks created”, for instance – Zendarius Smith, lead league with 20+ and we’re double-teamed the most often
    • Sherman as only targeted 14%, very low for outside corner (one side only – right side)
    • Quantitative Analyst, Danny Chu for second person on the hockey side
  • Cynthia Medina, Founder & CEO of WAGER (Women at Work, WhartonXM)
    • Pay equity discussion – safe space for transparent talks
    • 15 years as exec recruiter, talent consultant, leadership coach and technical recruiting
      • International relations and policy expert for DoHS, Treasury, JPM
      • Served in Peace Corps as well, and founded Cheeky Monkey (women who don’t want to network)
    • Thinking in 3-5 year intervals for Jones C Mitchell – personal level for Cynthia, though
      • Short windows of time, managed by feel – not vision
      • She has 29 aunts/uncles (parents of 15, 14) – curiosity for her but not overall something she was chasing
      • 0 had gone to college, first in family to graduate, get a passport, live abroad
    • Lots of layaway for Kmart (waiting 6-9 months), also used to visit Puerto Rico every summer with family – layaway, also
      • Friend group established college as a norm – chose Georgetown since her uncle liked the basketball team
      • She had no sense of the power structure in the US – information and what she was learning
        • Pushes people to apply to hard universities – to be able to make change
    • After college – didn’t have a job – got an internship, needed to know she could do it without help
      • Finance area for GAP HQ, could do it (had stayed on a couch initially when she went to SF)
      • Then, decided what she wanted – went to Peace Corp and was the “chicken girl” in Nicaragua
        • Taught how to make a business with microlending loans ($100)
    • After Peace Corps – big picture idea for what’s next? Same person – senior year teacher who told her to apply for GU
      • Applies to Harvard – needed a big push – elevating yourself on your own, focus on international affairs
      • Friend at the time was in the area for 9/11 – saw / felt things on 9/11, so 9/12 she went to NY and been with her husband since
      • Felt like she’d done enough for herself, now wanted to serve again – worked for NYPD CT unit, Treasury – anti-terrorist financing
        • Latin American policy expert for the anti-terrorist work
      • She was in DC, husband in NY at the time
    • Started a family – husband had to go to SF for his job, 1 child (3-6months but turns out to be 2 years)
      • Everyone else was happy, now time to do what she wanted
      • Wanted flexibility, good at basics, people – razor-like skills on interview process (first for free, then charge)
      • Told what she was doing, advertised it, did her LinkedIn
    • Driven by wanting other people to feel content. Having lots of conversations with people who aren’t doing it correctly
      • Asking for right amount, not asking for what they should get
      • Let’s keep good people by being radically transparent – telling husband that she wished all salaries for two days were public
        • Husband, a manager, gave reasons against it (creates more work for managers) – jealousy and infrastructure
      • She BCCed 500 friends – sent email to pair people for salary conversations (1:1) in industry
        • Send LinkedIn and tell her how much everyone made – nothing happened for 12 hours
          • Men, often, would say it’s too personal / we’re good / exec-level where info would be adversely used
          • “My wife doesn’t even know how much I make”
      • Example for 2 people who are now friends of hers – exec woman, exec man – he was making $100/hr more
        • She didn’t want to know how much he was making (he offered)
        • Big data problem – once you know, you have to do something and that’s often where people will fall off
        • Creating database, sheets and sharing this – nothing to do with action / companies doing different things
    • With more data, what did she discover and finding the needs?
      • Certain industries, large pay gaps – media, marketing, certain places
        • conversation / article at Google – same levels, women > men but because they were staying longer at levels
      • Making the same in cases but women felt like they didn’t have the same respect / something they weren’t getting
        • Baggage conversations still – persistent imposter syndrome, even when paid well, still work to be done
          • Ability to self-advocate is always around – empowerment to demand space
      • Does workshops out/in companies – compensation with employees in large companies (inc. tech)
      • Example: new shift to tech company – not CEO but 2nd in command or “I’m young”
        • Often hear “well my husband makes more than enough so I don’t need to push”
        • “Money is not as important to me” – don’t see it as failing, afraid, embarrassed to say they want more, know I’m great
      • People will justify when CEOs or execs leave, company wants to bring in diversity hire and pay 60% – women go in to find
    • Have to ask what you want? If you want to be a manager but haven’t managed anyone.
      • Is there an ability or opportunity for you where you want to be?
      • If you don’t know what you want – someone will put you where they need you.
        • Haven’t made a decision. If it matters for $125k to do these 4 things, need to make actions to get there.
      • She likes helping people negotiate when they don’t have to – “have to” in short timeframe – next job is when you get promoted
      • Networking as you build relationships before you need them – started Cheeky Monkey because of motivation and clients
  • Elroy Dimson, Emeritus Professor at London Business School, chairman at Centre for Endowment Asset Management at Cambridge (Meb Faber #100, 3/19/18)
    • Author of Triumph of the Optimists – producing the indexes, small cap 100 in London
    • 10 countries, a century of data, including the UK for returns
      • Found lots of researchers had general interest in more financial returns historically and added them to the book #2 (2000 years Millennium Book #2)
      • Optimists were those that invested in common shares over bonds/T-bills in companies, which is why they named it thus
    • Found out that about 80% of industries that existed at start of century disappeared, and 2/3 of those that exist today didn’t exist then
    • Bond market in 1900 existed of some bonds with short maturity like 6-8 years, or in London, had perpetual bonds
      • Composition of mutual fund then vs now – always changing, industries decline and come up
      • Very few survive over the long term – perfectly viable investment strategy as changing
    • Countries that were utterly important – assets survived but ownership changed completely (1917 – Russia and 1940s – China)
      • Making the World Index, history for each country, assets going to zero and Index as the same
    • Idea that economic growth, GDP growth and stock market returns – discovered a negative relationship between them
    • Thinking about valuations – market caps (Japan in 1980s as biggest, US as 50% now)
      • Market cap-weighting as only consistent one
      • Interest rates in 21st century have been way down, real interest rates TIPS / inflation-linked bond of 4%
        • Average now is negative .5 %, promising $1 now, < $1 back later. Gordon model – value of a financial security = D / (r – g)
      • Focus is on real interest rates, nominal is adjusted by inflations in each country (which can be different)
        • Real interest rates were lower in 1970s (minus 10% when inflation was 25%+ and yields were 10-15%)
        • Negative real interest rates are about 1/3 of their 2000+ country years (118+ years, 20+ countries)
          • What’s different/rare now – low real interest rates with low inflation and low nominal interest rates
    • Want to bring currency back – most is driven by relative inflation compared to the US – long term it protects you, short term, hurts
    • Tilting away from market cap-weighting, seeing other factors that may or may not make sense
      • Factors measure exposure to attributes of companies (relative size, growth, otherwise)
      • Some factors have a reward – growth companies do well (no premium), value companies instead that show reward
        • Rewards for exposure to particular factors (in hindsight, clear) may not sustain into the future
        • Smart beta, Five Factor model, liquid common stock vs illiquid maybe (mutual fund wanting liquidity may take lower return)
    • For his book’s update, added a new chapter for Global Investment Returns Yearbook
      • Looking at durable, tangible assets – real estate is smaller (domestic aggregate real estate is smaller)
        • Expected return on housing – between financial return for long-term bonds and equities
          • Expected volatility is also in between those
    • His grandmother had a wine shop, he’s done studies on investment returns for 1900 on, postage stamps, wine, etc
      • Best wine as Claret, First Growth Bordeaux, Premier Cru
    • Best investment – his education, PhD at LBS and then Cambridge

Listening and Encouraging (Notes from December 16 to Dec 22, 2019) May 21, 2020

Posted by Anthony in Automation, Blockchain, Data Science, DFS, Digital, experience, finance, Founders, Gaming, global, Hiring, Leadership, NFL, NLP, RPA, social, sports, Strategy, Uncategorized.
Tags: , , , , , , , , , , , , , , , , , , , , ,
add a comment

Sometimes it doesn’t work. Asking the right questions to people in conversations to get a sense of what they’re truly passionate about gives me hope for those that may eventually try something different, new. However, unless I followed up repeatedly, most people let their passion slowly pass, or just remain in thought.

This is a big part of how I learn, engage and stay passionate for the things I’m curious about. Other than being scared of stagnation, hearing people come up with ideas, test them, build and hopefully succeed repeatedly gives me an energy to try to convince others to do the same. I understand the difference between being told of something that has been mulling around in someone’s head or even light discussion among friends compared to prototyping or validating with potential customers or asking people in the field if something’s viable.

A few examples of ideas people have told me they wanted to start and hadn’t (yet some that I believe have done well, just have room in the market) include an HR in Tech stories podcast, traveling medicine / tourism aggregator, and a d2c ecommerce diamond shop (which I’ll go into more detail), more social podcast sharing among friends, and still a market-taking happy hour app (yes, I had to insert my own – I’m leaning toward Glide.app through Google Sheets).

For diamond shop – this was by someone who graduated with entrepreneurship degree, had a validation for the idea and then was told by others it wasn’t worth doing because it’d be high cost. Granted, that was a few years ago, but it would’ve been hackable then. It’s certainly easier now with ecommerce shops via Facebook/Etsy/Shopify and other support, not to mention the audience you’d be in front of. The premise is that a diamond historically took the role of what a pearl represented because of the hardness – you could pass this on as an heirloom to further generations, and you know it won’t be breaking. It’s yours. There’s a legitimate attachment there that defines a core part of the worth/value. For the idea – it’s increasingly cheaper to 3D print a model you can build/customize on CAD (or related tools). This would be printed in plastic that can be melted to be replaced by silver – these rings would be sent to customers that are ordering (possibly with a small down payment / shipping covered, ie $5-20). It’s a model of what the ring would look like, just without the diamond part – but as far as sizing/size/bulk and the other key parts of the ring, customers can try them on and feel it. There’s an emotional attachment here that should occur. If they’re loving it, or have requests for changes, they can do that. Possibly a back and forth could take place, but once it’s settled, the wax/plastic mold can be printed as they would normally do a custom ring and use the materials that have been requested. We’ve removed the in-shop aspect and made it personal, simply by removing much of the fixed costs and labor costs that would go in to this. She was an expert in jewelry and had years of experience. Someone just told her no. 3D printing is now a hobby and can be done there. Many jewelers have other shops do the molding. I’ve been thinking of helping her start by just simply creating a mockup of the site. Can certainly figure out the rest.

Anyhow, let’s see the notes.

Week of December 16, 2019

  • Tyler Willis (@tylerwillis), angel investor (20min VC 2/16/16)
    default_petition_200x200-d682a9314c9377ae527fc9dc275bc356

    • Raised with seed companies at Index Ventures, Founders Fund, Khosla Ventures
    • Port co’s include Lyft, Patreon, Change.org
    • First co that he was on founding team on was acquired by Oracle, then had a friend raising a seed round for concept in CV
      • Preproduct, premarket where he did a small investment (decided it was bad to keep all eggs in one basket)
      • Decided to invest in Patreon, Loungebuddy (Airport lounges) and ShopApp inside of Shopify
    • Rocketship – valuation doesn’t play a role but ID opps for big (10x path, seed > 10k)
    • Customer acq and growth as a lightweight process to get a core part of the company
      • Optimizing for experiments – 1 week to test compared to 8 week deployment
    • Founder type – uniquely insightful to the place they’re in
      • Bias for people when he can sit down and get a high-octane thinking / smarts – hard to hang out to the rocketship
      • False dichotomy of domain expertise – could have learned wrong lessons or may not know anything in enterprise, for instance
    • East of Eden, Innovator’s Dilemma as great books
    • Favorite investors – Naval, Sam Altman, Gus Tai at Trinity Ventures
    • Favorite app – Omni (stuff storage), Delectable (learning about wine)
  • Ash Fontana (@ashfontana)- GP Zetta, Leo Pelovets – GP Susa Ventures (Venture Stories 12/17/19)
    0wvqzkv7oq0qj4_si

    • Getting pricing power – need to find balance between incentivizing founders and price, but not a big deal
      • If they get 80% of company, 20% for founders – may not keep them looking ahead
    • Company and VC differences – companies have different roles but VC has very similar, solitary roles
    • On non-investing side, COO or Head of Ops to run operations but not particularly CEO or investing side needed
    • Working with best founders, LPs aren’t as important (but they are the primary VC customers)
      • None matters unless you have results for LPs and providing value – founders need the platform or help
    • If you were an LP, what would you want to be in: YC, First Round or Benchmark?
      • YC for Ash – lots of opportunity for capital deployment at many different levels
      • Benchmark for Leo – very large differentiated returns, ~30x according to Leo (YC may be 5x-7x possibly)
        • More variance because of smaller portfolios in Benchmark
      • YC may be beatable but it would be in losing their way as a general accelerator
        • Ash brought up operational risk for LPs – more points of failure because of all the touchpoints
    • AngelList as trading to be profitable and dynamic system for new things
    • LinkedIn as insurmountable lead in enterprise/business space of social network (as opposed to consumers)
      • Hard to disrupt with multiple verticals
    • Requests for startups: data generation/building data (synthetically) – ex w/ params
      • 10k examples of chairs that are brown that have 4 legs, in low light, at this angle
      • Weather climate, also
      • AutoML – making it easy for non-specialist engineers to experiment with ML
    • Leo Requests: ISA with bundling with coaching, training, VISAs – realigning incentives
  • Ben Tossell, founder Makerpad, Sahil Lavingia (@shl), founder GumRoad (Indie Hackers 11/11/19)
    5db04ceea0aa2b500db953c9_makerpad-sharing-image

    • No-code vs code – building a solution to a problem without being technical
    • First web-sites like Dreamweaver and tables for no-code – like WYSIWYG
      • Halfway things like WordPress where you can customize or use framework
      • Building a newsletter, can use Substack, for instance – Marc Andreesen
    • Sahil’s opinion that we’re unlikely to see a billion dollar start-up without a code base
      • But likely to see many creatives build on their own, have the options
    • Choice of no-code compared to code – using Circle as their integration testing methods
    • Nontechnical founders that had cofounders for developers or finding for cheap
    • Ben as bringing up Lambda School (Airtable, Slack, Zoom, Notion) and Makerpad member who was just starting to say it’s breaking
      • $150mn in Series A to get to worry about things breaking first
      • “What’s my Airbnb version look like?” but should focus on the first $10, 100 before there
      • gumroad-logo-retina
    • GumRoad as being built in a weekend – not competent enough for him to do no-code
      • Ben argued it was easy to do in no-code but they’re each discussing the same thing from different experiences
    • Queries on data for code – tools like Clay/Retool where you can work together – can run queries easily
      • No-coder does query and can recognize it to manipulate
    • Powerful for on-code is git and version controls – clear log of security, feedback, quality of code
      • Apply it to other things – pull requests/merge (conflicts)/conflicts in document setting on Notion, for instance
      • 100+ tutorials in MakerPad now – what’s interesting or grab attention
    • No-code as Patreon/Cameo/Airbnb/Uber where the overhead for coding sucks so much value from (Patreon at $30-40mln burn)
      • Creator would be interesting with price-motivating factors because you could have a more affordable option
      • “What’s the point of trying if I can’t even get to the ceiling?”
      • Meetup clone – need the “this is how you build it” – go look at the tutorials
    • Not enough answers for “Where can it go?” because they haven’t seen enough
  • Niccolo De Masi (@niccolodemasi), CEO and Chairman at Glu Mobile (20min VC 2/18/16)
    euoductu0ao8xbc

    • Kendall and Kylie game (#1 at app store at time), Kim K game, Deer Hunter and others
    • Was CEO at Hands on Mobile as well as CEO at Monstermob Group Plc
    • No money to be made in games in 2003 because they were for feature films, polyphonic, true tracks and he ran a public co before selling in 2007
      • Raised money to get bid for Glu from Hands on Mobile but got a call from Egahn Zander to transition to paid from f2p as CEO
      • Original IP value with games specifically for mobile on hardware
    • How will you make money in late-stage startup for future? Next year or two vs past.
      • Forward looking and professional managers – no founders anymore. Built from 350-850 people.
    • Moore’s Law as quite predictable but believes there are different models, utilities, and price models
      • Last gen console power in pockets now
    • Barometer of quarterly calls driving placements and interim 6 week calls for how they’re doing
      • If transparent in bad times, you may have quick punishment vs window-dressing
      • Rewarded more quickly in the upside, as well – private markets vs public markets
    • New startups as worth more than incumbents – bay as more regular here
      • Well ahead in private markets compared to public markets (his counter – at least they have earnings)
    • No BD or CorpDev – scour market and wait for inbounds of compellingly priced assets (often distressed), significant private markets
      • When Glu is $6-7, they can pick up companies easily but not so much at $2-4
      • Savings to be had for core customers when they have scale within Glu (mentioned PlayFirst)
      • “retirement community for young people” – startups subsidized, food, clothing and sharing app
    • By 2020 – more discipline in different sectors potentially – overvalued will have to come in line
      • King that was acquired by Activision Blizzard – consolidation forced by VC funding and people flow
    • Better to be #1 in smaller market than #10 in a larger one – be great w/ you’re good at
  • Tim Draper (@timdraper), founding partner at Draper Associates and DFJ (20min VC 2/22/16)
    logo-color

    • Original suggestion for viral marketing in web-based email to geometrically spread an Internet product to its market
      • Standard marketing technique now
    • EE at Stanford before going to Apollo Computer as assistant to President before HBS
      • Came out and wanted to be a VC (grandpa/father both were VCs and didn’t want to do it) – wanted to be a consultant / cheerleader
      • Helped him having an entrepreneurial base but some can certainly do it if it’s your goal
    • Borrowed money from gov to get started – knocked on doors with software on them
      • Most VCs needed others to help fund a company so they worked together – moreso now for angels, but not necessarily VC because of money
      • VC has gone global and has enjoyed that expansion – affecting the whole industry
    • His son’s accelerator, Boost, focusing so they can accelerate any business – he enjoys investing in 2-3 people with a good mission
      • Get people set up in the right way – medical, eshares, network accounting, and other operational methods
    • Favorite pitch – Nicholas Zenstrom at Skyper – most smooth, effective way and he’d agreed before calling and changing business model
      • Enthusiastic, quiet confidence for the enormous successes – Robin Lee (Baidu), Hotmail’s founder, Martin Everhart (Tesla)
    • Draper Uni of Heroes (entrepreneurs/founders) creating school during crash for better people
      • Give these people the confidence + tools while ridding them of shielding
      • DraperUniversity and StartupU – great marketing for school
    • Bitcoin interesting for a year ahead of the time, and then post-Mt Gox hack it went down only 20% so he jumped in
      • Micropayments, fees in journalism and podcasting as well as ending credits and cross-country
    • Enjoys hearing Andreesen, Moritz, McClure at 500 Startups, Plug-n-Play as first incubator, Ron Conway
    • Reflects on The Startup Game (his father’s) and Rothschild’s Bionomics and concept of evolution of econ and bio
    • Recent investment Laurel & Wolfe (interior decorating as best furniture for crowdsourcing) – closed update Dec ’19
    • Also invested in Favor, marketplace food delivery – acquired by HE Butt Grocery
  • Brandon Deer (@bdeer26), VP of Ops & Strategy at UIPath (20min VC 12/20/19)
    og-image-orange

    • Using RPA combined with business processes for automation
    • Using Gary Kasparov’s loss to IBM in chess before saying it’s no longer a chess or human – combination where average + average is optimum
    • Having growth and breaking things
  • Wharton Moneyball, Ken Pomeroy and Brian Burke (@bburkeespn) (Wharton XM)
    • Discussing the biggest predictors, NCAA basketball or in football
    • Pomeroy and how he’s adjusted his football predictions

Organizing the Mind, Studying (Notes from Dec 9 to Dec 15, 2019) May 6, 2020

Posted by Anthony in Automation, Data Science, Digital, education, experience, finance, Founders, global, Hiring, Leadership, medicine, questions, social, Strategy, Uncategorized, WomenInWork.
Tags: , , , , , , , , , , , , , , , , , ,
add a comment

As I try to stay organized overall, and especially in our current environment, it does seem that I have hit a snag in where/how to curate all information. I’ve attempted to settle on Roam to do notes since it keeps bi-directional links and essentially enables a personal wiki. However, this is awesome once we get to enough notes/details/lists. It’s a pain in the ass until then because it’s just not set up.

Until I get to the point where I can export all of what I want and stylistically group it, it will be a very large work-in-progress. Why? Well, I started to list a few things of what I like to keep track of. Here’s a few off the top of my head:

  • Notes from Podcasts/Webinars that I usually keep in OneNote (top include 20min VC, FinTech Insider, a16z, Wharton Moneyball, The Indie Hackers podcast, among others)
  • Book notes that are either in OneNote if they’re older or, if in my Kindle, potentially on Readwise/Overdrive
  • Daily/weekly updates including investment research via Crunchbase, lay of the land from a16z, Futurism interesting stories, StockTwits Daily Rip, Makerpad/Product Hunt updates, as well as Beta List products
  • Newsletters and Trends – Morgan’s Blogging, Nat Eliason’s Medley and other notes, Justin Gage’s Technicality, Trends report from The Hustle, Polina Marinova’s The Profile
  • Then there are the finance and investment articles that go to my RSS feed (OfDollarsandData, Ritholz, Datanami, Tomas Tungaz updates, plenty of others
  • Last but not least – bookmarked websites, Twitter likes/bookmarks that I just don’t get a chance to go back to, GitHub starred pages, anything shared in Slack or LinkedIn groups

How the hell do I organize all of that? Well, we’re trying and I’ll update you on where we land. All I know is that I should curate it down to my favorites or just try to learn less. Who wants to do that, though?

Week of December 9, 2019

  • Yaron Kniajer, Jared Kash, Cofounders of Sababa Ventures (Wharton XM)
    e5dc4c91-dbf9-4506-887e-d4b757be70bc

    • Discussing how safe and nice Tel-Aviv is
      • Rising of AI and tech in Israel ecosystem
    • Bridging the gap between entrepreneurs and investors
    • Talkspace – mental health app from Israeli creator
    • 18 million in revenue to New York, knowing the market and opening doors
    • Host, Randi, is a GP
  • David Sinclair (@davidasinclair), Prof in Genetics and Aging at HMS (Kevin Rose Show, 10/30/19)
    • Cofounder of 7 biotech co’s, co-editor of Aging journal, boardmember and 25+ patents
    • Book – Lifespan most recently Book link
    • Genes in yeast cells for aging while 29 entering Harvard finding red wine part
      • Media swinging from “wow we’ll live forever” to the opposite
      • Mice had a healthy longevity even if obese on wine part (caloric restriction without)
    • Sirtris Pharma – 2004 started and focusing on activators of Sirtuins – GSK purchased in 2008 for $720mln
      • 2010 people at Pfizer and Amgen published saying their research was wrong
      • 1 amino acid and 1 protein in living mouse as not living longer for resveratrol
      • Scientific debate limiting patients, potentially (needs to be taken with fat / drug-like molecules at GSK)
        • Patent life is 20 years and he doesn’t have the extra $20mln to get the clinical trials going again
    • For his book, we age similarly to yeast cells aging – loss of information (1 is genetic and other is, fragile, analog)
      • Backup copy of information for aging / cells came in 2018
    • Claude Shannon as one of his heroes – backup copy, need an observer and the rest of backup (when he did computer science/internet)
      • Remembering in 1999 that he woke up in middle of night to write out the theory of aging
      • Gene therapy doesn’t work in the eye – compared to a clock for memory of time, cog, removing hands or resetting
    • Nanoworld and subatomic in DNA – if secret is there, Methane compared to subatomic
    • Going as fast and safely to get it to humans – eye regeneration for a few cases
      • Nerve crush (spinal damage), glycoma in mice and restore vision, 1 year old blind mice with gene therapy can see
    • NAD and InsideTracker for genetic results and following the mixture / output
    • Nuances to how CGM and monitors react to individual foods (brown rice vs others, for instance)
    • NR, NMN and NAD checking for longevity and how to raise NAD
      • All cells need NAD to grow – if you put them up to levels of younger, you likely won’t cause cancer
      • Guesses for couple hundred thousand people on NMN supplements and nobody has died, to date
    • Pulsing and hormesis – what doesn’t kill you makes you stronger
      • Information on trees where older ones will send a notice to younger ones that a danger is coming
    • His father as 80 and healthiest in a while – post-stroke, heart attack and had heart disease
      • Taking metformin, NMN, resveratrol for a bit now
      • 500mg metformin with resveratrol and yogurt (stomach gets upset a bit) in morning – may have some in evening
      • 1g a day of resveratrol – 150mg typical (he mentioned knowing 14 years of research on animals, toxicity and human trials)
        • Min dose from animals at 250mg typically – liver enzymes are fine
  • Ryan Caldbeck (@ryan_caldbeck), founder & CEO of CircleUp (20min VC 2/11/16)
    icon-facebook

    • Online investing platform that allows to invest in consumer companies
    • Previously, worked in consumer product and retail-focused p/e at TSG Consumer Partners and Encore Consumer Capital
      • Hundreds of investment firms that love consumer retail and its returns, love cash-flow characteristics, only after $10-15mln revenue
      • 3.5x average in ~4 years for younger companies – not enough money in that space
    • Crowdfunding as group of people coming together to fund something (debt, equity, product, donations)
      • Separate as an investing platform so the investors should thrive
    • Title 3 of JOBS Act – if company raises capital there from non-accredited investors, the hoops you have to go through aren’t worth it
      • Less cost to going with accredited investors without benefit – Title 3 will require the yearly book opening
        • Majority of companies don’t need the significant amount of users 100-200 to make a dent in what they’re looking for
      • Would have to prove to a company before taking on the cost – more likely that companies will fail at accredited investors and go to unaccredited
        • Maybe a tech raises up for the inefficiencies to solve this, but not so far
    • Lack of institutional capital in the sector of crowdfunding – for Ryan, explosion of institutional on the platform
      • Average in 2012 was $12k individual accredited to 2015 where the check was $100k into one deal and half is institutional
        • Similar to LendingClub growth as individuals to ind, then family offices, small funds and larger funds
    • Seed round was with Maveron and Clayton Christenson after ~60 some investors that passed (hard to get them excited)
      • Union Square had said they would never invest in online equity investing platform and changed view for Series A – marketplaces solve need
      • Series B was 30 days from start to invest and series C was easier
    • When someone else doesn’t believe in him, he further believes in himself – energizes him (when teammates believe in him and opponents don’t – at his best)
      • Very small details for most meetings that are still vivid for him – uses as fuel
  • Arielle Zuckerberg (@ariellezuck), Partner at Kleiner Perkins Caulfield & Byers (20min VC 2/14/16)
    kpcb

    • Joined in 2015 and focuses on early stage investment in digital practice
    • Started as PM after CS and Philosophy at Claremont McKenna
      • Wildfire Interactive acquired by Google in 2012 where she then worked on social ads
      • then went to small startup called Humin for 2 years and started angel investing
    • A lot of investments since you chase after 1 company that likely returns the portfolio
      • How to evaluate the team, market, differentiated product, terms of valuation
    • Being a great listener – give them feedback and they would come back every time with a better pitch
      • First few months of venture – personal challenge for thinking of people based on their intellectual capital
        • How can they be helpful? Will this person be helpful toward portfolio? Will this person be a potential founder?
        • Struggles with this as she’s becoming more transactional. Didn’t experience it as an angel investor.
    • While interviewing for firms, many people offered to give her introductions (warm, mostly)
      • Small handful of interviews – conversational in nature, questions on background – what motivates her and how she’d fit
      • Taking Tyler’s class gave her energy for VC
    • Google, AI and CV – AI as a service – ubiquitous as in the cloud
      • Many industries being productized for first time – likes blockchain and smart contracts
    • Goals: Source a deal for Kleiner within a year that will have invested where world is better place/impactful
      • Inspire more women to be in VC and female founders – although talked about finding and talking with many women in VC
    • NYE: blog more for 2016, had concrete resolutions for doing a pull-up and moonwalk – did at firm holiday event
    • Favorite book: The Symposium by Plato
    • Respecting founders who have a belief that others don’t really have – ex: Evan Spiegel as phones being more a camera than anything else
      • John Doerr and Mary Meeker
    • Best part of VC – talking to amazing people and hearing other opinions (as youngest of 4 siblings)
      • Introduction of creative conflict, vision for where future is going
    • Firm’s recent investment – team execution is crazy, tons of time with customers, great listeners, improved deck 20% each time
  • Barry McCarthy, CFO of Spotify (former CFO of Netflix), Stacey Cunningham, Pres of NYSE (a16z 12/10/19)
    netflix-300x170-1

    • Direct Listings, Myths and Facts – architecting the direct listing as it currently stands and how they talked to the SEC
    • The Street interpreting compared to guidance and what to expect – analysts wanted to BEAT guidance instead of get something close
    • Pricing inequities – price discovery in direct listings compared to offerings
      • Large portfolio (AUM) has IPO immaterial – first day pop is meaningless and they have limited ownership in IPO but not direct listing
      • Institutional investors can dump the truck for direct listings for how they want
    • Lock-ups are artificial constraints
    • DMMs and financial advisors exist anyhow – still need s1 and filing/investor days involve same people
  • Michael Salfino, Ben Baldwin (Wharton Moneyball 12/11/19)

If You’re Not Sure, Ask (Notes from Nov 25 – Dec 1, 2019) March 26, 2020

Posted by Anthony in Automation, Digital, education, experience, finance, Founders, global, Hiring, Leadership, marketing, medicine, social, sports, Strategy, Uncategorized, WomenInWork.
Tags: , , , , , , , , , , , , , , , ,
add a comment

Hopefully everyone is staying safe in this current environment of CoVid19. A wild start to the year and March, especially. Seems prescient to identify those of this week of notes, especially with Domm at Fast trying to make things easier/painless in checkouts for ecommerce, Iman at Incredible Health trying to gain power for nurses and the healthcare workers on the front lines, as well as the investment questions we should be asking with Rob Carver and Meb Faber.

Before jumping in, though, I just wanted to reiterate something I’d heard in a few times across forums/channels and communities I participate in – just ask if you have a question or hesitating! It’ll be worth it – or you’ll be in the same position you’re in now. Social interaction and discussion will be key in how we come out better than where we started. I implore you – ASK. Anyone. Hope you enjoy!

  • Domm (@domm) Holland, founder and CEO of Fast (20min VC 11/15/19)
    1jewfnsmre4zlypwdcykyvq

    • Raised seed round from Jan Hammer at Index, Susa, Kleiner Perkins, Global Founders and angels (Inc Harry)
    • Director at Tap Tins and CEO/Founder at Tows
    • Introduced at 15, started programming and in Australia when it wasn’t cool, building was what he enjoyed
      • Had a large startup in Australia for a bit
      • Wife/him were in the hospital looking after son/daughter and he was home with the wife’s grandmother when she couldn’t order
        • Forgot her password and wouldn’t take credit card because of arbitrary string – pw-less solution, auth as simple solution
        • Put it on ProductHunt and it was #2 for the day
      • Doesn’t make sense that customers can’t move between businesses with their authentication
    • Ran out of money in a legal battle with Tows – $17mln that government decided to not pay
    • Many people don’t want to solve the problem – they do band-aid fixes, complex solutions
      • Build network of independent contractors of tow trucks
    • He just looks at what he’s doing as solving problems, solutions – Stripe gave businesses the infrastructure to process credit card payments
      • Built critical infrastructure that others didn’t have – similar to authentication, Shopify, etc
    • Everyone has been building payment, authentication, registration forms all first-party and customer tokens
      • Alternative business models and sharing data conflicts with their independence
    • Deciding to be SF-based – he only has certain hours in a day, but limited output and larger market and tech companies
      • People in SF value equity far more since Australia has issues with company stock and issuing options
      • 50, 100, 150 bp in SF to make it worthwhile
    • Had done an angel round of $600k Australian, ~$400k to continue product development and areas he didn’t have expertise in
      • Put out job ad for remote role thinking they’d get 1 or 2, had a fantastic applicant from Nigeria for talent
      • Money was so much less than what was budgeted – average earnings, paying 50% above market and fantastic employee
        • So much so, they have 10 employees there – Nigeria with 190 million people, remote and solid advocates
      • Managing engineers in person/remote are similar anyhow – adjusts his time zone to them, checks in to each daily
      • Structured time for functional areas and 15min calls to go over work regularly
    • His differentiator is speed, time – act promptly, efficiently and doing things early by operating in that manner
      • Walks 3-4 miles through Tenderloin in SF to make sure he sees inaction as a reminder
    • Thirst for knowledge – difficult to not come across new things (Twitter as a tool for exposure to people, tools)
  • Frank Fiume (@frankfiume), Founder and CEO of i9 Sports (Wharton XM)
    • Talking about burnout – body’s anticipation of requiring a form of change
      • Entrepreneur burnout – results not meeting expectations for an extended period of time
    • Using behavior tests to filter out the people who may be too similar once you’re looking to hire for expansion
      • He made mistake of hiring people he liked and matched with, as opposed to those that he needed
  • Meb Faber (@mebfaber), founder of Cambria Investments on The Road Less Traveled (Resolve’s Gestalt University, ep.05 6/27/19)
    image1

    • Discussing with Adam about his bs meter – how crazy it is to be overweight US equities
    • Canada is worse – 86% of advisors
    • Global allocation and strategy – always keeping files on board for ETF, not sure when they are needed or will be used
    • Launching 2006 with trend following paper and opening ETFs as broadly better managed strategy/fee structure
      • Agnostic – just wants to offer best client experience, strategy
      • Holding for long periods as how the strategy should be assessed, not weekly/monthly/quarterly/yearly
        • Managers tough to judge on this long time frame
    • Being on call with asset managers where they ask what the best funds are – why? So to avoid them?
    • Currently, tax efficient in emerging small/medium cap for long-term 15+ years
    • Market cap as terrible way to weight portfolio – as you select highest cap-weighted company, they don’t often stay there
  • Jon & Justin, cofounders of Transistor.fm (Build Your SaaS – bootstrapping in 2019, 11/26/19)
    transistor_social

    • Building and looking at Transistor.fm and other podcasts
    • Dropping the revenue numbers on Baremetrics – not just competitors, but eventually there won’t be 50% mom growth
  • Mythology Manager (Marketing Matters)
    • Marvel and having a different marketing aspect for big films and otherwise
    • Different projects and input for actors/characters
  • Rob Carver (@investingidiocy), Systematic Money, author (ReSolve’s Gestalt U ep. 03, 5/9/19)
    • Discussing different risk metrics – hard to predict or calculate Sharpe ratios so he assumes they’re the same, often
      • Sharpe as primary vs secondary metric – meta-factor
    • Construction of portfolio as time frame and strategy – used to start with $100k (first book), most recent book with $500 capital
    • Performing out of sample vs in sample – binary strategy vs weighting
    • If you don’t select a strategy, you’re biased against it – “Three Judases”
      • Properly keeping strategies in the files/repo to backcheck (if you get rid of some that you’ve used and got out of, others can’t replicate)
      • Proper weighting would be signals that activate / de-activate strategies, maybe keeping the ones above a threshold
    • Private equity and private assets discussions – what’s optimum? 1, 2, 10, 50, 100? Take on risks for this, should be rewarded appropriately.
      • Is it 5, 10% of portfolio? Size matters and type of assets. Mentions GE as having a bunch of minor bets on the private side with more liquidity.’
  • Beth Hendler-Grunt, President and Founder at Next Great Step (Career Change, Wharton XM)
    ngs_logoc2ae_tag-rgb_100

    • College attendees going after internships early – not just through career fairs
      • Not everything career-wise is linear, can be creative
    • Portfolio & value add – “What happens if you didn’t return tomorrow, next week, etc…?”
  • Iman Abuzeid (@imanabuzeid), CEO and founder Incredible Health (a16z 11/28/19)
    1_kmyfqswiaz2vja0ziuvbvw

    • Nursing Today, From the Bedside and Beyond
    • 2018 Biggest industry in terms of number of workers – clinical workers are 60% nurses – 3million of them
      • Regulated in California where the ratio is 5 patients to 1 nurse
      • Beyond 12 hour shift, 2.5x more likely to make medication errors – documentation as well
    • Shortage of faculty, nurses and all cities – also pays well, compensation-wise (California $100k, SF $140k, LA $120k)
      • Magnate certified is hospitals with majority of nurses bachelors recipients
      • When overstaffed, higher cost of overtime to contractors and less patients (in a thin margin business of hospitals, ~3%)
    • Talent / HR teams as inefficiency across the board – haven’t changed since ’90s
      • Tech tools don’t work for specialization/unique cases – job platforms are just ziprecruiter, indeed, LinkedIn but not matching certs/degrees
      • If you’re trying to fill oncology nurse, CEO and sales – one horizontal platform vs vertical platform
    • Most healthcare workers aren’t on LI, search and discovery is hard and fields aren’t specific enough, InMail response is < 10%
      • Narrow vertical, one job description and complexity is enormous – takes level of focus and optimization to add value to healthcare system/nurses
      • Incredible Health: Employers apply to talent, automated screening of certs/licenses/experience/skills with tech, custom matching
    • Hospital/health systems are able to fill positions in < 30 days when average is 90+ days – topline benefit
      • Churning nurses costs more on patients, complex environments for matching, high-stakes in retention (moreso than others)
      • 20% turnover with tight labor market – overworked, burnt out, better staffed, commute times, 90% women, higher pay
      • Hired in 11 days – have their act together and higher employee engagement
    • Hospital recruiters have a 7 day countdown for interview requests, scarcity for competitive nurses
      • Only platform that nurses get to make their profile and sit back after for interviews

Back from Vacation (Notes from Nov 11 to 17, 2019) February 11, 2020

Posted by Anthony in Automation, Blockchain, cannabis, Digital, education, experience, finance, Founders, global, gym, Leadership, marketing, NFL, NLP, questions, social, Strategy, training, Uncategorized, WomenInWork.
Tags: , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
add a comment

It had been a long while – 9? months since taking more than 1 day off extra and closer to 20 months since I’d had a week off in a row. I visited the Big Island in Hawaii and stayed primarily on the west side of the island. Gorgeous weather and awesome beaches will bring me back, hopefully shortly.

I want to write a bit further about the escape, but I also want to get these notes out, so I’ll write further in later this week – Thursday.

Enjoy these notes on some of the fascinating people of Eniac Ventures, other investors, founder of EasyPoint, ReSolve quant, research professors, former professional football player and a Nascar driver.

  • Hadley Harris (@Hadley), Founding GP at Eniac Ventures (20min VC 2/3/16)
    1-jvo_shxbd9d_mifojv7_w

    • First mobile venture, Soundcloud, Airbnb, Vungel
    • 2x entrepreneur in mobile – Vlingo (acq by Nuance for $225mln) and Thumb (acq by Wipulse)
      • Was one of first employees and execs running marketing and bd while working with product
    • Worked at Samsung and Charles Rivers Ventures
    • Studied engi & math as undergrad @ Penn, joined MSFT & Samsung
      • His 2 really good friends at Penn and him came together for Eniac in 2009
      • Mobile – next place for computing – cleantech was hot at that time, as well
    • SF was 50%, NY as 25% and the rest was elsewhere – won’t lead but will do a pro rata and be key in fundraising for next
    • Living & breathing the co – coming to right valuation, inevitable for down or flat rounds
    • 18-24 months from seed to series A or pre-seed to seed – funds becoming more institutionalized
      • Leading rounds for Eniac at $1.2 – $2mln
    • Favorite book: Freakanomics, read it in one sitting
    • Tools: gmail, relayedIQ for deal tracking, as todo list, also
    • Don Valentine – godfather of VC, great investors but great entrepreneurs and fund raisers
    • Favorite blog: Nuzzel – curation of reposts
    • Underhyped: mobile enterprise; Overhyped industry: big fan and he does work in social, but lot to weed through
    • Most recent investment: Phhhoto – knew the founders, they’d known each other for a while, great design and numbers – self-funded
  • Zach Resnick (@trumpetisawesom), founding EasyPoint (IndieHackers #130, 10/28/19)
    easypoint2

    • Iterating your way to founder-product fit, currently at 10 people, 5 full-time, $600k ytd with 15% yoy organic growth
    • Traveled, worked and lived abroad in Jerusalem before school, infected with wanderlust
      • CC churning and manufactured spending while he was learning at school in Ohio – VISA gift cards to $1k
    • Banking often makes more money on the chance that you’ll become a customer for other areas of business (mortgage, checking account, brokerage, etc)
    • Started when he was 19 – would give advice to parents/family/friends on the year before getting an hourly rate for paying customer as consultant
      • Enjoyed his help, he liked helping others – he was getting $1k/mo from hourly before going up
      • Consulting clients – he was helping optimize for business or vacation trip for the points
    • Started Land Happier to solve a problem of having everything in one place
      • Cultural norms, transportation, 6 other things for information in a fun and compelling app product (MVP on app store)
      • Wasn’t solving a problem that nobody has, but nobody would pay for – product/founder fit wasn’t there, either
    • What he wants – enjoys negotiating, strategic thinking, interesting conversations and sales moreso than product focused than customer focused
    • While working on Land, he productized his consulting – generally was helping family friends that were parents’ age
      • Amount of effort he was putting in compared to the value wasn’t the same – not high enough
      • Started to focus on small business or medium enterprise owners to put spending on the right cards and get 6 figures on spend return
      • Focused on people he knew through referrals, points optimization plans for small owners – acquisition and spending for more value
    • Early stage owners – hey, this isn’t free
    • Playing poker for relatively high stakes – teaching important principles, statistics, risk management and psychology
    • Consulting to productized consulting service – had a family friend with small business who would see a $50k in increased return on spend
      • He could do a quick analysis and understand business more, try to get a customized points optimization plan for points
      • Small business owners are leaving 1.5%, maybe 2.5% on the table – using points better for things you already want to do
    • Providing value but people didn’t know what it is or weren’t hurting – show them math for 5 figures within a year saving
      • Guarantee: if you sign up points optimization plan, if he doesn’t get you double what his fee is within first year, he gives money back and $10k
      • Making people aware of the problem was going to be a lot of work – never really got off the ground for outbound
        • Was just a way to make money, not necessarily grow it really fast – customers’ needs
    • Concierge service now (v3 EasyPoint) focusing on business and first-class international long-haul service
      • Over whatsapp and telegram groups – makes a flight request and they get back to them 24/7
      • They use miles and points that they buy from clients and then use those to book for others
      • Brokers buying all kinds of points and miles – so the arbitrage there contained issues with ToS and such
        • They’re buying transferable points like Chase / AMEX directly to frequent flier accounts
    • Working for someone else – interned with The Points Guy and when he was looking at doing it, he posted on the Facebook group
      • Cameron, now their COO, was very good – would he want to have his hires over for dinner?
      • Team of 10 now: Cameron manages concierge, growth marketing (5 on team, looking for Asia now)
        • Part-time business development consultants, full-time that have been searching
      • Revenues and loans for growth/cash flow, venture debt and possibly equity raise
    • Concierge service with product-market fit and being focused – enterprise value of $100mln probably but not billions
      • Not much needs to be tweaked for core product – fund raise would be for a different product
        • Help consumers decide on if they want to use their points or cash when booking – trying to automate this for concierge/back-end
        • Chrome extension and booking engine to use or not – this may be billion dollar opportunity
  • Andrew Butler, ReSolve’s Head of Quant Research (Gestalt University, 10/2/19)
    podcasts-thumbnail-300x300-1

    • Machine learning in markets: Silver bullet or Pandora’s box
      • Unsupervised, supervised and reinforcement learning differences in application or finance
    • Student of mathematics, physics in undergrad, keen on not memorizing a lot of stuff – enjoyed the applied side
      • Oil reservoir simulators that modeled tidal flow in Bay of Fundy, wind turbines in giant field for optimization
      • Next step was working on a sub problem of simulators – complex, computationally expensive and trying to optimize NPV in 60d oil field
        • Navigating the nonlinear, nonconvex solutions – how to make a reasonable model approximation by sampling sparse reps of simulator
    • How would simulator/emulator apply to financial world in momentum and moving averages
      • Sample distribution would fit well to out-of-sample distributions in physical world but finance wouldn’t – nonstationary
      • Caused him to use simpler models, momentum models (and transformations) and ensembles of simple factor models
        • Mean-variance optimization, error maximizing, in-sample won’t perform well out of sample
    • Wanted formal training in financial engineering, so went and got a MFE
    • Practitioner compared to theorist – after a conference talk, his construct was mean-variance was same as regression
      • Subspace reduction and regularization as identical terms for mean-variance
    • Machine Learning as 3 subspaces
      • Unsupervised learning -> clustering and dimensionality reduction
        • Targeted marketing, customer segmentation and in finance: signal processing, optimization or portfolio construction
        • Trying to uncover relationships/groupings/clusters contained within a dataset
      • If total error is dominated by bias, it’s likely overly simplistic – X as model complexity and Y as Total Error (Bias / Variance)
        • Increase complexity, bias term can decrease, increasing the variance (instability/overfitting)
  • Kelly Peeler (@kellypeeler), founder / CEO NextGenVest (20min VC FF#034, 2/5/16)
    nextgenvest_ai_serieslogo_blue

    • College Money mentor, empowering students to live full lives, history of financial crisis for motivation to start
      • Went over to Iraq, started and enabled some companies to build there in 2012
    • Went to JPMC after graduating to make some money before starting NGV for students
    • Financial organization to financial efficiency – going from Mint (organizing money for a user’s financial lives)
      • Now people need efficiency – time priority, optimizing time through automation and personalization
        • Leverage trust to improve time in the background (automation and not wanting to have to look)
    • High school trust and students have nobody they can trust for guidance – 8% trust banks and financial institutions
      • If you can build a product/service, on your way to building trust
        • Save users time, money, customized experience
    • Serving their customers with SMS and Snapchat – smarter push notifications for the right service in the right way
      • Couldn’t customize communication inside an app, so they did channels that they chose
    • NGV clubs at high schools across country – new high schools brought in, engagement and grassroots
    • First product that they brought on was for the financial literacy test that 17 states need
    • Favorite book: The Thank You Economy – best people outhustle to get more customers
    • As visual person, can focus on 1-3 things at a time – preps in the evening, large index cards
    • Adam Nash at Wealthfront – build trust with dynamics of product and the culture of company
    • Spent too much time at focusing her weaknesses but has tried to get better on that side
  • Sam Yagan (@samyagan), Starting OkCupid, Sparknotes (Wharton XM, Marketing Matters)
    • Turning down consulting job for OkCupid start – told he was crazy but wanted to take the chance
      • Free model and how do you value customers but competitors were Match and eHarmony
      • Had to get enough people on all sides of the market and then could use the data to help
    • Internet wasn’t designed to take an expert’s ideas and just use those – bigger than that
      • “You know what you want.” We’ll pull it out and figure it out.
      • Google comparison – index all the pages and figure those out to place on first page
      • Creating a platform to ask all the questions and focus on them
    • Sold Sparknotes in 11 months, took OKCupid 8 years (sold to Match, was there for a year)
      • Got the job running the company for another 3.5 years as Match CEO and created Tinder
  • Rob Gronkowski (@robgronkowski), All-Pro tight end (The Corp, 10/1/19)
    • A-Rod investing into Rob’s brother’s, Chris, company Ice Shaker
      • Were able to put money in, along with Mark Cuban, when they were on Shark Tank (all brothers)
      • Rob, upon retiring, bought Arod out of his shares in the business with Chris
    • Fitplan – Arod gave Rob a discount on the shares in Ice Shaker and he just wanted Rob to look through his company
      • Rob invested with Arod – parents were in business (gym equipment for retail/commercial for 28+ years)
    • Kraft being an owner for the team and being around the game – interested in everything
      • Rare to see owners in the locker room and talking with players – many players say they’ve never seen others
      • Brady, Kraft and Belichick as being the greatest people and diagnosing problems/plays and adjusting
    • Rob wants to travel – done a lot in the US
      • Traveling a week from that day to Israel with CEO Barry of CBDMedic there
    • Being reckless as single Gronk in the NFL (loves Camille now, though)
  • Horst Simon (@hdsimon), Chief Research Officer at LBNL (Curious Investor 9/3/19)
    4vfj55gu

    • Difference between ML and programming – validity of an email, for instance
      • Computer looks for “@” and domain name, iterative of if-then’s, marking valid or invalid
      • ML – give details of valid and invalid email addresses and have the computer figure it out with a statistical model for rules
        • Relationship between information
      • ML more as being able to see if something is a cat in a picture – hard to program that
    • Helped establish the Berkeley supercomputing center – big role all across the world now to complement theory by simulations
    • More data than ever before, 90% of digital data created in last 2 years – more in 2018 than all of human history
      • Finance can’t generate more data like autonomous cars, for instance (100 cars means 100 more data points)
      • Markets/economics are dynamic – return predictions of signal:noise approaches zero
        • Driven by economic features of markets – competitive, profit-seeking traders that act on it
      • HFT as real barriers to entry so they’re less efficient and more predictable, potentially
      • Quantitative traders don’t use raw data – they use transformations such as log of equity, cross-sectional rank of book to market ratio
        • Neural network tries to find what the best transformations are (X -> Y and explore all the connections)
    • Bonds example: predict if issuer will default or not with firm information using random forest
  • Rajiv Shah (@rajcs4), Data Scientist @ Data Robot, Adjunct Prof UChicago (DataSkeptic, 10/22/19)
    1024x528

    • Started engineering, studied philosophy and law, PhD in Comms before doing research as academic
      • Worked at State Farm and Caterpillar before going to Data Robot
    • Deep learning applications in motion data like NBA player data, motion tracking arms and legs (PoseNET, for instance)
      • Nature paper published that used deep learning to study after-shock patterns for earthquakes
    • Going through paper – simple starting point or baseline model was skipped – how much value is really added, then?
      • Looking at the 6-layer problem – approach wasn’t unexpected when using keras to add layers
      • Results generated: AUC of 0.85 compared to naïve benchmark of simple, physical model – AUC of 0.58
      • When he reproduced it, test set results were higher than training set – yellow or red flag for model
    • Group partitioning – 130 earthquakes happening right after each other, near each other and related
      • Make sure the information for an earthquake/customer doesn’t get split between training / test sites to avoid leakage
      • Basic grounding of fundamentals for setting up initial training data, partition based on time to avoid that, as well
    • As community, ensure that there are best practices and guidelines – reproducibility as a large problem lately
      • How to police boundaries for the general field – influence of institutions in publishing (for this, Harvard/Google/Nature mag researchers)
      • Good from them: the data and model for the code was freely available and he could do it on his laptop / notebooks
      • Academics from the earthquake field reached out to him with some qualms and he’s partnered with them for a blog on efforts
    • Interpretability focus trade-off with accuracy – that he’ll speak on at Open DS Conf
      • Lots of tools for explaining models with transparency now, though
  • Julia Landauer (@julialandauer), NASCAR driver (Stanford Pathfinders, Wharton XM)
    • Being on Survivor (suggested by a friend while Soph in college), racecar driver
      • Picking Stanford because of so many people that were awesome / ambitious
      • Mentioning Andrew Luck saying that this was why he chose it – people wouldn’t particularly care
    • Driving at such a young age and in Manhattan – not getting a license there until 18 on campus
    • Having to pitch and learn how to pitch at a young age for sponsorships, running a team and the cost, even at minors – $500k+
    • Some 12 female drivers and being competitive

Unapologetic You (Notes from Sep 9 – 15, 2019) October 25, 2019

Posted by Anthony in Digital, experience, finance, Founders, global, Hiring, Leadership, marketing, medicine, questions, social, Strategy, Uncategorized, WomenInWork.
Tags: , , , , , , , , , , , , , , , , , , ,
add a comment

Every Sunday morning comes in The Profile newsletter to my inbox. It’s a great collection of what drew her eye on the week that focuses on profiles for individuals, good, bad, successful, unsuccessful, notorious, secretive, dangerous and generally people of all ilk. They’re almost all interesting, some more so than others. But yesterday, it caught my eye when Polina introduced the newsletter about her personal experience growing up and the first convention of being different. In reading it, I could see a bit of the problems and commonalities in many students I have seen over the years. And more than that – the ones who I’ve had the most enjoyment in teaching – were those that were unapologetic about who they are.

Many, as kids, were still working through it, but they were questioning the very thing Polina had described. And that’s of increasing importance as we get larger and larger webs of interconnected communities. The aggregate and the averages tell us how we should be or what you’re expected to score and how you fit relative to the rest. Rarely, if ever, does the crowd define any/every individual, though. The sooner we can all wrestle with that concept, the more comfortable we should be. Starting and doing a newsletter, for instance, should be as simple as writing what interests you. Yes, as it resonates and draws others in, there may be some curation to optimize what you decide to make it. And further, it’s probably good form to have some consistency in producing it (frequency/length/formatting) but that’s up to you, the individual.

I’d like to think that people want real, genuine thoughts, and less gimmicky writing. As an aside, that doesn’t mean people don’t consume if it’s not genuine – I just would venture that as soon as you break the mold on what APPEARS real (if actually not) would cause an uproar – as we see via YouTubers/Twitch streamers and even in some blog/vlog stuff. An act that is an act has an end, but an audience doesn’t then know what it’s getting. People don’t typically like change if it’s different, even if it may be “better”.

The best part of all of this? You get to choose what you want to do. Make the decision that makes you happiest and assess the aspects of your life that don’t. From there, create and prioritize how you may make the changes that lead you in that direction.

There are many people that I listened to over the course of this week.

  • Jen Stirrup (@jenstirrup), Data Whisperer  & created consulting Data Relish (Data Skeptic 9/6/19)
    ggkl0ilv_400x400

    • Deploying data science and impacting businesses
    • Last mile of analytics problem – interesting work and how to finalize to take to production
    • Cleaning data properly, putting data into dashboards for proper business intelligence – how long does it take to get to reports?
      • When you get reports, how long is your time to question (vs time to answer)?
    • She takes them a health check and tries to check out where they are vs where they should be
      • How clean is data, what are the real problems
    • Microsoft doing ML Ops and how it can fit into support, how to look after something when it’s gone live
      • Humans don’t want to appear stupid, so they want to be correct before starting
      • Start with end in mine: what are you trying to do?
      • Think about quality of data: still sees bad, missing data, incomplete data and things that they don’t use
    • ML Ops examples of solutions – email management, how do you manage it
      • Program can reach the end bound email, what it can do with the email (cs dept with automated service and pass hard emails to people)
    • Good customer success can be a chat bot – limited and what it can do but proper
      • Easing productivity issues – maybe tell me your phone number or putting in information to the chatbot to the crm
      • More and more requests for serverless technologies – spoke to university about container technology
        • Research can give the container with the paper and give to someone else to validate it
        • REST APIs or serverless or others can glaze over eyes if talking to business but others, early adopters, jump on it
  • Natalie Hampton, Founder/CEO of Sit With Us, Inc (Wharton XM)
    57d6e66a1300002a0039b71a

    • Talking about not having any background in coding, her art teacher pushed her to pursue it
      • Wanted to build the app and just found people/classes
      • Bullied and her art teacher was the one who would keep her door open for her
    • Pledge to use the app – figure out that adults were using the app, as well
      • Good for conferences, schools, colleges, workplaces

 

 

  • Henry Ward (@henrysward), founder & CEO of Carta (20min VC 4/12/19)
    carta

    • Carta helping private, public cos and investors manage cap tables, investments, and equity plans
      • $147mln in funding from K9, USV, Spark and Meritech
    • Originally tried a version of Wealthfront and Betterment called SecondSite – never got off the ground
      • Met Manu, who introduced problem for financing infrastructure easily in private companies, providing liquidity and power
      • Noticing executive half-life of about 18 months (say, $20mln – $70mln – then again from $70-200)
        • Companies scaling from 150 to 500 and then after that
      • People scaling linearly but companies scale exponentially
        • If an exec isn’t scaling, they don’t say “Let’s hire a VP of FP&A to support execs weaknesses” but instead “Let’s replace CFO”
        • Why is it true? – Any particular problem in scaling a company, can find someone that’s done it before.
          • Founder is keeper of the mission – can’t replace that but job changes a lot more
            • Smaller, personal relationships and people understood him for best intentions (but he’s a gunslinger and off-the-cuff)
            • Less mulligans for him as they’re larger now – Jeff Lawson at Twilio had ran into someone for printed t-shirts and Jeff said “not a fan of color”
          • His job becomes very specialized – story for employees, candidates, investors and press; 2 – right execs in right place
    • Was sole decision maker in early stage and he still is but he said it was a liability
      • Fewer day-to-day decisions to make but it matters more that they get it right and understand the context
    • Investors thinking of markets in terms of size / how big could it be / what’s competitive advantage
      • Happy going after conventionally small sizes but he looks for 1 of n – microstructure economics / territory will support multiple competitors
        • If you win market, creates a defensive ability and that’s n of 1 – 1 platform (as ‘small’ cap tables)
        • By owning a market of 1, you have the platform to dominate others
          • Markets were too small – any market would run out of oxygen, so you need an org that can go further in places
        • Data network effects could block all other entrants
      1. Have to be n of 1 market
      2. Have to have a business model that creates n of 1
      3. Needs innovation on customer acquisition model to quickly take over market share
    • In b2b – do you have a product that gives entry to commercial businesses?
      • Product and technology advantage are short-lived – best companies own lines of distribution, not great products repeatedly
      • Can go acquire great products and push them through distribution – both through M&A and through manufacturing
    • Their biggest issue – tying all pieces of network together – 10k companies, 400 a month acquired, distribution to vc – managing electronic stock
      • Law firms are power users of product but don’t have product that tie them all together – linearly
    • They love services markets adjacent to what they do – commodity product differentiated by brand – funded administration, for instance – 4-9a analysts
      • Paired a product team behind services group so the 4-9a runs at 70% margins – automate them to software
    • Goal of R&D is how much value can you provide – go build it, otherwise they won’t
      • Of value created, how much can be extracted – like keeping them as independent variables (when to extract)
        • Early stage, add ton of value and then deliberately say they don’t want to extract much – leave a lot of consumer surplus
        • Investor products: want to extract a lot of value but provide a lot of value and change these decisions (as markets mature, get larger)
    • Favorite book: Essays of Warren Buffett
    • Economic discrepancy is enormous and how to bring wealth to more people – Carta mission for more owners
    • Keeping investors up to date monthly and they love getting board members involved in the company (especially when they have 100 investors)
      • Meeting with VPs or execs to do weekly meetings of sorts
  • Joe Banner, President & CEO for Browns, Eagles (Wharton Moneyball)
    • Discussing needing to find udfa at a time when it wasn’t sexy – needed talent, and cheap
      • Only had 5 draft picks, late rounds mostly but had to fill a roster of 22 more
      • Brought in all of the undrafted free agents and eventually had 20% playing, few starting also
    • Making sure to prioritize talent over anything, not overvaluing high draft picks
    • Culture of change with placing a system around high valued guys who others thought were low value
  • Alina Trigubenko, Founder & CEO of Awarenow (Wharton XM)
    awarenow

    • Holistic and integrative nutrition
    • Corporate and enterprise customers – consumers within those that will do it
    • Calm / Headspace – next level and how
  • Shawn Burcham (@PFSbrands1), PFS founder, Open Book Management (Wharton XM)
    pfsbrandsonlylogo_hompage_2018

    • Being from the midwest and going to Tanzania for farmers
    • Keeps open books, shares with employees, prices with farmers
      • Has 60% more return for farmers and will even return cash (after being above fair price and world commodity)
    • Daughters played on same soccer team as John Sacks – read the book and was interested in changing to open book
  • Tim Chen (@timchen82), CEO of NerdWallet (Leadership in Action – Wharton XM)
    nw-default_og-image

    • Going through board – including AMEX former CEO, Jim (both from Series A investors)
      • Board as governance body, weakness on exec team, okay with level of risk
    • Initially believed he had to be smartest in the room but quickly realized the organization had to be working together
      • Have to switch mindset from point guard to coach – from Dalio
      • Investment committee – reasoning behind requests and resources, exec team reads through it and approves or not
      • Executive team depends and changes over time, common for product dev
        • Marketing, Product, Design, Legal, Eng, People, Content Heads
        • Monitoring (leading exec team similar to parenting) – irrelevant for what you say, but seeing what you do is the arbiter of what’s going on
          • Rewarding and punishing as consistent or constructive
        • Culture for what is okay and what is not, role of hiring and inspiring an adequate team to grow company
          • Maybe they don’t have right network for company, maybe can’t inspire
        • Have to be technically proficient in their space
    • Went from very niche product to being widely known once they started covering nearly all financial products consumers cared
    • Seeing around corners to bring himself and the org up the hill and grow
      • Surrounding himself with execs and others, getting named one of Top Workplaces in 2019
  • Adam Davis, CRO at Harris Blitzer Sports and Entertainment (Wharton XM)
    unknown-4

    • Discussing on-ice and on-court revenue for Devils and Prudential Center
    • Coming and expanding Prudential Center into what it is now – leading entertainment center
    • Up to 49 concerts recently, more than Devils games
      • Data driving who wants to go to games, concerts and how that can be used to improve experience
  • Rare as One Project, CDCN, Dr. David Fajgenbaum (Wharton XM)
    logo-1

    • Partnering with Chan Zuckerberg Initiative
    • Collective network and how do you widely adopt principles for other diseases
    • Partnerships with hospitals / care providers
    • Having a different background between Penn and medicine, MBA – not great for those that don’t have 5+ years
  • Nick Johnson (@NLJ1), Principal at Applico (Wharton XM)
    applico_company_logo

    • Author of Modern Monopolies
    • Discussion of platform businesses and linear – trying to combine
    • Encouraging linear businesses to, where applicable, try to get into platform business – didn’t provide any concrete details how
    • 3-5 strategies compared to 5-7, where hard for CEO and board to stay the course without “being 1% of 1% of CEOs”
    • Seemed to only mention Amazon, Airbnb, Walmart, Alibaba, ebay
  • Kulveer Taggar, founder & CEO of Zeus Living (20min VC 5/31/19)
    volcp38g_400x400

    • Raised $14mn from Initialized, NFX, Floodgate, YC, GV and Naval Ravikant
    • Co-founded Auctomatic with Stripe’s Patrick Collison and sold for $5mn
    • Angel investments include Boom, Airhelp, Meetings.io
    • Went to work at Deustche Bank and had a friend who had started a company at 15 selling computers, went to uni and offered a PR role
      • Eyes open to entrepreneurship and SV tech start-ups, just before finals got to come to Bay Area and Google office
      • Cofounder Joe was moving from SF to Palo Alto because his wife got residency – took weeks to try to get home rented out
      • What would be the UX quantum leap for your problem? Joe’s problem sparked the idea
    • Go to website, type address for your home and it gives you a price – you hit rent
      • Inspired by Opendoor, Stripe’s 7 lines taking payments, lot more rental data
        • Offer to sign lease with homeowner, gain data and solve the problem on demand side
    • All being impatient and learned that long-term horizons could’ve been better after hearing Zuckerberg/Bezos
      • Being intentional with culture – lot of fun – 5 guys in 2 br apartment where things may have gotten too far
      • Create collaborative environment
    • When you rewrite code, have to redo processes as well in tech-enabled
      • Acquiring and creating physical things – David Han at Instacart said thinking about output
        • Surface area of inputs: Zeus has to be good at many things
          • ID R/E, Pricing, Assessing, Designing, Furnishing, Marketing, Awesome CX, Marketplace matching
        • Then, you can get the output
    • Garry as having a conviction quickly – sees something that can change and invests quickly
      • CoinBase – liquidity crunch and he wired money instantly and is supportive
    • YC had an experiment funding teams w/o ideas – did it with Srinivas who’d done it
      • Got a check w/o any idea (had done YC in 2007) and YC had scaled a lot
      • NFC technology – was too early for scaling pmf and got into NFX with status app – status on your phone
      • Felt like he’d spent 3-4 years of working on stuff and hadn’t gotten anywhere – taking market risk with what you’re building
        • Instead, create a list of top 20 things by $ amount spent
        • List of top 20 things by $ amount frequency
      • If you have to ask whether you have PMF, you don’t – yanking your head forward with your nose, for instance
    • Did 6 weeks of data experiments, conversions tests, 6 weeks of qualitative research talking to users, investors and r/e
      • After 2 months of diligence and testing, partner at NFX sent him a test: In 6 weeks, get 10 homes on your market.
        • What’s margin structure, is there a market? Strangers controlling home.
      • Took about 4-5 months
    • Vulnerability strengthened his leadership, can’t be perfect CEO with all answers – motivated to go for culture
      • Once a quarter off-sites, “if you really knew me…” building stronger connections, team bonding
      • Work is where you have your professional self and you bring your whole self, manifests in itself
    • Fav book: Midnight’s Children – historical fiction with India told; How The Mind Works by Pinker
    • Change the bragging culture in tech – raised this much, vanity metrics and being counterproductive – not open or genuine
    • Running into a bottleneck will use software to break through – automate something that may have been manual processes
  • Michele Romanow, Founder & CEO at Clearbanc (20min VC 5/10/19)
    • Wants to spend $1bn in 2000 companies for access to capital
    • Founded SnapSaves, mobile savings platform acquired by Groupon and before that, Buytopia, one of Canada’s top ecommerce sites with 2.5mn
    • Engineering, started a coffee shop on campus
      • Figured out worldwide supply sturgeon caviar was down by 95% due to overfishing Caspian Sea – built to east coast for fishery
      • Chefs couldn’t get product, so they had a ton of buyers – giant recession in 08 as 21 yr old in luxury good space
        • Went to ecommerce space, didn’t raise funding, bought 10 competitors – controlled CAC and low
    • Canada’s Shark Tank – Dragon’s Den – do 17 days of filming back-to-back, see 200 startups
      • Had a father and son who wanted $100k for 25% equity – really needed $100k but realized she could do different deal
        • Wanted to see Facebook ad account to make sure ROAS was what it was
        • Companies spending a ton on early CAC
      • Estimate that 40% of VC dollars go to Facebook and Google ad spend and marketing
    • Works for positive unit economics and spending a lot of CAC – any ecommerce company, 70-90% spend cash
      • Subscription boxes, consumer apps/subs, b2b box even – can fund it for way less
    • Data science time has to be very good – not lottery tickets, 6% is ideal for them
    • VC as true risk capital – 0 to 1 risk, crazy piece of AI, solving disease, then it makes sense
      • If you know channels are working and repeatable, should be able to get capital
      • Comparison of Gates at Microsoft IPO or Lyft (50% ownership vs 3%)
      • Just celebrating when founders give up control / piece of company
        • Milestones for products, hitting 1mln users, etc…
        • Funding
  • Antonio Garcia Martinez, author of Chaos Monkeys (Launch Pad, Wharton XM)
    • Comparison of Seattle and SF and NY
      • SF being loud, Seattle being quiet but not necessarily huge, NY has less loud but big
    • Good mixture of deciding where to be

Transformation of Innovation (Notes from Aug 12 to Aug 18, 2019) September 4, 2019

Posted by Anthony in Blockchain, Digital, education, experience, finance, Founders, global, Hiring, Leadership, marketing, NLP, Politics, questions, Real estate, social, Uncategorized.
Tags: , , , , , , , , , , , , , , , , , , , ,
add a comment

Hello! Hope Labor Day treated everyone properly, whether you snuck in some time-and-a-half pay for work, avoided it altogether or vacationed. I am going to keep the brief at the start short today because there’s a common theme. And I have been considering longer form writing without the notes on other topics maybe once or twice a week.

From last week – I still am working on the 13 Minutes to the Moon podcast – excellent. And it’s engaging as they went through the building and prep work that went in to getting there before decade-end.

The new segment that a16z has produced with the 16 minutes on the news has been fun, especially if you like an audio version of what’s been popular in tech/news. Sonal has done a great job leading most of them. I found the two that I listened it related to the title – transforming innovation. Software as eating the world (any company/product/service that can be digital will force the company to become software company), along with digitizing many of the slowest movers because the pressure has become high enough (re: Fed with ACH Now). At some point, in order to command more control or to make sure you aren’t disrupted out of the market, companies have to compete and give the customers or users what they want – faster, easier transactions in Fed Now’s initiative.

There were also some fantastic investors / founders that are included. How they developed and framed their careers to step from one thing to the next. If you noticed, many of the 20min VC episodes I listen to are in order from 2015 to now 2016. Fascinating to hear the comments made at that time to update to 2019 (as many of the same bullish comments are made with caveats that have yet to come to fruition – and valuations increased accordingly).

Hope you enjoy the listens!

  • 13 Minutes to the Moon
    268x0w

    • Ep 05 – “The fourth astronaut”
      • Intertial navigation – if you have your speed and know where you are, can control where you’re going
      • Self-guiding ballistic missiles that couldn’t get thrown off course via radio or otherwise – knew where it was
        • GPS, primitive computer received navigations and could adjust course if necessary
        • Charles Stark Draper who founded MIT’s guidance instrumentation lab
      • Had been a grad of Stanford and went to MIT and became leading expert in aircraft instrumentation / guidance
        • Dedicated to the astronaut program, so much so that he applied – was turned down
          • Practical application with such sensors to be useful was his expertise – size / practicality in flight control systems
      • Had to convince everyone that the computers would work and be trusted
      • Apollo bought 60% of the chips that were out and being manufactured – huge boost for computer industry
        • Good hardware required good software (an afterthought)
      • Called on programmers for building the software Margaret Ate Hamilton (started as programmer, then was in charge as program manager)
        • Developed a system to write software so that it would be reliable and she sought out the bugs/errors – no way to do it otherwise
          • Right times vs wrong time, wrong data, wrong priorities (interface errors) – we take for granted everything we have now
        • No rules or field at the time (akin to “Do you know these English words?” – yes, you’re qualified)
        • Don Isles – math graduate looking for something to do next who joined in 1966, software had been written initially – app code to fly was starting
          • Lunar landing phase commanding – in retrospect, huge – but it was a job at the time
      • Apollo Guidance Computer – 70 lbs in 1 cu ft, 55 W with 76kb, 16-bit words, 4 kb were RAM R/W memory, rest was hardwired
        • Got to the moon on punch cards – 100 people working on it at the end – submit in one run overnight and run simulations
        • 2 women that worked to keypunch before working as full-time – printed lines of code to turn into punch codes
      • Noun-verb inputs for flying – lunar landing, for instance
        • Built the computer interface with idea of “Go to moon” and “Take me home” but it instead had 500 buttons and was much more interactive
          • First system where people’s lives were at stake with it – fly by wire system. Astronauts didn’t control it, they controlled the joystick, etc…
    • Ep 06 – “Saving 1968”
      • Armstrong and Buzz Aldrin
  • Fed reaction (a16z, 16min on the News, 8/12/19)
    ah-logo-sm

    • FedNow – 24/7 open service for access to checks faster to launch in a few years
      • Half the population lives paycheck to paycheck and should care for the $30 overdraft fees that a ton of people do
      • Massive amount of losses to banks here in the US
    • ACH batches all payments in a day or maybe twice vs instant
      • Realtime payment network – 26 banks but need all banks to be a part of this network
    • Against Fed would say to just run the regulatory part vs the operational side
      • Obligate banks to join ACH, etc…
      • Infrastructure for checks has not updated to the tech advantages that we’ve gotten to now
      • Catching up to rest of world, which is 10 years ahead
    • Death of retail – Barney’s filing for bankruptcy, closing 15 of 22 stores
      • Been around since Great Depression
      • Ecommerce coming and direct to consumer is going toward market share
      • Highly leveraged fixed costs, inventory but can go sales to hemorrhaging money and become unviable
    • Grocery is largest single category of US retail, more than apparel and personal – completely immune to digitization historically
      • Inventory is better served close to consumer, physical grocery as distributed warehouse
  • Philipp Moehring, Head of Angelist EU (20min VC 1/6/16)
    1_n4gganmndofil1udzwkgca-300x225

    • First European hire for Angelist since Jan 14, venture partner at 500 Partners and Principal at SeedCamp
    • Angelist Syndicate for his
    • Worked for a bunch of startups during his studies, but realized he didn’t want to work for a large company or consultancy like when he started
      • Worked for a professor that was doing research on VC – did his thesis on same topic, asked for data
      • Fulltime job came from a guy who went off on his own to start firm and he was asked to join
    • MBA in Tech Management and Tech Entrepreneurship, where management is very different there
      • Analyst and associate work can be a great job but it’s not a quick way to partner or anything
      • Seeing founders doing a second business after 7-8 years, even after do great and get raises
        • People don’t usually stay at their first job for 8 years but starting at VC, people will jump to a startup second
    • EU vs US scene – SV where VC started and is much more advanced, simply due to a lack of epicenter
      • Angelist looking to get into Series A (not necessarily leading, though) – movement
    • Certainly London for VC – number one ecosystem in Europe, as the largest metro area, tech and VC and money
      • Hard to copy for other places – culture, politics and what makes the city to be interesting
      • Berlin has the momentum as the number two, as well as Stockholm or in Finland, maybe Paris (inward), Lisbon and distribution of eastern Europe
    • $400mln funding for Angelist from CSC Upshot into syndicates – GPs investing directly
      • Does his 500 Partners role on the side – usually someone with investing on the side and has more firepower
      • Wants the deal flow or coverage in the areas they won’t have
      • Knows an entrepreneur and can get in the chance on seed or small amounts to invest in
    • Known the partners at 500 Startups for a bunch of years and could invest similarly to his Angelist style
      • Could be flexible and born out of the way the fund is positioned and investing
    • Most exciting for him is having people that he’s invested in hitting their stride and succeeding
    • William Gibson as a writer who influences his thinking, Snowcrash as a book that depicts the future
      • Looks more at science fiction for tech advances now
    • Most read blog – too many to count, Brad Feld – has a tool called SelfControl against social media
  • Phil Libin (@plibin), co-founder and CEO All-Turtles (Mastering Innovation, 8/8/19)
    220px-at-logo-red-label-stacked-opaque-2048

    • Discussing real problems with AI

 

 

 

  • Andrew Chung, Founder and CEO Innovo Property Group (Marketing Matters, 8/7/19)
    • Partner at The Carlyle Group, US real estate
    • Started IPG in 2015
  • Stefan Thomke, professor at HBS (Wharton Knows, 8/13/19)
    31ii5kqtk5l._sx330_bo1204203200_

    • Discussing his paper on magic stick of customers
    • Online experiments – running them quickly and decisively

 

 

 

 

 

  • Ivan Mazour, (@ivanmazour) founder and CEO of Ometria (20min VC FF 029)
    ometria_owler_20160227_081547_original

    • Serial entrepreneur, author, investor – Ometria: predictive/marketing analytics platform
    • Born in Moscow, parents PhDs – mom brought him to UK to study math @ Cambridge
    • Started his first thing in property since that was biggest, public industry to get involved
      • Around 26, didn’t utilize any of his studies and data-focused nature, so he leveraged proceeds with his cofounder to make angel investments
    • Wanted to become relevant and learn about tech industry – made 30 investments in 4 years, stopped prop dev, did a Masters in App Prob
      • Refreshed knowledge to build a data company
      • Founding after investing – wrote a blog post as his approach to investment and his dream
        • Build a truly world-leading tech company but accepts lack of experience
    • Thought about how much capital to allocate to invest and how much to invest to be taken seriously – needs to be able to learn from it
      • Angel investor as $20-30k pounds
      • Received a second seed or extension round with Ometria – significantly bigger than seed, but reality is not enough for Series A
        • Hire more engineers, increase team from 20-30. But Series A would be to set up internationally and expand S&M
    • One-sided barbell – huge amount of funding on early, early stage investing
      • Anyone can work to get funding at early, small stage – lots of companies are vying for more eyeballs from bigger ones they need
      • At late stage, if you have the metrics, you’ll have the funding – growing 300%, hit $1m ARR and no question you’d get round, SaaS-wise
    • Launched as an ecommerce analytics company, wanted massive market for data – $3tn ecommerce and retail
      • Launching 2013, analytics was hottest thing (KPMG raised $100mln fund for this only) – by 2015 for big round Ometria, analytics wasn’t relevant/interesting
      • Fascinating to experience – marketing was far more important – actions engaging revenue and data, leveraged
    • First ones to come in were validating – people who he worked/invested with previously
      • Angels that were amazing, AngelLab’s Rachel that was meeting best founders and seeing best companies
      • Had tried to sell Phil as a customer on Ometria and he ended up investing – Alex is on board as 2nd largest institutional investor
    • Pitching angels vs other investors
      • With angels, he had engagement metrics, not revenues – introduced team and had beta user metrics (logging in 7x a day and loving it)
      • Four founders and engagement of platform that allowed closing of round
      • For VCs, chart of MRR that was up and right – increasing growth
    • Several funds liked the company and wanted to consider investing – said he should’ve held off, probably – got excited and continued conversation
      • Waste of time for both sides – hadn’t moved far enough on VC metrics to get a big enough investing for what you’re raising
    • Offline retail – stores won’t go away – thinks there will be an entire platform that will be an ecommerce platform that is based on personalization
      • Product recs, change website and order them – complicated and difficult – best platforms aren’t designed to do that – $1bn company
    • His highlight: sitting in his boardroom after increasing it, Elizabeth Ying (PayPal, head of D/S), Mike Baxter, Allie Mitchel (Huddle founder)
      Looking around that they were talking about his company and making a few investments that he was CEO of and they had 10-20 years experience
    • Favorite productivity tools: ToDoIst, Google Keep for managing main reports, HangOuts
    • Favorite books: Rich Dad, Poor Dad as formulating a way of thinking, and Dale Carnegie’s How to Win Friends and Influence People
  • David Tisch (@davetisch), MP at BoxGroup, Inc (20min VC 1/11/16)
    site-logo-home

    • Also, cofounded Spring – brands to consumers via mobile with his brother, Allen
    • Coded as a kid, kept using the internet, entryway into internet and software – didn’t think of it as investor
      • Went to college and law school, became a lawyer and joined real estate finance in m&a but he did that for a year and wasn’t into it
      • Started a company, experimented and sucked – sold to a larger company and was there for 2 years at KGB
      • Went to TechStars – launched and run the NY program after he had made 3-4 investments
    • Cementing of the NY scene would be a magnet company like Amazon, Facebook, Apple, Google – huge magnet for talent
    • The Box in NY as a cool club that he hadn’t been to and his first investment was in a company called Boxy
    • A 20th employee is exponentially more valuable than a seed stage investor – tries to be an valuable investor, though
    • Magical utility or happiness for user or incredibly polished path to where you’re going – different from early days of mobile
      • Should happen soon – hasn’t happened since Snapchat/Tinder as consumer
    • Spring for him – exact opposite of sitting above the clouds as VC and strategy – incredible other side with his brother
      • Mall on your phone – 1200 brands directly (Etsy as maker’s story) – single mobile experience to make it better
      • Free shipping and free returns in 2015 for marketplace and working with their partners
      • VIP, customer service, making a single experience
      • Apparent that the opportunity was sitting there – he had told his brother “Don’t start a company”
    • Doesn’t read much – watches a lot of tv and consumes that as a way to learn
    • Finding his partner Adam at Techstars is probably the highlight
    • Reads online a lot – design blogs/architecture/city – Fred Wilson as successful VC in NY
    • Invested in SmartThings – sold to Samsung a couple years prior and built into products
      • Deep affinity for space, so he invested into Nucleus – video intercom in houses but it allows outbound, also
      • Uncomplicates the phone – primary thing on cell (voice, messenger and text bringing into house)
  • John Wirtz, CPO at Hudl (Wharton XM)
    hudl-logo.1de182540fb461fded02ad2cb75963d4945c560d

    • Coaching and products innovation – getting cameras at 50 yd line or in arenas
      • Not so much looking at point-to-point tracking or high speed for baseball, softball
    • More on tracking all high school players and colleges – uploading of highlights and working with coaches
    • 95% coverage now
  • Software has eaten the world (a16z 8/18/19)
    • Marc and Jorge Condo discussing computer science and its eating healthcare
    • Term from his essay in 2011 after starting firm, tech industry is 70+ years old after WWII, packing $500 that used to be $10-15mln
      • Pessimism after recession – Marc held opposite opinion as just starting (platform built)
      • 3 claims: any product/service that can be software product will be software (boomboxes, cameras, newspapers, etc…)
        every company in the world in those products will become a software co
        as a consequence of 1 and 2, long run the best software company will win
    • Incumbents in auto industry – cars are very dangerous, very hard and software companies think otherwise – value of car is in software (500 in 50 mi radius)
      • Surprising innovation fields: legal, insurance, real estate, education, health care
    • Never imagined investing in new car companies – new industry in 1890, 1920s Henry Ford
      • One new major car company attempt by Preston Tucker (Automotive – Tucker movie, catastrophe)
      • Went from hundreds in 1910s to 3 in 1920s and after
    • Profound technological revolutions as ML/DL/AI as incredibly innovative and cryptocurrency
      • Software founders for how to use and those that haven’t – can be quite transformative
    • Fundamental transformation with internet was music industry – triple whammy – people loved music (? Often dogs eat dog food? – not case in music)
      • Isn’t it great customers love music so much? They want the thing – showing consumption. Music executives said no. Suppliers refusing the demand increase.
      • Pricing issue – want 1 song vs 12 songs on label. Price-fixing collusion by the 4-5 labels. Could overcharge by factor of 10.
      • Consumers were breaking law but the correct reasons. Was immoral, illegal by price collusion.
      • Went from Napster, Kazaa, Limewire, Frostwire, BitTorrent (all investor catastrophes as too early since they couldn’t get pricing from labels)
        • Spotify as 15 years later where investors were scarred but time had come
    • When layer commoditizes, the next layer can become massively valuable – focus is on commoditized layer (contraction for recorded music purchases)
      • US market for live concerts grew 4x in aggregate demand – unlimited access to music, so fun is concert and experiences
    • Marc as serving on board of hospital – mission in terms of health care and medical research and school – nonprofit with highly motivated people
      • Design and build a new hospital – finally opening in 2019 (2005 green light)
      • Well-functioning boards that he sees as 7 people vs 25 or so in hospital
      • Quality problems in auto industry in 1950s / 1960s initially, unsafe at any speed – 70s/80s/90s was TQM – debug quality manufacturing
      • Medical compliance issues – 1/3 not filling prescriptions, 1/3 just take cocktails of them
        • Organ transplants are only 60% compliance
        • Assembly line requirements to motion – decode for running properly, maybe do that for hospitals and doctors – Purell, even
      • EMR at Stanford – $400mil one bid, $100mil to Epic and $300mil for implementation system Perot Systems
        • Interoperability and open source, building on everyone’s creativity (except Epic) and APIs
    • Eroom’s Law – price of bringing new device or drug to market doubles every 10 years – VCs in both decided the economic cycles were too different
      • Names now for VC are ones that aren’t the same big firms
      • Founders are different, as well – PhD in bio but programming since 10 or hybrid tech to pitch
      • Missing middle as converging of scientific domains and getting a16z’s new partner, former Stanford professor in the middle who helped spin it up
    • Digital therapeutics, cloud biology, IT applied to Healthcare
    • Defend market or advance innovate market but SV is starting from scratch – experiments in tech, or business (famous train wrecks)
      • Portfolio approach to experiments – 10 experiments in 10 different parts of biotech / industry – look at successes and asymmetric returns
      • If there are big companies that can do obvious things, they’ll be good at increment – industry does different ones
    • Need evangelical marketer or sales – Jobs’ saying how to envision the picture because consumers have no ability to project this
      • Elon’s Model S – no superchargers or charging at home – had to paint a picture to demonstrate it, get enough sales to build the chargers
  • Dan Granger, CEO founder of Oxford Road (Wharton XM)
    oxford-road-agents-of-influence-logo

    • Advertising in LA helping acquire new customers and branding

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.
Tags: , , , , , , , , , , , , , , , , , , , ,
add a comment

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)
    m_5a61f34b331627f3f88fe26b

    • 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
%d bloggers like this: