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How do VCs differentiate themselves?
How do VCs differentiate themselves?
And looking at venture capital as a product - Interviewing Kyle Harrison of Contrary Capital
"If your employees hate you, it's only a matter of time until your customers hate you."
For example, we have 100 different student venture partners at 40 schools. We get to know these young, future entrepreneurs really well. We’ll help them get jobs when they graduate, place them in startups so they can learn, and we’ll even invest in the startups they go to work for.
·mostlymetrics.com·
How do VCs differentiate themselves?
Are You A Visionary Entrepreneur?
Are You A Visionary Entrepreneur?
I think of all the entrepreneurs I have been helping out over the last year or so, 3 stand out as what I would characterize as "Visionary Entrepreneurs". These are people with a singular vision for what they want to accomplish. They view their product or company as the vehicle by which they can fulfill a messianic mission to change the world.
Want to change the world.  The goal of a visionary founder is not to make money, impress girls (Facebook movie notwithstanding), or to shmooze with famous people.  What they do want to do is either scratch a big itch they have, or to dramatically change the world (or both).
This is one reason younger people are often more likely to be visionary entrepreneurs (they have less to lose, so it is easier to risk what you don't have
Fast learners.  Given that they question the basics of everything, visionary entrepreneurs can often be perceived as naive or inexperienced.  In many cases they are.  But they ramp quickly and gather information from a lot of sources to drive their success.
·blog.eladgil.com·
Are You A Visionary Entrepreneur?
10X Your Business
10X Your Business
Often when I meet with a startup I will ask them to put aside their existing product/distribution roadmap for a minute and brainstorm around a simple question - Question 1: "What circumstances would lead to a 10X increase in the value of your product or business?"
Microsoft/IBM deal.  Microsoft famously told IBM they had an operating system when they didn't in order to win IBM's business.  They then scrambled to find an OS they could quickly license from another software developer.  A number of lessor entrepreneurs would have said "sorry, we can't help you".  Of course, within a few years the OS franchise became the foundation of Microsoft's meteoric rise.
Google/Yahoo! deal.  Yahoo! outsourced search to Google and allowed Google branding on the Yahoo! homepage.  This lead to two outcomes: (a) Google had a massive spike in both traffic and data that is could use for analytics and to refine its search engine (b) The Google branding on the Yahoo! site caused non-early adopters to become aware of Google as a brand and drove significant traffic directly to the Google site.  Since Yahoo! paid Google for the service, it also partially funded Google as a business.
·blog.eladgil.com·
10X Your Business
You Don't Need A Good Idea To Start A Great Company
You Don't Need A Good Idea To Start A Great Company
I met recently with a friend of mine who has been talking about leaving Google for the last 3 years. Every time I see him he says he is just "waiting for a great idea" to leave to start his own company. I expect him to do what a lot of people do - stick around Google for another 6-24 months, and then join someone else's company. He is never going to start anything.
I think "waiting for a great idea" is absolutely the wrong way to "start" a company, and typically does not yield a startup.
Many "side projects" or internal tools are examples of this, as they have turned into great stand alone companies or products.  Blogger came out of Pyra Labs as an internal tool.   Github came out of an internal tool at a startup.  Yammer came out of Geni.   GroupOn came out of thePoint.
The next time you stop yourself to "wait for a good idea", don't stop yourself.  Go and build something that is a bad idea in a great market, or something small but is a product you want for yourself.  Iterate on it and keep pushing, and eventually you will find the bad idea has become a very good company indeed.
·blog.eladgil.com·
You Don't Need A Good Idea To Start A Great Company
The Benefits Of Thinking Small
The Benefits Of Thinking Small
In previous posts I wrote about visionary entrepreneurs, and how to constantly ask how you can 10X your business. However, many startups fail because the founding team thinks *too big* from day one, and doesn't take the time to really define the short term, immediate value their product or business provides.
In previous posts I wrote about visionary entrepreneurs, and how to constantly ask how you can 10X your business.  However, many startups fail because the founding team thinks *too big* from day one, and doesn't take the time to really define the short term, immediate value their product or business provides.
Now, while it is crucial to think small and to build something that does not scale, you should always keep in mind the long term path for your business or product.   This path (and the end goal the path itself leads too) may continuously change as you learn more and as circumstances dictate.  However, you should constantly be thinking how to make what you have even bigger than what it is.
Implications: Why The YC Model WorksThis post was originally inspired by a question on Quora about whether the YC model can generate big successes, despite its emphasis on "small markets" and "low risk" products.  As I point out above, thinking small if often the key to building something truly huge.
A common VC question is "how does this scale?".  Ultimately, to build a large, long-term business you need to be able to take an approach and scale it.  However, it is OK to start with something that is manual and hands on.  The key is to have something that can be systematized and replicated over and over eventually.
·blog.eladgil.com·
The Benefits Of Thinking Small
Jobs, Wozniak, Cook (Build, Sell, Scale)
Jobs, Wozniak, Cook (Build, Sell, Scale)
Over the life of a startup, 3 archetypes are needed to found, build, and scale a company. It is rare to find someone who is a 10X version of one of these archetypes, so even rarer to find someone who captures 2 or 3 of them. As such, usually these characteristics are divided into 3 or more people who are uniquely good at their core function.
Many of the best founders are good at 1 & 2 (Sell & Build) but not great at 3 (Scale). This is often a mix of experience (if you are a founder you are unlikely to have run a multi-thousand person organization in the past) and personality (impatience or raw cussedness or other traits that may help with early success may not always lend themselves well to every managerial situation). Some founders do well out of raw product/market fit and may not actually be great at any of the archetypes - although often these companies never quite reach their real potential
Founders tend to appreciate people who are complementary to them and can help scale their company. The first time a capable, experienced executive is hired is a magical moment for a founder. It turns out you can delegate all sorts of things to people who are better at it then you!
·blog.eladgil.com·
Jobs, Wozniak, Cook (Build, Sell, Scale)
The Road To $5 Billion Is A Long One
The Road To $5 Billion Is A Long One
I was talking with Brian Singerman and he raised an interesting question: How many software companies have been founded in the last 10 years that are now worth more than $5 billion? Or more than $10 billion? The list we could come up with is shockingly small:
b. Few companies do anything sufficiently valuable.  Most companies serve a niche, or don't monetize very well.  Business that can truly scale to the revenue that justifies a $5 billion+ market cap are rare (indeed, across *ALL* industries, there are only <800 companies with market caps >$5 billion).
·blog.eladgil.com·
The Road To $5 Billion Is A Long One
How Much Would You Charge for iA Presenter?
How Much Would You Charge for iA Presenter?
We could just ask you how much you would pay for iA Presenter. You'd probably want the lowest possible price. Just as we would like to charge the highest price possible. So what we do instead is tell you how pricing works. Then you tell us what numbers you'd come up with.
·ia.net·
How Much Would You Charge for iA Presenter?
Dynamic documents // LLMs + end-user programming
Dynamic documents // LLMs + end-user programming
Potluck: Dynamic documents as personal software We recently published an essay about Potluck, a research project I worked on together with Max Schoening,...
·buttondown.email·
Dynamic documents // LLMs + end-user programming
Jessica Livingston's Pretty Complete List on How Not to Fail | Y Combinator
Jessica Livingston's Pretty Complete List on How Not to Fail | Y Combinator
Here’s Jessica’s keynote from our third annual Female Founders Conference [http://www.femalefoundersconference.org/], which brought together more than 800 women building women-led startups. Jessica has seen over 1000 companies go through YC and shares her learnings about what it takes to succeed as a founder. She emphasizes the importance of avoiding distraction and making something people want: “Nothing else you do will matter if you’re not making something people want. You can be the best sp
If you start by making something people actually want, focus on making users happy, make sure you have a good growth rate and don’t overhire, you’ll be in a very happy position. You will be master of your own fate in a way that very few people ever get to be.
·ycombinator.com·
Jessica Livingston's Pretty Complete List on How Not to Fail | Y Combinator
How Intercom Grows
How Intercom Grows
What we can learn about acquiring early B2B customers, jobs-based marketing, SaaS pricing strategies, and content-driven growth from Intercom.
·howtheygrow.co·
How Intercom Grows
Life is a Picture, But You Live in a Pixel — Wait But Why
Life is a Picture, But You Live in a Pixel — Wait But Why
Jack sees his life as a rich picture depicting an epic story and assumes that the key to his happiness lies in the broad components of the image. And he's completely wrong.
So while thousands of Jack’s Todays will, to an outsider from far away, begin to look like a complete picture, Jack spends each moment of his actual reality in one unremarkable Today pixel or another. Jack’s error is brushing off his mundane Wednesday and focusing entirely on the big picture, when in fact the mundane Wednesday is the experience of his actual life.
·waitbutwhy.com·
Life is a Picture, But You Live in a Pixel — Wait But Why
Religion for the Nonreligious — Wait But Why
Religion for the Nonreligious — Wait But Why
Not a theist? Okay so what are you then?
There’s no reason to think the staircase doesn’t extend upwards forever. The red alien a few steps above us on the staircase would see human consciousness the same way we see that of an orangutan—they might think we’re pretty impressive for an animal, but that of course we don’t actually begin to understand anything. Our most brilliant scientist would be outmatched by one of their toddlers.
The Higher Being is brilliant, big-thinking, and totally rational. But on the grand timescale, he’s a very new resident in our heads, while the primal animal forces are ancient, and their coexistence in the human mind makes it a strange place:
As humans evolved and the Higher Being began to wake up, he looked around your brain and found himself in an odd and unfamiliar jungle full of powerful primitive creatures that didn’t understand who or what he was. His mission was to give you clarity and high-level thought, but with animals tramping around his work environment, it wasn’t an easy job. And things were about to get much worse. Human evolution continued to make the Higher Being more and more sentient, until one day, he realized something shocking:
The shittiest thing about the fog is that when you’re in the fog, it blocks your vision so you can’t see that you’re in the fog. It’s when the fog is thickest that you’re the least aware that it’s there at all—it makes you unconscious. Being aware that the fog exists and learning how to recognize it is the key first step to rising up in consciousness and becoming a wiser person.
When I look at the wide range of motivating emotions that humans experience, I don’t see them as a scattered range, but rather falling into two distinct bins: the high-minded, love-based, advanced emotions of the Higher Being, and the small-minded, fear-based, primitive emotions of our brain animals.
The way you do that is by developing as much wisdom as possible, as early as possible. To me, wisdom is the most important thing to work towards as a human. It’s the big objective—the umbrella goal under which all other goals fall into place. I believe I have one and only one chance to live, and I want to do it in the most fulfilled and meaningful way possible—that’s the best outcome for me, and I do a lot more good for the world that way. Wisdom gives people the insight to know what “fulfilled and meaningful” actually means and the courage to make the choices that will get them there.
If we ever reach the point where we think we thoroughly understand who we are and where we came from, we will have failed. —Carl Sagan
It seems more than likely. Could we have been created by something/someone bigger than us or be living as part of a simulation without realizing it? Sure—I’m a three-year-old, remember, so who am I to say no?
·waitbutwhy.com·
Religion for the Nonreligious — Wait But Why
How to Beat Procrastination — Wait But Why
How to Beat Procrastination — Wait But Why
Part 2. Where does a procrastinator go wrong and how can you actually improve your procrastination habits?
The good news is, if you can power through a bit of the Dark Woods, something funny happens. Making progress on a task produces positive feelings of accomplishment and raises your self-esteem. The monkey gains his strength off of low self-esteem, and when you feel a jolt of self-satisfaction, the monkey finds a High Self-Esteem Banana in his path. It doesn’t quell his resistance entirely, but it goes a long way to distracting him for a while, and you’ll find that the urge to procrastinate has diminished.
·waitbutwhy.com·
How to Beat Procrastination — Wait But Why
First-time Fundraising: Deciding to Raise — Laconia
First-time Fundraising: Deciding to Raise — Laconia
This is part 1 of a 3-part series on First-time Fundraising. You can read the overview of this series here . Here are part 2 and part 3 .&nbsp; What does “venture-scale” mean? If you decide to raise venture capital, you should know what exactly you’re signing up for. Le
An underrated element of venture capital is that VCs manage other people’s money. VCs raise capital from investors called “Limited Partners” who are typically high-net-worth individuals, family offices, corporations, or institutions such as endowments, foundations, and pensions. These LPs invest in VCs for various reasons, but generally, LPs are targeting 3x+ returns on early stage funds over a ~10-year time period.
In making investment decisions, VCs often evaluate whether a given investment has the potential to “return the fund”. Here’s a quick example. If a $50M seed fund owns, on average, 10% of each portfolio company at exit, the company will have to sell for $500M for the investment to “return the fund”. In order for the investment to 3x the fund, it would have to sell for $1.5B, and so on. The actual analysis regarding portfolio “survival rate”, dilution, follow-on investments, exit magnitude, and time period will vary from firm to firm, but this simplification illustrates why VCs generally shy away from sub-$1B potential outcomes, let alone sub-$100M ones.
Even more important than whether VC is a good fit for the business is whether VC is a good fit for the founder.
Peace of mind: While the additional accountability may be a net positive, let’s be honest, having investors can be a pain in the neck. If you became an entrepreneur because you cannot stand to work for anyone else, having VCs may not be your cup of tea, either!
·laconiacapitalgroup.com·
First-time Fundraising: Deciding to Raise — Laconia
Watch "SUPER CRISPY CHICKEN TENDERS | SPICY CRISPY CHICKEN TENDERS | CHICKEN TENDERS RECIPE" on YouTube
Watch "SUPER CRISPY CHICKEN TENDERS | SPICY CRISPY CHICKEN TENDERS | CHICKEN TENDERS RECIPE" on YouTube
Chicken Tenders Recipe | Super Crispy Chicken Tenders | Spicy Crispy Chicken Tenders | Spicy Crunchy Chicken Strips | Spicy Crispy Chicken Strips | Crispy Fried Chicken Tenders | Crispy Fried Chicken Ingredients for Chicken Tenders Recipe: Chicken tenders- 8-10 nos (300 gms) For marination: - Salt- 1/4 tsp - Pepper powder- 1/4 tsp - Red Chilli powder- 3/4 tsp Flour mix for 1st layer: - Maida/All purpose flour- 1 cup - Salt- 1/2 tsp - Pepper powder- 1/2 tsp - Red Chilli Powder-1 tsp - Garlic powder- 1/4 tsp - Baking soda- a pinch Egg wash: - Egg, whisked-1 - Milk- 2 tbsp - Red Chilli sauce- 2 ts OR Tabasco sauce- 1.5 tsp For breading: - Plain Panko breadcrumbs- 2 cups Preparation: - Marinate the chicken tenders with the ingredients and set aside for 30 mins. - Get the flour mixture ready in a glass bowl and put the marinated chicken pieces in it. Dredge these well to fully coat the chicken tenders with the flour mixture. - Arrange two square glass containers/ dishes. Prepare the egg wash mixture in one and pour the Panko breadcrumbs in the other evenly. Process: - Take a flat skillet/deep pan and pour oil sufficient to deep fry the tenders. Heat the oil to medium hot. - To bread the tenders take out the tenders one at a time and place on the egg wash. Coat it well and then place on the panko breadcrumbs. Bread it to evenly coat the tenders with Panko breadcrumbs. Arrange on a plate. - Repeat the steps with the other tenders. - Once the oil is medium hot, drop the tenders one at a time so as to not crowd the pan, say 4/5 in one batch. - After around 2-3 mins once the tenders start floating on top, turn them over. Continue to fry them turning them few times till the tenders are golden brown color on all sides. - Remove from oil and put the next batch. Repeat the process. #chickentendersrecipe #crispychickentenders #spicychickentenders #crunchychickentenders #crispychickenstrips #spicychickenstrips #spiceeats #spiceeatsrecipes #spiceeatschicken Music: https://www.bensound.com/royalty-free-music
·youtu.be·
Watch "SUPER CRISPY CHICKEN TENDERS | SPICY CRISPY CHICKEN TENDERS | CHICKEN TENDERS RECIPE" on YouTube
Traits You Can Change, and Traits You Can’t
Traits You Can Change, and Traits You Can’t
Some personal traits can be changed, and some cannot. The dimensions where people tend to improve with time and coaching are reliably distinct from the dimensions that don't tend to change even with significant time and coaching.
·staysaasy.com·
Traits You Can Change, and Traits You Can’t
Enthusiasm Half-Life
Enthusiasm Half-Life
Over the long term, enthusiasm for most projects fade with time. Here's one useful way to think about it.
·commoncog.com·
Enthusiasm Half-Life
How we design our assets
How we design our assets
Designing sharp assets is crucial to us, it’s a statement of our commitment to creating quality products. To achieve this, we decided to draw our images completely in Figma.
·narative.co·
How we design our assets
How we built it: the technology behind Cloudflare Radar 2.0
How we built it: the technology behind Cloudflare Radar 2.0
Radar 2.0 was launched last month during Cloudflare's Birthday Week as a complete product revamp. This blog explains how we built it technically. Hopefully, it will inspire other developers to build complex web apps using Cloudflare products.
·blog.cloudflare.com·
How we built it: the technology behind Cloudflare Radar 2.0
I turned JS into a compiled language (for fun and Wasm) — surma.dev
I turned JS into a compiled language (for fun and Wasm) — surma.dev
This is one of those times where I got so fascinated by the idea of a thing that I forgot to ask myself whether it’s a good idea to build the thing. The idea being, transpiling JavaScript to C++ so I can compile that to whatever I need.
·surma.dev·
I turned JS into a compiled language (for fun and Wasm) — surma.dev
How Figma’s multiplayer technology works
How Figma’s multiplayer technology works
A peek into the homegrown solution we built as the first design tool with live collaborative editing.
It’s worth noting that we only use multiplayer for syncing changes to Figma documents. We also sync changes to a lot of other data (comments, users, teams, projects, etc.) but that is stored in Postgres, not our multiplayer system, and is synced with clients using a completely separate system that won’t be discussed in this article. Although these two systems are similar, they have separate implementations because of different tradeoffs around certain properties such as performance, offline availability, and security.
. This means that adding new features to Figma usually just means adding new properties to objects.
We had a lot of trouble until we settled on a principle to help guide us: if you undo a lot, copy something, and redo back to the present (a common operation), the document should not change. This may seem obvious but the single-player implementation of redo means “put back what I did” which may end up overwriting what other people did next if you’re not careful. This is why in Figma an undo operation modifies redo history at the time of the undo, and likewise a redo operation modifies undo history at the time of the redo.
An important consequence of this is that changes are atomic at the property value boundary. The eventually consistent value for a given property is always a value sent by one of the clients. This is why simultaneous editing of the same text value doesn’t work in Figma. If the text value is B and someone changes it to AB at the same time as someone else changes it to BC, the end result will be either AB or BC but never ABC. That’s ok with us because Figma is a design tool, not a text editor, and this use case isn’t one we’re optimizing for.
Object creation in Figma is most similar to a last-writer-wins set in CRDT literature, where whether an object is in the set or not is just another last-writer-wins boolean property on that object. A big difference from this model is that Figma doesn’t store any properties of deleted objects on the server. That data is instead stored in the undo buffer of the client that performed the delete. If that client wants to undo the delete, then it’s also responsible for restoring all properties of the deleted objects. This helps keep long-lived documents from continuing to grow in size as they are edited.
This system relies on clients being able to generate new object IDs that are guaranteed to be unique. This can be easily accomplished by assigning every client a unique client ID and including that client ID as part of newly-created object IDs. That way no two clients will ever generate the same object ID. Note that we can’t solve this by having the server assign IDs to newly-created objects because object creation needs to be able to work offline.
Many approaches represent reparenting as deleting the object and recreating it somewhere else with a new ID, but that doesn't work for us because concurrent edits would be dropped when the object's identity changes. The approach we settled on was to represent the parent-child relationship by storing a link to the parent as a property on the child. That way object identity is preserved. We also don’t need to deal with the situation where an object somehow ends up with multiple parents that we might have if, say, we instead had each parent store links to its children.
·figma.com·
How Figma’s multiplayer technology works