VCs need to believe that your company could be a billion-dollar business and generally lack imagination — you need to paint a vivid picture of this path for them, starting with the striking protagonist character you play in your company’s story.Your alter ego should never lie, but it should be completely comfortable showing the fullest expression of your ambition to people who probably intimidate you. Fundraising is a snap judgment game — most VCs are trying to pattern-match you to a founder archetype who already won. They index primarily on IQ, self-belief, experience, and personability (in that order). A general rule of thumb is that to be taken seriously in SV, male founders would benefit from acting warmer, while female founders are taken more seriously when they act colder. Both benefit from acting a little entitled.

a VC’s job is to make a diversified portfolio of bets — you are only one. Most founders find being around VCs distracting and draining because they feel pressure to perform the role of ‘impressive person.’ If you can’t immediately capture value from your performance… why waste your energy?

don’t expect the average investor to provide much value beyond money and connections. This makes the 10% of investors who can be legitimately useful to your business worth their weight in gold. Develop litmus tests to identify the valuable ones quickly and avoid wasting your time trying to convince nonbelievers.

our goal here is to spend as little time fundraising as possible — which requires being strategic about the order in which you talk to investors and how you talk about where things stand as you progress through the raise. The combined force of controlling those two variables are what “generates momentum” during your fundraise process.

Make a list of all the investors you know and can get introduced to, ordering them by the ones you most want on board to the ones you couldn’t care less aboutTalk first to a few low-stakes investors at the bottom of your list to practice your pitch and identify common investor questions and critiques you’re going to getIf available to you, next get a few investors who already wanted to give you money on board so you have a dollar amount you can say you’ve raisedWork your way up your investor list, talking to the investors you most-want-on-board-but-still-need-to-convince last (this optimizes your odds they say yes)

This all goes by much faster if you court investors similarly to how hot girls treat their many potential suitors. If your raise is already a little taken and you exude an air that you don’t need them, mimetically-minded investors become much more interested.

If you’re anything like me, you will worry intensely about not making a fool of yourself. It will probably go ok, but not as amazing or illuminating as you’d hoped. You might leave and feel a deep sense of lostness set in. This is all very normal. In time you will see them in increasing clarity, often noticing the differences between your and their values and why you would not enjoy living their life at all.

the people on pedestals probably hate being there. It’s lonely, hard to trust that the intentions of the new people around you are pure, and you often feel like you’re constantly letting people down. In the end, idolization hurts everyone involved.

Beware of intellectual dementors and clout demonsIntellectual dementors will try to eat your ideas and interestingness — not necessarily to copy you, but to wring your brain dry to amass knowledge themselves. They often play mini IQ games/tests of will in conversation and masquerade as investors while never actually investing. Clout demons are similar, but view people less as brains and more as stepping stones towards supreme social status. The power move to protect yourself from both is to simply abstain from playing their games — give as little info on yourself and your ideas as possible and reflect their questions directly back at them.

People will help you if you ask for what you want clearly and concisely

Knowing what you want requires a lot of upfront soul-searching, followed by strategic and long-term thinking once you’ve committed to a thing (I can’t really demystify this more). Once you’re all in, I highly recommend diligently keeping a list somewhere of the top three things you currently need help with so when people ask, you’re ready.

You don’t want to make people feel like you’re using them but you do want to use your social capital for things you care about. General rule of thumb: ask for things either 1) after a positive interaction or 2) completely out of the blue with a concisely written and compelling email/text. Tone matters because you don’t want to sound desperate and you do want to show you know how to play the game (write like the founder you most admire talks).

once we’ve taken action on behalf of something, our brain assigns more value to said thing. Tim Keller: “The feeling of love follows the action of love.” Love is a strong word here, but the point stands — help people help you. Startups are long-term games, so it only makes sense to do them with people you truly want to be around for a very long time.

Companionship content is long-form content that can be consumed passively — allowing the consumer to be incompletely attentive, and providing a sense of relaxation, comfort, and community.

Interestingly, each individual “unit” of music is short-form (e.g. a 3-5 minute song), but how we consume it tends to be long-form and passive (i.e. via curated stations, lengthy playlists, or algorithms that adapt to our taste).

If you’re rewatching a show or movie, it’s likely to be companionship content. (Life-like conversational sitcoms can be consumed this way too.) As streaming matures, platforms are growing their passive-watch library.

content isn’t always prescriptively passive, rather it’s rooted in how consumers engage it.

That said, some content lends better to being companionship content: Long-form over short. Conversational over action. Simple plot versus complex.

Short-form video requires more attention & action in a few ways: Context switching, i.e. wrapping your head around a new piece of context every 30 seconds, especially if they’re on unrelated topics with different styles Judgment & decision-making, i.e. contemplating whether to keep watching or swipe to the next video effectively the entire time you’re watching a video Multi-sensory attention, i.e. default full-screen and requires visual and audio focus, especially since videos are so short that you can easily lose context Interactive components, e.g. liking, saving, bookmarking,

With how performative, edited, and algorithmically over-optimized it is, TikTok feels sub-human. TikTok has quickly become one of the most goal-seeking places on earth. I could easily describe TikTok as a global focus group for commercials. It’s the product personification of a means to an end, and the end is attention.

even TikTok creators are adapting the historically rigid format to appeal to more companionship-esque emotions and improve retention.

When we search for a YouTube video to watch, we often want the best companion for the next hour and not the most entertaining content.

While short-form content edits are meant to be spectacular and attention-grabbing, long-form content tends to be more subtle in its emotional journey Long-form engagement with any single character or narrative or genre lets you develop stronger understanding, affinity, and parasocial bonds Talk-based content (e.g. talk shows, podcasts, comedy, vlogs, life-like sitcoms) especially evokes a feeling of companionship and is less energy-draining The trends around loneliness and the acceleration of remote work has and will continue to make companionship content even more desirable As we move into new technology frontiers, we might unlock novel types of companionship content itself, but I’d expect this to take 5-10 years at least

TikTok is where you connect with an audience, YouTube is where you consolidate it.5 Long-form content also earns creators more, with YouTube a standout in revenue sharing.

YouTube paid out $16 billion to creators in 2022 (which is 55% of its annual $30 billion in revenue) and the other four social networks paid out about $1 billion each from their respective creator funds. In total, that yields $20 billion.”

Mr. Beast, YouTube’s top creator, says YouTube is now the final destination, not “traditional” hollywood stardom which is the dream of generations past. Creators also want to funnel audiences to apps & community platforms where they can own user relationships, rely less on algorithms, engage more directly and deeply with followers, and enable follower-to-follower engagement too

Interestingly of course, an increasing amount of short-form video, including formats like clips and edits, seems to be made from what originally was long-form content.8 And in return, these recycled short-form videos can drive tremendous traffic to long-form formats and platforms.

90% of people use a second screen while watching TV. We generally talk about “second screen” experiences in the context of multiple devices, but you can have complementary apps and content running on the same device — you can have the “second screen” on the same screen.

YouTube itself also cites a trend of people putting YouTube on their real TV screens: “There are more Americans gathering around the living room TV to watch YouTube than any other platform. Why? Put simply, people want choices and variety … It’s a one stop shop for video viewing. Think about something historically associated with linear TV: Sports. Now, with [our NFL partnership], people can not only watch the games, but watch post-game highlights and commentary in one place.”

If I were to build an on-demand streaming product or any kind of content product for that matter, I’d build for the companionship use case — not only because I think it has a higher ceiling of consumer attention, but also because it can support more authentic, natural, human engagement.

All the creators that are ‘made’ on TikTok are looking for a place to go to consolidate the attention they’ve amassed. TikTok is commercials. YouTube is TV. (Though yes, they’re both trying to become each other).

certainly AI and all the new creator tools enabled by it will help people mix and match and remix long and short formats all day, blurring the historically strict distinctions between them. It’ll take some time before we see a new physical product + content combo thrive, and meanwhile the iPhone and its comps will be competing hard to stay the default device.

The new default seems to be that we’re not lonely as long as we’re streaming. We can view this entirely in a negative light and talk about how much the internet and media is contributing to the loneliness epidemic. Or we could think about how to create media for good. Companionship content can be less the quick dopamine-hit-delivering clips and more of this, and perhaps even truly social.

Long-form wants to become the conversational third space for consumers too. The “comments” sections of TikTok, YouTube and all broadcast platforms are improving, but they still have a long way to go before they become even more community-oriented.

I’m not an “AI-head” but I am more curious about what it’s going to enable in long-form content than all the short-form clips it’s going to help generate and illustrate, etc.

The foreground tends to be utilities or low-cognitive / audio effort (text or silent video). Tiktok is a foreground app for now, YouTube is both (and I’d say trending towards being background).