BC METAVERSE
Saved by @cur10uslearner

Hot Take:

The metaverse is going to make everything more extreme.

Here’s how the world is about to go on tilt and what it means for you 👇👇👇

 My friend @ShaanVP had an awesome thread on the metaverse a few weeks ago.

He set a clear, understandable definition of the metaverse:

The metaverse is a time, not a place.

It’s when our digital life is more important than our physical life.
If you believe in that definition (I do), then it pushes an interesting second order question.

What happens when that shift occurs?

I think everything gets a lot more extreme.

Why?
The world doesn’t get any bigger, but our surface area of exposure increases exponentially.

We have more insight and visibility into everything that’s going on.

This will put more pressure on the proverbial pressure cooker.

Here are 10 examples:
1. Opportunity

As more economic activity moves online, constraints and barriers go away.

You can be 10,000 miles away and considered as a candidate for a job.

Measurement pushes away from inputs (politics, facetime) to outputs (deliverables).
2. Competition

More opportunity brings more competition.

Tasks will get "re-rated" to their global economic value.

- Growth Assistants in the Philippines (shoutout @jspujji)
- Developers in Eastern Europe
- Bookkeepers in India

Business will now truly be a global sport.
3. Outcomes

Software allows for infinite leverage and (theoretically) infinite upside.

A lot of people in tech think we’re in a bubble.

I think we’re just getting started.

We’re going to see more companies that are started by fewer people with bigger results.
4. Engagement

More stimuli at our fingertips - notifications, tweets, messages, information - creates short consideration spans.

We either engage with short form content - e.g. TikTok - or long form content - e.g. 2 hour podcasts / binge TV.

The middle is no man's land.
5. Empathy

@DaveChappelle has a great quote: "When you see everything, it’s hard to care about anything."

Again the middle drops out.

Pro - there's less friction to engage on things that matter to us

Con - there's zero mindshare to engage on things that don't matter to us
6. Impulse

When friction reduces, decision making becomes faster.

We're seeing this play out live in many areas right now (most notably crypto).

Faster decisions = faster outcomes = faster iterations.

A virtuous cycle on the way up or a vicious cycle on the way down.
7. Voiced Opinions

More and more perspectives will come online with increased connectivity.

This will lead to an increase in bottom up analysis + more ground truth discovery.

It'll also lead to a lot of noise.

Curating the right information diet will be key.
8. Agitation

As more of my life is spent in the digital world, I've noticed I get agitated over the smallest things.

- Phone not connecting? Annoying.
- TV not streaming? Annoying.
- Browser not loading? Annoying

Subconscious, but we'll all continue to push in this direction.
9. Comparison

We get to see a curated sliver of everyone's life in real time now.

In the future, it'll get even more curated and dynamic with faster feedback loops.

If you’re not careful this can create serious cognitive distortion.

The comparison game can be infinite.
10. Polarization

Most people feel isolated because their viewpoints don't resonate.

But what happens when you take that viewpoint and extend it to 8B people worldwide?

Tribalism increases.

Why change your position if you can find people online that sympathize and agree?
Think about a world that has extreme:

1. Opportunities
2. Competition
3. Outcomes
4. Engagement
5. Empathy
6. Impulses
7. Voiced Opinions
8. Agitation
9. Comparison
10. Polarization

I don't know how that plays out, but I do know there will be lots of disruption and innovation.
As with anything, the metaverse is not “good” or “bad” on its own.

But there will be good and bad that comes from it.

If you believe the premise that everything is going to become a lot more extreme like I do, the second order effects are really interesting to think about.
If you enjoyed this tweet, give me a follow.

➡️@RomeenSheth ⬅️

I tweet about:

- Scaling a $50M+ bootstrapped business
- Interviewing titans of business
- Investing a few million a year in world class founders

More from Romeen Sheth

Romeen Sheth
Romeen Sheth
@RomeenSheth
There’s a lot of bad advice out there on how to pitch your startup.

Last year, I invested $1M+ and heard 200 companies pitch.

Every great pitch I've heard nails 5 ingredients.

In this thread, we'll go through each to help maximize your chances when fundraising

Let's dig in👇


1/ Every pitch should have 5 ingredients:

- Problem: Is this an issue
- Solution: Do you have the fix
- Market: Is this a big enough issue
- Business: Can you make money
- Team: Are you the people to do it

The best pitches nail all 5. Good ones hit 4. Subpar hit 3 or less.

2/ PROBLEM

The problem statement is an explanation of why a set of circumstances is painful for a set of users.

There’s one word in that sentence that is most important: painful.

If your problem is not painful enough, it's a vitamin.

The best startups are pain killers.


3/ SOLUTION

The solution statement is an explanation of how you address the pain felt by your users. If you don’t have the right solution, you won’t get customer traction.

Customers don’t buy your thesis on the pain point. They buy the actual thing that solves their pain point.


4/ MARKET

In tech, only businesses that have outsized potential get funded.

To have outsized potential, you have to either be in a:

(a) small, but rapidly growing market or
(b) large existing market that can be resegmented

If not, the business is not venture backable.
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Romeen Sheth
Romeen Sheth
@RomeenSheth
I interviewed 100 legendary investors, founders and executives.

Collectively, they have created over $1 trillion of value for the world.

Here are 20 practical career lessons they shared with me 👇👇👇

Always strive to simultaneously be overrated and underrated.

Contrary to popular belief, being overrated is good. It opens doors and gives you credibility.

But don’t let this go to your head. Stay hungry, humble and hardworking.

Most people overinvest in expiring skills & underinvest in permanent skills.

Expiring skills are tactical; their relevance diminishes with time and technology

Permanent skills are evergreen and create disproportionate impact

E.g. communication, judgement, trust, empathy

Get comfortable with being uncomfortable

If you get advice from enough people, the advice will cancel out.

You can find 2 smart people to take opposite sides of the argument on virtually every topic.

Focus on developing your instincts and trusting your own intuition.

Surround yourself with open minded people vs. close minded people

Open Minded People:
- Ask genuine questions
- Insatiably curious
- Listen attentively

Close Minded People
- Make statements instead of ask questions
- Focus on being right
- Speak more
LIFELESSONS
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Romeen Sheth
Romeen Sheth
@RomeenSheth
0/ Nothing pisses me off more than Lawyers ripping Founders off when putting investment docs together.

The worst part is most Investors aren’t helpful - 85% push the bill to Founders.

As an ex-lawyer, I saw all the inside tricks.

Here's how to reduce your legal bill by 90%:

1/ First, it’s important to understand how lawyers make $.

A legal bill has nothing to do with the end deliverable.

Wait what? That’s right. Lawyers make money via the billable hour.

Regardless of quality, you get charged based on how many hours the lawyer(s) spent with you

2/ The second cost variable is hourly rate.

Hourly Rate is a function of seniority of the lawyer you are working with.

Why is this important? Because the hourly rates go up FAST at top law firms.

Junior Associates = ~$400/hr
Senior Associates = ~$1000/hr
Partners = $1000+

3/ Most financings are very routine.

This was obvious at Seed (hence YC Safe), but it's also the case at A.

The problem is, as a Founder:

(a) You don't know what you don't know
(b) You don't want to mess it up
(c) You want to close fast
(d) You want to move on to your biz

4/ And that’s how you get trapped.

If you let the lawyers run it, a financing process will easily cost you $150k+.

You need to do 2 things: (1) pick the Lawyer and (2) establish the ground rules.
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Romeen Sheth
Romeen Sheth
@RomeenSheth
I love Twitter.

It’s truly the Town Square of the Internet.

But finding the diamond in the rough voices can be tough.

Here are 20 of my favorite people to follow:

1. Alex Lieberman - @businessbarista

Alex writes extensively about the Founder journey.

The cool part is he’s lived everything he talks about - starting from $0 and selling for $75M with hardly any outside capital raised.

My favorite piece:


2. Ryan Breslow - @ryantakesoff

Ryan is a Top 1% founder.

This guy is a machine - he’s built 2 unicorns before the age of 27.

Ryan spells out lessons on fundraising, operating and scaling.

My favorite piece:


3. Jesse Pujji - @jspujji

Jesse is who I think of when I think “bootstrapping.”

He bootstrapped his company to an 8-figure exit and now shares stories about other awesome bootstrappers.

He’s also got great insight into all things growth marketing:


4. Post Market - @Post_Market

Post puts out some of the most thoughtful investment insights on this platform.

It’s refreshing because Post cuts through the hype and goes deep into the business model.

Idk who he/she/it is, but the insights are 💣.
BUSINESS
Romeen Sheth
Romeen Sheth
@RomeenSheth
India is on the verge of a once-in-a-generation explosion in edtech.

I've invested in 2 co's that are growing like wildfire and want to do more. Let's talk if you're building in this space.

Here's what's going on and why you should pay attention now, if you weren't before:

1/ There are 5 factors that are simultaneously driving the rapid rise of edtech in India.

- Favorable demographics
- At scale internet adoption
- Deteriorating incumbent quality
- Declining budget / capacity
- Cultural relevance

Let's talk about how all 5 are interconnected.

2/ The quantum of "digital first" Indians that will need to be educated is like nothing the world has ever seen.

India has:

- 500M+ people under 25
- 125M+ English speakers
- 250M+ people that will be added to its population over the next 40 years (est. peak is 1.6B)

3/ In parallel, increased internet accessibility at very low prices has resulted in a massive surge of online users

- 830M internet users in 2021 (+83% from 2019)
- 860M smartphone users in 2022 (+84% from 2017)
- 8.3GB monthly data consumption (+100x from 2014)

4/ India's existing education system is rampant with outdated curricula, low quality instructors and inflexibility. India:

- Ranks 49/50 in higher ed
- Spends <5% GDP on higher ed
- Teaches "to the test" - the system is oriented around entrance exams
ALL

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👇Thread.

Published a new essay: The red flags and magic numbers that investors look for in your startup’s metrics – 80 slide deck included!


This was a deck that I created on my (longish) interview process with @a16z. It was a long path, starting with meeting folks at the firm 10 years ago. But the purpose of the deck was to explain how I would use my superpower in an investing context

Here's what I explain in the deck. As investors (whether angel or VC) we're often confronted with an up-and-to-the-right graph. Is it going to go up? Or down?


One solution to forecast these growth curves is the Growth Accounting Framework, where you add up New+Reactivated and subtract churned users. In each time period that gives you the difference in monthly actives.


The problem with this is that it's a lagging metric, not a leading one. We need to go one level deeper and look at the underlying loops that drive these numbers, to understand the quality.
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Story of Thumba Poo and Shiva

Thumba poo is a tiny white flower which grows in all areas. These flowers are used for treatment for sinus. Small children who have polyps in Nose are told to crush tumbha leaves and apply in nose part.
There is an interesting story of Thumba and


Mahadeva. Thumba flowers were not taken for Shiva Pooja. Saddened to this Thumba prayed sincerely and Mahadeva appeared before her.
She was surprised that Shiva had appeared before her. Instead of saying that she wants to under his feet always, she said
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She said that her feet should be on his head. Shiva accepted her prayers. It is because of this Thumba flower is placed in the head of Shiva Linga.
Shambo Mahadeva
Om Namah Sivaye
🙏🕉🙏
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Why Gain/loss ratio is important that the batting average
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• If your avg loss is 1% and avg gain is +5% then even if you are losing in 7 positions and winning in 3 out of 10 still you will be net profitable

Treat Trading as a business:
• Stick to a single strategy. Eg: A restaurateur usually wouldn’t be changing his recipe on a daily basis
• Mitesh Sir only works on BO or BD strategy, as he is a versatile trader

• Any trader should atleast experience 3 scenarios i.e. bull, bear & consolidation
• Target 4% per month i.e. 48% p.a.
• Option buying requires skill, everyday there wont be huge momentum, so buying options won’t yield good results, but high chances of falling into a bad habit

Stock Selection:
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Importance of Trading only BO or BD stocks by @Mitesh_Engr Sir: 👇

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• Trade only stocks with Momentum
• Instant results
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• Just find BO or BD
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How to take trade in Breakout/Breakdown stocks by @Mitesh_Engr Sir: 👇

• Check Support & Resistance
• Wait for 2-3 months consolidation
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• Trade on 3 min charts
• Small SL
• Keep trailing
• Always pyramid in profit


When and Why to Pyramid? By @Mitesh_Engr Sir

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• Potentially large profits
• An Example of pyramiding in one of his trades
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