BC INTERNET
Saved by @Alex1Powell

Some gems from @MacConwell of @RarebreedVC in Clubhouse right now:

 1) VCs are looking for startups that can get to $100m / yr in rev by yr 7-10.

VCs need this kind of return in order to produce great funds.
2) And so many companies won't get to this level - and that's not a bad thing - but then it means you should be thinking about trying to get going w company revenue since you can't count on VC backing.
3) someone asked about age and fundraising & do accelerators help?

Age doesn't matter. But just make sure no one is taking advantage of you. And as such, accelerators can help sometimes w that guidance.
4) Someone got a rejection because he had a teddy bear in his room (side note: what investor says that?!?)

Mac says he's been there and has heard that saltiness. But you're going to get a lot of nos. And you gain more leverage w more progress and traction. So just keeping going.
5) Someone is being told by pitch competitions that she is too early or too late. (this "Goldilocks & the 3 bears issue" is one of the biggest problems in the industry IMO) Everyone has a different def of what "early" means...

Mac recommends networking w the pitch organizers.
6) Next q is about derisking customers before building out the product.

I'm not sure if it's clubhouse or my internet but I didn't quite catch any of this part.
7) Advertisement for @RarebreedVC - if anyone wants to be an LP, they are open to more investors - go to
their website!

Fwiw, I'm a (small) LP and highly recommend checking it out.
8) Advertisement for past @HustleFundVC venture fellow @jasminvests - she is going to HBS in a couple of years and is in process of becoming a VC scout. (If you are looking for scouts or even want to hire her away, I highly recommend her!)
9) Someone asked about raising $$ for a travel startup

I missed most of the responses but I think the tl;Dr was that the founder should think about other travel mkts that are here - like road travel. And keep pitching!
10) Aspiring VC asked for advice.

Mac's go-to is honesty. He is direct and upfront w/ a founder. (And I concur!)

Not all vcs do this though.
11) I missed the q (sorry am apparently a horrible transcriber!)

But if you want to work w Mac, send him honest updates w a cadence. Don't just sugarcoat news. Establish rapport. Be genuine - treat him like a person. He is not a walking checkbook.
Ok it's midnight on the east coast, so the conversation is now over.

Sorry for the poor transcription job - between the audio dropping in and out and certain offspring stalling on bedtime, I probably only caught 70% of it. Next time!!

More from Elizabeth Yin

Elizabeth Yin
Elizabeth Yin
@dunkhippo33
Today I want to talk about the legal aspects of startups. How to set up? How to think about legal costs?

Fun!

Read on >>

1) Lawyers are expensive -- oof! A startup lawyer can cost you $300-$1k per HOUR! An associate paralegal may be slightly cheaper. But still pricey.

What do you need from a lawyer?

-company setup costs
-doc creation and review for financing rounds
-exit negotiation

2) For the purpose of this thread, we're just going to focus on setup costs, because this is where I see the most mistakes.

Once you get going, you may quickly realize you need a better lawyer - hah - and that generally helps w/ solving for financing rounds and exits

3) If you want to potentially raise money from VCs, you'll want to set up as a Delaware C Corp. If you don't ever want to raise from VCs, an LLC is fine.

Lots of ppl start out as an LLC because you can get tax benefits if you are not profitable.

4) But to me, if you know you want to raise VC money, it feels a bit penny wise / pound foolish, because you will need to spend $$ to convert your LLC to a Delaware C corp.
STARTUPS
Elizabeth Yin
Elizabeth Yin
@dunkhippo33
Today's thread is a continuation on *how* you generate momentum in fundraising.

Here's a rough conversation I had with a founder (called 'C') over the course of days a few months back.

Read on >>

1) C: I'm having trouble raising. VC A and VC B are taking so long to get back to me.

Me: Oh, when did you meet w/ them?

C: 3 weeks ago.

2) Me: Oh, are you mtg w/ anyone else?

C: No, I got busy working. I had all these sales calls to make.

Me: That's the problem - there isn't a reason for them to move quickly. There's no investor at the table.

3) C: But I have all these sales calls to make!

Me: I really don't have a great answer for you here. This is probably the hardest part about fundraising - juggling your actual job w/ your fundraising job, which is full-time too.

4) Me: You need to hand off your sales calls to your co-founder. And then you can do mtgs back to back.

C: Ok...

[some time passes]

C: Ok - I'm ready.

Me: How much do you want to raise and what are you using the money for?
ALL , FUNDRAISING
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Elizabeth Yin
Elizabeth Yin
@dunkhippo33
A thread on employee equity in early stage startups -- what are the compensation norms? What every early employee should ask? Some thoughts on whether the structure is fair.

Read on >>

1) First, there are NO NORMS! Hah. I have literally seen everything from giving early employees no equity to giving employee #1s near co-founder level of shares.

But what is more common than not?

2) In the Silicon Valley, if you're hiring your 1st employee, & you've raised NO $$ & are paying very little (e.g $0-$10k / yr or thereabouts), your first employee is basically a co-founder.

And the equity tranche for employee 1 should be closer to a co-founder level.

3) For ex, a friend of mine gave his employee #1 10% (vesting over 4 yrs of course) of the business. This employee was only getting his housing paid for. And this was 10 yrs ago, so it was during the bust.

4) On the flip side, if you have raised some $$ & are paying employee #1 near mkt rate, typically I see around here ppl get 1-5% (w/ vesting).

Caveat - near mkt rate doesn't mean compared to Google or FB salary rates. I mean compared to "normal big cos"
STARTUP
Elizabeth Yin
Elizabeth Yin
@dunkhippo33
Last week, I wrote a thread about generating momentum for startups.

Today's thread is on how emerging fund managers can generate momentum for their fund.

Whatever you do, momentum is so impt to get ppl onboard -- for hiring, for sales, for fundraising.

Read on >>

1) First, why does momentum matter?

Think about it from the "buyer's perspective" -- it is almost ALWAYS better to wait and get more information if you can get the same deal. Right?

More info on a potential investment. More info on a new product. Etc.

2) There are few situations where it's impt to be a first mover.

If you're a product buyer, it could be you have a dire situation at your company that alternatives can't handle.

But if you have a decent alternative (alternative product or alt investment), it's better to wait.

3) That means it's YOUR JOB to create momentum. Whether for fundraising, sales, or hiring.

So with that in mind, how do you generate momentum for fund fundraising?

4) In a prior tweet about generating momentum for startup fundraising, essentially I said to limit your supply (the amnt you are raising) in tranches AND to increase demand by packing in mtgs.

Unfort this doesn't quite work well for funds.
STARTUP , FUNDRAISING
Elizabeth Yin
Elizabeth Yin
@dunkhippo33
Today's thread is on the affiliate business model. Many years ago, I used to be an affiliate marketer. If there is any way to get schooled in marketing, becoming an affiliate marketer is probably the best way.

What is affiliate marketing and why should you care?

Read on >>

1) Affiliate marketing is selling products or generating leads on behalf of other companies and getting paid a commission for those products.

2) Some notable examples you've seen before:

NerdWallet - you read their articles on best credit cards. You click on a link to one of those cards. You fill out an application. They get paid for delivering that lead to the cc company.

3) In https://t.co/kSfWS69ybp - same thing. Any of their financial products -- you fill out an application, and https://t.co/mCrBT43mOj gets paid for that.

But the affiliate revenue model applies beyond financial services products.

4) Wirecutter -- you see a neat product they review or talk about. You click through and buy.

Wirecutter gets a cut of that transaction.
STARTUP

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Fran\xe7ois Chollet
François Chollet
@fchollet
Here's an overview of key adoption metrics for deep learning frameworks over 2020: downloads, developer surveys, job posts, scientific publications, Colab usage, Kaggle notebooks usage, GitHub data.

TensorFlow/Keras = #1 deep learning solution.


Note that we benchmark adoption vs Facebook's PyTorch because it is the only TF alternative that registers on the scale. Another option would have been sklearn, which has massive adoption, but it isn't really a TF alternative. In the future, I hope we can add JAX.

TensorFlow has seen 115M downloads in 2020, which nearly doubles its lifetime downloads. Note that this does *not* include downloads for all TF-adjacent packages, like tf-nightly, the old tensorflow-gpu, etc.


Also note that most of these downloads aren't from humans, but are automated downloads from CI systems (but none are from Google's systems, as Google doesn't use PyPI).

In a way, this metric reflects usage in production.

There were two worldwide developer surveys in 2020 that measured adoption of various frameworks: the one from StackOverflow, targeting all developers, and the one from Kaggle.
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r1es
r1es
@midnightride21
***THREAD***

I’ve been on the phone with colleagues about the hack all morning. None of us can figure out why #CISA chose this particular response to the breach. Couple of things struck us as curious.

The agencies targeted are not responding how you might expect...
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Anson Horton
Anson Horton
@AnsonHorton
1/ @werat asked about whether the debugger was using the C# compiler or language service in VS 2002. It was not. The debugger has a component called an ‘expression evaluator’ that is provided per language and is responsible for parsing and evaluating expressions when stopped at a

2/ breakpoint. For example, if you type into the immediate window, hover over a variable, type into the watch window, etc. the expression evaluator is involved. The debugger and the language service are actually deeply integrated in a number of scenarios in VS, which may

3/ initially seem surprising. I may talk about more of these scenarios in the future, but to give a flavor, when you set a breakpoint at design time the language service is involved, when you are using Edit and Continue the LS is involved, the range of what is being evaluated

4/ when you get a debugger data tip, completion lists when typing in the data windows or immediate window, etc. Prior to VS 2002, there were distinct debug environments tailored to each target customer (VB/VBA, C++, VJ, VBScript, TSQL, FoxPro, Fortran, etc.). The goals of the

5/ VS 2002 debugger included unifying the debugger backend components and providing a single UI stack that would enable new scenarios (for example, a callstack across languages). Expression evaluators are the architecture that separate the language specific pieces from the
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Madhu Menon
Madhu Menon
@madmanweb
The Internet and mobile phones have taken over our lives. But it comes with increasing security concerns. Website data breaches, phishing attacks, and other online scams are commonplace. Here's a thread for regular people on how to increase your security online.
#StaySafeOnline

#1
Go to your Google account settings. Revoke permissions from all the apps you don't use: https://t.co/cMGgSgtRTI

Also check if any app has access to your contacts or - gasp! - your entire email. Strongly reconsider both, especially access to your email.

Giving access to your contacts lets companies spam those people.

Giving access to your email - email organising apps, for instance - renders your online security meaningless. Password resets are often done with email, and if an external entity can access that, game over!

#2
Go to your Twitter account settings and revoke permissions from all the apps you don't use or trust:
https://t.co/lXxCgdnaXH

Online quizzes and such sites often ask for permission to post tweets for you, read your tweets, and even your DMs!.

People click "OK" without reading the fine print.

But imagine the security and privacy risk with having some unknown entity be able to post tweets and read your private DMs just to post the results of what Game of Thrones character you are.
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Andy Pavlo
Andy Pavlo
@andy_pavlo
If you're interested in DB internals, stop what you're doing and watch @CMUDB Quarantine Talk from Nico+Cesar about @SQLServer's Cascades query optimizer: https://t.co/FCdsbHHEaD

Many talks this semester were good. This one is the best. My thread provides key takeaways

[6:50] Microsoft hired Goetz Graffe in the 1990s to help them rewrite original Sybase optimizer into Cascades. This framework is now used across all MSFT DB products (@SQLServer, @cosmosdb, @Azure_Synapse).

[14:43] The optimizer checks whether it has stats it will need before cost-based search. If not, it blocks planning until the DBMS generates them. This is different than other approaches we saw this semester where DBMS says "we'll do it live!" with whatever stats are available.

[21:05] Their Cascades' search starts small/simple and then they make decision on the fly whether to expand search based on the expected query runtime and performance benefit from more search.

[26:33] They explicitly have a property for Halloween Problem. Operators specify whether they protect from it and then optimizer ensures property is satisfied. This is mindblowing. I have never thought about using the optimizer for this but it makes sense.
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SRI KUMARIAMMAN, KANYAKUMARI (TN)
#bharatmandir #navratri2021

Created by Maharshi Parasurama and also one among the 108 Shakthi Peethas in the world. The name Kanyakumari stands for Kanya(Virgin) and Kumari(girl).
Devi took this form to vanquish the demon Banasura
@GunduHuDuGa


Once, Banasura(grand son of Mahabali) obtained a boon from Shiva that he could be vanquished only by a virgin.
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