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
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
Saturday thoughts on funding: Where it helps. Where it doesn't. And how it affects team, success, and PM fit.

This is just my $0.02 after looking reviewing 30k+ early stage startups personally and having led 350+ investments across 2 VC firms & as an angel.

Let's begin! >>

1) Money is great to have in building a startup (for the least dilution and pain possible) That's true and always will be true. 😆

But just like how money can't buy you happiness, it also can't buy you PM fit.

2) PM fit is the holy grail for software startups. (we're not talking biotech - if you have a cure to cancer, I guarantee you everyone wants it).

But for software startups, it's unclear if ppl want your product at your price pt.

3) If you don't find PM fit, in this day and age, you will be able to get some sales. Maybe even say $1m in sales (or more!) per year, and you can still make a living.

But having sales does not mean that you have a repeatable customer acquisition process that can be sustainable

4) As an aside, that is why we invest at pre-seed & don't care about startup traction, because I don't believe traction at the earliest stages suggest PM fit. Traction only shows that a founder can execute (& that's impt too) but there are other ways to assess execution earlier.
STARTUPS
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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
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 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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Andy Pavlo
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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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Marko ⚡ Denic
@denicmarko
50 free tools and resources you're gonna love!

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1. UI Garage
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Link:

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Nathaniel Ho-Ho-Horadam
Nathaniel Ho-Ho-Horada...
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If you're looking at GA EV data and thinking maybe the reason D turnout looks strong relative to 11/3 is because after 2 months of Trump/GOP officials trashing mail-in ballots GOP voters are ditching it for E-Day instead...

Boy do I have some mindblowing statistics for you...

I compared the current mail-in voting tallies for each Congressional District against November mail-in votes for those districts.

The statewide figure currently sits at 62%. Guess which district leads the state?

You guessed it!

GA-14 at 69%. Marjorie Taylor Greene's district.

#2 is GA-8 at 68%.

Jody Hice of "I'm joining Marjorie Taylor Greene in her effort to throw out the Electoral College vote" fame.

GA-9 (Doug Collins) is above the state average at 64%.

IF Republicans were ditching absentee balloting en masse to vote on Election Day, you'd expect to see it by now. But the early *in-person* voting totals are what's actually lagging, not mail-in voting.

Pardon the sloppy spreadsheet, but those last 4 columns are what I'm looking at. The last one in particular.
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Francesco Ciulla
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@FrancescoCiull4
One of my purposes for 2021 is to simplify Docker for beginners.

Let's start with some definitions:

🏠Docker host
⚙️Docker engine
❓ Docker client
📝Dockerfile
📑Docker Image
🐳Docker Container
🐙Docker Compose
🪣 Docker Registry
🐳🐳🐳Docker Swarm

Definitions Below 👇

🏠Docker (Active) Host

A computer with Docker installed and the daemon running.

It can process Docker and non-Docker workloads.

⚙️Docker Engine

A Client-Server application. It has 3 components:

- "daemon process": A server that is a type of long-running program.

- "Rest API": to specify interfaces that programs can use to talk and interact with the daemon.

- "CLI": A command-line interface client

❓Docker Client

It sends commands to dockerd, using the Docker API.
It can communicate with multiple daemons.

📝Dockerfile

It's a text document that contains all the commands a user could call on the command line to assemble an image.
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1. (THREAD) So, it seems like the deplatforming debate is once again kicking off, so I thought I would introduce some of the earlier work that was done in this area back when ISIS was buck wild on social media. What have we learned over the last six years might be useful today:

2. One of the earliest studies that discussed the impact of suspensions of ISIS accounts was @intelwire and Morgan's piece: The ISIS Twitter Consensus.

They found that suspensions did have an impact on replies and retweets and overall dissemination.

3. After suspensions, the die-hard supporters dedicated themselves to creating new accounts, but others whittled away: “it appears the pace of account creation has lagged behind the pace of suspensions”

4. On the specific question of how suspensions impact the Twitter network, see this piece by @intelwire and @IntelGirl111, which explores how suspensions impact these groups, including major disruptions to dissemination and decline in follower count:

5. Another study by @Aud_Alexander similarly found that ISIS supporters were finding it hard to “gain traction” after Twitter took a harder stance on the group.
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