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 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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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
Some wed night thoughts on investor “value add”:

1) At the end of the day, money is a commodity. That mere fact should make every vc shudder.

It is amazing how many ppl (incl myself) clamor to get into a commodity business!

2) As such, to differentiate, different investors provide other things beyond money. Sometimes it’s community. Sometimes hiring help. Sometimes expertise or sector-focused networks. Etc

3) And some VCs are truly value add! For example, if I had an edtech co, I would hands down raise from @jwdanner - he has been there as an entrepreneur, built schools, and invested in so many hit edtech companies.

4) But at the end of the day, regardless of who invested in you, it’s the founders + team who are doing all the work.

5) when I think about what I’ve done for my own founders, it’s ranged from doing intros (mostly to other investors) to cust acq advice to feedback etc

But the reality is - all of my founders would’ve figured out how to get that intro or that piece of advice w out me
STARTUPS , INVESTORS
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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Alberto Gimeno \U0001f3f3\ufe0f\u200d\U0001f308\U0001f1ea\U0001f1f8\U0001f49c\U0001f90e
Alberto Gimeno 🏳️‍🌈🇪🇸💜...
@gimenete
I'm going to tell you a little bit how we work on features at GitHub. It's simple, but very powerful in my opinion. At GitHub we have a high performance culture.

We are deploying changes almost all the time while keeping the service running and the deployment failure ratio needs to be super low! We are constantly working on new medium/big features, we have frequent deploys and required peer reviews.

How do we know that big features are not conflicting with each other in functionality and in version control. How do we merge the work done in these non-trivial features? How do we do prevent peer reviews slow down our productivity?

With basically two things: split the work in small batches and feature flags. We don't have long-lived feature branches. We do very small changes all the time and deploy them.

We could split a feature in tens or hundreds of PRs, but until it is beta or GA, we don't expose it to users by using feature flags.
INTERNET
foone
foone
@Foone
time to get back to "repairing" old computers


The funny thing about making the 8-bit-guy into a meme about "repairing" computers with powertools is that the obvious heightening joke would, like, the "8 rounds guy", who fixes computers with firearms

but that would also be him, given that he's also a big gun enthusiast.

so it's inherently hard to satirize the repairing-computers-with-dremels guy, since they're also the guns-guy.

you'd have to go up to like a mythbusters level of overkill.

"this hard drive from 1986 won't spin up. We tried freezing it, tapping it with a rubber hammer, and opening the case to lower the friction... there's only one option left: GET OUT THE C4 EXPLOSIVES!"
INTERNET
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Carlos E. Perez
Carlos E. Perez
@IntuitMachine
Chess may be a good analogy for explaining the difference between a descriptive model of reality and a generative model of reality.

A descriptive model of chess will describe the rules (i.e. initial setup, allowed moves, points per piece, objectives). This tells you how a chessboard might evolve and also narrows the combinations of realistic chess positions.

In contrast, a generative model involves the actual gameplay between competing players that follow the rules. It generates new styles and patterns. It establishes new strategies and tactics. It generates new openings, middle gameplay, and end game tactics.

A generative model is an evolutionary model that leads to emergent behavior. As a consequence, a master of chess is able to recall the layout of chess positions in a real game in an instant, yet is unable to remember pieces placed in random positions.

That is because causality is present in the movements of pieces in a chessboard. An intuitive system like the human mind is able to capture that causality as a means to understanding and recall.
INTERNET
BlackRoomSec
BlackRoomSec
@blackroomsec
Or, you could let us know when you figure out why it was trending yesterday and the users are complaining which is why Vice wrote about it. Why I'm saying what I am.

There's an assumption here that this problem is fixed bc it was already hacked.

It's not.


We have ppl freezing and dying in TX right now because some ppl who thought they were really smart never spoke to anyone with actual experience with energy systems in extreme cold climates.

Texans are waiting for a solution to a preventable problem.

Farmers are saying that now, not during a crisis, they have to wait for a JD tech to arrive to help them.

The assumption that bc SOME farmers said screw this and used hacked firmware to get around that obstacle doesn't mean that all farmers are doing that.

If all farmers were using hacked firmware we wouldn't be discussing this right now would we?

Of course no one has pointed out that another issue here is that no one at John Deere has figured out they don't have enough staff to quickly and reliably SOLVE problems.

The locked firmware is just one of many issues here.

By not giving people a fast solution they're causing this and other issues.

So what I'm saying is somebody at John Deere needs to examine all of this.
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Jim Lakely
Jim Lakely
@jlakely
Let's be clear about what @Google, @Apple & @amazon instantly destroying #Parler's ability to be the free-speech version of Twitter is. At its core, this is about the ability to freely communicate one’s thoughts to others — once considered a hallmark of "The American Way." 1/13

What Big Tech is doing is as if Ma Bell in 1973 (ask grandpa) decided what you're saying to a friend on a landline phone was “dangerous." So they cut off the line in the middle of the talk and then sent someone over to physically cut your phone line. That's Stasi shit. 2/13

I realize that a personal conversation is not the same as a public tweet, but the principle is the same. The company that "owns the wires" for your speec — and has special govt rules protecting them due to their position — cuts off your call due to what you are saying. 3/13

If this analogy doesn't work for you, imagine someone tackling and punching you for speaking on a soap box in a public park and then setting your soap box on fire. And the govt being OK with that in a country that has a First Amendment. Moving on ... 4/13

Big Tech shadow banned people for years to just do it "halfway." That way, they could continue to paint an increasingly thin patina on their original govt-protected pledge to promote the free exchange of thought. #freespeech 5/13
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With his younger brother, writer Larry Lieber, and Jack "the King" Kirby:

Groot

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With writer Lieber, and artist Kirby:

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With the King, Stan gives birth to the Marvel Universe:

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With Jack Kirby:

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Thread: *Post-Liberal reading list*
1/ Religion and the Rise of Capitalism - R.H. Tawney
Unto This Last - John Ruskin
Liberty, Equality, Fraternity - James Fitzjames Stephen
The Great Transformation - Karl Polanyi
The Quest for Community - Robert Nisbet

2/ Family and Civilisation - Carle C. Zimmerman
Science, Politics and Gnosticism - Eric Voegelin
Liberty Before Liberalism - Quentin Skinner
The Great Debate - Yuval Levin
Lincoln and the Politics of Christian Love - Grant Havers
Where We Are - Roger Scruton

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The Unsettling of America - Wendell Berry
Moral Matters - Mark Dooley
Red Tory - Phillip Blond
Blue Labour - Eds. Ian Geary and Adrian Pabst
Together for the Common Good - Eds. Nicholas Sagovsky & Peter McGrail

4/ The Politics of Virtue - John Milbank & Adrian Pabst
Localism in a Mass Age - Eds. Mark T. Mitchell & Jason Peters
The Antimodern Condition - Peter King
The Principle of Duty - David Selbourne
Nostalgia - Anthony Esolen
A Common Human Ground - Claes G. Ryn

5/ The Politics of Gratitude - Mark T. Mitchell
A Time to Build - Yuval Levin
Remaking One Nation - Nick Timothy
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Defending Identity - Natan Sharansky
Between Kin and Cosmopolis - Nigel Biggar
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@Suchi_sharma_
Yantrodharaka Anjaneya Temple, Hampi, Karnataka.

This temple dedicated to pawanputra Hanuman, near the banks of Tungabhadra river was built by dwaita philosopher and rajguru of the Vijayanagar empire, Sri Vyasaraja around +500 years ago.


:It is only in this temple that Hanuman appears in a prayer position. In this image, Bhagwan Hanuman’s crown has been formed by his tail.12 monkeys have been carved around this amulet.


:They represent the 12 days Sri Vyasaraja prayed to Hanuman ji. Each monkey holds the tail of the monkey in front of him but is facing backward. Seed syllables have also been carved around the amulet.


:It is believed that Sri Vyasaraja used to draw a picture of lord Hanuman here on the rocks before offering prayers using charcoal and the sketch disappeared after prayers.This incidence happened for 12 days in a row until he pleaded to bhagwan to appear in front of him.


On the 12th day, Hanuman ji appeared in front of Sri Vyasaraja and blessed him. Hanuman asked Sri Vyasaraja to constrain him in a hexagonal amulet & install him in that place.
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christmas cheer liz bruenig
christmas cheer liz br...
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one of the things i like about Batman is that it's fundamentally about being orphaned, and being an orphan — how this guy stays tethered to the world in his own weird, abstract, extrajudicial way when he feels that his link to it has been violently severed

Batman does this by permanently recapitulating his own trauma: solving crimes for other people, protecting them. But that's actually just the beginning; he also recapitulates his own experience of orphanness by essentially raising several orphans

Dick is an orphan in the traditional sense: dead parents. Batman sees it happen. Jason, less so: missing dad, known mom who eventually dies. Tim, even less so: parents are around a while, and involved, before both dying. Carrie, even less than that: negligent parents.

Steph: evil father, who openly works against her. And then there's Damian, whose parents are both alive and yet both have identities that totally obliterate their role as his parents. He doesn't relate to them as a mother and father; he can't, and neither can they.

In all these different cases, Batman tries all these different ways of making orphanness for them not what it was for him: Either by trying to teach them the (arguably poor) coping skills early that he learned over a very long time, or by literally legally adopting them, etc.
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Carol Forden
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@CarolForden
1. The major problem most startups face is marketing and the ability to carve out a niche, find and retain paying customers.

Even with a stellar developer team and a stellar product, your startup may not grow or survive without a great marketing and sales teams.

2. Start growing your audience before you’ve a product or an idea.

You should start promoting yourself and building your audience before you have a finished product or even before you have a great idea that you want to build.

3. Don’t wait to start building your audience after you’ve launched a product.

Most first-time developers actually ignore marketing.

They’re oblivious to the challenge of attracting people to take a look at something they’ve created.

4. At least until they see their first project crash and burn within hours of the launch.

There are so many times that I have seen developers spend countless hours building something, releasing it with no fanfare...

5. and only then trying to figure out how to promote it by asking marketing questions on Indie Hackers, Quora or Hacker News. Don’t make that mistake.
STARTUPS