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

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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
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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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0/ [THREAD] Over the last 4 years, I’ve interviewed 100+ of the most successful Investors, Founders and Executives in the world.

Here are the 20 "must have" lessons that most stuck out to me.

Lessons on life, career advice, entrepreneurship and startups 👇👇👇

1/ Having a billion dollars is great, having a billion seconds is priceless.

Interesting thought experiment: If you had the opportunity to switch places with Warren Buffet, would you do it?

You would be a billionaire, but you would also be 90.

Time > Money.

2/ 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.

3/ 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

4/ 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.
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Romeen Sheth
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The cold hard truth:

Why do companies like Quibi raise billions, while companies like Peloton get nothing?

Because fundraising is a GAME

And the insiders keep the rules to themselves.

Here are 100 tips the insiders don’t want you to see but will help you win the game:

1. You can’t play the game without nailing the basics.

There are 5 core ingredients to a startup pitch.

Most have 2.
Good ones have 4.
The best have all 5.


2. Now that you have a grasp of the basics, it’s time to level up.

Good news - most founders make the same mistakes as each other.

Bad news - these mistakes are really easy to make.

Here's what not to do:


3. Ok so you told me what not to do.

So what should I do?

Read below.


4. We’re in a really unique fundraising environment right now.

It’s important to contextualize all these tips in the “here and now” of what’s going on in the landscape.
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The ultimate hack to 10x your career:

Enter the Side Door.

Let's break it down 👇👇👇

Let’s set the stage. Imagine you’re in college and it’s Friday night.

It’s been a long week and it’s the party of the year at the local bar.

Awesome - you’re all set to go.

You get there and run into a huge problem.

There’s a massive line outside.

You do what most people do.

You stand in line in the freezing cold for an hour.

You’re tense and starting to worry.

You frantically call a friend of yours who managed to get in.

- Is there room inside?
- Any way you can talk to the bouncer for me?
- Is my (questionable...at best) ID going to get me in?

You leave your destiny up to the fate of the universe.

This is what most people do with their careers.

They take the front door AKA they do what everyone else is doing.

And what happens?

Well they get the same results as most people.

It’s hard to stand out and get the job you want.
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Sure 👇

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