Apr 17Member-onlyThe dry powder fallacy: why there is 50% less startup capital than we thinkIf there were any doubt startups would experience a tumultuous 2023, the SVB crisis quashed it. Even though we are on the other side of it, many questions remain. The majority of which, though, can summarize as, “What capital is available?” To answer that, we must look at the whole…Startups6 min readStartups6 min read
Dec 17, 2022Member-onlyWhat proximity matters most for building vertical startups?For most of startup history, the prevailing practice was to move west. That’s where the opportunity, talent, and capital was (is?). In fact, many VCs refused to invest anywhere else… ignoring other startups or predicting their investment on a move to the bay. For a number of reasons, we no…Startup5 min readStartup5 min read
Aug 27, 2022Member-onlyWhat happens when you over-index on momentum earlyMonths into starting my career in venture, I saw a high-performing company implode. This company was well beyond the typical “implosion” stage (aka pre-seed). Instead, it had raised an early growth round and had tens of millions in revenue. Performance didn’t wreck the company. Instead, a black-swan event did. We…Startup5 min readStartup5 min read
Apr 16, 2022Member-onlyYou only need to do these three things to kick a$$ at your jobThe thing I love about job interviews is that they are bi-directional. As much as the employer chooses the employee, the employee chooses the employer. This is particularly true when teams are small as in VC or when job markets are as tight as this one is. Acknowledging this bi-directional-ness…Startups6 min readStartups6 min read
Jan 25, 2022Member-onlyTips for VC InterviewingOriginally posted on twitter in October 2020 I hosted two workshops this week on how to interview for a VC internship or full-time job. 100+ students got the tips and tricks but that still leaves a lot of people trying to figure out what to expect, so here goes Our…Vc Interviews2 min readVc Interviews2 min read
Jan 9, 2022Member-onlyYou never get a second chance at a first impressionDuring my business school orientation at Booth, the facilitators split us into teams of a dozen. At the end of the first day, we each filled out “first impression” feedback cards. For each team member, we circled characteristics they presented the first time we interacted. …VC5 min readVC5 min read
Oct 10, 2021Member-onlyThe hard stuff: when volatility creates opportunityVolatility is the “liability to change rapidly and unpredictably, especially for the worse”. We often reference it in regards to public market investing. Volatility in a stock price makes it hard to predict what the future price will be. It means you take on more risk in buying or selling…Venture Capital5 min readVenture Capital5 min read
May 27, 2021Member-onlyNo more starving artistsAre creators the new capitalists? The artist Beeple made history selling an NFT for $69M. Mainstream interest in NFT Art exploded. Before jumping in, a few notes: If you’re not familiar with NFT basics and their place in culture start here then come back. For the purposes of this blog, we’ll talk about NFTs as…Nft6 min readNft6 min read
Mar 22, 2021Member-onlySeeding the exception: A flight to safety and back againThis time last year we were in the midst of the worst stock market crash in history. The private markets were no different. Notably, Sequoia published Coronavirus: The Black Swan of 2020. Sitting at the bottom, few of us would have predicted public and private markets hitting all-time highs less…Venture Capital6 min readVenture Capital6 min read
Jan 18, 2021Member-onlyWe live on the slippery slopeTechnology is a dominant force in our society. It influences our personal, professional, and political experiences more and more. Last week, the real world and the digital one collided head-on. We used social media to organize, energize, act, observe, comment, and censor. …Trump4 min readTrump4 min read
