Despite challenges, public markets offer benefits for companies: Experts predict some improvement in 2024 after highest number of startup deaths since 2001. Bill Gurley believes industry is cyclical, but effects of crash are delayed due to accumulated capital. Public markets continue to foster innovation and provide reliable capital.
Despite the recent wave of startup deaths and financial instability in the private markets, the public markets continue to offer significant benefits for companies, including access to capital, efficiency, and accountability. According to the discussion, the number of startup deaths in 2023 was the highest since the dot-com crash in 2001, but experts predict that 2024 may bring some improvement. Bill Gurley, a veteran investor, believes that the industry is inherently cyclical and that the current downturn is a result of risk-taking and valuation expansion. However, he also notes that the effects of the crash are delayed due to the large amounts of capital that startups have accumulated. Despite the challenges, the public markets remain an attractive option for companies looking to innovate and grow. The public markets have proven time and again that they can foster innovation and provide a reliable source of capital. As the markets continue to evolve, founders and investors should keep an eye on trends and be prepared for the ups and downs of the industry.
Navigating the Challenges of Overcapitalization in the VC Industry: In a market with more capital and lower risk tolerance, companies may need to shut down, tighten belts, sell, or grow to meet new expectations. Only a few will reach prior valuations.
The venture capital industry and the expectations for companies have drastically changed in recent years, with more capital available and lower risk tolerance leading to a correction in public market valuations. Many companies are now grappling with being overcapitalized and needing to tighten their belts or face shutting down. The public markets have already corrected, but founders and boards are slowly coming to terms with the new reality. There are three main options for these companies: shutting down, tightening belts and selling, or growing into the huge valuations. Only a small percentage of companies funded in 2021 will be able to reach those prior valuations. The industry is in the process of working through these issues, and healthy decisions like the sale of Airplane to AirTable are signs of progress.
Effective team communication and collaboration can lead to cost savings and improved profitability: Merging teams can reduce spend and get profitability faster. Use a professional business phone system like Open Phone for organized and professional communications. Late-stage and early-stage investors' perspectives can lead to chaos and misalignment, distracting founders during board meetings.
Effective communication and collaboration between teams can lead to cost savings and improved profitability. For instance, merging two teams can help reduce spend and get profitability faster, benefiting both teams. Another key takeaway is the importance of using a professional business phone system like Open Phone. This modern solution makes it easy for businesses to obtain a business phone number for their entire team, ensuring all communications are professional and organized. Additionally, Open Phone offers features like shared phone numbers and quick response times, ensuring important calls and messages are never missed. With a starting price of just $13 per user per month and a special offer for Twist listeners, Open Phone is an affordable and effective solution for any business. Lastly, the discussion highlighted the impact of different investor perspectives on a company's future. When investors have varying return horizons, it can lead to chaos and misalignment within a company. Late-stage investors, who may have lost money, might be focused on moving on, while earlier-stage investors may still see potential for growth. These conflicting agendas can be distracting for founders and lead to challenges during board meetings when discussing exit strategies.
Navigating complexities of VC investments during economic downturns: Experienced investors, founders, and boards must have tough conversations and make difficult decisions during economic downturns, which can involve downsizing, cash distribution, and growth vs exit priorities. Strong partnerships between investors and founders are crucial throughout the investment lifecycle.
Navigating the complexities of venture capital investments, particularly during economic downturns, requires experienced investors, founders, and boards who are willing to have tough conversations and make difficult decisions. These conversations can involve discussions about downsizing the business, distributing cash, and prioritizing growth versus an exit. Founders may face conflicting advice from different investors, adding to the complexity. In the case of Hoppen, a company that faced significant challenges post-COVID, late-stage investors and the founder came together to right-size the business and ultimately save it, resulting in a better outcome for all parties involved. This process took time, effort, and collaboration, and underscores the importance of a strong partnership between investors and founders throughout the investment lifecycle.
Acceptance and Action in Corporate Governance and Valuations: Founders and boards are embracing public market rules and going public earlier for realistic valuations. Focus on growing the business and navigate the process with resources like DevSquad's full product team.
Founders and boards are becoming more realistic about corporate governance and valuations in the current market. The denial and resistance stages are giving way to acceptance and action. New deals are being priced according to public market rules, and there's a trend towards going public earlier rather than staying private indefinitely. Companies should focus on growing their business and not be distracted by competing founders or unrealistic valuations. There's no magic window for higher valuations, and if a company is ready to go public, they should do so, even if it means a discount to their private round valuation. The courage and determinism to go public is what's needed, and there are resources available to help companies navigate the process. Additionally, building a robust product team can help companies bring their ideas to life efficiently and cost-effectively. DevSquad offers a full product team with top talent at 75% the cost of a comparable US-based team, and with month-to-month payment options. The time for denial and resistance is over, and it's time for founders and boards to take action.
The public markets provide innovation, capital, and efficiency for companies: Companies like Amazon, Google, and Salesforce have thrived in public markets, challenging the notion that innovation cannot occur there. The trend of keeping companies private is changing, and the public markets are expected to open up again, offering liquidity through secondary markets.
The public markets have proven to be an effective source of innovation, capital, and efficiency for companies, contradicting the notion that innovation cannot occur in public markets. Companies like Amazon, Google, and Salesforce have shown this through their success. The trend of late-stage investors keeping companies private for their own benefit is changing, and the public markets are expected to open up again in the coming years. Secondary markets have also become more common, providing liquidity for employees and investors without adding more dilution for the management team. The decision to stay private or go public ultimately depends on the specific reasons for each company. The comparison of a football player progressing from high school to college to the pros illustrates the importance of embracing the challenges and scrutiny that come with going public.
Balancing Profitability and Growth in Business: Companies prioritizing growth over profitability can lead to massive success, but come with risks and uncertainties. Striking the right balance is crucial for founders and investors, especially during market fluctuations.
In the world of business, particularly tech startups, there's often a trade-off between profitability and growth. Some companies, like Uber and Amazon, have pushed the envelope by prioritizing growth over profitability in their early stages. This strategy can lead to massive success and value creation, but it also comes with risks and uncertainties. When a company goes public, it enters a game where its job is to constantly increase the price per share to provide liquidity to investors. This can be a challenging obligation, especially when the competition is fierce and the market conditions are unfavorable. However, having a clear winner in a network effect business and massive amounts of capital can help mitigate these challenges. The use of capital as a weapon of economic destruction, as seen in the case of Uber and Amazon, can delay the benefits of profitability. But with interest rates back at more normal levels, this trend may be changing. The key for founders and investors is to strike the right balance between profitability and growth, and to be prepared for the ups and downs of the business cycle. Ultimately, the decision to prioritize growth over profitability is a risky but potentially rewarding one. It requires conviction, a clear vision, and a willingness to push the edge of what's possible. And for those who are along for the ride, it can be an exhilarating experience, even if it feels like going up and down the PCH at 70 miles an hour without a guardrail.
Essential website designs through Squarespace for engaging audiences and starting a business online: Adapt to market trends and utilize effective tools like Squarespace for engaging website designs and venture capital investments in the current economic climate
Beautiful and optimized website designs through platforms like Squarespace are essential for engaging audiences and starting a business online, especially since most consumers now access websites primarily on their mobile devices. The templates offered by Squarespace are not only visually appealing but also mobile-first, allowing for effective sales and analytics directly on the platform. As for the venture capital market, it's undergoing a reset with a decrease in Series B and C deals due to the economic climate and adjusting interest rates. However, this presents opportunities for firms to invest in high-quality Series A and B deals, making it an interesting time for founders and investors alike. Overall, the key takeaway is the importance of adapting to the current market trends and utilizing the right tools and strategies for both website development and venture capital investments.
Favorable economic climate for new startups: Abundant talent, lower costs, advancements in AI, and a focus on profitability make the current economic climate ideal for starting a new business
The current economic climate presents an excellent opportunity for starting a new company. With fewer competitors, easier hiring, and reduced costs, founders can now build their businesses more efficiently than in the past. Talent is abundant, and remote work and international hiring have become the norm, leading to lower burn rates. Additionally, advancements in AI and automation are increasing productivity, allowing small teams to achieve significant revenue growth. Founders are also focusing on preserving their cap tables and aiming for profitability, leading to a potential shift in the funding landscape. Overall, the current economic environment is favorable for early-stage startups, making it an exciting time for entrepreneurs.
Silicon Valley's Talent Surplus: An Opportunity for Startups: The abundance of skilled labor in Silicon Valley, driven by ZIRP and AI, offers startups a competitive edge. However, productivity gains are not infinite and competition will eventually level the playing field. VCs are more discerning, making it an excellent time for entrepreneurs to start their companies, but team size may not always be small.
The abundance of technical talent in Silicon Valley, brought about by the ending of zero interest rate policy (ZIRP) and the advancement of AI-driven co-pilots, presents a unique opportunity for startups. This period of increased availability of skilled labor can help companies build strong teams and gain a competitive edge. However, it's important to remember that productivity gains are not infinite, and competition will eventually level the playing field. Venture capitalists, like Jason, are now able to be more discerning with their investments due to increased deal flow, leading to higher benchmarks for potential investments. This shift in the market can make it an excellent time for entrepreneurs to start their companies. However, the notion that a company can always be run with a small team is not guaranteed, as competition and evolving tools can change the landscape.
Assessing the potential of AI startups and adjusting capital strategies: Founders must evaluate the true potential of their AI opportunities and adjust capital strategies accordingly. The concentration of funding in a few AI startups raises questions about future investment distribution. Understanding revenue projections and the importance of ambition and hiring are crucial in the competitive startup landscape.
The business landscape has evolved significantly over the years, with technologies like cloud computing and AI leading the charge. These advancements have made it possible for smaller teams to build companies with substantial revenue potential, while also attracting large investments from venture capitalists. However, it's crucial for founders to assess the true potential of their opportunities and adjust their capital strategies accordingly. The concentration of funding among a few incumbent startups in AI raises questions about the future distribution of investments in new AI companies. It's essential to understand the nuances of revenue projections and the importance of ambition and hiring in the competitive startup landscape. The ongoing mania around AI and its potential for generating significant revenue, despite regulatory challenges, adds to the complexity of this evolving business environment.
Embrace the potential of AI while acknowledging market uncertainty: Stay informed, focus on understanding tech, identify key use cases, and be cautious with investments to maximize returns in the long run
While it's crucial to recognize the transformative potential of emerging technologies like AI, it's equally important to acknowledge the uncertainty and volatility in the market. As investors and analysts, we must hold two simultaneous truths: embrace the long-term potential of AI while acknowledging the challenges of accurately predicting revenue durability and market trends. The dot-com bubble serves as a reminder that being too early or overly confident can lead to missed opportunities. Instead, we should focus on understanding the underlying technologies, identifying key use cases, and staying informed about market developments. The language models, for instance, may follow a similar trajectory as search engines in the late 90s, with only a few emerging as clear winners. Being cautious and selective, rather than making hasty investments, is key to maximizing returns in the long run.
Improving user experience and launching new applications to unlock AI's full potential: Large language models have reached a ceiling and face challenges in merging multiple models. Market cooling down, but Google, Apple, Microsoft, and Meta expected to make strides. Instagram shopping agents, WhatsApp agents, and new hardware predicted to unlock commerce and activity.
The Large Language Models (LLMs) have reached a ceiling in terms of user experience and are facing challenges in merging multiple models. The market has seen a cooling down in terms of valuations and investments in AI startups, with many firms trying to discern what is real. Existing companies like Google, Apple, and Microsoft are expected to make significant strides in AI, with new products and applications. Meta, currently behind in the AI race, may focus on improving existing products, reducing friction, and launching new ones to compete. Instagram shopping agents and WhatsApp vertical and horizontal agents are predicted to radically unlock new levels of commerce and activity. The hardware market may also reopen, with meta glasses and other devices expected to innovate and bypass operating systems. Overall, the focus is on improving user experience, reducing friction, and launching new applications to unlock the full potential of AI.
The future of search and AI technology lies in the combination of Large Language Models and advanced voice recognition.: The combination of Large Language Models and advanced voice recognition has the potential to revolutionize user experience with quick, efficient, and conversational interactions, offering a more convenient and personalized experience.
The future of search and AI technology lies in the combination of Large Language Models (LLMs) and advanced voice recognition. This duo has the potential to revolutionize the user experience by providing quick, efficient, and conversational interactions. The UI disruptions of the past 30 years, such as the shift from mainframes to mobile phones, have been largely driven by advancements in user interfaces. Voice recognition, as a key component of this evolution, could be a game-changer. While attempts at voice interfaces have been made for decades, the low payoff has hindered widespread adoption. However, if voice recognition is paired with an effective LLM, the benefits could outweigh the effort. The challenge lies in not only achieving great voice recognition but also building a robust infrastructure for transactional activities in a digital world. Companies like Google, Meta, and Apple, with their respective search engines, voice assistants, and glasses, are major players in this landscape. The successful implementation of this technology could lead to a significant breakthrough, offering users a more convenient and personalized experience. However, the realization of this vision hinges on overcoming the hurdles of perfecting voice recognition and creating mutually beneficial partnerships with aggregators and small businesses.
Personal Assistants: The Next Disruption: Companies like Apple and Google are leading the charge in creating AI agents that can take action on our behalf, but challenges like partnerships and mindset shifts must be addressed to make this a reality. The potential rewards include disrupting monopolies and making life easier.
We're on the cusp of a major disruption in the way we interact with technology, particularly in the realm of personal assistants. This isn't just about accessing information, but rather having AI agents that can take action on our behalf. The process of making this a reality is complex and multi-decade, with companies like Apple and Google having an advantage due to their existing relationships and ecosystems. However, there are challenges to overcome, including the need for win-win partnerships and a shift in mindset. The potential rewards are significant, with the possibility of disrupting monopoly models and making our lives easier and more convenient. Ultimately, the key will be finding a way to let consumers choose which services they want to work with and enabling seamless connections between them. This is a moment of massive potential, but also one that requires careful navigation.
Advanced AI technology and competition among tech giants driving growth in 2024 and 2025: Nvidia is the non-consensus pick for best performing stock with long growth runway, Google faces challenges but still has potential, Uber's new CFO and cost management focus make it a hopeful long-term investment
The integration of advanced AI technology and the competition among tech giants, represented by the Magnificent Seven, will continue to drive significant outperformance in the tech sector in 2024 and 2025. However, there are exceptions. The non-consensus pick for the best performing stock on the long side is Nvidia, which is currently trading at a low PE multiple despite having a long and wide runway for growth. The challenge for Google, on the other hand, lies in the increasing competition in the market and the need to address the concerns around its declining business areas. Despite these challenges, Google still has the potential to positively return in 2024, but its multiple expansion may be limited due to the market's worry about disruptors. Additionally, the appointment of a new CFO at Uber and a focus on cost management are expected to bring positive changes to the company, making it a hopeful long-term investment.
Apple's Challenges in Consumer Excitement and Innovation: Apple faces challenges in maintaining consumer excitement and innovation, with plateaued iPhone sales and potential long positions in Google and Nvidia
While every tech company could potentially cut their staff in half and still perform well, some companies like Apple are facing challenges in maintaining consumer excitement and innovation. Apple's iPhone sales have plateaued, with some consumers skipping generations due to a lack of perceived value in upgrading. Apple Pay, however, is a bright spot for the company. Google, on the other hand, is seen as having a strong foundation with search and various user franchises, providing ample opportunities for growth. Apple is considered a short position, while Google and Nvidia are potential long positions. The discussion also touched upon the impact of remote work and the changing landscape of consumer behavior.
Bill Gurley, Brad Gerstner, & Jason Calacanis on the state of tech markets, hosted by David Weisburd | E1875
Recent Episodes from This Week in Startups
Navigating Challenges in Distressed Companies with Becki DeGraw | Wilson Sonsini Startup Legal Basics
Todays show: Wilson Sonsini Partner Becki DeGraw joins Jason on the latest edition of Startup Legal Basics! In this episode, they break down challenges in distressed companies(1:04), pay-to-play scenarios (2:31), the importance of a market check in financing (9:25), and high-profile legal and ethical issues (18:03).
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(00:00) Wilson Sonsini partner Becki DeGraw joins Jason
(1:04) Distressed companies and VCs leaving the board; Challenges in distressed companies
(2:31) Insider-led down rounds and pay-to-play scenarios
(7:07) Legal actions and stockholder lawsuits in successful turnarounds
(9:25) The importance of a market check in financing; Voting against board decisions
(18:03) Character and incentives in the startup ecosystem; High-profile legal and ethical issues
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No hype, Just works: How Comma reached 100M miles in autonomous driving
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Todays show:
Comma’s Harald Schäfer joins Jason to discuss the future of autonomous driving, Comma’s open-source approach (7:24), how camera-based systems stack up against lidar (20:52), self-driving technology developments globally (32:55), and more!
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Timestamps:
(0:00) Comma’s Harald Schäfer joins Jason
(2:02) Comma's approach to self-driving technology
(4:06) Cost, installation, and car manufacturers' reactions to Comma
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(7:24) Open source and different approaches in autonomous driving
(13:08) Comparing Waymo, Tesla FSD, and comma AI's strategies
(20:52) Lidar vs. camera-based systems in autonomy and the advantages of camera-based systems over human drivers
(24:05) Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist
(24:56) Autonomous vehicle rollout timeline and predictions
(27:33) Open source projects and major car manufacturers' adoption
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(32:55) Self-driving technology developments in China
(34:25) Tesla's anticipated announcements and AI integration in robotics
(39:48) Accessing and contributing to open-source self-driving projects
(41:01) Data sharing and transparency in autonomous driving
(43:14) Global adoption and demographics of self-driving technology
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Summarize Anything & Discover Connections with Recall’s Sankari Nair | E2010
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Timestamps:
(0:00) Recall’s Sankari joins Jason
(4:15) Explanation of automatic taxonomy creation and adding content to Recall (8:11) Recall’s augmented browser feature and web content indexing
(10:26) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://www.Squarespace.com/TWIST (14:39) B2B applications, multiplayer mode, and capturing institutional knowledge
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(20:40) AI costs for summarization and model preferences (22:08) Personalized learning features and Recall pricing strategy (26:10) The concept of luxury software and jamming on potential features (31:00) CommandAI - Visit https://www.command.ai/twist to get a custom live demo.
(32:34) LinkedIn integration and visual knowledge graph representation (35:26) Jason and Sanks play with the quiz section of Recall (40:43) Final thoughts on startup journey and investment opportunities
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OpenAI's new models, the MrBeast leak, Waymo ♥’s Uber and more! | E2009
Todays show:
Alex Wilhelm joins Jason to discuss OpenAI's latest model and implications (11:49), Uber's partnership with Waymo and its implications (38:16), Analyzing Mr. Beast's content creation and business culture (1:01:21). and more!
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Timestamps:
(0:00) Jason and Alex kick off the show.
(3:57) Highlights from the All-In Summit (9:16) Tackling media criticism and the state of journalism
(10:23) Washington Post - TWiST listeners can subscribe for just 50 cents per week for your first year at https://www.washingtonpost.com/twist
(11:49) Alex and Jason dive into OpenAI's latest model and implications (19:46) Examination of OpenAI's corporate structure and financing
(20:39) AssemblyAI - Get 100 free hours to start building at https://www.assemblyai.com/twist
(21:51) Further analysis of OpenAI's business model (27:08) OpenAI's valuation and perspectives on speculative investment
(30:26) Brex. Get the business account trusted by 1 in 3 US startups at https://www.brex.com/twist24
(32:07) The landscape of AI startup investments (35:20) How AI is enhancing developer productivity (36:33) AI's potential in consumer markets (38:16) Uber's partnership with Waymo and its implications (41:15) The realities of autonomous vehicle technology deployment (47:00) The government's role in autonomous vehicle tech and partnerships with big tech (52:26) Economic insights: Predictions on the Fed rate cut (56:26) The influence of interest rates on startups and investment strategies (58:52) Discussing cost of living adjustments and food delivery trends (1:00:44) Innovations in autonomous food preparation (1:01:21) Analyzing Mr. Beast's content creation and business culture (1:09:12) How large companies can maintain focus on goals
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Mentioned on the show:
OpenAI o1’s announcement: https://openai.com/index/learning-to-reason-with-llms/
OpenAI release article on The Verve: https://www.theverge.com/2024/9/12/24242439/openai-o1-model-reasoning-strawberry-chatgpt
Supermaven article: https://techcrunch.com/2024/09/16/ai-coding-assistant-supermaven-raises-cash-from-openai-and-perplexity-founders/
Twitter post from Michael Seibel: https://x.com/mwseibel/status/1835063692117103090
Waymo and Uber expand partnership: https://waymo.com/blog/2024/09/waymo-and-uber-expand-partnership/
Polymarket on Fed Interest Rates: https://polymarket.com/event/fed-interest-rates-september-2024?tid=1726496650092
Leaked Mr Beast doc: https://drive.google.com/file/d/11dV24Mda_kNEBCLtPtBomWG4IkngvQKK/view
Travis Kalanick | All-In Summit 2024 video**:** https://www.youtube.com/watch?v=8j7lwauJN2s
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Relationship Advice of the Investor Sort with Meghan Reynolds of Altimeter | E2008
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Todays show:
Meghan Reynolds takes the stage at Liquidity Summit 2024 to discuss the intricacies of raising capital and pitching to VCs. Meghan dives into many topics including the importance of relationships (3:07), fund size rationalization (20:36), market sentiment (25:55), and other crucial aspects of successful fundraising!
*
Timestamps:
(0:00) Meghan Reynolds takes the stage at Liquidity Summit 2024
(3:07) Meghan Reynolds’ talk “Relationship Advice: Of the LP / GP Sort”
(9:43) LinkedIn Ads - Get a $100 LinkedIn ad credit at http://www.linkedin.com/thisweekinstartups
(10:59) Client service in investor relations and fundraising strategies
(15:07) The complexity factor in raising capital
(19:19) Runway - Sign up at https://runway.com/twist to get your first 3 months free.
(20:36) Rationalizing fund size, securing re-ups, and worst pitching practices
(25:55) Market sentiment and single deal SPV dynamics
(29:34) Beehiiv - Get 30 days free and 20% off your first 3 months at https://www.beehiiv.com/twist
(31:02) VC allocations, private credit, and market dynamics
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Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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The New Power Law & How I Built a $100B Portfolio | E2007
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Timestamps:
(0:00) Jason joins Pejman Nozad and Jason Shuman at the Liquidity Summit 2024.
(3:25) Pejman Nozad’s “How I Built a $100B Portfolio”
(10:42) .Tech Domains. Don’t miss our “Jam with JCal” contest! To apply and get more details go to https://jamwithjcal.tech/
(21:34) Fidelity Private Shares. Visit https://www.fidelityprivateshares.com/ Mention our podcast and receive 20% off your first-year paid subscription.
(23:50) Jason joins Pejman for a fireside chat.
(36:33) Oracle. Save up to 50% on your cloud bill at https://www.oracle.com/twist
(38:02) Jason Shuman’s “The New Power Law: Good vs Great Funds”:
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(36:33) Oracle. Save up to 50% on your cloud bill at https://www.oracle.com/twist
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Great 2023 interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Boom: Supersonic speeds for everyday travel with Blake Scholl | E2006
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Todays show:
Boom Supersonic’s Blake Scholl joins Jason to discuss the future of supersonic flight (1:18), Boom's vision and test flights (9:25), the evolution of hardware startups (22:29), the future of autonomous aviation (1:17:06), and much more!
*
Timestamps:
(0:00) Boom Supersonic’s Blake Scholl joins Jason
(1:18) Commercial flight speed & Concorde history
(8:34) Vanta - Get $1000 off your SOC 2 at https://www.vanta.com/twist
(9:25) Boom's XB-1 test flights and airline partnerships
(15:04) Pricing, market comparison, and venture capital's view on hardware startups
(21:16) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://www.Squarespace.com/TWIST
(22:29) Evolution of startup market and hardware innovation
(29:03) Boeing's innovation decline and attracting talent to projects
(36:15) OpenPhone - Get 20% off your first six months at https://www.openphone.com/twist
(37:42) Working with tech legends and overcoming engine design challenges
(49:14) Cross-discipline innovation
(57:01) Learning from Air France 447 and cockpit safety design
(1:03:36) Cockpit technologies and the MH370 mystery
(1:11:30) Public perception of aviation risks and airport security impact
(1:17:06) The future of autonomous aviation
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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
*
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Scaling Childcare with Tech: Winnie.com’s Blueprint for Growing with Purpose & Profit | E2005
This Week in Startups is brought to you by…
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Timestamps:
(0:00) Sara Mauskopf, CEO of Winnie joins Alex
(1:45) Winnie's evolution, pivot, and focus on childcare services (7:25) Building Winnie's database and reflections on company growth
(9:55) Brave Search API. Get started for free at https://www.brave.com/jason
(12:08) The value of transparency and growth metrics
(19:20) CLA. Get started now at https://www.claconnect.com/
(21:16) Market positioning, motivations, and goals in the childcare industry (23:30) Addressing gender dynamics and startup funding (27:34) Balancing investor expectations with business models
(29:43) Sprig. Visit https://sprig.com/twist ****to book a demo and get a $75 gift card.
(31:10) Profitability, operational efficiency, and managing costs (37:01) Marketing strategies, brand growth, and the impact of Google’s model (40:30) Adapting to changing childcare demands due to remote work (44:08) Efforts to reduce childcare costs and home-based business challenges (50:06) Balancing profitability with growth and venture capital experiences (54:00) SaaS pricing challenges and the impact of AI (58:22) Tech M&A, FTC regulations, and innovation policies
*
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*
Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
*
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
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The Rise of Stablecoins with Circle’s Jeremy Allaire | E2004
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Todays show:
Circle’s Jeremy Allaire joins Alex Wilhelm to discuss the growth of stablecoins (49:06), stablecoin market infrastructure (22:23), their impact on global financial systems (56:07), and more!
*
Timestamps:
(0:00) Circle’s Jeremy Allaire joins Alex Wilhelm
(2:08) Jeremy's early career and the evolution of the internet
(5:28) Transition from Macromedia to Circle's founding
(12:10) LinkedIn Jobs - Go to https://www.linkedin.com/twist to post your first job for free.
(13:21) Bitcoin, stablecoins, and Circle's compliance
(20:53) Google Cloud - Get up to $200K in Google Cloud credits – or up to $350K for AI startups – plus training and guidance. Apply at https://startups.google.com/twist
(22:23) The current state and future of stablecoin market infrastructure
(28:07) Integrating stablecoins with traditional finance
(34:12) Beehiiv - Get 30 days free and 20% off your first 3 months at https://www.beehiiv.com/twist
(35:40) Stablecoins' impact on global financial systems
(41:30) Circle's business model, scalability, and blockchain potential
(49:06) Growth of USDC and other currency stablecoins
(51:10) USDC market cap trends and interest rates
(56:07) Stablecoins in the global financial system and US regulation
*
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(20:53) Google Cloud - Get up to $200K in Google Cloud credits – or up to $350K for AI startups – plus training and guidance. Apply at https://startups.google.com/twist
(34:12) Beehiiv - Get 30 days free and 20% off your first 3 months at https://www.beehiiv.com/twist
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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Medium: Reaching Profitability while The Internet is Broken + CorePod | E2003
This Week in Startups is brought to you by…
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*
Timestamps:
(0:00) Tony Stubblebine of Medium joins Alex.
(3:10) The broken internet and ad-based models
(5:57) Impact of AI on content creation and platform quality
(10:01) Medium's curation and financial model
(11:18) Notion - Try notion projects for free at https://www.notion.so/twist
(18:23) Medium's growth, geographic expansion, and AI translation
(20:02) Brex - Get the business account trusted by 1 in 3 US startups at https://www.brex.com/twist24
(22:05) AI-driven media platforms and the impact of AI spam
(29:32) OpenPhone - TWiST listeners can get an extra 20% off any plan for your first 6 months at https://www.openphone.com/twist
(30:59) Medium's subscriber growth and financial milestones
(34:35) AI data exclusivity and challenges in forming training data cohorts
(41:26) Medium's venture scale potential, profitability, and mission
(45:17) CEO's mindset and financial scaling towards 10 million subscribers
(50:41) Tony's personal use of AI in his workflow
(53:24) Future of AI in practical applications and business model disruption
(57:09) Organizing content and the challenge of integrating different formats
(1:02:19) Growth potential of niche markets and Medium's independence
(1:06:23) Jam with JCal! Introduction to Ulan Abdurazakov and CorePod
(1:07:27) Corepod product discussion and go-to-market strategy
(1:17:23) Jason Calacanis's advice on testing and market validation
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Great TWIST interviews: Will Guidara, Eoghan McCabe, Steve Huffman, Brian Chesky, Bob Moesta, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland
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Related Episodes
AI demos + Jason invests $25K live! | E1789
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*
Today’s show:
First up, Sunny Madra joins Jason to demo some new AI tools, including auto-generated articles, social clips, and ChatGPT’s newest feature. (3:50) Then, Jason sees pitches from three recent Founder University graduates and invests $25K in one of their startups! (40:33)
Time stamps:
(00:00) Sunny joins Jason
(2:20) The pace of progress in the industry and influx of AI startups
(3:50) Sunny demos byword.ai
(9:58) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist
(11:19) Building a company today and improving LLMs
(17:21) Sunny demos Submagic
(23:53) Embroker - Use code TWIST to get an extra 10% off insurance at https://Embroker.com/twist
(25:09) Sunny demos ChatGPT’s new Custom Instructions feature
(29:40) TWiST's "all-star" summer and brief TWiST history
(39:13) House of Macadamias - Get 20% off and a free box of Namibian Sea Salted Macadamia Nuts at https://houseofmacadamias.com/twist by using code TWIST20
(40:33) Jason and Kelly kick off another $25K startup pitch competition!
(44:13) Rami pitches Querio.ai
(49:18) Batuhan pitches BeforeSunset.ai
(59:54) Allen Pitches Semanttic
(1:07:03) Kelly and Jason share thoughts, then Jason picks a startup!
(1:11:34) Q&A with Jason
*
Check out byword_: https://byword.ai/
Check out Submagic: https://www.submagic.co
Check out Querio.AI: https://www.querio.ai
Check out BeforeSunset.AI: https://www.beforesunset.ai
Check out Semanttic: https://www.semanttic.com/
Follow Sunny: https://twitter.com/sundeep
*
Read LAUNCH Fund 4 Deal Memo: https://www.launch.co/four
Apply for Funding: https://www.launch.co/apply
Buy ANGEL: https://www.angelthebook.com
Great recent interviews: Steve Huffman, Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
*
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Fireside chat with Jason Calacanis & Brad Gerstner hosted by Mubadala’s Ibrahim Ajami | E1746
This Week in Startups is presented by:
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Today’s show:
Jason and Brad speak with Mubadala Capital’s Head of Ventures, Ibrahim Ajami, at Hub71 in the UAE. The three discuss how startups can survive and thrive in an economic downturn (1:02) before diving into the sacrifices that founders must make to create an incredible product. (14:16) They also explain how the AI revolution will affect software, startups, capital allocators, and more! (40:36)
Follow Mubadala: https://twitter.com/MubadalaCapital
Follow Ibrahim: https://twitter.com/IbrahimAjami
Follow Hub71: https://twitter.com/hub71ad
Follow Brad: https://twitter.com/altcap
Time stamps:
(0:00) Nick kicks off the show
(1:02) Surviving the downturn
(12:46) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/TWIST
(14:16) Sacrificing to build a great product
(26:34)Trovata - Use code TWIST at https://trovata.io/twist for 30% off one year of premium features, like AI forecasting
(27:47) Brad’s letter to Mark Zuckerberg and AI creating ultra-efficient startups
(39:02) OpenPhone - Get 20% off your first six months at https://openphone.com/twist
(40:36) The AI revolution
(50:48) The implications of AI on the software industry
(55:50) Creating the Silicon Valley culture
(59:32) Reflecting on the success of the Launch Accelerator
(1:06:23) Building culture within your firm and dealing with failure
(1:19:03) Opinions on WFH
(1:25:05) Recognizing product velocity
(1:29:11) Advice for young founders
(1:34:47) Advice for founders in emerging markets
Read LAUNCH Fund 4 Deal Memo & Apply for Funding
Great recent interviews: Brian Chesky, Aaron Levie, Sophia Amoruso, Reid Hoffman, Frank Slootman, Billy McFarland, PrayingForExits, Jenny Lefcourt
Check out Jason’s suite of newsletters: https://substack.com/@calacanis
Follow Jason:
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Follow TWiST:
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Subscribe to the Founder University Podcast: https://www.founder.university/podcast
HubSpot CTO Dharmesh Shah on empowering entrepreneurs, HubSpot’s journey, and AI automation | E1781
This Week in Startups is brought to you by… Vanta. Compliance and security shouldn't be a deal-breaker for startups to win new business. Vanta makes it easy for companies to get a SOC 2 report fast. TWiST listeners can get $1,000 off for a limited time at vanta.com/twist Crowdbotics. Great ideas can change the world, and Crowdbotics is the fastest way to turn those ideas into code. Get a free scoping session for your next big app idea at crowdbotics.com/twist Fitbod. Tired of doing the same workouts at the gym? Fitbod will build you personalized workouts that help you progress with every set. Get 25% off your subscription or try out the app for FREE when you sign up now at fitbod.me/TWIST. *
Today’s show:
HubSpot CTO Dharmesh Shah joins Jason to discuss his angel investing origin and strategies (2:36), HubSpot’s journey from a startup to a public company (6:19), the potential of generative AI (42:03), and much more!
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Time stamps: (00:00) HubSpot Co-Founder and CTO Dharmesh Shah joins Jason (2:36) Dharmesh explains what prompted his angel investing journey (6:19) HubSpots journey from startup to where it stands today (8:48) Dharmesh’s decision to focus on Small Minus Big (SMB) investing (11:12) Vanta - Get $1000 off your SOC 2 at https://vanta.com/twist (12:19) SMB investing conversation continued (16:08) The difference in cycles between big and small businesses (17:45) The best reason to start a company (21:25) Ways to go about assessing ideas (23:29) Crowdbotics - Get a free scoping session for your next big app idea at crowdbotics.com/twist (28:34) Breaking down the entrepreneurial work ethic (34:15) Anticapitalist sentiment in the U.S. (38:11) Fitbod - Get 25% off at https://fitbod.me/twist (39:40) Starting a business in a downturn (42:03) AI’s impact on business and Business Process Automation (BPA) (46:39) Dharmesh’s thoughts on the next stage of AI and the effect on jobs (54:41) How AI will lead to more efficient organizations and increase margins
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AI + You | 4 ways to scale your personal growth
In part two of our 3-part series on AI + You, we offer an actionable playbook on how AI can help us scale ourselves personally. Personal scale is all about broadening your skill set and strengthening your human relationships. To guide you, host Reid Hoffman speaks to Stanford HAI’s Fei-Fei Li, Inflection’s Mustafa Suleyman, tech-centric artist Holly Herndon and more AI pioneers. You’ll discover how AI can amplify your ability as a leader, coworker, collaborator and friend.
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#286: The Man Who Taught Me How to Invest
Mike Maples, Jr. (@m2jr) is the man who taught me how to invest. He's one of my favorite people and a personal mentor.
He is a partner at Floodgate, a venture capital firm that specializes in micro-cap investments in startups. He has been on the Forbes Midas List since 2010 and named one of Fortune magazine's "8 Rising VC Stars." Before becoming a full-time investor, Mike was inolved as a founder and operating executive at back-to-back starup IPOs, including Tivoli Systems (acquired by IBM) and Motive (acquired by Alcatel-Lucent). Some of Mike's investments include Twitter, Twitch.tv. ngmoco, Weebly, Chegg, Bazaar-voice, Spiceworks, Okta, and Demandforce.
Enjoy!
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