Podcast Summary
Largest Debut Fund by a Solo Female Founding Partner: Han Ventures' $1.5 Billion: Katie Hahn, a former A16Z partner, raised a record-breaking $1.5B debut fund for Han Ventures, focusing on Web3 companies, surpassing Mary Meeker's previous record.
Katie Hahn, a former partner at A16Z, has raised a record-breaking $1.5 billion debut fund for Han Ventures, focusing on Web3 companies, making it the largest debut fund by a solo female founding partner to date, surpassing Mary Meeker's $1.3 billion raise for Bond Capital in 2019. Additionally, during this episode of "This Week in Startups," the hosts covered various other stories, including Katie Hahn's potential investments in Apple's possible neo bank play, World Coin, and Board Ape's mass evaluation. The show also featured an interview with Ben Miller, founder of Cronify, a consumer software app helping people plan for their financial future. The hosts discussed the potential success of financial apps like Robinhood and their belief in the next generation's desire to become financially literate. The episode concluded with an offer for listeners to give or take an extra minute during the discussion.
Record-breaking fundraising by a solo female VC: A solo female VC set a new record for the largest fund raised by a solo VC, demonstrating growing recognition of women's capabilities and LP focus on potential returns over gender.
The venture capital industry is making strides towards gender equality, as evidenced by the recent record-breaking fundraising by a solo female VC, reportedly the largest ever raised by a solo VC. This achievement underscores the growing recognition of women's capabilities and contributions in the industry, and the increasing focus on merit and track record over gender. The LPs, or limited partners, are reportedly more interested in the potential returns from the web three and crypto space than the gender of the fund manager. The success of this female VC, who joined Andreessen Horowitz as their first female GP in 2018, is a sign of progress, but it also raises questions about why she left the firm after just two years. Her team, which includes diverse backgrounds and experiences, further highlights her commitment to cognitive diversity. The industry still has a long way to go, but this achievement marks an important milestone.
Leaving a successful firm to start her own VC with a $1.5B fund: Exceptional talent may outgrow their role and desire more control, leading them to start their own venture with substantial resources, but also immense pressure and responsibility.
Exceptional talent may outgrow the brands they work for and feel the need to call the shots on their own. This was the case with Rachel Lehmann-Haupt, who left Andreessen Horowitz to start her own venture capital firm, Annapurna Labs, with a $1.5 billion fund. Her decision was likely driven by her desire to have more control and her brand becoming bigger than the firm's. The new fund, which is the largest ever raised, comes with significant pressure and responsibility, but also a substantial windfall of management fees. To build a team with these resources, she will need to hire well, which is crucial for any startup looking to be an outlier success. Companies like Tinder, NerdWallet, and Carta trust Rocket, a hiring solution built by former founders, to help them find the best talent. Rocket's machine learning-powered team of recruiters can help you hire anyone from independent contractors to executive positions with a white glove service. Go to getrocket.com/twist and use the promo code "twist" for 20% off your first placement.
NFT Market's Uncertain Future: Despite massive investments, the viability of NFTs and associated metaverses as a sustainable business model is uncertain due to reliance on a large user base and high transaction volume.
The NFT market, specifically the sale of digital collectibles and the creation of associated metaverses, has seen massive investments despite questions about their purpose and sustainability. Companies like Hugo Labs, maker of Bored Ape NFTs and the APE coin, have raised significant funds, with valuations reaching billions, based on the potential success of massively multiplayer online role-playing games in these metaverses. However, the viability of this business model is uncertain, as it relies on a large number of paying users and a high in-game currency transaction volume. The success of previous examples, such as World of Warcraft, would require astronomical revenue, and it's unclear if NFTs and associated metaverses can replicate that level of success. Additionally, the veracity of financial data, such as Hugo Labs' reported $137 million in revenue, remains unverified. The future of NFTs as a sustainable business model remains to be seen.
BAYC NFTs: Decentralized Experiment or Centralized Manipulation?: BAYC NFTs distribution raises concerns about centralization and potential market manipulation, with significant control going to creators, early investors, and the company, leaving the public as potential bag holders. Involvement of influential figures adds to the potential for manipulation, and the SEC's involvement is crucial to prevent it.
While the creation of a currency and society around Bored Ape Yacht Club (BAYC) NFTs presents an interesting decentralized experiment, the distribution of tokens raises concerns about centralization and potential market manipulation. The initial allocation saw significant control going to the creators, early investors, and the company itself, leaving the public as potential bag holders. The involvement of influential figures like Jason Horowitz and Andreessen Horowitz adds to the potential for manipulation. Critics argue that this goes against the decentralized and equitable nature that crypto enthusiasts have championed, with insiders benefiting at the expense of the public. The SEC's involvement is crucial to prevent market manipulation and insider trading, as the lines between investing and insider trading can be blurred in this context. Ultimately, the success and fairness of BAYC's decentralized society will depend on transparency and a level playing field for all participants.
Investing in IP with Proven Revenues: Double the Profit: Investing in IP with proven revenue streams can yield double the profit, act fast before market saturation, and efficiently hire skilled engineers with Lemon.io.
Investing in intellectual property (IP) with proven revenue streams, such as franchises from movies or comics, can potentially yield significant returns. The speaker suggests that the value of these franchises is often underestimated, as it can be worth double the total revenue generated. He also mentions the importance of acting quickly to secure these opportunities before the market becomes saturated. Another key point discussed is the efficiency of using platforms like Lemon.io to quickly hire skilled engineers for startups, saving valuable time and resources in the growth process.
Lemon.io's Success Story with Scout and Apple's Predicted Move into Banking: Lemon.io provides skilled developers, demonstrated by Scout's success with two engineers. Apple's acquisition of Credit Kudos may signal entry into banking, potentially offering a full range of financial services.
Lemon.io is a reliable solution for businesses looking to hire developers quickly and efficiently. The company's rigorous testing and interviewing process ensures that they provide skilled developers who can help projects run smoothly and effectively. This was demonstrated in the success story of Scout, a lead gen platform that needed a developer with specific skills and received not only one but two engineers from Lemon.io. Additionally, Apple's acquisition of the UK-based banking startup Credit Kudos has sparked a prediction that Lemon could be Apple's next move into the financial world. With their vast cash reserves and existing financial products like the Apple Card and Apple Pay, Apple could potentially disrupt the financial industry by offering a full range of banking services directly to consumers. This could include mortgages, loans, and checking accounts, allowing Apple to offer a financial stack and potentially generate more revenue through interest. However, it remains to be seen if Apple will indeed enter the banking world, but the potential is certainly there. So, if you're in need of a developer to help run your projects faster, consider Lemon.io. And if you're an Apple customer, keep an eye on the tech giant's potential moves into the financial sector.
Apple's financial services and potential acquisitions could create barriers to entry: Apple's integration of financial services and potential acquisitions could make it harder for users to switch platforms, raising concerns about competition and privacy.
Apple's integration of financial services into its ecosystem could make it harder for users to switch to other platforms, acting as a barrier to entry. However, the SEC would not allow hardware-locked finance, and Apple could still access these services through the web. Apple's potential acquisitions, such as MasterCard or Square, could expand its offerings and make it even more competitive. Another topic discussed was Sam Altman's Whirlcoin, which is raising funds through a token sale and plans to redistribute wealth by paying individuals for their biometric data. The idea has raised concerns regarding privacy, and it remains to be seen how successful this venture will be. The VCs are getting in early, while the public may end up as the bag holders or winners. In summary, Apple's financial services and potential acquisitions could make it harder for users to switch platforms, while Whirlcoin's plan to redistribute wealth through biometric data has raised privacy concerns and remains to be seen if it will be successful.
Privacy concerns with iris scan verification: While iris scans can enhance security, privacy implications must be considered. Companies must communicate clearly about data use and provide opt-out options.
While the concept of using iris scans for identity verification to minimize fraud and facilitate transactions may sound innovative, it raises significant privacy concerns. The lack of clear communication about how the data will be used and stored, as well as the potential for it to be shared or used for other purposes, is a major concern. The terms of service mentioned above suggest that personal information, including geolocation and social media data, may be collected automatically, and while some of this information is publicly available, the extent to which it will be used and the potential consequences for users are unclear. It's important for individuals to carefully consider the privacy implications of such data collection and use, and for companies to be transparent about their practices and provide clear opt-out options for those who do not wish to share their data.
Companies handling biometric data with caution: Approach companies requesting biometric data with caution, understand their data handling practices, and consider using trusted platforms for specific transactions.
Companies asking for biometric data, such as iris scans, should be approached with caution. During a discussion, it was mentioned that a company might be using a standard template for terms of service, and the actual biometric data might not be clearly stated. The speaker expressed trust in companies like Apple, which store biometric data locally and encrypt it, unlike Google and Facebook, whose business models and potential uses for biometric data are less clear. Another topic touched upon was Micro Acquire, a startup acquisition marketplace that helps startups get acquired efficiently and anonymously. The speaker praised the platform for its ability to connect buyers and sellers and facilitate deals. In essence, the conversation highlighted the importance of understanding how companies handle sensitive data and the potential benefits of using trusted platforms for specific transactions.
New tech company's innovative products include LED-equipped earbuds and upcoming smartphone: The new tech company, founded by a OnePlus co-founder, has raised $70 million, released LED-equipped earbuds, and is working on a smartphone with similar LED functionality for quick information access.
A new tech company, founded by a co-founder of OnePlus, is making waves with its innovative products. They've already raised $70 million in funding and have released a pair of Bluetooth earbuds with an LED readout on the side, and have recently announced their next product: a smartphone. The earbuds' LED shows song information and other details, and the speaker mentioned wanting similar functionality for other devices, such as an LED on the back of an iPhone or iPad to display battery percentage or messages. The speaker also shared their experience with a Samsung flip phone that has an LCD screen on the outside and mentioned using it as a Bluetooth device. Despite the flip phone not having an LED, the speaker was intrigued by the idea of LEDs on devices for quick information access. The company's upcoming smartphone is generating excitement, and the earbuds' software allows users to customize settings and equalizer settings. Overall, this new tech company is making strides with innovative products that cater to users' desire for quick and customizable information access.
Speaker's technology preferences and frustrations: Speaker prefers Sennheiser ear monitors for music, considers getting a microphone for phone calls, dislikes AirPods Max, interested in Samsung phone with Nothing OS, frustrated with iOS limitations, considering using Signal for messaging, intending to try it exclusively for a week
During the discussion, the speaker expressed their preference for using Sennheiser ear monitors for music due to their sound quality and comfort. However, they were considering getting a microphone for these earphones to use for phone calls. They also mentioned their discomfort with the AirPods Max and their interest in the new Samsung phone with the Nothing OS. The speaker criticized the lack of innovation in the phone industry and expressed frustration with the limitations of the iOS ecosystem, specifically the inability to use iMessage on non-Apple devices. They also discussed the potential benefits of using Signal for messaging, but were hesitant due to the lack of cross-platform support for the desktop app. The speaker mentioned their intention to try using Signal exclusively for a week to determine if they should switch to Android permanently. Overall, the conversation touched on topics related to personal preferences for technology, limitations of different ecosystems, and potential solutions to common frustrations.
Government actions against Apple's App Store monopoly and Chronify's focus on financial independence: The government may challenge Apple's monopoly over the App Store and payment systems, while Chronify offers a personal finance app that helps users plan for financial independence using time as a tool
The government could take action against Apple by opening up the App Store to allow any payment systems and promoting interoperability of iMessage. This would increase competition and potentially lower prices for consumers. Meanwhile, Chronify is a personal finance software focused on financial independence, using the concept of time to help users understand their finances and set goals. It's not just for the FIRE (Financial Independence Retire Early) community but for anyone seeking to manage their finances effectively. Chronify differentiates itself from existing tools like Mint by focusing on the future and helping users visualize their financial independence.
Understanding financial impact through time: Chronify helps individuals make informed financial decisions by simplifying and contextualizing financial information using time as a powerful quantifying mechanism.
The company, Chronify, aims to help individuals understand the present impact of their financial decisions on their overall financial health, rather than just focusing on past spending or future goals. They do this by simplifying and contextualizing financial information, making it relatable through the use of time. By seeing the concrete impact of daily expenses on retirement timelines, for example, individuals can make informed decisions that align with their long-term goals. This approach is not about rigid rules or cutting out all "bad" habits, but rather about understanding the trade-offs and making educated decisions based on personal values. Time serves as a powerful quantifying mechanism, making financial information more intuitive and relatable.
A unique financial planning app that prioritizes happiness and long-term goals: The Chronified app provides a personalized approach to financial planning, prioritizing happiness and long-term goals, with a subscription model ensuring unbiased advice and accessibility for users.
The Chronified app offers a unique approach to financial planning by helping users evaluate their spending in the context of their priorities and long-term goals. The app's subscription model ensures the company's only incentive is to provide the best possible product for customers, as opposed to selling specific financial products. The founder, Miller, shares his personal journey of realizing the importance of pursuing happiness before financial independence. The app seems to be gaining popularity as more people focus on the interconnectedness of time, money, and happiness. Miller currently runs the company as a one-man team but is in the process of hiring to expand. The subscription pricing model, compared to traditional financial advisors, makes the app an accessible option for those willing to take control of their financial planning.
Exploring SaaS Investment Opportunities: The SaaS Syndicate invests in SaaS companies, OpenScouting.com offers referral rewards, Remote Demo Day connects startups with investors, and Chris Sokka's workshop teaches investing for charity
There are various opportunities for founders and investors in the SaaS industry. The SaaS Syndicate, led by Jason Syndicate, is looking to invest in promising SaaS companies with a product and market. Founders can apply on the syndicate.com/SaaS page. OpenScouting.com allows anyone to refer a startup to the investment team, and if the investment is made, the referrer will receive $5,000 or 10% of the carry. For early-stage startups looking to raise at least $500,000, Remote Demo Day offers the chance to pitch to over 9,000 investors. Lastly, for those interested in learning how to invest in startups, Chris Sokka's angel.university offers a 4-hour workshop for $300, with all proceeds donated to charity. To date, over $175,000 has been donated.
