Episodes
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In my latest podcast episode, I had the pleasure of speaking with Jeremiah Gardner, a seasoned innovator and author of "The Lean Brand." Jeremiah's journey from the startup world to implementing lean innovation practices in healthcare offers valuable insights for entrepreneurs and corporate innovators alike.
Key Takeaways
* Lean Startup in Healthcare: Contrary to initial skepticism, lean startup methodologies can be successfully applied in healthcare. However, the application requires careful adaptation to the unique challenges of the industry.
* Progress Metrics: Jeremiah introduced the concept of progress metrics as a way to objectively measure pre-market innovation portfolios. This approach helps in making more informed decisions about resource allocation in early-stage product development.
* Balancing Act: Innovation leaders must strike a delicate balance between accelerating time to market and mitigating risks. This balance is crucial for successful product launches and long-term innovation success.
* Coaching Meta-Skills: Jeremiah emphasized the importance of coaching in innovation practices. He outlined three meta-skills for effective coaching: self-awareness, observation, and intervention.
* Hearts and Minds Game: Innovation management is as much about managing people and behaviors as it is about processes and methodologies. Jeremiah stressed the importance of understanding the human element in driving innovation.
To learn more about Jeremiah's work and insights, visit his blog at jeremiahgardner.com
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Fundraising is a critical stage for any startup, but it's not without its pitfalls. In a recent conversation with seasoned venture capitalist Andrew Romans, we delved into the often-overlooked dangers of overfunding and how it can jeopardize a startup's long-term success.
The Illusion of Success
Many founders equate a high valuation with success, believing that raising a large round is a validation of their business. However, as Andrew points out, this can be a dangerous illusion. Overvaluation sets unrealistic expectations for future rounds and puts immense pressure on the team to deliver exceptional results. If the company fails to meet these expectations, it can lead to a down round, demoralize employees, and scare away potential investors.
The Spreadsheet Strategy
To avoid the overfunding trap, Andrew recommends a simple yet effective strategy: create a spreadsheet to model different funding scenarios. This allows founders to understand the impact of various funding amounts and valuations on their ownership and potential exit strategies. By visualizing the potential outcomes, founders can make more informed decisions about how much money to raise and at what valuation.
Building a Sustainable Business
Instead of chasing high valuations, Andrew emphasizes the importance of building a sustainable business with strong unit economics. This means ensuring that the company's revenue exceeds its costs on a per-unit basis. A sustainable business model provides more control and flexibility, allowing the company to weather the inevitable storms that come with building a startup.
The VC Perspective
From a VC's perspective, Andrew highlights the importance of communication and transparency in the founder-VC relationship. He encourages founders to share both good and bad news with their investors, as this fosters trust and collaboration. Additionally, he advises founders to be selective about the investors they bring on board, ensuring that they add value beyond just capital.
Other Key Topics
In addition to fundraising, we also discussed:
* The importance of finding the right co-founder(s): Andrew emphasizes that this is one of the most critical decisions a founder will make.
* The evolving landscape of venture capital: We explore how the industry has changed over the past few decades, with the rise of micro-VCs and the increasing focus on AI-powered solutions.
* The role of accelerators: Andrew shares his insights on the value accelerators can bring to early-stage startups.
Key Takeaways
* Overfunding can be a trap: High valuations can create unrealistic expectations and lead to down rounds.
* Focus on sustainability: Build a business with strong unit economics to ensure long-term success.
* Model your fundraising: Use a spreadsheet to understand the impact of different funding scenarios.
* Communicate with your investors: Build a strong relationship based on trust and transparency.
* Choose your investors wisely: Ensure they bring value beyond just capital.
* Find the right co-founder(s): This is a critical decision that can significantly impact your startup's trajectory.
* Understand the VC landscape: Be aware of the current trends and players in the industry.
* Consider accelerators: They can provide valuable resources and mentorship for early-stage startups.
Fundraising is a complex process, but by understanding the risks and focusing on building a sustainable business, founders can increase their chances of success. Remember, the goal is not just to raise money, but to build a company that can thrive in the long run.
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Episodes manquant?
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I recently had Touradj Barman on my podcast to discuss his entrepreneurial journey and founding Upโn Go, a contactless payment solution for restaurants.
Here are some of the key lessons I took away from our conversation:
* Start with solving a specific, narrow problem - Up & Go began by simply focusing on easing check splitting
* Get a customer before building the product - Partnered with a restaurant first to customize the product to their needs
* Constraints force focus - Bootstrapping kept costs low so they could focus on the essentials rather than getting distracted
* Turn challenges into opportunities - Pandemic accelerated contactless payment adoption, driving huge transaction growth
* Persistence pays off - Depth of experience matters in competitive space; Up & Go now leads competitors in volume
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I recently had the pleasure of speaking with Anna Strubel, co-founder of Cara Health, an innovative startup aiming to improve the maternity experience for women and families.
Cara Health began by offering in-person services like yoga, midwife appointments, and family education classes. But after seeing a need for more comprehensive support throughout pregnancy and postpartum, Anna and her co-founders Carina Vantsi, Keiro Vantsi developed a hybrid model combining online and offline resources.
Key Takeaways:
* After training as a pediatric nurse in Germany, Anna became passionate about supporting women throughout the entire maternity journey - not just the hospital experience. Working in Canada and Berlin exposed her to the postpartum care many women lack.
* Major "aha moments" that sparked Cara Health: realizing women often don't know what resources could help them, seeing how fragmented the maternity system is, and recognizing the gaps between different care resources. Anna and her co-founders saw tech as a way to bridge these gaps.
* Cara Health combines multiple "verticals" into one platform: knowledge articles, practitioner appointments, classes, and product recommendations. Having it all in one place aims to reduce confusion and errors.
* Ensuring accurate info is crucial. Cara Health has medical experts review all content and a medical advisory board with OBGYNs and family doctors. Credibility builds trust.
* Word of mouth among midwives drives acquisition, as they're happy to refer women to a medically-verified resource that also helps their own work.
* Expansion focuses on markets with fragmented maternity care, starting with Germany. The UK and DACH region are next target markets.
* Key industry trends are demand for medically-verified info, at-home health tracking, and AI personalization. Cara Health aims to stay ahead of these needs.
* Patience and focusing on the core mission, not just quick wins, are critical skills Anna has learned. Having co-founder support also bolsters resilience when challenged.
Anna's passion for innovating maternity care shines through. Cara Health represents an exciting melding of online and offline care that could greatly benefit families worldwide. I'm excited to see their continued impact.
Everything You Need to Know About Lean Startup in 12 Minutes
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I had the pleasure of speaking with Adeo Ressi, a well-known figure in the world of entrepreneurship and venture capital.
Adeo is the founder of Founder Institute. He has inspired many entrepreneurs. He also started VC Lab, a leading accelerator program for fund managers, where I am an early alumnus of the program.
Last year, I read a book about Elon Musk. I learned that Adeo is a close friend of Elon Musk from their university days. They shared a home at university. Adeo even traveled with Elon to Russia to negotiate buying rocket engines in the early days of SpaceX.
For more details, I recommend reading the book by Walter Isaacson.
Adeo shared his deep insights into what it takes to succeed as an entrepreneur and offered valuable advice for those just starting out.
From discussing innovative business ideas to navigating the challenges of the startup world, this episode is packed with wisdom and practical tips.
"The key to securing funding is understanding what investors are looking for: a clear and concise pitch, a strong team, and potential for growth and scalability." โ Adeo Ressi
Highlights from the Conversation
Adeo Ressi on Entrepreneurship
* "I'm a huge fan of Entrepreneurship and Venture Capital."
* Discussed the importance of innovation and creativity.
* Emphasized the need for resilience and adaptability.
Starting a Business
* Adeo shared valuable tips for aspiring entrepreneurs:
* Identify a unique problem to solve.
* Build a strong team.
* Stay committed and passionate about your vision.
Venture Capital Insights
* Adeo's perspective on securing funding:
* Understand what investors look for.
* Be clear and concise in your pitch.
* Show potential for growth and scalability.
Challenges Faced by Entrepreneurs
* Common hurdles in the startup journey:
* Navigating market competition.
* Managing limited resources.
* Maintaining work-life balance.
Other Topics
The Future of Technology
* Impact of emerging technologies on businesses.
* Predictions on trends shaping the entrepreneurial landscape.
Personal Experiences
* Adeo shared stories from his own entrepreneurial journey.
* Highlighted lessons learned from both successes and failures.
Advice for Young Entrepreneurs
* Stay curious and continuously learn.
* Network with other entrepreneurs and mentors.
* Be prepared to pivot when necessary.
"Entrepreneurship is a journey filled with challenges. Navigating market competition, managing limited resources, and maintaining work-life balance are all part of the process." โ Adeo Ressi
His insights into entrepreneurship and venture capital are both inspiring and actionable.
Feel free to share your thoughts and takeaways from this episode in the comments.
Additionally, Udemy started at the Founder Institute and is a great success story of the acceleration program. Check out Eren's recording from earlier years at the Startup Istanbul conference.
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I'm excited to share some highlights from my recent conversation with Jerry Neumann, a seasoned venture capitalist and co-author of "Founder vs. Investor." This episode was packed with valuable insights on the dynamics between founders and investors, making investment decisions, and the crucial role of uncertainty in the startup world. Here's a summary of our discussion for those who couldn't tune in.
The Importance of Embracing Uncertainty
One of the key themes of our conversation was the role of uncertainty in the success of startups. Jerry emphasized that every startup faces a degree of uncertainty, and it's this uncertainty that often creates a moat, keeping larger companies at bay. He shared the example of Apple and IBM in the early days of personal computing, illustrating how startups can leverage uncertainty to establish themselves in the market.
Investment Decisions: Data vs. Intuition
Jerry provided a fascinating look into his framework for making investment decisions, especially in early-stage companies. He mentioned that while data about the market and competitors is essential, much of the decision-making process at this stage relies on intuition. Evaluating the founders' knowledge of their market and their ability to execute their vision is crucial, as there's often limited concrete data to go on.
The Dynamic Between Founders and Investors
A significant portion of our discussion revolved around the different incentives and goals of founders and investors. Jerry highlighted that while VCs are primarily focused on maximizing returns, founders are often driven by a passion for building something meaningful. This divergence can lead to conflicts, especially when it comes to decisions about scaling or selling the company. Jerry's advice to founders is to conduct thorough due diligence on their potential investors, ensuring they understand their motivations and track record.
"You shouldn't ask your board how to run the company. Instead, present your issues along with potential solutions, demonstrate leadership, and seek their feedback to refine your ideas. Show them that you know how to solve problems and are looking for their input to improve your approach, not to come up with solutions for you." - Jerry Neumann
Lessons from Columbia University
As an educator at Columbia University, Jerry also shared some of the key lessons he imparts to his students. He stressed the importance of understanding that failure is not the end but rather a part of the entrepreneurial journey. Jerry encourages aspiring entrepreneurs to embrace failure as a learning opportunity and to remain adaptable in the face of changing circumstances.
The Role of Competition
We also touched on the role of competition and how startups can position themselves strategically. Jerry pointed out that avoiding direct competition with large, established companies is often wise. Instead, startups should focus on areas where they can create unique value and build a sustainable competitive advantage.
Looking Ahead
As we wrapped up our conversation, I asked Jerry about his future plans and whether we can expect another book from him soon. While he's still recovering from the last one, he hinted that there might be more to come in the future.
I hope you find these insights as enlightening as I did. If you haven't already, be sure to listen to the full episode for more in-depth discussion and valuable takeaways. As always, feel free to share your thoughts and comments. I look forward to hearing from you!
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I recently had an insightful conversation with Derek Andersen, the visionary founder of Bevy and Startup Grind, on my podcast. Derek's journey is a testament to the power of community building and the transformative impact it can have on businesses and individuals alike. I wanted to share some key takeaways from our chat in this blog post.
From Startup Grind to Bevy: A Founder's Journey
Derek's passion for community building led him to create Startup Grind in 2010, a global platform that connects and supports entrepreneurs. Startup Grind's success is a testament to its core values: giving more than you take, helping others first, and making friends.
As Startup Grind grew, Derek and his team realized the need for better tools to manage and scale their community efforts. This led to the creation of Bevy, an AI-powered platform designed to streamline community management and growth. It's a great example of how identifying and addressing real-world problems can lead to innovative solutions.
The Power of Community in Today's World
In our conversation, Derek emphasized the increasing importance of community building in today's world. In the digital age, where connections can often feel fleeting, communities provide a sense of belonging, support, and shared purpose. For businesses, fostering a strong community can lead to increased customer loyalty, engagement, and even product innovation.
Derek's insights on leveraging AI in community management were particularly interesting. AI can help automate repetitive tasks, personalize experiences, and provide valuable insights into community behavior. However, Derek also stressed the importance of maintaining a human touch in community building. AI is a tool to enhance, not replace, human connection.
Key Takeaways for Building Thriving Communities
Here are some key lessons I took away from my conversation with Derek:
* Start with a clear purpose: What do you want your community to achieve?
* Focus on giving value: Offer your members something they can't find elsewhere.
* Embrace technology: Use tools like Bevy to streamline your efforts.
* Never forget the human touch: Foster genuine connections within your community.
If you're interested in learning more about community building, I highly recommend checking out the full episode of my podcast with Derek Andersen. It's packed with valuable insights and practical advice for anyone looking to build a thriving community.
Let me know your thoughts in the comments below!
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I recently had the pleasure of interviewing Ida Stjernstrรถm, co-founder of Silo Team, on my podcast. Silo Team is a startup working to revolutionize technical onboarding and reduce developer turnover.
Ida shared the backstory of how her brother Rasmusโ frustration with chaotic onboarding at tech companies sparked the idea for their solution. After researching over 400 tech teams globally, they realized the problem of losing developers went way beyond just onboarding.
Key insights Ida discussed:
* Silo Team centralizes knowledge and streamlines onboarding to integrate developers faster. Their approach is a competitive advantage.
* They already have paying POCs and stellar feedback from CTOs and engineering leaders.
* Patience and resilience have been critical as a founder. You have to bounce back from failures and stay adaptable.
* Participating in pitch competitions got them investor interest and beta signups from developers eager for the solution.
* Accelerators like Sting gave invaluable early support in the Swedish startup ecosystem.
* As the team grows, Ida feels increased responsibility for decisions impacting employees, investors and customers.
I appreciated the inside look at Ida's entrepreneurial journey. She highlighted the vision, traction, lessons learned and responsibility she feels as Silo Team scales. It was a privilege to host her and learn more about retaining developers.
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In my recent Substak podcast episode, I spoke with Adam Draper, founder of Boost VC and third-generation VC investor, about his unconventional path in venture capital.
Coming from a long lineage of successful investors, Adam has made his own mark in the VC world. He is the founder and managing director of Boost VC, a fund focused on sci-fi technology and founders pursuing โimpossibleโ ideas. Adam has led early investments in startups like Coinbase, Vints, and Amplitude.
Adam shared the story behind his prescient early investment in Coinbase and founder Brian Armstrong. In the early Bitcoin days when few recognized crypto's potential, Brian matter-of-factly predicted cryptocurrency would be a trillion-dollar opportunity. While skeptical at first, Adam was compelled by Brian's vision and conviction, leading him to invest in Coinbase's seed round and sparking his long-term interest in crypto.
Throughout our conversation, Adam provided insights into his creative philosophy and strategy around venture capital:
* He looks for overlooked problems and markets with important needs
* Leverages disagreement within his firm to find promising investments
* Seeks true partnership with founders based on trust
* His investing ancestors instilled in him the drive to spot historic opportunities early
As Adam says,
โI think venture is going through an evolutionary change right now...Earlier stage [investing] is about optimization of luck. Later stage is the optimization of access...Weโre trying to figure out who has the best shot at building an iconic company.โ
You can listen to our full conversation on spotify, youtube and substack of course. And be sure to check out Adam's book โBreakfast with Popsโ for an inside look at the Draper family's VC wisdom.
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๐ง Listen on Spotify + watch on YouTube
Rob Fitzpatrick, author of The Mom Test, recently joined me for an insightful conversation on my podcast. We discussed customer development, validating product ideas, his books, and more. Here are some of the key takeaways from our discussion:
* When doing customer development, reveal your product vision to provide context but focus questions on their lives and experiences. Don't pitch or talk about your idea.
* The Mom Test is a tool best suited for early, casual conversations where you need to uncover if customers care about the problem you're solving. It helps cut through false compliments and interest.
* Don't seek 100% validation. Talk to a few people to go from 0% to 60% confident. Diminishing returns make it inefficient to keep confirming the same thing.
* Warning signs you're getting bad data: Compliments, hypotheticals about the future, general opinions. Redirect to specific stories about their experiences.
* Rob first got interested in entrepreneurship because he wanted independence and a direct connection between his work and results. He participated in Y Combinator in 2007, which showed him how fast successful founders can move.
* Rob views venture capital as bundling many decisions together - you're optimizing for fast growth and rapid hiring. For his current lifestyle, bootstrapping is a better fit.
* Rob is writing a new book on building online communities that help people make progress towards goals, which he calls outcome-oriented communities.
I'm grateful to Rob for sharing his knowledge during our conversation. Be sure to check out the full episode for more insights on customer development, validating product ideas, and bootstrapping vs funding.
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๐ง Listen on Spotify + watch on YouTube
Former Pannacotta founder Fernando Taliberti joins me to give a raw, honest postmortem on his failed calendar productivity startup. He shares the story of Panacota's journey, the emotional toll of shutting down, and his biggest lessons learned as an entrepreneur.
Fernando Taliberti poured his heart and soul into building Panacotta, a startup focused on productivity. He had a passionate team, innovative tech, and even secured funding. But despite his efforts, Fernando ultimately had to shut down Panacotta.
In this episode of my podcast, Fernando opens up about the raw and emotional journey of building and losing a startup. He shares the hard lessons learned, the mistakes made, and the resilience it took to navigate failure.
Whether you're an aspiring entrepreneur, a seasoned founder, or simply curious about the startup world, this episode offers valuable insights into:
* The importance of product-market fit
* The challenges of fundraising and building a team
* The emotional rollercoaster of entrepreneurship
* The power of resilience and learning from mistakes
Fernando provides so much wisdom for fellow founders facing hardships. Don't miss his insightful reflections on two startup journeys!
(If anyone has experienced a startup shutdown, I'd love to have you on my podcast to analyze the post-mortem)
Check these articles
* AI Takeover: Self-Driving Cars to Suits on Edge - Will Generative AI Eat Your Job?
* No.1 Customer acquisition strategy for new startups in crowded markets
* a16z Raises$7.2bn, Optimal VC Portfolio Construction, AI Index
* Paul Graham: Are You Building Fake Product-Market Fit ? | VC Remote Jobs & More
* Thinking About Quitting? You Should Do This First.
* 10 Ways to Make Money as a Solopreneur (with Pros and Cons)
* Board of Directors: The 80/20 on how to run an effective board and how to fail at fundraising.
* Every Team Has an A*****e โ How to Make Sure Yours Doesn't
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๐ง Listen on Spotify + watch on YouTube
I recently had the pleasure of speaking with Karl Marco, co-founder of Octo, an Egyptian fintech startup providing digital financial services, on my podcast. Karl shared invaluable lessons on building a fintech company from the ground up in Egypt. Here are some of the key takeaways from our conversation:
* Octo aims to provide financial services to the unbanked and underbanked population in Egypt, offering a digital payment solution and a credit line combined in one.
* The market in Egypt is largely untapped, with only 24 million out of 110 million Egyptians having bank accounts.
* Octo focuses on the B segment, targeting employed individuals who are banked but lack access to formal credit.
* The biggest challenge for Octo has been navigating the regulatory regime in Egypt and overcoming resistance to change in the financial industry.
* Building a strong team that shares the vision and culture of the company is crucial for Octo's success.
* Octo's plans for growth and expansion are focused on becoming a market leader in Egypt before considering expansion to other markets with similar financial structures and socioeconomic conditions.
Startup Istanbul is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber.
Check out these news articles and Substacks.
How to Write for a Living
Venture Curator
The Hybrid Hacker
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In a recent Startup Istanbul podcast, Amanda Jacobson, co-founder of Radar, shared invaluable insights on building a fintech startup in Latin America.
Radar provides payment reconciliation and payout automation for enterprises in Latin America. The problem they aim to solve is that as companies scale, their finance processes become extremely messy. Radar's products help clients understand the data behind their money flows to enable things like forecasting and automated money movement.
Takeaways
* Building a startup in Latin America requires a focus on product-market fit and profitability.
* Listening to clients and iterating based on their feedback is crucial for success.
* The treasury management space in Latin America is a blue ocean with significant opportunities for innovation.
* Fundraising can be challenging, but building relationships with investors and being transparent about the company's vision and progress can help.
* Having a collaborative culture and valuing the opinions of all team members is essential for building a successful startup.
* Living and working in different Latin American countries provides valuable insights into the needs and challenges of the region.
* The Latin American startup ecosystem is seeing trends such as high mobile penetration and increased digitization.
* Resources and networks like Startup Chile and the Latitude Accelerator can provide valuable support and mentorship for founders.
* Personal work-life balance varies depending on priorities and the stage of the startup.
* Being patient with oneself and focusing on the long-term vision is important for navigating the challenges of entrepreneurship.
Check out these news articles and Substacks.
Digital Storm Weekly
The VC Corner
Product Market Fit
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I recently had the pleasure of speaking with Dave McClure, founding partner of Practical VC and former founding partner of 500 Startups, on my podcast.
Dave has been an active angel investor since the early 2000s and has invested in over 2000 startups during his venture career. Given his contrarian approaches and evolution from early to later stage investing, I was excited to pick Dave's brain on everything from the state of Silicon Valley to his lessons learned over the past two decades.
1. The State of Silicon Valley
* Seeing positive momentum in AI startups and events
* Issues around crime, homeless, drugs being addressed
* VC industry went through tough period but starting to rebound
2. Early Days of 500 Startups
* Named company 500 Startups despite skeptics
* Contrarian strategies - large portfolios, global, accelerators
* Difficulty fundraising with non-traditional approaches
* Power law results validated broad portfolio thesis
3. Investment Decision Making Then vs Now
* Early stage - some traction and progress
* Later stage - established growth and path to near term exit
* Earlier - 200+ investments, minimal data
* Now - concentrated 20-30 investments, all data-driven
4. The Evolution of 500's Investment Strategies
* Realized best value was in funds around years 6-8
* Winners emerged and overtook fund performance
* Now buying secondary fund stakes, not early stage
5. How Fund Secondaries Work
* Buying partial stakes from LPs or GPs
* Not single companies, but whole fund slices
* Underwriting based on unicorns, exits, write-downs
* Anchoring on big winners, calculating total value
6. Advantages of the Skip the J-Curve Approach
* Faster returns than traditional VC funds
* Condensed 3-5 year timeline
* Discounted proven growth assets
* Target 3-5x return vs 10-15 years
7. How the Secondary Market is Evolving
* Growing but constrained buyer demand
* Many doing large transactions above Practical VC
* Focus on funds, not just companies
* Little competition for Practical VC's smaller deals
8. Risks and Rewards in Secondary Investing
* Assuming continuation of growth trajectory
* High probability of exit in 3-5 years
* Avoiding early stage uncertainty
* Giving up 100x potential of early bets
9. Advice to Emerging Managers
* Differentiate your strategy to attract LPs
* Deploying capital is easier than raising it
* Have a unique niche and value-add
10. Parting Thoughts on Technology
* AI, robotics, climate tech most exciting
* Still lots of runway in traditional spaces
* Find progression of success vs earliest innovation
Dave shared so many valuable insights from his investing journey, spanning early home runs like Canva to his current secondary fund strategy.
Some key takeaways for me were the power of differentiated strategies, maintaining discipline during downturns, and continually evaluating new approaches as the market evolves.
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I recently had an insightful chat with Tendayi Viki, author of "The Corporate Startup" โPirates In The Navyโ and expert on innovation. We discussed the differences between startups and large companies when it comes to innovation, and key strategies for enabling innovation inside organizations.
Here are some top takeaways:
Opening Up Space for Ideation
* Companies don't lack ideas, they lack processes that allow those ideas to surface and be tested.
* Innovation theaters with lots of ideation don't create value. Focus on building and validating value propositions.
* Open up space for small experiments, not just ideation. Track progress with innovation accounting.
Avoid Premature Scaling
* Startups used to mimic big cos, preparing full business plans and giving out executive titles. This "fake it" approach fails.
* Startups must find product-market fit before scaling. Corporates face this uncertainty when disrupting core business or creating something entirely new.
* Innovation teams shouldn't build like a large company when there are still major unknowns.
Adopt a Portfolio Approach
* Leaders can't pick the winning idea upfront. Make multiple small bets based on a thesis.
* Pay attention to which teams show traction based on innovation accounting, then double down on those.
* Legacy systems are designed for big bets, not managing a portfolio. Processes need reconfiguring.
Enable Dedicated Innovation Teams
* Surround innovation teams with coaching for methodology mastery and accountability.
* Make innovation its own function, not just a part time job. This "entrepreneurial function" is becoming a best practice.
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I recently had the pleasure of speaking with Jens Lapinski, an experienced investor, entrepreneur, and mentor, on my podcast. Jens shared valuable insights from his journey across academia, entrepreneurship, and investing. Here are some key takeaways:
From Academia to Entrepreneurship
* Jens did his PhD in biotechnology at the University of Cambridge, which had a very entrepreneurial culture. He built technology with commercial applications that got licensed to a public company.
* This exposure to bringing research into business and society sparked Jens' interest in entrepreneurship.
Lessons as a Founder and CEO
* Jens started a company after his PhD. As a founder, you want to find product-market fit, grow customers, and build a great company.
* But many things can and will go wrong. Other founders have likely solved similar problems before.
* Finding mentors who can help you avoid mistakes is invaluable. Jens started mentoring other founders and joined an accelerator as a mentor.
Investing Evolution
* Jens was analyzing biotech startups for investment opportunities and ended up reviewing thousands of private companies.
* He started angel investing with his own money, while continuing to actively mentor startups without any fees.
* Today Jens leads Super Angel, a VC fund with 50M euros under management and a team of 11 investing in early stage startups.
Evaluating Startups to Invest In
* Jens looks for founder teams that can "not fail" and "scale". This means avoiding team conflict, finding product-market fit, and being in a position to rapidly grow.
* Complete alignment of team, product, market, business model and funding has magical effects, according to Jens. But this perfect storm rarely happens.
Recommendations for Founders Fundraising
* Founders should pitch investors the business and shares in their company, not just the product. Investors want to invest in the company's potential.
* Avoid premature scaling before finding product-market fit. Focus resources on the search for product-market fit.
* Develop coherent stories around emerging valuable categories, traction proving the opportunity, and the company's positioning.
Jens shared tactical tips for founders as well as thought-provoking perspectives on company building and startup investing. Let me know if you would like me to elaborate on any parts of our conversation.
I'm grateful to Jens for taking the time to share his knowledge and experiences on my podcast.
Key lessons for me are:
* find great mentors who can help you avoid mistakes,
* be strategic in fundraising by understanding what investors want, and
* remain focused on finding product-market fit before prematurely scaling.
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In a recent podcast episode, I had the privilege of sitting down with Steve Blank, the legendary entrepreneur and father of the Lean Startup methodology. Our wide-ranging conversation delved into the secrets of successful entrepreneurship, the evolution of startup practices, and Steve's tireless mission to empower founders around the world.
* He believes humor and optimism are critical for entrepreneurs to handle the ups and downs
* Blank looks to entrepreneurship itself for funny stories and observations, ingesting varied experiences helps recognize patterns and opportunities
* Steve Blank had a 5 minute interview with Steve Jobs at Next where they realized Blank wasn't the right fit as a marketer under Jobs
* Blank explored starting an electric vehicle startup in the early 2000s with Scott Andrews and Tesla co-founder JB Straubel
* Blank ultimately realized he no longer had the 24/7 passion required for a new startup at that stage of life
* JB Straubel later found the perfect CEO in Elon Musk to build Tesla
More details from Buzz Aldrin โs moon landing travel expense form. Photo via @TheRealBuzz/Twitter
* Even the Apollo 11 astronauts, who were the first humans to land on the moon, had to go through customs when they returned to Earth.
* Astronaut Buzz Aldrin revealed one of his favorite memorabilia items - the travel expense report he filed after the mission, which included reimbursement for the short car trip from his home to the Ellington Air Force Base in Houston.
* Aldrin also tweeted an image of the customs form the Apollo 11 crew filled out, declaring their cargo of "moon rock and moon dust samples.
* Blank compared the Apollo moon mission to disruptive innovation - the astronauts had to fill out customs forms about where they traveled (Moon) and what they brought back (moon rocks)
* The clash between the Apollo astronauts' pioneering exploration and bureaucratic processes mirrored what startups face when innovating within big companies
One of the key insights Steve shared was the timeless importance of customer discovery and rapid iteration. "All you have on day one as a founder is a set of untested hypotheses," he explained. The key is to get out of the building, talk to potential customers, and use their feedback to validate or invalidate your assumptions. This approach, which forms the core of the Lean Startup methodology, has revolutionized the way entrepreneurs bring new products and services to market.
But Steve also emphasized that the startup landscape is rapidly evolving, driven by emerging technologies like artificial intelligence. "AI is going to change a lot of this stuff," he predicted. Entrepreneurs who harness the power of AI will be able to operate 100 or 1000 times faster than those doing things manually. At the same time, Steve cautioned that founders must retain the human-centered creativity and customer focus that lie at the heart of successful entrepreneurship.
"I remind entrepreneurs that while building startups is rewarding, it's important to step back and find ways to serve something larger than yourself - whether it's starting an NGO, dedicating yourself to a mission, or serving your local community. Entrepreneurship shouldn't be the sole focus in life. Contributing to society in a meaningful way also matters." โSteve Blank
Our conversation also touched on the venture capital industry, which Steve believes is ripe for disruption. He envisions a future where AI-powered tools help VCs make smarter, more data-driven investment decisions.
He also warned of the "dark side" of Silicon Valley, where the pursuit of financial returns can sometimes overshadow ethical considerations.
* Lack of oversight from boards - no adult supervision or fiduciary responsibility for many unicorns
* Obsession with financial returns above all else - investors don't care about toxic impacts as long as growth is strong
* Loss of any moral center - willingness to invest in anything no matter how unethical if returns look good (e.g. Juul & teenage addiction)
Perhaps most inspiring was hearing about what drives Steve to keep teaching and advising startups, decades after retiring from an already successful entrepreneurial career. "Retirement was doing what I wanted, which was learning, continual learning," he shared. Steve's passion for empowering the next generation of entrepreneurs is truly infectious.
Whether you're an aspiring founder, a seasoned entrepreneur, or simply fascinated by the world of startups, my conversation with Steve Blank is packed with invaluable insights and hard-won wisdom. I walked away inspired by his vision of entrepreneurship as a calling, a grand adventure in service of creating something meaningful.
So if you're ready to navigate the startup journey with one of the most brilliant minds in the field as your guide, be sure to check out the full episode. You'll learn why Steve Blank is widely regarded as a startup legend โ and walk away with a roadmap for turning your own entrepreneurial dreams into reality.
"Don't over optimize your first startup decision - you'll have many opportunities. Follow your passion and view entrepreneurship as a calling, not just a job. The key is creating something meaningful that drives real change, not chasing fame or fortune." โ Steve Blank
Steve Blank
Steve Blank is an acclaimed Silicon Valley entrepreneur, innovator, and teacher. Over his long career, he has founded 8 successful startups in the tech sector. These include semiconductor firms Zilog and MIPS, computer company Convergent Technologies, and E.piphany, a pioneer in the dot-com customer relationship management space.
After retiring from startup operations in 1999, Blank turned his focus to teaching entrepreneurship. He began sharing his experiences and insights with students at Stanford, UC Berkeley, and other universities. It was through his classes that Blank developed the pioneering Customer Development methodology that launched the Lean Startup movement.
Blank is also a celebrated author, known for books like The Four Steps to the Epiphany and The Startup Owner's Manual. His work has earned him accolades including the Stanford University Undergraduate Teaching Award in 2009.
In recent years, Blank has helped create influential training programs that spread entrepreneurship education more broadly. He was instrumental in developing the National Science Foundation's Innovation Corps curriculum, which has now reached over 450,000 students worldwide. At Stanford, he co-founded popular courses on topics like Hacking for Defense and Hacking for Diplomacy.
Blank continues to serve on corporate and government advisory boards focused on technology innovation and policy. His abilities as a storyteller and deep insights on Silicon Valley history have made him a sought-after speaker and thought leader within the startup community.
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I recently had the honor of speaking with legendary venture capitalist Tim Draper on my podcast. Tim has an incredible track record, having backed companies like Hotmail, Skype, Tesla, Coinbase, Robinhood, and many other household names. Our wide-ranging discussion touched on everything from Tim's investment philosophy, to the future of cryptocurrencies, to advice for entrepreneurs.
Here are 7 key takeaways from my conversation with Tim Draper:
* Make investment decisions based on instinct and entrepreneur's passion, not just data.
* Think globally about startups from the very beginning to have a competitive advantage.
* Continuously innovate VC models to keep pace with new technologies like AI.
* Focus on industries that are stagnant and complacent to find the best disruption opportunities.
* Embrace failure throughout the startup journey in order to ultimately succeed.
* Develop confidence and perseverance as an entrepreneur in the face of obstacles.
* Crypto has huge potential to transform commerce and remove inflationary pressure from fiat currencies.
Tim Draper's Investment Philosophy
* How does Draper evaluate early stage investments, and how much does he rely on data vs intuition? He looks at entrepreneur's background, but early stage is mostly instinct.
* What are his thoughts on having an investment committee vs partners making decisions? He finds a single decision maker performs better than large committees.
* Has he lost deals due to investment committees? Yes, extraordinary companies got turned down, prompting him to go solo.
Advice for Emerging VC Managers
* What are common early mistakes for emerging VC investors? Thinking it's easy, lack of deal flow and judgement. Need to see companies globally.
* How should new managers raise money? Start with your own money, then go outwards in concentric circles to friends, family, and eventually institutions.
* What other advice does he have? Diversify investments, don't over-commit. Move on quickly from failures.
Assessing Global Markets
* How does he evaluate emerging markets? Focuses on innovation via the Draper Innovation Index. Also looks for moves toward capitalism and strong, entrepreneurial leadership.
The Future of Technology
* Is Silicon Valley losing dominance to new tech hubs? Yes, it's losing its edge compared to other innovative regions.
* How will VC evolve in the face of new technologies? He's using AI for diligence. Sees huge potential in sectors like education.
* Where are the biggest crypto opportunities? Consolidation around Bitcoin as a standard for payments and commerce.
* What's the right approach for crypto regulation? Regulate based on opportunity, not fear. React only when real damage has occurred.
Entrepreneurship Advice
* How does Draper University encourage embracing failure? Their pledge includes "I will fail and fail again until I succeed."
* What are the most important skills Draper teaches entrepreneurs? Confidence and perseverance.
It was fascinating to get Tim's take on the trends shaping the future of technology and investing. I'm grateful he took the time to share his wisdom.
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I recently had the pleasure of interviewing David S. Rose, a pioneer angel investor and author of the book "Angel Investing: The Gust Guide to Making Money and Having Fun Investing in Startups" for my podcast. David shared fascinating insights from his decades of experience as an angel investor and entrepreneur.
Here are some of the key takeaways from our discussion:
The Best Way to Get Started in Angel Investing
David believes joining an established angel group is by far the optimal way to begin angel investing. The benefits include:
* Learning from the experience of other angels who can provide mentorship
* Ability to pool checks with other members to make larger, more impactful investments
* Access to vetted deal flow
* Drawing on the expertise of the group for due diligence and company support
While angel groups have some limitations compared to solo angels or VC funds in terms of speed and agility, the advantages they provide in getting an angel career off the ground are substantial.
Business Plans vs. Pitch Decks - What Really Matters
The role of the business plan has evolved. Lengthy written plans are no longer financing documents to secure funding. Instead, they serve as internal roadmaps for the founding team. What investors need to see is proof of execution and traction.
Well-crafted pitch decks of 10-20 slides are usually sufficient for angels to determine if a startup fits their investment thesis and merits a deeper look. The deck should clearly convey what the company does, the problem they solve, their business model, and early progress.
"The biggest problem with new angel investors is they don't have that context. They don't understand really what they're doing. They may understand one particular product, but they don't understand the idea of a company and a startup and how that works." โ David S. Rose
Relying on Intuition vs. Data in Early Stage Investing
With very early stage startups, picking winners is extremely difficult, even for the most skilled investors. David believes most angel investors, despite what they may claim, rely heavily on intuition and gut instinct rather than pure data-driven analysis.
The key is to build a large, diverse portfolio in sectors you understand, with founders you believe in. Look for big market opportunities, strong teams, and capital-efficient business models. While most startups will fail, the wins should more than compensate.
The Future of Accelerators and Emerging Tech in Venture Investing
David sees the traditional startup accelerator model pioneered by Y Combinator evolving, with programs like Gust's Mission Control arising as scalable alternatives providing virtual support and access to resources and expertise.
He predicts the emergence of powerful new AI-driven innovations to help investors discover, analyze and manage global startup portfolios. The convergence of AI, blockchain and IoT will be transformative.
"With most angels, despite what they say, despite all the numbers and stuff they give you, it's really intuitive. And so what you can try and do if you're not one of the pickers who has this sort of perfect sense of, and even they still miss 80% of the time, but the question is the other 20%, they get unicorns, right?" โDavid S. Rose
I hope you found David's hard-earned wisdom and predictions about the future of angel investing as fascinating as I did! You can hear our complete conversation in the latest episode of Startup Istanbul. And I highly recommend picking up a copy of his book, Angel Investing, for a comprehensive guide to succeeding in this challenging but hugely rewarding field.
David S. Rose is a highly accomplished entrepreneur, investor, and author with an impressive track record of founding and funding over 100 pioneering companies. He has been recognized by various media outlets as a key figure in the New York startup scene, earning titles such as "New York's Archangel" (Forbes), "the father of angel investing in New York" (Crain's New York Business), and "patriarch of Silicon Alley" (Red Herring magazine). Rose is also a bestselling author, having written "Angel Investing: The Gust Guide to Making Money & Having Fun Investing in Startups" and "The Startup Checklist: 25 Steps to a Scalable, High-Growth Business."
Throughout his career, Rose has been at the forefront of innovation in various fields, including real estate technology, wireless data information networks, global angel investing platforms, and real estate capital market platforms. He has served as an executive, board member, or investor in numerous companies across diverse sectors such as proptech, fintech, wireless communications, consumer electronics, and many others. Rose is well-known for his ability to discover and mentor high-potential entrepreneurs and is a sought-after speaker, having delivered a popular TEDtalk on pitching to venture capitalists. He is also a frequent lecturer at prestigious business schools and has been recognized as a Top Writer on Quora for his insights on entrepreneurship and investing.
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I'm thrilled to have the chance to have an in-depth conversation with Silicon Valley legend Guy Kawasaki on the podcast. As one of the original Apple employees in the early days of the tech revolution, Guy has a wealth of wisdom to share from his decades of experience as an entrepreneur, author, and innovator.
Guy Kawasaki has lived a remarkable life. As an early Apple employee, bestselling author, and evangelist, he has accumulated a wealth of wisdom about how to make a positive impact on the world.
His latest book, Think Remarkable, distills lessons learned from over 200 interviews with highly accomplished people on his podcast, Remarkable People.
In our lively discussion, Guy shared stories and insights about:
* His career path from jewelry salesman to Apple's chief evangelist
* The origins of Apple's iconic "Think Different" ad campaign and his tense relationship with Steve Jobs
* Why you should pursue interests not passions, and look for your "ikigai" or purpose in life
* His late-in-life challenges learning to surf in Hawaii
* The mindset shifts required to live remarkably, like having a "growth" not "fixed" mindset
* Why you should default to saying yes to opportunities before going deep on a focused few
* How to stay motivated during the "s**t sandwiches" of hard work
* Why today he defines success by the difference he can make in other people's lives
* The inspiration he drew from Steve Jobs' insistence on creating products people didn't know they needed yet
* His secrets for an efficient morning routine
* And much more...
"When you find what you love, you don't even think about what motivates you. It's like, you know, honestly, it's not like I sit around saying, what motivates me? There are moments where I say, ah, man, this is too hard. I got to give this up. So everybody has those moments of doubt. And if anybody tells you that they never had a moment of doubt, they're lying to you. The test is whether you can push through them and keep going. That's where you get remarkable or not." โ Guy Kawasaki
Guy Kawasaki is a highly accomplished entrepreneur, author, speaker, and evangelist. He is currently the chief evangelist of Canva, an online graphic design platform, and host of the Remarkable People podcast where he interviews high-achieving individuals.
Kawasaki was previously the chief evangelist of Apple back in the 1980s and 1990s where he was instrumental in marketing the Macintosh computer. He has also been a trustee of Wikimedia Foundation, Mercedes-Benz brand ambassador, and special advisor at Google's Motorola division.
He studied psychology at Stanford University as an undergraduate and earned his MBA from UCLA. Kawasaki also holds an honorary doctorate degree from Babson College. He is the author of multiple bestselling books on entrepreneurship, startups, marketing, and leadership.
Over his remarkable career, Kawasaki has become a legend in Silicon Valley and earned recognition as an insightful speaker and advisor for his business acumen and inspirational outlook. He currently lives in Watsonville, California.
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