Achievement.'Ecosystem' #9
Your weekly guide on tech news, early stage fundraising and venture capital.
Welcome to another ‘Ecosystem’ newsletter! Thank you for being part of this journey from the very beginning! For access to all monthly events, archive and expert-led workshops become an annual subscriber.
Can you believe 3/4 of 2020 has already gone by? New month. New beginnings. What are you most excited to achieve during the rest of the year?
Most of you are probably familiar with AngelList. As one of the most popular financial platforms for the venture industry, no intro is needed. I may have been living under a rock, but I admit I did not know much about its Founder, Naval Ravikant (who is also an early investor in Product Hunt, Uber among others) and his journey to success (You need to watch his story!).
”Life is really a single player game. It’s all going on in your head. Whatever you think, you believe, will shape your reality, both from what risks you take and what actions you perform, but also just your everyday experience of reality.” -Naval Ravikant, Founder, AngelList
On achievement, Naval says most of the people he met in his 20s who were incredibly driven, nearly without exception, became very successful in their 30s and 40s. He is also a firm supporter that one needs to be continuously learning and stresses reading is one of the main reasons behind his wealth.
In order to predict (or design, as entrepreneurs do) the future, we must understand the past. We all want to leave our mark on this world— know that our life mattered. And we must learn from the ones who have and are continuing to build a great legacy. Of course, success is influenced by luck and timing. External forces, to some extent, shape our environment. What defines our reality though is our own perception and self-belief. The harder you try, the more likely it is for the odds to be in your favour.
Starting small, what would you like to accomplish in the next four months?
“Passion combined with clarity of thought can be infectious.” - Sonali De Rycker, Partner, Accel
Ecosystem Events
#EcosystemGiants returns on 15 September with Esha Vatsa. Find out more about the investment criteria of one of Europe’s most active(and the first!) PropTech VCs, the trends Esha is seeing and how her career in venture started. RSVP here.
You can also check out the recordings from August and July. If you are a founder who would like to pitch for investor feedback (it’s free!), email me.
Innovation Ecosystem Updates
Whether you are an investor, a founder, an operator, a corporate or a friend. My top (about) 5 news stories this week that you may find of interest too.
No Silicon Valley company has gone public since last year. 9 filed for IPO last week, with 5 of them being software businesses (Forbes). Plus from Asana to Snowflake - the pros and cons to investing in each (Fortune).
Neobanks in Europe are yet to make a profit. The story on why they are facing the biggest crisis yet via Forbes.
Is 23-year-old Dennis Müller the new founder to watch in Europe? The ex-N26 product manager is the youngest entrepreneur backed by leading VC firm Creandum since Spotify’s Daniel Ek (Sifted)
Everyone is talking about Y Combinator’s first ever all-virtual Demo Day. The rundown on COVID-related companies (telemedicine, edtech, virtual events platforms) and other noted trends(Crunchbase). Plus YC’s most anticipated startup differed presenting after raising $16m from A16Z prior to the event(Techcrunch).
Yet another week the TikTok saga continues. CEO Kevin Mayers resigns after 100 days(Techcrunch). Wallmart joins Microsoft in the race to capture the popular video-sharing app U.S. operations(WSJ). The sale could be announced today (CNBC).
Jeff Bezos is the first person to be worth over $200 billion. As Amazon CEO net worth soared above this threshold, a former company employee led protesters construct a guillotine in front of his Washington house, with demands for a double minimum wage. There’s more. Chicago Teachers Union expressed support (Paul Graham’s brilliant comment).
*Bonus* Who is @VCBrags? #VCTwitter has quite literally been on fire for the past 48hours with framing claims and controversy. The parody account transitioned from good-spirited teasing to undeserved hurtful comments to VCs; and is now closing down. See the last tweet here.
Funder
Some VCs issue term sheets in weeks, while for others it may take months. Guillem Sague(Partner, Nauta Capital) explains why such disparity exists and the implications of a fast/slow DD process.
The powerful network effect is found to create 70% of value in tech companies. Sameer Singh (Network Effects Advisor, Author & Investor) on how startups can disrupt the defensibility of a strong incumbent.
Product-market fit is the absolute investment requirement that can not be quantified. Kaitlyn Doyle(VC Investor, TechNexus Venture Collaborative) on the Superhuman-inspired framework to measure and improve PMF.
Are VCs going back to the office? Chris Smith (Managing Partner, Playfair Capital) reflects on 5 months of WFH and the new normal working environment for the Playfair team.
Founder
Similarly to Mark Zuckerberg and Bill Gates, Alexandr Wang dropped out of college to pursue a company, that is now also becoming a household name. The journey of the 22-year-old entrepreneur - from starting Scale AI to securing over $120m in venture funding in three years.
From finding the first key hires to closing the first paying customers. Jess Li (Head of Content, Elpha) shares practical advice of 8 founders(across sectors and stages) on scaling.
In a world full of content, millions choose to share their perspectives and stories on Medium. Ev Williams (CEO, Medium) on what is ahead for one of the largest publishing platforms and how it is redefining media in one of its fastest growing years.
Twitter Insight(s)
Janine Sickmeyer, Managing Director and Founder, NextChapter(acq by Fastcase)
Vusi Thembekwayo, CEO, My Growth Fund
Startup of the week
Roadtrip, an app that allows you to listen, talk, chat and make playlists with friends live. A better way to commute. Subscribe on Product Hunt for early access.
Tweet @roadtrip_fm, to share it has been featured in ‘Ecosystem’!
Who should I feature next?
Startup Go-to Resources
Fundraising in a Pandemic World : Words of wisdom by Semil Shah, founder of Haystack Ventures and Venture Partner at Lightspeed Venture Partners.
B2B Selling in COVID-19 : 16 key questions to help you sell and survive; a guide by the investment team at a16z
The ultimate guide to Startup Metrics : What to track, when and why - a must read by Speedinvest Pirates(the growth marketing unit of Speedinvest!)
20:VC with Joe Thomas (Founder and CEO, Loom) on how early stage founders should select their investorsHow are company valuations made?
An encompassing guide on multiples by A16Z
Brad Feld's Venture Deals - if fundraising or working in venture
Sonali De Rycker(General Partner,Accel) on Seedcamp's This Much I Know - on grit, ambition and supporting founders through lows and highs. Easily one of the best podcasts I've listened to in a while. Thank you for being part of the second ‘Ecosystem’ newsletter!