Work ethic.'Ecosystem' #10
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.
If you are reading this, there is a high chance you have heard/seen me moderate an event(spot the pattern with journalism?). I’m very appreciative of being able to get to know (on-air, in-person and most recently online) absolute industry leaders and find out how they have gotten to where they are today and what makes them tick.
Upon planning future #EcosystemGiants sessions, it struck me that up until now, I have not ‘interviewed’ the person I admire the most - my grandma(who at age 72 still runs an accountancy firm!). What would her work/life lessons be?
This post was written on a Saturday. I was to go on a holiday when my grandma called early in the morning. She asked whether I wanted any fruit snacks when I got to her office. As I began telling her I was to go on a break, I felt guilt. Did I really need a break if she could be and would be working over the weekend(you may spot another pattern here if you have interacted with me more frequently!)? So I cancelled my plans and went over to her instead.
During the day, I asked her for the advice she would give her 25 year old self.
“You have to really love what you do. Find a job you like. You can learn and become good at what you are passionate about. The opposite is more tricky.”
“Study more. I wish I did! I am contentiously learning even now!
Her last tip, almost a deja vu from the morning conversation:
“You must never allow yourself to be lazy. To go with the flow. See how I have not retired at my age? If I don’t work, my brain will stagnate. My memory will suffer. I will turn into a proper old grandma!”
Who is the family member who has had the biggest influence on you? What is the best piece of advice they have given you?
And more on work ethic:
“There’s a saying in the military that if you see something below standard and do nothing, then you’ve set a new standard.” - Ben Horowitz(Co- founder and General Partner, Andreessen Horowitz)**
Ecosystem Events
#EcosystemGiants returns at 5pm on 15 September with Esha Vatsa. Find out about the investment criteria at 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.
Would you like to pitch your solution to Esha? Reach out to me if you are a proptech founder raising seed.
Many thanks to specialist PropTech global recruitment firm LMRE and ParlayMe, an interactive tech news and networking platform for Startups, Entrepreneurs, Investors and Business Leaders for the support!
You can also check out the recordings from August and July.
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.
Microsoft reaffirmed as Pentagon's $10billion JEDI cloud contract winner despite a procurement mistake(The Washington Post). Amazon was considered a front-runner and its legal complaints are still pending(Techcrunch).
The business case for diversity is overwhelming. A Goldman Sachs study found female-managed US funds delivered better returns than all-male rivals (Financial Times). And to inspire the young generation, role models should be visible. All Raise launched Visionary Voices to end ‘manels’ and increase female and non-binary representation in tech & VC conversations (Fortune).
Coronavirus has transformed how human connections are made. Lunchclub, the AI-based networking platform raised a $24.2 million Series A round(led by Lightspeed Venture Partners and Coatue) at $100m+ valuation (its usage rose tenfold since the coronavirus pandemic) via CNBC
Rocket Internet to delist from public market. The value of the German startup incubator (built companies like Zalando, HelloFresh) plunged from 6.7 billion euros (IPO day) to 2.6 billion euros as it offers to buy back investor shares at 56% below 2014 IPO price via Techcrunch
Oatly cancelled? The company revolutionised non-dairy milk(expanding its presence from 10 to 3,500 coffee shops in the US (2017-19)) and raised $200m in July 2020. Now fans pledge boycott over contentious shareholder Blackstone via Vice
Meanwhile, the subscription economy meets retail as Pret launches an innovative coffee-as-a-service model(Reuters).
Funder
Why is ‘Net Promoter Score’ (NPS) a flawed metric to measure customer happiness? Sarah Tavel (General Partner, Benchmark) describes ‘Happy GMV’ and why you should look at how much happier a user is when using your product versus any substitute
Growth was driven by marketing and sales. Then by product. And now? Nikhil Kapurm(Partner, Strive) on how community-led growth helps companies accelerate rapidly, creates a moat and effectively expand their reach
Meet the new funders. Lolita Taub ( Founding Partner, The Community Fund) reflects on her journey from ‘the hood’ to launching a $5m rolling venture capital fund. While ‘Super Angel’ GP Cindy Bi shares how she raised over $3m from a global LP base in less than a month
The ‘Gig Economy’ has given way to the ‘Passion Economy’. Jax Vullinghs(Principal, AirTree) on creator communities and content monetisation tools
Founder/Operator
How does raising a VC fund differ to raising a VC investment? My new (Re)Startup Series article for Startups Magazine explores where the money behind the money in venture comes from; featuring Hoxton Ventures, GOODSoil VC, Mountside Ventures, Kaiku and Bulgaria’s Fund of Funds
Rachel Kim(VP of Marketing,Wonolo) and Emily Kramer(former Head of Marketing,Carta and Asana) on B2B marketing for early stage startups - from branding 101 to how to make your first marketing hire. A five-part series by January Ventures.
Twitter Highlight
Seth Sivak, CEO, Proletariat Inc
Startup(s) of the week
Should we go back to the office? How will work work in the future? What about how and where we would live? As more companies are/have embraced flexible work, the ‘digital nomad’ lifestyle is more accessible than ever. Inspired by the overall proptech theme of this issue : Meet the housing-as-a-service startups, making short-term apartment rentals as easy as booking a plane ticket (active in two European startup ‘hotspots’ - Berlin and Sofia!).
Wunderflats is the online platform where you can find and rent furnished apartments in Germany. Backed by PropTech1 Ventures, Creathor Ventures and you guessed it Round Hill Ventures :)
Similarly in Bulgaria, Flat Manager is your go-to-resource for finding a short to long term furnished properties.
Tweet @wunderflats and @FlatManager to let them know they have 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!)
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.
**What You Do Is Who You Are: How to Create Your Business Culture by A16Z's Ben Horowitz."Because your culture is how your company makes decisions when you're not there."
Top Ten Questions for Boards to Consider During a Down Cycle - the best practices to follow to maximize your company's opportunities to weather the storm and emerge on the other side in an optimal position
The Future of Funding, Floating and Selling your Business - an event on 9 September 2020 with Lord Leigh(Co-founder,Cavendish Corporate Finance),hosted by The Entrepreneurs Network, Britain's leading think tank for high-growth founders.Thank you for being part of the second ‘Ecosystem’ newsletter!