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“We don’t do seed, we don’t do growth. We don’t try to be an investor just to have a logo. We either lead, take the board seat and do the work or we don’t.” Eric Vishria, Benchmark Capital ark-invest.com/research/podca…
If you want to understand to how an early stage investor builds an investing thesis, I recommend this podcast with Eric Vishira. As he describes real world examples you can observe how his deep understanding of SaaS/software creates differential insight. It makes you think!
Quite early in the podcast he insightful describes three generations of SaaS and their evolution. His description weaves in the shift from a world dominated by top down old school IT departments to a world where new school bottoms up developer models is where value is created.
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Tren Griffin
@trengriffin
One "real trouble" with journalism is that journalists keep forgetting that WeWork has its headquarters in New York. theatlantic.com/magazine/archi… In the meantime, economists can't figure out why inflation isn't going up, but insist that productivity is being properly measured.
Far more than just free services associated with the smartphone aren't being measured in productivity statistics. Hal Varian explains why open source software, products in the global supply chain, semiconductors etc. are excluded. Varian's slides are: brookings.edu/wp-content/upl…
The idea that in today's economy excluding software, semiconductors and the global supply chain from productivity measurements isn't a serious problem is beyond belief. Janet Yellen recently pointed to the impact of global supply chains on inflation. brookings.edu/research/forme…
Read 3 tweets
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Tren Griffin
@trengriffin
1/ Since it is skiing season in the northern hemisphere, thinking about the unit economics of a season pass is topical. What is the owner of the resort(s) trying to optimize? What data does their growth team have? What are the complementary products they can sell with the pass?
2/ The Ikon pass issuer is privately held, so data on revenue per visit must come from the Epic Pass issuer:

"The effective ticket price dropped to $69, down from $71 a year ago, as Epic passholders averaged more visits in 2018-19 than in 2017-18." saminfo.com/headline-news/…
3/ Rusty Gregory [the CEO of the company who sells IKON] says the company tries to get people to ski as much as possible: the revenue split is 50/50 between hospitality and tickets."

"Today, 40% of skiers have passes, whereas traditionally, the number was 30% Gregory says."
Read 7 tweets
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Tren Griffin
@trengriffin
Andreessen: "What you want is a flywheel [such as] more people reading with a browser leads to more people wanting to publish with a server. The more people who publish with a server, the more incentive there is to read, and you get a flywheel effect." greatness.floodgate.com/episodes/marc-…
Marc Andreessen: "Network effects are the best businesses in the world, but to get the network effect going, to get through the bootstrap phase, you need some hack. You need some strategy to get you through that initial phase to the flywheel catching."
Related previous podcast with Marc Andreessen and Brain Kopelman: a16z.com/2019/03/12/hal… "Systems thinking mode is like, hey, that’s just the first step — because it’s not just about the product."
Read 6 tweets

Related threads

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Pietro Invernizzi
@pinverrr
0/ Thread: After constantly being asked what really changes between raising Seed & Series A, I just published my 9 reasons why Series A is not "just a big Seed round" ♠️ medium.com/the-family-aaa…
1/ Series A is about the future… & the past

While previously your role was to promote your founding team & sell a vision for the future, now your pitch will be about the past, too: how well did you spend the $ you raised before? How good have you been at hiring? etc.
2/ Now you have a team to think about

While your Seed round probably involved you, your co-founders and 1 or 2 employees, you may now have between 8 & 50 team members. Good time management will be crucial, & it's never too early to start thinking about how to handle the process
Read 11 tweets
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Nunya Biznass⭐️⭐️⭐️
@Do_Or_Do_Notty
So I finally lost it today and questioned the Plan over something that greatly concerned me.
I did not trust the Plan in its entirety. Mainly because I’m not privy to said Plan
and also because the Plan doesn’t ask us to stop questioning things that seem illogical
I noticed..1
when engaging Patriots about said topic
It was suggested repeatedly to “trust the plan”
I now know how annoying that is when you have a true concern

I have said it myself to many Patriots, and I apologize #Growth
We got to this place in the world precisely because we stopped...2
asking questions when told to do so ✅I can’t and won’t do that
If something is not adding up for you and people tell you
not to worry about it
or shush about it
or to just “trust the plan”
ignore that BS and do you!
Ask your questions and don’t stop until you find a...3
Read 5 tweets
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Racontemoilhistoire
@RMLHistoire
Début de la visite #ArkéAube à @VilledeTroyes !
Les colons du Néolithique et les chasseurs cueilleurs se sont côtoyés dans la région boisée de Troyes, jusqu'à la disparition des chasseurs cueilleurs !
Ici un biface du paléolithique moyen (-150000 -38000)
L'arrivée des colons venus du Sud de l'Alsace et de la Moselle ont apporté leur savoir faire, notamment la céramique rubanée. Une technique jusque là inconnue dans la région. (Des rubans de terre cuite accolés pour former vases, jarres...)
Read 19 tweets
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Shyam Sekhar
@shyamsek
Many people love to #benchmark returns, watermark their portfolio & keep the race to #returns closely monitored like an F1 event.

But, this approach itself won’t help achieve their goal. Indices work quite differently. You must work within it to compare with it. But, do we? 1/5
The highest returns came to my portfolio after years of sideward moves. Thematic investing or sectoral focus is never going to be linear. There will be phases when nothing seems to work. Index when lead by diversified companies or handful of financials will beat us on beta. 2/5
Small cap investing or midcap investing is never going to work smoothly if you start investing near the higher end of the PE band. No matter who your manager is, he is going to wobble and fumble. A manager is as good as the starting opportunity. It applies to every one. 3/5
Read 5 tweets
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Stowe Boyd
@stoweboyd
Work Futures Daily - Find A Game Worth Playing And Play It | Play and Work | Making Room | Matrixes Roles | Dissent |

workfutures.substack.com/p/work-futures…
Want to love your job? Read this article | Ephrat Livni suggests that to find meaning and purpose in work we need to consider it a form of play

workfutures.substack.com/p/work-futures…
Happiness cannot be pursued; it must ensue, and it only does so as the unintended side effect of one’s personal dedication to a cause greater than oneself or as the by-product of one’s surrender to a person other than oneself.
| Victor Frankl

workfutures.substack.com/p/work-futures…
Read 10 tweets
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menmade signature
@menmadesgnature
everything is a step in time. It makes me wonder how every "BIG BRAND" out there made it. Did they actually think they will take the market by storm? Did the founder do it all alone? Did he/she build a team? How did he/she start the company? Was the idea that brilliant?
Thread👇
Is it actually a straight road to success or they had to fail at some point, pause or start all over? Maybe the marketing strategy? Where they that good they cannot be ignored? Maybe their product or service was the best OR were they simply lucky."All the above stated ideas kept
jogging my memory. Truth is they all have a "COMMON DENOMINATOR" (they kept doing something about the brand each day no matter how little, making mistakes and perfecting them, working out new ideas, plans and strategies, getting bored, tired, giving up and coming back on board).
Read 4 tweets

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