Lenny Rachitsky Profile picture
Sep 12, 2020 8 tweets 3 min read Read on X
Nerding out on @bessemer's Seed/Series A memos. Some takeaways:

1. All companies had competition
2. Many had middling growth rates BUT it all came from organic/WOM
3. All had great differentiated products

More in thread 👇
bvp.com/memos
1/ Pinterest at Series A:

✅ Great product
✅ Hockey-stick growth (DAU + growth rate)
✅ Compelling distribution (majority WOM)
✅ Great retention
✅ Unique insights
🚫 Repeat founder
🚫 Lack of competition
🚫 Large market
🚫 Revenue
🚫 Clear why-now
2/ Shopify at Series A:

✅ Great product
✅ Strong growth (marquee customers, growth rate)
✅ Compelling distribution (>80% organic)
✅ Impressive repeat founder
✅ Unique insights
✅ Clear why-now
🚫 Great retention
🚫 Large market
🚫 Lack of competition
🚫 Hockey-stick growth
3/ Twilio at Seed:

✅ Great product + great tech
✅ Solid growth (marquee customers)
✅ Impressive repeat founder
✅ Compelling distribution (PR, social, WOM)
✅ Fast-moving team
✅ Revenue
🚫 Clear why-now
🚫 Large market
🚫 Lack of competition
🚫 Hockey-stick growth
4/ Yelp at Seed:

✅ Great product
✅ Large market with sleepy incumbents
✅ Compelling distribution (virality, SEO)
✅ Raving fans
✅ Clear why-now
🚫 Revenue
🚫 Repeat founder
🚫 Lack of competition
🚫 Hockey-stick growth
5/ Wix at Seed:

✅ Great product + great tech
✅ Large growing market
✅ Compelling distribution (WOM, community)
✅ Clear why-now
✅ Impressive repeat founders
🚫 Revenue
🚫 Lack of competition
🚫 Hockey-stick growth
6/ Fiverr at Seed:

✅ Great unique product
✅ Compelling distribution (100% organic)
✅ Great retention
✅ Solid growth
✅ Impressive repeat founders
✅ Revenue
✅ Unique insights
🚫 Large market
🚫 Clear why-now
🚫 Hockey-stick growth
7/ Any other patterns stand out?

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More from @lennysan

Dec 23, 2025
What exactly AI is doing for people, function by function

Results from a large-scale AI productivity survey of my 1m+ newsletter subscribers (with @noamseg)

1. PMs are seeing the most value from AI tools to (1) write PRDs, (2) create mockups/prototypes, and (3) improve their communication across emails and presentations.

Not so much to help them come up with roadmap ideas, run meetings, GTM, or user research synthesis.

AI is helping PMs produce, but so far it lags in helping them think.Image
2. Designers are finding AI most helpful with user research synthesis, content and copy , and design concepts ideation. Visual design ranks #8.

AI is helping designers with everything around design (research synthesis, copy, ideation), but pushing pixels remains stubbornly human.

Meanwhile, compare prototyping: PMs have it at #2 (19.8%), while designers have it at #4 (13.2%). AI is unlocking skills for PMs outside of their core work (at least in the case of prototyping), whereas designers aren’t seeing the marginal improvement benefits from AI doing their core work.Image
3. Founders lean heavily toward productivity and decision support, product ideation, and vision/strategy.

Unlike others, founders are using AI to think, not just to produce. The top three jobs are all strategic: decision support, ideation, and vision/strategy. That’s a stark contrast to PMs (whose top jobs are documents and prototypes) and designers (research synthesis and copy).

And look at that #1 category: “productivity/decision support,” at 32.9%, is unlike anything else in the survey. No other role has a single use case this dominant. Founders are treating AI as a thought partner and sounding board, not just a tool for specific deliverables.

This pattern may explain why founders report the highest satisfaction throughout the survey—they’ve figured out how to use AI for higher-leverage strategic work, not just production tasks.Image
Read 5 tweets
Oct 14, 2025
Everyone should be using Claude Code more

PMs, marketers, designers, founders, parents. Everyone.

The trick is to forget that it’s called Claude Code and instead think of it as Claude Local or Claude Agent. It’s essentially a super-intelligent AI running locally, able to do stuff directly on your computer—from organizing your files and folders to brainstorming domain names, summarizing customer calls, to enhancing image quality, creating Linear tickets, and so much more.

Here are 50 creative ways non-technical people are using Claude Code in their work and life, to inspire your own thinking. This list includes my own favorite use cases, and many examples y’all shared with me 👇Image
1. Clearing space on my computer.

Prompt: “How can I clear some storage on my computer?”

Then, discuss your options.Image
2. Improving the image quality of screenshots

Prompt: “Improve the image quality of [filename]”.

I used this many times for the screenshots in this thread.Image
Read 14 tweets
Aug 12, 2025
Less than a month ago I published part 1 of my essential reading series, and it’s already my 9th most popular post of all time. There’s a growing need for curated, thoughtful content as an antidote to the endless slop filling our feeds and inboxes.

To continue building the highest-signal-to-noise library for product builders, I’ve picked 10 additional timeless reads that you probably haven’t read but should. The pieces below cover a wide spectrum of advice around growth, leadership, communication, entrepreneurship, and more.

I’m not including books here—that list is yet to come. If you have suggestions for essays I’m still sleeping on, please share them in the comments.

List below 👇Image
1. Building Products, by @joulee
medium.com/the-year-of-th…Image
2. Communication Is the Job, by @boztank
boz.com/articles/commu…Image
Read 10 tweets
Jul 15, 2025
There’s so much content flying at us these days, it’s hard to separate the “this sounds smart!” from the “this is genuinely correct, helpful, and timeless.”

Below are seven essays that have had the most impact on my product career—that I find myself quoting from, sharing with people, and coming back to most often, even though most are decades old.

I’d love your help building out this list. What’s missing? Share a link in the comments. Bonus points for sharing stuff people may not have heard of.

(P.S. I’m not including books—yet. This is the beginning of an essential and timeless reading library specifically for product leaders.)Image
1. Who’s Got the Monkey? by William Oncken, Jr. and Donald L. Wass
med.unc.edu/uncaims/wp-con…Image
2. Strategies for learning, by @AndyMasley
andymasley.substack.com/p/strategies-f…Image
Read 9 tweets
Sep 24, 2024
New data on the state of the product job market 🧵

1. Remote jobs are shrinking fast (down 35% from peak) Image
2. There’s been a shift to hiring more senior candidates

The chart below shows the proportion of open PM jobs by level over time.

If you look at the light blue and dark blue segments below (i.e. Senior and Lead/Senior++ roles), you can see they have definitely grown from early 2023 in the percentage of PMs being hired. In particular, Lead/Senior++ roles are growing their percentage of open roles the fastest. And the share of Entry/Mid-level roles (the pink segment) has decreased the most since early 2023.Image
3. More than one in five open PM roles is based in the San Francisco Bay Area. The share grew from 15.4% to over 20% in the past two years, and it appears to be growing further. Image
Read 7 tweets
Jul 23, 2024
The rise of product management over the past 25 years.

Huge growth for 20+ years, followed by a plateau over the past couple of years.

This tells us the PM role isn’t going through the hypergrowth it saw earlier this decade, but it’s also not shrinking. This seems like a good and healthy thing all around.

Numbers-wise, there are about 450,000 active PMs in the U.S. right now, and 2,500 to 4,500 are being hired each month.
Here are the top hirers of PM roles over the past few years: Image
As a comparison, here’s the engineering role over that same time frame—similar growth trajectory, also a bit of a slowdown in the past one or two years, though not as much of a slowdown as PMs. Again, this seems right and healthy.
Read 4 tweets

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