Some Sat thoughts on growing pains. One of the earliest hurdles in building a company is in how to structure work w your first hires.

@HustleFundVC we now have 14 ppl & have rejiggered how we work recently.

More here >>
1) When we started 3 yrs ago, it was just @ericbahn and me. We decided we would build an in-person team in the SF Bay Area & it would be small. And that would be fun.
3) But both of those things went out the window quickly.

@shiyankoh came along and told us she was going to start a vc firm in SEA. We couldn’t pass up working w her. But in-person wasn’t going to work because she would be in Singapore.
3) (the prior one should’ve been #2!)

We moved all mtgs to zoom - incl w founders. And our all partner mtgs were 3x per wk for 1hr instead of 1 multi-hr partner mtg on mondays (as traditionally done in vc)
4) Unbeknownst to us, this started out as a kludge but turned into a strength.

It prepared us for Covid - we had no workflow changes this yr.

It gave us faster cycles on work to make faster decisions. This wasn’t deliberate.

But it changed my thinking on cycle time.
5) Having faster cycles is a strength in many biz decisions. Mtg 3x a wk is ok but how can you speed up your decision loops near infinitely and as you add more ppl?
6) Fast fwd, our team grew a lot. I’ll talk about how some other day - but big big thanks to our sponsors and gov grants as well as our teammates who have taken so much risk with us!

Small microfunds don’t have budget to support a team of this size.
7) Since we had @shiyankoh onboard who was already remote, we slowly moved towards an all-remote model. Covid solidified that.

4 timezones and lots of cities.

Zoom is fine when needed but this is not a good way to work w this size team dispersed.
8) The best remote teams like Gitlab et al are optimized for remote.

-strong documentation
-asych friendly

You shouldn’t have to rely on real time mtgs to do work well.

Remote requires tons of discipline we didn’t have so we needed to make big changes.
9) We reset how we do mtgs.

They are all small and functionally grouped. 40 min for mtg. Agenda prepared beforehand. 20 min for everyone to do action items right after.

Everyone takes notes during the mtgs on a collab file.
10) Every function is spelled out w specific captains who run these. And team members who are on each team.

I’m both a captain and a team member on various different functions.
11) @ericbahn set up templates on Notion for our mtg notes so they all look the same way.

Easy to scan and anyone can read other teams’ notes. We are default-open.
12) Lastly, we do 1 all team mtg 1x per wk for 1 hr just for fun.

It’s our placeholder for a recurring happy hour, pechakuchas (look that up), and team workouts to try to keep the team together while remote.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Elizabeth Yin

Elizabeth Yin Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @dunkhippo33

6 Dec
Some gems from @MacConwell of @RarebreedVC in Clubhouse right now:
1) VCs are looking for startups that can get to $100m / yr in rev by yr 7-10.

VCs need this kind of return in order to produce great funds.
2) And so many companies won't get to this level - and that's not a bad thing - but then it means you should be thinking about trying to get going w company revenue since you can't count on VC backing.
Read 13 tweets
12 Nov
I have been a tech entrepreneur since I was in HS (20+ years). Some learnings:

1) There is a LOT of luck.

Definitely lots of hard work and skill required - no doubt. But, let's not downplay luck. Luck in everything. In privilege. In opportunity. In finding PM fit. In health.
2) A friend who has been a successful founder echoed this. His first company was highly successful.

He has been trying all kinds of startup ideas since then and nothing has really clicked.

He's smart. Hardworking. Has money. Great network. But you can force PM fit.
3) It shows up in the numbers as well.

Depending on the study you read, successful serial entrepreneurs have a slight edge over first time founders. But not by much.
Read 29 tweets
11 Nov
Some thoughts on network effects and how it's a double edge sword:

First, what are network effects? Most people get this wrong, so it's important to establish definitions upfront

Read on >>
1) I like @NFX 's article on network effects (and there is no other VC IMO that understands network effects like they do)

Read this:
nfx.com/post/network-e…
2) The tl;dr from the article is:

"increased usage of a product leads to a direct increase in the value of that product to its users."
Read 21 tweets
3 Nov
Now I want to talk about the legal ramifications of fundraising this time of the year. (Yippee!!) This is something NOBODY talks about but will affect all entrepreneurs who are raising now.

This is a follow up to my thread:

1) In addition to this being a bad time of year to fundraise, you also have to think about all the parties who are involved in fundraises.

No one ever thinks about the lawyers. Your lawyer, your investors' lawyers, etc.
2) Let's say you slog through everything and get to a handshake with an investor. You still have to go through all the legal bits.

The term sheet & signing, etc. That takes time too.
Read 16 tweets
3 Nov
I want to share publicly the advice I've been giving so many of my portfolio companies of late.

1) tl;dr only fundraise now if you are wrapping up a raise or really need a little bit of money. But NOW is really a horrible time to be raising.

>>
2) First, there's the usual issue of the end of the year. US Thanksgiving is in a couple of weeks. Major holidays are in Dec.

If you don't wrap up your raise by Thanksgiving, it's going to be tough to get things over the finish line in Dec.
3) In addition, this year is a CRAZY yr! There's just so much more going on at a macro level. There's COVID. There's the elections today (which will be a big thing on people's minds for many days or weeks)

The mindshare for your round really isn't there.
Read 10 tweets
31 Oct
Saturday thoughts on funding: Where it helps. Where it doesn't. And how it affects team, success, and PM fit.

This is just my $0.02 after looking reviewing 30k+ early stage startups personally and having led 350+ investments across 2 VC firms & as an angel.

Let's begin! >>
1) Money is great to have in building a startup (for the least dilution and pain possible) That's true and always will be true. 😆

But just like how money can't buy you happiness, it also can't buy you PM fit.
2) PM fit is the holy grail for software startups. (we're not talking biotech - if you have a cure to cancer, I guarantee you everyone wants it).

But for software startups, it's unclear if ppl want your product at your price pt.
Read 21 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!