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Frank Rotman Profile picture
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25 May, 19 tweets, 5 min read
Twitter has been my relief valve for venting and sharing thoughts over the past year. In case you missed these, here are a few of my favorites: 🔥🧵🤯👇
Thread that describes an easy to digest framework for evaluating early stage investment opportunities:
Thread about back-to-back rounds and why they're problematic conceptually:
Thread about the importance of distribution strategies:
Thread about how to value startups:
Thread about the skill/gaps of Founders and how to think about them:
Thread about the various phases of growing a startup and a framework for thinking about "short-term" vs. "long-term" thinking:
Thread with my personal framework for thinking about what a CEO's job is:
Thread about Board dynamics:
Thread that contains some of my personal hard-earned life lessons:
Thread about "pitching" and some helpful tips:
Thread that breaks down some important insights about our fund performance and mistakes made along the way:
Thread about variance on valuations and some of the "whys" behind it:
Thread about investing in VC managers from the LP perspective:
Thread about why ownership DOES matter in Venture Investing:
Thread on why Banks can't succeed by copying Fintechs:
Thread about today's private market stratospheric valuations and how the environment isn't universally good:
Thread about why "cash out minus 3 months" is a really important concept/evaluation lens:
The TL;DR: There's more where these threads came from and more right around the corner. It also shows brevity isn't one of my core skills so do with that what you will....

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More from @fintechjunkie

Frank Rotman Profile picture
21 May
1/17: When a #startup that I’m advising wants to raise money in the near future, I always ask them the question: “Are there any asterisks?” By this I mean, are there any counter-factual results that will have to be explained in diligence. This matters A LOT. A 🧵👇
2/17: Building a startup isn’t an overnight task. On day 1, a startup is an idea backed by some combination of research, intuition, experience and a huge number of assumptions. The goal of a Founder is to learn every day and adjust the business based on these learnings.
3/17: Every new learning is either proof that a startup is on the right path (positive proof) or proof that the market reality and the startup’s assumptions aren’t in sync (anti-proof). Positive proof always feels good. Anti-proof can hurt a little or a lot. It depends.
Read 17 tweets
Frank Rotman Profile picture
19 May
1/33: Inflation seems to be headlining the news these days. It’s a powerful force and worthy of attention, but it’s often misunderstood and conveniently misused by investors, politicians and policy makers to justify positions. Let me simplify and reframe the narrative:
2/33: What is inflation? It’s a general increase in prices and fall in the purchasing value of money. When your dollar or pound or yen buys less today than it did yesterday, your money has lost value due to inflation. If it sounds scary, you’re starting to grasp the issue.
3/33: Because we live in a country with fiat money, our government has a lot of control over the supply of money which is a major driver of inflation. And when demand for goods increases faster than the supply of goods it can drive inflation.
Read 33 tweets
Frank Rotman Profile picture
12 May
1/33: A common question Founders struggle with is “how to monetize”. Founders have strong thoughts on the product/service they want to build, but many are baffled when it comes to determining the best way of building a highly profitable business. A framework that might help:
2/33: Monetization models don’t exist in a vacuum. A raw dollar of revenue doesn’t mean anything without context. A healthy and durable business needs to get paid more than a dollar for every dollar it’s able to extract from its customers.
3/33: So the first step in designing any monetization model is to understand the major costs in the system. Customers need to be acquired. A product/service needs to be manufactured and maintained. Management needs to be hired to steer and grow the business.
Read 33 tweets
Frank Rotman Profile picture
5 May
1/21: I was listening to the 20 Minute VC podcast w/@davidtisch as a guest. He threw out an important concept that most Founders don’t think about enough: “Is My Company A Top Half Performer?” This is a critical concept that’s worth unpacking: 👇👇👇
2/21: First, here’s a link to the 20 Minute VC podcast episode. It was a fun one to listen to and definitely one of the better interviews that Harry has recorded.

3/21: Now for the “Top Half Performer” concept.

It starts with the unfortunate truth that most #startups fail. And this truism even applies to #startups that have already passed a VC’s process. Even after careful curation and diligence most VC backed #startups fail.
Read 21 tweets
Frank Rotman Profile picture
30 Apr
1/13: There’s a lot of chatter recently about #Fintechs not wanting to hire people with traditional #Banking backgrounds and traditional #Bankers pointing out how short-sighted this is. It’s a complex topic that’s worth unpacking. 👇 Image
2/13: Like with most arguments, there isn’t a right or a wrong side. Every company is unique and every hiring decision is the net result of a complex series of tradeoffs. Finding the perfect fit for any role is a noble goal to pursue but is unfortunately a fantasy standard IRL.
3/13: Banker Perspective: Fintechs don’t realize how the machinery works. They don’t appreciate how to navigate building products and delivering services in a highly regulated world. They should appreciate how many landmines could be avoided if they just hired experienced people.
Read 13 tweets
Frank Rotman Profile picture
29 Apr
1/11: I was on a panel last week and was asked about a topic I knew very little about. My response seemed to get laughs and likes at the same time. It’s an old poker saying: “If you can’t spot the fish at the table then you’re the fish.” I live by this adage…let me explain👇
2/11: Poker isn’t a single game. It’s a class of card games that revolve around incomplete information, wagering, some luck and plenty of skill. I love many forms of poker and was a high stakes PLO specialist at one point. To me, the game is truly amazing.
3/11: But while luck does play a factor in any single hand, skilled players will emerge as winners over time. Being better than your opponents pays dividends over stretches of thousands of hands. A little edge compounds over time. A big edge can compound quickly.
Read 11 tweets

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