1/ Talent wars in London seem absolutely brutal these days.

Everyone of our startups reports their team members being approached almost continuously by everyone from other startups, FAANGS, corporates.

Wage inflation is brutal. Anyone is liable to be poached.
2/ With the advent of distributed organisations and remote work, competition is global.

It could be Tencent or Slack knocking at the door of your organisation, carefully mapping your team looking for openings.
3/ Some seed stage companies have reverted to staying completely stealth on LinkedIn, and asking their team members to remain stealthy.

Though they’re likely to find them on GitHub anyways ;-)
4/ This raises the stakes dramatically on People Ops to act pre-emptively:

- identify / promote / compensate emerging, homegrown talent
- continuously look at refreshing option grants and compensation
- track any employee at risk
5/ Ultimately this is when a serious investment in Culture, Talent and People as a strategic pillar of your business becomes paramount.

And design and implement a distributed talent strategy.

You can’t run from this.

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More from @fdestin

22 Jun
1/ How much carry should you give your partners?

@HarryStebbings and I started 50/50. I'm a big believer in taking economics off the table (who knows who will find the next Spotify?) and partnerships can destroy each other in endless economics discussions.
2/ It's not uncommon or absurd that the GP group keeps roughly 80% of the economics - that would be say 3 or 4 General Partners taking the majority of economics and "floating down" as they accept more general partners into the group
3/ How is carry quoted ? Carried interest is typically 20% of profits generated by the fund; this 20% is 100% of the carry pool. You can quote carry as an absolute percentage (5% carry), a percentage of the carry pool (5% carry is 25% of the carry pool) or in dollar terms.
Read 9 tweets
26 Apr
1/ There’s no difference in probability of reaching Series A based on whether or not your seed round has a top VC.

Source: 3717 deals on @AngelList

angellist.com/blog/top-vc-se…
2/ I’ve always believed that the skillset required to work with seed companies is on some dimensions fundamentally different from working at the later stages.
3/ Everything about seed companies is ambiguous: the people, the data, the level of product market fit, the GTM, the brand and messaging.
Read 9 tweets
9 Mar
1/ The @eldsjal podcast with @HarryStebbings is the best I've heard on management.

There are some deep non-obvious insights about management that I well worth reflecting on.
2/ On DELEGATION

@eldsjal makes an intentful distinction between:

*High variance* problem - high upside and high downside (e.g. key product evolution)

*Low variance* problem - low upside and high downside (e.g. paying salaries on time)
3/ Whilst he uses different frameworks, the other key consideration is reversible / non-reversible.

Is a decision a "one way door or a two way door ?"

Whether decisions are reversible dictates how much time you need to spend prior to making a decision
Read 15 tweets
8 Mar
Savagely honest @Nicolas_Colin

“In toxic environments such as Paris, traditional venture capital has in fact become a rent-seeking business: you don’t need strong performances to make a reasonable living and enjoy your power over desperate Entrepreneurs.”
2/ This is the source article - a fab deep dive into the history of VC from @Nicolas_Colin that I highly recommend reading.

salon.thefamily.co/a-brief-histor…
3/ Nicolas, in the line with the pirate ethos of @_TheFamily, does not hesitate to break through the veil of silence that protects the more mediocre ecosystem participants

The journeymen of VC who treat it as a relatively glam lifestyle business.
Read 8 tweets
7 Mar
1/ Breaking news. I’m absolutely thrilled to partner with @cleo_sham to build @stride_vc going forward. We’re just getting started and incredibly excited about what’s to come.
2/ Cleo is a consummate operator: built Uber China as an early GM, and Guanghzou as the first Uber city to hit 1M trips a week, before being promoted to Director of Operations for Uber China and later leading platform integration for Uber’s 45 EMEA territories post Uber/Didi.
3/ She got poached by a number of the original Uber investors to build Spotahome as COO.

But she’s not just an operator; she’s also an investor and a founder.

She started life prop trading and has invested in over 60 startups as angel; she’s also founded two startups.
Read 10 tweets
17 Feb
1/ @Nicolas Colin asks on @Siftedeu : “why can’t we build more social media giants in Europe?”

Let me tell you the tale of @dailymotion.

Remember them?

They were neck and neck with @YouTube until about 70M UU per month.
2/ DailyMotion was started by two brilliant creative minds: @robertderosny and @Olivier_Poitrey. The guys were blazing new features at speed and leading the way. A real grassroots story.
3/ The product was great, users loved it and we were growing fast.

One of the early good decisions we made was to delay monetisation. We didn’t want to burden a company whose success was predicated on achieving massive scale.

So what happened? Why didn't we become YT?
Read 11 tweets

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