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Sajith Pai Profile picture
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13 Dec, 6 tweets, 3 min read
Interesting post by @mariogabriele on 'DeCos' or decentralized countries. We are beginning to see provocative thinking on the future of nation states (@balajis has done a lot of thinking on this - network states v nation states) & this is certainly one.

readthegeneralist.com/briefing/the-d…
I do concur that the nation state's gravitational power is decreasing; my specific area of interest is not virtual but new physical nation states emerging (more challenging + less realistic though) & the actions needed to support the emergence of these new physical nation states.
An old tweet on this
An article where I postulate that we could see Nation SPACs emerging to acquire physical territory
sajithpai.medium.com/network-states…
Of course, DAOs could be an organizing framework as well as i suggest here
Post the new nation state is formed, how will it be defended?
If Crypto is the 1st amendment, then what is the 2nd?

Drone swarms w guns, Robot dogs w guns - essentially robot armies coupled w cyberwarfare will be the new 'well-regulated militia'.

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More from @sajithpai

Sajith Pai Profile picture
9 Nov
🧵

1/ There are 3 broad risks in the startup’s journey - product, market and execution risk.

A startup grows from idea to IPO by eliminating these systematically along the way.

Let us examine these.
2/ First, product risk.

Does the product you designed solve a problem for a customer. Does s/he care? Getting to a minimum viable product (MVP) broadly eliminates ~80% of product risk.
3/ Market risk - is there a market for the product you created, or can you iterate to a problem for a paying market? Getting to product-market fit (PMF) is about eliminating this risk. PMF eliminates ~90% of market risk for the then product, I think.
Read 7 tweets
Sajith Pai Profile picture
6 Nov
For a venture nerd like me, this was such a terrific read (the transcripts are the best thing abt Colossus podcasts).

Brief thread🧵 on what I found interesting from @roelofbotha 's convo w @patrick_oshag
Sequoia holds $45b worth of undistributed public stock (companies in its portfolio who have IPOd), about the same as its private holdings.

Together, Sequoia's 'AUM' > India's largest AMC, SBI Mutual (~600kcrs = $80b)
Loved this framing. Seeing fundraising as a board recruitment decision.

Also for those who follow this, throwing some shade on that famous crossover fund which doesnt usually take board seats:)
Read 11 tweets
Sajith Pai Profile picture
1 Sep
Why does a VC reject your pitch? 🧵

A perspective basis my last 3 years in a seed VC.
(this is true especially of seed investing, but holds for the broad VC asset class)
I work at @BlumeVentures, a seed stage tech VC, and we get 3-3,500 startup pitches a year. We can fund 10-12 at best a yr. This means that we reject a lot of great startups.
Some of these startups are rejected because they are too late or early for us, and thus don’t fit our investment criteria (blume.vc/for-startups). Some are rejected because we have invested in their competitors or in similar risk buckets we dont want to add to.
Read 11 tweets
Sajith Pai Profile picture
26 Jun
🧵

On @ClassplusApps, its recent fundraising round, and what we can learn from one of the most exciting B2B startups out there today.

A B2B startup with a consumer DNA, that any B2C co would be proud of.
On thursday, Classplus announced its latest fundraising round, toting up to $65m across Tiger, @gsvventures and existing investors Falcon Edge / AWI, @BlumeVentures

livemint.com/companies/star…
It is been a crazy 15 months for the company since the 1st lockdown - it has seen 3 fundraising rounds during this period - all preemptive.

From Feb20 to May21 it has seen a 6x growth in paid customers, 12x DAU (almost 7 figures now at zero CAC!), and 7x MRR. Phew!
Read 27 tweets
Sajith Pai Profile picture
10 Jun
🧵 on startup 'valuations'.

Why are loss-making startups run by 20-somethings 'valued' as unicorns while similar profit-making companies are valued at half that?

Thread below has the dope, but the longer read is 👇🏽
sajithpai.medium.com/exhaust-fumes-…

1/23
First, the title 'Exhaust Fumes'

Comes from a great quote by @fredwilson

“Early stage valuations aren’t really valuations. They are the exhaust fumes of a negotiation about two things — the amount raised and the amount of dilution.”

Let us understand this.

2/23
They say that chess is a game that can be learnt in an hour, but it takes a lifetime to master. Venture valuations are similar.

Here is the simple part of startup valuations. Take capital invested, and divide by stake diluted.

3/23
Read 23 tweets
Sajith Pai Profile picture
7 Apr
I got this whatsapp message yday👇🏽fm a founder grinding it out, 1 month of runway left. But absolutely unwilling to give up.
We saw 2 great stories recently fm the ecosystem - as Meesho, Cred became🦄. Congrats to them, & let us celebrate their achievements.

But let us also celebrate the founders grinding it out without much love. Life is hard for them. It is tough mentally & not easy to keep pushing.
It takes a special grit and determination to chug along, to motivate your team on dreams and vision alone without hikes, or even delayed salaries; holding on to them when other startups and Big Tech are throwing money at them.
Read 5 tweets

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