Garrett Lord

Talk to Buildstash and Robbie Cargill if you want to manage your game or app binaries.

9

Here’s an interesting read/concept to consider from TechCrunch! AI-powered chatbots like ChatGPT are incredible innovations that are worth being excited about — but it’s important to also remember that we haven’t perfected these platforms yet. When it comes to chatbot technology and inclusivity, there are still multiple obvious shortcomings. #ChatGPT and other AI tools of the same vein currently struggle to read cultural nuance, and the algorithms that power these services mostly approach things from a Eurocentric/Western lens. Basically, one of the most popular and widespread AI platforms we have today was not built with the perspectives of #POC #BIPOC in mind. As a result, we’re starting to see alternative chatbots/modifications of ChatGPT in an attempt to create #PersonalizedAI such as John Pasmore’s Latimer.AI, an AI language model that tailors its answers to the experiences of Black and brown people. See also Erin Reddick’s beta ChatBlackGPT, which adjusts the harsher language and rhetoric regarding Black historical events, was trained by Black authors, writings, and philosophers. So, do you think #culturallyspecific AI models are a good solution? Or eventually, should broader companies that own ChatGPT/chatbots have a responibility to make them as inclusive as possible? Could that even be achieved with the structural racism and persistent inequalities that prevail in the tech ecosystem today? I want your takes.

3

1 Comment

Building early stage startup momentum? Make sure your speed-to-help is measured in minutes. In today’s environment, you can’t wait days for help. You have to get unstuck fast. With timely advice, execution quickens. Thats the power of a safe-space community that’s built on ‘giving’. It’s our foundational value. You should give what we are building a try.  Zero risk.   DM me to learn more. We’re happy to tee up a call. Happy Wednesday, ya’ll. ———— Please consider ♻️ with founders in your network. As early stage founders, we at times, are a problem away from sinking or propelling forward.

44

21 Comments

As YC Demo Day approaches, I had the privilege of speaking with some founders from the current cohort and hearing about the numerous VC meetings they are attending. This brought to mind a piece of advice from YC that has always resonated deeply with me: "Raising the most money is not the metric of success. Building a great company is." Venture capital can be thought of as debt with the upside of equity. If it looks like debt (investors get repaid first through liquidation preference) and acts like debt (restrictive covenants on operations), it likely is debt. Moreover, if your liquidation preference is greater than 1, you effectively have an implied interest rate on that debt. For companies that have raised substantial venture capital, particularly during 2021 and early 2022, the following statements are likely true: - The company is no longer under the founders' control. - The company's valuation is upside-down, leaving founders with little incentive to stay. Venture capital often encourages companies to spend unsustainably, pushing them to grow rapidly or face failure. The assumption is that fast growth will enable further fundraising, but this is not the current reality if your last valuation was high compared to today's standards. In the summer of 2022, YC warned that a VC "winter" was coming, and it persists today. If a company boasts about its greatness based solely on the amount of money it has raised, it is wise to be cautious.

27

2 Comments

🚨 Attention early-stage founders raising – excited to spread the word about open applications for PEERLESS 2025! Led by AlleyCorp and Management Leadership for Tomorrow, curated programming will culminate in 5 founders pitching at Google's NYC headquarters in April, where one winner will receive a $1M investment from AlleyCorp. This isn't only about creating a more equitable tech ecosystem, it's about backing the next generation of exceptional founders who are uniquely positioned to shape the future. Applications opened on October 15th and close on December 6th 2024. While they welcome all early-stage founders with exceptional ideas, AlleyCorp is encouraging applications from startups that: ✅ Have raised less than $2M ✅ Are technologically innovative ✅ Have a strong go-to-market advantage ✅ Have identified a large market opportunity ✅ Are led by Black, Latine, Native American, or female founders All applicants will be invited to various ecosystem events with top founders and VCs. Learn more and start your application at www.peerlesspitch.com. 💯 👏Desiree Almodovar + #alleycorp

30

7 Comments

I’m thrilled to be announcing that Notion Capital is leading the $15m Series A investment in Cogna today. In the industry, we like to think that software has been eating the world. But when you look at the data a better description would be more of a nibble. Depending on what source you look at the software industry represents between 5-8% of global GDP. Contrast that with the services industry that represents between 60-70% of GDP and worth around $25 trillion on a global basis. Most services have been out of reach for the software industry. They have either been too complex or too specialized for off the shelf software to access in any economically viable way. But that’s beginnning to change with GenAI leading to the emergence of ‘service as a software.’ Cogna is at the forefront of this opportunity - building precision software at scale and delivering huge productivity gains for traditional industries. We know Ben Peters & Lars Mennen well having backed their previous company Five AI that was acquired by Bosch in 2022. And we’re very excited to be backing them again together with Hoxton Ventures & Chalfen Ventures Read my full blog post on why we invested here. Radu Bozga Ben Peters Lars Mennen Bryan G. Mike Chalfen Hussein Kanji Kirsten Connell https://lnkd.in/eh8mhcJb

201

13 Comments

This is an interesting article from SaaStr sharing data from ICONIQ Capital about revenue per employee. “These are useful yardsticks for folks scaling: At less than $25m ARR, actually SaaS start-ups aren’t any more efficient than in 2017-2019, at $130,000 per employee / FTE. Although that’s still more efficient than the Boom Times. At $25m-$100m ARR, SaaS scale-ups are about 25% more efficient than they used to be, at $172,000 in revenue per employee / FTE. Time to get real at $25m ARR, apparently 😉 And at $100m+ ARR, they are 20% more efficient then they used to be, at $249,000 in revenue per employee. On the path to the $300k+ we see in public SaaS leaders.” At Worksmith in October, our annualized revenue per employee was $238K. https://lnkd.in/gqkkpjEW

6

Let the wave begin! Pioneer Fund company Recall.ai *grew their revenue 10x* in the past year, has 300 enterprise customers, and just raised a $10M Series A led by Ridge Ventures. David Gu and Amanda Zhu dropped out of college at age 19 to start the company. They've grown it exponentially with a tiny team. They make it easy to build meeting bots that are cross-platform. They're aggregating all these different APIs into one unified API, the way Twilio did with cell phones. At first it "sounds" easy to build a meeting bot -- just integrate with the Zoom API. But in fact there's a huge long tail of things you need to build, security and privacy pitfalls, automations, transcription complexities, integrations, the calendar invites where someone is using Google Meet or Teams, staying up-to-date with the libraries, etc etc. Recall takes care of all of that. It's WAY easier to build on top of Recall.ai and focus on the features that make you unique. Congratulations to the Recall team!

86

7 Comments

Excellent overview from Alessandro Marianantoni at M ACCELERATOR in #losangeles on an under appreciated tactic in #startup formation- experimentation. One additional viability item to consider would be #talent and #humancapital required to build & distribute the offering- especially if you’re not a technical founder. #sellthenbuild

7

2 Comments

I recently listened to Zach Perret, founder of Plaid, on the 20VC podcast discussing his evolution in recruiting. His mindset shift resonated with me. Here are three key takeaways: ▶ Be yourself and do it. Cold emails and genuine curiosity unlock unrecruitable people. People love to talk about things they're passionate about. ▶ Embrace the hunt. The best founders love to compete for talent. They understand the value each person can bring and don't like losing. This skill will also translate into founder-led sales. ▶ Hire for "Spike". This is essential when building an early team. I often think of it as the shape of a "T"—someone with deep expertise in one area but is open and curious to learn and contribute in other areas outside their core strength.

13

1 Comment

Reminder that the Unusual Ventures Fall 2024 Academy application is OPEN! Deadline for submissions is 9/9. Are you a Founder who wants to: 1. Learn from world class leaders the best practices of building from insight to product-market fit? 2. Receive up to $2M in a SAFE to accelerate company building? 3. Join an unmatched community of founders who are eager to support and learn with you? 4. Dive deeply into the latest pricing, go to market, and infrastructure choices founders are making for their AI-native startups? Unusual Academy is for you and your team. Each cohort consists of a small group of hand-picked Founders who are in the early stages of building Enterprise Software businesses. Over eight weeks Founders will participate in a highly personalized set of workshops that drive the building of the foundation of a successful startup. Founders will work very closely with our team on how best to execute Customer Discovery and validate the insight for your startup. We then explore the nitty gritty details of doing customer outreach and working through the Design Partner phase. We take you through proven tactics on how to navigate early customer engagements through to contract conversations. Throughout Unusual Academy we work closely with each team to align product strategy with the optimal go to market approach for their market segment and product. With the advent of AI, Founders are faced with new challenges with regard to pricing, ROI, data security, and managing infrastructure costs; we share best practices and the latest adaptations from the leading startups. Unusual Academy is a program for Founders who want to learn from exceptional teachers and get hands-on with specialized examples and tools. For those who want to maximize their probability of building a successful startup, this program is for you. https://academy.unusual.vc

22

Want a front-row seat to the frontier of tech? We’ve got the role (or two) for you! We’re expanding our frontier-tech team at Blackbird by hiring a Frontier Tech Investments Associate and Foundry Fellows! Got questions? We've got answers... 1️⃣ What are the roles? 🧪 Associate = a full-time VC investment gig in our Blackbird Investments team, working directly with me. We’re looking for someone with a science and/or engineering background and more curiosity than they can handle. You’ll grow your own investment brand and practice, support our portfolio founders, and will help build Foundry, our early-stage frontier-tech accelerator. ✨ Foundry Fellow = a casual/contract gig in our Blackbird Investments team, ~15h per week for 3 months. The Fellowship is ideal for PhD students and ECRs who want to learn more about startups and VC. You’ll go deep on emerging areas relevant to your expertise (or curiosity!), get a front-row seat to groundbreaking companies in those areas, build out your non-academic network, and develop a solid writing practice. 2️⃣ Why are you hiring? We love frontier tech, and we’re ready to grow our team. 3️⃣ Wow, it’s so great that you’re starting to look at deep tech! Look, we get it: we don’t make a lot of noise about our frontier tech investing. Buuuut we’ve been deep-tech investors since we backed Tim Kentley-Klay to found Zoox back in 2014—we’ve been on incredible journeys with PsiQuantum (building the world's first utility-scale quantum computer right here in Australia!), Inventia Life Science (transforming drug discovery with high-fidelity cell models), Remedy Robotics (surgical robots for remote endovascular procedures), Opto Biosystems (minimally-invasive neural implants to treat cancer), and more. We believe that frontier technologies, and great frontier-tech investing, will be part of the solutions to the greatest problems humanity faces today. 4️⃣ When do applications close? May 31st at 11:59pm AEST. 5️⃣ I have more questions! I’m sure you do! Clare Birch and I are hosting an AMA to answer any and all questions about these roles. Want to know what a week in the life of our team looks like? What’s keeping us up at night? What our ideal candidate looks like? Come along and find out - registration link in the comments 👇 Apply for these roles: Associate - https://lnkd.in/gCfj4EUJ Foundry Fellowships - https://lnkd.in/gj6ATZVZ If you know anyone that we should meet, send me their details! Cameron Elise Ben Andrew Robin Joseph Adelaide James Olivia Lucinda Raghav Jesse Christie Mohamed Tom Amee Pablo Haya Loong Hon Joshua Benjamin Megan Harry Denzil Matthew Diana Daniel Tom Deanna Justin Amar Lilly Stone Thomas

114

4 Comments

Just shipped this week's Diaspora.nz podcast with Paul Copplestone, founder & CEO at Supabase. We talk about: ⚡️why open source is an unfair advantage — as a product development strategy, supercharging recruiting, and helping build customer community. ⚡️how they are building the end-to-end tech stack for AI startups — seeing many customers grow into the millions of users in just weeks, growing to be one of the most tagged products by makers on Product Hunt + most redeemed Y Combinator “perks.” ⚡️raising $116M, and scaling to ~80 people in 30+ countries over the past 4.5 years, operating as a distributed + asynchronous team. ⚡️building three startups over nearly a decade living in South East Asia. Subscribe + listen links in comments below👇 Subscribe at diaspora.nz for weekly episodes 🎧👈

65

6 Comments

At Forum we look at thousands of deals each year across our Accelerator and Pre-Seed funds but only end up investing in a little over 1% of those startups.  As an early stage VC, I am in the business of saying no to nearly every startup I meet, and while there is nuanced rationale for many of the startups I pass on, a vast majority of businesses that don’t meet the qualification to get funded typically fall into one of two buckets. ▪ First time founders have a tendency to go out to market too early to raise pre-seed capital ▪   I’m sure most founders have heard some iteration of this from VCs that ultimately pass on their business.  In some cases it's a blanket excuse covering up for other pass reasons- perhaps a VC doesn’t believe in a team or isn’t bullish on the market opportunity - but in many cases founders simply haven't proven enough to the market to warrant an investment. I meet many teams with an articulate vision for the product that they want to build, but they either haven't performed enough customer discovery to prove demand for their initial wedge product, or need to raise pre-seed capital to build out an MVP.  In those cases, pre-seed investors are unwilling to underwrite those risks.  To be default fundable, teams need to be able to keep costs low, perform extensive customer discovery, and ship some version of an early product - pilots and early paid customers are key. A huge piece of this is having founding engineering talent on the team. ▪Not every startup is a venture opportunity ▪ By definition, a venture backed business is solving a problem within a market opportunity so massive and so desperately needed, that its growth rate is off the charts.   It spreads like a weed, absorbing almost unlimited amounts of capital to fulfill demand within its customer base.   Each year there are maybe 20 companies launched that ultimately have venture scale outcomes. The bar to reach this rarified air is unfathomably high and the reality is the vast majority of founders simply aren’t building for opportunities that have the potential to be one of these generational companies. Many startup founders view VC as the only viable option for capitalizing their business, but not every great business is a venture business, and most successful founders never take VC dollars.  In order to reach an IPO/acquisition large enough to generate venture returns, a startup needs a credible path to $100s of millions in revenue. This is the standard by which early stage opportunities are evaluated. The flip side to this, and I share this feedback often with founders I meet that are building interesting business in non venture markets, if you are able to scale to $10- $20M in revenue that can be a massively successful outcome for a founder.  There are investors who focus on these type outcomes, namely lower middle market PE shops, and the typical path to those deals is a bootstrapped business or a friends/family capital raise.

96

13 Comments

Qodo raises $40M Series A to bring quality-first code generation and testing to the enterprise Qodo, formerly known as CodiumAI, has raised $40 million in a Series A round led by Susa Ventures and Square Peg. The startup focuses on not only AI code generation but also improving code quality by generating tests throughout the software development lifecycle. Since launching 18 months ago, over 1 million developers and several Fortune 100 companies have adopted its platform. Qodo distinguishes itself by integrating tools such as a git agent, Chrome extension, and CLI tool to reduce coding errors at various stages. It also supports IDE extensions for Visual Studio Code and JetBrains. One unique feature is its "task-aware coding," where developers can describe the issues they are addressing in natural language, helping Qodo's code-completion tool make more relevant suggestions. The platform also helps reviewers identify potential issues in code changes, and the team is considering a feature that creates video walkthroughs of changes for easier reviews. Qodo aims to offer a comprehensive testing approach, expanding to UX testing next, which will simulate human interaction with a website. In total, Qodo has raised $50 million to date, with plans to continue developing its "quality-first" AI code generation tools. https://lnkd.in/e6q54mPT

8

If you're a SaaS, CPG, or e-commerce business collecting revenue in every state you need to worry about sales taxes now 😫 . Every state has slightly different rules too! I just made an investment in the space to solve this problem, read below 👇 I'm excited to announce a new investment that's targeting that problem. Zamp is announcing it's series A, they work with over 400 companies already (a mix of CPG, SaaS and E-commerce). If you're looking for a solution to the complicated situation of collecting sales taxes for your business, look no further.

8

2 Comments

Well-written and sourced article describing what's going in seed-stage venture market. At 9point8 Collective we tend to orbit the seed-stage (both ideating and developing companies to reach seed and helping post-seed companies refactor and scale in anticipation of A) and for many companies it's a critical inflection point which determines their long term success or failure. The main takeaways I was able to gather: 1️⃣ Many startups that raised seed rounds in 2021-2022 are struggling to secure Series A funding due to tighter market conditions and increased investor expectations. 2️⃣ Seed investors are becoming more cautious, leading to longer diligence processes and a preference for startups with strong traction or experienced founders. As a result, valuations have stayed relatively high even as deal flow reduces. 3️⃣ Startups are adopting various strategies to navigate this challenging environment, including cutting costs, raising bridge rounds or convertible notes, and M&A/acqui-hires. 4️⃣ Despite the challenges, there are opportunities for both startups and investors in this new landscape, particularly for those who can adapt to the changing market conditions. Investors are accumulating dry powder -- and with rates on the decline -- will be looking to deploy into companies with stronger fundamentals than their 2021-2022 counterparts.

4

A few spots left for this awesome workshop with Justin Gray of In Revenue Capital. Every successful founder I know learns to develop and maintain high performing relationships. This is a skill like anything else and can be developed. Founders, if you want to build a high-growth company, learn to build high-performing relationships. This workshop will help you do that. Hope you can join us.

15