SC Moatti

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

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I first met Mike Maples, Jr in 2010, when Founders Network was just an idea. Over the years, Mike and his team at Floodgate (special shoutout to Arjun Chopra) have been great mentors, sharing their insights and guiding our founders. Most recently, their advice played a pivotal role in helping us launch Founders Network Fund. Today, Mike shared the key ideas with FN'ers from his new book Pattern Breakers (https://a.co/d/buKBd5O ), which explores the insights he’s gained from backing companies like Twitter, Twitch, and Okta -- and which put him on the Forbes Midas List 8x. This is the most important book on startups in the last ten years, according to Steve Blank. My notes on the key concepts of his talk: 1) Inflections – "not a trend but a change event that represents a turning point in our ability to provide empowerment." e.g. The GPS chip in iPhone 4s 2) Insights – "a non-consensus and right insight about the future that's powerful and non obvious and leverages inflections." e.g. Lyft = GPS + strangers driving you 3) Founder future fit – "Living in the future before other people live in the future and then try to build what's missing in the future." If you're a founder, check out the book. Grateful for the impact Mike and Arjun continue to have on both me and the Founders Network community!

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What does the future hold? 🤔 According to top VC Vinod Khosla, it's looking optimistic! In a recent article, Vinod Khosla at Khosla Ventures shared his views on our plausible futures in 2035-2049, and it's a nice counterbalance against the too-pessimistic doom thinking out there. ⚡ Khosla believes that entrepreneurs, with passion for a vision, invent the future they want. And if we allow it to happen, abundant, awesome, technology-based, “possible tomorrows” are likely ⚡ ----------------------- Are you interested in building the future with/ for your company? Take the first step here 📆 https://lnkd.in/e6kjakzF Let's make the future happen! 🚀 #Future #Venturing #Innovation #Entrepreneurship #Technology #Possibilities

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*Advisory Board 2.0* - Less equity, more accountability. Increasingly over the past couple of years, I have seen founders who are building a new kind of advisory board. It starts with identifying a group of people who fit three distinct criteria: 1. Expert-level advisors 2. Potential customers 3. Angel investors Ideally, they are all three. These founders are going out and recruiting dozens of advisors and approaching them with a new kind of offering: - Equity in the form of 200 - 5,000 shares per advisor. Relative to the 10-15 million outstanding, that might be 10,000 total shares for the advisory board, or .1% of the company rather than .25-1% for each advisor - Access to WhatsApp or Telegram group with community of their peers - Monthly or quarterly advisory board calls to share product feedback, industry news, company progress, etc - Access to invest in the company, sometimes at a discount to a future round - Kickbacks or referral bonuses in the form of cash or additional equity for referring new customers, employees, or investors - Ability to run a free or discounted proof of concept as a customer Read the rest of the post and examples of how this works in practice on th Is weeks’ Monday Morning Meeting. Link in comments. #founders #vc Antler

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Looking forward to meeting women entrepreneurs who are on their journey to create some pathbreaking ideas and inspiring others to do the same. #advaitawomenentrepreneurs #womeninbusiness #entrepreneurship #womenentrepreneurs #EmpowerWomen #womenleaders #businesswomen

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What makes Accel one of the most prestigious VC funds in India? Listen to our latest podcast where we share insights about the Indian VC ecosystem, the realities of fundraising, and the challenges fund managers face. https://lnkd.in/gYEv2i5C

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Founder to VC transition as a mother of two super active kids has been an incredibly amazing journey for me. Has it been demanding? Yes. But it’s been equally rewarding in terms of learnings, growth and new fun challenges. Thus, thought I would share my experiences and insights on balancing these dual roles and what I've learned along the way. .. First up, managing time effectively has been crucial. Balancing investor meetings, due diligence processes, and strategic discussions with school runs, homework help, and playtime requires meticulous planning and prioritization. I've learned to be present in the moment, whether I’m at a pitch meeting or attending my kids’ PTMs. .. Also, raising young kids, especially a teenager and a young child, teaches you patience and empathy. Especially because children are unpredictable. But, so is the startup world. The ability to adapt quickly to changing circumstances has been a valuable skill in both my personal and professional life. Flexibility and resilience are key to navigating the ups and downs of both parenting and investing. Thus, as they say, I’m exploiting synergies :) .. But, most important thing of all? Setting clear boundaries and priorities. Knowing when to step back from work to focus on family and vice versa ensures that neither role suffers. This balance is a continuous process and requires constant adjustment. And here, having a strong support system has been invaluable. My husband, family, and a network of supportive friends have played a critical role in helping me manage my responsibilities. .. However, my biggest motivation has been my kids. Being a role model for my children is important to me. Demonstrating that it’s possible to pursue a demanding career while being there for them sends a powerful message. It’s about showing them the value of hard work, dedication, and the importance of pursuing one’s passions. .. No doubt, there’s immense joy in watching my daughter navigate her teenage years and my son’s boundless energy. Similarly, there’s a unique satisfaction in helping startups grow and succeed. Embracing and finding joy in both aspects of my life has been incredibly fulfilling. And, the transition from founder to VC has been a transformative journey, enriched by my role as a mother. .. All of that said, we at Dexter Ventures ($50k-$500k early-stage investments) and Dexter Capital Advisors (advise $3MM-$100MM) are always eager to work with like-minded founders, angels and other members of the PE/VC/Family Office ecosystem. Do reach out to us at deals@dexter[dot]ventures keeping anuradha@dexter[dot]ventures in CC if there is anything we can help you with :) Best, Anuradha Tags: Devendra, Jayant

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New Thesis - Beyond Language: An Introduction to The Transformational Potential of LxMs A core tenet of the new firm I am building is to generate sectoral theses in areas that I believe can lead to outlier returns. Over the years, I have been fascinated by novel foundational technology catalyzed by open ecosystems - and the impact they can have on areas beyond language. In this post, I introduce the concept of LxMs - a new thesis I am developing - and how they will impact various sectors. Follow along our series for in-depth insights and case studies on how LxMs are transforming various industries. We will explore how these advanced models are revolutionizing fields such as scientific intelligence (biology, chemistry), industrial intelligence (robotics, manufacturing) and gaming (design, engines, modeling, simulation). Read our intro and stay tuned for our subsequent posts. Huge props to Archit Gadhok for co-piloting this with me!

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DePIN & RWAs dominance isn't as far off as most people think. Across every innovative cycle, three fundamental pillars emerge: foundational technology development, proliferation of infrastructure, and a surge in application development. As we venture into the third cycle, DePIN and RWA protocols are poised to become market leaders paralleling the dominance witnessed by infrastructure projects from 2015 to 2024.

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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.

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I recently sat down with a group of Forum Ventures founders about to go out to fundraise and the topic of SAFE rounds came up. The context focused on the pros/cons of raising a priced vs a SAFE round and the conversation notably shifted toward the dilution implications of a SAFE round. Founders are keenly aware of the top line dilution of any funding round - ie selling 20% of their startup for $3M at a $15M cap - but very few fully grasp the implications of doing a SAFE round vs a priced round. The universal standard for institutional VC investors is a post money SAFE. This document essentially outlines ownership that an investor will have in a startup just prior to the execution of a priced round. Most importantly though, it is structured so that an investor in that SAFE will not be diluted by subsequent SAFE's that are issued. This is where founder education around the implications of this structure are not fully appreciated. In a situation where a founder continues to stack subsequent SAFEs, they don't actually convert until the first priced round and the net dilution they are taking is actually more than they realize. Here is a practical example - take a situation where a founder has already sold 15% of their business on a post money SAFE in a pre-seed round, and is now choosing to sell another 20% in a seed round. If the founder opts to raise this money on SAFEs, the dilution of that additional 20% will come entirely from common equity holders- meaning they will now own 65%. If SAFE holders were also diluted by that round, as they would be in a priced round, the founder would own 68%. This dynamic becomes more dramatic the more capital a founder raises on SAFEs. Note - this is a high level example and does not include an option pool carve out or other round nuances. Almost universally, when a founder raises their first priced round, there is some degree of sticker shock at the outright dilution on their cap table, particularly when options pools are factored in. This pain is even more acute when a founder has raised a fair amount of capital on SAFEs along the way. There are certainly benefits to raising SAFE round, mainly cash in hand 6-8 weeks faster and not having to decide on board seats too early, but I encourage all of our founders to run through cap table modeling and correctly account for the implications of SAFE rounds before they make fundraising decisions.

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Today marks an incredible milestone for us at Inflexor Ventures as we proudly announce the 𝐟𝐢𝐫𝐬𝐭 𝐜𝐥𝐨𝐬𝐞 𝐨𝐟 𝐨𝐮𝐫 ₹350 𝐂𝐫𝐨𝐫𝐞 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐅𝐮𝐧𝐝. This isn't just a number—it's a symbol of our steadfast commitment to empowering founders who are ready to amplify their proven potential and take their vision to new heights. In my journey from being an entrepreneur to a VC, I've witnessed firsthand the critical juncture where vision meets opportunity. The Opportunities Fund is designed to be that bridge—supporting visionary founders who have already proven their potential and are ready to scale further and faster. To all the founders who trust us with their stories and growth, thank you for your resilience and ambition. You inspire us daily to be more than just investors; you motivate us to be partners who champion your vision and share in the challenges and triumphs of building something extraordinary. Our heartfelt gratitude goes out to HDFC AMC Select AIF FoF I scheme and our other valued limited partners for their trust and belief in our mission. Your support fuels our drive to not just invest in ventures but to become true partners in the journey, championing innovation and resilience every step of the way. I also want to acknowledge my colleagues, whose dedication and expertise drive us forward, and the wider ecosystem that plays an essential role in making ventures thrive. This milestone wouldn’t be possible without each of you contributing to this vibrant network of progress. To the entrepreneurs who dare to dream, build, and inspire: your determination is why we do what we do. We are honored to walk alongside you in navigating the exhilarating journey of scale and impact. Here's to nurturing more stories of growth and innovation as we embark on this exciting chapter together. Venkat Vallabhaneni, Jatin Desai, Pratip Mazumdar, Murali Krishna Gunturu, Harsha Mundhada, Parmi Doshi, Aishwarya Kulkarni, Pratik Ahuja, Kirti Chaturvedi, Akhil Nehru, Minal Sequeira, CA Vijay Sundar A N https://lnkd.in/gJUHBZk6 #VentureCapital #Entrepreneurship #OpportunitiesFund #Innovation #Gratitude

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Where are we on the continuum of chaos and control? This is a question Clay co-founder and CEO Kareem Amin periodically asks himself as the company grows and inevitably creeps toward the controlled side of the spectrum. “Companies and management teams default to control. You want to control outcomes, control the direction of the company, and understand your inputs and outputs. But doing this underestimates the cost of coordination and communication — and the value of chaos,” he says. “You want a healthy amount of chaos to create anything new or creative.” On The Review today, we asked founders to share their go-to questions like this one to reflect on the business, the team and their own leadership (full list in the comments below)

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Great insights, I recommend you watch/isten to the episode either on Youtube below or from your favorite podcast app. Key Takeaway 1: Building a Growth Machine in Startups - Raman Malik, the Head of Growth at Perplexity, discusses the company's journey of growth, sharing insights on what worked and what didn't. This includes the key factors that drove growth, the lessons learnt from unsuccessful strategies, as well as the role of partnerships in driving growth. Key Takeaway 2: Acquisition, Retention, and Churn - Malik shares his thoughts on brand marketing, emphasizing the significance of retention over acquisition. He also provides advice on how startups can increase retention and defines what an "engaged user" means to Perplexity. Key Takeaway 3: A/B Testing - Malik explores the advantages and disadvantages of A/B tests, providing insights on when they can be most effective. This includes a discussion on the role of A/B testing in growth marketing and its impact on product development. Key Takeaway 4: Paid Acquisition - Malik challenges the conventional wisdom of relying on paid acquisition for growth, describing it as a "drug". He also provides advice to other founders on how to approach paid acquisition and why Perplexity chooses not to use this method. Key Takeaway 5: Building a Growth Team - Malik advises founders to hire more former founders, explaining how their experience can be beneficial in a startup environment. He also discusses the challenges and learnings from hiring for the growth team, underscoring the importance of understanding the unique management needs of different types of employees. https://lnkd.in/gwZev8dp

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Getting the storyline right The toughest thing to crack when trying to prepare a fundraising deck Just imagine a person hating presentations Is made to sit and figure out Market size Team bio's Problem Solution Why now Go-to-market strategy Revenue Projections 5-year plan Business model Product (Only the interesting bits) . . . . . Followed by a whole appendix section And then bind it all into a 10-15 page deck Which communicates so many complex things In 10 min using minimum words & space on the slide And Top it all up with a story which is also a strategy which binds everything into one mesmerising interesting & exciting story Woohh I have been doing this for quite some years, and it still wrecks my nerves. I don't know how founders even attempt to do all of it by themselves it consumes too much energy and time However, if you wana to skip that grind do get in touch To read more about fellow founders' pitch decks & fundraising journey, subscribe to. https://lnkd.in/gpdN2JM9

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Vinod Khosla, a renowned Indian-American billionaire and influential venture capitalist, is a key player in the industry, with a remarkable track record that includes founding Sun Microsystems and Khosla Ventures. His investments in companies like Square, Stripe, DoorDash, and Instacart have been pivotal. Mario Gabriele shares valuable insights from Vinod: - Remember, you may be closer to a yes than you think. - Focus on getting the goose, not just the golden egg. - Be prepared for resistance to innovative ideas. - Your ultimate task is to sell. Delve into top resources from Khosla to boost your entrepreneurial journey: 1. Pitch the way VCs think: [Link] 2. Master how to solve the Pitch Problem: [Link] 3. Explore "Plausible Tomorrows 2035-2049": [Link] 4. Read "Letters to a Young Founder" by Vinod Khosla: [Link] Leverage these insights to thrive in the realm of venture capitalism and entrepreneurship. #VentureCapital #Entrepreneurship #Innovation

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Data-Driven VC's insights on talent churn in startups emphasize the balance of "hire slow, fire fast" with strong onboarding, continuous training, and feedback. Equity incentives are also highlighted as effective. Read more: [Data-Driven VC](https://lnkd.in/grg5GYat)

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Future (proof) #universities will cultivate abilities in their students to shape the #Mind of the #Machine. Artificial intelligence is no longer the stuff of #science #fiction. It permeates our lives, from the algorithms powering our #socialmedia to anything in #motion. However, with this incredible potential comes immense responsibility. The future of #AI, and its impact on #society, hinges on the shoulders of those who develop and deploy it. This is where universities have a unique and pivotal opportunity – to shape the future of AI by educating the next generation of developers and thinkers. AI development shouldn't exist in a vacuum. Courses that encourage collaboration with philosophers, sociologists, and legal scholars will ensure AI is developed with consideration for human #values and societal context. Imagine AI developers working alongside ethicists and philosophers, ensuring technology serves humanity and aligns with our values. Black box nature of some AI models can be concerning. Universities should introduce students to explainable AI techniques, enabling them to build #models that are not just accurate but also allow humans to understand how decisions are made. Imagine AI systems that can explain their reasoning, fostering trust & collaboration between humans & machines. By ensuring transparency & responsible development, universities can help build public trust in AI, encouraging wider adoption and maximizing its benefits. Imagine a future where people embrace AI not with fear, but with confidence, knowing it has been developed with #ethical considerations at its core. By encouraging students to consider the #social #impact of AI, universities can become a beacon of responsible AI research and development. Imagine university research labs setting the standard for ethical practices, influencing the entire AI industry. By educating #students and fostering open discussions about AI's implications,universities can shape public discourse and build a #society that embraces AI responsibly. Imagine informed public debates about the use of AI in various sectors, ensuring #technology serves humanity's best interests. Universities have a great opportunity to play crucial role in shaping the future of AI. By moving beyond technical skills training and prioritizing ethical considerations, universities can equip the next generation of AI #developers with the #knowledge and #values needed to create a #future where AI serves as a powerful tool for progress – a Future where AI isn't just intelligent, but also ethical, responsible, and beneficial to all. It's in the #classrooms of universities that the ethical foundation for a better #tomorrow with AI will be being built. We (Sahil & Team) at Rishihood University under the guidance of Suresh Prabhu Ji are building the cradle of India’s #political and #entrepreneurial #leadership https://lnkd.in/geMZqRNZ Dataquest

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