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Hosted by eric newcomer
Hosted by eric newcomer
14 episodes with eric newcomer
9 episodes with eric newcomer
2 episodes with eric newcomer
2 episodes with eric newcomer
2 episodes with eric newcomer
2 episodes with eric newcomer
2 episodes with eric newcomer
How does the AI gold rush look from the helm of a $40-billion software giant? Salesforce co-founder, chair, and CEO Marc Benioff joins Eric Newcomer and Tom Dotan for a tour of the next tech boom cycle. The conversation opens with Benioff's sweeping vision of “Agent Force 2.0,” where large language models paired with reasoning engines mint whole new classes of digital labor, and brands from Gucci to Disney are already swapping call-center scripts for autonomous agents.The episode closes on politics and philanthropy: Prop C, homelessness, the 2024 electoral tightrope, and how Benioff plans to work with any administration and still sleep at night.
This week, we kick off by discussing Ben Smith's bombshell post ”The group chats that changed America,” that exposed the private chats that nudged Silicon Valley's money crowd into Trump's orbit. Then we hop to DC's Hill-and-Valley Forum, where the mantra was industrial renaissance or bust. The race with China, AI's essential energy demands, and the need to reshore American manufacturing were the talk of the forum. Fear of China loomed over the entire forum and only whispers of tariffs crossed the lips of attendees and speakers alike. In the back half, Eric and Madeline are joined by Lux Capital's Josh Wolfe, fresh off his on-stage appearance at the Hill and Valley Forum. Wolfe predicts two flashpoints the commentariat is ignoring: a terror-fertile Sahel and a China-courting Latin America. He spars with Eric Newcomer and Madeline Renbargner over Trump's tariffs, friend-shoring versus reshoring, and whether founder-led startups like Anduril can out-maneuver bloated primes. If you think that the only great power game is Taiwan, Wolfe widens the aperture to central Africa and the Americas. Timecodes00:00 - Intro01:10 - Silicon Valley's Most Important Group Chats 08:18 - Hill and Valley's “America First” Victory Lap 16:20 - Josh Wolfe on America's Next War
Welcome to In Reality, the podcast about truth, disinformation and the media hosted by Eric Schurenberg, a long-time journalist and media executive, now the founder of the Alliance for Trust in Media.Among the many forces unravelling institutional media is the relatively recent ability of journalists to become mini-institutions on their own, thanks to social media and especially newsletter platforms like Substack and Ghost. For journalists with a following or a novel approach, going indy can yield a much better living than they could earn in a traditional newsroom. Eric Newcomer was one of the early movers in this parallel media universe and has proven to be one of the most successful. Having cut his teeth as a tech writer for Bloomberg, he was one of the first writers to join the groundbreaking digital newsletter, The Information. Four years ago, he branched out on his own, and now has a newsletter and podcast, two million in revenue, employees, and a highly regarded tech conference, Cerebral Valley AI summit. Eric S met up with Eric N at the first HumanX conference in March. That's accounts for the background noise, if you hear it. Among other things, they covered how to build a one-man media empire in the modern era, the questions of building trust, and whether and how institutional newsrooms fit into the new media ecosystem. To join Eric's Substack: Newcomer.coWebsite - free episode transcriptswww.in-reality.fmProduced by Tom Platts at Sound Sapiensoundsapien.comAlliance for Trust in Mediaalliancefortrust.com
In this episode, Scott sits down with journalist-turned-operator Eric Newcomer for a wide-ranging conversation about building in public, the evolution of venture capital, and what it's really like to run a media business. Eric shares the backstory of launching Newcomer, from a solo Substack to a $2M+ revenue business with marquee events like Cerebral Valley. The two reflect on the blurred lines between media and entrepreneurship, how trust and access shape great reporting, and the surprisingly human side of building a company. Then, Scott and Eric dive deep into the state of venture capital: the private-equity-ification of mega-funds, the uncertain future for emerging managers, and why it's getting harder to find the next generation of category-defining companies. Eric offers sharp takes on AI, fundraising hype, and what LPs really want. It's a thoughtful, honest, and often funny look at what happens when a journalist steps behind the curtain and becomes a founder himself. What You'll Learn: - Why Newcomer leaned into events—and how it became a real business. - The unspoken truth about founder glorification (and how hard building really is). - How venture capital is shifting—and why SaaS may have spoiled the party. - What separates good journalism from performative puff pieces. - What it feels like to lead a small team and be responsible for real livelihoods. Bonus: Invest with your eyes not your ears. Markets tank following Trump tariffs. Support the show by signing up for a free account @ Kingscrowd.com Subscribe to Eric's newsletter and podcast: Newcomer.co Follow Eric: @ericnewcomer Follow Scott: @kitun
In this episode of the Newcomer podcast, Eric Newcomer and Madeline Renbarger dig into all of the chaos in Washington led by Elon Musk and his team of young staffers. They push back on the attacks from the right at the press that revealing information about public employees is anything close to "doxxing," and unpack a16z's virtue signaling by hiring new right-wing cause celebrity Daniel Penny to its investing team. Later on, Eric breaks down the General Catalyst's a pitch to investors shapeshifting into a "company." They close with even more meme discourse, this time over Marc Andreessen's reading of the "heatmap" social study.Chapters00:00 DOGE's Young Staffers03:28 Is Naming Government Staffers “Doxxing”06:20 Daniel Penny's Hiring at A16z is Virtue Signaling09:16 Debating Marc Andreessen on the Heatmap12:22 Meta's AR Bets Not In Line With Venture Capital21:03 Unpacking General Catalyst's Pitch to Investors
In this episode of the Newcomer podcast, Eric Newcomer and Madeline Renbarger dig into all of the chaos in Washington led by Elon Musk and his team of young staffers. They push back on the attacks from the right at the press that revealing information about public employees is anything close to "doxxing," and unpack a16z's virtue signaling by hiring new right-wing cause celebrity Daniel Penny to its investing team. Later on, Eric breaks down the General Catalyst's a pitch to investors shapeshifting into a "company." They close with even more meme discourse, this time over Marc Andreessen's reading of the "heatmap" social study.Chapters00:00 DOGE's Young Staffers03:28 Is Naming Government Staffers “Doxxing”06:20 Daniel Penny's Hiring at A16z is Virtue Signaling09:16 Debating Marc Andreessen on the Heatmap12:22 Meta's AR Bets Not In Line With Venture Capital21:03 Unpacking General Catalyst's Pitch to Investors
In this episode, Eric Newcomer and Madeline Renbarger break down DeepSeek's impact on western AI companies. Is it really the “AI Sputnik Moment” that investors have called it, or just a CCP bluff?They also delve into new AngelList data on venture returns — unsurprisingly, they're not looking good post-2021. They also discuss voice AI startup ElevenLabs' new funding round.
In this episode, Eric Newcomer and Madeline Renbarger break down DeepSeek's impact on western AI companies. Is it really the “AI Sputnik Moment” that investors have called it, or just a CCP bluff?They also delve into new AngelList data on venture returns — unsurprisingly, they're not looking good post-2021. They also discuss voice AI startup ElevenLabs' new funding round.
"In this episode of The Newcomer Podcast, Eric Newcomer and Madeline Renbarger unpack how tech elites are reacting to the early days of the Trump presidency. They discuss Sam Altman and Masayoshi Son's new venture to build AI data centers dubbed “Project Stargate” and make the case for business leaders to abide by important ethical norms. They also break down fresh performance data from UTIMCO, calling out Thrive Capital's standout returns and examining the broader struggles for many funds amid the post-2021 downturn. They close by discussing Brookfield's billion-dollar acquisition of Divvy Homes—once valued at over $2 billion—and unpack the implications for proptech employees left empty-handed."
"In this episode of The Newcomer Podcast, Eric Newcomer and Madeline Renbarger unpack how tech elites are reacting to the early days of the Trump presidency. They discuss Sam Altman and Masayoshi Son's new venture to build AI data centers dubbed “Project Stargate” and make the case for business leaders to abide by important ethical norms. They also break down fresh performance data from UTIMCO, calling out Thrive Capital's standout returns and examining the broader struggles for many funds amid the post-2021 downturn. They close by discussing Brookfield's billion-dollar acquisition of Divvy Homes—once valued at over $2 billion—and unpack the implications for proptech employees left empty-handed."
My newsletter: https://simonowens.substack.com/ Like a lot of journalists=turned-media–entrepreneurs, Eric Newcomer decided to launch a paid newsletter after leaving his job at Bloomberg in 2020. That model yielded 2,500 subscribers who collectively pay over $400,000 a year to access his newsletter about startups, but that's no longer the biggest part of his business. Today, Eric generates over $1.5 million a year from the Cerebral Valley AI Summit, a twice-a-year conference that he monetizes through a mixture of ticket sales and premium sponsorships. In a recent interview, he explained the conference's origin story, how he attracts the right mix of startup founders and VC investors, and why he thinks he can replicate its format across multiple tech industry niches.
DescriptionIn this episode, Eric Newcomer is joined by guest host Jon McNeill, a seasoned executive with experience at Lyft and Tesla who is now leading DVx Ventures. They discuss the bear case for OpenAI. The OpenAI discussion then leads into a closer look at the contrast between founder and manager modes before concluding with a discussion on Tesla's advancements, or lack thereof, in self-driving technology. Produced by Christopher GatesChapters: 00:00 — Introduction03:27 — Bear case for OpenAI13:07 — Founder mode management17:20 — Tesla promises, but SpaceX delivers Get full access to Newcomer at www.newcomer.co/subscribe
DescriptionIn this episode, Eric Newcomer is joined by guest host Jon McNeill, a seasoned executive with experience at Lyft and Tesla who is now leading DVx Ventures. They discuss the bear case for OpenAI. The OpenAI discussion then leads into a closer look at the contrast between founder and manager modes before concluding with a discussion on Tesla's advancements, or lack thereof, in self-driving technology. Produced by Christopher GatesChapters: 00:00 — Introduction03:27 — Bear case for OpenAI13:07 — Founder mode management17:20 — Tesla promises, but SpaceX delivers Get full access to Newcomer at www.newcomer.co/subscribe
Description: In this episode of the Newcomer Podcast, Eric Newcomer and Madeline Renbarger discuss two major funding rounds, the ongoing downturn in VC funding, and the growing imbalance between public relations professionals and reporters. Eric and Madeline highlight Poolside's $500M round and Impulse Space's $150M raise, while pointing out that even the AI mega rounds cant hide the downturn in VC funding.Produced by Christopher GatesAudio Chapters: 00:00:18 — Poolside's $500M round 00:02:24 — Impulse Space's $150M raise00:05:17 — Downturn in VC00:11:03 — The imbalance between PR and journalism Get full access to Newcomer at www.newcomer.co/subscribe
Description: In this episode of the Newcomer Podcast, Eric Newcomer and Madeline Renbarger discuss two major funding rounds, the ongoing downturn in VC funding, and the growing imbalance between public relations professionals and reporters. Eric and Madeline highlight Poolside's $500M round and Impulse Space's $150M raise, while pointing out that even the AI mega rounds cant hide the downturn in VC funding.Produced by Christopher GatesAudio Chapters: 00:00:18 — Poolside's $500M round 00:02:24 — Impulse Space's $150M raise00:05:17 — Downturn in VC00:11:03 — The imbalance between PR and journalism Get full access to Newcomer at www.newcomer.co/subscribe
In this episode of the Newcomer Podcast, hosts Eric Newcomer and Madeline Renbarger delve into the world of venture capital deals, starting with Ujet's $76M Series D for its AI-powered call center software. Next up is the drama surrounding PearAI, whose growth-hacker tweet set the tech world buzzing. From there, they navigate through OpenAI's own “Game of Thrones,” exploring internal power plays and high-stakes exits, before turning to California's latest AI regulatory battles. To wrap things up, they call for some balance in Silicon Valley's escalating discourse around drugs and psychedelics.Chapters:00:22 Ujet01:40 PearAI05:49 Open AI11:45 AI Regulation16:34 Drugs + SV Get full access to Newcomer at www.newcomer.co/subscribe
In this episode of the Newcomer Podcast, hosts Eric Newcomer and Madeline Renbarger delve into the world of venture capital deals, starting with Ujet's $76M Series D for its AI-powered call center software. Next up is the drama surrounding PearAI, whose growth-hacker tweet set the tech world buzzing. From there, they navigate through OpenAI's own “Game of Thrones,” exploring internal power plays and high-stakes exits, before turning to California's latest AI regulatory battles. To wrap things up, they call for some balance in Silicon Valley's escalating discourse around drugs and psychedelics.Chapters:00:22 Ujet01:40 PearAI05:49 Open AI11:45 AI Regulation16:34 Drugs + SV Get full access to Newcomer at www.newcomer.co/subscribe
Episode 1: AI + Robots, YC Preview, and Why the Cool Kids Keep Picking on TechIn this week's episode of the Newcomer Podcast, hosts Eric Newcomer and Madeline Renbarger discuss three top venture capital deals, including World Labs and delivery startup Flink. They also wade into Y Combinator's upcoming Demo Day, highlighting trends in defense tech and the implications of AI's power consumption.The conversation touches on Runway's licensing deal with Lionsgate and concludes with an examination of John Mulaney's performance at Dreamforce.Chapters* 00:00 World Labs: A New Era in AI Robotics* 05:10 The Rise and Fall of Delivery Startups* 09:19 Y Combinator's Demo Day* 11:46 Defense Tech* 20:09 Powering AI: The Nuclear Debate* 24:24 Runway's Licensing Deal* 28:02 John Mulaney's Roast Get full access to Newcomer at www.newcomer.co/subscribe
Episode 1: AI + Robots, YC Preview, and Why the Cool Kids Keep Picking on TechIn this week's episode of the Newcomer Podcast, hosts Eric Newcomer and Madeline Renbarger discuss three top venture capital deals, including World Labs and delivery startup Flink. They also wade into Y Combinator's upcoming Demo Day, highlighting trends in defense tech and the implications of AI's power consumption.The conversation touches on Runway's licensing deal with Lionsgate and concludes with an examination of John Mulaney's performance at Dreamforce.Chapters* 00:00 World Labs: A New Era in AI Robotics* 05:10 The Rise and Fall of Delivery Startups* 09:19 Y Combinator's Demo Day* 11:46 Defense Tech* 20:09 Powering AI: The Nuclear Debate* 24:24 Runway's Licensing Deal* 28:02 John Mulaney's Roast Get full access to Newcomer at www.newcomer.co/subscribe
In this episode, CJ sits down with Eric Newcomer, who runs “Newcomer," or newcomer.co, the largest independent media outlet focused on venture capital. They delve into the art of crafting fundraising announcements, particularly from the CFO's angle when pitching a company's raise to the media. The conversation explores the unique appeal of venture capitalists as a subject matter and some of the big stories and personalities that Eric has featured. The discussion also covers the fascinating trend of media companies morphing into VCs, VCs morphing into media companies, and the reasons behind this. Eric sheds light on how a good fundraising announcement should work, how this relates to a company's efforts to attract talent, and how and why to build relationships with the media when not fundraising. Drawing from Eric's vast industry experience, hear his perspectives on what makes a story compelling and shareable, lessons from his own media business, and his insights on all things venture capital. If you're looking for an ERP head to NetSuite: https://netsuite.com/metrics and get a customized KPI checklist.—SPONSORS:Maxio is the only billing and financial operations platform that was purpose built for B2B SaaS. They're helping SaaS finance teams automate billing and revenue recognition, manage collections and payments, and put together investor grade reporting packages.
A new MP3 sermon from Whites Run Baptist Church is now available on SermonAudio with the following details: Title: Start Here: Response Subtitle: Start Here Speaker: Eric Newcomer Broadcaster: Whites Run Baptist Church Event: Sunday Service Date: 8/11/2024 Bible: Romans 4:18-21; Mark 1:15 Length: 39 min.
A new MP3 sermon from Whites Run Baptist Church is now available on SermonAudio with the following details: Title: Start Here: Man Subtitle: Start Here Speaker: Eric Newcomer Broadcaster: Whites Run Baptist Church Event: Sunday Service Date: 7/28/2024 Bible: Genesis 1-3; Ephesians 2:1-10 Length: 46 min.
A new MP3 sermon from Whites Run Baptist Church is now available on SermonAudio with the following details: Title: Start Here: Man Subtitle: Start Here Speaker: Eric Newcomer Broadcaster: Whites Run Baptist Church Event: Sunday Service Date: 7/28/2024 Bible: Genesis 1-3; Ephesians 2:1-10 Length: 46 min.
A new MP3 sermon from Whites Run Baptist Church is now available on SermonAudio with the following details: Title: Start Here: Man Subtitle: Start Here Speaker: Eric Newcomer Broadcaster: Whites Run Baptist Church Event: Sunday Service Date: 7/28/2024 Bible: Genesis 1-3; Ephesians 2:1-10 Length: 46 min.
Get Attio, the next generation of CRM: https://bit.ly/AttioThePeel Warp: Don't let payroll and compliance hold your startup back: visit https://joinwarp.com/peel to get started and receive a $1,000 gift card when you first run payroll. Melissa Cash is the Co-founder and CEO of Pok Pok, a montessori-inspired collection of digital toys that spark creativity and learning through open-ended play. Prior to Pok Pok, Melissa spent a decade working in marketing and design roles, helping Snowman drive 9-digits of downloads across its game portfolio and designing physical products at Disney. Timestamps: (00:00) Intro (05:46) Creating a Montessori inspired game (12:18) Why it's impossible to avoid screen time (15:35) Designing a non-addictive product (17:38) Monetizing a non-addictive game (21:47) How to price a subscription game (24:18) Using new features to drive retention (26:04) Marketing a kids game to parents (30:59) Why Pok Pok waited to launch Android (34:12) How getting pickpocketed in Germany led to a job designing products at Disney (39:23) How great products can define a childhood (43:21) Lessons from having a great idea while working at Disney (46:03) First coming up with the idea for Pok Pok (49:00) Advice for starting your first company (50:10) Fundraising tactics from Pre-Seed to Series A (54:08) How to build your network from zero (57:08) Getting the most out of Slack groups (59:07) Melissa's hack for in-person events (01:01:33) Tactics for meeting people at events (01:03:39) Winning multiple Apple design awards (01:07:07) How to get press for your startup (01:13:17) Prioritizing getting women on Pok Pok's cap table (01:18:38) Strategies for staying creative (01:21:58) Melissa's influencer marketing hacks (01:24:24) Lessons from failed influencer campaigns (01:28:19) Growing 5x YoY, adding STEM content (01:30:28) What surprised her about starting a company Referenced: Try Pok Pok for 50% off an annual subscription with code POKPOK50: https://apple.co/3XAGSwT Snowman Studios: https://www.builtbysnowman.com/ Hampton Private Founder Group: https://joinhampton.com/ VC Backed Mom's: https://www.vcbackedmoms.com/ The Peel Podcast episode with Eric Newcomer: https://www.youtube.com/watch?v=HXH_peQWtnc More on Pok Pok's Series A: https://techcrunch.com/2024/06/18/now-a-series-a-startup-kids-app-and-digital-toy-pok-pok-is-coming-to-android/
Another week, another media tempest in a shrinking tea cup. This time, the internet's ire centered on Perplexity AI, a startup that offers a layer on top of LLM models that can answer real-time questions about current events. The company got into hot water after it summarized a paywalled Forbes article on Eric Schmidt and his investments in drones with minimal citations. Was this simply fair use summarization of an enterprising investigative article, or something more nefarious and damaging? We brought a troika of journalists (and former journalists) to talk about the controversy and its implications. First up, Reed Albergotti is technology editor at Semafor and a long-time journalist across The Washington Post, The Information, The Wall Street Journal and elsewhere. Second, Eric Newcomer departed Bloomberg after a distinguished reporting career to start Newcomer, a tech newsletter that's now complemented by the prominent Cerebral Valley AI conference coming this week in NYC. Finally, host Danny Crichton was formerly managing editor at TechCrunch. We talk about the norms of journalism and creative work, the economic disruption of creativity by AI, how journalists should adapt to the coming automated world, how legislation might protect these industries and whether the regulatory approach fits the world's needs, and finally, the limits of knowledge and how much AI still doesn't know.
A new MP3 sermon from Whites Run Baptist Church is now available on SermonAudio with the following details: Title: The Good Shepherd Part 2 Subtitle: Believe and Live Speaker: Eric Newcomer Broadcaster: Whites Run Baptist Church Event: Sunday Service Date: 4/21/2024 Bible: John 21; John 10:1-10 Length: 41 min.
A new MP3 sermon from Whites Run Baptist Church is now available on SermonAudio with the following details: Title: The Good Shepherd Part 2 Subtitle: Believe and Live Speaker: Eric Newcomer Broadcaster: Whites Run Baptist Church Event: Sunday Service Date: 4/21/2024 Bible: John 21; John 10:1-10 Length: 41 min.
Eric Newcomer is the founder of Newcomer, a publication he launched in October of 2020 to cover the business of startups and venture capital. He had just left Bloomberg after nearly six years, and was previously the first employee at The Information. — — — — Timestamps: (00:00) Intro (02:46) The current state of media (05:59) Anchoring his 4th grade newscast (07:21) Becoming the 1st employee at The Information (09:34) How reporters get stories (21:12) The moment he quit Bloomberg to start Newcomer (26:02) Why he writes for VC insiders (32:19) The VC top fund survey (34:01) The Founders Choice VC leaderboard (35:51) Why leaked documents grow his newsletter the fastest (39:45) When Eric knew Newcomer was going to work (43:31) How events become Newcomers most profitable business (51:56) Why Eric invested in Substack (57:42) Why its harder to cover tech's downturn than boom times (59:10) How to pitch a story to a reporter (01:02:59) Why the internet incentivizes negative media coverage (01:06:06) Advice for starting a media company (01:10:33) Why media works so well to sell adjacent products (01:12:55) Newcomer Banking Summit (01:14:27) The $1.3B acquisition that happened at his first conference (01:20:05) New products Eric's thinking about — — — — Referenced: Newcomer Passes $1m in Revenue: https://www.axios.com/2024/01/04/substack-writer-eric-newcomer-says-his-revenue-surpassed-1m-in-2023 Pragmatic Engineer Newsletter: https://blog.pragmaticengineer.com/ Lenny's Newsletter: https://www.lennysnewsletter.com/ Mike Solana's Pirate Wires: https://www.piratewires.com/ Mentioned Newcomer Articles: VC Survey: https://www.newcomer.co/p/sequoia-founders-fund-usv-elad-gil Founder's Choice: https://www.newcomer.co/p/founders-choice-vc-rankings-revealed Paywalled Bill Gurley Interview: https://www.newcomer.co/p/above-the-crowd SBF's Leaked FTX Email: https://www.newcomer.co/p/exclusive-read-sam-bankman-frieds Eric's first article on Sequoia: https://www.newcomer.co/p/sequoias-political-paradox — — — — Where to find Eric: Twitter: https://twitter.com/EricNewcomer LinkedIn: https://www.linkedin.com/in/ericpnewcomer/ Newsletter: https://www.twitter.com/newcomer Email: newcomer@newcomer.co Where to find Turner: Twitter: https://twitter.com/TurnerNovak LinkedIn: https://www.linkedin.com/in/turnernovak/ Newsletter: https://www.thespl.it/
A reminder for new readers. That Was The Week collects the best writing on critical issues in tech, startups, and venture capital. I selected the articles because they are of interest. The selections often include things I entirely disagree with. But they express common opinions, or they provoke me to think. The articles are only snippets. Click on the headline to go to the original. I express my point of view in the editorial and the weekly video below.Thanks To This Week's Contributors: @TEDchris, @LilyWhitsitt, @RocketToLulu, @saeedtaji, @geneteare, @EricNewcomer, @jeffbeckervc, @jasonlk, @elonmusk, @benshapiro, @StevenLevy, @apple, @bheater, @bmw, @Growcoot, @illscience, @venturetwins, @omooretweets, @conniechanContents* Editorial: Civility and Civilization* Essays of the Week* US Seed Investment Actually Held Up Pretty Well For The Past 2 Years. Here's What That Means For 2024* Lower Valuations, Higher Bar: What It's Like To Raise A Seed Round In 2024 * Unicorns & Inevitabilities* Sequoia, Founders Fund, USV, Elad Gil & Benchmark Top Venture Manager Survey* Why 2024 May Be Tougher on Venture Capital Than 2023* Video of the Week* The Mac at 40* AI of the Week* BMW will deploy Figure's humanoid robot at South Carolina plant* Google's New AI Video Generator Looks Incredible* OpenAI's Sam Altman seeks funds for AI chip factories as demands surge* The Future of Prosumer: The Rise of “AI Native” Workflows* Andreessen Horowitz's Connie Chan to Leave as Consumer Focus Shifts to AI* OpenAI Is a (Relative) Steal* News Of the Week* Ted fellows resign from organisation after Bill Ackman named as speaker* Tesla's Slowdown Disqualifies It From ‘Magnificent Seven' Group* TikTok's Testing 30 Minute Uploads as It Looks To Expand Its Content Options* Instagram to scan under-18s' messages to protect against ‘inappropriate images'* Tiger Global Investor Relations Staff Depart After Fundraising Challenges* Worldcoin hints at new Orb for a friendlier iris-scanning experience* Startup of the Week* Loyalty Startup Bilt Rewards Hits $3.1B Valuation After $200M Round* X of the Week* Elon Musk visits Auschwitz with Ben ShapiroEditorialThere is a lot to digest in this week's newsletter. Gené Teare's two essays on Seed investing head up the Essays of the Week, along with Jeff Becker talking about unicorns and inevitabilities, Eric Newcomer on who are the top investors and Jason Lemkin on the reasons 2024 might be harder for Venture Capital than 2023.But my attention was distracted from venture capital by a Guardian article announcing (triumphantly, I might add) that several TED fellows had resigned from the organization due to an invite to Bill Ackman to speak at this year's TED event in Vancouver.“Lucianne Walkowicz and Saeed Taji Farouky accuse Ted of taking anti-Palestinian stand over controversial billionaire's inclusion”It seems Ackman is not alone. They also object to Bari Weiss being invited. The leavers are also not alone; up to 30 others have signed a “solidarity” letter.The accusations echo much of the discussion around the medieval assassination of Jews on 7 October and Israel's efforts to defeat Hamas in the aftermath. Because these speakers are against anti-Semitism and so supportive of Israel's war against Hamas, they are accused of the ridiculous claim of supporting “Genocide” against Palestinians.“We refuse for our work and identities to be exploited to promote the Ted brand while the organisation and its speakers generate income and advance their careers through dehumanising Palestinians and justifying their genocide,” the pair said.It probably will not surprise readers of this newsletter that I applaud TED curators Chris Anderson and Lily James Olds for not backing down on the invitations. Whatever one believes about the current conflict in Israel, it is clear that banning opponents of anti-Semitism because of their stance is not a solution to anything. I believe the cause of fighting anti-Semitism should be close to the heart of any progressive person. It is not anti-Palestinian to support Jews against being slaughtered in the street, to oppose anti-Semitism, or to condemn Hamas as anti-Jewish murderers. Supporting Jews against slaughter by Hamas is not incompatible with supporting Palestinians. The Guardian reported that Ackman responded to the resignations with a statement:“I stand unapologetically with Israel and against antisemitism and terrorism, while strongly supporting the Palestinian people. Attempts to cancel speech and eliminate the free and respectful exchange of ideas among people with differing views are driving much of the divisiveness that plagues our nation. Truth, wisdom and ultimately peace are the result of the free exchange of ideas and debate, precisely what Ted is all about. It is sad that this is not more widely understood,”Unsurprisingly, one of the resigners, Farouky, told the Guardian he did not regard the issue as freedom of speech. It clearly IS about freedom of speech. Speech only needs protecting when opinions are wide apart and strongly held.For example, here are my views on the actual issues:These are trying times. Over 25,000 deaths in Gaza are hard to comprehend. And I certainly cannot. But I can understand that Jews have to defend themselves. And I can understand that progressive thinkers MUST stand up to anti-Semitism, whatever form it takes.In case there is doubt about my support for Muslim victims of racism, my book Under Seige is about the attacks on Muslims in the UK between 1961 and 1981. It starts with recognizing that racism targets differences and that Jews and Muslims are both targets. Indeed, the very ghettoes that Pakistani and Bengali immigrants were being attacked in had earlier, in the 1930s, been inhabited by Jewish settlers fleeing pogroms. I am not Jewish, and I am not Muslim. But I will always be on both of their sides when they are attacked for their ethnic and racial origin.In Israel, Jews were killed for being Jews. Palestinians are being killed because Hamas is hiding in their cities and buildings. I do not consider Israel's response to be racist against Palestinians. I consider it reasonable in the context of 7 October. I consider that Hamas has done this to Palestinians and probably wanted that outcome. I am sad that Hamas has done this for the Palestinian victims. But I do not doubt that Hamas is to blame.My views may anger you. But do you want me banned or silenced?My title this week is Civility and Civilization. The TED events bring both to the fore. Like those I write here, opinions are there to be disagreed with, debated, and interrogated. Civilized behavior requires dialogue and civility within the dialogue. I certainly understand opinions I disagree with, and far from banning them or walking away so that I do not have to hear them, I want to hear them. We all should.This is a different editorial than usual. I hope the humanity of refusing to forget 7 October and the determination to preserve the view that fighting anti-Semitism is a non-negotiable minimum requirement of civilization are grasped. By the same token, Islamaphobia must be fought. But in Israel, there is no Islamophobia at work. Jews are simply reacting to an atrocity. They are right to blame Hamas.Essays of the WeekUS Seed Investment Actually Held Up Pretty Well For The Past 2 Years. Here's What That Means For 2024Gené Teare, January 24, 2024, @geneteareEditor's note: This is the first in a two-part series on the state of seed startup investing at the start of 2024. Check back tomorrow for Part 2.Despite a broad pullback in global startup investment over the past two years, investors say the U.S. seed funding environment was the most vibrant compared to other funding stages during the downturn.In fact, U.S. seed funding in 2022 grew by close to 10% in terms of dollars invested, in contrast to a downturn at all other funding stages. In 2023, U.S. seed funding fell 31% — a significant proportion — but still less than other funding stages year over year, an analysis of Crunchbase data shows. (It's also worth noting that those other stages had already experienced year-over-year declines in 2022.)In the current startup funding market, “we're seeing a lot more great talent excited about starting things,” said Renata Quintini, co-founder of Renegade Partners, a Bay Area-based investment firm that focuses on Series A companies and is therefore close to the seed ecosystem.Other investors share that enthusiasm. “Valuations are coming down, more talent is available in the market,” said Michael Cardamone of New York-based seed investor Forum Ventures. “A lot of these companies at seed and Series A are going to scale into what will likely be the next bull market.”Seed trends over the decadeSeed as an asset class, not surprisingly, has grown in the U.S. over the past decade. In 2014 less than $5 billion was invested at seed. At the market peak in 2022, seed investment was more than $16 billion, although it fell to $11.5 billion in 2023.Despite the downturn, seed funding in 2023 was still $2 billion to $3 billion higher in the U.S. than in the pre-pandemic years of 2019 and 2020.Higher bar, pricier rounds, better valuedBut in a tougher market, seed investors are being more selective about which companies they fund.“We're being far more disciplined and patient knowing how hard it is for these companies to get to Series A and beyond,” said Jenny Lefcourt, a general partner at Bay Area-based seed investor Freestyle Capital. “Our bar for conviction is higher than it had been in the heyday where everything was getting funded.”In the slower funding environment, the firm has been investing later at the seed stage, “gravitating toward ‘seed plus' or ‘A minus' — pick your favorite term for it — because I feel like I get to see more risk mitigated. I get to see more data,” she said.Freestyle seeks to have ownership of around 12% to 15% in the companies it backs. “The reason is because of our model,” Lefcourt said. “We are low-volume, high-conviction investors.”And because the firm invests in companies that are pre-Series A, “our reality has been that our valuations have actually been higher in this market, which is not what we would have predicted.“But the data we've seen is, we're not alone in that,” she said.…MoreLower Valuations, Higher Bar: What It's Like To Raise A Seed Round In 2024 Gené Teare, January 25, 2024, @geneteareEditor's note: This is the second in a two-part series on the state of seed startup investing at the start of 2024. Read Part 1, which looked at seed funding trends over the past decade and the median time period between seed and Series A funding, here.Seed funding to startups has grown into its own asset class over the past decade, with round sizes trending larger, and a bigger pool of investors backing these nascent startups. But in the aftermath of 2021's venture funding heyday and subsequent pullback, investors say that while seed funding has held up better than other startup investment stages, these very young startups will see lower valuations and must now clear a much higher bar to get backing.More companies raised seed funding above $1 million in 2021. Those companies — which raised during a record-smashing year for venture funding — are saddled with valuations that could be too high for this current market — even at seed. Many of those startups have been forced to cut costs to extend their runways, and face a tougher sales environment.“You could then be sacrificing growth, which is one of the main levers that Series A investors are looking for,” said Michael Cardamone of New York-based seed investor Forum Ventures.2021 after effectsIn 2021 it was “grow, grow, grow, grow,” said Jenny Lefcourt, a general partner at Bay Area-based seed investor Freestyle Capital. “It's embarrassing to look back on, but that was the game being played.”Investors got sloppy during the boom times, she said. “I think a lot of VCs were thrilled to back you, and then say, ‘we'll figure it out.' ”“The reality is that almost anything that was done then — call it 2021 — was the wrong price,” she said.This led to down rounds, even at seed, though those are generally not viewed negatively like they were in the past, she said.In fact, “when our companies get their down rounds done, it's a sign of it's a good business. It just had the wrong price on it,” she said.While the bar is higher to raise funding these days, “I think it's so much better for a company who gets to start in this environment,” Lefcourt said.Down rounds can actually be a sign of conviction, she said. “None of us would do all the heavy lifting to not only give the company more capital, but recap it, which takes a lot. It's a heavy lift — none of us would do that if we weren't super jazzed about the company. The lazier approach, the easier approach, is to just put it on the note, keep it flat, and be done,” she said.Renata Quintini, co-founder of Renegade Partners, a Bay Area-based investment firm that focuses on Series A companies, is hearing of “more ‘pay-to-play' these days and it's starting to get ugly.” This happens when new investors wipe out the prior investors, and anyone seeking equity needs to pony up into the new funding round.Median and averages climbNonetheless, “seed round valuations haven't dropped a ton from even the peak,” according to Forum Ventures' Cardamone. But, “the bar to raise a seed [round] is a lot higher.”“Most first-time founders especially, and the vast majority of founders generally — they have to get significant traction to be able to raise that same round they used to be able to raise. And a lot fewer of those rounds are happening,” he said.“A priced seed round of $3 million at $15 million [pre-money] is still happening, but you might have to be at $500,000 ARR, to raise that round now. Whereas in 2021, it was the norm to raise that round pre-revenue,” he said.Series A fundings have gotten harder as “companies are going out and raising three seed rounds,” said Cardamone.Based on an analysis of Crunchbase data, median and average seed round sizes in the U.S. have climbed through the past decade.In 2023, median and average raises are not far from the peak of 2022, Crunchbase data shows, and were well above pre-pandemic levels. (However, this will shift downward somewhat as the long tail of seed fundings are retroactively added to the Crunchbase database.)Seed rounds got larger“If I have conviction, we may need them to have more money, cause we know it's going to take them longer to reach the milestones that are now higher,” said Lefcourt.Per an analysis of Crunchbase data, larger seed rounds — those $1 million and above — have increased through the decade.The amount of funding to seed-stage companies below $1 million hasn't budged much, and is a fraction of what it was earlier in the decade.Seed below $1 million in 2014 represented around 25% of all seed funding.That has come down as a proportion every year since then.And as of 2021 that proportion has dipped below 10% for the first time, ranging from 5% to 7% of all seed dollars invested in the U.S. since then.Earlier in the past decade, the number of seed deals in rounds below $1 million outpaced those rounds at $1 million and above significantly.But 2021 was once again a pivotal year. That's when $1 million and above seed rounds outpaced smaller seed for the first time.In 2023, they are neck and neck in count. (That might shift as the long tail of seed rounds are added to the Crunchbase database long after they close.)What this all shows is that seed has become an increasingly significant and elongated phase in a company's early life cycle, where companies are raising multiple million-dollar seed rounds. And as of late, more companies than ever before are wading in the seed pool.What does this mean for the seed funding market in 2024?…MoreUnicorns & InevitabilitiesUp and to the right, or not so much?JEFF BECKER, JAN 22, 2024TLDR: Go read Aileen Lee's update to the Unicorn Club… and a few inevitabilities.Did anyone catch Aileen Lee & Allegra Simon's Welcome Back to the Unicorn Club, 10 Years Later?If not, go read it. That's your MMM.If you did read it, you can't help but wonder if the tech sector isn't going to resemble the public markets over time. Ups and downs, but consistently up and to the right over a long enough period.After all, we are creating leverage in ways we've never seen before.And for unicorns, that meant 14X growth over a 10-year period.Could you imagine another 14 or even 10X from here? That would be stratospheric, from ~500 to ~5,000 unicorns? What if the exit sizes did too? $5B, $10B, $50B?Crazy to think, but hardly impossible. After all, we've already seen near-centicorns like Uber's IPO at $75B in 2019.The interesting part about that thought exercise though is not the crazy zero interest rate IPO's, but the fact that entry valuations didn't and don't move nearly as fast as top end outcomes because of the time horizon to realizing them.For example, Airbnb raised $20K from Y Combinator for 6%, then they took another $600K for 20% in their seed.That was 2009. The idea of an IPO for $47B just 11 years later in 2020 probably wasn't even a consideration. Paul Graham and the YC team would've had to believe Airbnb's IPO could compete with AT&T, General Motors, and Visa.Insane.Fast forward, that $333,333 valuation at YC has moved to $1.78m (125K for 7%), and they'll stack another 2.6% ownership on average from their $375K MFN with the average YC company raising seed at a $14.4m cap instead of Airbnb's $3m.That's a ~5X increase in valuation at pre-seed & seed for a 47X increase in IPO size if you were modeling $1B outcomes into your VC fund model in 2009.I'm not saying that will continue. There are counterforces of course.* Margins are way too high. The fact that software margins have persisted at 80% or more is just craziness. Companies will start to use price more aggressively to compete for market share as cheap AI tools enter the market and try to unseat them. This compression will change the value of discounted cash flow models.* Pricing models need to change. One way to reduce sticker price and maintain some semblance of healthy long-term margins is to pay a smaller implementation fee, but incur ongoing services & upgrade costs. This is a more traditional pricing model, and creative economics that leverage this kind of thinking run rampant in the titans of tech. It's a game of deeper roots, higher switching costs, and long-term contracts. With API calls and data usage more prevalent, we'll also see more pay-per-use models, the same way we buy copiers. We'll also see more pay-for-performance models with attributable ROI, akin to Amazon's ACoS model or Rakuten's affiliate marketing model. Customers will prefer it too, placing a higher emphasis customer value. This will also drive margins to condense.* AI, AI, AI. AI will cut OpEx costs dramatically. SDR teams, gone. Copywriters at agencies, you don't need as many. Data scientists? Just run a query against your data lakes. The list goes on. Costs of running these companies is going to get shellacked. Good for margins for sure, but also a compelling opportunity for newcomers to undercut and unseat incumbents too.* More hardware. With software margins condensing, hardware margins will start to feel more attractive too, the maintenance and upgrade fees will resemble what we see in SaaS, and the software that powers these machines will be incredible. Skynet for autonomous off-road vehicles, absolutely.* Less dilution, earlier exits, and stratification. We already see it in the S&P 500 with the top end accounting for an outsized share of total value. With that kind of cash on balance sheets, bigger companies will just buy the smaller ones. Think about how Broadcom rolls up companies. If you've built the business more efficiently, you've also raised less, incurred less dilution, and that $100m exit when you still own 50% is looking pretty prett-ty good compared to the same outcome 5-10 grueling years later to own 5% of $1B.* Massive founder salaries, less emphasis on growth. If you've built a company that's profitable from day one, and you have complete control of your board, what's your incentive to keep the pedal down on growth, or stay on the VC treadmill? World domination? Why not pay yourself 10X, stop fundraising, and continue to tighten the core business until someone acquires you? It's better for the founding team and employees for sure, and it's probably better for customers in most instances too.These are just some of things I think we'll see over the next five years until we approach ZIRPy-dirpy times again and massive growth becomes irresistible.But there are also a whole slew of things I think are inevitabilities that will benefit from these dynamics because we will not only have new technologies, with more attractive pricing, but we will be tackling new opportunities that were created by the prior evolutions across adjacent industries.For example…* Cost of energy is going to zero with nuclear fusion* Longevity is starting to work; check out Loyal for Dogs* Batteries & cameras continue to improve; medical devices, for one, will be more personal & affordable* Disintermediation of big ad networks with new global distribution channels; check out Benjamin* Massive cost reductions driven by AI* Software will be built by software* An aging population is retiring (10,000 per day); wealth transfer & SMB's with no exit paths* Climate change* …and so on and so on and so onThe list is long. Much longer than this. If you want the rest, just reply or comment so that I know, and I'll go deeper next week.Net of all of it, I think we're going to see a tale of two cities. Stronger, more profitable businesses, with smaller, but better founder founder exits in the near term, and a continued growth both in number of total unicorns, and what that top-end outcomes look like in the longer-term.And like I said, go read Aileen's post.Sequoia, Founders Fund, USV, Elad Gil & Benchmark Top Venture Manager SurveyI got my hands on a VC scorecard circulating among top founders & VCsERIC NEWCOMERJAN 25, 2024Before we get started, I want to be clear — this isn't the end-all, be-all list of the top venture capital firms or the most promising startups.But I got my hands on a survey of 91 people at 69 different venture capital firms conducted by a well-respected investor in venture capital firms.The survey results are spreading hand-to-hand in Silicon Valley. The results of the survey rank the most desirable venture capital firms and companies, according to VCs themselves. When I was out in San Francisco last week for The Information's 10th anniversary gala, sources kept bringing it up.My sources tell me that the survey was conducted by Ed Hutchinson, managing partner at Golden Bell Partners. Hutchinson is ignoring my emails.Which firms and companies would top VCs themselves put their money into? It's a question everyone wants to know the answer to.I've got my hands on their list of favorites:Firms* (1) Sequoia* (2) Founders Fund* (3) Union Square* (4) Elad Gil* (5) Benchmark…Much More (but only for subscribers)Why 2024 May Be Tougher on Venture Capital Than 2023by Jason Lemkin | Blog Posts, Fundraising, ScaleSo I thought the toughest times for venture would be behind us now. In 2022, we were in free fall, with public market caps falling like a knife, and the IPO markets frozen. And 2023 was the year of the Work Out in venture. Bridge rounds slowed down, and VCs acknowledged a lot of portfolio companies just weren't going to make it. It got real in 2023, and that realness got normalized. The drama mostly was behind us. And public SaaS stocks in many cases did really, really well in 2023. So shouldn't 2024 at least be better for venture?So I thought.But the reality is I'm a bit more worried the venture drama in 2024 will be bigger than 2023. Why? Four core reasons:#1: Now We Have to Deal With the Reality of the Stumbling Unicorns.The ones that are doing $100m+ ARR, still growing, but there just isn't going to be any more money coming. This is going to burn up a ton of energy in VC funds. Even tougher, the reality is while many VC funds marked down their unicorns to lower valuations in 2023, they often didn't mark them down enough.#2. The Chase for AI Unicorns and Decacorns is All-consuming. It's Still 2021 There.The one place where paper money seems easy to come by is Hot AI Startups. And that's probably not you. It's just consuming all the oxygen in venture, trying to get into the next Imaging AI startup worth $1B in 10 months. In AI, 2021 never went away. In AI, it's still 2021.#3. A Lot of Seasoned VCs are Discouraged. This Doesn't Help Founders.A lot of VCs who have been around for a while are quietly discouraged. They just don't see a great path to making a ton of money in venture these days. We're in Year 3 of a venture downturn, and that weighs of most of us. At a practical level, for founders, it makes it harder to lean it.#4. More Valuation Markdowns Are Still to ComeRelated to the first point, but more markdowns are like mutliple rounds of layoffs. They're just tough. LPs lose confidence. Coworkers lose confidence. We should have gotten through a lot of this in 2023, but we didn't. Personally, I've got several investments for example that I marked down. 70%-80% or more — that my co-investors didn't mark down at all.#5. VCs Have Run out of ReservesVCs used what extra “reserve” capital they had for bridge rounds in 2022 and 2023. Now it's gone. That's adds to the stress as companies struggle. You don't have a play anymore.The bottom line is there likely is at least another full year of working through the excesses of 2021. That will weigh across venture. No matter what some AI headlines suggest.Video of the WeekThe Mac at 40Apple Shares the Secret of Why the 40-Year-Old Mac Still RulesThe pioneering PC revolutionized how people interact with computers. As the Mac enters its fifth decade, Apple says it will continue to evolve.STEVEN LEVY, Jan 19, 2024 10:00 AMON JANUARY 24, Apple's Macintosh computer turns 40. Normally that number is an inexorable milestone of middle age. Indeed, in the last reported sales year, Macintosh sales dipped below $30 billion, more than a 25 percent drop from the previous year's $40 billion. But unlike an aging person, Macs now are slimmer, faster, and last much longer before having to recharge.My own relationship with the computer dates back to its beginnings, when I got a prelaunch peek some weeks before its January 1984 launch. I even wrote a book about the Mac—Insanely Great—in which I described it as “the computer that changed everything.” Unlike every other nonfiction subtitle, the hyperbole was justified. The Mac introduced the way all computers would one day work, and the break from controlling a machine with typed commands ushered us into an era that extends to our mobile interactions. It also heralded a focus on design that transformed our devices.That legacy has been long-lasting. For the first half of its existence, the Mac occupied only a slice of the market, even as it inspired so many rivals; now it's a substantial chunk of PC sales. Even within the Apple juggernaut, $30 billion isn't chicken feed! What's more, when people think of PCs these days, many will envision a Macintosh. More often than not, the open laptops populating coffee shops and tech company workstations beam out glowing Apples from their covers. Apple claims that its Macbook Air is the world's best-selling computer model. One 2019 survey reported that more than two-thirds of all college students prefer a Mac. And Apple has relentlessly improved the product, whether with the increasingly slim profile of the iMac or the 22-hour battery life of the Macbook Pro. Moreover, the Mac is still a thing. Chromebooks and Surface PCs come and go, but Apple's creation remains the pinnacle of PC-dom. “It's not a story of nostalgia, or history passing us by,” says Greg “Joz” Joswiak, Apple's senior vice president of worldwide marketing, in a rare on-the-record interview with five Apple executives involved in its Macintosh operation. “The fact we did this for 40 years is unbelievable.”…Much MoreAI of the WeekBMW will deploy Figure's humanoid robot at South Carolina plantBrian Heater @bheater / 3:00 AM PST•January 18, 2024Image Credits: FigureFigure today announced a “commercial agreement” that will bring its first humanoid robot to a BMW manufacturing facility in South Carolina. The Spartanburg plant is BMW's only in the United States. As of 2019, the 8 million-square-foot campus boasted the highest yield among the German manufacturer's factories anywhere in the world.BMW has not disclosed how many Figure 01 models it will deploy initially. Nor do we know precisely what jobs the robot will be tasked with when it starts work. Figure did, however, confirm with TechCrunch that it is beginning with an initial five tasks, which will be rolled out one at a time.While folks in the space have been cavalierly tossing out the term “general purpose” to describe these sorts of systems, it's important to temper expectations and point out that they will all arrive as single- or multi-purpose systems, growing their skillset over time. Figure CEO Brett Adcock likens the approach to an app store — something that Boston Dynamics currently offers with its Spot robot via SDK.Likely initial applications include standard manufacturing tasks such as box moving, pick and place and pallet unloading and loading — basically the sort of repetitive tasks for which factory owners claim to have difficulty retaining human workers. Adcock says that Figure expects to ship its first commercial robot within a year, an ambitious timeline even for a company that prides itself on quick turnaround times.The initial batch of applications will be largely determined by Figure's early partners like BMW. The system will, for instance, likely be working with sheet metal to start. Adcock adds that the company has signed up additional clients, but declined to disclose their names. It seems likely Figure will instead opt to announce each individually to keep the news cycle spinning in the intervening 12 months.Unlike some other humanoid designers (including Agility), Figure is focused on creating a dexterous, human like hand for manipulation. The thinking behind such an end effector is the same that's driving many toward the humanoid form factor in the first place: Namely, we've designed our workspaces with us in mind. Adcock alludes to Figure 01 being tasked with an initial set of jobs that require high dexterity.As for the importance of legs, the executive suggests that their importance for maneuvering during certain tasks is as — or more — important than things like walking up stairs and over uneven terrain, which tend to get most of the love during these conversations.…MoreGoogle's New AI Video Generator Looks IncredibleJAN 25, 2024MATT GROWCOOTGoogle has announced Lumiere: an AI video generator that looks to be one of the most advanced text-to-video models yet.The name Lumiere is seemingly a nod to the Lumiere brothers who are credited with putting on the first ever cinema showing in 1895. Just as motion picture was cutting-edge technology at the end of the 19th century, the Lumiere name is once more being associated with something new and original.The demo of Lumiere that Google put out focuses firmly on animals. The model can generate a scene using just text; much the same way AI image generators work, the user can dream up any scenario they would like to see a short video clip of.However, the user can also use an image as a prompt. Google provided multiple examples: including some that are real photos such as Joe Rosenthal's iconic Raising the Flag photo; “Soldiers raising the united states flag on a windy day” saw one of the 20th-centuries most recognizable photos suddently come to life as the soliders struggle with the flag that's being affected by gusts.Also in Lumiere is a “Video Stylization” setting which allows users to upload a source video and then ask the generative AI model for various element changes. For example, a person running may be suddenly turned into a toy made of colorful bricks.Another feature Google showed off is “Cinemagraphs”, where just a section of an image is animated while the rest stays still. “Video Inpainting” is included too which involves masking part of the image so that section can be changed to the user's desire.Space-Time Diffusion ModelLumiere is powered by “Space-Time U-Net architecture that generates the entire temporal duration of the video at once, through a single pass in the model.”This difficult-to-understand concept is apparently in contrast to existing video models which “synthesize distant keyframes followed by temporal super-resolution — an approach that inherently makes global temporal consistency difficult to achieve.”…Much MoreOpenAI's Sam Altman seeks funds for AI chip factories as demands surgeOpenAI CEO Sam Altman has opened discussions with global investors over the possibility of funding a network of artificial intelligence (AI) chip factories to keep pace with soaring demand.Altman is seeking around $8 billion to $10 billion worth of funds to set up several AI chip fabrication plants around the globe, an endeavor that will require synergy between leading chip manufacturers backed by investment giants.Altman is reportedly in talks with Japanese-based financial giant SoftBank Group (NASDAQ: SFTBF) and Abu Dhabi's G42 over funding plans, but details remain sparse. The discussions with G42 have been underway since 2023, with Altman describing a potential chip partnership as laying the foundation “for equitable advancements in generative AI across the globe.”Aside from SoftBank and G42, insiders say that Altman is still pursuing collaborations with other industry players to set up a network of chip fabrication plants. Although exact entities were not namechecked, industry experts are noting Intel Corporation (NASDAQ: INTC), Samsung Electronics, and Taiwan Semiconductor Manufacturing Co. (NASDAQ: TSM) as potential partners.Altman's approach to raising funds hinges on concerns that the chip supply will not be able to meet global demands for AI offerings by 2030. The OpenAI's CEO argues that the ideal solution will be a collaborative effort to set up chip manufacturing plants rather than build in silos.OpenAI has had its fair share of chip scarcity, rolling back a number of its offerings over a steady chip supply. To meet the rising demand, the company is reportedly mulling several options, including the prospect of building its chips from scratch and joining ranks with Google (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) to explore an in-house solution.Given the costs associated with an in-house approach, OpenAI may pursue the acquisition of a chip manufacturer as a short-term solution or expand its collaboration with existing partners. However, a potential acquisition opens its own can of worms, including an inquiry by antitrust regulators.Governments are also involvedIn 2023, Altman urged the South Korean government to double their investments in AI chip manufacturing as a veritable strategy to play a leading role in the nascent ecosystem. Currently, South Korea ranks behind the U.S., China, and Japan in chip manufacturing, but a concerted government involvement could see the country climb up the charts.The OpenAI boss disclosed during his visit to South Korea that his firm will back local entities building chips for AI and other emerging technologies, with Samsung rumored to be in top position.“We are exploring how to increase our investment in Korean startups,” said Altman. “We are excited to meet as many as we can here today. I think this type of collaboration is essential to our work.”..MoreThe Future of Prosumer: The Rise of “AI Native” WorkflowsAnish Acharya, Justine Moore, and Olivia MoorePosted January 25, 2024Few people love the software they use to get things done. And it's no surprise why. Whether it's a slide deck builder, a video editor, or a photo enhancer, today's work tools were conceived decades ago — and it shows! Even best-in-class products often feel either too inflexible and unsophisticated to do real work, or have steep, inaccessible learning curves (we're looking at you, Adobe InDesign). Generative AI offers founders an opportunity to completely reinvent workflows — and will spawn a new cohort of companies that are not just AI-augmented, but fully AI-native. These companies will start from scratch with the technology we have now, and build new products around the generation, editing, and composition capabilities that are uniquely possible due to AI. On the most surface level, we believe AI will help users do their existing work more efficiently. AI-native platforms will “up level” user interactions with software, allowing them to delegate lower skill tasks to an AI assistant and spend their time on higher-level thinking. This applies not only to traditional office workers, but to small business owners, freelancers, creators, and artists — who arguably have even more complex demands on their time. But AI will also help users unlock completely new skill sets, on both a technical and an aesthetic level. We've already seen this with products like Midjourney and ChatGPT's Code Interpreter. Everyone can now be a programmer, a producer, a designer, or a musician, shrinking the gap between creativity and craft. With access to professional-grade yet consumer-friendly products with AI-powered workflows, everyone can be a part of a new generation of “prosumers.”In this piece, we aim to highlight the features of today's — and tomorrow's — most successful Gen AI-native workflows, as well as hypothesize about how we see these products evolving.What Will GenAI Native Prosumer Products Look Like?All products with Gen AI-native workflows will share one crucial trait: translating cutting-edge models into an accessible, effective UI.Users of workflow tools typically don't care what infrastructure is behind a product; they care about how it helps them! While the technological leaps we've made with Generative AI are amazing, successful products will importantly still start from a deep understanding of the user and their pain points. What can be abstracted away with AI? Where are the key “decision points” that need approval, if any? And where are the highest points of leverage? There are a few key features we believe products in this category will have: * Generation tools that kill the “blank page” problem. The earliest and most obvious consumer AI use cases have come from translating a natural language prompt into a media output — e.g., image, video, and text generators. The same will be true in prosumer. These tools might help transform true “blank pages” (e.g., a text prompt to slide deck), or take incremental assets (e.g., a sketch or an outline) and turn them into a more fleshed-out product.Some companies will do this via a proprietary model, while others may mix or stitch together multiple models (open source, proprietary, or via API) behind the scenes. One example here is Vizcom's rendering tool. Users can input a text prompt, sketch, or 3D model, and instantly get a photorealistic rendering to further iterate on.Another example is Durable's website builder product, which the company says has been used to generate more than 6 million sites so far. Users input their company name, segment, and location, and Durable will spit out a site for them to customize. As LLMs get more powerful, we expect to see products like Durable pull real information about your business from elsewhere on the internet and social media — the history, team, reviews, logos, etc. — and generate an even more sophisticated output from just one generation. * Multimodal (and multimedia!) combinations. Many creative projects require more than one type of content. For example, you may want to combine an image with text, music with video, or an animation with a voiceover. As of now, there isn't one model that can generate all of these asset types. This creates an opportunity for workflow products which allow users to generate, refine, and stitch different content types in one place.…MoreAndreessen Horowitz's Connie Chan to Leave as Consumer Focus Shifts to AIBy Kate Clark, Erin Woo and Cory WeinbergJan 23, 2024, 7:22am PSTFor years, partners at Andreessen Horowitz proclaimed they would scour the startup world for the next big consumer marketplace like Airbnb or the next hit consumer app out of China, areas in which the firm had unique expertise. Now, it's shifting toward an area more en vogue across venture capital: consumer apps powered by artificial intelligence.Those changes are happening amid an overhaul of its consumer team. Connie Chan, a general partner at Andreessen Horowitz who formerly led a team of consumer investors and was known for spotting internet trends coming from China, said she is leaving the firm. She may raise her own fund, a person familiar with the matter said. Anish Acharya, a general partner at the firm who invested in enterprise-focused and financial technology businesses, now leads the consumer team, said people familiar with the change.Chan's move also follows a distancing by U.S. VC firms from investments in China tech, once a hotbed for U.S. investors. In recent months, Chan has privately said it's becoming more difficult for her to work at Andreessen Horowitz because the partners have been increasingly disinterested in anything China related, another person said.The Takeaway• Fintech-focused GP Anish Acharya leading consumer deals• Consumer GP Connie Chan is leaving the firm• Consumer partner Anne Lee Skates left to start own fundThe changes are part of a broader personnel shakeup, including the decision by senior consumer investor and Airbnb board member Jeff Jordan to step back from making new investments last year. Of the four general partners that led the firm through a consumer deal blitz, none remain on the consumer team.Meanwhile, Anne Lee Skates, a consumer partner who worked on the firm's investment in live shopping app WhatNot, left in the fall to raise her own fund, according to two people familiar with the matter. Axios first reported that Chan was leaving the firm.The Andreessen Horowitz changes are emblematic of a broader VC industry gravitation toward AI and away from once-hot sectors like consumer marketplaces and financial technology, as a spike in interest rates undercut the growth aspirations of startups trying to elbow out incumbent social platforms and banking institutions.“We've gotten into this cycle now where, generally speaking, investors are less interested in consumer,” said Ben Lerer, managing partner at Lerer Hippeau. Known for its consumer investments in Warby Parker and Allbirds, the firm has invested 70% of its latest fund in enterprise companies, he said. “And AI feels like this very hopeful, very exciting, fresh thing.”Founders of some consumer startups have noticed the shift at Andreessen Horowitz. One founder of a consumer startup in the firm's portfolio said they had heard little from investment partners over the last year, a contrast to a steady drumbeat of emails the founder got in prior years from Andreessen staff who support portfolio companies with marketing and operations advice.Andreessen Horowitz's consumer investing team has been perhaps most well known for its focus on backing digital marketplaces, from peer-to-peer self-storage to real estate investment marketplaces, that could turn into the next Airbnb. Every year, it releases a ranking of top marketplace startups. “We are obsessed with marketplaces and have been since our inception,” Chan, who led investments in social fashion startup Cider for the firm in 2021.But some of those startups backed by the firm, such as self-storage startup Neighbor, have struggled to take off in recent years. And like other venture firms, Andreessen Horowitz has also stepped back from investing in Chinese startups, an area of focus for Chan. She had championed the idea that the next wave of breakout U.S. consumer startups will model themselves after China's internet success stories, like all-in-one app WeChat.With $53 billion in assets under management, Andreessen Horowitz is one of the largest of traditional Silicon Valley firms and closely watched among other VC firms as a trend setter. And its track record of sniffing out hitmakers primed its partners to find the next trendy consumer app.The number of consumer deals Andreessen Horowitz has led dropped to 13 last year from 30 in 2021, a record for the firm, according to PitchBook data. It's possible the firm completed more consumer deals and that those investments haven't been announced. Its investments in AI companies have jumped to 23 from nine over the same years, including leading a $415 million investment in Mistral, the French developer of an open-source large language model.The firm has beefed up this team of investors primarily focused on enterprise, software infrastructure and AI startups. Led by Martin Casado, a close confidante to the firm's founders Horowitz and Marc Andreessen, it is raising its first standalone fund and has brought on two new general partners, Anjney Midha and Zane Lackey, since 2022, as well as a number of junior partners.As the infrastructure team gained power, the consumer team's profile shrank. The firm in 2023 combined its consumer and fintech teams and created a new group, called apps, led by general partner Alex Rampell, who previously co-founded installment lender Affirm, The Information reported last year. Under Rampell's leadership, the newly formed apps team will also soon launch a dedicated apps fund, according to people with direct knowledge of the matter. The consolidated team has been encouraged to pursue AI deals.Within Rampell's apps group, Acharya now leads the consumer sub-group. His portfolio of companies includes payroll company Deel and Silo, a provider of supply chain automation software. He's also an investor in Titan, a consumer investment application.Fueling the firm's shift away from consumer apps are likely disappointing returns. The startups that captivated consumers during the pandemic shutdowns have failed to retain their attention. Growth at companies the consumer team bet on, like Clubhouse, which Andreessen Horowitz backed three times in one year, and photo-sharing app BeReal, which it backed in 2021, has stalled.…MoreOpenAI Is a (Relative) StealBy Stephanie PalazzoloJan 22, 2024, 7:35am PSTOver the past year, we've seen billions in funding thrown at AI startups at eye-popping valuations. More important than the absolute valuation figures, though, is how they stack up to those startups' revenue numbers.In the chart above, we've tracked the valuations of eight AI startups that have recently raised funding, calculated against their projected revenue. On average, these companies raised money at a price that is 83 times their projected sales for the next twelve months. That's a big multiple by any measure, reflecting the rocket ship nature of these startups. But what makes the comparison noteworthy is that OpenAI has one of the lowest multiples, even though its business has the most traction.Venture capitalists tend to value early-stage startups at a premium based on their growth rates. OpenAI's business is far bigger and more mature—if we can use that word for a company growing as fast as OpenAI—than other generative AI companies. So, as fast as its revenue pace is growing—more than 20% in just two months most recently—newer firms are growing even faster.For instance, AI-powered search engine Perplexity AI doubled its annual recurring revenue from $3 million to $6 million from October to January. VCs were likely taking that expected growth into account at the time of investment, as the company would have garnered a much lower 75-times forward revenue multiple if it had raised at the same price just a few months later. Similarly, even though OpenAI rival Anthropic was likely generating around $200 million in annualized revenue at the end of last year (according to its October estimates), its projection that it would reach $850 million in annualized revenue by the end of this year surely made its mind-boggling valuation more palatable to investors.When you see the details of these AI startup funding rounds, it can sometimes feel like investors are throwing darts at nine-figure numbers on a wall. The chart suggests there's a method to the madness. Typically, startups selling to companies are valued based on the sector in which they operate. The lowest valuation multiples are accorded to startups offering industry-specific applications, while those offering more generalized applications draw a premium. The most highly valued firms are often infrastructure startups, which create the tools that developers use to build these apps. This order stems from how big the target market of these startups are, ranging from a specific industry (like healthcare or education) to all developers. We can see that general order reflected in burgeoning AI startups. For instance, Harvey, which sells an AI application for lawyers, has one of the lower multiples, while broader-reaching companies like Glean and VAST Data land higher multiples.It seems like investors aren't quite sure yet where model developers like OpenAI and Anthropic fall on this spectrum. Their costs are very different from a typical software startup due to how much computing power they need, and many investors are still worried that closed-source model developers may be overtaken by their cheaper, open-source counterparts.…MoreNews Of the WeekTed fellows resign from organisation after Bill Ackman named as speakerLucianne Walkowicz and Saeed Taji Farouky accuse Ted of taking anti-Palestinian stand over controversial billionaire's inclusionChris McGrealThe Ted organisation has been hit with resignations and criticisms after naming the controversial activist billionaire Bill Ackman, who was instrumental in forcing out Harvard's president over antisemitism allegations, among its main speakers at this year's conference.Four Ted fellows, led by the astronomer Lucianne Walkowicz and the filmmaker Saeed Taji Farouky, resigned from the group on Wednesday, accusing it of taking an anti-Palestinian stand and aligning itself “with enablers and supporters of genocide” in Gaza.“2024 main stage speaker Bill Ackman has defended Israel's genocide and ethnic cleansing of the Palestinian people and has cynically weaponised antisemitism in his programme to purge American universities of Pro-Palestinian freedom of speech,” the pair wrote to Chris Anderson, who leads Ted, and Lily James Olds, director of the fellows programme.“We've become increasingly concerned about the fundamental values and moral compass of the organisation over the years, but with this year's speaker selection, it is clear Ted has crossed a red line.”The conference will be held in Vancouver, Canada, in April, under the banner The Brave and the Brilliant”. The theme of Ackman's talk has not been revealed but his selection was announced last week after he was accused of using his money and influence to help force Claudine Gay's resignation as Harvard's president following her disastrous appearance before Congress in December when she was questioned about on-campus antisemitism during the Israel-Gaza war.Ackman has taken stridently pro-Israel positions, including justifying the scale of the attacks on Gaza in which more than 25,000 Palestinians have been killed, mostly civilians, and the forced removal of about 2 million Palestinians from their homes. He has described criticism of Israel as antisemitism and called for the blacklisting from employment of American students who signed petitions denouncing the offensive in Gaza in the wake of the 7 October Hamas attack on Israel.Farouky and Walkowicz's resignation letter noted that other speakers announced by Ted include the journalist Bari Weiss, who they describe as having “a long, sordid, and well-documented history of anti-Palestinian speech”, but that there are no Palestinians in the line-up.“We refuse for our work and identities to be exploited to promote the Ted brand while the organisation and its speakers generate income and advance their careers through dehumanising Palestinians and justifying their genocide,” the pair said.After the resignation letter was published, two other fellows – the entrepreneur Ayah Bdeir and cosmologist Renée Hlozek – also quit. Nearly 30 others added their names “in solidarity” without leaving Ted.…MoreTesla's Slowdown Disqualifies It From ‘Magnificent Seven' GroupBy Martin Peers, Jan 24, 2024, 5:00pm PSTStock market pundits may want to come up with a new name for the big tech stocks driving the overall market. The “magnificent seven” descriptor—referring to Apple, Microsoft, Alphabet, Amazon, Meta Platforms, Nvidia and Tesla—no longer seems to make much sense. I'd like to suggest that's because none of the company CEOs look like cowboy gunslingers from the 1960 movie that made the phrase famous. It's hard to imagine Steve McQueen playing Tim Cook or Andy Jassy, for instance (although Yul Brynner admittedly could have filled the role of horseback-riding Jeff Bezos).The real reason the moniker no longer works, however, is that at least one member of the group, Tesla, has had anything but a magnificent 2024 so far, and its fourth-quarter earnings report, released Wednesday, only made things worse. Before Tesla reported earnings tonight, its stock had fallen 16% so far this year, and it tumbled another 3% after hours to around $200 a share. This isn't a reaction to CEO Elon Musk's antics, which include asking for a bunch more stock, although that surely doesn't help. The stock decline reflects the slowdown in sales suffered by Tesla, which observers attribute to increased competition and a loss of government incentives. Automotive revenues, which make up the bulk of Tesla's top line, grew just 1% in the fourth quarter—down from 18% in the first quarter.In its outlook for this year issued today, the company said its growth in the volume of car sales would be lower than in 2023, and noted that its team is working on its “next-generation vehicle.” Meantime, expenses have been skyrocketing, eroding its profit margin. But our less-than-rigorous takedown of the magnificent seven branding isn't just about Tesla. If you look at the year-to-date performance of big tech stocks, or even their 2023 performance, you can see that just two tech stocks have roared this year. One is Nvidia, which is in a class of its own: up 27% since Jan. 1, thanks to its stranglehold on the specialized chips used in artificial intelligence. The other is Meta Platforms, which is up nearly 13%, reflecting confidence in its ad business. In comparison, Microsoft and Alphabet are each up around 8%, likely thanks to expectations that AI will lift their businesses, while Apple and Amazon lag behind with year-to-date stock price rises of less than 5% each. Instead of the magnificent seven, it might be more appropriate to refer to the group as Nvidia, Meta and the humble five.… MoreTikTok's Testing 30 Minute Uploads as It Looks To Expand Its Content OptionsBy Andrew Hutchinson Content and Social Media ManagerThe next stage of TikTok is coming, with some users now seeing the option to upload 30 minute long videos in the app.As you can see in this example, shared by social media expert Matt Navarra, TikTok's currently testing the new 30 minute upload option in the beta version of the app.Which, if you've been paying attention, is not really any big surprise.TikTok has been steadily increasing its maximum post limit for years, with the platform originally starting at 15 seconds per clip, which was then extended to 60 seconds, then 3 minutes, then 5 minutes, before rising to 10 minutes in 2022.Last October, TikTok began experimenting with 15 minute uploads, so the trend towards longer clips isn't new.Though 30 minutes is likely the upper limit, based on the Chinese version of the app. Douyin, which is TikTok in China, expanded its upload limit to 30 minutes per clip in 2022, and it hasn't gone any further as yet.And presumably, Douyin has also seen good response to this longer time limit, which is why TikTok is now looking to implement the same, though it does seem like a long time to be watching a TikTok clip in-stream.Will users really warm to TV show length clips in the app?…MoreInstagram to scan under-18s' messages to protect against ‘inappropriate images'Feature will work even on encrypted messages, suggesting platform plans to implement client-side scanningAlex Hern and Dan MilmoInstagram will begin scanning messages sent to and from under-18s to protect them from “inappropriate images”, Meta has announced.The feature, being kept under wraps until later this year, would work even on encrypted messages, a spokesperson said, suggesting the company intends to implement a so-called client-side scanning service for the first time.But the update will not meet controversial demands for inappropriate messages to be reported back to Instagram servers.Instead, only a user's personal device will ever know whether or not a message has been filtered out, leading to criticism of the promise as another example of the company “grading its own homework”.“We're planning to launch a new feature designed to help protect teens from seeing unwanted and potentially inappropriate images in their messages from people they're already connected to,” the company said in a blogpost, “and to discourage them from sending these types of images themselves. We'll have more to share on this feature, which will also work in encrypted chats, later this year.”…Much MoreTiger Global Investor Relations Staff Depart After Fundraising ChallengesBy Francesca Friday and Maria HeeterJan 24, 2024, 4:46pm PSTSeveral Tiger Global Management employees focused on raising capital for the New York firm's venture funds have taken buyout offers, according to a person familiar with the matter. The departures of the staff, who worked with prospective investors, come as the firm has struggled to raise money for its latest venture capital fund after a collapse in startup valuations soured its paper returns for earlier funds.As of the second quarter of 2023, a $12.7 billion fund that Tiger started making investments from in October 2021 had a paper loss of 18%, calculated as an annualized return net of management fees, according to internal data distributed to investors in the fund. That's a slight improvement from six months earlier, when the 2021 fund showed a loss of 20%. The fund's performance is in the bottom quartile of funds started that year, the document said, and has also lagged the S&P 500's annualized net return in the same period.The Takeaway• Tiger employee buyouts are the latest example of VC cost-cutting• Tiger's $12.7 billion had lost 18% on paper as of June* Tiger could soon show a $350 million gain from OpenAI stakeAs of June 30, 2023, the $12.7 billion fund hadn't returned any cash to investors, which isn't unusual for such a young fund. But the paper losses are closely guarded secrets that reflect the kind of write-downs other venture firms have been making over the past two years as tech valuations have fallen.It isn't clear how big Tiger's investor relations team is, but the departures are the latest example of belt-tightening across the venture industry. Firms are raising smaller funds and striking fewer deals, reducing the need for sprawling support staff—including those who help firms raise money from pension funds and endowments...MoreWorldcoin hints at new Orb for a friendlier iris-scanning experienceby Vivian NguyenThe next-gen device will feature various colors and shapes to enhance its visual appeal.Worldcoin, an iris biometric crypto project, is set to launch a new Orb that aims to offer a more user-friendly iris-scanning experience, said Alex Blania, CEO and co-founder of Tools for Humanity, the developer behind the project, in an exclusive interview with TechCrunch today.“The next Orb will roll out in the first half of this year and will feature alternative colors and form factors in an effort to look ‘much more friendly,'” Blania explained. “Overall, it is going to look way more tuned down and similar to an Apple product.”Blania acknowledges that the initial design of the Orb predated his time at the company. “The new orb is coming and the next iterations will look quite different,” he remarked during a fireside chat at a recent StrictlyVC event, signaling a departure from the current, more controversial design.The goal of Worldcoin, as described by Blania, is to reach billions of users as fast as possible.“The thesis is very simple. We race toward billions of users as fast as we possibly can,” said Blania.Founded by Blania, Sam Altman, and Max Novendstern, Tools for Humanity has raised around $250 million from prominent investors like a16z and Bain Capital Crypto, among others. The project is famous for its unique Orb device designed to scan people's irises and assign them a “World ID,” granting access to Worldcoin's application and a digital passport. Worldcoin's vision is to authenticate individual identities and prevent the creation of multiple accounts.The current design of the Orb has been a topic of much debate due to its intimidating look, similar to a prop from a sci-fi movie, according to Blania. The company has also faced criticism for its beta testing approaches in developing economies and concerns over privacy and data security.Despite some skepticism, the Orb has seen practical use. At the StrictlyVC event in downtown San Francisco, a Tools for Humanity employee reported that a “couple dozen” attendees scanned their iris to receive a World ID. There has also been “field testing” of the new Orb design.…MoreStartup of the WeekLoyalty Startup Bilt Rewards Hits $3.1B Valuation After $200M RoundChris MetinkoJanuary 24, 2024Bilt Rewards, a loyalty rewards startup, raised a $200 million round led by General Catalyst at a $3.1 billion valuation — more than double the number after its last fundraising in 2022.The round also included participation from Eldridge Industries, Left Lane Capital, Camber Creek and Prosus Ventures.The New York-based startup allows consumers to earn rewards on the rent they pay. Bilt plans to use some of the proceeds to expand its network to include local dining, grocery stores, ridesharing and other retail purchases.“We're not just building a loyalty program; we're creating a community-centric ecosystem that benefits everyone from renters to local businesses,” said founder and CEO Ankur Jain.The company also appointed some big names to roles in the company. Bilt named Ken Chenault, former chairman and CEO of American Express, as its chairman, and Roger Goodell, the commissioner of the NFL, as an independent director.Big moneyThe company reported its annualized member spend is nearing $20 billion. It also became profitable on an earnings before interest, taxes, depreciation and amortization basis last year.Those metrics must have impressed investors, as Bilt has seen its valuation shoot up after raising a $150 million Series B at a pre-money valuation of $1.4 billion in October 2022. Founded in 2021, the company has raised a total of $413 million, per Crunchbase.Last year was a slow go for loyalty startups. Such companies raised only $74 million, per Crunchbase data. However in 2022, loyalty startups raised more than a half-billion dollars thanks to big raises that included Bilt's Series B and Madison, Wisconsin-based Fetch's $240 million Series E.With this fundraise, things are looking up for loyalty startups again.X of the Week This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit thatwastheweek.substack.com/subscribe
A new MP3 sermon from Whites Run Baptist Church is now available on SermonAudio with the following details: Title: The True Bread from Heaven Part 2 Subtitle: Believe and Live Speaker: Eric Newcomer Broadcaster: Whites Run Baptist Church Event: Sunday Service Date: 1/14/2024 Bible: Exodus 16; John 6:35-71 Length: 52 min.
There's a common criticism lodged against Substack that its model of paid subscriptions could never support original journalism, and instead it only caters to the kind of opinion journalism that can be churned out at a high rate. Eric Newcomer is proving this criticism wrong. After six years spent reporting at outlets like The Information and Bloomberg, he struck off on his own and launched a newsletter that covers startups and venture capital. Within months of his launch, he broke several major stories about top VC firms like Andreessen Horowitz and Sequoia. In our interview, Eric talked about his motivation to leave his job in traditional media, his monetization strategy, and how he manages to break major stories at such a consistent rate.
Source: Canada's Venture Capital Landscape Report (2023) — BDCObjectiveThe venture capital landscape is a dynamic and ever-evolving environment, where success is measured not only by achieving high valuations but also by generating strong returns for investors. As we saw companies climb Mount Everest to unicorn statuses in the past 18 months, many failed to get back down safely to survive.It is imperative for Canada to ensure transparency in venture capital returns to remain globally competitive. Open dialogues on challenges and strategies are part of this effort. The aim is to disseminate insights, equip other fund managers with valuable knowledge, and bolster Canada's standing in the global venture capital sphere. This collective effort has the potential to drive Canadian startups forward and attract international capital and talent to this burgeoning ecosystem.In Canada, the federal government has been influential in creating a conducive environment for startups and venture capital, through initiatives such as the Business Development Bank of Canada (BDC) and the Venture Capital Catalyst Initiative (VCCI). These efforts have proven crucial in supplying public funding to draw in private sector capital and kickstart the Canadian VC ecosystem. The significant contribution of these programs in laying the groundwork for a sustainable and competitive startup ecosystem globally is acknowledged and appreciated. Without such support, a number of companies and funds could face substantial hurdles in launching and realizing their full potential. The federal government's dedication to fostering innovation and entrepreneurship has played a major role in developing the Canadian startup ecosystem.The 2023 Venture Capital Landscape Report by BDC revealed data on Distribution to Paid-In capital (DPI) Across Vintages, indicating that the upper quartile of Canadian funds from pre-2011 to 2013 recorded a 1.2x DPI. This contrasts with the 2.0x DPI of U.S. incumbent funds during the same period, as reported by Cambridge Associates. This difference illustrates the distinct market dynamics that characterized the less mature Canadian venture capital sector during this time. However, since then, Canada's ecosystem has seen substantial growth, reflected in an increased number of venture funds and startups, and overall improved performance. Notably, most of the active venture funds in Canada, including Ripple Ventures, have been established in the past 5–7 years, underlining the recency of this expansion.While we acknowledge that not all venture capital funds wind down after the traditional 10-year period and extensions can occur, a strategy that funds can take to protect the performance over the life of the fund is to return at least the original capital within the first 6–7 years. This approach allows for sufficient time and opportunities to graduate the portfolio and reduce the entire reliance on unpredictable outliers of breakout companies alone to return the fund. This strategy increases the chances of moving from a 1x to 3x+ return within the remaining 3–5 years. As such, we want to cover two general approaches to achieving a 3x fund. The first relies solely on 1–2 outlier investments that generate significant returns in the final years while having minimal returns in the earlier stages. The second approach involves consistently returning capital throughout the fund's lifecycle, allowing the mediocre outcomes to return the original capital and for the winners to drive true profit. We believe that the latter approach is more sustainable and favorable. While the former approach can be challenging, requiring a consistent scale of exits and various factors to align perfectly, our belief is that consistent capital returns across the portfolio create a higher probability to outperform over the long run. At Ripple, we personally invest a significant portion of our net worth into our funds, making us very aligned with our limited partners to strive not only for homerun outcomes but also to return our own original investment. Our goal is to open up the discussion of fund performance, key drivers of winning strategies, and how we can put Canada as a winner on the global stage. By highlighting benchmarks and sharing insights from our journey, we aim to contribute to the broader conversation about driving enterprise value in Canada. We recognize the importance of collaboration and knowledge-sharing in building a strong ecosystem, and we are committed to playing our part in its development.Union Square Ventures — the gold standard for DPIBefore diving into the details, we want to establish the gold standard DPI benchmark that every fund should strive to achieve. Recent returns data from the University of Texas Endowment, as highlighted by Eric Newcomer's blog, has captured attention. Union Square Ventures has demonstrated exceptional performance, delivering 9x DPI cumulatively across all their funds. Their 2012 vintage fund, with a DPI of nearly 23x, stands as one of the best-performing funds of all time. These extraordinary returns showcase Union Square Ventures' track record of staying focused on key themes, investing only with high conviction, acquiring material ownership, and keeping fund sizes small to be able to consistently return capital to LPs.Source: University of TexasRipple's DPI performance relative to incumbents Ripple Ventures has established an early track record in our angel portfolio since 2012 (we call this Fund 0) currently at 6.5x DPI. Although Fund 0 was an angel portfolio with a smaller quantum of capital (which is easier to return), it is worth noting that our success is not solely reliant on one outlier investment to drive strong returns. Instead, we have strategically managed a portfolio including three of ten investments achieving at least 10x cash-on-cash returns (with the highest returning 30X). We have personally recycled a majority of this capital to jumpstart Fund I and attract external limited partner capital for our venture funds.We continue to build on our track record with Fund I (2019 Vintage) with a DPI of 0.5x. Again, Fund I was also a smaller fund compared to most at $10M which makes it much easier to return than a $200M fund like USV's. Considering the limited maturity of the 2019 vintage, it is important to acknowledge the current challenging market cycle and the pressure for funds to generate significant returns despite the bleak outlook for exits in the near future. As we approach the halfway mark of the fund's life, if the original capital has not yet been closer to being returned, there is still a long hard way to achieve a 3x+ DPI.When comparing to US incumbents, upper quartile returns were: 2.61x DPI (2011), 1.90x DPI (2012), and 1.48x DPI (2013) respectively according to the latest US Venture Captial return reports. The average DPI across the 2011–2013 vintage is 2.00x DPI, 67% higher than its Canadian counterparts. There is a stark difference between the median performance of top quartile funds in Canada vs the US. In the 2019 vintage, Ripple Ventures is categorized in the top 5% of funds based on DPI in the US so far.While Ripple Ventures Fund I is still in its early stages and hasn't achieved a 3x+ return yet, we approach this journey with humility, dedication, and empathy. We understand the uncertainties of the venture capital landscape and the possibility that we don't continue to exceed expectations. However, we are committed to diligently managing our portfolio, making informed decisions, and striving to deliver exceptional returns. With transparency and empathy at our core, we will continue to navigate the evolving market dynamics to create long-term value for our investors.Our view on what drives DPI, and differences in Canada vs the USOwnership and exit value play crucial roles as the primary drivers of DPI in venture capital funds. You need to have at least one or the other to drive returns, and in the best cases, you have both. For example, if you have a $50M fund, you need to own 20% of a $250M exit, or 1% of a $5B exit to return the fund ($50M). Let's take a look at another graph in the BDC report around median exit values to understand better why DPI may be different in Canada vs the US:Source: Canada's Venture Capital Landscape Report (2023) — BDCYou can see there's a very evident difference in the historic outcomes of companies in each country. According to PitchBook, the average exit value for US venture-backed startups was approximately $207M USD in 2019, $263M USD in 2020, and $391M USD in 2021. These are multiples higher than the Canadian counterparts. Although this is the case, we want to acknowledge the potential for creating global winners in Canada, such as Shopify and Lightspeed (public companies), as well as notable private outcomes like Wattpad's acquisition by Naver for 754 million CAD and Verafin's sale to Nasdaq for 2.75 billion USD in cash. It is crucial to highlight the potential for Canada to create companies of this scale, but recognize the lower frequency in which this occurs. By learning from and comparing ourselves to the best in the world, particularly the United States, we can identify the strategies and practices that contribute to their success. Why Ripple is investing in both Canada and the US Ripple Ventures recognizes the tremendous potential of the Canadian startup ecosystem and aims to drive enterprise value creation for early-stage companies by leveraging the expertise and resources from the US network. We firmly believe that adopting a strategic investment strategy that spans Canada and the United States is essential for the success of fund managers seeking to achieve 3x+ DPI. Our approach is driven by the objective of bringing valuable knowledge, networks, and resources from the US ecosystem into Canada, accelerating growth, and fostering better returns.In Canada, there is a shortage of founders and employees who have experienced the journey from idea to IPO, hindering the mass development of unicorn companies we've seen in the US. By investing across borders, Ripple Ventures facilitates the exchange of knowledge and experience, allowing Canadian founders to tap into a wealth of resources and navigate the challenging “valley of death” stage. This exposure to higher-scale ventures and outcomes creates a fertile ground for innovation, fueling the growth of early-stage companies.We firmly believe that bridging the gap between the Canadian and US ecosystems is pivotal in driving higher enterprise value exits. Currently, Canada only has 25 unicorns generated compared to the US in which there are 700+, and we aim to change that narrative. It must be stressed that investing in Canada today can still be an extremely profitable venture, but this hinges greatly on the degree of ownership an investor can secure. Given the historical performances, a high ownership stake is a significant factor that can help offset the inherent risks and volatility of the scale of venture capital outcomes in Canada. Ripple Ventures is committed to being at the forefront of driving the next generation of category-defining companies in Canada. By leveraging our connections, networks, and experiences from both sides of the border, we aim to catalyze the growth of the Canadian startup ecosystem and pave the way for greater success. If you don't believe us, just ask our founders if we have been successful at doing this.Why keeping fund size smaller mattersKeeping fund sizes smaller is a strategic choice that aligns with Ripple Ventures' investment approach and objectives. It allows us to focus on specific stages, check sizes, ownership targets, and industries that fit our investment thesis. By maintaining smaller funds, we prioritize efficient capital deployment and maximize our ability to generate significant returns for our investors. This approach is particularly advantageous when considering the quantum of exit size relative to the respective market and entry stage.We've seen USV consistently keep their fund sizes relatively the same in all market environments because their formula works. In our view, the game of venture fund managers should be to execute the strategy that you know works for generating strong returns for LPs and raising/recycling capital to keep it going over multiple funds. At Ripple, we've made a commitment to our LPs that we'd never scale the fund past a size that makes sense and is possible to outperform (3x+ DPI). If it ain't broke, don't fix it. Ripple's philosophy in portfolio construction to drive DPIRipple Ventures adopts a strategic approach by investing across both Canada and the US, employing a barbell strategy to optimize returns within each fund. Recognizing the historical disparity in exit values between the two markets, we tailor our investment strategy accordingly. In Canada, where exits have traditionally been lower, the focus is on playing the ownership game. By securing substantial ownership stakes in companies, Ripple Ventures ensures that even in more modest exits, the ownership-driven returns can generate significant DPI for the fund. Conversely, in the US market, where valuations are higher and obtaining ownership can be more challenging, Ripple Ventures is willing to trade off lower valuations. This balanced approach allows us to capture the potential for higher exit values and drive DPI. In our opinion, employing a barbell strategy is essential for fund managers in Canada to ensure that the interplay between ownership and exit scale is thoughtfully priced into their portfolio, maximizing returns and achieving their target of surpassing the gold standard of 3x DPI.At Ripple Ventures, we deeply admire and draw inspiration from funds like Version One Ventures and Golden Ventures, who have successfully executed the strategy of investing across North America &globally while being based in Canada. These funds serve as valuable partners within the Canadian ecosystem, bringing exposure to top-tier founders, operators, and investors from the US. Their ability to connect with and learn from the best in the industry helps them level up not only their own expertise but also their portfolio companies. We share a common goal with these funds — to drive growth, foster innovation, and create a thriving startup ecosystem in Canada by leveraging the insights and resources available across North America.ConclusionOur ultimate aspiration at Ripple Ventures is to become the Union Square Ventures of Canada, driving the best-returning fund out of the country. Merely returning the original investment would be considered a failure for us. That's why we are igniting this conversation and delving into the intricacies of our strategy. By focusing on early-stage investments, prioritizing ownership, investing across both Canada and the US, and actively driving DPI throughout the entire life of the fund, we are positioning ourselves for a higher probability of achieving our goal of becoming a globally recognized and outperforming fund. Transparency in venture capital returns is crucial for Canada to compete on a global scale. By openly discussing challenges and strategies, we aim to elevate the industry and drive meaningful conversations. Our goal is to share insights, empower other fund managers, and strengthen Canada's position in the global venture capital landscape. Get in touch: * Matt Cohen, Managing Partner at Ripple Ventures (matt@rippleventures)* Dominic Lau, Partner at Ripple Ventures (dom@rippleventures.com) This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit tanktalks.substack.com
Eric Newcomer is the founder and author of Newcomer. Louise Matsakis is the tech and China reporter for Semafor. Both join Big Technology podcast to break down the week's news. We cover: 1) The SEC's notice to Coinbase that enforcement action might be coming. 2) Hindenberg Research targeting Block. 3) Character AI raising $150 million at a $1 billion valuation with no revenue. 4) Tiktok's day before congress 5) TikTok's future in the U.S. 6) Cow and Zebra escapes this week. ---- Enjoying Big Technology Podcast? Please rate us five stars ⭐⭐⭐⭐⭐ in your podcast app of choice. For weekly updates on the show, sign up for the pod newsletter on LinkedIn: https://www.linkedin.com/newsletters/6901970121829801984/ Questions? Feedback? Write to: bigtechnologypodcast@gmail.com
In a special bonus episode of the Logan Bartlett Show, Logan is joined by journalists Dan Primack from Axios and Eric Newcomer from Newcomer to discuss the implications from SVB and where the tech and venture capital industry goes from here.
Eric Newcomer joins to break down all the trending tech topics, including Stripe raising $6B (16:31), major generative ai fundraises (35:55), Silicon Valley Bank dropping 60% (50:35), and more! (0:00) Jason kicks off the show (1:55) Eric's move to independent journalism (10:07) First Republic Bank - Discover what a long-term financial relationship can do for you. Visit https://firstrepublic.com today to learn more. (10:57) Take rates and more on Substack (16:31) Eric's Scoop on Stripe (20:43) Embroker - Use code TWIST to get an extra 10% off insurance at https://Embroker.com/twist (21:46) The narrative around the tech layoffs + Generative AI (34:24) Lemon.io - Get 15% off your first 4 weeks of developer time at https://Lemon.io/twist (35:55) The deluge of Funding into AI (43:39) The state of VC investing (50:35) Silicon Valley Bank drops 60% FOLLOW Eric: https://twitter.com/EricNewcomer FOLLOW Jason: https://linktr.ee/calacanis FOLLOW Molly: https://twitter.com/mollywood
As deluded protesters in Brasilia ransack government offices, the U.S. can take great pride in it's inspirational status. Also, though House Republicans are a defiant lot, a debt ceiling showdown could play out differently than the Speaker vote did. Plus, Eric Newcomer, host of the Dead Cat podcast, talks tech, the coverage of crypto, and the future of Substack vs traditional media. Oh yeah, and Mike's back. Produced by Joel Patterson and Corey Wara Email us at thegist@mikepesca.com To advertise on the show, visit: https://advertisecast.com/TheGist Learn more about your ad choices. Visit podcastchoices.com/adchoices
Our anchors begin today's show with Wall Street Journal reporter Gunjan Banerji breaking down October's cooler-than-expected CPI data sending tech surging, and CNBC's Frank Holland breaks down the WisdomTree Cloud Computing ETF's best-ever trading day. Then, Satori Fund Founder Dan Niles weighs in on the broader market rally, and CNBC's Kate Rooney brings us the latest on FTX as CEO Sam Bankman-Fried faces potential bankruptcy. Next, crypto exchange Bitstamp's U.S. CEO Bobby Zagotta joins with his take on the fallout from the FTX saga. CNBC's Mike Santoli and Wilmington Trust Head of Investment Strategy Meghan Shue also take a closer look at the Nasdaq's gains to start the morning, and Unity CEO John Riccitiello discusses the video game software company's Q3 results. Later, Newcomer Substack author Eric Newcomer joins for more on the collapse of FTX, and our Julia Boorstin checks in on media stocks responding positively to cooling inflation.
Insider's anonymous first-person account of a ghostwriter for venture capitalists' tweets captivated tech Twitter last week. Everyone wanted to know who exactly was paying $100,000 for a tweetstorm.How could anyone make $200,000 writing thought leadership. Why would anyone pay for that?So on this week's episode of Dead Cat, hosts Eric Newcomer and Tom Dotan talked with Redpoint Ventures managing director Logan Bartlett who is a bit of a VC Twitter expert. Last November, Eric wrote about Bartlett's analysis of VC media output in a piece called A Twitter Troll's Take on the Future of Investing.Since then, Redpoint hired a TikTok creator to help bolster the firm's brand and Bartlett launched a podcast called Cartoon Avatars.On this week's episode of Dead Cat, Bartlett insists he's writing his own tweets, but he explains why VCs are so interested in building a Twitter following. Also Bartlett cast doubt on whether there's a real market for people ghostwriting tweets for VCs.Later in the episode, we spitballed a ranking of some of the most important accounts on VC Twitter.Give it a listen. Get full access to Newcomer at www.newcomer.co/subscribe
The Twitter / Elon saga entered a new phase today. Elon Musk reversed course and agreed to buy Twitter at the previously agreed upon $44 billion. But we're still thinking about Musk's text messages that came out as part of discovery in the Delaware court case.On the latest episode of Dead Cat, we reveled in the many bizarre and often sycophantic texts that emerged during discovery. Tom Dotan and Eric Newcomer, along with recurring guest New York Times reporter Erin Griffith, give a close reading to the private messages of the Silicon Valley glitterati.We dish on texts from All-In hosts Jason Calacanis and David Sacks, Palantir co-founder Joe Lonsdale, and Salesforce co-CEO Marc Benioff. Would Emil Michael or Bill Gurley make for a better Twitter CEO?Fellow Substacker Alex Kantrowitz did a great job compiling some of the greatest hits. So you can read along.We mourn our shattered reality that Musk's texts aren't full of Grade A genius ideas for reforming Twitter.Give it a listen. Get full access to Newcomer at www.newcomer.co/subscribe
On this week's Dead Cat, co-host Tom Dotan and Eric Newcomer talk about the sputtering scooter industry. Starting at 36:00 we hear Tom tells us about his jury summons. Give it a listen. Get full access to Newcomer at www.newcomer.co/subscribe
This week on Dead Cat, Reed Albergotti — the technology editor for the soon-to-be launched media startup founded by Ben Smith and Justin Smith — joined the show to talk about the Biden administration's executive orders shaping how the U.S. does business with China.Albergotti reported earlier this month that the Biden administration is looking to crack down on American investors cutting checks in China. He wrote for Semafor:Administration officials were particularly alarmed this March by a report in The Information that the Chinese arm of the Silicon Valley venture firm Sequoia Capital has begun raising a new, $8 billion fund for investments in Chinese technology, according to people close to the administration. A Sequoia spokeswoman declined to comment.…The details of the order could still change, but the administration has considered at least two ways of dealing with U.S. investments in China. One approach would be to require disclosures for any investments in semiconductors, artificial intelligence, quantum computing and potentially other industries like rare earth minerals and electric cars. The other would be to set up a system that would give the government the ability to block investments outright, in the way that the Committee on Foreign Investment in the United States can block inbound investments from China and other countries.A third option being discussed by those involved is to do both. Biden could require disclosure and then, if something problematic arises, take further action to block it. That option is more appealing to U.S. companies and could be just as effective.Relatedly, the New York Times reported on another executive order that would expand the power of the Committee on Foreign Investment in the United States to block Chinese investments in the United States. The Times reported that the executive order “directs the committee to consider whether a pending deal involves the purchase of a business with access to Americans' sensitive data, and whether a foreign company or government could exploit that information.”Albergotti helped make sense of the Biden administration's various executive orders — both planned and announced. Albergotti, with co-hosts Tom Dotan, Katie Benner, and Eric Newcomer, speculated about whether a TikTok ban was forthcoming and reflected on Senator Josh Hawley's TikTok grandstanding.In the latter half of the episode, we turned our attention to Patagonia owner Yvon Chouinard's donation of the outdoor clothing retailer. We discussed the New York Times' glowing coverage of Chouinard's donation.Or was the media being unnecessarily dour? Was the media being too skeptical by declaring that Chouinard had avoided $700 million in taxes by giving his company away and by comparing him to the shadowy donor Barre Seid, who donated his device manufacturing company to support conservative causes?Give it a listen.Read the automated transcript Get full access to Newcomer at www.newcomer.co/subscribe
Dead Cat host Eric Newcomer already said his piece about Kara Swisher's epic final Code Conference. Now you can hear directly from Swisher about what she thought. On this week's Dead Cat podcast, Tom Dotan and Newcomer catch up with Swisher fresh off her final Code Conference. Together, we puzzle over Amazon chief Andy Jassy's deference to his old boss and Alphabet CEO Sundar Pichai's tough time denying that he wanted to buy Pinterest. We talked about Bob Iger's charm and Swisher's affection for Mark Cuban.We dug into Swisher's interview strategy. We asked her whether her media publication Recode has been a success. Were they aggressive enough ahead of #MeToo? And what's next for Swisher? Will Pivot replace Code?And we quiz Swisher on some of her favorite Code interviews. Why did she tell Mark Zuckerberg to take off his sweatshirt? How did Steve Jobs keep Bill Gates on his toes?Then we end the episode with a discussion of her final Code main stage panel — Tim Cook, Laurene Powell Jobs, and Jony Ive. Give it a listen. Get full access to Newcomer at www.newcomer.co/subscribe
Will Marc Andreessen dogfood Adam Neumann’s new real estate startup? Will Andreessen be willing to run the same playbook for Flow, Neumann’s new rental real estate company? When is the last time, Andreessen — who called “renting a soulless experience” — actually lived in a rental? Is he willing to give up his $177 million Malibu compound for the shared amenities of a Flow? Andreessen doesn’t seem willing to embrace urban density in Atherton — he and his wife wrote a letter expressing their “IMMENSE objection to the creation of multifamily overlay zones in Atherton.” On this week’s Dead Cat, co-host Tom Dotan observed that much of Silicon Valley’s upper crust seems unwilling to put their values into action when it comes to residential real estate: “They’re not going to dogfood it, right? They’re not going to be using their own products in order to fix this larger issue.”Co-host Eric Newcomer replied, “The whole tech philosophy is dogfood your product — suffer through your terrible tech product that you’re trying to force on the world, and they won’t even dogfood the world that they want, which is a dense urban life.”Eric's former open office neighbor at Bloomberg, Ellen Huet, came on Dead Cat to talk about Neumann’s new company and Andreessen’s nimbyism. Huet wrote about WeWork for Bloomberg, hosted a podcast about Neumann, chronicled housing opposition in Atherton, and now is writing a book about an alleged sex cult called “OneTaste.” She also spent many years living in an intentional living community in San Francisco. So you can fairly say that she has stared deeply into Neumann’s soul.We start off the episode talking about the Andreessens’ opposition to new housing in Atherton. Then about halfway through, we get into Flow. Give it a listen.Read the automated transcript. Get full access to Newcomer at www.newcomer.co/subscribe
This week, Felix Salmon, and Elizabeth Spiers are joined by Eric Newcomer to discuss his piece on Marc Andreessen's surprising choice to back Adam Neumann's new company Flow, the current VC landscape, and Bed, Bath & Beyond's wild meme-stock moment. In the Plus segment: Eric's interview with Uber's former business chief. Podcast production by Jessamine Molli. Learn more about your ad choices. Visit megaphone.fm/adchoices
This week, Felix Salmon, and Elizabeth Spiers are joined by Eric Newcomer to discuss his piece on Marc Andreessen's surprising choice to back Adam Neumann's new company Flow, the current VC landscape, and Bed, Bath & Beyond's wild meme-stock moment. In the Plus segment: Eric's interview with Uber's former business chief. Podcast production by Jessamine Molli. Learn more about your ad choices. Visit megaphone.fm/adchoices
This week, Felix Salmon, and Elizabeth Spiers are joined by Eric Newcomer to discuss his piece on Marc Andreessen's surprising choice to back Adam Neumann's new company Flow, the current VC landscape, and Bed, Bath & Beyond's wild meme-stock moment. In the Plus segment: Eric's interview with Uber's former business chief. Podcast production by Jessamine Molli. Learn more about your ad choices. Visit megaphone.fm/adchoices
This week, Alexis gets non-technical with Eric Newcomer, Author of Newcomer, the top startups and venture capital newsletter on Substack. They talk about instagram calorie tracking, party ILLUSIONS, 2-person karaoke, 12 hours of Duplicate Bridge, Tzolkin!!, and co-founding the Coffee & Earnesty Club. You can find Eric on Twitter at twitter.com/EricNewcomer and Alexis at twitter.com/yayalexisgay or instagram.com/yayalexisgay and twitter.com/NonTechnicalPod.This episode is sponsored by Census, a reverse ETL tool that syncs trusted data from the data warehouse into your CRM, marketing automation platform, advertising platforms, finance tools, and more! If you're a scaling product-led growth company looking to increase the productivity of your sales reps, personalize your customer communications and reduce churn, you can learn more at getcensus.com/nontechnical
This week on Dead Cat, hosts Tom Dotan and Eric Newcomer dive into social media wedding bans. The evolution of authenticity on BeReal. The state of TikTok. Media self-absorption. Dimes Square. Andrew Tate. Then we delve into Sam Bankman-Fried’s case against the startup world — what he calls “the financial circle-jerk.” Give it a listen. Get full access to Newcomer at www.newcomer.co/subscribe
Today we're talking to Eric Newcomer, the CTO at WSO2. And we discuss how to get comfortable being uncomfortable. How WSO2's Choreo platform makes cloud integration easy, and the history of the cloud from invention to today. All of this right here, right now, on the Modern CTO Podcast! To learn more about WSO2, check them out at https://wso2.com
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