Harry Stebbings
@HarryStebbings
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🎤 @twentyminutevc , 🏦 @20vcfund @20SALES_vc , 😇 @PachamaInc @linear @theydohq @tripledotgames @merge_api @nexhealthhq @linktree_ @sorare @getcaptionsapp
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Joined May 2015
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6 years ago I recorded my first 20VC episode from my mother's kitchen and asked if we could unplug the home phone.
Today we announce two new 20VC Funds:
20VC Early
📈 Pre-Seed-Series A
💵 $250K-$750K
20VC Explorer
📈 Series B-onwards
💵 $1M - $5M
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Just had my phone stolen by a bike gang in London.
Called the police and they told me 2,000 iPhones are being reported stolen per day in London alone.
They predict on 1/4 are reported.
Insane.
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Just got out Uber & driver was making 95% less money than pre COVID.
So in 4 weeks she learned
@webflow
& is now making websites for largely personal trainers and online tutors.
She now makes 2x more than she did driving.
Always be amazed by human resiliency. Inspiring. 👍
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Fascinating, just seen the most in-demand companies buyers are looking for secondaries in:
SpaceX
Stripe
Anduril
Epic Games
Flexport
What would you have as your top 5?
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Introduced seed company to series A investor 6 months ago. They led a $20m round 3 months ago.
I found out today.
No message, no email, no thanks, nothing.
Little thanks go a long way.
Even better go out of your way. These things count. People remember them.
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My mother has not been able to run for 10 years due to her MS.
Today we ran 5K together for the first time.
Today was a fricking special day I will never forget.
To my Mum, what a hero!
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Sometimes people say WTF, you have a podcast and then raised $140M.
What no one sees;
2,850 episodes recorded.
7 years without a weekend off.
Countless missed birthdays and family occasions.
Overnight success, I think not. 😂
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Just hung out with a founder of a $7Bn+ exited company.
Their first fundraise, 71 meetings, 70 no’s.
Never give up. Never lose hope. It only takes one person to believe. 👍
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My mother has MS.
Her immune system is severely weakened as a result.
Today she got her COVID vaccine.
Today I am very thankful. 🙏
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I finally feel like a contrarian in VC.
I am not focused on Web3.
Give me enterprise, give me payroll, compliance, HR.
😉
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What single purchase under $250 has made the most significant impact to your life?
1K
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A quote I often think back to:
“Pessimists are often right, optimists are often happy and wealthy.”
🚀
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I got a little bit carried away with the angel investing over the last few years.
So it’s time to announce
@20vcFund
backed by 83 friends from around the world.
🏦 $8.3M
📈 Pre-seed to Series C
💵 $250K investments.
To some exciting times ahead.
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My stepfather is the CEO of a very traditional old-school 100 person company.
2 weeks ago he did not believe in remote and had not heard of:
Zoom
Slack
Notion
Airtable
Today he declared team productivity has skyrocketed and remote is the future.
Changing tides! 💥
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I decided today that alcohol was just not something I needed in my life anymore and something I was relying on too much.
First day of no drinking complete.
Here is to a new chapter. 💥
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Friend started company 4 years ago. He could raise no $ & no one believed in him.
Except for 1 who gave him an unlimited desk in his work space.
Company now worth $400m+ & in latest secondaries gave desk giver his payment for desk: $500,000.
People are incredible, believe.
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92 days ago I stopped drinking alcohol completely.
It has been the best decision of my life.
No drink tastes as good as sober feels.
💪🏼
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FORECAST:
@elonmusk
rebranding to X will be considered one of the smartest branding moves of the last 5 years, within months.
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One thing I was told by a mentor that I think of every day:
No one can tell you, you are not good enough. Only you can do that. And even then, you will always underestimate yourself.
Think bolder, be brave. 👍
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Just saw this stat and it blew me away:
Elon Musk is so rich that if you earned $10K per day, every day for 365 days per year dating back to the times of Ancient Egypt…
By today, you would only have amassed 15% of his wealth.
🤯
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I love the business models of coffee machines, printers etc.
Make zero margin on the core product sale but have ancillary products required for the core to work which are:
Ongoing
Super high margin
What are some other great examples of this?
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Incredible to look
@Initialized
Fund I.
This was a $7M fund.
Portfolio:
Coinbase
Reddit
Lendup
Instacart
GOAT
All in a $7M Fund.
@garrytan
@alexisohanian
@harjtaggar
chapeau! 🚀
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A big secret I have found to increasing happiness.
Spend money on the things you use most often.
Coffee machines.
Toothbrushes.
Door handles and light switches.
Chair at your desk.
Pillows and duvet.
Spend a lot where you use the most.
Massive game changer. 🔥
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Spoke to 2 friends this week that are founders of likely top 10 fastest growing co’s:
Me: what do you do that you think has separated you from the pack?
Them: Both independently, “I am disciplined around taking time to THINK:
No phone
No distractions
Pen + Paper 👍
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Every night for 20 mins I send a personal DM to every new follower. I have now sent 16,427 DMs this way. It has led to:
👨👨👧👧 Incredible friendships and discussions with amazing people.
❤️ Incredible community love for
@twentyminutevc
💵 $100K+ in sponsors.
Go the extra mile.
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Biggest lesson on hiring;
For 90% of roles, young and insanely hungry beats logos and pedigree all day.
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In 10 minutes, I will turn 26.
What a truly special first quarter century it has been.
🎙 3,000 podcast episodes
💵 $400M raised.
🚀 150+ companies invested.
🏦 12 Fund Investments.
🦄 13 unicorns invested in.
Here is to the next 25 years. The work begins. 🚀
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4 years ago today, started
@twentyminutevc
from bedroom in family home with $50. Since then:
💵 raised fund w/ friend + partner
@fdestin
📈 30m+ downloads to 20VC +
@saastr
🎙 listeners in 202 countries
👨👩👧👦 2,000+ eps
Not possible without:
@shak
@bfeld
@johnhenderson
@jasonlk
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For everyone with a dream, I started 20VC as an 18-year-old with £50 & no contacts.
Today I release our incredible discussion with Prime Minister
@RishiSunak
.
Work hard, be kind, never ever give up.
This is a moment I will cherish forever. 📷
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Holy shit.
Can you imagine a GPT where you could ask any question and it uses advice from 3,000 20VC episodes to answer your questions from the best VCs in the world.
Wow.
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Just got off hangouts call w/ angel investment.
4 separate co-founders under 24
4 separate countries
4 separate bedrooms the calls were taken from.
3 mothers walked in & interrupted not knowing about the call. 😂
Building remote software businesses today is awesome!
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One of the most common traits of the most successful people I have interviewed;
They were comfortable with being under-estimated and misunderstood for long periods of time.
Only you set the limits of your own achievements. Even then, you underestimate yourself.
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Three quotes I think to everyday:
Everyone is fighting a battle you know nothing about.
Nothing is ever as good or as bad as it seems.
It is not what you say but how you make people feel that matters.
The rest is poetry. 😉
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4 years ago I was 18, in my bedroom starting 20VC.
Today:
📈 50M+ Downloads
👨👩👧👦 2,612 Interviews
When I started I wrote 4 names of people I dreamed of having on:
@bgurley
@bfeld
@joshk
@bhorowitz
An honor & privilege to have Ben on tonight and complete 4/4. 👍
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The best CEOs have 3 skills:
Storytelling/inspiration.
Capital allocation and resourcing.
Systems thinkers; understanding the levers or their businesses and how they all interplay together.
🚀
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People asked me today, ok harry so how are you broken then: I am happy to admit it:
I have bulimia, it is an ongoing struggle. It is never done.
I have massive family insecurities. I have a chip on my shoulder. I am never good enough.
Broken but beautiful. I hope.. 😉
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Today turned 23, so year in review:
Raised
@stride_vc
w/ wonderful partners
@fdestin
@piadiri
.
Scaled
@twentyminutevc
to 50m+ downloads, 6 employees, 158 countries.
Proud to join first institutional board
@ForwardHealth_
.
Wrote 1st angel check.
Wrote 1st LP check. 👍
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The awesome thing about investing in LATAM:
You are investing in products that make life 90% better for 99% of the population.
Largely in Western markets, you are investing in products that make life 10% better for 5% of the population.
Long LATAM. 🚀
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I just love venture firms that are like, yes we really like to come in when the company has:
Meaningful revenue.
Clear product market fit.
Capital efficient and repeatable business model.
You think?! 😂
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The unbundling of Linkedin will create 20+ companies worth $5Bn+.
Heavily segmented, heavily verticalised, with highly specific functionality for each vertical.
Let the unbundling of Linkedin begin....
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Someone needs to do an analysis on the correlation of founder success to their level of video game playing in their childhood.
99% of the best founders I have worked with, played video games to supremely high levels in their childhood.
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Met two enterprise companies over last 24 hours.
One in UK, one in US.
US: 4M ARR.
UK: 4.5M ARR
US Raising: $75M @ $1.2Bn 😳
UK Raising: $20M @ $70M 😋
No wonder we have more US funds entering Europe everyday.
P.S. their growth rates were the same.
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I have said this once I will say it again
I was rejected by most European venture firms for jobs.
They told me I was too young, not business school whatever…
No one can tell you you are not good enough. Only you can and even then, I think you underestimate yourself.
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Single biggest mistake I hear about todays market:
Look at 2008, great companies are always built in downturns.
NO.
2008 was a pivotal technological innovation with rise of iPhone & App Store (Uber, Insta, Snap, IG etc). It was not because of the macro.
Don’t conflate.
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I am just bewildered that early stage investors still today ask seed stage startups for 3-5 year financial plans and projections.
I mean what, are you serious?! 🤷♂️🤦♂️
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My mother hasn’t worked for years, she had children & then sadly got MS.
With 23 years out of work she lost all confidence when it came to re-entering the workforce.
So proud of her today starting her first day training to be a Pilates instructor! Inspires me everyday!💥
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It is not even 4PM on the first day back and I have already seen:
$100M pre for pre-product company.
$1BN pre for $1M ARR company.
$10BN pre for company less than 15 months old.
My oh my, welcome 2022.
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Everyone is fighting a battle you know nothing about.
Always remember that. 👍
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5 years ago, I was told many reasons why I’d never be a VC:
“I did not have an MBA.
I hadn’t worked at an investment bank or financial institution.
I cared about personal brand & believed in it’s power.”
The world moves on, the world changes, be you. It can adapt to you.
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A quote I think back to on a daily basis from Frank Slootman, CEO at Snowflake
Narrow the focus
Increase the quality
🚀
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I cannot overstate the importance of having structure and velocity to your 1-2 min intro at the start of calls.
It sets the energy and momentum for the call. Says a lot about the way you think.
Be concise, be structured, no meandering, throw in some humour.
Gamechanger...
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53 cold emails later.
Never ever give up.
Persistence is everything.
Wonderful to spend quality time with
@HarryStebbings
. Harry must have texted and emailed me 100 times before I agreed to be on his pod cast. Persistence pays Harry. ❤️
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I am really tired of the heroism attributed to being in the office first and waking at 5AM and working.
My brain works best from 10PM-3AM but means I need to sleep till 9AM and then office at 10AM.
Everyone is different, do what works for you and embrace it. 👍
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What I hate, I hate transactional relationships. I give you this so you give me this. 🤢
Life is too short. Build relationships w/ people you respect, admire & enjoy spending time with.
You must personally feel you want them to succeed.
That’s it, good things will come.
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This is one of the best speeches you will hear.
Spend the 6 minutes to watch it, you will not regret it. 👇
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Potentially controversial one. Strongly believe founders should pay themselves well (within reason & funding permitting). Why?
Nice home.
Access to gym.
Access to nutritious food.
Ability to take nice holiday.
For incremental $$ spent, non burnt out, healthy founder. 👍
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Interesting my brother came back from night out tonight at 1:15AM & found me at my desk completing sales call.
He said: “People see mojitos, travels, nice hotels. I wish they saw this side of it too.”
Bluntly, it takes blood, sweat & tears to build something from nothing. 👍
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is one of the most underrated stories in startups.
The company does $100M in revenue, has 100M users and did not raise a $$ of venture for over 16 years!
Coming on 20VC shortly...
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I am sorry, as a founder, the only thing that matters at pre-seed and seed:
Can you tell a story? Can you compel the other side to join you, as an investor, customer or team member.
You maybe the smartest but you don’t have data at this point so you have to inspire.
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I am not sure there is anything that could make me happier than reading this. A 7 year old boy in Copenhagen listening to
@twentyminutevc
on his scooter to school.
Beyond touched and makes the nights and weekends in studio worthwhile.
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My big bro has just raised $275K for his pre-seed.
He wrote each and every angel a personal and physical letter by hand.
Do the little things. Put in the extra effort.
It goes a long way. 🚀
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12 months ago, I wrote a $20K angel check into a company in Germany.
The local laws are so poor I had to spend $400 on notaries and apostilles to get it done.
Now I have to spend another $400 for approving AGM for the company.
4% of the investment on notaries. Really?!
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Startups are f****** hard. The highs and lows are real & especially the lows.
1 thing you have to have, “a go to person”.
Someone you can be unashamedly yourself with.
The worst character flaws, the fears, the insecurities, all laid bare.
This safe place is essential. 👍
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As my 23rd year comes to a close, time to reflect on the year that has been:
💵 Final close
@stride_vc
Fund I with best buddy
@fdestin
.
😇 9 angel investments.
🏦 First LP investment, now 4 made.
💼 3 board seats gained.
🎙 20VC crossed 80M downloads.
Onwards... 🚀
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So
@Allbirds
went public with a market cap of $3.75BN in Nov 2021.
Today, market cap is $127M.
The same price as their Series A round.
Tomorrow, I have Allbirds CEO on 20VC.
What do we have to discuss?
X, work your magic... 🔥🚀
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This shit should be banned from the streets of London. Complete hazard for blind, old or vulnerable. Appalling.
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My fave VC question:
“What stops incumbent X just copying this?”
Well absolutely f*** all but they have:
Technical debt
Process debt
It doesn’t align to their core roadmap.
It’s not primary revenue generator and not priority for them.
Dig deeper, understand incentives.
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In awe of how many Americans use iMessage and not WhatsApp.
Blows my mind… 😱
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Often hear from VCs, “oh they can’t be doing well, they haven’t raised since 2016-17.” Maybe, or:
1.) Profitable business, scaling on revs.
2.) Building deep tech product w/ small team on sweat equity, no sales team.
3.) Super lean approach + extremely cap efficient.
👍
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Amazes me at seed, how much time investors spend on market, product, GTM, all transient things at this stage.
Inversely, how little time is spent understanding true dynamic of the founding partners; ego, respect, truths, tones, ethics.
This is what kills companies not GTM.
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Interesting discussion with founder today.
Founder: What about (Fund Name) for the next round?
Harry: No you don’t want them. They write big checks and then you never see them again.
Founder: Please introduce us immediately.
😂 😬
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I want to do a new podcast!
The Therapy Session!
I am fed up of all the BS in startups and venture.
This digs into the really hard shit.
What does money mean to you?
What does failure mean to you?
How do you feel about failure and true happiness?
Thoughts?
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Harry to Israeli Founder: What is the timing on the round?
Founder: I would like to get it done before I am drafted which might happen soon.
I have no words for the bravery, courage and unwavering resilience of these Israeli founders. ❤️
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What no one knows, when I started 20VC I came so close to partnering with someone to do it. 50/50.
They had connections and money, both of which, I had neither.
Every single day I am so grateful I went it alone, even if it was the harder path.
Go slow to go fast. 💥
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Asked today what advice I’d give myself starting again:
1.) Work f******* hard. You can out work your competition.
2.) Don’t attach happiness to future outcomes. It = excitement not happiness.
3.) Make friends not connections. Give first, be vulnerable. This s*** is hard. 👍
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I have invested in 170 companies.
The ones that win, have the fastest feedback loops.
They try lots, they fail fast, they learn faster.
The ones that lose, have long feedback loops. It takes months to know if something worked.
The faster you fail, the quicker you learn.
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Here is a hustle:
Everyday cold email one person you would love to meet but don’t know.
With a well constructed email, 1 in 20 convert.
Congrats in one year you will speak to 18 people you would never have normally been able to reach.
👍 😉
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Just saw a startup deck with a slide:
“Why we lose deals”
There is no better way to excite an investor than to show them you know exactly where your blind spots are.
Identify them, provide a pathway to resolution.
Present the problems, don’t let them ask them and linger.
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Today we crossed 125M downloads on 20VC.
It all started with a $40 microphone and not knowing a soul in venture.
You can do anything if you believe enough and work hard.
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The best CEOs do 3 things:
They are the best capital allocators.
They understand the balance between growth and unit economics.
They tell a story like no one else. You have to inspire; customers, team and investors.
🚀
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Two ideas that all major CEOs I speak to now agree with:
In person is better than remote work.
Politics should not be encouraged in the work environment. Free time sure but don’t bring into the office.
Observation from 50+ conversations in last three months.
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Founders this will be the most valuable short form video on hiring you will see.
The five questions to ask every potential new recruit with
@m_franceschetti
@eightsleep
Amazing show coming tomorrow 👇
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Attended a funeral today for a family friend and on leaving my grandpa said to me:
“Harry, remember, at the end of the game the king and pawn go back in the same box”.
I cancelled my dinner & spent the evening with my grandparents.
Appreciate the time with those you love.
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As CEO you have to repeat the mission & vision every day.
Yes it will be repetitive & boring to you.
But it is the 1st time hearing it for a new employee & they have to feel the same level of excitement & passion every time.
Bring the energy, bring enthusiasm. Every time.
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I started 20VC 10 years ago.
I have done 2,439 interviews.
Todays episode with
@sama
@bradlightcap
was the highlight of a 10 year journey.
The impact of
@OpenAI
on the world is unparalleled.
This was truly special. 👇
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You know I was debating on releasing shows next week.
But my mothers MS is bad and we have a family holiday and so you know what.
No shows next week.
For the first time and I am proud of it.
Mum comes first. ❤️
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Founders please do me a favour…
Don’t be too flattered by investor interest.
We are paid to meet companies and we are also sheep, following the heard.
Raise from the partner you feel most aligned to. Don’t believe the hype.
Raise with humility. Raise with discipline.
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Single easiest way to increase odds of raising VC funding in remote fundraising world:
Record 10-minute
@loom
walking through the deck & answering FAQs.
Ensures all partners at X fund are in the loop.
Scales your time as Founder significantly.
Separates you from the pack!
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Everyday I go for a walk with my mama for 60 mins.
It is the highlight of my day. She is the best therapist, friend and wise counsellor.
Spend the time we have with the ones we love most.
You will never regret that hour.
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6 years ago today I recorded the first-ever 20VC with
@guykawasaki
.
I was 18, had about $50 to my name and knew no one in venture.
Today the show is 2,500 episodes in with 80M+ downloads.
Thread on the biggest lessons learned along the way 👇👇
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I am a family man. I have always been public about my bond with my mother. To see the suffering of so many families in Israel is devastating. There are no words to account for the loss of lives or the atrocious acts of barbarism.
We have to speak up. We cannot remain silent.…
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Just sat down with a unicorn serial entrepreneur starting a new company, raising their pre-seed round.
$2M raise on a $10M post.
The times they are a changing.
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Startups when discussing competition in decks and meetings:
1.) Don’t ignore them. Address it head on.
2.) Respect them. They are likely ahead of you.
3.) State their strengths. How they got there?
4.) State their weaknesses, strategically why you win?
🚀
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Considering
@LambdaSchool
median starting salary for a grad is $70,000 with their 17% income sharing agreement they generate: $11,900.
To reach a whopping $100m revenue they need only 8,403 paying students.
Holy s***
@Austen
this is an exciting business. 🤓
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I am getting hundreds of requests for internships from students to work at 20VC.
What none of them understand.
I literally don’t give a shit about your resume or that you read Shakespeare on the weekend.
Send me 3 deals and explain why they are interesting.
No one does it.
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SMS
iMessage
Slack
Telegram
WhatsApp
LinkedIn Message
Instagram DM
Twitter DM
Muze
Am I the only one that is exhausted by the infinite different platforms one has to check just for messaging! 🤯
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Lesson I learned over 5 years in venture & interviewing 2,600 VCs.
Best are shock absorbers. Whatever happens, good or bad, they moderate, listen & respond deliberately.
Worst are emotional, get upset or overly excited. This is so damaging.
Check your emotions at the door.
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Biggest mistake I see founders make today; they mistake interest for commitment.
Just because a VC is “really excited” to speak or “doing their work”, honestly, it is a long way from a commitment.
Stay rational, don’t overestimate investor excitement. Always keep pipe full.
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Founders this is crucial.
If you raise $2M on $10M. Even if you do not hit it out of the park, you can raise a next round at a decent valuation mark up.
If you raise $5M on $25M, you HAVE to smash it and really smash it, to even get a 1.5x on that valuation within 18 months.
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