Jason Shuman
@JasonrShuman
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GP @PrimaryVC focused on Vertical AI, Vertical Integrators and Consumer | Former @Uber Driver | BOD @info4pi
Joined March 2009
Founder friend just told me that SF deck designers have quoted him between $20K to $40K + the right to invest up to $250K. my mind is officially blown.
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Venture Capital is F*cking hard. With the risk free rate climbing and competition increasing it won't get any easier and a wash out is coming. Here's some of the real math required to generate industry leading returns in this highly illiquid asset class.
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The hardest part of doing a cold plunge is not telling anyone about it.
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A year before PayPal’s IPO in 2002 the company didn’t have a CFO. In September of 2001 Peter Thiel named 27 year old, former MBA intern, Roelof Botha as the CFO to help bring the company public. Why? Because Roelof raised his hand. Don’t be afraid to ask for what you want.
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Shout out to the Founder that sent me .02 on paypal with the note "Hey Jason, My 2 cents on why you should invest in my company,". Love the hustle this week folks.
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My Father sent me a picture of a Wolfpack this morning with the following description. The first 3 are the old & sick, they walk in front to set the pace of the entire pack. The next 5 are the strongest & best, they are tasked to protect the front side if there is an attack.
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A FLOOD of startups are raising before the end of the year. The top 10% will get it done fast, but HOW you run a process is key for the rest. Every Primary portco creates an FAQ doc and they share it after the first meeting. Here's why + an outline that helped 1 co raise >$400M.
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Met a fellow VC this week who told me we met 7 years ago. when I drove him in an Uber.
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Amazing how many successful people operate from a place of anxiety.
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VCs tend to shy away from tech enabled services . Scale AI is now worth nearly $14B. It’s the most successful tech-enabled service in recent memory. More will come following its model. Why?.
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Man is not worried by real problems so much as by his imagined anxieties about real problems. — Epictetus.
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The New Power Law: An Exclusive Breakdown of Top VC Firm Returns. Following a viral tweet last year, we got our hands on an anonymized dataset from the SPI team over at Stepstone breaking down the portfolio returns and concentrations strategies of more than 150 top VC funds
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I don’t think any startup should announce a seed round. Too easy to copy things in the early days.Too much capital is flowing into the market right now.Doesn’t give you that much of a recruiting or sales advantage in the early days.
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Thank you to the 171 other people who have since sent me variations of this subject line today.
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Just in case anyone wanted to know what it really means to be a leader. It is not about being out front. It means taking care of the team. #Leadership
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1/ The customer bank. How did Starbucks get a $1.269B loan at a negative 10% interest rate from its customers?. Here's how:. 👇👇👇
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Yes, it’s true. You do get promoted to Partner at 6,000 followers.
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Who are the best young hustlers in NYC venture and tech?.
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Anyone else that crazy friend who replies to texts between 6:30-7:30AM?.
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Shout out to the founder who left 2 voicemails on my Moms home phone for me. Haven’t decided yet if I’m mad or just impressed.
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The most successful people I know keep a running list of people they want to invest in or work with one day.
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I’ve found in my 20s that my friends who are most successful:. 1. Identify and double down on something they find easy, which others find difficult. 2. Can zoom out, read the full picture of their company + its people in a strategic way and be comfortable voicing their opinion.
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📈Series A Post Money Valuation Mean Last 10 Years 🚀 . 2020 - $80.65.2019 - $43.93.2018 - $42.83.2017 - $35.85.2016 - $29.15.2015 - $27.72.2014 - $23.93.2013 - $20.64.2012 - $19.88 .2011 - $17.41.2010 - $15.85 (they call this seed investing now).
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Signing a 2 year lease in NY in April 2021 might’ve been the most well timed deal of my career.
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Last night my grandmother passed away after having Alzheimer’s for 23 yrs. The stress the disease puts on families both emotionally and financially is unlike any other. Something must be done to find a cure, improve our healthcare system and support caregivers. Fuck Alzheimers.
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1/ Want to nerd out on some data? . Earnest Research came out with some awesome data on holiday performance across retailers. Let's dive in and see what we find. 👇👇👇.
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In July 2007 Benchmark led One Medical’s $3.5M Series B with a $6.89M valuation. .
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Name a job where you fake it till you make it more than early-stage venture capital.
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If I'm interviewing you prepare to discuss your childhood more than your investment thesis.
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🚨ServiceTitan S-1 Out!🚨. $685M Revenue (up 24% YoY).$62B Gross Transaction Volume (up 23% YoY).>95% Gross Dollar Retention.>110% Net Dollar Retention.77% Non-GAAP Platform Gross Margins.72% Platform Gross Margins.$(183M) Net Loss (31% YoY Improvement). Analysis to come.
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Do airlines really think we believe they’ve had more than usual call volume for the last 15 years?.
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“People are frugal in guarding their personal property; but as soon as it comes to squandering time they are most wasteful of the one thing in which it is right to be stingy.” – Seneca.
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Worried about operating experience? . 3G once named a 30 year old PE exec CFO at Burger King. then promoted him to CEO at 32.
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I was once an associate. I took a first meeting. We invested. The company went public. The founder helped me get my job at @PrimaryVC. End of tweet.
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The majority of Founders raising pre-seed rounds between $10-15M thinking they are avoiding dilution are going to raise near flat seed rounds.
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Private equity is about to have another golden era. The Democratization of information led led to a compression in returns .-investment ideas became known -information on potential targets was 10X easier to come by, .-increased competition driven by more supply of capital seeking.
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A lot of VCs like to cook because it’s the only thing that doesn’t take us 10 years to figure out if we’re any good at it.
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A couple of weeks ago @coatuemgmt brought together an exclusive group of Founders and Investors for their East meets West conference. Their keynote presentation outlined their View on the State of the Markets. Here are some of the key slides & takeaways for Founders & Investors:.
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So many people have reached out asking me how I’m feeling with everything going on. The answer is….I’m sad
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It has taken more than a decade to get to the quality of Founders we have in NYC right now. Things aren't slowing down. They're just starting.
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VCs bragging about how many deals they saw is always funny to me. The reality is that the signal to noise ratio in this business is outrageous. Just because someone looked at 5,000 deals in a year means nothing.
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8 out of the top 10 investors on the Midas list have operated. 6 have started companies.
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Two things learned during my 5 days of social distancing alone.1. Loneliness sucks.2. Even though I thought I loved pesto enough to eat it every day, I really can’t.
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Celebrated one year at @PrimaryVC yesterday. Not writing a blog post, but enjoy learning something new and working with this great team + portfolio of companies every day.
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Alfred Lin passed on the seed of DoorDash after meeting the company at YC. It was at a networking dinner months later where he experienced Tony Xu’s operational prowess as he broke down the complexities and tactics of not only DoorDash, but the restaurant they were at.
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Turns out making a joke to your friends fiancé about her engagement ring being lab grown is not the move.
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Checked into an @Airbnb for two months. Wifi is 1.63 mbps so I can’t work here. Washer dryer, a shower, a doorknob and one AC unit broken. Haven’t heard back from .@AirbnbHelp in over a day and a half. might have to rethink my housing strategy for the next 6 months.
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Some VCs block trolls. Others appreciate a hilarious joke…
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Someone asked me what advice I would give my 20 year old self . I’d tell him to invest all of his bar mitzvah money into bitcoin instead of his startup.
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When I was looking for a job in VC I used to hang out around MIT and HBS to source deals that I could send to VCs in NY so I could show value before getting offered a job. No such thing as too much hustle when you're trying to crack into the industry.
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I wanted to get in touch with former CEO of a $50B company, but he didn't have a Linkedin. The instagram DM slide worked. We have a call next week. A great reminder. Nos are free.
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How is it 2021 and you can still walk into a doctors office that you’ve seen for 7 years and are asked to fill in a paper form like they don’t even know you?.
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The most common personal financial planning mistake VCs see founders make is not creating a trust to put some shares into early on.
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According to 30+ years of data from Horsley Bridge, a respected LP/investor across a ton of venture funds, you need:. More than 10% of your investments to be >10X returns to generate over a 3X fund. AND. Almost 20% of your investments to be >10X to generate >5X
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In January 2003, after the PayPal IPO, Botha joined Sequoia. His role? Associate. So many learnings from his path.
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GPs who were once Associates.Jesse Beyroutey @iaventures .@sarahtavel @benchmark .Harley, Jason, Vinny and Dan @leftlanecap .@nbt Footwork.@RexhiDollaku @Base10Partners .@jasonblackxyz @RRE .@tomloverro @IVP.
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Can’t stand when investors with big social presences virtue signal and try calling out other VCs when in reality the stories we hear about them are brutal and not aligned with their publicly stated mission at all (e.g. bullying and suing founders).
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So much advice out there about how to get a job in VC. The best way hands down to get a job at an early stage fund is to make yourself invaluable before you get the job. Here’s how:.
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Last is alone, the alpha. The LEADER. He controls everything from the rear, ensures that no one is left behind. He is always ready to run in any direction to protect, and serves as the 'bodyguard' to the entire group.
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1/ In 2013 people started to receive links over email to "find time" in someone's calendar vs. scheduling over email. Calendly, the startup behind the links, raised $350 million at a $3 billion valuation led by OpenView a 2 weeks ago. After only raising $550K! . How?
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According to AngelList data, a venture-backed seed-stage startup has an estimated 1 in 40 shot—or 2.5% chance—of becoming a unicorn today. That data is from 2021, so let's assume the real number is half of that - 1.25%.
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Name one young hustler that you think is worth giving a shot to…no experience required.
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About 80% of our MBA Associate applicants mentioned having a thesis around elder care, childcare and fertility. Think these markets are hot yet?.
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For those who missed it. @bgurley on the @TimFerrissShow giving NY investors some credit for the financial sophistication that will likely serve them well in this market 😮💨
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The penthouse at 432 Park Avenue hit the market for $169,000,000 in July. The first two potential buyers that walked in the door found the listing on tiktok. The momentum is real.
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Damn. NYC entrepreneurs with scaling experience are coming up with some really strong ideas these days. This is what a startup ecosystem entering the next phase of its life looks like.
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Multi-stage funds doing seeds are essentially buying options. Do founders really want to be an option?.
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As @bgurley says “Venture capital is not even a home run business. It’s a grand slam business.". In order to return >5X your winners need to be massive - 65X+ returns. AND just to be a 3X+ type fund (the real min threshold LPs want to see) you'll need your winners to be 25X+
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American Capitalism has an addiction problem. It's getting out control and we're not talking about it enough. Here’s 5 addiction trends we need to do something about.
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Offered up 8AM slots every day for interviews to potential hires. 0 people have signed up for one of those slots 😂.
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Proud brother moment. 4 summers ago my brother was in a coma fighting for his life. This summer he closed the largest residential real estate sale in the history of Boston’s Seaport. Congrats, @JeffreyNShuman
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Know any MBAs looking for early-stage VC exposure? We're looking for a few for this fall. Suggestions welcome!.
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Three former operators have joined us @PrimaryVC in the last month who have helped scale companies to well beyond $1B. Two on the investment team and one on the portfolio impact side. Dear NYC founders, we’re definitely open for business and bringing the 🔥!.
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I believe two of the big winners over the next 10 yrs in the SMB category will be PE who are rolling up the businesses and GenAI SaaS that makes running them significantly more turnkey and/or profitable. Thanks for having me on @JayKapoorNYC. If you want spicy takes fast.
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We're hiring! Looking for a deeply analytical, hustler to work closely with me. Twitter, who do you recommend?.
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@bgurley This is why VCs should make sure they build high conviction in any investment they do. Even at seed!. This is why they should make sure they lean in to help you find product-market-fit and scale your business!.
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3 new investment team hires:.-Principal w/B2B focus.-Principal w/Consumer focus.-Associate w/Web 3 focus . 3 new OIR hires for helping us launch NewCos:.-Healthcare.-Technical/Infrastructure.-FinTech. Come build the best seed firm in the world with us.
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If American VCs advise founders to avoid raising in the summer, I can only imagine what European VCs are saying.
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KazuNori is hands down the best solo meal place in New York.
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