Andrew Rea
@andrew__rea
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building something old | prev @beondeck @partyround @capitalxyz
NYC
Joined August 2017
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어린이날
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こどもの日
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LOSE MY BREATH MV TEASER 2
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Pinned Tweet
What I'm building next - New Post
Wrote about:
- leaving
@capitalxyz
- building conviction
- what being "ready" meant to me
- picking boring problems / markets
- talking to 100+ customers before building anything
- the ups & downs of recruiting co-founders (h/t
@schmatzarella
)
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Tech bros calling out Apple for not innovating anymore
My Brother in Christ YOU'RE building web3 grocery delivery for gen-z
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My friends with great "work-life balance" or "chill jobs" generally have far flatter career trajectories so far.
Crazy how that works
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Never forget the people who bet on you early
Before it was obvious
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WeWork's not opening until 9:00 am is emblematic of everything that's wrong with America.
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Pre-seed investing is my favorite because you're literally helping put incredible people & their dreams in business.
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Free NYC coffee shop idea
Guaranteed winner
A coffee shop that stays open past 7 pm
Great location and the all the other stuff matters, but a 3rd space for meeting up or getting work done past 7pm is way harder to find than it should be in this city.
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Non-crazy Prediction
A member of the
@theallinpod
will run for and become president within the next 10-20 years.
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A frustration I have with the tech community is that too much of the community building is geared towards
- aspirational builders (has a 9-5 but considering starting a co)
- VCs (looking for deals & getting photos to grow their Twitter following)
- Unserious founders (people who…
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Request for startups
Apple Pay but it lets me invest in startups.
Like I want to just look at my phone & wire money
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I don't think people realize how bad the worst case scenarios is with SVB.
The risks are systemic across our industry.
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Airports show why so much of America is obese
People out here downing cocktails, 800 calorie coffees, and 1500+ calorie fast food meals — all at 7 am in the morning
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Open secret
Most VC investment theses and market overviews include next to no original thought or insight.
VCs will go talk to 10 founders in a market, summarize their notes, add some charts, and call it a "thesis" or their "views on xyz market trend"
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I'll keep this short
I'm joining
@PartyRound
🎉 to lead GTM, New Products
Founders are a force for good.
Excited to build for them alongside one of the most special groups of people I've ever met.
1/2
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The fact that a water brand is one of the fastest growing companies of all time should serve as a reminder that:
- the best product does not win (I think Liquid death is a shitty product personally)
- brand matters way more than nearly every VC thinks
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A VC fund with a thesis of investing in white dudes from Stanford.
Could be the next big thing.
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Prediction: the majority of tier 1 multi-stage funds will have buyout funds in the next 2-5 years.
Soon a16z and Vista will compete to buyout companies.
I'm actually kind of shocked that a16z hasn't formally announced a buyout practice yet.
General Catalyst is already quietly…
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Launched a new project called - "How much do you make? 📈"
We'll be interviewing dope people about money & investing
First issue with
@jusbar23
below
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How does anyone in web 3 get anything done?
Ya'll going to conferences every 2 weeks.
Web 3 conferences are one big party.
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Meet tons of young people who think they need to do 5+ things before starting a company.
- Work in VC
- Get 3+ unicorns on their resume
- Get big company experience
- MBA
- Product experience
etc.
If you want to start a company, you should consider just starting a company.
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Does anyone keep a list of people they'd consider starting a company with?
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If you're in tech but you don't know what you want to do long-term
I promise you that becoming a venture capitalist is not the path to enlightenment that you think it is
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If I were a VC I would simply own houses in SF, NYC, LA, & Miami
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While everyone else is running, i plan to double down on angel investing.
Great founders haven’t stopped building.
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Going home is always a stark reminder of both what I'm running from and what I'm running towards
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Personal Career Announcement:
I'm leaving venture and joining
@beondeck
's launch team.🚀
I couldn't be more excited about this opportunity. More on why below. ⬇️
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If you’re building a gen-z startup, I don’t care what else you’re doing. DM me and I’ll invest 500k UST.
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Startup idea
Credit Card for religious giving
- 24.7M Christians
- 1.7M tithe (donate) regularly
- Churches take in $125B+ in payment GMV annually
Most Christians don't get cash back or rewards on their religious donations
$ opportunity for someone that enables that at scale
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Accredited Investor Status & the Series 65
For investors that don't meet traditional accreditation requirements, the Series 65 is the side door.🚪
Below is a sample question from the exam.
Could you pass the Series 65? (Answer at bottom of thread)
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At least 10-20% of my weekend is just me putting my life back together after a week of ignoring almost everything but my company.
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Quick Update:
I recently left
@capitalxyz
.
Deeply grateful for my time there. The Capital team is one of the most incredible groups of people I’ve ever worked with.
Excited to be a friend, supporter, and customer going forward. 🫡
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Why haven't more of the tier 1 VCs set up their own PE buyout shops?
- Sequoia, a16z, NEA, have all become investment advisors.
- Sequoia + the crypto shops also have hedge funds.
Why let Thoma Bravo & Vista eat up all the AUM & returns?
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🚨Exciting News
I'm hiring 2 people for my team at
@beondeck
Angels.
- 1 full-time operator
- 1 intern
We're looking for ambitious, high-throughput operators to help us continue building the most valuable community of Operator Angel Investors in tech.
More details in thread👇
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Interest without motive is really hard to fake
I've thought about this frequently but
@noampomsky
expresses it so well.
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New post
Software Ate All the Easy Shit
Wrote about why:
- the low-hanging fruit is over
- the best opportunities in software are unsexy
- competition isn't a bad thing
- product proliferation ≠ solved problems
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GGV Capital opening an office in New York
Recenlty, a16z, Index, & Sequoia all did the same.
Long NYC
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This generation of founders wants to
- find PMF
- then scale a huge business... sustainably
- No more growth at all costs
They might raise venture to hit PMF.
But after that, additional capital will be raised sparingly.
The build for the next round of funding era is over.
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Someone should really build the GitHub for Presentations / Decks
- Pitch Decks
- Sales Decks
- Partnership Decks
- Discovery Decks
etc.
Managing versions, tracking changes, & tying everything together is not a fully solved problem.
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@aniiyengar
VCs love to rationalize narratives like this after the fact because it lets them sound smarter than they are & take more credit for the winners they back
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Increasingly seeing more friends become disillusioned with venture capital as the path for starting & building a company.
Most of these people would have no problem raising capital.
They've worked at VC-backed startups, been VCs/angels, &/or raised venture capital themselves.
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Joining startups for financial upside is overrated.
Joining startups for career upside is underrated.
People overrate the financial upside:
- Most commentary focuses on the financial upside of joining the next Uber, Facebook, Airbnb, etc.
- But statistically it is unlikely…
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New essay - On going for it
Wrote about:
- origin stories & fundraising
- starting a new thing with
@schmatzarella
- going for it
- my personal origin story
Definitely the most vulnerable and personal thing I've ever published.
Link:
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1. Parker Conrad is a beast. Rippling will very likely be a generational company.
2. Greenoaks is a criminally underrated venture firm.
No tweeting. Just conviction and action when it matters.
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You belong in the room.
Even if you had to fight to get there
Especially if you had to fight to get there
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📈How much do you make,
#3
with
@arian_ghashghai
:
- comp breakdown (salary, stock, bonus)
- angel investing in VR, AR, & AI startups
- his 458 Italia Ferrari
- why he has "one of the most aggressive investing strategies of anybody on the planet"
link below
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I get introduced to a lot of young people trying to break into VC.
More often than not, they tell me that their actual goal is to become a founder or join a startup within the first 5 minutes of the conversation.
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The Thiel Fellowship is just a more elite Forbes 30u30 now.
The days of betting on outsiders are over.
We need new institutions to find and bet on undiscovered talent.
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To be a successful VC, you have to be generating new opportunities constantly
- writing tweet threads
- being a Marc Andreesen reply guy
- pivoting your thesis to match a16z
- wearing Allbirds + Patagonia so other tech bros know what's up
- tweeting that SF is back
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Getting an apartment in NYC is a bloodbath.
Doing it as a founder is another level of annoying.
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@NaithanJones
my thesis
VC is an optionality play for most young people. it's the investment banking of tech
you get cheap prestige and lots of optionality without long-term commitment
building a startup is a commitment
and young people today crave optionality and fear commitment
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Ran my first marathon
Ty to
@rajavick
for the video. You’re lucky if you have a friend like Vikram in your life.
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Software is still eating the world, but software already ate all the easy shit.
That's why a lot of the excitement in tech revolves around platform shifts or...
legacy industries that make up huge swaths of GDP like:
- fintech
- vertical saas
- logistics
- healthcare
etc.
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Yeah the Metaverse is great and all but have you been to Central Park in the fall.
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Who are the smartest people in elder care?
Entrepreneurs
Operators
Investors
etc.
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Never judge someone purely on what they are doing or working on today.
Especially if you just met them.
You never know where someone is going to end up.
What they are going to end up working on.
And the world is more fun when you default to believing in people's potential.
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Open sourcing my personal financial model for future founders
Runs through:
- expenses
- salary/cash flow
- cash needed for 6-24 months of personal runway
etc.
It's extremely simple.
Used this model out my personal runway before starting my company.
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@drgurner
afraid that you're right.
unsure about the broader financial system
but they are a systemic risk to the entire technology industry
- VC firms
- startups (early & growth)
- neobanks
- Credit
- Billions in Private Wealth
- Mortgages
etc.
I don't think people realize how bad the worst case scenarios is with SVB.
The risks are systemic across our industry.
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I have an opportunity for a young, ambitious college student interested in Angel/Venture Investing.
It'd be part-time to start.
Enormous mentorship and hands-on learning opportunity.
If you or someone you know fits this description, send them my way.
More details 👇
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You could build a Venture Studio just focused on building healthier products to put in Grocery Stores.
The average American grocery store is an underrated place to go for startup ideas.
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Build relationships.
Build cool things with good people.
Play the long game.
Make sure you stay in the game (don't fade away).
And things will probably work out on a long enough time scale.
At the very least you'll have lived an interesting life.
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WeWork should have been a Franchise
Instead of owning leases & operating buildings, they should have leaned into their strengths:
- Brand
- Community
- Distribution
License property management to others.
WeWork could have been the Hilton of Office Real Estate.
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It's official.
ODX 🚀
A long time in the making.
If you've started something new or are considering starting something new, ODX is built for you.
Any founders considering applying please reach out. Happy to help you think through if ODX is a fit for you.
Announcing ODX, a $100M accelerator to back the next generation of founders.
• $125k for 7% from us + the community
• Access to our network to hire, fundraise, or find customers
• 100% customized for you
Apply (or invest) today 👇
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A few thoughts on the future of wealth management.
Core points:
1. Fee for service > % of AUM
2. Most financial advisors shouldn't exist
3. Wealth management brands don't speak to modern consumers.
4. The tools most consumers need exist or are being built
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you know it's a bear market when your CEO starts talking about generating revenue
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Working at a startup instead of starting your own won't teach you how to be a great founder.
But it will give you:
- Taste
- A network
- A reputation
- Hard skills
- Data on what works & doesn't work, what you like & don't like
etc.
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A lot of people conflate having a big online brand with having a great network & reputation.
They are not at all the same.
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@michellebkwok
people that visit NY are constantly fomoing into everything. they burn themselves out with their own fomo
people that live here don't fomo into everything because we don't need to. it's not going anywhere
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Some Gen-Zers be out here fundraising for their startup but still don't know how to do their own laundry and it shows.
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Honestly feel so lucky and grateful that ended up in startups and venture.
Not something I take for granted.
So few people even realize this world exists or that they could participate.
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There's a narrative pushed by a lot of prominent tech people that staying in a company for 2 years or less is way too much jumping around.
- Too non-committal
- Not staying long enough to accomplish something meaningful
- Inability to see through things through
etc.
Maybe…
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Looking into our best options for FDIC + treasury management for the new co
Options I see are:
- Mercury
- Meow
- Brex
- JP Morgan
- Stitching together some combination of the above
Anyone have recommendations on best combo of safe yield + FDIC coverage?
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Party Round is now Capital
Incredibly proud of this team
Just getting started
Party Round is now Capital.
Raise, hold, spend, and send funds — all in one place.
Get started:
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Imagine making millions of dollars just to become a thread guy
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Might screw around & host an NYC tech meetup. Who'd be interested?
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You should bet on yourself...
especially when you have information asymmetry on yourself or on a specific problem
but many of us miss this when making career decisions and taking risks.
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Read in
@profgalloway
's most recent newsletter that the cost of textbooks in higher education has gone up 812% over the last 30 years.
The US Dollar's inflation has been about 98% in the last 30 years.
I knew the numbers were bad, but seeing them is astounding.
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Silicon Valley loves talking about building better products but distribution is king.
It's very acceptable to say you're going to disrupt XYZ industry with a better product.
It's controversial to say you're going to disrupt XYZ industry with better distribution.
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This is like the 50th time VCs have started an SF is back meme since summer 2021
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Do people that have work life balance also have fun staying poor?
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Too many people shit on ideas
- Ideation is a muscle. Generating ideas comes easier for some than it does for others, but it’s a skill anyone can develop.
- Developing good ideas requires execution. The final idea is usually far different from the spark of inspiration.
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The bravest thing a VC can do is wear a vest that isn't Patagonia
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Underrated life hack:
Be invested in your friend's careers.
Why? 👇
1. You'll build stronger relationships
2. Being a sounding board and co-strategist is both fun and gives your more reps at thinking through scenarios you'll face too.
3. Positive-sum games are fun
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