Andrew Reed
@andrew__reed
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Sequoia partner, internet enthusiast, PDF enjoyer. Will end calls a bit early to give you back your time.
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Joined April 2015
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一つの作品
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McKinsey warns about 3,000 consultants that their performance is unsatisfactory and will need to improve
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Tinder, but for cancelling meetings on calendars.
If both people swipe on a meeting, it disappears. If only one person swipes, nothing happens. Standing 1:1s, etc.
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Two projects, both started in 2003:
1. the Van Ness Bus Lane
2. Tesla
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When you post a ride on Strava for those 3 friends that always give you kudos
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You can generally tell where finance people worked when they were 22 by the hints of formatting in their spreadsheets years later
It’s like the corporate version of a southern accent
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Nike’s robots.txt starts with “just crawl it.” which i find wonderful
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In honor of Google becoming a $1T company today, presenting its pre-IPO financials...lmao😳
Just insane
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Live like EBITDA adjustments. Always be positive, no matter the circumstances.
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You either die a startup, or live long enough to start doing Webinars
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This anti-Netflix slide from Blockbuster's 2007 investor day presentation is a great example of how and why Big Companies lose to upstarts.
Emphasize size + breadth of resources vs. focused value to customer.
That being said, love the design.
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1/4 Today we announced that
@loom
is being acquired by
@atlassian
for $975M cash. And now, importantly, I can finally share this video.
Before we did the Series B in 2019, all
@sequoia
partners sent "sales" Looms to the founders.
Doug Leone's instantly became part of Loom lore
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You either die working in Excel or live long enough to see yourself become an iPad guy
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Easiest business arbitrage: the risk/reward of a well-written cold email is so wildly favorable, and yet so few people will actually send one
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Founder: let’s just do a simple website, we’re a fintech company
Designer’s home page:
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Fun read but misleading. I joined
@sequoia
at 23. You learn in ~2 weeks that the VCs attending every happy hour, SXSW, want a 'cool' job, not a successful one.
Actual work = heavy-duty internet surfing, Linkedin, cold emails, memos and reference calls.
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New MacBook Pro looks amazing. Wish it came with a U2 album
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You will never, ever feel cooler than during high school basketball layup lines.
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“Fail fast” is almost certainly the most damaging startup advice.
Widely quoted, proven to be incredibly wrong.
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When the Wharton summer analysts discover how people calculate WACC in the real world
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"Approving million dollar deals from my iphone" sounded way cooler when Lil Wayne rapped it than it actually feels on Docusign
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Action shot of
@creditkarma
VCs trying to write the customary "congratulations" tweets while avoiding
@VCBrags
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Don Valentine:
“[Venture capital] is all about figuring out which questions are the right questions to ask. And since we don’t have a clue what the right answer is, we’re very interested in the process by which the entrepreneur get to the conclusion”
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Legit amazed that
@PeteButtigieg
spending a few years at McKinsey has become a hot topic in the election cycle.
I have done my best to summarize below. Please let me know any questions or comments.
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Impeccable research
@profgalloway
in his latest piece, pulling a quote from the website of Sequoia Benefits, completely unrelated to Sequoia Capital. Keep up the good work!
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Wow this company Stealth Startup amazing they can grow so fast with an org chart of 732 CEOs at the same time
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When you read Zero to One and take “Competition is for losers” literally
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The quarantine first cup of coffee in the morning really does hit different. It’s 7pm and I’m already thinking about it
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VCs tweet about “Productivity”...and then spend 4 hours copying and pasting logos (w transparent backgrounds) from Google Image Search onto a Powerpoint slide to make a “Market Map” when a table would be way more useful
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Just 10 years ago Blackberry did $20B in revenue, $4B in profit and was competing with Apple neck and neck for market share.
Last year they did $0.9B in revenue, $0.1B in profit...and were not.
A lot can happen in a decade!
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Still shaking my head that the RenTech Medallion Fund posted 66% gross returns annualized for 30 years without a single down year
It's like the UFO videos. So crazy that everybody seems to have have just shrugged and moved on to something else
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When the slides say “Our TAM is $500B, we need to capture 0.2% to build a $1B company”
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Founders come up with theoretically terrible but practically awesome brands like “Airbnb”. Consultants come up with “Marriott Bonvoy”. Choose wisely
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Are we sure though 👀
In a fun twist of irony, building tools for venture capitalists is not actually a venture scale business.
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Best thing I've learned from
@Alfred_Lin
:
Execs tend to structure their orgs to be most easily managed, so they feel like they have control.
But the goal isn't max(control), it's max(output).
Less control can be uncomfortable, but often leads to highest performance.
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Startup founders have little patience for poor performance.
Except for their first outside legal counsel, for whom they have an inexplicable loyalty despite terrible service, egregious mistakes, and good alternatives.
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Society if "Paste Without Formatting" were the default option
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Estonian startup Bolt said today it had raised €628m from investors led by Sequoia Capital and Fidelity Management and Research, taking its valuation to €7.4 billion.
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Before you make fun of people who use their mouse in Excel, try walking a mile in their shoes
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The best VC investment no one talks about:
2007: Welsh Carson buys majority stake in Paycom, an Oklahoma-based payroll co, at ~$80M valuation.
2014: Paycom goes public at ~$850M valuation. Welsh Carson owned ~55% post-IPO.
2019: Paycom up ~14x since IPO and mkt cap is ~$12B.
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Figma raised $50M! Lots of people should be excited about what's to come from this amazing team. Congrats team
@figmadesign
@FigmaMemes
@zoink
!
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Gates and Ballmer. Big Friday mood. Name a more iconic duo I'll wait
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I crossed 10 years at Sequoia last weekend. A decade goes fast. My lessons:
Do great work. Tie out your numbers. Follow your enthusiasm, you can't manufacture it. Find people you admire. Embrace change. Don't flinch. And do the right thing always. Never disappoint yourself.
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TFW you just signed a merger agreement to sell the company you started for $975 million after pulling an all-nighter and now you have to figure out how you're going to put a positive spin on the deal
Loom just sold for $975M cash after about 8 years and raising a total of ~$175M, and TechCrunch thinks the CEO has to “put a positive spin” on the deal because their last round at market peak was at a little higher valuation — this is a home run startup outcome, period
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International founders arriving in America to start a company
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Cunningham's Law:
"the best way to get the right answer on the internet is not to ask a question; it's to post the wrong answer."
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Investment bankers everywhere are about to take “Adjusted EBITDA” to a whole new level.
Get those waterfall charts ready
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Don Valentine on Steve Jobs aka the 🐐 on the 🐐:
(1/7) “A lot of people wouldn't invest in Apple, wouldn't even talk to Apple, because Steve was so odd.”
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Hot take: Is there a more underrated product than Docusign?
No one talks about it as productivity software or whatever but e-signatures save so, so, so much time and hassle and the product seems to just work.
$23B market cap and $1B+ of revenue pretty, pretty good too...
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Microsoft did $250M in EBIT for every weekday last quarter and people still argue about market size for Series A productivity startups
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“There are decades where nothing happens, and there are weeks where decades happen.”
-Vladimir Lenin
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INSANE.
There's luck, there's skill, and then there's whatever this is:
"From 1988 to 2018, Medallion returned 66.1% annually before fees. Net of fees, the gains were 39.1%. Estimated trading profits during those 30 years amounted to $104.5 billion."
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United Airlines going backwards right-to-left w NPS score options is such a hilarious move. probably got someone promoted too
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The finance UX startups think we want vs. the UX we actually want
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Shazam, but for people's takes
For when you're pretty sure they're parroting a podcast or something but aren't sure which one, and need to pull a Matt Damon Good Will Hunting Bar Scene for effect
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When everyone else in the meeting starts using an acronym and you have no idea what it stands for
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I visited Chewy founder
@ryancohen
at HQ in Florida a few mos before the PetSmart acquisition. One of my fave meetings ever.
Founded in 2011, no real unfair advantages besides grit and insight.
Now $19B mkt cap, $7B rev, 50% online pet share. Ever see e-comm cohorts like this?
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Sending one cold email a day keeps the complacency away
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The guy who founded Tower Research (the quant trading firm) is the same guy who started Limewire? did we all know this already?
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Trying to get Accenture and McKinsey to compete to sponsor this Digital Transformation™ post
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Atlassian bootstrapped for 8 yrs, raised a $60M 'Series A' from
@Accel
, built a $30B mkt cap company with happy employees + customers
the
@Atlassian
founders were happy enough to team up and invest into
@1Password
Maybe worth paying attention to them on the "VC is bad" debate?
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Wishing everyone an enjoyable 2020 Board Plan approval. Season's Greetings!
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Request for startup: industry-leading disruptive cloud-native enterprise solution.
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Business travelers racing to the Customs line after an international flight
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March felt like 2 years. April and May have felt like 2 weeks.
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Apple just announced $35B of FCF...in a single quarter. That's the all-time record?
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When you text a friend "hey what's going on in Miami this week?"
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VCs in board meetings offering to help when they see a portfolio company on the “pipeline” slide
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Visa since IPO in March '08 = maybe the prettiest P&L there is.
Revenue 4x and expenses 2x over ~11 years.
The S&P dropped ~50% the year immediately after the IPO...and yet $10k invested at the IPO would be ~$142k today.
Compounding and operating leverage is pretty cool 😯
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Half of business school could be shortened into three words:
Alignment of interests
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I like to turn off notifications on my phone so I can manually check it every four minutes instead
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