Henri Pierre-Jacques
@hpierrejacques
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Focused on People. Opportunity. Capital. @HarlemCapital Tweeting about life lessons & VC 🇭🇹 ⛪️🤵🏽(he/him)
Miami, FL
Joined November 2016
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Pinned Tweet
🧵 I’m doing a thread a week on various topics. This will be a thread of threads over time in chronological order that I keep adding to
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I never could’ve imagined that angel investing $50k of my money would lead to a track record to raise a $40M fund and that would lead to raising a $134M fund. The $50k was a TON of money for me, but when you invest in yourself others eventually will invest in you
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🧵How does Seed stage fund math work?
Now that I invest in funds, I’ve seen dozens of emerging manager decks and the fund model is one of the biggest decisions and misses that I see. VC is as much math as gut/luck.
Let’s get into it
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I am beyond excited to announce the closing of Harlem Capital's debut fund at $40.3mm. An 18 month journey that humbled and pushed me to new levels. Time to back women and minority founders 👊🏽
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Founders, it’s really hard to go from $0 to $1M
It often takes $3-5M+ of capital and 2-3+ years from launch
Social media may make it seem much easier, but it’s really hard
Keep pushing!
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1K
Just had a Founder say “F**k you” after I passed via email
Some forget how small this world is and that no’s aren’t personal. I deleted and will let karma do the reply
Founders, do not make the mistake of writing your emotions in an email. There is ZERO upside and ALL downside
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A company that isn’t venture backable, is still financially backable
We’ve created two flaws
1) Young companies are now all called ‘startups’, implying they are tech focused when most aren’t
2) We pushed all young companies towards VC, when most shouldn’t raise venture
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I am a Venture Capitalist, but I am also a
- Black man
- Christian
- Husband
- Athlete
- Nerd
What else are you?
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What I’m seeing for rounds today
Pre-Seed: $1-2M at $8-12M post w/ $0-100k ARR
Seed: $3-5M at $12-18M post w/ $0-300k ARR
Seed+: $2-3M at $18-25M post w/ $300k-$1.5M ARR
Series A: $8-12M at $40-60M post w/ $1.5M+ ARR
The biggest range is Series A, rest have remained steady
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I truly don’t know what pre-Seed, Seed or pre-Series A is anymore.
I just tell founders and VCs, I invest $1-2.5M in $2-5M rounds. Whatever you decide to call that works for me.
Focused on the founders, not the definitions
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1K
We can just get rid of VC round letters (A, B, C) now right??
I’ve seen $20M+ Seed and $100M+ Series As…they truly have no meaning to me anymore. I just tell people we invest in $2-5M rounds, lmk what you’re calling that
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I can’t help but think would any women or POC have the privilege to have have one of the biggest startup blowups of all time in WeWork and then raise $70M for a climate startup in May and $350M for a RE startup in August??
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The All In podcast was by far my fav podcast of 2022, but now it’s become a political battle b/w
@DavidSacks
and
@Jason
It use to provide a balanced political and economic view, but now it feels more like a yelling contest
Hoping they can turn it around, but losing hope weekly
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Life update: My wife and I decided for our honeymoon that we would move to Miami for a year, which started last week. Excited for this next chapter and to explore the tech and VC scene down here. What founders and VCs should I meet?👇🏽
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Off to Africa for my honeymoon 3.5yrs later. See you in 2023 America ✌🏽
Excited to visit Kenya and Ghana.
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Wow I just found out my mom only paid me a salary as a kid so that she could start my Roth IRA bc you can’t have one unless you’re an employee and parents can pay their kids a salary up to a certain amount. Sheesh my mama smart. Told her she need to write a personal finance book
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Getting to meet the goat today was such a lovely surprise. Love what she’s built with
@SerenaVentures
and glad to have her in the ecosystem. She’s so friendly and hungry, truly inspiring
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Founders, if you have a 30min intro call with a VC, highly recommend not talking more than 5mins straight at a time. Find ways to get the VC to engage with you and ask questions. Rarely find it helpful to walk straight through a deck, send it ahead and focus on key areas
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We are NOT an impact fund.
We are a VC fund WITH impact.
Too many automatically put diversity in an impact bucket. We are in the business of making money. PERIOD. But we will do so much more than just make money, we have to.
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I had a 3.3 GPA and 660 GMAT, below the
@HarvardHBS
averages
Since then I’ve raised $174M, more than 99% of my peers
Grades and scores don’t determine success, there are MANY variables
But I guess wasn’t qualified and got in bc of my race 🤷🏽♂️
I’ll go back and study…
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They are really trying to say there is racial discrimination for diverse VCs that target POC…this in an industry where 2% of funding goes to POC
The precedent and slippery slope we are on is terrifying
I have so many emotions so will process it first
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🧵 My wife and I spent 5+ hours today doing all things crypto for personal investments. Here’s our step by step process and what I learned from it
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OOO getting married to my best friend again (covid weddings). Pardon delay in emails, back fully online April 20th ✌🏽
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🧵 How do I calculate Total Addressable Market (TAM)?
A key question VCs must answer to determine the penetration needed to reach a certain level of revenue to return the fund
Many do a top down approach, when a bottoms up approach is needed
Analysis 👉🏽
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Ahhh I graduated from
@HarvardHBS
today 🙏🏽🎓😃I couldn't have gotten to this point without my amazing parents. They paved the way and I am grateful for their contined support. Excited to start working on my dream
@HarlemCapital
back in NYC. First day is Monday, no time to waste
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VC requires an extreme level of self confidence. You say yes to 1 in 100 startups but the majority of those other 99 get funded by other smart investors, so who’s right? You won’t know for 7+ years so focus on improving your decision making processes instead of outcomes
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🧵 In Venture, the dollars returned matter, not the MOIC (Multiple on Invested Capital)
This took me a while to realize coming from private equity where MOIC is all we talked about
It can also be confusing to founders as a 20x MOIC sounds great, but here’s why it often isn’t
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My mission is to create the most minority millionaires of all time
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🧵 Let’s talk personal finances
I started trading stocks at 12
Bought my first RE property at 20
Invested in 6 startups and 2 small businesses by 25
Invested in 8 VC/PE funds by 30
So here’s what I’ve learned along the way in 4 lessons
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I am grateful to have
@Apple
as a partner and for their continued support in our founders and the community through the REJI program
Yesterday, Apple committed an additional $25M to 3 VC funds working with minority-owned businesses, including
@HarlemCapital
🙏🏽
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I met Dwayne Wade two weeks ago at the
@upfrontvc
summit. He told me he was coming to Miami and wanted to meet with diverse founders and VCs so I organized a breakfast for him. Such real down to earth convos. Rooms like these are what give me energy!
#LongMiami
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Random thought: The chain on a rappers neck cost the same as the watch on a bankers wrist, but we somehow say the rapper is the one wasting money bc it’s flashy. But in reality the rapper has more money than the banker. Biases built into society
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🚨 I’m hosting an event in Nairobi, Kenya on Dec 19th
Founders, VCs or Operators, let me know if you will be in town and want to attend 👇🏽
Excited for
@HarlemCapital
’s first Africa event and we partnering with our portfolio company
@pariti_io
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For those who need to know.
Me: We invest in diverse founders
Someone: Why don’t you just invest in the best founders?
Me: I do. Why do you think they aren’t the best?
Someone: Hmm???
Happy Monday.
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We launched
@HarlemCapital
Fund 1 five years ago this month while at
@HarvardHBS
Instead of an internship, I came back to NYC and moved in with my fiancée who let me not pay rent and supported my dream to start a fund at 27 with my best friend
@jarridvtingle
Neither one of us
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🧵 Let’s talk about startup metrics other than MRR
In downturns like now, VCs move to quality. Startups have to show more than just growth.
We had several companies raise As in Q1 and I’m already seeing a difference in Q2.
Here are some references for founders on metrics 👇🏽
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Just got my highest speaker fee and I didn’t ask for the rate. I would’ve asked for half of what they offered, which was a reminder that so many of us under value ourselves. Let’s start asking for our worth y’all!
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Wow Kenya you all came out strong 🇰🇪
So much fun hosting
@HarlemCapital
’s first Africa event and meeting so many incredible founders and investors. Very inspiring to see so many diverse faces across the world building incredible companies!
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Job of a GP in order of importance, what they don’t tell you about VC
1) Fundraise
2) Hire and manage talent
3) Source deals
4) Win deals
5) Add value
6) Network 24/7
7) Manage third parties
Deals are only a fraction of your day to day so don’t do this just bc you love startups
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I’ve now lost money twice with platforms going bankrupt, Bitconnect and now FTX.
Fortunately, it wasn’t money I couldn’t lose, but it did break my trust. I won’t be putting assets on a crypto platform for some time…
Healing like others in the space
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VCs on twitter: I just bet on the founder, nothing else matters
VCs during diligence:
- Who else is investing?
- What’s the valuation?
- How much ownership can I get?
- What’s your traction?
- How big is the TAM?
…
I find few of the best VCs to truly only bet on founders
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🧵 Seed valuations have nothing to do with traction, here’s why
The most important metric is how much is being raised in the round
Founders should expect 15-25% dilution and the round size varies based on 3 things
- The fund leading
- Founder experience
- Market/Industry
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My goal is to never wear a suit again for business. I don’t know why we decided suits represent money and professionalism...time to change that bias and perception
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1.27.20 The first day a
@HarlemCapital
case was taught at
@HarvardHBS
. Getting into HBS was a dream come true and to now have my story told globally is unreal. 3% of HBS cases have Black protagonist, our stories need to be told and I'm truly honored to be one of them.
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~4% of VC dollars go to Black, Latino & women founders
~70% of the US population is Black, Latino & women
This 17.5x gap isn’t a meritocracy
This is why I started
@HarlemCapital
. Not bc of an industry thesis or my love for VC. But bc I deeply believe in a mission and investing
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I’ve often found the richest person in groups to not be the one making the most money, but the one who’s family made the most. It’s hard to outwork a generation. Here lies the wealth gap for minorities.
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One of my biggest fears is if
@HarlemCapital
doesn’t generate significant returns to LPs (3-5x net), the market will take that as diversity isn’t a strategy
There are few of us so it is always a weight we bear as monitories. When the majority fails it doesn’t impact the market
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Black founders aren’t just solving Black problems
Women founders aren’t just solving women problems
They are just bringing diverse perspectives to ALL problems
Too often the language is “they are solving unique problems”
Sometimes they are, but often they aren’t
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Just renewed our lease, gonna be in Miami at least until May 2023 😎
Really falling in love with this place. The energy, people and weather are incredible.
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✍️ How a random LinkedIn DM changed everything for
@HarlemCapital
In December 2017 I got a random DM from a MBA student at Stanford that had a blog and she wanted to interview me
That random person, Megan Holston, would go on to become a personal friend and Partner at
@a16z
I
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Had lunch today with my old boss from Private Equity. We talked about building our firms, hiring talent & raising capital. It was such powerful moment for me. He was the first Black person I knew managing billions of dollars and was my role model. To now be peers is a dream
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It is hard to fully express my excitement for the closing of
@HarlemCapital
’s $134M Fund II. I still remember starting this 5+ years ago with my best friends
@jarridvtingle
and
@wallstreetpaper
writing $25k angel checks
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I am an Active investor
So I work best with Active founders
Which means they actively
- share updates
- ask for help
- communicate bad news
And I actively
- make introductions
- share advice
- am available
Its a partnership, not transaction
That’s not for everyone, that’s ok
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We can all eat, this isn’t a competition. I’m excited for the many more $100M+ diverse and women led funds that are coming. This is just the beginning
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Can't tell you how excited I am to announce
@HarlemCapital
's partnership with TPG! Have been working on this for many months and we chose the right partner to tackle this large mission.
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Hot take: I don’t plan to own a home anytime soon and honestly don’t want to for me, would solely be for future kids
Top reasons for me
- I don’t like being tied down to a location, may change with kids
- Higher interest rates now make renting more appealing for cashflow and
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Don’t reward non risk takers with the risk you took.
I’m looking to reward those who bet on me early on.
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"Irony is a lot of African founders getting funded still aren’t Black"
As I continue to dig into Africa ecosystem more, I’m finding this statement I heard to be true. Crazy to think that even in Africa, Black founders are fighting to get dollars. Racism runs so deep globally…
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One thing I’m noticing in my early diligence in Africa and LatAm is an even more disproportionate amount of funding going to men founders. I would love to see any data on this, but qualitatively feels worse. I will be pushing hard to back women founders in these markets
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The boys reunited. Crazy where we started 5 years ago and now we have raised over $200M for
@HarlemCapital
and
@ridewithloop
. Excited for the next 5 years
📸
@JohnHenryStyle
@wallstreetpaper
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“Can’t eat gold metals” Jesse Owens
He could barely feed himself post olympics..It’s sad that even with all I’ve accomplished with
@HarlemCapital
, that if I stopped doing this, I truly don’t know if I could get a job in venture...we had to build this bc the system was broken
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If a VC says no to a founder, it doesn’t mean that business won’t be great
If a LP says no to a VC, it doesn’t mean that fund won’t be great
If you say no to yourself, it doesn’t mean you won’t be great
We all require some self and external validation. You’re already great!
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🧵 How do Seed stage funds think about Series A follow ons??
Many of my founders don’t understand the process and many emerging managers I have spoken with don’t have good follow on models
So let’s clear the air
For the excel model, follow me & leave a comment if interested
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My new Miami phrase is OTE - Out of Town Energy. Every weekend a friend is in town trying to do it all and I have to remind them I live here now and don’t have OTE
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The day finally arrived where we got to meet our baby boy! Henri Pierre-Jacques III aka Tre joined us on March 15th. It’s been the hardest, but most joyful 72hrs. I have already learned so much about him and myself so I can’t imagine what his life will bring to us
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I randomly got a LinkedIn DM for Miami Dolphin suite tickets for the opening game today. It was someone who wanted to just connect so I brought my barber as my +1. He’s been my guy since I moved here and seeing his joy was truly incredible. I love these moments!
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One of my biggest mistakes early on was using revenue traction as the key signal for choosing startups.
Traction definitely isn’t a negative, but there is so much more than the infamous MRR/ARR slide.
I now largely make founder and market bets over business bets.
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I have 4 deal goals for myself in 2H21
1) Invest in Miami (done, but unannounced)
2) Invest in Africa
3) Invest in LatAm
4) Invest in a blockchain/crypto deal
Pushing hard to check these all off
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My wife and I were blessed to be supported and loved by so many incredible and diverse people. This wknd was a reminder that human connection is what truly matters most. I will cherish this moment forever, thank you for all that joined. We will need you for the years ahead
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Vision: I WILL create a global multi asset class diversity focused fund
Hold me accountable fam 🌍
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Female founders are so strong. Just received this message:
“I'm about to have a baby (due date is Saturday 😬), but it would be great to catch up soon.”
So many VCs grossly under appreciate what female founders are going through while building their business. Pure strength 💪🏽
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Sent my dad the Forbes article for our Fund II announcement and he said “Nice, well written” lol Parents (esp Haitian) are funny, always have you searching for more
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Smart people are going to succeed with or without you.
All you can do is help accelerate their success.
This is true for VCs, LPs, employers, etc.
Many of us think that we alone create greatness, it takes a community.
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I just led our biggest investment to date at
@HarlemCapital
. It was a little scary but also the most conviction I’ve had in a team and opportunity
My first investment 4 years ago was 13x smaller, but since then I’ve led 24 deals & invested $40M+
Loving the growth of the journey
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Whether you are invested in stocks, bonds, VC, PE, RE, etc. it’s HARD to make money, period. You have to play the long game. Stay disciplined y’all.
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How many of y’all are also working more now than before?? 🤦🏽
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🧵 My career was a series of moments of chance
It looks like a very straight line up the finance chain ↗️
- Internship
@GoldmanSachs
- Investment Banking
@BankofAmerica
- Private Equity at ICV
- MBA
@harvardhbs
- VC
@HarlemCapital
But in reality it was like this 📈
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Sheesh going from 1,400 intern applicants to 55 first round interviews was a whole new level of a funnel. I literally couldn’t get an internship at
@HarlemCapital
today
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The watermelon challenge 🍉
Walking a mile in her shoes and I’m already tired. Respect to all moms
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Congrats to
@FearlessFund
and the community on this win!
You can’t stop racism by removing race
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Anytime I go abroad, I’m annoyed that America doesn’t force us as kids to learn multiple languages and teach it in a way that matters, not by memorizing words for a test.
Speaking 2 languages is basic around the world.
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I have seen several Black CEOs get pushed out or step down very early in their journey. It is hard to validate so I want to do a report that tracks this as my gut says we are getting pushed out earlier than our peers
Tag Black CEOs that were pushed out or left before series B 👇🏽
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So
@HarlemCapital
was just used as the MAIN source in a
@MorganStanley
research report 🤯
This is very nerdy of me, but as a former banker who used these reports daily, I never saw US in them! I never thought this would matter to one of the largest banks globally.
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A few have asked me, “how do you get so much done??”
1) Say NO to most things that don’t align with your goal
2) You HAVE to work on the weekends
3) Create WEEKLY priorities
4) Be OBSESSED with your to do list
5) GROUP your social activities into certain time blocks
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Feeling grateful for another year of life and memories 🙏🏽 32 is going to be even better
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🧵 We just had a webinar with our LPs, here’s what we told them we are seeing in the current market
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You DO NOT need to have been a founder or operator to be a VC
Many of the best investors ever across all asset classes we’re never founders
VC is not unique as an asset class
Anyone trying to break in, do not question your background
I doubted myself bc of this myth
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Creating routine has enhanced my productivity dramatically
My daily routine is
• Waking up at 930am
• Podcast, newsletters & social until 10am
• Bfast, get ready until 11am
• Calls 11am-4pm w/ lunch
• Working out b/w 5-7pm
• Personal time 7-10pm
• Emails and work 10pm-2am
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Non-diverse events really aren’t fun. Please ensure you have women and POC.
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You have to have your non-negotiables for yourself
Mine are
- Working out 4+ days a week
- Traveling 1+ times a quarter
- Having 1+ date night a week
When you set your boundaries, you remove the FOMO and burning out bc these are the things that give you energy. What are yours?
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Some Black History on this Juneteenth
I have fallen in love with tennis since moving to Miami so I’ve been studying the game more
The lacoste brand is a Black French man who was a tennis player who's nickname was "The Alligator"
I had no idea!
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🚩 🚩 Golf courses that require khakis and collard shirts really piss me off. Same for tennis clubs with white requirements
It’s a subtle classism and racism that we have in society still. How one dresses has no impact on where they belong or how good they are in that space
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As I get older I realize working out daily isn’t about trying to get abs or bench press more, but about building consistency and mental capacity for yourself. Find your routine for mental expansion.
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🚩 🚩non POC trying to make “BIPOC” a thing…
Black and Brown people do not refer to themselves as BIPOC. Please stop trying to aggregate even more minorities into one bucket.
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Someone: “Why is ok that you only invest in certain groups?”
Me: “How is that different from VCs largely investing in White/Asian men?”
Someone: “Hmm”
Me: “Sounds like you just don’t like that we state the groups vs most funds saying they invest in the best founders”
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🧵 How VCs can increase their MOIC (Multiple on Invested Capital), the
#1
success metric
If you give me a $100 and I give you back $200 then that’s a 2.0x MOIC
But I have expenses and fees, this leads to a spread in MOIC (investable vs net)
Let’s go through 3 scenarios👇🏽
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🧵 What I learned from being in a room with celebrities, investors and founders
These are my top takeaways from the
@upfrontvc
Summit, one of my favorite events each year. It brings some of the smartest people across industries into one room, creating a truly unique experience
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Seed funds are essentially becoming pre-seed funds given the demand in the market right now for pre revenue and/or pre product companies
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