Jake
@iamjakestream
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Investing to reinvent financial services at @btv_vc and @themint_vc . Co-founder @NerdWallet . Pre-seed fintech cos should reach out at !
Yay Area, CA
Joined January 2010
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Pinned Tweet
Coaching founders in the 0->1 stage is what drew me to this job, and why I love it.
If you're raising a pre-seed in fintech, or thinking about it, come work with me and the rest of the BTV team!
Last year, we launched
@TheMint_vc
, a pre-seed investing program to better support fintech founders. If u want to learn more the program / why we did it, check out this 🧵 from
@pitdesi
If u want to join cohort
#2
(Mar-May) or know folks who would be a good fit, hit us up!!
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"Buy Now, Pay Later" is such a funny branding for what is the tautological definition of a loan
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@NikMilanovic
@EricNewcomer
Nothing turns capitalists to socialists faster than a banking crisis
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If I were Chamath, I would simply shut my mouth and sit at home on my pile of money, playing video games or something.
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Guy with Insight Partners jacket heading to the back of the plane en route to NYC.
How the mighty have fallen.
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There is a long and illustrious history of people losing their money by following Jason’s advice.
The guys is and has always demonstrably been a moron.
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Being excited for a downturn is a very privileged position. Or just means you’ve never seen an actual downturn
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The most VC-appropriate line ever from Succession:
“Shiv, we’re death-wrestling with ogres.”
“You’re reading documents is what you’re doing, Ken.”
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Never believe a VC when they say “if you just hit this milestone, we’ll fund you.”
It’s an easy way to do an objective, vs subjective, pass.
And is rarely true.
VC’s told my startups and many others I spoke to early 2023 that if you get $3-$4M ARR and close to break even, we’d be interested to fund you.
They did that, but now it’s $5-$7M required…
So many seed - bridge - pre series A startups are going out of business bc of this 😢
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Why is there no good food or coffee on Sand Hill Road? All that money and the best they can do for lunch is a corporate cafeteria and Starbucks
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I can tell you with 100% confidence this man did not break the 100 record while (a) wearing Payless road running shoes rather than spikes and (b) starting in the turn
He is the fastest man in the world. He has broken Usain Bolt’s 100m record.
But the world isn’t ready for him. The Olympics hate him.
He has been vilified. He will be vindicated.
Come watch him compete at the 2024 Enhanced Games.
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Someone explain this entire sentence to me.
He's just trolling the media at this point, right?
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I would pay so much money for a new class of seat that mutes all the pilots’ announcements and commentary
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🤣🤣🤣
I still maintain that Reid Hoffman did immense irreparable harm to the startup world with that silly book of his
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@ParikPatelCFA
I named mine Lehman and Bear when they were born in Jan 2008, after the two greatest financial institutions of our time
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Seems the only thing they missed to ensure financial stability was to put the All In Pod in receivership.
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“VCs should be my mom” is a new take
I would pay so much money for a single service that completely handled my basic needs so I could focus
* laundry
* 3x/day meal prep
* personal trainer
* cleaner
* therapist
turn my house into a monastery. this should be VC value add
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@ParikPatelCFA
@Kanika_Dutta_
I eat 3X as much food as the rest of my family and don't want to have to sit at the table alone all night
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@loganbartlett
@liron
@cdixon
@chamath
@theallinpod
Lol at the SPACmaster complaining about someone else’s retail rugging grift 😆 😂 🤣
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@thogge
Hm I think a ton of other inmates, and disproportionately minority, would like a word
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So it used to be the case that you could book hotels and stuff through Chase using your points, and you'd save something like 25%.
Now it seems like they mark everything up 30+% and offer fewer benefits than if you were to book direct 🤨
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Patriotic duty
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I mean, I admire the audacity and complete lack of self awareness
Scoop: Bolt founder Ryan Breslow has been quietly seeking to raise a $40 million fund that's being pitched as the "first explicitly founder first fund since Founders Fund."
A prior version of the fund had been looking to raise $140 million last year.
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So when BTC is nowhere near $1m in 90 days, are we going to get a mea culpa?
Or is it going to be like those doomsday cults that just say they read the Mayan calendar wrong and kick the date down a few more years?
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Just absolutely ripping!
Dave has been on a tear last 3 months. Lot of lending-related companies making a comeback. 👀
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People have lost they damn minds
@SFDemocrats
refused to charter our new
@WestsideFamilyD
club at its last meeting. Despite being lifelong Democratic activists, we were accused of being DINOs and pro-segregation, & taking Republican money, among other wild and false allegations.
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A thread on what I know is going to happen in the economy, the markets, and the fundraising landscape this year
🧵 1/n
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SF Tech Week means wandering around SF and bumping into people who ask me where Sheel is
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@pitdesi
Omg I just peed my pants
But only after going "WTF? What is she doing with her son while she goes backpacking for 2 months? Where is Declyn??"
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Because I go to the gym
If you go to the gym twice a week or more and still haven’t bought a Tonal — why?
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Sheel and I had an agreement that if we were still unmarried by Fund III, we’d marry each other
He started getting nervous
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@AdamSinger
@ericbahn
Founder of AA wanted to use LSD to cure people but was stopped by the hardliners who believed it was a disease and total abstinence was the only way
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@TurnerNovak
Auto-responder:
Thank you for your email. We are not currently raising, but here’s a copy of our uncapped SAFE
Please sign and return at your earliest convenience
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PSA now that we’re all traveling and going to conferences again: Biggest fund pays
Never forget!
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If you’re going to cold email me asking me for a job, don’t call me “Jeff”
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in retrospect being limited to a Blackberry in 2008 was a feature not a bug
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I call these “founder traps”. You see a problem in your own life, wonder why it hasn’t worked, and decide it’s time. But you don’t stop to think the idea is fairly obvious, so *why* hasn’t it been solved yet? Who else has tried?
A few times each quarter, I open my inbox to the same email: “I’d like you to invest in my new app, a financial advisor that will put people’s money on autopilot.”
This email has come from many founders, working on many solutions, sometimes called a ‘financial health’ or…
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@rabois
@thesamparr
@mattaparker
@NWischoff
I think the only person who felt insulted here was you though. And you lashed out in an immature way at someone who didn’t deserve it.
Agree with Sam - when you’re on top, no need to beat down the people working their way up.
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@typesfaster
@balajis
Not really though …?
A spreadsheet of shitcoins is and always was worth zero. Treasuries when held to maturity are worth what you paid for them.
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@timnitGebru
Pretty rich coming from someone with Stanford, Apple, Microsoft, and Google on the resume 😆
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When did every single person in the world start saying "hundred percent" to communicate agreement?
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Here’s a new one: fintech market getting hit so hard that some infrastructure providers going back to customers and saying “oops looks like we’ve been charging you too little. Time to pay up!”
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Where does TIDAL fit into the principled risk framework? Lol
From a single product to a suite of financial tools,
@Blocks
growth strategy is a lesson in innovation and embracing principled risks.
Hear the whole story from
@jack
@alyssahhenry
and
@Grassadonia
on a new episode of Crucible Moments
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Dirty secret of fintech is money is a commodity. If your entire business is buying and selling a commodity, you’re no different than a d2c e-comm brand
It’s really easy to grow fast as a lender - you give people money, people like getting money.
The problem is when you don’t get it back!
Fast growing lenders often have bad underwriting- Cac looks better than competition bc comp is rejecting 90% of loans
Tough model for VC’s
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Give us your tired, your poor, your huddled masses of fintech founders, yearning to raise seed …
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I have found myself over the last year or so having many of the same hard conversations with founders, and I got an itch to dust off my pen and write them down. This is the first.
Thank you
@NikMilanovic
and
@twifintech
for hosting me!
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@erenbali
The unit economics work fine when you call it a country club, charge $100k admission, and $1,000/mo
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Boredom is going to kill more venture funds than interest rates in the coming years
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@WizLikeWizard
Money buys experiments, not time. The number of experiments is dictated more by speed of execution and capital efficiency than by the calendar
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Given how tight
@itaidamti
runs the ship, this is probably a decade of runway
.
@unit_co_
's $100M raise at a $1.2B valuation is further evidence of how hot the BaaS sector remains. Last week, I also wrote about Brazilian infra startup Dock raising $110M at a valuation of over $1.5B.
@insightpartners
led Unit's latest round.
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I honestly hope SVB makes it though this, and it is a huge important part of the startup world.
But for management to get a pass on causing all of this, while trying to point fingers at everyone else for “causing a bank run” is very frustrating to me.
Silicon Valley Bank $SIVB reports earnings tomorrow
Investors have rightfully been fixated on $SIVB's large exposure to the stressed venture world, with the stock down a lot.
However, dig just a little deeper, and you will find a much bigger set of problems at $SIVB... 1/10
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I mean, this would be me at any time of day if I heard a Mr Brightside x Levels jam
When you’re heinously sauced and racked at Surf Lodge and the DJ plays a Mr. Brightside vs. Levels remix
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Let me summarize every headline you're going to see about banks and BaaS for the foreseeable future:
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👇 It was prudent to move away from SVB when it was clear the panic had started.
It is prudent to have backup plans in the unlikely event of continued disaster.
It is not prudent to extrapolate from SVB and assume every bank is going through the same thing.
I'm now seeing emails from various firms imploring their companies to move all cash to a top 4 bank (including from FRB, Signature, etc). This type of panic will break the system, is frankly, very dangerous.
However, a few things to think about: 🧵
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I’ve been working from home for 10 years, and I just use my laptop and AirPods, kids and dogs in the background, lighting in my office is shit
Pro-tip: if you say you have been working "remote" for years and plan on doing so because it's "your thing", your home set-up better be stellar....good lighting, good sound, good camera, good internet.....anything else and I call BS when interviewing.
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@rabois
@NWischoff
What tier VC does it make you when you’re so sensitive that you feel the need to spend time on Twitter tearing down young people who haven’t done you any harm?
Instead of just shutting the fuck up, living your life, and letting other live theirs?
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I used to pirate games off of 14.4k modem in 20 different pieces, then have to run through a hex editor to crack the licensing, and it was still easier than using web3
Just signed up for Decentraland to attend Sheel’s Metaverse wedding and now I’m max short all things crypto and metaverse
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The most fascinating part of everything happening now is watching the real-time conclusions of a series of multi-year experiments in incentive structure design
Crypto, VC issues, ponzis, frauds, you name it
Everything naturally follows from the incentives
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In what year will people in the bay area stop wearing masks when they are alone in their own cars?
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Nobody knows what the hell the market is going to look like tomorrow, much less 6, 12, 24, 36 months out
Worry less about arbitrary runway milestones and worry more about how to build a product a lot of people will pay you for today
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We used to catch so much shit for the NerdWallet name that at one point we actually paid a consultant something like $30k for new name ideas.
They told us the brand was too valuable and not to bother 😆
I’m not a branding expert but when I met with some true experts a ways back, their advice always stuck in my head:
“Don’t ever change your name if it has strong brand equity, even if the history is mixed. But — do change it if the name if it’s too limiting for the future.”
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Secondary brokers send me emails every day with lists of blocks of stock for sale. No emails of people looking to buy.
Also frequency these emails up 100X from 2019-2021.
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I love when VCs talk about market dynamics as if they aren’t the market makers
Partner at top VC firm on the state of venture today.
“Most As we're seeing are still in 50m to 80m post and Bs are all over the map. But yea for the hottest companies, there seem to be no rules at the moment. Some funds seem to have lost their discipline - $100m valuation at…
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The guy next to me at lunch just used PENIS as his Wordle start word and I’m mad I didn’t think of that
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