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Raymond Luk Profile
Raymond Luk

@rayluk

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Following
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271
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Exited founder (Flow, acquired by Deloitte), ex-VC, https://t.co/SNxVER474t game, https://t.co/1tLK4VXaZH

Toronto
Joined October 2008
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@rayluk
Raymond Luk
6 months
Too many founders are trying to figure out “the right way to do it” Eg founder mode. I want to love this idea. Except I have no idea what it is. Founders need irrational certainty. But when it comes to loud, certain advice it’s better to have a skeptical mindset and a default
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@rayluk
Raymond Luk
1 year
How to recognize a lead Angel investor: They don't ask “Who else is investing?” They have confidence/time to do their own diligence. They talk about deals where they've played an active role. They offer to intro you to other Angels. #angels #leads.
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@rayluk
Raymond Luk
1 year
Lots of lessons from the best Angel investment in Canadian history. Mine: Angels should make (bigger) bets on (better) founders.
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opmwire.com
Meet Canada's newest billionaire.
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@rayluk
Raymond Luk
1 year
Most Angels are followers (which is ok). You can recognize followers by how they talk about their deals: they emphasize who else is in their deals and name drop prominent investors.
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@rayluk
Raymond Luk
1 year
Every dollar counts, but don't call yourself an Angel if you can only invest $5000. Trust me, the startup needs more.
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@rayluk
Raymond Luk
1 year
I get asked this question a lot in my founders workshops: "What if an Angel also wants to be paid as a consultant?" I know my answer, what's yours?. 1/ No problem if they add value.2/ Never. Run away.
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@rayluk
Raymond Luk
1 year
Agree or disagree with these categories? From a post about recognizing different types of Angels and their needs.
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@rayluk
Raymond Luk
1 year
Before raising from Angels it pays to understand the different types. Eg most Angels are followers. It's better to focus on a lead who can think independently. I wrote a blog post about Angel types: #angels #founders #pitching.
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founderinresidence.co
This post breaks down different types of Angels (beginners, leaders, followers, and Angel groups) and how this knowledge can be used to raise money more effectively.
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@rayluk
Raymond Luk
1 year
Playing @swaggervcgame with founders in the ChaiTech Accelerator. The winning fund? $75M in -> $1.5B out. Pretty great return. #vc #boardgames #founders
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@rayluk
Raymond Luk
2 years
More thoughts here:
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@rayluk
Raymond Luk
2 years
They are slowing down progress of AI. True. But the mission is “to ensure that artificial general intelligence (AGI). benefits all of humanity.” No mention of speed (and many will believe the exact opposite.).
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@rayluk
Raymond Luk
2 years
They didn’t consult investors. A heads up would have been nice but the org chart is clear. No investor has a vote on governance matters like firing the CEO. Will be tough to sue the board when the charter explicitly makes profit and shareholder value subservient to the mission.
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@rayluk
Raymond Luk
2 years
If all the employees quit that proves the board made a mistake. Probably true. But If the board felt the CEO was acting against the charter, their duty would be to ignore the risk of a mass exodus of staff.
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@rayluk
Raymond Luk
2 years
You can’t fire a CEO who has delivered such incredible results. Charter does not mention profit or shareholder value. It says “our primary fiduciary duty is to humanity.” The success of OpenAI as a company is not the main measure of the CEO’s performance.
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@rayluk
Raymond Luk
2 years
What if the OpenAI board was right? In the sense they did their duty as independent directors? Everything about the structure and charter supports acting independently of what's good for profit or shareholder value.
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@rayluk
Raymond Luk
2 years
Really appreciated @amandapey 's courageous/insightful debrief on Braid's shutdown. Maybe too hard on herself in the harsh light of hindsight.
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@rayluk
Raymond Luk
2 years
Things going wrong are not negative signals for some future VC. They are part of being a founder and building something great.
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@rayluk
Raymond Luk
2 years
The game of building startups is unpredictable. It’s not only impossible to be predictable but it’s not even the goal. We would have so much less innovation if we merely achieved what we set out to do.
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@rayluk
Raymond Luk
2 years
One of the most uncomfortable conclusions from The Founder’s Dilemmas (Wasserman) is this: founders who had the most control had the least financial return. Question the assumption that max control = max reward. The data says otherwise.
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@rayluk
Raymond Luk
2 years
Using a decision tree to map out the future can be incredibly useful. No, it does not help you predict the future. But it creates a mindset where you accept multiple paths and possibilities, each with their own probabilities of success or failure. It's not a straight line.
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