Another Podcast
Another Podcast
Jan 10, 2021
There's no such thing as data
Play • 45 min

Benedict and Toni talk about data, buzzwords and TED talks.

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North Star Podcast
North Star Podcast
David Perell
Li Jin: Creating the Creator Economy
My guest today is Li Jin, the founder and managing partner at an early-stage venture capital firm called Atelier. She's known for her extensive writings about the Passion Economy. Her essays explore how people can make a living from their passions and creative skills. All of her writing is filtered through the lens of consumer startups and the technology industry. In this episode, we explore Li's perspective on the future of the creator economy. We talk about what it'll take to build a middle class for creators and how platforms should enable creator monetization. But then we venture beyond the world of work and discuss the novels of Jane Austen, what Li learned by growing up in Pittsburgh, and why she thinks social media and content creation are valuable pursuits. Please enjoy my conversation with Li Jin. Show Notes: 2:37 - How do content creators get users to migrate platforms and engage in unfamiliar apps? 5:44 - Why is some digital content more consumable than others? 13:07 - What is the driving force behind Li’s background in English literature? 17:34 - Why Jane Austen is so incredibly important to the world of modern creatives 21:56 - What has contributed to the alienation of gig workers in modern economy? 24:57 - Where does Li Jin’s technological optimism stem from? 28:32 - What is an “Angel Investor”, and how do they influence the modern world of content creation? 32:55 - What is the difference between an artist and a creator? 37:44 - How has the modern market created space for content creators? 42:19 - What causes creative burnout in the world of content creators? 50:01 - What are the implications of viral fame in the modern world of content creators? 57:46 - Which aspects of traditional and non-traditional education were most impactful on Li Jin? 1:08:55 - What are some things that both successful and aspiring content creators often misunderstand about the industry 1:14:20 - What are some of the parallels between the worlds of writing and investing? 1:18:08 - How Li Jin embodies the spirit of a malleable fate
1 hr 22 min
Village Global's Venture Stories
Village Global's Venture Stories
Village Global
Making It Easier For Startups To Get Started with Capbase with Greg Miaskiewicz and Sheel Mohnot
Sheel Mohnot (@pitdesi), and Greg Miaskiewicz (@miaskiewicz), join Erik on this episode. Sheel is a Network Leader at Village Global, and Greg is CEO and co-founder of Capbase. They discuss: - How Capbase can help streamline the workflows involved in getting a company off the ground. - How Greg navigated the idea maze and validated his hypothesis. - Why there should be more transparency in investing and startups. - The pros and cons of transparency within a company. - Ethical investing. - How to give feedback as an investor. - How the pandemic changes company formation. - The future of Capbase. *The deadline to get your application in for the spring vintage of the Village Global Accelerator is March 1st! It’s a personalized and tight-knit program with an amazing network of peers, advisors, and experts. Companies that have been through the accelerator have raised from some of the top venture funds in the world, like a16z, First Round Capital, Founders Fund, Lux Capital, True Ventures, Felicis and more. Learn more and apply at www.villageglobal.vc/accelerator! Thanks for listening — if you like what you hear, please review us on your favorite podcast platform.  Check us out on the web at www.villageglobal.vc or get in touch with us on Twitter @villageglobal. Want to get updates from us? Subscribe to get a peek inside the Village. We’ll send you reading recommendations, exclusive event invites, and commentary on the latest happenings in Silicon Valley. www.villageglobal.vc/signup
39 min
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Harry Stebbings
20VC: The Snapchat Memo: Lightspeed's Jeremy Liew on The 4 Key Elements To Consider When Evaluating A Consumer Social Product, What is Good/Great/World Class For Retention, Usage and Downloads in Consumer Social Today & The Core Insight Development of Eva
Jeremy Liew is a Partner @ Lightspeed Venture Partners, one of the leading firms of the last decade with a portfolio including the likes of Affirm, Snapchat (Snap), Mulesoft, Epic Games, Carta and more amazing companies. As for Jeremy, in the past he has led deals and sat on the boards of Snap, Affirm, Blockchain.com and The Honest Company to name a few. Before Lightspeed, Jeremy was with AOL, first as SVP of corporate development and chief of staff to the CEO, and then as general manager of Netscape. Due to his incredible investing success, Jeremy has been featured on the Forbes Midas List multiple times. In Today’s Episode We Dissect The Snapchat Memo: I. How Jeremey first learned of Snapchat How Jeremy Liew first heard about Evan Spiegel and Snapchat? "It's actually kind of a roundabout story. We first heard about Snapchat, because one of my partners Barry Eggers is a very involved dad. And he noticed that his daughter had started taking weird selfies" What was the process to first get in touch with Evan? "The challenge was, the website only had info at Snapchat email address was the only info The only contact info available. So I emailed them, and I never heard back. Why was it such a challenge? "I then looked up Snapchat on LinkedIn, and I couldn't find any contact information. And I was in a little bit of a loss, I wasn't getting any responses from the email, there was nothing listed on LinkedIn. So I ended up doing a who is look-up to try to find out who had registered the Snapchat URL, and I got an info@ snapgrouplimited email. So I emailed that. And then as again, I didn't get any response. What was the breakthrough in the end? "....Finally, what I decided to do was since Evan was a student at Stanford, and since I graduated from Stanford for business school, at that time, Facebook allowed you to message people who were in the same network, and Stanford constituted that. So I messaged him through Facebook, and I finally got a response. But this time, I got a response within five minutes." II. The Analysis Of Snapchat's Early Market What are the 4 things Jeremy looks for when making an investment in consumer? * Can this become part of pop culture? * Does this create new habits? * Is there a scalable way to grow? * Does the founder have a unique insight that explains the success? Why does Jeremy believe that usage with young females is the biggest predictor of future consumer social success? "Generalising, Women build their relationships through, you know, conversations, and they build those relationships through sharing information with each other. And obviously, that sort of conversation or relationship is a fantastic conduit for word of mouth for anything that people really appreciate." In what ways does Jeremy like to see consumer social companies become part of pop culture? "Today, if you think about whether it be social networking, apps, messaging, e commerce, streaming media, it's all part of pop culture. And so as much as movies or television or music or dance, and so if you ask yourself who are the early adopters of pop culture" What are examples of this? "Social networking, apps, messaging, e commerce, streaming media, it's all part of pop culture." Did the market evolve the way that Jeremy thought it would? "And one of the things that surprised us a little bit was that this was very strong in Southern California, Northern California, and Georgia, when we first invested and parts of the South" What was a surprise to Jeremy Liew in terms of market evolution? "In Norway, which had actually transcended, that sort of high school and college-age population, in fact, become the number three most downloaded app, most popular app, in Norway at that time. So ahead of Instagram, ahead of Facebook, and so forth. And so that's what I think gave us that early indication that the app was going to be able to break out beyond its high school, college student, initial starting point, not just in the US, but everywhere" III. Reflections on Snapchat's Early Traction What did the Snap user to install count look like at the time? "In, you know, March, April of 2012, they had about 90,000, daily active users off of the base of 180,000 installs." How does this compare with many others in the consumer social space? "That's a very, very high ratio." What were Snap's retention numbers at the time? "50% retention after 90 days, which again, suggests high engagement, high retention, high growth that speaks to upside volatility" How did Snap's frequency of usage on an individual basis look like at the time? "So people were opening the app six times per day, they were opening at least once every second day." Across, retention, usage and user to install, what are the benchmarks for great, good and average? " I would say as a rule of thumb, in messaging and social networks, you would want to see at least a DAU to MAU ratio of north of 50%. And you would want to see at least a D 30 of say 30 to 40%, for your for something to really be working to be sort of at that outlier level." IV. The Truth About The Snapchat Founding Team What unique insight does Jeremy believe that Evan always held for the company and the product? "One of the things that was so special about Evan, and that I think, has continued to contribute to the success of the company has been that he's always been able to do that to look at something with fresh eyes, and not iterate over what the current state of the art is that, you know, just from first principles basis" How has Jeremy seen Evan change and evolve as a leader? "I think his maturity as a business leader, as a leader of people, as a manager, you know, as a strategist, although he always had very good strategic instincts, but they've just continued to grow and evolve and blossom." What were some of the big inflection points in his development? "So you know, the feed has always been up until this point, in reverse chronological order, I think largely because that's what friendster do choose to do. And then Evan comes along. He says, How do you tell stories beginning, middle, end. Now go to social media? How do they tell stories in reverse chronological order means and middle beginning? Well, that doesn't make any sense. And so he said, we're going to create a whole new feed of stories, and they're going to be told in chronological order beginning middle end." Who are some unsung heroes from the Snap journey that were transformational? "Bobby doesn't get enough credit. From the very beginning from I think maybe a couple of months in was thinking about the breakthroughs that had been happening computer vision and the implications for what that could build....Imran Khan, he really helps take a lot of the load off of Evan allowed me to focus on product engineering, he took over sales and monetization Ops, he did a lot of the financing work in the time when Snapchat raised a lot of capital."
40 min
Acquired
Acquired
Ben Gilbert and David Rosenthal
The New York Times Company
For the entire 20th Century, you’d be hard pressed to find a better business than an American newspaper — Warren Buffett famously described them as “franchises” — and no American newspaper stood taller than the New York Times. Controlled by a single family bound by a legal oath “to maintain the editorial independence and integrity of The New York Times and to continue it as an independent newspaper, entirely fearless, free of ulterior influence and unselfishly devoted to the public welfare”, the Times served as the paper of record for generations of Americans and people around the world. But no good thing lasts forever, and the dawn of the 21st Century saw both the Times and this once-mighty industry devastated by the dual disruptive forces of the internet and the 2008 financial crisis. And yet by 2021, The Times, essentially alone of its former peers, has reemerged from the American newspaper wreckage and transformed itself into a thriving digital business with an order of magnitude more subscribers than its print heyday. Curious how it all happened? We dive into 170 years of history to find out! If you love Acquired and want more, join our LP Community for access to over 50 LP-only episodes, monthly Zoom calls, and live access for big events like emergency pods and book club discussions with authors. We can't wait to see you there. Join here at: https://acquired.fm/lp/ Sponsors: * Thanks to Tiny for being our presenting sponsor for all of Acquired Season 8. Tiny is building the "Berkshire Hathaway of the internet" — if you own a wonderful internet business that you want to sell, or know someone who does, you should get in touch with them. Unlike traditional buyers, they commit to quick, simple diligence, a 30-day or less process, and will leave your business to do its thing for the long term. You can learn more about Tiny here: http://bit.ly/acquiredtiny * Thank you as well to Vouch and to Capchase. You can learn more about them at: * https://bit.ly/acquired-vouch * http://bit.ly/acquiredcapchase The New York Times Company Playbook: (also available on our website at https://www.acquired.fm/episodes/the-new-york-times-company ) 1. When you find yourself sitting in front of a big approaching demand wave... ride it!! * The New York (Daily) Times was founded during the newspaper boom of the 1850s, and similarly Adolph Ochs took over the local Chattanooga paper at the start of that city’s mining boom. * The NYT made huge investments in its reporting during the two World Wars as the public’s appetite for news exploded, while its rivals missed the ball worrying over preserving advertising space. Likewise NYT launched The Daily (which would become the biggest podcast in the world) immediately following Trump’s inauguration in early 2017. * Arguably NYT’s biggest business mistake was missing the cable wave -- which Rupert Murdoch leveraged brilliantly to build Fox News into the most valuable news media franchise in the world. 2. Where there’s an entrepreneurial will, there’s an entrepreneurial way. * Adolph Ochs bought the Chattanooga Times with $250 and sellers’ notes, and then acquired The New York Times out of bankruptcy with no personal money down and $100k of real estate debt. And turned them both into successes on a level no one (even himself at times) believed possible. 3. Recurring Acquired theme: the media business is still the second-best business of all time, behind technology. * Media’s ability to generate dual revenue streams (advertising and subscription) from the same content product generates enormous leverage on investment, AND most of those costs are fixed vs. variable (especially in a digital environment). 4. This is why “content is king” has always been true in the media industry. * NYT’s version of this strategy has always been to invest more in high-quality journalism than any of its peers. It was true in 1896 when Ochs took over, true during the World Wars and the Pentagon Papers, and perhaps has never been more true than today when NYT employs 1,700 journalists around the world and pays them an average of >2x the rest of the industry. 5. That said, distribution is critical as well. To build a world-class media organization you must be great at both content AND distribution. * In the old media landscape, NYT built great distribution through its printing and delivery operations, as well as savvy investments like the Index which led to libraries and researchers across the country relying on the Times as the “paper of record”. * However in today’s media landscape, the task of building great distribution falls on the newsroom and journalists themselves. The job is no longer finished once you hit publish -- reporters and editors must own the responsibility of getting their work in front of readers via social media and shareable story elements. Links: * The 2014 NYT Innovation Report: https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * Mine Safety Disclosures’ NYT presentation: https://minesafetydisclosures.com/blog/newyorktimes Carve Outs: Ben: * Titan by Ron Chernow: https://www.amazon.com/Titan-Life-John-Rockefeller-Sr-ebook/dp/B000XUDGHG * Iteratively: https://iterative.ly David: * Sabaa Tahir’s Ember in the Ashes series: https://www.amazon.com/Ember-Ashes-3-Book/dp/B074VDZB17 Episode Sources: * http://www.internethistorypodcast.com/2015/10/martin-nisenholtz-on-bringing-the-new-york-times-online/ * https://archive.nytimes.com/www.nytimes.com/books/99/09/19/daily/092299tifft-book-review.html?module=inline * https://archive.nytimes.com/www.nytimes.com/learning/general/onthisday/bday/0312.html * https://archive.org/details/pdfy-59s-4-I2qSvG6MnA/mode/2up * https://archives.cjr.org/cover_story/sulzberger_at_the_barricades.php * https://en.wikipedia.org/wiki/Adolph_Ochs * https://en.wikipedia.org/wiki/Arthur_Hays_Sulzberger * https://en.wikipedia.org/wiki/Battle_of_Fort_Sumter * https://en.wikipedia.org/wiki/Daniel_Ellsberg * https://en.wikipedia.org/wiki/Dotdash * https://en.wikipedia.org/wiki/Edwin_D._Morgan * https://en.wikipedia.org/wiki/George_Jones_(publisher) * https://en.wikipedia.org/wiki/Henry_Jarvis_Raymond * https://en.wikipedia.org/wiki/Iphigene_Ochs_Sulzberger * https://en.wikipedia.org/wiki/List_of_assets_owned_by_The_New_York_Times_Company#Television_stations * https://en.wikipedia.org/wiki/List_of_The_New_York_Times_employees * https://en.wikipedia.org/wiki/Martin_Nisenholtz * https://en.wikipedia.org/wiki/The_New_York_Times * https://en.wikipedia.org/wiki/The_New_York_Times_Building * https://en.wikipedia.org/wiki/The_New_York_Times_Company * https://en.wikipedia.org/wiki/Yellow_journalism * https://fintel.io/so/us/nyt * https://media.foxcorporation.com/wp-content/uploads/prod/2019/09/18223214/Fox-Annual-Report-2019_Mid.pdf * https://minesafetydisclosures.com/blog/newyorktimes * https://nymag.com/intelligencer/2015/08/new-york-times-heirs.html * https://nymag.com/news/features/40647/index4.html * https://nymag.com/news/media/51015/ * https://nytco-assets.nytimes.com/2021/02/Press-Release-12.27.2020-Final-for-posting.pdf * https://stratechery.com/2020/an-interview-with-buzzfeed-ceo-jonah-peretti/?utm_source=Memberful&utm_campaign=f14650dd37-daily_update_2020_11_24&utm_medium=email&utm_term=0_d4c7fece27-f14650dd37-110888309 * https://www.amazon.com/dp/B0058Z4NOQ/ref=dp-kindle-redirect?_encoding=UTF8&btkr=1 * https://www.amazon.com/gp/product/0316836311/ref=ppx_yo_dt_b_asin_title_o04_s00?ie=UTF8&psc=1 * https://www.arcgis.com/apps/Cascade/index.html?appid=86354f1b322a4ec2a548e58ac3e83d49 * https://www.bostonglobe.com/business/2012/05/11/new-york-times-sells-its-remaining-stake-boston-red-sox/ey4kwU4m6Xn2PYfcblrMcL/story.html * https://www.enwoven.com/collections/view/1277/timeline * https://www.fool.com/earnings/call-transcript…
3 hr 5 min
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