16. Build a more human internet, w/Caterina Fake
37 min

Internet pioneer Caterina Fake knows: Online communities are built one human connection at a time. As the founder, you need to establish guidelines and norms from Day One – because the tone you set is the tone you’re going to keep, even as you go viral.

Read the transcript at mastersofscale.com/community

Subscribe to the Masters of Scale weekly newsletter at http://eepurl.com/dlirtX

The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC: Venture Capital | Startup Funding | The Pitch
Harry Stebbings
20VC: Benchmark's Sarah Tavel on Why Chasing GMV Will Lead To The Wrong Direction, The 2 Crucial Tipping Points For Marketplace Adoption, Why UGC Plays Are Like Marketplaces & How To Determine Between Existential and Non-Existential Risk
Sarah Tavel is a General Partner @ Benchmark, one of the most successful funds of the last decade with a portfolio including the likes of Uber, Twitter, Dropbox, WeWork, Snapchat, StitchFix, eBay and many more. As for Sarah, prior to joining Benchmark, she was a General Partner at another globally renowned firm, Greylock, where she led deals in Sonder and Gixo. Pre-Greylock, Sarah was the first PM @ Pinterest where she led three acquisitions, launched Pinterest internationally, and was responsible for closing their $100m Series C financing. 20VC: Benchmark's Sarah Tavel on Why Chasing GMV Will Lead To The Wrong Direction, The 2 Crucial Tipping Points For Marketplace Adoption, Why UGC Plays Are Like Marketplaces & How To Determine Between Existential and Non-Existential Risk In Today’s Episode You Will Learn: 1.) How Sarah made her way from being the first PM at Pinterest to being a General Partner at one of the world's leading venture firms, Benchmark? 2.) What does Sarah mean when she says, "the small things are not the big things"? How does Sarah determine between existential vs non-existential risk? How does this impact the type of board member Sarah is? How has Sarah seen the best board members engage? Who are they? 3.) Why does Sarah believe that in marketplaces, chasing GMV will lead you in the wrong direction? How does Sarah think about good vs great when it comes to 1.) Average order values? 2.) Repeat purchase rates. 3.) NPS? 4.) Net revenue retention? How should they change with time? 4.) In marketplaces, what is a tipping point? What are the 2 crucial tipping points to be aware of? How can marketplaces ensure demand brings further demand? What can they determine from how demand engages with different suppliers? How does Sarah feel about feedback systems? 5.) Why does Sarah believe that UGC plays are like marketplaces? What lessons can be drawn from TikTok to suggest this? How does Sarah think about her biggest lessons when analysing the growth of DoorDash? What do many not see that is important to recognise? Item’s Mentioned In Today’s Episode Sarah’s Favourite Book: Pachinko: The New York Times Bestseller As always you can follow Harry and The Twenty Minute VC on Twitter here! Likewise, you can follow Harry on Instagram here for mojito madness and all things 20VC.
37 min
Invest Like the Best
Invest Like the Best
Patrick O'Shaughnessy
RRE Ventures - RRE Ventures - Raju Rishi, Nikita Singareddy, Jason Black - [Invest Like the Best, EP.201]
My guests today are Raju Rishi, Nikita Singareddy, and Jason Black of RRE Ventures. RRE is a New York-based VC firm investing in early-stage start-ups with more than 400 investments over its 25 year history. Raju, Nikita, and Jason focus their time in the world of healthcare investing, a topic I haven't explored much personally or on this show. We discuss the current landscape for healthcare investing, the variety of stakeholders in the healthcare value chain, the opportunities for founders and investors in the space, what excites them most about the future of the space, and the impact COVID has had in shaking up the industry. I hope you enjoy my conversation with the RRE team. This episode is brought to you by Koyfin, one of the fastest growing fintech startups. I discovered Koyfin earlier this year when I asked twitter for the best Bloomberg alternative, and the overwhelming winner was an intriguing new product called Koyfin. Koyfin has tons of high-quality data, powerful functionality, and a nice clean interface. If you’re an individual investor, research analyst, portfolio manager, or financial advisor, you should definitely check them out. Sign up for free at koyfin.com Ladder Teams is a modern personal training experience with expertly designed workout plans, 1x1 access to some of the best coaches in the world, and the power of community, all delivered to your phone. If you’re looking to switch up your fitness routine at home or if you are back at the gym and looking to refresh your training plan Ladder Teams has a program for you. Check out https://ladder.fit/Patrick to download the app and get started. For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag Show Notes (2:34) – (First question) – How the team think about attractive investment concepts (7:13) – The current landscape for healthcare investments (8:53) – Complications in pricing healthcare and where it needs to change (17:45) – Catastrophic Care: Why Everything We Think We Know about Health Care Is Wrong (17:55) – The major stakeholders and where the innovation is coming from (18:22) – The Patient Will See You Now: The Future of Medicine Is in Your Hands (24:43) – How Covid is changing the healthcare sector (28:43) – Cutting edge of remote patient monitoring (37:03) – Passive monitoring and future tech of healthcare (39:38) – Improving the clinical trial process (44:54) – Doctors being lost in the shuffle and improving the experience for them (50:20) – Excites them most about the future of the space (56:17) – Kindest thing anyone has done for them Learn More For more episodes go to InvestorFieldGuide.com/podcast. Sign up for the book club and new email newsletter called “Inside the Episode” at InvestorFieldGuide.com/bookclub. Follow Patrick on Twitter at @patrick_oshag
1 hr
Acquired
Acquired
Ben Gilbert and David Rosenthal
Virgin Galactic
Live from the 2020 ASCEND Space Conference, Acquired covers the full story behind the most "out there" technology story of the past few years: Virgin Galactic. How did this space tourism company grow out of the winning X Prize team, and catch the eyes and fancy of billionaires like Paul Allen, Sir Richard Branson, and, most recently, company chairman Chamath Palihapitiya who took it public via the first "modern" technology SPAC transaction in history? Tune in to find out!! If you want more more Acquired and the tools + resources to become the best founder, operator or investor you can be, join our LP Program for access to our LP Show, the LP community on Slack and Zoom, and our live Book Club discussions with top authors. Join here at: https://acquired.fm/lp/ Sponsors: * Thanks to Tiny for being our presenting sponsor for all of Acquired Season 7. 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://tinycapital.com * Thank you as well to Bamboo Growth and to Perkins Coie. You can learn more about them at: * https://growwithbamboo.com * https://www.perkinscoie.com/ Playbook Themes from this Episode: (also available on our website at https://www.acquired.fm/episodes/virgin-galactic ) 1. Prizes can be a great way to generate leverage on innovation. If done right, the X Prize and other industry prizes like it (e.g., Netflix Prize, DARPA Challenge, etc) can bring an order of magnitude more talent to bear on a challenge than what the same dollars alone could hire. * The challenge is to create a prize that inspires and draws in a large enough pool of contributors. The aerospace industry’s “cool” factor may be what allowed the X Prize to succeed and explain why prizes aren't employed as often in other sectors. 2. When trying new things, most people want to go second — but those willing to go first get the best returns.Being first into new markets carries high risk (including/especially reputational), but often also offers asymmetric upside. Investing in a new frontier when others think it’s crazy is a recipe for success — if you’re both contrarian and right. * Chamath took a huge turn from the traditional VC playbook when he created his first SPAC in 2017, years before they went mainstream. He and his investors have generated over $1B in profits from that vehicle (which is now merged with Virgin Galactic), and have since used those proceeds to launch five more. 3. The best time to invest was yesterday, the next best time is today. Great investors don’t miss the chance to invest in big markets because they’ve passed on it before. Sir Richard Branson passed on investing in the X Prize twice before partnering with Burt Rutan's winning team to build Virgin Galactic. 4. Whenever a market's prices aren't being set by supply and demand, there's probably an opportunity to disrupt that market. The traditional IPO pricing process is managed by third parties (investment banks) that represent both sides of the transaction, and also have their own economic interests at play. It's the equivalent of a real estate agent representing both the buyer and seller. As a result, many technology IPOs have left hundreds of millions or billions of dollars on the table. SPACs and direct listings are now solving that problem. Any other market with this dynamic should represent fertile ground for entrepreneurs. Links: * Virgin Galactic's "One Small Step" reservation program: https://www.virgingalactic.com/smallstep/ * The November 2020 launch delay: https://www.virgingalactic.com/articles/virgin-galactic-adjusts-test-flight-schedule-in-response-to-new-state-government-covid-19-restrictions/ Sources: * Black Sky Documentary: https://www.youtube.com/watch?v=cikmdTVFPig * How to Make a Spaceship: https://www.amazon.com/How-Make-Spaceship-Renegades-Spaceflight/dp/1101980494/ref=tmm_pap_swatch_0?_encoding=UTF8&qid=&sr= * http://d18rn0p25nwr6d.cloudfront.net/CIK-0001706946/362d3eae-199a-4995-ab78-232a09ced07d.pdf * http://www.agent4stars.com/virgin-galactic-passenger-list/ * https://abcnews.go.com/Business/story?id=8191703 * https://abcnews.go.com/Business/virgin-galactic-resume-selling-tickets-space-reports-skyrocketing/story?id=69229936 * https://en.m.wikipedia.org/wiki/Virgin_Galactic * https://en.wikipedia.org/wiki/Burt_Rutan * https://en.wikipedia.org/wiki/Richard_Branson * https://en.wikipedia.org/wiki/Scaled_Composites * https://en.wikipedia.org/wiki/The_Spaceship_Company * https://en.wikipedia.org/wiki/Virgin_Galactic * https://investors.virgingalactic.com/news/news-details/2020/Virgin-Galactic-Adjusts-Test-Flight-Schedule-in-Response-to-New-State-Government-COVID-19-Restrictions/default.aspx * https://investors.virgingalactic.com/news/news-details/2020/Virgin-Galactic-Announces-Third-Quarter-2020-Financial-Results/default.aspx * https://open.spotify.com/episode/63gIP0UcvBUyhuf0qz1Rza * https://podcasts.google.com/feed/aHR0cHM6Ly9mZWVkcy5mZWVkYnVybmVyLmNvbS9wcm8tcmF0YQ/episode/OTc4MDliM2MtYTI1NS0xMWU5LWJhZjMtMmYxYWQyZTM2ZmM0 * https://sifted.eu/articles/fund-fintech-secret-ian-osborne/ * https://techcrunch.com/2020/09/16/cant-stop-wont-stop-social-capital-hedosophia-just-filed-for-its-fourth-spac-says-new-report/ * https://www.ainonline.com/aviation-news/aerospace/2007-08-28/northrop-grumman-seals-scaled-composites-deal * https://www.bloomberg.com/news/articles/2020-11-05/virgin-galactic-sees-new-ticket-sales-after-branson-s-space-trip * https://www.businesswire.com/news/home/20121005005907/en/Virgin-Galactic-Acquires-Full-Ownership-Spaceship-Company#.VFvXsPnF98E * https://www.forbes.com/sites/daviddawkins/2020/09/06/inside-virgin-orbit-richard-bransons-small-satellite-bid-to-match-musk-and-bezos-in-the-billionaire-space-race/?sh=1d880f577ab9 * https://www.listennotes.com/podcasts/industry-focus/cg-virgin-galactic-prepares-wOHokI4mM06/ * https://www.marketwatch.com/story/abu-dhabis-aabar-boosts-virgin-galactic-stake-2011-10-19 * https://www.renaissancecapital.com/IPO-Center/News/65718/The-Space-SPAC-Everything-You-Need-to-Know-about-Virgin-Galactic * https://www.renaissancecapital.com/IPO-Center/News/72123/Palihapitiya-and-Osbornes-fifth-SPAC-Social-Capital-Hedosophia-Holdings-V-p * https://www.sec.gov/Archives/edgar/data/1706946/000114420417044783/v473766_s1.htm * https://www.sec.gov/Archives/edgar/data/1706946/000119312519215509/d785777ds4.htm * https://www.space.com/31993-stephen-hawking-virgin-galactic-spaceshiptwo-unity.html * https://www.spacedaily.com/upi/2004/0831-091100-us-spacerace2-cashprize.html * https://www.theguardian.com/business/2014/oct/09/virgin-galactic-space-tourism-richard-branson-george-whitesides * https://www.theverge.com/2018/10/13/17967954/virgin-galactic-richard-branson-saudi-arabia-jamal-khashoggi * https://www.usatoday.com/story/tech/talkingtech/2018/05/29/amazons-jeff-bezos-says-we-need-leave-earth-survive/651715002/?fbclid=IwAR0E2z5cBtry3Zy0sNRs9jRFKjE_b-T7N-kN0TQO7MDbWJO-baZKw4ZMZGU * https://www.wsj.com/articles/richard-bransons-virgin-orbit-seeks-1-billion-valuation-in-fundraising-11602403201?cx_testId=3&cx_testVariant=cx_2&cx_artPos=1#cxrecs_s * https://www.wsj.com/articles/richard-bransons-virgin-raises-480-million-with-spac-11601642288
1 hr 45 min
Equity
Equity
TechCrunch
Equity Monday: Good vaccine news, three rounds, and why IPOs are trending
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast where we unpack the numbers behind the headlines. This is Equity Monday, our weekly kickoff that tracks the latest big news, chats about the coming week, digs into some recent funding rounds and mulls over a larger theme or narrative from the private markets. You can follow the show on Twitter here and myself here — and don’t forget to check out last Thursday's main ep, and our bonus episode that went out on Saturday. If you like Equity, your cup runeth over. So, what did we get into this morning? A grip of things, which I've listed below in order: * American Thanksgiving is this week, so news may slow as we move towards Thursday. * New, good vaccine news is boosting stocks and hopes that the pandemic could be brought under control next year. * Bitcoin is racing towards new records. * LA-based Credit Key raises $33 million for its business-to-business payments platform -- in light of the Affirm IPO this round is no surprise. * Digital freight forwarder Forto raises another $50M in round led by Inven Capital -- the pandemic is messing around with supply chains, perhaps leaving room for startups in the space to aggressively grow. * Digital electricity supplier Tibber closes $65M Series B led by Eight Roads, Balderton -- of our three rounds, this one took me the longest to understand. * This essay from Tomasz Tunguz, which is good. Please stay safe this week, America. Do something boring and unfun, so that we can keep more of us alive into next year. _Equity drops every Monday at 7:00 a.m. PDT and Thursday afternoon as fast as we can get it out, so subscribe to us on __Apple Podcasts__, __Overcast__, __Spotify__ and all the casts._
9 min
Fintech Insider Podcast by 11:FS
Fintech Insider Podcast by 11:FS
11:FS
481. News: All about that BaaS - did Wirecard collapse at a good time?
Our expert hosts, Sarah Kocianski and Kate Moody, are joined by some great guests to talk about the most notable fintech, financial services and banking news from the past week. This week's guests include: David Jarvis - CEO of Griffin Anna Irrera - Fintech Correspondent, Reuters Ginger Schmeltzer - Senior Analyst, Aite Group We cover the following stories from the fintech and financial services space: Santander buys Wirecard’s core European business for €100m Staying with BaaS: Griffin and Railsbank raise funds, and Marqeta and Uber team up on cards PNC to buy BBVA US Brazil launches instant payments platform; expects WhatsApp to return soon Lanistar is a “first in fintech” according to Forbes, but the FCA warn consumers against using its services Rooster Money predicts what all the kids want for Christmas This podcast is brought to you by Jack Henry Digital (https://hubs.ly/H0w__kt0) the pioneer and creator of personal digital banking that helps community financial institutions strategically differentiate their digital offerings from those of MegaBanks, BigTechs and FinTechs. This podcast is also brought to you by Pento (https://pento.io/insider) - the UK’s first automated payroll platform. Say goodbye to clumsy spreadsheets, endless emails with external payroll providers and manual payments. Pento lets you run payroll in just a few clicks. It calculates taxes, integrates with platforms like Xero and makes all the payments and reports to HMRC & pension providers for you. Go to pento.io/insider to run payroll for free for the rest of the year. Banking as a Service is deconstructing the banking stack. It's enabling brands to embed finance more easily, and to tailor financial products to specific customer needs. This is presenting new opportunities for specialised providers and offers banks extra revenue streams. Download our report for a comprehensive, no BS view of what Banking as a Service is and what it means for the industry. Head to bit.ly/bankingasaservice (https://bit.ly/bankingasaservice). Fintech Insider by 11:FS is a podcast dedicated to all things fintech, banking, technology and financial services. Hosted by a rotation of 11:FS experts including David Brear, Simon Taylor, Jason Bates and Sarah Kocianski and joined by a range of brilliant guests, we cover the latest global news, bring you interviews from industry experts or take a deep dive into subject matters such as APIs, AI or digital banking. If you enjoyed this episode, don't forget to subscribe and please leave a review Follow us on Twitter: www.twitter.com/fintechinsiders where you can ask the hosts questions, alternatively email podcasts@11fs.com! Special Guests: Anna Irrera, David Jarvis, and Ginger Schmeltzer.
1 hr 8 min
North Star Podcast
North Star Podcast
David Perell
Nik Sharma: Building DTC Companies
My guest today is Nik Sharma, the founder of Sharma Brands and an advisor to companies like Judy and Cha Cha Matcha. Nik is one of my very best friends and my go-to person for all things commerce. Since we first met, we've spent hours exploring the future of marketing and commerce together and recorded this podcast to give you a window into what our conversations are like. We started with Nik's philosophy of launching Direct-to-Consumer brands. I particularly liked Nik's idea of "The Brag Bar" on landing pages, where you can use social proof to sell your products. We also spoke about managing relationships with influencers and finding the supply and demand equilibrium at launch. Towards the end, Nik and I talked about our process for turning conversations into articles, and the time he cold emailed Mark Cuban. Please enjoy my conversation with Nik Sharma. ____________________________ Show Notes 2:21 - Why Nik has the "world's craziest fridge" and how it helps keep him in the know on DTC brands. 6:29 - What marketing strategies Nik has found most successful for DTC brands. 13:31 - How brands can differentiate themselves in a world of emerging brands in already burgeoning markets. 19:25 - Nik's approach to launching a successful DTC brand and when to concentrate your advertising versus diversify. 30:19 - The role of A/B testing in building a brand. 35:43 - How influencers play into the big picture of marketing and why the "shaky video" effect is so successful. 42:12 - The selection and audition process of influencers in Nik's campaigns and how he chooses those he sees as the best for his brands. 45:52 - The costs and benefits of starting your brand through heavy promotion via influencers. 49:56 - How the process of rebranding Hint Water's bottle was performed and the qualitative process that got them to the bottle you see today. 57:27 - The metrics and methods Nik uses in his development of marketing strategies with his brands. 1:05:19 - What Nik looks for in a great landing page, and why all landing pages should be easy to read for everybody from a 12-year-old to a drunk person. 1:10:07 - What UGC is and why Nik thinks it is so underrated by marketing teams. 1:13:31 - The different marketing funnels and when you should use each one. 1:17:09 - Why Nik creates landing pages for fake products and makes them live on the internet. 1:22:56 - The importance of having great merch for your brand. 1:26:22 - What about internet culture makes collaborations so successful and popular. 1:34:05 - How somebody can convert a large personal following into sponsorships and meaningful collaborations. 1:35:46 - How new brands should position themselves when huge players like Amazon are in the same space. 1:44:01 - What happened when Nik cold emailed Mark Cuban and how he got an almost instant response. 1:50:46 - How David and Nik collaborate to develop, write, and publish the articles they make. 1:56:14 - Why Nik doesn't sweat the details of his personal brand that much.
2 hr 1 min
16 Minutes News by a16z
16 Minutes News by a16z
Andreessen Horowitz
Transparency in Pricing, Ruling Healthcare
[simplecast-embed src="https://16minutes.simplecast.com/episodes/16mins-transparency-in-coverage-rules-cms-hhs-healthcare-pricing-cost-patients-payers-hospitals-comparison-competition?dark=true"] The Centers for Medicare & Medicaid Services (CMS) issued the latest in a series of “historic" rules a few weeks ago; the controversial rules -- which have been in the works for a while, but are now final -- are intended to increase price transparency in (what's been described by the U.S. Department of Health and Human Services’ secretary as) a "shadowy system where prices are hidden". Specifically, the two rules will require hospitals, group health plans, and health insurance issuers to disclose _price_ and _cost-sharing_ information to participants, beneficiaries, and enrollees _up front_; give patients _accurate_ estimates of the costs that they are responsible for, including making previously unavailable price information _accessible_ to them and other stakeholders; and doing so in a _standardized_, _machine-readable_ way that allows for easy comparisons (and therefore more choice and competition). So in this episode of 16 Minutes, a16z bio experts Justin Larkin and general partner Julie Yoo (who also interviewed Dr. Marty Makary, author of _The Price We Pay_, on a previous episode) join Sonal Chokshi to discuss the specifics of, and the impact of, the rules on consumers and on various industry players. As is the premise of the show, they also break down the gap between what's hype/ what's real when it comes to mandates and implementation; while the rules go into effect January 2021, the deadlines roll out through 2024. What are the tensions (and paradoxes!) between hospitals and insurers, between efficient markets and top-down policy, between price vs. cost, between planned vs. surprise costs, between shoppable and non-shoppable services, between price and quality, price and value? Where do incentives align (or not)? And what are the challenges, and opportunities, for builders?
23 min
a16z Podcast
a16z Podcast
Andreessen Horowitz
Crypto for Creators: From Art Galleries to 'Tokenized' Collectibles
This episode features Q&As with two artists who are exploring crypto-powered auction sites and marketplaces – this is part of our ongoing series on the creator economy. The big picture is that emerging "tokenization" models, especially non-fungible tokens, or NFTs, are creating new ways for collectors and investors to buy, sell, and trade digital art. More broadly, these innovations open the door to the tokenization of any products or collectibles that can be captured and owned digitally.  Marketplaces powered by NFTs open up new revenue streams for creators, because anytime digital work is resold or their tokens traded on these platforms, no matter how many times, the creator gets a percentage of those secondary sales. It's all transparent and governed by code on the blockchain, and it’s a big shift in creator economies. Our first guest is one of the biggest names in crypto art, and one of the most mysterious. Murat Pak is the artist and industrial designer who created the AI-powered image sharing site Archillect. Pak has made it a policy to separate their personal identity from their online work, and prefers to keep their quote-unquote real identity hidden, so we conducted this interview by email and converted Pak’s answers to audio using text-to-speech software. As Pak has expressed in other interviews, it's really the work that matters. And we do know a lot about the work, Pak has sold more than 60 pieces of digital art this year on the auction site SuperRare, for more than $350,000. And that’s just one of the several platforms on which Pak’s work is sold.  In this Q&A, Pak talks with a16z's Zoran Basich about NFTs. These "non-fungible tokens" are unique assets that are not interchangeable. Dollar bills are fungible — each dollar bill is worth exactly the same as every other one. But works of art, for example, or any collectible, can be non-fungible — their value varies based on the market for that particular asset. With crypto, these assets carry digital ownership rights that can be easily exchanged. We start by discussing the whole concept of digital art, and why anyone would pay for something that (seemingly) can be easily copied. Our second interview is with Signe Pierce, a visual, digital, and performance artist whose work has appeared in major galleries in Paris, Los Angeles, and New York. She’s currently featuring her artwork on the creator marketplace Foundation. On that site, in addition to auction-style NFT markets, the price of tokens associated with individual works of art is something like you’d see on a stock market – the pricing is real-time, and dynamic and fluctuates according to demand by buyers, who might be investors, collectors, or fans. Signe discusses why she went from working exclusively with galleries to trying crypto marketplaces, how this move affects her work and her business, and how crypto could change the way she engages with her fans. She also offers advice for creators interested in getting into the world of crypto. She starts off by talking about how social media popularity several years ago opened her eyes to the idea of new monetization models for creators.
20 min
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