33 Burst results for "general partner"
Hong Kong Tries to Soothe the Rich With a Big Tax Break
"Talk business and tax breaks now because it's something being discussed in Hong Kong by officials who are hoping these maybe a sweetness to help attract the best investors and joining us Is our business correspondent Andrea would and you tell us a bit more about these tax breaks and what exactly they're planning. Well, this being this, you know, Hong Kong has had a lot of political turmoil. Over the past two years, the Beijing has imposed the national security law on Hong Kong to try and quell that And its circuit, Bt's made Hong Kong perhaps a less attractive place to live a Zoricic olt. Hong Kong officials now seem to be talking about trying to encourage businesses. Especially in finance to stay in the city rather than go to its old rival Singapore or other cities in the region. Some of the key things we're waiting for more details, but one of the key things is helping private equity investors. There's a thing where the people of the the center of private Equity Investments, the general partners, These are people who actually run the fund. They could get paid Some of the way that they make their money is through a technique known as carried interest. Now this is always very controversial about whether it should be taxed or not. Anyway, Hong Kong seems to be prepared to give concessions so that private equity investors Don't have to pay this thing's tax. And then there's other incentives around as well to make it easier for companies that are based in Hong home to access it rich people on the mainland off China and try and near look after their wealth management needs. Do they really think that these businesses are going to be swayed or would by this is that he given the kind of level of of disquiet there's been even in business circles as to the political turmoil. Well. Traditionally, Hong Kong has bean quite in a political place. And cynics say that you're basically as long as you can make money. People are going to stay in Hong Kong. I mean, it started off as a free port, you know, back in Victorian times under the British, and it's always being very hasn't had much in the way of regulations is being very great. It should be in a great place for entrepreneurs. Make money. So I think this perhaps a rather cynical view here is that the big finance companies if you let them make more money by reducing their taxes, and so on, they are going to stay in her in Hong Kong. On that people are going to they may well have foreigners may well have political views, but they're not political activists. You know it's not their country, so the theory is that companies will stay here if they can make If they can make bigger profits.
What You Need to Know About Bitcoin Layer 2s
U.S. Officials Say Covid-19 Vaccination Effort Has Lagged
"Going much more slowly than the Trump administration projected. It would. So who's to blame? ABC news correspondent today. Norman Went looking for answers and joining us now exclusively is surgeon general Dr Jerome Adams. So the leaders of Operation Warp Speed have admitted the rollout of vaccines is not going as quickly as planned. Just two million vaccinations logged into the federal system falling far short of the administration's goal of 20 million vaccines by the end of the year. Do you agree with the president's assessment that fault? Lies with the local level, not the federal well. Here's what the American people need to know. There's vaccines manufacturer. There's vaccines allocated those vaccines delivered. And then there's vaccines put in arms. I used to run a state health department. People forget that we've always underfunded public health going back several decades and so chronically. We need to continue to fund state and local public health better. But I want people to know that as someone who used to run a health department. I've been out on the ground with the with the Health department since September, Dr. Burke's has been out on the ground. We've been working with them to ramp up their ability to administer these vaccines. From a federal perspective, we are on track to have 20 million people able to be vaccinated doses on the ground. By the end of next week is general partner said. So we're on track. From that perspective. We just got to help the state and local entities get those vaccines administered and into bodies and arms right because having the
US clears Moderna vaccine for COVID-19, 2nd shot in arsenal
"The army general in charge of getting hope it nineteen vaccines to the U. S. is apologizing for what he calls miscommunication with states over the number of doses delivered in the early stages of the rollout general Gus Perna says that's not happening with the newest vaccine distribution of Madonna vaccine has already begun that scheduled for rollout Sunday with Monday arrival across the country as for states not getting the amount of Fizer vaccine they expected he says that was his planning error I failed I am adjusting I am fixing and we will move forward from there general partner says with the addition of modernist coronavirus vaccine to visors the government is now on track to get about twenty million doses to states by late December early January I'm Julie Walker
"general partner" Discussed on PDX Executive Podcast
"I mean there's a lot <Speech_Male> of great things going on <Speech_Male> in portland <Speech_Male> oregon for <Speech_Male> for different smaller <Speech_Male> kind of ferns <Speech_Male> on curious what <Speech_Male> What <Speech_Male> what your plan is <Speech_Male> are <SpeakerChange> things you've <Speech_Male> done already. Yes <Speech_Male> so <Speech_Male> So <SpeakerChange> on <Speech_Male> the portfolio <Speech_Male> side <Speech_Male> We this <Speech_Male> is one of the things that we track. <Speech_Male> We <Speech_Male> we <Speech_Male> we've got a <Speech_Music_Male> about <Speech_Male> or portfolio <Speech_Male> that has been founded <Speech_Male> by <Speech_Male> a color <Speech_Male> and <Speech_Male> <Speech_Male> We've got <Speech_Male> about <Speech_Male> in with women <Speech_Male> is about thirty percent <Speech_Male> so we we've got <Speech_Male> diversity on the <Speech_Male> we've got some diversity <Speech_Male> on the portfolio <Silence> side <Speech_Male> <Speech_Male> It's on the investor <Speech_Male> side. If you came to our meetings <Speech_Male> it would not <Speech_Male> be a very <Speech_Male> diverse <Speech_Male> place <Speech_Male> And so we <Speech_Male> actually have explicit <Speech_Male> goals this year on <Speech_Male> how do we. <Speech_Male> How do we add <Speech_Male> in. <Speech_Male> How do we recruit and <Speech_Male> make sure that we're <Speech_Male> being welcoming <Speech_Male> to people <Speech_Male> who want to invest <Speech_Male> in making <Speech_Male> sure that we're making the table <Speech_Male> look different so <Speech_Male> on. I mean probably <Speech_Male> the best. <Speech_Male> We've done. I <Speech_Male> think done. This <Speech_Male> has been a three or four year. <Silence> Project now <Speech_Male> We <Speech_Male> <Speech_Male> the last <Speech_Male> in <Speech_Male> person meeting we had <Speech_Male> we had about sixty <Speech_Male> investors there and <Speech_Male> <Speech_Male> And i <Speech_Male> always look <Speech_Male> at the at the room <Speech_Male> and it was the first time that <Speech_Male> it was Was <Speech_Male> <SpeakerChange> fifty percent <Speech_Male> women in the room. <Speech_Male> and <Speech_Male> and <Speech_Male> it's been creeping <Speech_Male> up from <Speech_Male> thirty percent to <Speech_Male> fifty percent and is <Speech_Male> like. Hey this is great. <Speech_Male> And then <Speech_Male> we don't even in <Speech_Male> more in person meetings <Speech_Male> but <Speech_Male> we need to do that or not from <Speech_Male> a from a <Speech_Male> diversity <Speech_Male> standpoint as well and <Speech_Male> so we're <Speech_Male> am actively working <Speech_Male> on that from a <Speech_Male> recruiting and <Speech_Male> i think <Speech_Male> that <Speech_Male> my feeling is <Speech_Male> that if we can get a <Speech_Male> more diverse investor <Speech_Male> since the investors <Speech_Male> are driving <Speech_Male> the entrepreneurs to us <Speech_Male> and saying. Hey look <Speech_Male> look and talking. <Speech_Male> Oh that's gonna drive <Speech_Male> even more diversity <Speech_Male> into our portfolio <Speech_Male> as well absolutely <Speech_Male> <Speech_Male> and so. Yeah we <Silence> were a <Speech_Male> <SpeakerChange> <Speech_Male> part <Speech_Male> of <Speech_Male> that. Connecting and <Speech_Male> cultivating is getting <Speech_Male> that hundred and eighty <Speech_Male> out into the community <Speech_Male> so <Speech_Male> that they're more <Speech_Male> accessible to people <Speech_Male> and we can <Speech_Male> put that <Speech_Male> network available to <Speech_Male> to more and more people <Speech_Male> and so <Speech_Male> that's kind of what <Speech_Male> we do events <Speech_Male> like. We did <Speech_Male> the pitch event the night <Speech_Male> with pd. Swimming <Speech_Male> attack <Speech_Male> had <Speech_Male> about fifteen <Speech_Male> of orange bitter <Speech_Male> or eight <Speech_Male> entrepreneurs fifteen investors <Speech_Male> and. It's <Speech_Male> really about just like <Speech_Male> opportunities. <Speech_Male> For serendipity <Speech_Male> is what i <Speech_Male> can <Speech_Male> see <SpeakerChange> where they <Speech_Male> can help each other. Yeah <Speech_Male> that's great john. <Speech_Male> Well hey thanks so much <Speech_Male> for your time and <Speech_Male> you know <Speech_Male> love scene <Speech_Male> startups <Speech_Male> in <Speech_Male> In our region grow <Speech_Male> like. I <Speech_Male> told you i've interviewed <Speech_Male> several of them. <Speech_Male> Looking forward <SpeakerChange> to touching base <Speech_Music_Male> <Advertisement> with more so <Speech_Music_Male> <Advertisement> thanks so much. <Speech_Music_Male> <Advertisement> John <SpeakerChange> thanks for <Speech_Music_Male> <Advertisement> the <Speech_Music_Male> <Advertisement> pediatric executive. <Speech_Music_Male> <Advertisement> Podcast is a production <Speech_Music_Male> <Advertisement> of that. Cast <Speech_Music_Male> <Advertisement> portland oregon <Speech_Music_Male> <Advertisement> podcast agency <Speech_Music_Male> <Advertisement> that partners with brands <Speech_Music_Male> <Advertisement> to create. Custom <Music> <Advertisement> podcast <Music> <Advertisement> you can learn more <Speech_Music_Male> <Advertisement> at that cast <Speech_Music_Male> <Advertisement> dot com <Speech_Music_Male> <Advertisement> and please take a moment <Speech_Music_Male> to subscribe <SpeakerChange> and rate <Music> the podcast as well. <Music>
"general partner" Discussed on PDX Executive Podcast
"I mean he economy was on fire rate before all this happened. It was just insane and Some people looked at entrepreneurship of just the glamorous part. I'm reading billion-dollar loser right now have you. Do you know that book is about. It's it's a profile of we working on the founder and it's crazy and it's just like the growth at all costs the blitz scaling that kind of thing What's what's your advice to. Maybe people looking into the pros may be. They should take as far as to growth and just starting a company. So i think we have a little bit of a different approach in oregon You think about The even the the venture industry were in. If you're in the valley you're you're gonna lose aided ten companies invest and you're gonna shut down in two years and that's just not how we approach the world at all You know we've. We've we only lost a couple of companies out of the sixty some that we've invested in and we it. It's just a different approach where we were trying to build the economy have to stand the next. The next recession happens you know. And i one of the things we have is a is a fifty year plan for fund and are one of the things that how do you judge success and i always my judgment is accessible. Be when the new york times article comes out in ten years..
"general partner" Discussed on PDX Executive Podcast
"Yes every like the tech community. The startup were spinouts of coming. Get people coming out of intel people coming out from mentor graphics in those types of companies in the. I think we're seeing a lot more b. to b. to c. solutions. It's it's yoursel into the restaurant but it's helping the consumer right some sort of i. We're seeing a lot more of everything. I'd say right now And i think that's great you know. I think we've got or you know one of the things that happens in the ecosystems as he got yet entrepreneurs tend to come out of certain companies. And i don't i. I wanna do a research project. It's one day. 'cause there's certain companies that spin out entrepreneurial people And they get to a certain size the sold or they mean they're they're merging to someone else and they the people disperse and some company has there's no entrepreneurs and come out like for whatever reason the culture did in higher and cultivate than perils spirit. Others that happens and you. There's ten new companies that could started from the alumni of that company name. Some of the ones Recent ones yeah. There's Like like elemental would that be j. Elemental is a great one. We're seeing people jonah. As anything goes at the top top to that i'd say at the moment I think luke puppet also did a good job of of cultivating that A little bit more deeper engineering side so we started using the most people coming out now. There was a company that was probably five years before all of those sort of grew up on an just can't remember the name of it chris marsh was the ceo. And they they that company that that club of Alumni from there everywhere in in it's no surprise when they pop up window. Of course someone from from that company is. There's should do a research project on that. Just think it's i don't know and i wonder..
"general partner" Discussed on PDX Executive Podcast
"Did they heed that advice. Yeah yeah yeah most wanted. I know that because we stopped seeing a lot of companies come from fundraising south And that that's normally we see a normal slowdown in the summertime. I i just happened. It started in in april may and then Come about august. It picked right back up again like a normal year would be and so on what i'm seeing is companies that were all on a path in february. They put that path on hold to go focus on customers building products and then and other case. So we figured out a path how we can be successful during covid and we're going to be successful afterwards and here's how that all works out in those of the companies that were starting to see. Now i'm coming back saying hey we're in a much stronger position actually Because of that i am in those companies are seeing now i I'm starting to see the inklings of what we're gonna see next year in the first half next year. And i think that's going to be pretty exciting because we're going to see new solutions to new problems rate. And how do we solve some of these and it's not the reactive like oh we need and how do we get more that it is okay. The world works different way now. And how do we create technical solutions to those things. What are some of those things you can share or some of those problems are i mean. I think that's We're we're seeing am. I'm just curious. How how many of them are going to be long long term like you said just the reactive kind of savings rate. Yeah i mean. I think we're starting to see more of the I mean the initial some of the initial things that were like. They've just got a huge kick. Start was there's a great A food delivery service called milk run yanked connects local farms. And you just order your food online and shows up on thursday..
"general partner" Discussed on PDX Executive Podcast
"It's pretty. I try to be really accessible to people and my my email is on the website by end. Are the our partners that are attorneys that are helping businesses get started Around the state there's The people like brian vieira at Central oregon and band on the inadco is great resource for sending companies to us that he knows were looking for. He's part of our group in a good sense of how to win companies appropriate. I got it. Yeah and and and you thing people say about portland. Ice thing is really true as we're all like one degree away from knowing everybody in the community and a lot of ways so i can see that being really powerful but at the same time little over overwhelming as well so how is ob f evolves and. I mean that by just the structure because we if you look at other venture capital firms. They've kind of transformed from just like again writing a check. But really almost like a full-service mentoring helping people get talent. Is that part of what you do. Or Yeah yes so. I mean if you go all the way back when when i pitched a venture oregon angel fund at the time on they invested about a million dollars a year. There was thirty seven people The average child will be two hundred thousand dollars and And what's happened over the last ten years that's really grown so this year dust up fifteen million dollars while hundred eighty members and with that. We're doing more of like you said so. We're we have an addition to myself. There's there's Virus general partners. I'm we have a full-time person now. Compton whose job is to is portfolio success. What does that mean that means. How do we help Help them with recruit how to help. The company's recruiting with strategy planning With binding customers with a lot of that kind of A lot of recruiting and looking for jobs comes by us. You wanna work with startups. We have the network. And we've we near constantly working the dr companies deserving. What we're going to tell them. How can we help you right. And i mean i think you know matt who be met once but i mean he's really well known here for companies he's been a part of b before so that's great to have that plugged in and connected and i would think that'd be a big draw for people wanted to go with the f. b..
"general partner" Discussed on PDX Executive Podcast
"They're doing our slice of the great pacific northwest. Everyone thinks to listen to executive podcasts excited to have my next guest john roney. Who's a general partner oregon venture fund on today. John thanks for joining me so we were talking before recorded. I've had you know. Some your portfolio companies on i've had curl cruise part of oregon venture fund. I thought it'd be great to have you on through these interesting times. Get a landscape of what's going on here locally with start ups But also more about lovie. Yes oh i love to start just If you could tell us a little bit about yourself and your role with the f. Yeah so so. I actually my my history with goes back to almost beginning of es where. I was an entrepreneur Hitching dobie off. I did not get funding. Them went on to sell my company and then joined as an investor in two thousand thirteen akam really because i want to understand how investors look at start ups and and how that mindset happens commanded from the entrepreneurial side right Joined really enjoyed it and And became general partner Starting in twenty fifteen about five years ago and my role is really working on Is is my title is connecting cultivating literally. That's what my card says. And that's what i do all day. long may talked to about three hundred startups. A year All oregon based and What i try to do is we're gonna invest in is probably year and but what i tell everybody. Is you know we want to be helpful. Were here to a. We see our mission. As organ batch unto to convene an unleash the talent in the capital that we have here for the benefit the next generation of companies. And how we do that is by. Electing people that are business leaders who are investors.
"general partner" Discussed on AI in Financial Services Podcast?
"Talk about risk management in where machine learning is kind of making its way into risk management in finance. You think at a high level about where they're intersecting today. Where do you see that happening. So i think at a high level queueing off from you there. What's exciting is being able to. What's most exciting is being able to the risks that we just haven't been able to press before that you know caused us loss so caused us a problem you know whether van or whatever else. It's an easy example that we just couldn't predict and therefore we couldn't predict the or make a calculation about the expected value of an asset. Because there was this big risk that was out there that could damage the asset whether van ripping up a house or something horrible like that but because we couldn't predict it assign a probability to it. We couldn't then hat. Multiply that by the value of the house to figure out like what's the potential damage of laughed and said yes and so therefore you couldn't really accurately press insurance product on the house now and you could cost like crossed. The risk of all sorts of other things happening the house. And you could do it with actuarial tables and whatnot so we had been pricing. These risks like not necessarily Direct way so be a more like basic statistical way. Now we can do. Just better inputs. We can prosperous that. We haven't been able to press before price well before. That's an input side. That's better day. That's that's better weather. Data collection individual driving behavior collection. You know better Consumption collection consumption patent collection but Collection of eric odes on dishwashing machines. All sorts of all the data input side on the modeling at risk side. There's been a lot that's happened there as well. So that is with this data like we can extrapolate in different ways instead of just using actuarial table which is a very powerful tool to assess the risks. We can run different scenarios. Weekend run simulations. We can throw an agent into the system using agent based model for simulation to figure out what happens. If like all of these fire happens or what happens if you know all of these people take these 'cause off line and stop driving or what does society look like dan. What is the different ways in which caused behave when they being driven twenty four hours a day as opposed to one hour a day and therefore what is the damage right. Is it like twenty four times or is it actually completely different just ten times. We would know that unless we're able to do like an agent based simulation for example so to summarize. What's the most exciting thing is pricing risk. That you just haven't been able to price either because you just didn't have the data we didn't have the model do it and we just saying more day to come on. I'm always modeling. Things that allows the prosser That we just have. This is a nice way to. That's a nice bundled idea there and we can start a picnic part. You mentioned dishwasher codes. You know there's obviously so many different bits of information right. The auto insurance companies have the thing in your glovebox and somebody's gonna put it in their grandparents glovebox because they only drive twice a week but we hold most people putting their on their own actual cars the data's real But more sources a lot of those are perfectly good all the way down to use that as kind of a superfluous granular example. Or did you use that. As an actual likelihood of a machine thing a water damage. Go go on go on that. That was a really curious one. Well yeah. I mean so of these machines. Whether it's dishwasher fridge you tv or whatever else they have error codes and also industrial machines to like boilers and pumps and things like that. They all have error codes now. Almost error codes is sort of idiosyncratic to the manufacturer. The manufacturer programs the controller on the machine to spit out our code and then they use that to diagnose it now. The way macy's eric currently interpreted is a human looks at the code. Looks in the manual matches it up or they call someone up and say it spitting out the car. They look in the manual that matched up in a you can develop systems that just sort of have collect data about what air code means water across a whole bunch of different customers and has a global database of this stuff. And then lens what you do when you see a scenario code do you change the setting. Do you switch it on and off do whatever and then the next customer that comes in that has that problem can just have. The machine suggests the solution to it yet. One interpret the air and then suggest the solution that works last time for someone else. And so you've got structured data in our kurds that you aggregate and maybe anonymous and whatever else. You have the input of kay. What did you do to fix it. You have the output of like didn't fix it and then the feedback loop and so then you get. What what. I call data network effect which is every incremental machine. You add to the network customer use. It has five machines in the factory adds more data and more direct data of these. Erica admits that bills feedback data of like. He sees the solution to the problem and said that the end plus one customer the end. Customer helps the plus one customer get a better result resolving issue more effectively until i've seen companies do this the industrial context within a little machines in palm stuff. And i've seen people do this in the context with. Unit dishwashers fridges. Stuff like that. This is really interesting. I can see a few just spinning off of where you're coming from. You know it was. It was almost the most random thing you could have thought of. But it's neat little pocket of risk. That i think doesn't come to mind. People think risks. I think my house catching on fire. They don't think about an yellow vision of microwave. We might imagine that maybe there would even be patterns in. Hey we keep getting this error code. What are the commonalities. The customers get different. Our coach you know are we mortaring from. Is it single moms because kids are using the microwave in some way. They're not supposed to you know. Is it people in the northeast because the winters are killing. This thing is it. You know whatever so there might be that side but then there's also like you had said the diagnostic side. Hey when we do this fix when the guy comes into the house and fixes it whatever. It is refrigerator up. Boiler that tends to correlate to it staying fixed so to speak so like you said eventually up at prompt the so there's all kinds of ways that information could be used in may be factored into.
Whoop, maker of the fitness tracker that pro athletes love, is now valued at $1.2 billion
"Whoop makes fitness trackers and provides performance metrics for athletes and whoop just raised one hundred, million dollars at a one point two, billion dollar valuation from I've VP Softbank Vision Fund and athletes. Including Eli Manning and Patrick Mahomes quoting Bloomberg. The wearable technology up charges a monthly subscription fee in exchange for providing data to users collected from the whoop strap it supplies at no additional cost that can influence how they work out, recover and sleep. After four months of use members dedicated an additional forty one minutes to sleep each night and reduced their resting heart rates by about four point four beats per minute. The company doubts on its website quote whoop data shows users are making different lifestyle decisions such as consuming less alcohol. In order to improve quality of sleep? Said I'VE EP general, Partner Eric Lee who has joined whoops board both he and referred to the company's hyper growth. But declined to provide specific information on whoops subscription base or other metrics. The company's data may help indicate if a user has contracted covid nineteen in June despite not experiencing other symptoms professional Golfer Nick Watney sought a test after whoop data showed his breast permanent were elevated. He tested positive for the virus and ultimately withdrew from the. Heritage existing investors such as basketball star, Kevin Durant thirty-five Ventures Golfer Rory mcilroy and Justin Thomas and billionaire cryptocurrency bull Mike `grats also participated in the funding round as did firms including two sigma ventures, accomplice collaborative, fund, Thursday ventures next few ventures, promos, ventures, Cavu ventures, and d twenty capital earlier investors who didn't join this round include. Jack Dorsey and Moose partners which manages the wealth of the brothers who owned the luxury Chanel Empire Emad said and quote.
Data Alone Is Not Enough: The Evolution of Data Architectures
"Hi and welcome to the a sixteen e podcast. I'm DOS, data, data data. It's long been a buzzword in the industry whether big data, streaming data, data, analytics, data science even ai and machine learning but data alone is not enough. It takes an entire system of tools and technology to extract value from data. A multibillion dollar industry has emerged around these data tools and technologies and was so much excitement and innovation in the space. It raises the question how exactly do all these tools together This podcast featuring Ali Goatee, the CEO and founder of data bricks explores the evolution of data architectures including some quick history where they're going and surprising use case for streaming data as well as always take on how he'd architect the picks and shovels that handle data and ten today. Joining Ali this hallway style jam is a sixteen see General Partner Martinez. Casado who with other a sixteen the enterprise partners just published a series of blueprints for the modern data stack. You can find that as well as other pieces on building a businesses the empty promise of data moats and more at a sixteen dot com backslash mfl economics. In this conversation, we start with holly answering the question. How did we arrive at the set of data tools we have today Starting eighties, business leaders were kind of flying blind, not knowing how the business were doing waiting for finance to close the books and data warehousing paradigm came about they said, look we have all this data in these operational data systems. Why don't we just all that data would take it out of all of these systems transform into some place. Let's call data house and. Then, we can get business intelligence on that data and it was just a major transformation because now you have dashboard, you could know how your product is selling by region by skew by geography and that itself has created at least twenty billion dollar market that has been around for quite a few decades. Now, what about ten years ago? This technology started seeing some challenges? One more and more data types like video and audio started coming out, and there's no way you can store any of that in did our houses second they were on prem big boxes that you have to buy and the couple of storage and compute. Kim really expensive to scale them up and down, and the third thing was people wanted to do more and more machine learning ai on his data sets. They saw that we can ask future looking questions, which are my customers charn which my. Products are going to sell which campaigns should it be offering to who? So then the data leak came about ten years ago and idea was here's really cheap storage, dump all your data here and you can get all those insights and it turns out just dumping all your data in a central location. It's hard to make sense out of that data that sitting there and as a result, what people are doing now is they're taking subsets of that data moving into classic data warehouses in the cloud. So we ended up with an architectural maths stats inferior to what we had ladies go. We have data in two places and they don't make ended that or house or the stale mass, and the recent sees not great in the last two three years. There's some really interesting technological breakthroughs. That actually now are enabling a new kind of design pattern. We referred to it as the Lake House and idea is what if you could actually be able to do bi that rightly on your knowledge and what if you could do your reporting directly on your radio and your data science and your machine learning straight up on the data link I would love to tease apart a few things that have led us here. You know this is very clearly a large existing data warehouse market behind. And you know it's typified by people using sequel on structured data. Like the Emily, a use case is a little bit different than the analytics use case right the case it's normally human beings that are looking pash boards in making decisions where the. Use Case, you're creating these models and those models are actually put into production and they're part of the product they're doing pricing. They're doing fraud detection to underwriting, etc.. The analytics market is an existing buying behavior and existing customer MLA is an emerging market and so. The core question is, are we actually seeing the emergence of multiple markets order this one market? Well, there are big similarities and there are big differences. and. Let's start with similarities roughly the same data. is needed for both there's no doubt when it comes to a and machine learning a lot of the secret sauce, you'll get those. Results predictions comes with augmenting your data with additional Meta data that you have. In some sense we have the same data and you're asking questions don't differences. One is backwards looking future looking but other than that a lot of it is the same and you want to do the same kind of things with the data you want to sort of repair it WanNa have it so that you can make sense of it. If you have structural problems with your data that actually causes also problems for machine learning, actually the difference today is that. It's line of business as typically doing a and they'll science or hardcore rnd whereas housing and be I oftentimes sits in it users of the data warehouse into Beatles, our data analysts, business analysts, and machine learning. We have the all scientists machine learning engineers. We have machine learning scientists. So the personas different and it sits in a different place in the organization and those people have different backgrounds and they have different requirements on the product using today.
Tracking the Trends: AI, WebRTC, Crypto, and Full Stack Startups
"Today's episode is a conversation about four big trends in the tech world. Any one of these trends would be notable on its own, but we cover all four in this hallway style chat as a sixteen z general partner Chris and talks with Sept. Campfire professor of media, arts, and sciences at MIT, and now co founder of cryptocurrency platforms, Selo and Eli Gill an investor in the CO founder of Health Technology, company color genomics, and formerly at twitter and Google. This is a wide ranging survey of some of the major shifts in technology right now but it's really a Meta story of how innovation happens, which is most definitely not in a straight line. So here, the translate cover Crypto, of course, a and machine learning including GP three. You can also listen to our explainer episode on what type and what's real there on our show sixteen minutes full stack startups, which Chris I wrote about in two thousand, Fourteen and collaborative web collaborative enterprise social including RTC or real time communication within the browser, which is where the conversation begins the first voice. You'll hear his Chris followed by talking about Web RTC and then set wants the conversation turns to Crypto. So it's a lot I. You and I have been talking about this in a negative excited about it. This kind of this feeling that there's a new stack of web infrastructure things like video audio. Collaborative Video Nadia rather who's having infrastructure now that it works in a way that it hadn't in the past and that's a mocking a whole new way of interesting applications people are always looking for the next platform and what the next big platform shift is and I think I kind of May have snuck up on all of us in the form of Web RTC Web Gio and then related. API. Companies providing sound or other things that have been built on top of by. Many other companies and I think the shifted substantiate itself in two different ways and almost call it the collaborative web and then separately the collaborative enterprise and if you look back ten years, people kept talking about during the first social way everybody talking about how there's going to be a social enterprise and how every SASS product was going to be more social and collaborative in that largely failed and it feels like that shift is finally happening in part due to things like what? You see fig for example, is the first really strong example of a Web jail enabled application along you to collaborate in real time with other people. In parallel with RTC is really allowing for really interesting concurrent sessions around video and tell you starting to see that in terms of a lot of products being built around virtual office rooms, virtual conference rooms, and I really do think this is the moment where collaboration is finally being built into the enterprise world and enterprise products, and then in parallel Web Jalen. Web RTC really seem to be enabling really interesting social experiments right now in terms of new social products, you have really amazing video and audio quality. So the time lag has gone who can do things that clubhouse. There's lots of interesting video experimentation. So you can see almost like degraded forms of your other things happening in browser or so I think now is a really exciting time of innovation around this new webstock. Point sneaking up on us, we've obviously had the ability to have conference calls group audio for decades. Right. But like a club house fact that there's so low latency and you've got like the visual representation of the room means that to me it's like if you remember the old days in the conference calls, Hey, always have people talking over each other partly because of whatever thrown is remarkable how the conversation switches from person to person. The latency I mean we both houses. This was zoom right like the fact that he doesn't stutter. The fact that very rarely does. It somehow Kinda Crossover. This point of good enough where finally hitting the point our in terms of video quality and the ability to stream concurrently across multiple users in terms of audio quality were hitting that point where the web infrastructure is really supporting the ability to have extra latency. A new platform excited at the examples. But when you say platform you that means you did they'll be thousands of examples. Are you think it's GonNa? Be a whole new wave that goes? By ten years. I think like any a quote unquote platform they're going to be a handful of things that really matter. That will really be the important things on it, and then a lot of things will be experiments that fail or don't work and I don't know ten years from now, what's going to be the main setup applications? I just think it is a shift that enables a bunch of applications to be built particularly the social or collaborative enterprise. One example that I think is worth noting in terms of what's coming due to see is it's quite possible that if you. Look at virtual reality or Vr the predominant use case in the near term mackey shift to the Rouser, and so I think right now in order to experience the are you need a headset you need some cases client software etcetera in. So there's more obstacles in hurdles to be able to participate and I think one of the things I found really interesting about where to seeing what jail is the ability to suddenly create like experiences where you just drop it. Can show up and so the big question in my mind is is oculus almost like the desktop computer versus mobile devices where the desktop really helps you do powerful tests, but you can do a lot on your phone and it's sort of the mainstream use case for most of the Internet today so I think that's another thing that we'll see if it happens or doesn't happen over the next decade, but that may be one interesting long-term trend to watch relative to web RTC. In. Jail. crypto rolling all involved in this allowed, you invest in Crypto Zapped new coupons company Selo in Crypto Abbasi's been my time besting. tells. A little about why you're excited about it in the second ring on. So I'll start off with general principle that I think is true for all of the technologies that we're talking about. There are certain class of technologies that increase the expressive range of a certain medium and when you increase the expressive range of a medium. Things pop up that were not possible before because you now are playing in the new design space. The historical example that I always love to point to is in the eighteen hundreds. The invention of the metal feral in painting is the little piece between the paintbrush and the paintbrush handle and collapsible easel. Those two things together allowed people to a brave paintings outside and be start to paint with a new breastroke that them too quickly DAB, paint onto the canvas in those two. Ended up, giving rise to form of painting that we now know as impressionism, and still it's interesting to think about impressionism was a result of technological advances painting and you see that same thing with the web and the Internet in general there were technological advances in the medium of text and so all of a sudden people could send texts more quickly anybody could be a broadcaster you start putting texts together with code to create different things in that vastly increased the expressive range of texts in a way that led to all of these things that you could not predict in advance. So for example, in ninety, four, ninety, five, when the web was starting to become popular, one could not imagine that. Will one day I'll be able to press the button and order my groceries on this and have my groceries come to me. You know and so I think those are really interesting from A. Technological point of view. Why I'm excited about Crypto is that Crypto does this for money? It increases the expressive range of the technology that we know is money, and that I think we'll follow very similar to the Internet you know at the beginning of the Internet. You saw allow people to pass messages. More quickly to one another across the distance in a way that was just qualitatively different than facts, and that is the first thing that you started seeing with Crypto it has direct implications to things like remittances or making the UNE banked. But then on top of that, the second implication of the web was that anybody could become a broadcaster with youtube anybody could have their own TV station and in the context of Crypto, you have the same democratization in financial services. So you see this kind of rise in decentralized finance open finance. And third is most exciting as it allows money to become programmable in the same way that the Internet allow text to become programmable and that I think, I mean we're seeing some early things today but that's I think the aspect that we're still the earliest and it has the most legs and is the most powerful and the most difficult to predict the stage. Since we're in such an early phase
Turning Open Source Developers Into Superfans
"Today's topic. How do you create a platform that people not only us, but tell their friends about when that goes beyond just being useful and actually connects deeply with the user in this episode recorded at our crypto startup school. In April Twenty Twenty eight sixteen z General. Partner Chris, Dickson talked about building communities with get hub co, founder, Tom Preston Werner. Discussed how to engage early users, how to turn them into your biggest advocates had a create super fans and more. Today get hub is leading community for open source developers and others. The also discuss in-person communities versus distributed communities a topic that's very top of mind today. So here's Chris and Tom starting with the beginnings of get hub. So. How did the idea come about? That was while I was at power set and we were using get internally a little bit. I was working on an internal project with erling and. Co Workers I was working with Dave on introduced me to get. He was like, this is the greatest thing like the Lennox. Lennox Colonel Uses this. It has this really nice branching emerging model and he showed it to me and I was like this is this is pretty awesome. It's the command line stuff a little hard to use it like you have to have an account on a server somewhere and pushing and pulling from repository to repositories. Awkward. But I definitely saw the potential, and so we started using it internally power set and going to the ruby meet ups in San Francisco and just started thinking about how great it was, and but nobody was using nobody could. Really. The dominant reveal using over to using subversion was the most prominent open source. See some people would be using CVS. Some people were using perforce. But it's not only about trying to trying to make it possible for people to harness the power that I saw in being a web developer. I, I not make this, know how to write code that can read from disk and pull get objects of disk and give them into ruby so that they can be exposed a ruby on rails web site and I, thought that would be a cool project that I could work on accident projects with people that I knew and just started showing it around the community. and. So you this website and then you put it up ended immediately, Kinda get popular or did it take a long time or? Did, we did a a thing that we stole from. Marketing trip that they did with g mail where you you had some invites. So we gave people five invites, and the could invite the invites to their friends, and so there was this kind of artificial scarcity I. Mean, it was real scarcity too because we we had some very small server that we were running this thing on. And so it was sort of a dual. Dual, effort to to. Lever, some of that artificial scarcity that that makes people want I want, I want it. I want everyone could see it, but not everyone can have an account, and so we manage the accounts that way early on anyone could read, could you could see it and pull the repositories, but not necessarily sign up. Right. You had to have an invite to sign up. So. That worked I. Don't know if that works anymore. I. Haven't seen people do too much of that anymore. But at the time it was it was quite successful. I get created a lot of buzz. People just talking around I. Think Twitter was quite early then but people were talking about on twitter. and and people really seem to like it and. I don't know just people started signing up for it, pushing up random code here and there, and it immediately I think struck a chord with people as far as the capabilities version control and what you could do. Once you realize that you had easy branching and merging. offline capabilities. It was super super? Fast. And now with a website where you could push a coding collaborate on it. And make it so that you could use get and have it not be the hardest thing in the world it just it just it grew linearly. Our user base linearly for almost the entire time that I was there was this was not a a super exponential curve like you see in a lot of startups, you're always like I need that exponential growth curve. Are I'm doomed? For us it was, it was quite linear. We grow by some x thousands of users a month, and we sustain that for for months and months and months and. Years on those numbers would grow. So it wasn't exactly linear. And, then you know over time, it would get faster, but it was mostly, it was. It was. Quite linear, but the income was also linear, which is nice. The income just kept coming as well.
VCs and Startups Consider HaaS Model for Consumer Devices
"All familiar with software as a service right in a way. SAS has taken over the world. For software and all sorts of enterprise and consumer settings, but even increasingly. In all consumer settings as consumers have gotten used to. You know paying for digital things. I mean you can think of Netflix. As software as a service in a way. Well, are you ready for hardware as a service? Let me give you an example. Noura is a company that makes high. End earphones the NRA phone. For example is what the company calls the world's smartest headphones. You can buy the neuro phones today for three hundred ninety nine dollars, or if you pay ninety nine dollars, ninety nine cents up front and subscribed to pay nine dollars ninety nine cents a month. You can also own the near Afon. This is not rent to own. This is subscribed to us. As long as you keep paying, you can get a new neuro phone device every twenty four months. You can get the over the air software updates that keep the device improving, and Oh, yeah, keep the device working because if you stop paying, the device shuts off. Remember when there was that whole Brouhaha about Sonos end of lifing support for their earliest speaker systems. Yeah, get ready to hear a lot more about hardware service quoting techcrunch. In a recent email exchange Duncan Turner general partner at the x accelerator, which backed Noura described Hass hardware as a service as a great way to keep in contact with your customers and up sell them on new features most importantly for startups, recurring revenue is critical for scaling business with venture capital, and we'll help appeal to a broad set of investors, Haas also often has a low churn as easier to put. Put onto long term contracts and quote the upside to consumers clear. Don't pay for everything all up front, and your freer to experiment with new devices in ways you wouldn't have been otherwise. This is especially important in a world where brick and mortar experience is increasingly rare, even before retail ground to a halt courtesy of covid nineteen. There's also a clear appeal for those who are inclined to frequently upgrade devices quote. It's providing continuous value than it should be worth paying for Y combinator partner Eric Makovsky, tells tech crunch, if not stop using it and move on, it also is more sustainable hardware. These days requires a lot of software to work and the development and maintenance of that software costs money companies that have a continuous source of revenue will be able to continue to improve their product offerings through software updates and quote in two thousand eighteen. Eighteen study analysts parks associates noted a potential hurdle, however quote while a consumer reluctance to pay subscription fees is well documented. Haas models may get more traction. Where more value can be offered at less financial risk to the consumer, the challenges to create a service bundle with clear value that consumers find attractive consumers will pay for services that they perceive as valuable and complete tasks that they cannot or prefer not to do themselves unquote. As another VC is quoted, saying in the peace and I've seen myself over the last few months, startups don't have to be talked into Haas into this new sort of business model. Providing consumers can be talked into buying in as well if there is a new hotness right now in startup pitches at the moment it is basically subscription, but for x that sort of the new uber, but for X, and it's easy to see why this is so attractive to start ups. We've spoken endlessly before about how reliable and easily anticipated revenue is provided by subscriptions. But also if you have a subscription business, consider that you could achieve scale, not at the end of some years long slog through the Dark Valley of losing, money. Imagine, you could achieve scale and essentially bootstrap your way to it off. Your own cash flows from basically day one.
"general partner" Discussed on Duos The Co-Founders Podcast
"general partner" Discussed on Duos The Co-Founders Podcast
"Way what you think. Steve steven actually. Both some are scared. You know admit weakness. Initiate usually the first time founder. I think the second third. Listen i suck at this. Or i hate doing this and this is where i need. Alpin there are more than comfortable having those conversations so ending that comes with experience and sometimes they just don't know 'cause they're so heads down right and they either feel like they're bothering someone or the dislike. Just so focus has downloaded on take a step back and be like oh my god i forgot i have all these incredible people around me Yeah i think it's you know. I think that's what we see again. I think like founders. That have the experience like really tap in and wanna leverage the people around them. And you know. I think that's We do like very formal structure quarterly. Business reviews three to four times a year at you know with our with our part so at the very least and we're constantly taught them in the us. Josh sang one of us made in talking to but like we do five in a room white boarding. Let's go let's separate from the know. Some of them not everyone at the seed stage as you know. Most of them don't separate from kind of a discussion. It's let's really tackle the issues different angles and help you see things that you may not be seeing because you're so heads down and that's you know i think that some that's super valuable like we get the seat back after the founders are like thank you. This was incredible in josh point. Sometimes it'd be back as hard right. One hundred calls calls me the instigator right now. It's like anything you've got to figure out yourself with. Got to be provocative to get people to think about things in different ways and no one knows what's right or wrong but it's just at least learning and making you see situations your hair down some something. I've seen which i think will resonate with with justin in michael ashore on the people side is Everyone's great everything. Nor should they be. And i think we've come a long way in the world of people to understand that it's not about getting better at the ship that you're not good at her that you don't like it's actually i do. I spend the majority of my day doing the things. I love right. Because that's where i'll be great. And i think what i have seen is there's been a lot of investors. Vc's in the past that they they try to flex into roles and aren't them right so to get advice from someone Hasn't hired a hundreds of people than bill team stretch on. Hey here's a great engineer should go talk to them. My first conversations with a lot of the founders were working with now and And i was like been vigilant. Like yes and i was like. Let me tell you what happened. You had an awful conversation. You didn't know how to get your own trinity yet. You didn't have a good understanding of who they are. What they love to do air will keep or if i was the one giving you advice should be very different than someone hasn't done this before. I'm not gonna flex hard into what your go to market strategy should be what your products should look like. That's not what i do. A data guy on our team that does that remarkably well and when you come back to needing to understand what your next hires is going to be. Or how you motivate your current teams that the time goes back to me and so it is. It is why we again put together the team that we've put together aligned around completely different strengths. So that we don't try to fake our way through things that we are in great at or we don't know as well as others which i think has been happening for a long time now to guys now that we're in almost the peak of corona at Here in new york at least would you say there's been evaluation reset our our founders. Finding it difficult to get money. They having incisions obviously or companies been a full ones. That already sunday are gonna last and get through this hopefully What are you seeing out in. You know an are. You guys still looking at deals looking for value in that you look into you. You're still investing. Yes so. I think what couple of things happened right. The first reaction for every investor and their companies invested in is spend time. Shoring up the right making sure that down the hatches and make sure you have a plan and you you react quickly and You know everything that you had planned gets thrown out the water. You got to replant. And so i think you know we have spent a lot of time with our founders Just thinking through the different situations now for us You know a lot of our founders raised money recently and so. I think the idea of having two to three years of cash is is is a good idea and i think later stage a whole different at it raise money that are allen scale mode a know if you're in certain verticals like travel hospitality bats a whole different game. I mean in terms of cutting costs unfortunate layoffs and so forth and then just re forecast a your entire plants to frost seed companies are still very early and they don't have at time you know they're still building product for customers and so i think that's the place to be you know frankly key from that perspective that that in again we had kind of complaining the where it would be saw in two thousand eight she seed funding increase now that said i think founders absolutely have to be realistic in evaluations. They're gonna come down They have to. And i think those still raising pre corona evaluations. Probably not self aware they just built. Maybe they have something. That's so amazing that they can still get out. Get away with it. But i think there's there is a realism that set in and maybe raise a little less. So you don't want if you don't want to dilute you gotta Behalf to you have to raise a noxious inbuilt twenty to forty percent last night. Where does it sit. Aren't aren't ital- i think it's hard to dominate. Certainly lasson. twenty to forty. He's probably will be the right. Range may be less snap. valuations are definitely coming down. Were they had gotten up to begin with So i think we definitely see the us. Listen we're we're seeing. We've always been taking the approachable. Go deeper with fewer companies and that are by our bar and our diligence that we do in credibly high. So we're not doing fifty one hundred companies where we just spread chips around in our time around where you know. We're we're heavily focused on you know We've we've we have invested in eleven companies today probably invest in somewhere between or show more in the next twelve to eighteen months Ended fifteen By i think what's going to happen. Seen historically is a couple of things one. Some of the best ideas happened during these times and during crisis and so. I think we're excited about that and we're excited about. There's a lot of talent you know. Unfortunately but to to the benefit of startups. There's a lot of talent out there that wasn't accessible before him. They were making too much money or comfortable their jobs. Or whatever and i think now there's a whole other talent pool now that startups will be able to to attract and get great talent in so i think in some of the best companies have come out of the worst times in. And that's what it's and. We're seeing some just. Unbelievably inspiring founders. you know we see twenty deals or so weak and if that and.
"general partner" Discussed on Duos The Co-Founders Podcast
"Earnings My last gig was nine years At facebook where. I helped open the facebook york office. for mr zuckerberg but in partnership with some really incredible mentors Tom eric's mike. Murphy i i was kind of an intra panetta there and over that time I had met Glenn who. I ended up sitting across from for about seven of those nine years. Then i know stephen for about probably twenty some odd years old when i say that but At the end of the day. After i run my time at facebook i realized that i needed to move on and get back to building a builder at heart. I needed figure. Out what i wanted to be. When i grew up and what i realized was that i had always been my happiest and most productive in high-speed a small ecosystems of builders that were focused on white spaces intact I spent some time talking to stephen. And glenn about that after. I left facebook. And you know after a year of of bouncing between the left and the right side of your lobby. I ended up You know figuring out what. I wanted to do and and steven and not really helped me understand kind of some of the opportunities where i could best utilize my passion and skill Let's even kind of jump in here because we were seeing a lot of the same thing and it really came down to. How do we help founder. So stephen maybe that would be a good segue into how you saved me from my time off. You know my my. I guess first decade so internet startup. i mean there was a new york internet. It was media intact. Kind of combining early. That was the tech scene in in small little Office in the east village was an eight thousand. Ninety nine was how i got into the space and and digital media always forefront of being on the internet and digital of kind of publishing in media on an early on. I just got the mobile bog. Saw a lot of things really going back two thousand one he asks that kinda got me excited and then during my days at Dennis publishing we did a lot of things at the forefront including being part of gs mobile add lab and if you remember serbia chicken burger king. Burger king was sponsor of our website. So i got really interested in kind of saw moles. Were the world's going how bill the company then joined in the great financial crisis in bad mate so doing a startup in in mobile We'll crazy But we built and we stayed focus and help transform and build that company which we sold to apple in two thousand ten and I think what was super interesting for me. That was my first real experience raising capital in the board room with vc's and You know we. We had great investors. But i always felt like some questions weren't necessarily being the things we were tackling daily weren't necessarily being boardroom. I was asked to mentor tax stars. I met john fourth-wicket beta works. I started to see the earlier studios salary. Mass started angel investing and what was so interesting founders raising money but they kept calling me and saying he helped operating help belting aren't whether you're investors doing. They will great but they're not necessarily have the dna or they're not just not their model so i was fascinated by that very true very curious and then As i was leaving apple i was thinking about starting my own firm in somewhere between kind of the studi airman at series a model right and While i was doing that. I get introduced to The founder of force where the an Their dance rally. I've been calling and Was introduced by ron conway and is listen. We just raised a lot of money. and The boards been like just telling us heads down bills on the consumer. But now you gotta start to figure out how to make money on. They asked me to advise him. I'll do for three months and working on my own Idea haven't found a partner yet. But i'll do it for three months three days week. Have about four That four days became six years in leading this transformation of force from consumer consumer enterprise ada company. But again like what was so eye opening for me. Didn't deals so much capital coming into the space over the last decade. What you didn't have especially in new york. This opera late operator lead investor Kind of focused full-time team in. So i thought you know we always say the world didn't need another fun but it needed a different model and spent time six years with andriessen horowitz. Who's obviously you the the best one of short top the game and a saw the operating support that they founders and then You know ron conway is just a huge mentor to us. In song how he worked early on just so hands on. And when josh and i started talking he said well. Let's take inspiration. Both of those. Who do it new york right. let's be hands on. The founders was really build the operating support and but but let's build the platform and let's do it in the seat stage because that's from companies are just getting their foundation right and as we started talking about that about what this would look like. We knew it would be an investment model. We said you know. The thing that most species don't put people at the forefront when we think about the question we got some founders like hundreds of founders. We talk to people talent. It was always. I got money. The next thing to do is hire where i've got a higher. They'll never hired an engineer. Before i never hired a sales person before and then we also knew that the sea state. You're betting on betting on people you betting on talent in so josh that's kind of where You know we said we want someone as a co founder at the forefront that has people background and you gotta be glenn and met glen and you know we started dating said founder dating for about a year. I think dinners talking kind of that year. I felt like. I need lunch when.
Don't Call it a Brain in a Dish!
"Hi and welcome to the as Sixteen Z. Podcast I'm Hannah and in this episode general partner. Vj Pond Day. And I talk with says you. Pasha professor of Behavioral Science at Stanford all about a new technology we have for Understanding Brain Disorders. The Wild and Very sci-fi new frontier of brain organizes so what our brain organizes were they developed. And how can we use them? The conversation starts with the essential problem that we've never had real access to the tissue and actions of the developing brain or even living normal brain and the problems with all of our existing models for understanding it from genetic studies to autopsies to primates. We look at those models we've relied on in the past and what this new model of brain organizes now brings us allowing us to study the human brain both how it develops and what goes wrong in certain disorders with living human brain cells in a dish for the very first time we talk about what these organizations can do and can't what they're good for understanding and where that understanding becomes limited and. Wi calling these mini brains or brains in dish. Isn't the right terminology at all and finally how far this new tool model might be taken now and in the future and how it will lead us closer towards one day even perhaps understanding psychology itself on a molecular level. We're here today to talk about understanding brain disorders and some of the new tools were developing for how to do so. So let's start where we actually are in that. Are we actually anywhere significantly? More advanced than we were in the days of hysteria. You know thinking about things like labeling these sort of conditions idol conditions that we had no clue. Where are we actually right now? Psychiatric disorders are still behaviorally defined and there are very few biomarkers. That are considered reliable diagnosis. The truth is that our understanding of psychiatric disorders is actually quite limited. I often like to joke that I suffer from an Oncology Syndrome which essentially this deep frustration that you feel as you see just like how fast cancer research has has gone in the few decades from really like no treatment whatsoever to almost completely curing certain forms of cancers. And if you look carefully. Did you realize that one of the reasons for this? Incredible progress is that on college has really made use of the revolution molecular biology and it has done so because it actually has access to tissue to the tissue of interest we know almost nothing about how the human brain develops. Because it's it's completely inaccessible. And so again we are defining psychiatric disorders based on combinations of behaviors presence or absence or certain patterns behavior. We've made a lot of progress into classifying disorders and reclassifying them. But the truth is that our molecular understanding of psychiatric disorders of brain disorders more. Broadly is very limited And probably behind any other branch of medicine which I think is reflected in the therapeutics that we have And the complexity. I mean. It's fun to think about like you know in the eighties molecular biology. Was this hot new term. I mean you're talking about something. Almost like molecular psychology raking this big sort of emergent phenotype that is a behavioral and then trying to connect it noxious at the tissue level. Not just at the cellular level but all the way from molecular level. That is a hard thing to do. It's hard to imagine someone has schizophrenia or severe depression. What's the target to hit? You said something really interesting about just never being held back by not really having the tissue and you by that you know that we the first time we get to look at the tissue is after somebody who has suffered from a psychiatric disorder has died right that is our primary obstacle helmet. Yes and there are a number of challenges associated with studying postmortem tissue from patients. Of course the obvious one is the fact that the tissue is not a life. Yeah for me as a neuroscientist is really important to be able to record. Electrical signals from sells really look at hard communicating with each other. But at the same time another limitations actually the availability of tissue. I mean if you were to just think for instance evolved autism spectrum disorders which is very common one in sixty or so individuals and there is even an autism brain back but the number of brains that we have in a brain bank is really in the hundreds not thousands for disorder that is still and it's probably for adults to read it's right and other limitations actually age of this individual but very often also the cause of death because in most of the cases actually traumatic yes and most of psychiatric patients will take many many medications and other goal various therapeutic interventions across their lifespan. We don't know for instance. What is how is that influencing what we're seeing in postmortem tissue so you're getting a very small amount of information that may not even be accurate or very anecdotal. Yes and that's the only tool that you have at the moment besides behavior. Well I think of course are imaging studies that you could use. Mri and functional. Emory's problem with those studies is that you don't really get the molecular resolution. You don't get to really study. The tissue an alternative which has been using the last decade or so has been to model many of the disorders with animals. That has been quite an exciting field that was primarily accelerated by identifying genes associated with psychiatric disorders of. But I think we always have to be aware of the differences between Between species right even in how the brain the structure of the brain the fact that there are millions of years that separates us in evolution and the behavioral repertoire is very different across seas now. Of course they're the behavioral repertoire is much closer to that of humans but as you can imagine again the limitation there is. How scalable isn't that? How many primates can we really use this type of studies and who can afford to do this experiments on our scale? The truth is that most of the psychiatric those have a very complex genetics. It is very rare like one single gene or one single variant but often a combination of this. And it's not just obviously about the jeans but what are the cells and the circuits that are affected by this and I think that only once we start to understand some of the molecular machinery behind the psychiatric disorders. Can we as it happened in the cancer? Fueled Star thinking about therapies. That have been designed for specific disorders rather than identified by chance. Because many of the drugs that we have for psychiatric disorders today have actually been identified by chance
How can AI help biotech companies seeking vaccines?
"The new corona virus is now officially pandemic and researchers are speeding to discover test and deploy a vaccine some hope that breakthrough biotechnology and artificial intelligence can get us there faster. Michael Greeley's CO founder and general partner with flair capital in Boston and investment fund. That specializes in biotech. He says he's wary of using AI. To speed up drug testing not could be dangerous but he says the tech does have real world uses right now. We know what populations are most at risk. Which is the elderly and people with co Morbidity so we can begin to very aggressively isolate those people if possible and so we can begin to triage the population. And that's the other promise of A. If you're looking at real world evidence across populations you can begin to see signals and data sets way earlier than we were historically so our healthcare system should be able to react or proactively begin to intervene in places that we think could be potential hotspots right. How Far Away Are we? I'm not trying to skip past the current crisis. How Far Afield are solutions? That could are slowdown. You know the next novel coronavirus. There's a dynamic here that you'll never get ahead of it fully 'cause the viruses mutate quickly. They have a unknown origin. So it's hard to develop therapeutics vaccines anticipating a certain strain of virus that we don't know exists so to some extent we're always going to be in somewhat of a reactive mode and the business vaccines is is you know. Use It once and you're presumably going to be fine from future infections so there's no ongoing commercial relationship which sounds terrible in this moment of crisis to talk about it. But that's the fundamental economy of of that industry in why I think we're we're kind of both Lee unprepared for these novel. Viruses that come up. What do you think that this means for the future? There's been a lot of investment in biotech over the last couple of years. Do you expect that to increase or for the trajectories to change at all Given the advancements in Ai and our understanding of molecular pathways. I think the overarching dollars. Investment heading into biotech will continue to be very robust. I think in the very near-term within our firm. We literally can't do business. We've shut the firm down. We can't meet entrepreneurs and so I worry that there's going to be this air bubble that moves through the system and it could be a few quarters. It could be into the fall where you know profound early. Stage investment will drop very dramatically. And you know over the Ark of time does that have long lasting impact probably not but in the next couple of years you'll see that in drug development pipelines. You know over the next two to four years where they'll be this kind of blackout period. We're not a lot of investment was made and not a lot of interesting innovation was discovered but I don't think this Fundamentally changes investor sentiment towards biotech and in fact you know. This is more fleeting. I think people will say there's a Lotta Opportunity here to figure out these problems in AMAC's increase investment dollars. Also I WANNA go back to what you just said about this idea that over the next couple of years that there will be opportunities missed in the space. You're talking about missed. Opportunities are potentially diseases not cured or treated right. That's right that's right. Don't necessarily just beat that I. I also think there'll be another silver lining which is will come to further respect the power of a I in multiple facets that we spend a lot of time thing as real world evidence. Rwe Are we going to be able to see? Would we've seen Activities in China in September and October for instance that would have alerted us months and months in advance Before we start reading about it in the New York Times and mid January and so as you know ability to of analyze non traditional data sets a I will enable and early intervention which is to begin to interrogate inquire about things that don't look right and it's pretty clear had we known and how Dr Administration taken steps in December January. We wouldn't be sitting here in early March saying we're shutting the country down You know we might have been able to do things more aggressively earlier to preempt. What will look like Italy instead of other parts of the World Michael Greeley Co founder and general partner of the biotech investment firm flare capital
Metrics and Mindsets for Retention & Engagement
"The conversation that follows is one of our more popular episodes from a couple years ago featuring general partners Andrew Chen and Jeff Jordan. In conversation with me on how after you acquire users which we covered in another episode than how do you keep them engaged retain them and even resurrect or re engage them and what are the key metrics but first we begin with what happens after the initial acquisition as different kinds of users? Join a product or platform over time. What does that mean for engagement? And where do cohort analyses? Come in one of the things that you see. Is that people end up using these products very differently because the kinds of users that you're getting are changing over time you know when you look at something like rideshare. All the early cohorts are basically people in urban areas. And then these days all of rideshare is more like suburban or rural folks. Because you know you've saturated all of the center and so what you tend to see is as you acquire your folks you know your core demographic out that actually ends up showing up in the engagement and so you know going back to the natural like kind of gravity to the whole thing this gravity also hits the engagement side of things as well and then ultimately the LTV because your users are typically getting you know kind of less valuable. It may take years to see this kind of play out. But that's kind of the natural law and there is a progression these and particularly the ones that are really successful early on it's all about getting users users. If you're wildly successful at doing that you run out of users. Are you start running low on users and you have to go to engagement? So pitchers has a very high quality problem right now. Most women in America have downloaded the PINCHER staff for years. So some growth can come through. Okay there's some number of women new nerd pinter somewhere in the country but much more so they need to engage and reengage the existing audience. I mean we love engagement from an investor standpoint. Because it's just that stickiness some you can often hack your way into new users. It's really hard to hack your way into true. Engage someone spending twenty minutes a day on your site offer up pinchers and offer. The major investment thesis was. Oh my God look at that engagement kind of thing and you know if they can scale the user base. It's it's a beautiful right. What we mean by engagement is actually interacting with them and seeing their activity because two Andrew's three points of acquisition engagement retention. The third piece is keeping them. The way that will often analyze this as looking at cohort analyses. We'll look at kind of each batch of users that's joining in each week and really start to dissect like well. How active are they really and to compare all these cohorts over time your basically putting the users that come in from a particular timeframe. Let's say it's a week right and you're putting them into a bucket right and what you're doing. Is You want to compare all of these different buckets against each other. And so what you typically do you look in a bucket of cohort of users and you say okay while once. They've signed up the week after. How active are they? And what about the week after that and the week after that and you can build out a curve and it just turns out that these curves once you've looked at enough of them surprisingly human nature. They all look kind of the same Ivanko. They kind of all kind of curve down. And for the good ones they start to flatten out and Plateau and then for the really good ones. They'll actually swing back up and people will come back to the service to what you WANNA do. You WanNa compare the various cohorts against each other in time to see if you can spot any trends on how the usage patterns are increasing or decreasing when you add a new layer two layer cake. You know you might unlock a bunch of new behavior. Reminding unlock a bunch of new frequency. That didn't exist before or alternatively over long thresholds of time people tend to become less active as you move out of your graduates whether or not a specific organizers. Flattens out is really important. Because if you're in a world where they kind of slowly degrades and then all of a sudden it will actually go to zero. That means that you're naturally always kind of filling up the bucket. You know you kind the leaky bucket. You're constantly and what happens. Is that gets progressively harder as you because if you want to keep your overall growth rate because that means you have to double triple quadruple your acquisition in order to counteract for that one growth accounting equation. That's often thrown around is that you're use of your net. Monthly active users equals all the new people that you're acquiring right minus all the people that are churned. Right and plus all the people that you're resurrecting you know engaging reengaging executives that are coming back after they've turned and so what happens is for a new startup. You are completely focused on new users. Because you don't really have that many users to turn and overtime as you get bigger and bigger and bigger what you find. Is that your your turn. Rates starts to you know. It's a percentage of your actives and so the evolution of most of these companies as getting bigger tends to start with acquisition then focused much more on churn retention and then ultimately also Laron resurrection as well in the CO occurs a couple of other features that I love what usually in marketplace businesses the best models are built off of the cohort curves. You have to understand that degradation and where it goes using. Cohorts really give you a sense of are there network effects and network effect is the business gets more valuable than more users that use it if it gets more valuable. You're newer cohorts should behave better than your early. Because the service is more valuable given how many there there's ten times more restaurants you're going to get a whole lot more reservations per diner because you were serving more on the need. So the open table courts would climb up and get more attractive over time versus we. Oh we talked about typically they tend to degrade over time if you've reversed polarity and they're growing overtime. It means you made the business more valuable and then you start projecting forward okay. What way to know. The business is actually more valuable than thinking is valuable bleed over on. May in a network business. We always ask. Show us the cohorts everyone asserts. I'm a network effect. I'm a network effect. But when you say show me. The data cohort curves show at the other. Really interesting part is segmenting it to actually ask you. What are the buckets of cohort? All demographic data for a bunch of hyper local type businesses. The reason why segmenting based on market geography why. That's so valuable is because then you can compare markets against each other. You can say well you know this market which has much more density in terms of the number of scooters behave like this and you can start to draw conclusions sort of a natural ab test in order to do that. And I think the similar kind of analysis you can do for B. Two B. Companies is for products that have different sized teams using it. If you have a really large team that are all using a product. Well are they all using the product more as a result? And let's compare that to something right. And so this way you can start to disassemble the structure of these networks and do they actually lead to higher engagement. Slack would be a perfect example of that. You know if you have five people in the organization using slack you get one use curve if you have you know the organization it's the operating system for the organization. You have a very different curve. It's not just an accident you have to sort of architect it not just expect. Barron deputy to volunteer place so after you get the new users the way that you have to think about it is around quality right. You have to make sure that the news turn into engaged users. One of the things people often talk about is just sort of this idea of an Aha moment or a magic moment where the user really understands the true value of the product but often that involves a bunch of setups so for example for all the different social products whether that's twitter facebook or pinterest etc. You have to make sure that when you first bring a new user they have to follow all the right people they have to get the on boarding experience which by the way isn't just signing up but it's actually doing all the things to get to this like a Ha- where you're like I get this product for me and once you get that. Then they're kind of didn't have the opportunity to keep them in this engage state overtime. Is that really such a thing that there is a a Ha moment or is it? Sort of like accumulated a lot of the later users on facebook came because everyone else was already there is this only tied to new users. Mukisa facebook actually the fact that everyone was already there makes the Aha moment that much more powerful because all your friends and family. They're already there. You're feeds already full of content. And the first time that you see photos that may be someone that you went to high school with that. Thank you so excited when I saw an old friend right right. Yeah exactly and so what that means like you get the product and then afterwards when you actually are getting these push notifications or emails. That are like hey someone's birthday or whatever you've internalized what that product is and this moment is different for all sorts of different companies. I've always heard this referred to as the magic number when you show up and it's a blank slate. It's like what is this about. But they would drive you maniacally to follow people because when you got to their magic number where they'd statistically correlated the number of followers with long term engagement and retention. They would kill you to get you there. Doing what felt like a natural acts of lake. Yeah you log on to follow and you say no and yes but what got you there it kicked in and the service then quote work for you the Entrepreneur I work with. They're trying to figure out. What is my magic moment that then creates the awareness of the value prop so take the example PINTER's pinchers when it goes to a new market first of all. They figured out. They need a lot of local content to make a compelling the local users the US Corpus of image is doesn't necessarily is helpful in international markets but isn't sufficient and I don't only want like skirts. Wear your exactly. I haven't worn in North America. Then once you have the content set then you have to get compelling information to that individual in front of them which you know. You don't know the individual when they walk in the door. The faster they do that the more quickly the better the business performs engagement goes up retention goes up and at work so different entrepreneurs had to figure out what is that. What experience do they want to deliver? Where people get it and then. How do you engineer your way into delivering
"general partner" Discussed on The Twenty Minute VC
"So if you get conservative pullback and miss like there were venture firms in ninety six. He said this his way. Too overheated or pull him back in Miss Ninety seven ninety eight ninety nine and if you took a pension funds venture returns and looked at him the overtime that's my point. I took out those three years. It'd probably be horrible category and so there's a saying I can't remember who said it to me but they said the best way to protect against the downside is enjoy every last bit of the upset which unfortunately sounds like kind of Thelma and Louise Approach. I mean I absolutely loved that. Oh my God I'm already said enjoying joining this episode because I often think okay as you said the capitals committed for ten years in fund structures. And we've never seen so much. Capital asset calls from the founding fundraising perspective doesn't ease it. Really stop even with a market crash. I guess is my question I think would happen. which already discussed is the risk? Aversion of the principles happens very quickly. I really only seen it twice. I WANNA know nine but everybody gets hyper conservative at the same time. The other thing that will we'll be super interesting when and if it ever happens again if you were to define risk and I think it's arguable. You could as the burn rate. Sit these companies have the burn rates now now are probably tours magnitude higher than they were in the ninety nine two thousand car for some of these companies and if capital gets hard that's going to be a really the interesting issue we haven't seen Jeff. We'll get hard in a long time for sure. Achy it takes me something that Ponta Fried says the whole time. and He's around pricing stay asset prices if we were excuse non-existent. I'm really interested out. Pete offense in your wonderful botanist out on the show. Never turn down deal based on valuation. It's a mental trap. I guess yes. My question. Subsequent needs us in Tennessee Frothy Times more capital available environments. How do you think about your price sensitivity? Look there's here's a reality in the venture market you'll hear people talk about. which is there's a symmetric risk and reward and so it just using type on tight to heirs right if I invest in a company? That doesn't work. I lose one time my money so I made an air right. I didn't if I decide not to invest in Google that that Aaron decision making cost you ten thousand or whatever thousand next whatever the number was and so I think Peter's point of saying that which I think is partially just to provoke the partnership. Is We make. Decisions is tied to that reality. I think the real caveat to it is if this company we're talking about has optionality optionality to be one hundred Serbia fun maker kind of company then certainly entry price does not..
"general partner" Discussed on No Limits with Rebecca Jarvis
"She is the general partner of fuel capital where she invested in early stage consumer SAS SAS fat off whereas a service YEP and marketplace as companies. She's also the founder of task rabbit she served for as CEO There for eight years skilled. The company to forty four cities raised more than fifty million dollars is in venture capital and in two thousand. Sixteen she transitioned into the role of executive chairwoman in two thousand seventeen task. Rabbit was acquired by Ikea. Yeah and and Leah Dusky Sullivan. Welcome to no limits. Thanks for having me. Rebecca you also started your career by the way is a software engineer at a small small startup that was bought by. IBM You ended up as a software engineer for IBM. So I think a Lotta people can appreciate that idea of either starting somewhere small or starting somewhere large urge and working for someone else for a time. Yeah Yeah But one of the reasons I wanted to bring you here is because of burnout and we were having a conversation now. A couple months ago was coming back from maternity leave. And you told me what I thought was shocking information from you about burnout burnout and how hard it was on you. He Yeah I mean I think it's something that people don't usually talk about and I think it's pervasive across cost across a lot of industries but particularly you know the startup industry is what I know in. It's what I've lived and I think particularly as a founder trying to scale scale and run a startup you're pushed to your limits and you know investors. My experience were investors. You know added to that a pressure they were. I had some investors. That were very supportive and You know were real partners in building the company but honestly there were some investors that really you know I felt like were detrimental to the to the culture that I was building and the pressure that I was put under. I don't think was healthier sustainable. And so that really has influenced me now as I'm an investor full-time on how I WANNA work with founders and companies take us inside that because for people who haven't gone out and done fundraising who don't have investors that they're answering to explain that relationship and also why that dynamic would be So nerve racking and why you would feel the absolute necessity to live up to and go beyond expectation Asia. Yeah I mean it is sort of an odd relationship. People used to describe it to me as I was a first time. Founder just getting started My first time I'm raising money going out and talking to investors they'd explain it to me as a marriage you're picking out your investing partner and you're GonNa be with this person for the next seven one to ten years and you're going to be in the trenches with them. There's going to be highs and lows you know for me I felt Obligation isn't even the right word because it was so much more than that. When I took money for my investors I raised over fifty million dollars in venture overall when I took that first million that I five million that first ten million The amount of pressure obligation I felt to not only produce a good return for my investors which is why they were investing in me right because they have investors rosters that they're trying to produce a return for as well But just being able to live up to the expectation I think from a mental standpoint point it was great. They're putting this money into me and they believe in the business I wanNA build and they believe that there'll be a return but they also are believing in me and they're entrusting me the and they're buying into this vision that I am selling to them and I have to live up to it And so I think the pressure was was really mental as well. How much of your vision did you believe A.
"general partner" Discussed on Acquired
"I'm personally not at all driven you know. I think I believe in global macro trends but if you take a step back and then ask ask. Okay well those trends are great. What's your themes or what do you want to invest in and I'll shrug I'll say I don't know and I would say that the main thing is I'm open to be surprised? ICED and so just being completely open to new ideas is is how I approach the business. Welcome to this special sneak. Peek of the acquired limited limited partner show. We had an awesome L. P. episode where we interviewed chafing put a Gouda a general partner at benchmark chafing as a board member and let investments and elastic aspic sketch duffle and packer he previously let investments and held board positions at Akwa. You'll soft Mongo. DB and several others. It goes without saying that he has a pretty unbelievable track record especially in enterprise investing we wanted to share some of the highlights with everyone here in the full interview. Chafing goes was deeper into the philosophy and logistics of how benchmark operates the global macro trends. He believes will continue into the future. And where great investments come from from of course you can get access to that by clicking the link in the show notes to become an acquired limited partner and all. LP's get a seven day free trial so without further ado. Here are some of my favorite parts of our limited partner. Show episode with Jason Jason. Welcome to the show. Thank you so much for having me as you both know. I'm a huge fan and Excited to to talk with you guys. Yeah good to have you on this side of the table. Exactly Great. If you're looking at something that's like sales software. You WANNA be able able to call the people that are selling today not the people that were selling ten years ago and so as you look at marketing software. You're looking at a new you know c-i-s CD PIPELINE WANNA be talking to the people that are in it. Yes and those practitioners have insight into problems. That's really invaluable. Yeah that's such a big mistake that VC's can make in diligence. That I made that. I've seen be made. Is You call people. People that are not the early adopters in a market or not on the bleeding edge off member DIS. That and then you wake up five years later. And they're using it right right and if you talk to my sequel database expert in two thousand twelve about Mongo DB they would say. Why would I ever use this? My sequel solves all of my needs but if you talk to a developer that was rapidly trying to prototype consumer applications for example. They would then tell you that Mongo DB despite its flaws in two thousand twelve because it wasn't early database and it's way more mature now obviously and so if you talk to the people that were we're like really using it. They always talk about the time it took them to get it into production prototype They're always say like you know. Uh whenever I tried to build this on a traditional relational database. You know I'd have to really think about the Schema I'd have to really plan this out. And then you know I'd really be thinking about the database debate for a long time and then I'd put something out and it wouldn't work so that was wasted energy whereas with this lets me be a cowboy exactly and so somebody would say like while charting has done on really poorly and the that is like. Look if you're worrying about charting your applications probably work yacht problem exactly like now. Get to the point where you're having charting issues and you're dealing with like different than a problems and that was you know how ultimately Mongo DB to help monetize right is that they made the creation super simple and they started selling tooling and software and cloud services that enabled due to run Mongo. DB super easily all right. This may violate your. I'm not a thematically driven investor comment earlier but if you're building an enterprise company today hey where would you start. You have to give me a specific idea but at least how would you evaluate if you've were on to something if you were on an interesting trend that sort of thing. I think part of the reason that I get to be a venture capitalist. I simply could not start something like I like. I just couldn't you and you have been an indie developer in the past looked at iphone APPs. Yeah that's right. Yeah that didn't work. You know I am not an entrepreneur. Entrepreneur period having the sense of that limitation really enables me to understand what it takes and what has enable people to be really great entrepreneurs. I think that's a skill set and a mindset that requires an effort and commitment that is not suited for everybody. Frankly does that want to create and develop really come up with unique insights. And so if you're building an enterprise company today I would say that part of what works is finding that unique insight and that can come from personal experience that can come from just learning. You often see people that just entering in industry that don't have any experience in that industry kind of see the mental way. The that something is working in question the fundamental assumptions about that is a wiser working. This way rush is right that this should work better give me an example of a company in rounding out the chafing the human section. What's something that you want to get better at? And what are you focused on improving right. Now we've entered a really interesting time in technology where there's more sharing sharing of ideas in terms of like what's working and what's not. I think twitter is an incredible platform where people are openly sharing ideas about out. You know. I've tried this in enterprise software. I've tried this developer tooling. And you guys are doing in the podcast. And the number of podcasts. There are basically becoming vertical specific and like super specialized and so I feel like acquired in a lot of ways sort of disrupted to the extent. We have traditional media tech reporting with Lake. Well we're niche here. We're we're pretty people actually do. It acquired GonNa get disrupted by lake six different PODCASTS. That are like we're like acquired tired. But for developers companies that's right and knowledge is is going in the way of like you can go a a thousand miles deep really quickly and as a result of that it's just open for learning and one of the things that I am super fascinated. Good bye is this concept of like learning in public that a lot of people are doing and you guys do that on the podcast. Right you learn public through your acquired podcast and I think that's a that's a trend. That's here to stay and finding a way to tap into that based on what you're interested in is super important. I think I personally personally really really believe that. It's important for me and it's important for my job to continue to be a learner and to have that context to be really really contacts six rich in the topics that I'm interested in and at the same time the challenge that comes with trying to learn it all is that you start forming your own opinions and the challenge with forming too strong opinion is that you'll start definitively saying that will work that will not work And then that again goes back to this the idea of like what we have to be really open minded surprised and to problems with one. The Coefficient of luck is so much higher than like everybody. Anybody Eddie is willing to admit to. It closes your mind. That's right and so this delicate balance of learning allot without forming opinions. And I think you can constantly get better that thank you Jason..
Google Podcasts creator program bootcamp starts; and monetisation tips
"Creator program has kicked off the participants or working together for the next twenty weeks. I'm eight twenty three thousand dollars from my podcast in two thousand eighteen says a podcast producer. He gives us plenty of tips. Learnt along the way, you'll find that linked from the show notes and from our newsletter the exclusive trial for fortunately within the BBC. Sounds app appears to have ended our podcast pages have had a tweak. We now list pod, chaser, creators and show. Spot lines for the podcast chart information that we list from chart oval. So, you know, whether a podcast is growing or falling and addition of sharable podcast. That's just come out features Edison research is Tom Webster. He's known by many as the host of infinite. Dial and a great public speaker is interviewed in a show entitled inside the world of data driven marketing, and you can sign up for the infinite dial twenty nineteen webcast reveal for free. It's on much the sixth. Dan, Le Fevre writes, an article asking is discover ability an issue in podcasting. And he answers it by saying, yes, he s it is Spotify bought Gimblett an anchor last week. Steven Goldstein says this is the first full vertical integration in podcasting and M G Ziegler who is general partner at the company, formerly known as Google ventures is apparently known as GV these days. Anyway, he writes about the anchor deal as well GV invested in anchor and siegler also personally invested in Gimblett come over here with your money, and gee, siegler and a programming note last week, quite mentally exhausting. What we've the Gimblett Anki fine news and a set of big news stories breaking in another business world that I inhabit and some travel. My Email inbox is a swamp of unread urgent Email as a result. I'll tackle it tomorrow. And that's the latest from our
a16z Podcast: All About Synthetic Biology
"This episode general partner on the bio fund VJ punday, and I talk all about the field of synthetic biology with Jim Collins, professor of bioengineering at MIT and one of the pioneers of the discipline of synthetic biology. We talk about what engineering and designing biology really looks like when instead of engineering electrons, your engineering toggle switches for genes, including the scientific story behind the creation of that very first Jean toggle on and off switch. We also talk about the disciplinary differences and synergies between how biologists and engineers see the world what the engineering and design principles techniques or approaches that work best when applied to science how that looks different. When building a company in the space and thinking about for example, platforms versus products, and even how it's changing education in the field all the way down to middle school. So let's start at the very beginning. How did the field I begin to emerge? What's the sort of founding story behind Syn bio, you know, the very beginning. Really? Was the island of misfit toys, if you go back to the hundred ninety s the dominant story was genome effort, and what's interesting is the biomedical engineers did not play a major role in the genome effort in biomedical engineering departments the curriculum the research interests, more or less stopped at the tissue level and was only beginning to get interested in the cellular level in the late nineties. However as the genome effort was really picking up speed and beginning to produce these parts lists for different organisms. The leaders of the genome every began turning to the engineers and increasingly to physicist to figure out help them figure out how these parts put together. Can you explain what the missing information specifically? So the sequencing would lead you to the ability to annotate genome to identify coding regions identified the genes identify promoters. But couldn't really give you information about dental on networks that were making up these living cells, and what way with jeans. Proteins yarn a elements interconnected and leading to the interesting biology disease, biology, the notion even of network was not dominant or even prominent within Malacca biology. You said one thing that really struck me reduce said, it was not necessarily biologists. Computer, science physics you. Then had this effort to really try to pull the physician the engineers into molecular biology, and why them I think because we deal with complexity well to get after what became systems biology was the recognition that you needed to embrace complexity before the network, what was the predominant kind of idea you had really the fixation on the actions of single protein single jeans, and at the level of kind of integrating those you had pathways and you began to see efforts primarily out of Stanford beginning to use mathematical modeling that opened up the doors for folks like me to do basically systems biology, could you reverse engineer these networks, and let's actually explain what you mean by that reverse engineering large-scale now because that's. Not a concept that's native to Zonta box. It's an engineering. So it's a strong, electrical engineering kinds of the notion is that you have a system that's interconnected or wire together. And so the ample the could relate to many listeners would be the wiring system or the wiring setup of your house say you buy a new house, and you've got a circuit breaker box down in the basement. And let's say it's not labeled by the previous owners, just like my house, my so what do you do you go down? And you flip the different switches on or off. And you discover what they connect you. She a beginning to reverse engineer. The circuitry of your house, you then through additional experiments that you running the microwave same time with that. In fact, oh, those two circuits are actually interconnect even further that's not represented by that. And you begin to infer the underlying structure of the wiring diagram of your house. But our first response was to run away from that promise fast as we could because there were insufficient data to do in the late nineties. We just had microwaves appear technology that is no longer in vogue. But. Would allow you to survey thousands of genes and their expression states simultaneously with another given. So these are incredibly expensive, and when I got pulled in their only seven publicly available data sets. So the idea you could reverse engineer large-scale network is ludicrous, and what were those types of data that we're lacking. So there was largely expression data's in those days. It was really micro Ray. So we even though the technology used appear we didn't have those data sets. We didn't have a wetland. We didn't have the capability. And so we began to think about could you put together molecular parts in a network instead take a tinker as approach to molecular biology. So the depressions the output was the like how were you perturbing it them? Well, so on on. That's how we had no perturbation, right? Perturbation would be the going to kick the system where you're going to stimulate the system. Switch flip the light switch. Let's say you have your radio on and your kitchen upstairs volume on you're gonna run down says you're gonna flip the switch one by one until you hit the volume go off that's a pretty Bache to your circuit that allows you to map out the circuit. We introduced tech. Seeks to do that. But even before we get there we stumbled into what became synthetic biology. We said, okay. Could we instead of figuring out how these large-scale networks wired together, we put them together ourselves could we do it with intent? So could we design circuits with desired architecture and a desired function, and that's the key difference right in this entire approach that you're designing exactly we are. We are really doing biology by design in some cases, we're taking natural parts and putting them in noon, different ways. And other cases, we're building new parts, and then putting those together in new or even established architectures we spent about nine months thinking about what we wanted to build and we arrived at building genetic toggle switch and this was motivated by electrical engineering, where toggle switches, which are also called flip flops are as latches a very simple memory elements memory, which is can be flipped between zero one in the binary state or on off by a transient electrical signal. Toggle switches are at the heart of digital member. And we cycle through many different schematics and circuit diagrams and arrived at one that was basically mutually inhibitory network where we have two genes that are set up. So the always want to be on. But they're arranged to the trying to shut each other off. And we showed mathematically and computational that you should be able to have it as a by stable system, it either ones exists in state aging one is on gene two's off or state Beijing to his own gene one off and he principal. You should be will flip it between those states by translate delivering a chemical or environment. They would shut off your currently active, gene allowing the gene had been kept off by that active. Gene allowed to come on. Now would produce enough protein that would shut off the Gina had been on in. You can you stems and you flip from state to state of state means like electrical engineering except not electrons. It's now a wet circuit. But in this case, we actually did mathematical modeling computation, and now the next segue was I reached out to Eric is instead who was a program officer at the offset neighbor search who is run. Being a gene circuit modeling program. And I tell them what we're doing. I more or less called him once a month for every over six months, it could you give us money to try to build this in a lab, and he kept putting off putting off and I basically warm down. I said, you know, I think this could be really big, but we need to be able to build this and I'd like to see party program. And was the reason why wasn't clearly I mean clearly having an on off switch like that seems incredibly powerful. Why was it not immediately? Just because it seems so hard to do we had talked to about six or seven very serious molecular biologist who told us this couldn't happen. This couldn't work. They said for it to work. You're going to have to have a very tight off state to very tight off states. That's going to be impossible. You're gonna have to introduce a very large plasma the it's going to put a burden on the cell, the cells not going to like this foreign element the joke was they usually Patterson I hesitate boy stick to engineering because biology is really complicated. I mean, those do sound like reasonable concern. I had heard incredibly talented graduate student Tim Gardner who was a mechanical engineering train student at Princeton. Tim, presented our modeling. This is a famous in our meeting where he was more or less shouted off the stage by some very serious Mike about is including future Nobel prize winner who said it was impossible. This could not work part. Tim who was green and Michael biology had been a mechanical engineer who had designed autonomous helicopters to fly around. Princeton didn't know anything about you presented this engineering concert. Nonetheless in nine months, he had a functioning by stable toggle switch that the same time. We were doing this, Michael Ila woods and STAN Liebler who were to physicists sitting in. Both the physics department at Princeton and the micro biology department at Princeton, we're taking a remarkably similar approach to synthetic genes. Circuits completely independent of us. An ambulance toss in that we worked in e-coli with three different repress or proteins using dynamical modeling they worked in E coli with the same three repressive? Proteins using dynamic modeling and instead of screening a toggle switch that consisted of two genes. Trying to shut each other off they created what they call. Presa later a ring oscillators simile motivated by electronics, electrical engineering. They consisted of three genes in series. Eight tries to shoot a BB to showed up C C tries to show. Hey, those same parts just different same different circuit. They submitted to nature. We submit our nature. They end up being published at the launch the turn of the century in January late January in nature back to back the next week, the headed aditorial said, oh, you know, physicists beginning to move into Mike about it and says you should look back at those two papers because there's something interesting going the raising point about how everyone on the biology side thought this was impossible almost like the biologist some of them have an immune response against engineering. That's a great way to put a that seems to continue even today. It is when I have many, many, close, friends and colleagues who biologists. But I think within different academic disciplines as often too much tribalism. So the very common critique that we get to they're not biologist or they're not chemists or they don't know basic biology. Don't know basic emission, I yes. Yes. Yes. Yes. Yes. I don't think it's fair though. And I think that these problems really combine if municipal reproach and different perspectives. So we don't know the detail at the level that the biologists do
Lime gets COO, Disney gets Fox, Amazon gets split, cake mix gets recalled
"You're listening to the spoken edition of the San Francisco Chronicle. Lime gets COO. Disney gets FOX Amazon gets split cake. Mix gets recalled by chronicle staff and new services from business lime grows lime has hired. Joe Kraus, a general partner at GV alphabets investment arm and its first teeth operating officer Krause is online sport of directors and helped lead GV share in three hundred thirty five million dollar investment. In the electric scooter company this year, the San Francisco startup is worth an estimated one point one billion dollars. Kraus was a co founder of internet portal excite during the first dot com, boom he will step down from his role as general partner GV and Han his lime board see to another GV partner as he takes over much of the daily operation from CEO. Toby son number of the day, two point four million. That's how many boxes of cake mix are being recalled by Dunkin Hines because. Because of a link to salmonella the recall affects classic white classic butter golden signature confetti and classic yellow varieties with expiration dates of March seventh through thirteenth twenty nineteen the food and Drug administration warns people not to eat or bake with the mix it's a wrap European Union. Authorities have declared Disney's acquisition of FOX's entertainment assets provided. Disney sells off some TV channels it controls in Europe, the European Commission said Tuesday that it approved. Disney's seventy one point three billion dollar deal to buy the twenty first Century Fox assets. Disney shareholders and US regulators already approved the move and Amazon goes to reports surfaced this week that Amazon was going to split its new headquarters in two and now the apparent locations have been leaked media outlets place. The new hubs in crystal city for Julia, a Washington suburb and Long Island city in the New York borough of queens, the sights will house total. Of fifty thousand employees.
Dick Costolo and Peter Levine talk about everything
"Hi, and welcome to the a sixteen podcast. In this episode, dick Costello, former CEO of Twitter and as succeed, general partner, Peter Levin talk about all things leadership, how to do what you love. Why a background in comedy improv might be more useful than you think and the importance of resilience? The conversation was recorded as part of the brake line tech program for military veterans hosted at Andriessen Horwitz. Last time we met you were still CEO at Twitter and we haven't met sense. So what have you been up to and what was the departure? Like when I told the company I was leaving and one of the employees asked me what I was going to do next. I think I'm going to sleep until ten am like didn't do anything for six months, except travel around, went to Cuba, went to Africa, sort of all over the place. And then I'd not strange background in comedy, and I'd always wanted to go into comedy. So I contacted the HBO folks who are doing the TV show Silicon Valley and said, have want to come work on Silicon Valley and the CEO. HBO Richard pep ler said, well, we need to like technical consultant, but like we can't pay you to do it. And I said, I'll just do it for free. It was like, oh, okay, great. That's works. That works for us. Anyway. So I went and worked on season three of Silicon Valley for that year. So it was in the writer's room the whole summer, which was awesome. And just funny to see the perspective that the people in Hollywood have about like Silicon Valley and the way they view it differently than the people here view it. You did improv early on in your career and I needed tack. And how are those two? Are they related like outed one overlap and the other? You're the only person in Silicon Valley who kinda has that background for my under. Yeah, you're, I think that's true. So the need to tell the idea what happened was I was getting computer science degree, university of Michigan, and at the time it wasn't an engineering department. It was in the sort of humanities department back when I got it because I'm oldest. Fuck. So. I decided I had to take a class in my senior year that allowed me to have time to work on my operating systems class because my operating systems class was super hard involved tons of coding and I had to spend tons of time on that. So I thought while I'll take an acting class because that'll be like super easy. And I won't really have to do anything, and I'll just go up and do scenes and stuff and can spend most of my time on my operating systems class and had a ball doing that my first term senior year. So I decided it was gonna take another acting class and start doing like stand up at the student union on like open mic night and stuff. And that went really well and was super fun. So I decided when I graduated not to take any of the programming job offers I had and instead tried to go to second city in Chicago and do improv comedy and get into Saturday Night Live from there because that was sort of the steppingstone to SNL for everybody at the time and still is. In fact, I remember I got my first day and you're doing the second city training center and Steve corral and I in Rachel drafts role in the same group. So he and I and Rachel know each other from like. God thirty years ago. Now, anyway, long story, short, eventually, several years later, got my audition for us and Allen didn't didn't even make it to call backs. They're just got sort of nuked in the first round and addition for mad TV, which was on FOX at the time and didn't get that was like, all right, got to go get a programming job and went back into tech from there and amazingly using years later, the improv background and doing improv in front of, you know, hundreds and thousands of people without having a script like totally serves you well being a leader. One first thing you learn improv is that listening is the most important thing you can do on stage because he got to be aware of what else is happening in the scene and what else other people are doing. Otherwise, if you go out there was some preconceived idea about where the scene should go, and it's already going in another direction. It's not gonna make any sense. I mean, the people who are the best listeners turn out to be the best improvisers while eighty percent of what you do as a manager and a tech company and Silicon Valley is gather feedback and listen to your team and the people who go into the room thinking that they already know what the answer is and. Making decisions that create misery for the team or aren't based on the right information or full information, or maybe based on one stakeholders point of view, and they don't end up being very good managers leaders. The second thing was it was very easy to do things like interviews. I remember on first CNBC interviewed. The person was like, hey, this is going to be live. Is that okay with you? And I was like, I've been booed on stage at eleven pm at the Adelaide opera house by two thousand drunk Australians. Like I'm gonna be fine. Having a camera here while we talk for five minutes about advertising, you know, all these things that you do seem like they're totally random end up helping you as a leader. I teach at the DSP here and often my students come to me and say, hey, like what should I do after I graduate? What should I do with my career? And the simplest answer I give them do what you love as opposed to what's expected of you. Because many people come out of whatever environment and there's all these external pressures. He come out of school. You come out of a program, whatever, and people expect you to do certain things and. We tend to bend in those directions because of these external pressures. And so you're famous for doing what you love and not what's expected and how do you get over that? What's your advice there couldn't agree with you more? My commencement speech at university of Michigan in twenty thirteen. I basically told them the exact same thing. You just said, I said, listen, you all got here by meeting and exceeding expectations. You know, you get into the university of Michigan and you graduate from it by meeting and exceeding expectations. The problem is now there are no longer expectations, and if you do what you think you're expected to do or supposed to do instead of doing what you love, you know when things go wrong as they never do, you'll be standing there frozen on the stage of your life wondering, well, now what am I supposed to do? And instead if you do what you love and things go wrong as notably, will you become resilient, you know? All right. Well, the acting stuff I just all right. Well, that didn't work. I'll go do another edition. Okay. That didn't work. I'll go do this and you know, bounced around and do that stuff for seven eight years and didn't make any money. But it was awesome. I was having a ball performing and every time I took a big risk in my life that wasn't the right thing to go do next. It totally paid off for me and worked out long-term, and you know the other problem with doing what you're expected to do is people always tell students, they have to make an impact in the world. And I always thought like, I don't know what to do with that. What I'm supposed to do. And if I think back on the things that Twitter of things that I did in my life that ended up making an impact or having a big impact, I didn't even know they were making an impact while we were doing them to remember one time Medvedev the president of Russia was at Twitter and we were scrambling around trying to deal with him being there that day. And you know there were all these security dogs in the building and the building landlord didn't want dogs in the building. And the CIA was like, you're going to have frigging dogs in the building, and you're, you're running around and like it's a nightmare. And people are like trying to get an autograph from him. He's not going to give you an autograph is the president of Russia. Anyway. The next day in the fun of the New York Times was like, you know, Medvedev greets Obama on Twitter and there's the exchange greetings on the platform. And I was like, oh, that was like a big day in the world. But at the time I was like, shit stop asking for an autograph. So I just remember that is one of those great examples of you can't think about that stuff in advance and try to plan it out. It's kind of like what happens when you look over your shoulder is like, oh, that was those things that we did made this big impact. So you just have to do the things you want to do. If you're not doing what you love, you're not really going to be great at it and there's going to be somebody else who's doing that job that you think you're expected to go do. Who loves that job who will crush you right? Because they really want to go do it. And so the answer is actually so simple. Go, do what you love. No, you're right. I remember I saw hadn't seen St. for like twenty five years and he gave a talk here at the Lucille. Oh, Packard children's hospital, and it brought the Chicago Tribune review from nineteen Eighty-six six of our show at second city. It's picture of him and I and the other six people in the group and went up to him afterwards and showed in the picture. And he patted me on the back, you know, the CEO of Twitter, this slick, two thousand twelve, and he patted me on the back and said, I'm sorry, it didn't work out for you.
"general partner" Discussed on Recode Decode
"Two years of their life waiting waiting in lines lauren you are wasting two years of your life they're going to be so bummed when guy tweeting all yet the instagram store everyone fall my story from the are more waiting in line with two years a cleric it was a great discussed even help yoko listen to it you can find too embarrassed to ask on apple podcast google play music wherever you listen to podcast that's too embarrassed to ask see you there were here with meghan quinn in the red share she's a general partner at spark capital and to preserve google square kleiner perkins and we're also here with kc newton from the verge he's practicing being upon caster how's it going i think it was good really really great feedback in any case megan you can you can comment on if you feel like it but we were just talking about a are vr what are some of the things you think when you look at the venture we're talking about changes and how you doing more collaborative but there's been a lot of big changes lately in terms of money washing in this tax reform is probably can be more money washing in a system you have softbank vision fund as we discussed what do you think the big trends of venture capital are woody what do you think are the changes because it's one area that really is sort of artisanal and a lot ways if you think about it yes i think there is this hope a couple of years ago that there would be this great reset right everyone is calling bubble all the time and yeah and um there's been a flight of capital all going to go away there's going to be this great reset we're going to get to enjoy normal valuations again and i just personally don't believe having at on this for a limited time but five years um that that is ever going to happen i think that the capital is more or less here to stay.
"general partner" Discussed on Recode Decode
"So if you as interesting when we get back we're here with meghan quinn it she's a general partner at spark capital tripoli worked to google square and kleiner perkins uh add spark her investments of include quinn base slack nan tick and we're going to talk about those investments in where venture is going next on a rico deco with my cohost casey newton and curious birthday today show is brought to you by air table air table is the all in one collaboration platform that is flexible enough to keep up with the most creative fastmoving teams whether you're managing an editorial calendar designing a video game collecting user feedback planning event or even recording a podcast air table is for you that's why companies ranging from slack two airbnb to conte nasty entertainment use air table to manage their work their way visit air table dot com slash decode to get fifty dollars in free credits today we're here on rico decode with meghan quinn who is a venture capitalist at spark capital and also with my guest host casey newton of the verge and we're talking venture capital in making history which is really fascinating you've been told worked a lot of places but let's talk about your theories of investing right now you foot urine you will get to bitcoin in a minute like because quaint base was one of the earlier companies a veteran slack which is another fantastic company how do you think about how you invest what is your and how much do you invest like go go technical like what's your sure so our current fund is six hundred million um and we invest checks of fifteen to fifty million dollars um so we're not actually focusing on specific ownership it's more about these dollars in at work and the subsequent valuation and we look at companies that are series be all the way up to pre ipo so it's a very broad swath of the overall startups kinney a anywhere and an investment yes and we look at consumer we look at enterprise we look at companies in south america.
"general partner" Discussed on Recode Decode
"Recode radio presents rico decode coming to you from the box media podcast network hi i'm care swisher executive editor at recode you may know me as the inventor of bitcoin who said i say that out loud but in my spare time i talked tech you're listening to rico decoder podcasts about tech media is key players big ideas and how heather changing the world we live in you can find more episodes of rico decode on apple podcast spotify google play music wherever you listen to your podcast or just visit recode dot net slash podcast for more today i'm in san francisco with kc newton the silicon valley editor of the verge who is cohosting with me in anticipation of his upcoming fide cast converge having the time having a great time what we're trying to do some interesting case casey will trial because he needs a little improvement on interviewing skills and since you now we just want we want if we have wanted to do well in the podcasts business thoughts were not better than us but but well us and i mean that in a railway anyway casey is due join me for several episodes of rico decode this month and today we're thrilled to have meghan quinn in the red share she's a general partner at spark capital and previously worked at google square and kleiner perkins at spark her investments have included coin base which will talk about uh slack knee antic meghan welcome to recode decode this are great investments all of those thank you for having me not happy birthday thank you it's my birthday that's true i am older and not very wise i've social were we're having a birthday podcasts for you yes exactly uh where's the cake.
"general partner" Discussed on The Twenty Minute VC
"Welcome back to the 20minute v with your host harry stabbings for an inside look into how i celebrate christmas you can find me on snapchat at eight stabbings with two bs it'd be fantastic to see that happen on the theme of christmas the schedule for the show we slave fights have for the christmas period following this week's episodes ashore returned to normal on wednesday the third of january and we'll be back with a bang with killer episodes from sam altman date because stolen snapchat ambassador jeremy leo at light speed just to name a few power of it to the final week before christmas and i want to still really special wheat this week on the show and so we're going to be doing the 20minute vc awards week with the two mostdownloaded vc episodes today and on wednesday and then on friday will be having the mostdownloaded founders friday episode so to the mostdownloaded vc episode of two thousand eighteen with over three hundred and fifty thousand downloads and like all time favorite i do have to say drummer please piece of funds in general partner benchmark one of the world's leading vc funds for the portfolio including the likes of twitter uber snapshot ebay we work yelp on many more revolutionary companies pisa himself says or has sat on the board of twitter previous gas cockroach optimize lee new relic ends and asked just to name a few party benchmark peter was a managing partner at excel entries pieces astonishing success he's been name to forbes midas list for many consecutive years with the lowest list placing peters number three in the world i do so on say huge personal thank you sir appreciate support and all his done for me it really does mean so much and this episode would not have been possible without the kind instruction from jonathan abrams from nozzle i really do so appreciate that but before we dive into the show state the halls of any good company is is people that's why namely brings employees together on a platform that everyone loves to cases intuitive a social media the powerful enough to support the comply steve today's workforce.