35 Burst results for "sequoia"
Documentary Explores Emancipating From Foster Care System
"Some some point, point, older older kids kids in in foster foster care care become unadoptable. There are three factors at play. How the foster care system seize the child, how potential parents see the child and what the child wants in a new documentary called UN Adopted No Elena interviews, kids who were in this position. It's a position that he was in. Not that long ago. In one scene, and I asked his lawyer when his caseworker changed his status to long term foster care. Long term Foster cares with the system cause it when they stop trying to get two adopted Instead, the plan is that your age out of the system this looks like 2007 is when it moved over from a plant of adoption. Think you might have been 11. Yeah, you were 11 at that point. It means I was in Six rained on, says one reason older foster kids don't get adopted is that they come with some baggage really, or perceived its no surprise that every team comes with another teen angst and all of the Joys of being a team. But like also, I think most families don't want like this kid is forever gonna want to know about his biological family or her biological family, you know? And I think it could be a little bit intimidating, or it could seem as if That family is competing. I think most people don't want to find out or they don't possibly want to get hurt. In the documentary. We also meet a teenage girl named Sequoyah, who is incredibly honest about how badly she wants to be adopted. And at one point, she says, something so striking trying to be a part of their family the first few months. Was really hard because I had to figure out how they worked. Spoke. Let their minutes were how to talk to then this's a teenage girl who You would expect to be the one who has moods herself that adults have to get used to. And instead, she's saying I need to get used to their moods. The idea that teenagers view adoptive parents as people they have to impress. There is also something really telling and really sad about that, too. I think for Sequoia. Like so many other foster you there at emotional crossroads and They're confronted with what may be the most important decision of their lives, whether to reunify with their biological family of possible which in her case is not Or opt into extended care. Or the third choice to pursue a forever family. And she is very keen on getting a forever family. She, at one point says she does not even know if her mother is alive. And if she is, Sequoia says, Well, good for her. If she's not. I wouldn't be surprised. Um How frequent isn't for kids in the foster care system to be so alienated from their parents that their attitude is? I don't know if this person is alive or dead. I don't want them to be dead. But if they are okay. The foster care system definitely does. Desensitize people. You know, in another NPR story I did I mentioned there's like little to no emotion. Kids often mirror their role models. And if you have role models, a k a. The social workers and judges, lawyers, etcetera being so gray with them then You know you're going to get the same results. You mentioned this NPR story that you did, for all things considered a few years ago, an award winning story in which you tape part of your own courtroom hearing and the thing that stood out to me. Maybe because my name is Noel is that the judge who had dealt with your case for a while called, you know. And you corrected her and said, Actually, it's no well and then you note. The frustration of my fate is in this judge's hands, and she doesn't even know how to pronounce my name or has forgotten how to pronounce me. Yeah, um I thought that was so shocking because she's been on my case for so long, you know, and she has My brother on her caseload as well. So my name you know, would bleed into his case file. So for something so simple as a name. Is really bad. And Ms Schwartz, if you're listening, I think we should have a sit down, talk and reflect from that because I think simple things like that can get corrected and they should be. There seems to be a push. To instead of taking Children away from their parents and putting them in foster care to leave them with their parents if they're not in immediate danger and helped the parents improve. You at the end of the documentary make clear that you are in touch with your biological family and seem happy about that. You also have nothing ill or bad to say about the foster family with whom you spent your older years. You're older, teenage years. Do you wish that you had been left with your biological family and that they had gotten support? Or do you think it was the right move to take you out of their care and put you into foster care? I shouldn't be a CZ well off a Zai am and I don't know if that's the survivor's guilt talking. But I've had to endure so much. And I don't You know, Foster care is supposed to be temporary, and it wasn't temporary. I was bouncing home to home. I was in multiple families, and it did take an emotional toll. I'm not going to say that it didn't I just think I had The willpower to, you know, push through and I still don't know. What the answer would be, But I would say, you know, I don't want to say this because I don't want it. Let the system win. Think they won, you know, but I would rather not have gotten adopted or reunify with my biological family because I did that on my own terms. I reunified with my bio family. I accepted my Foster family as my chosen family. But I did that, not the system. So I don't want to say one way or the other and think the system one because they didn't They have a bigger job to do. Noel and Naya. He's the co producer of the new documentary UN Adopted, which is now on the arts YouTube channel.
The new TikTok-Oracle company named ‘TikTok Global’ plans to go public in a year
"We are expecting an announcement in the next day or so on the approval of a new entity that I'm total be called tick top global getting some new details from a source close to the situation about why this proposal is expected to be approved and makes this new tick tock global majority owned in the US by source explaining that today by dance is forty percent owned by us, investors couldn't KKR SEQUOIA General Land and. And it's fifty one percent owned by Chinese nationals. Now, a new tiktok global would mirror those ownership stakes. So bike dance selling anything more than about ten percent to Oracle would make the company majority US owned now is expected to by about twenty percent of this new company tiktok global. Now, the sale of an additional stake to Walmart would further increase US ownership over that fifty percent mark multiple sources telling me that tiktok global plans to file for an IPO on one of the US stock exchanges in about a year that would again further dilute Chinese ownership and sources. Tell me that Walmart would get a seat on the. Board the board would be subject to US government approvals. I'm told by a source close to the situation and the CEO and C. Suite would be American. Now, this comes as the companies, of course, looking for a permanent CEO replace Kevin Mayor The New York Times reporting that among those that Tiktok has talked to Kevin System instagram's founder and former CEO? We are awaiting word from the president on this the deadline he said on the deal is this coming Sunday for the fact that over fifty percent of the corporate ownership would be us-based seems very much key Melissa to approval of this deal.
Los Angeles - Southern California national forests closed for a week because of fire danger
"In an unusual move today, all National Forest in Southern California are closed because of the fire danger. Angelus San Bernardino, Oh Cleveland Lows Padre Sierra and Sequoia National Forest, all temporarily off limits to visitors. You know, the areas that will be open will be the commuter routes. You can still drive thru the commuter out some of that, such as Angeles Forest Highway, some of the canyon roads, But as far as recreation goes campgrounds, picnic areas trail has that all that's gonna be closed Angeles National Forest Fire Chief Robert Garcia. We're in a high risk, weather forecast and extreme. Same conditions due to the fuel moistures. They've reached their critical stage, so any fire and they're going to move very quickly. The closures will be re evaluated on a day to day basis. Emily Valdez que next 10 70 news radio.
Los Angeles - Wildfires have burned record 2 million acres in California this year
"Out on the West Coast. The fire situation is now so extreme in California that the federal government is shutting down all national forests in the southern part of the state. ABC is Alex Stone has more with wildfires exploding here in California and much of the state blanket 80 and a thick smoke plus Santa Ana winds arriving on Tuesday and Wednesday, the federal government is closing national forests that includes Stanislas National Forest, Sierra Sequoia in Yo Los Padres Angeles National Forest San Bernadino in Cleveland. That also means all campgrounds are being emptied out. His condition's worse in the air and a new record for California wildfires there have burned more than two million acres this year, and the most dangerous part of the year is still ahead.
Oracle joins race for TikTok, reportedly in talks to acquire U.S. operations
"Oracle has been working with US investors who already have a stake in bite dance to put together deal to acquire tic tacs operations in the US Canada Australia and New Zealand. Which? Oracle. Oracle if Microsoft as a home for Tiktok didn't make much sense. You than Oracle definitely doesn't right unless they're just interested in keeping it out of Microsoft's hands don't know quote detect company co founded by Larry Ellison had held preliminary talks with tiktok Chinese owner bite dance, and was seriously considering purchasing the APPS operations in the US Canada. Australia. New. Zealand the people said Oracle was working with a group of. US investors that already own steak and dance including General Atlantic and sequoia capital. The people added the entry of Oracle into the race provided by dance with a credible alternative to Microsoft's offers said, one person with knowledge of the matter twitter had also held early stage talks with TIKTOK. But there were serious concerns about the US Social Media Group's ability to finance the deal said people briefed about the matter and quote? But still? Oracle really.
Book News For August
"So let's start work as always we open up our episode with the latest Book Publishing News Rewrite What's our first story? As always, we get our book deal news from Publishers Weekly and our first piece of news is in an eight house auction carper Collins teagan books one north. American rights to Michelle quashes debut novel not here to be liked. This why a ROM COM follows Chinese Vietnamese. American, girl allies, kwan who snubbed as the next editor in chief of the school paper for less qualified but more likable male peer as she leads a feminist reckoning at her school she begins falling for the boy she she's asking to step down publication is scheduled for fall twenty twenty one what are your thoughts on this premise? Sexism exists everywhere and yeah. Yeah. But what if she falls in love with him and let them have job I'll take him down regardless. He doesn't deserve the position. So yeah, take him now date him after you get the job you know if he really loves her he'll step Tom. because. He wants her to do her best right isn't that what partner supposed to? Yeah and also you want a boyfriend who likes supports feminism. Sorry. This is this is a way for him to prove his worth. Yeah. But you know given the recent state of the publishing industry and like the news industry, it's a pretty timely story. You know it's weird how a lot of these books are coming up at just the right time. We'll also just you know books are a reflection of what's happening in the world and. Sexism. Racism. Capitalism none of that is going away anytime soon. So it's always going to be timely. Yeah. OUR OUR NEXT STORY HARPER TEEN bought axios exile EXO Bya Rom. com fall is a Korean American cello prodigy who spent part of her junior year at an elite Music Academy in Seoul where she falls into a whirlwind secret romance with the Lead Singer of K pop's biggest boy band. Publication is scheduled for summer twenty twenty one reread. This sounds like your jam. Kind of. Here's the thing I. I love Korean music I love Korean indie hip hop and some and some pop here and there. But I'm very skeptical when it comes to books that. Are Romances with pop stars. I don't I don't know like for some reason it just kind of. Makes me feel. Like, will they it right? Will they get the culture? Right obviously AXIOS is Korean American and she Malo Kate pop for a very long time. So I'm sure she'll get it correct. I mean wasn't her last book on rebel soul about like K. pop and robots. I don't think. K pop poison there. Oh. Yeah it was like Mecca. Feel checks, all the boxes though you know you have not just the the K pop part but also. School. Drama set in Korea at a music academy. Those check a lot of box. I will I will read it because, Acsi Oh, I've read rebel soul and it was a fun book and I I have trust in MC owns all of these elements right. So I am excited for her twenty twenty one it is pre diabolical that she named the book after herself because it's it's excellent. So's axial twice isn't it like kisses and hugs is Trying to make a joke never mind. All right. So our next book deal is McMillan top? Bought World English rights to Karen chows Middle Grade debut miracle, which is about an Asian American girls struggling to find herself through friendship and music in the wake of her father's death publication is planned for twenty twenty two. This one's not as. not, as upbeat as the last one and not as feel-good. But that's pretty deep subject for a great novel. Yeah. I mean, it does have music in it music. Yeah. Next up William Morrow. Science Sequoia Nagamatsu debut novel how high we go in the dark according to the publishers the novel Explores Humanity's struggle to rebuild itself in the aftermath of a climate plague and is akin to stationed eleven and cloud atlas very timely. Yeah. I don't see a release date. I'm going to assume probably twenty, one, twenty, twenty, two. I really loved station eleven. So I am very interested in seeing what the book is about or I guess we already know what it's about, but again, get more familiar with. And the characters
Rare California Condors Seen In Sequoia National Park
"Big news out of Sequoia National Park Condors are back. This is all just stunning to me. John Nielsen, former NPR correspondent is author of Condor to the Brink and Back the Life and Times of one Giant Bird. The Condor is the largest living flying thing in North America, and it sounds like this. That recording courtesy of Cornell University's Lab of Ornithology and the news. Some have been spotted in California's Sequoia National Park for the first time in 50 years is welcome because condors were so close to extinction. There was a time when there were none in the wild. They were all in captive breeding programs. Zoos. The National Park Service broke the news about the birds reappearance yesterday, saying they were seen back in May. Park waited a couple of months to tell us to confirm the sighting when their numbers dropped to just 22 wild birds were rounded up. At first they didn't breed, but eventually they did and were released back into the wild. If you haven't seen a condor, and you've only heard it described Or you've only exceeded in the zoo. One of the first impressions you get, Isn't it really ugly bird mean it eats dead things. You know it pees on the walls of the caves that lives in stuff like that. But when it flies, it's unbelievable. And John Nelson says there is nothing like a sighting in the
Rare California Condors Seen In Sequoia National Park
"The big news out of Sequoia National Park condors are back. This is also just stunning to me. John Nielsen is author of Condor to the brink and back the life and times of one giant bird. The condor is the largest living flying thing in America and it sounds like this. That recording courtesy of Cornell University's lab of ornithology and the news some have been spotted in California's Sequoia National Park for the first time in fifty years is welcome. Because condors were so close to extinction, there was a time when there were none in the wild. They were all in captive breeding programs ensues. The National Park Service broke the news about the birds. We appearance yesterday saying they were seen back in. In May the park waited a couple of months to tell us to confirm the sighting when their numbers drop to just twenty two, the wild birds were rounded up at first they didn't breed, but eventually they did and were released back into the wild. If you haven't seen a condor and you've only heard it described, or you've only seen it in the zoo. One of the first impressions Really Ugly Bird. Meet it eats dad things. Out Pees on the walls of the caves at lives in stuff like that, but when it flies, it's unbelievable and John Nelson says there is nothing like a sighting in the wild win kind of roars through their. Feathers because they don't sneak up on stuff aid stuff when it's dead, this condor flew down to the base of the cliff that I was standing at the top, and caught the wind currents and flew straight up right past me like ten feet away, this gigantic bird, nine and f foot wingspan, and it was. Like? Well John Nielsen says the news of Condor. Citing is great, he warns the preservation effort does not end still have huge challenges ahead. The biggest one is probably lead shot in their environment. That's because when hunter shoot animals and leave the bodies behind condors eat the animals and the ammunition which can be fatal to the condor, so keep a lookout for the three hundred plus wild condors thought to be at large in California and nearby states.
Magnitude 5.8 earthquake rattles central California
"Of five point eight magnitude earthquake rocks central California it's centered outside of ridgecrest near sequoia national park this is the fireman in Los Angeles the quake struck in a remote part of central California it was given a preliminary reading of magnitude five point eight normally a quake of that strange results in slight damage to buildings and other structures and so far there's been no report of any major damage the epicenter was around sixty miles northwest of the town of
Better Communication Through Letters
"Debbie Ronca is President of Sequoia coaching a Certified Life Coach. Speaker and disc profile trainer with John Maxwell team she is also the author of the family letter how to intentionally develop a culture of honor encouragement and value with your loved ones a bestseller in nine relationship in Harrington Categories Ronco wants start a global movement. So other families also benefit on the family wetter. We're going to talk about this today with Debbie. Debbie welcome to the show. Thank you so much for coming on. You are locked them. And thank you for having me of course so debbie for a lot of our listeners. That might not know what a family letter is. Could you go ahead and tell them what the impact of a family letter is and really what they could get out of it? That's a great question. Read on the family letter was basically something that we started as a tradition in our family years ago when our kids were growing up we had the intention of teaching them how to use their words To be encouraged others to be able to use the words to bless another person. And you know. Sometimes it's really hard for kids especially to verbalize. They feel a little embarrassed or uncomfortable. So we've found that using a letter was the safe way to go. That's great So I myself actually have done something like a family letter before in my family. It's not quite what you do But it really helped teach me how to express myself to my family in a healthy way and really be able to communicate and open wider doors. Is that the same hope that you are looking for with your letter. Absolutely the whole intent really is to let the other person know why their loved valued in celebrated and when you hear that from other family members it really just builds wonderful foundation of trust and connection and a bond and read what we did specifically is. We made it a tradition on our birthdays. We thought why not birthdays the day. Everyone is celebrated right so why not let that be the day that we received this letter and so we taught our children from the time they were young and of course we made the what the intent that had to be in the letter? Simple so they could do it and you know when I speak at women's events I always tell the moms don't worry about the grammar. Don't worry about the punctuation year teaching them how you used the words and you don't ever want to make them feel it has to be perfect because it's coming from their heart and of course as our family grew and I say read. We've been doing this now for over thirty years and after thirty years our children thirty eight thirty seven and thirty five. They still want their letters. I mean it is a big tradition in our house. Love that I love that. That's fantastic. Could you dive a little deeper into the content of these family letters absolutely well like in the beginning we make it really simple for the kids because we want them to right so it really? You need to not just tell the person you love them but why because when you specifically say why it goes deeper you know. It's just not the Cliche I love you but when you hear why and then you want to celebrate their gifts and talents you wanNA recognize Any celebrations in their life and of course as we got older we expanded that. So Ah Chris. Reflecting on the past year of this person's life were on their birthday. And you know everybody walks through a dark time trial a difficulty and we write about that in the letter like Geez. Jonathan I remember when you were going through that difficult relationship and the way that you handle bit really made us proud of you. You showed a lot of kindness and compassion and so we actually recognize encourage. The person helping walk through difficult times as well. That's really nice to hear. I think a struggle that a lot of families go through not just with something like this but milestones for any of their children is. When do we start you know? When do we put him on a bike? When do we teach them how to do this? When would you say is a good time to get your children to start being engaged in this? When we started the letter read. Our children were five and seven while and then we had an remind you that the letters were short but they were learning how to communicate and we had our third child when he turned five. We would always do this moment of re writing letters and reading the letters at our dining room table so he grew up here in his father received letters his mother his brother and sister so when he turned five he said. I WANNA DO LETTERS. I want in and so he actually turned from the Observer to the writer so he started as early as five and I believe the power in at read is the consistency like we chose birthdays. And so we know every birthday we're gonNA gather and have letters and of course being a mother and a father. We've added the mother and father's day letter in there too. Oh of course you have to make sure that you've got a little extra recognition for all the hard work you do for raising your children It's the best gift. Jerry Seib really love those letters absolutely so I think like anybody else. Not all of our lives are rainbows and lollipops. Right kind of goes through a hard time and sometimes that hard time is reflected onto our family. How can the letter be used as a catalyst for accomplishing forgiveness? Or even reconciling some things in the past one of the best ways that I think he can open up. The line of Communications is through the power of a letter. I would think that you would agree with me read. Don't you feel that when a relationship is broken? One of the most difficult things is to be able to come back and talk face to face because there's so much hurt and there's so much wounding and you still wind up fighting and you don't reconcile but I feel when you can write in a letter. What you like about that person. What you love about that person that you've missed the relationship that you're sorry that they disagreed you know. Can we start again? I believe you can maybe crack a door open. That has been slammed shut for years and that could be the beginning of the communication. Because it's a safe place to see if you can open that door again and we have a great story with our children. They were seven and five at the time at that time. We were doing Christmas letters as well. And you know how children are they. Can they argue? They fight and they wrote their letters and nobody knows what's written in the letter to you. Read it and my daughter wrote a letter to her brother saying that she was so sorry that he was mean to her and he she wished that he could be a nicer brother and my son and in his letter to his sister wrote. I know I haven't been a great brother and I know I've been hard on you. I'm really sorry. When they both read their letters. They looked at each other and they ran over and they hugged each other and Oracle. The letter gave the voice to the prop room. And so I know children can do that. I really believe adults can do that. And you know in this crisis time read. I'm really thinking hearts are being tender is D- A lot of people are klaren teen. A lot of people are thinking about really what is important in life now. This may be a great time to write that letter to that broken relationship and try to restore it absolutely. I think as many people would agree with me. A family is very important especially during these times. That's really who you're GONNA hold dear. You have close. I know I personally have been talking to my mother way more than I have before during this little walk down. I'm sure this letter can go even further pass. Your family can not absolutely you know. I believe everybody in life should receive a letter from someone so I really think if you sat down and thought about it you may have that teacher that mentor that business partner that neighbor that Fran and somebody who's impacted your life that you could just take time and write them a letter to let them know how they impacted your life. It would mean the world to them
"sequoia" Discussed on The New School with Christine Hong
"And also helpful to really. Early stage founders. 'cause sequoia prides itself of always being in what we call the pre seed and seed business. And then working with those super. Early Company is all the way through IPO and beyond so we measured it on the number of seed stage companies that wanted to talk to us even before they may be even needed funding. How did you achieve goal once making sure? The existing founders were supported. I mean it was actually two very different ways. One is in what I would call the spoke help. How could me or the investors helped them and their companies with individual problem solving or growth opportunities. So that could be helping them with. Launched helping them in a crisis situation helping them higher. That was first and that's obviously very specialized to each and company and then the other way was how am I eighteen? Much more scalable ways that had to do with connecting founders with founders and building community. There's a few as sequoias done that. One is through events so we have an event called base camp where we take all of our founders camping or it really gives founders and opportunity to reflect in connect with each other and certainly we bring in great speakers and deliver great content and then from there. We started what I would call founder boot camps. A program called aunt with stands for amplify mobilize and propel it's like a ten week intensive where our founders really young companies that seed and series as companies come together and they meet every Thursday for four hours in the evening going through critical business building concept and then they get to connect with each other at the end of the day. Most founders have the skills that need they just need the support of a great network to help them solve problems in the moment to those were a couple of ways that we built loyalty either very specific or building community interesting. Is that how you try to stand out from other brands? Those are two ways that we really do. Try to stand out. I think the other way is just. We have a very small dedicated team. That's all in we think of ourselves partner versus an investor and will stand by you through each stage of the journey and we also have expertise at each stage of the journey as it really does vary depending on where you're at for goal to. You're saying you want to make sure no companies that were awesome like didn't apply to quite. You're like one atop the companies. Do you actually have trouble with? I would say we have trouble in that. People may not want to come meet with us before they feel like. They're ready because they really in many cases. May WanNa work with US. But they feel like they want to be perfect and that in fact is the worst thing because we can actually be most helpful when companies are still rough around the edges. And I don't think it had anything to do with us. Sides the fact that a founder sees brands like airbnb or dropbox or Google. And they think Oh. I'm not done yet. But those companies. Were you know two or three people in our offices when they first started so. I think it's telling those stories that it's never too soon to start with sequoia and then also being helpful to them even prior to going into business with those companies that makes sense. I don't think I would even think of talking to sequoia unless I had at least a million users or something and that's detrimental to our business to because we don't want you to wait that long because we can probably help you get to those million users. So when's a good time? So what stage? I think. Obviously it depends. You don't have to have product market fit yet. You have to have a compelling market size.
Starbucks strikes partnership with venture capital firm Sequoia to make tech investments in China
"Starbucks has struck a partnership with venture capital firm sequoia capital China to co invest in technology businesses in China the latest push from Starbucks aims to boost the digital aspect of its business in one of its most important
"sequoia" Discussed on Bloomberg Radio New York
"Want to talk about sequoia capital which was one of the first venture capital firms to sound the alarm about just how dire the economic impact of the corona virus outbreak would be two weeks ago the Korea sentimental to its entrepreneurs calling the corona virus the blacks one of twenty twenty telling entrepreneurs to hunker hunker down conserve cash and start asking some critical questions about their business I want to bring in Alfred Lin now a partner at sequoia sequoia is of course an investor in Airbnb in zoom Alfred your an investor in uber personally you sent that memo two weeks ago and things have changed dramatically since then and even in the last twenty four hours are you even more worried now today than you were then we sent the memo because we wanted to signal to our founders that they should take it seriously and we want to sort of go back to first principles and the first thing first and foremost this is a health crisis so we want everyone to take care of themselves and their family and their employees and their community and second as a business leader do we have to take this seriously and we need to focus on survival for many of our founders that means focusing on their cash flow and understanding how much cash they have to get to the other site here more interviews like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app or check your local cable listings markets headlines and breaking news twenty four hours a day at dot com the Bloomberg business this is a Bloomberg business slash and I'm here in Moscow the dollar is extending gains as investors seek havens while they question the effectiveness of a rapidly strengthening battery of economic and financial support measures by global policy makers stocks are mixed worldwide in volatile trading U. S. stock index futures they've been fluctuating we check the markets every fifteen minutes throughout the trading day on Bloomberg S. and P. futures are little changed now Dow futures up seventeen does that futures up sixty six the dax in Germany sept one and a half percent.
7 Unconventional Ways We Run Our Companies |
"I'm Eric Su and I'm Neil Patel and today we are going to talk about seven confessional ways. We've run our companies all right so I will start with way number one so we have a hybrid remote model so we like remote were remote friendly. I'll say it that way. So on the agency side. Because we can having to serendipity of people getting creative and talking in a room and there's just a lot of ideas that go back and forth and a lot of touch points on that we do a three to model meaning that were in the offices Monday through Wednesday and Thursday Friday. People work from home and they really liked that model because Thursday Friday ticket to just focus on the work and then by the time. Monday rolls around. They're excited to come back into work. And then when did her Wednesday crinkle meetings again and just go back home? So that's worked out really well for us over the years so this would be number two unconventional way that I run my companies is I was put a CEO in place. So I'm a big believer. No matter what I do. You always want someone leading the ship. Whose amazing operations growing recruiting and I believe in folks as well also every time. I'm running a business a technically one. I never run a business but to put a CEO in place who's been successful. And when I heard the usual look for someone who's done it successfully before at least two times because if they've only done it successfully once it could be locked done at twice. The chances are they really are good at it so they should be able to do it a third time. Yup and the other thing. I'll say is probably applies Neil as well but we are generally pretty direct with our feedback. Sometimes there's organizations where they actually all tied in with a couple of things but people will sugarcoat things right. People don't WanNa rock the boat. They don't want to make people feel sad. They don't want people cry generally my personality and Neal's first now is we delivered read feedback if things aren't going well it's like hey we're seeing this with the numbers right now. Does seem like things are going. Well what can I do to help right? We delivered directly back. But it's also comes from a place of continued to help the company before because the company is a high performance sports team so if things aren't going well for someone over time that what will try to do we got this from Bob. Glazer from acceleration. Partners is someone's done well for us over the years and it just doesn't seem to be clicking anymore. We'll offer a mindful transition program. Meaning that you know. We'll help them find something and we'll continue to pay them and then we'll make it a good thing for them where the departure was amicable and it wasn't like someone got fired from that right so there's no surprises on both sides. So that is what number three number four. I love creating ten percent. Profit sharing pool for people who can just crank and generate revenue. And I make a dog eat dog world where it doesn't matter what your title is depending on your performance. That's how much you can end up getting the lowest person on the totem pole. But if you're producing the most impact for the business in theory you can have a bigger stake of a profit-sharing pool. Now I try to do this for all my companies. It doesn't always work out and the reason being is when you first start amount allowed times. You're losing money or breaking even in those cases you can't have a profit sharing will once they grow to be big enough then rolled out that concept and I took a lot of the modeling from profit-sharing pool from Sequoia if you look out partners at sequoia capital when they invest in companies and they have home runs and exits? They don't just split the money evenly? The people who bring the best deals in performed the best tend to make the most money from that will all right number five. We encourage people to have side projects because we think the work that we do requires creative thinking so if you're working on side projects a lot of creative work that you're doing is actually going to carry over into company. Someone has a creative project really takes off good for them. They can start their own thing more power to them but at the same time my company actually got the benefit from the learnings that they put forth and the experiments that they read so better across the board people feel happier. And you don't WanNa limit people saying oh you can have side projects. I'm as long as not competitive to the company that they're part of Dan. There's generally no complaints another unconventional thing that we do in this is number six. We're really big on lunch and learns and I know a lot of companies are rolling that out and they'll disc of like a presentation on a topic are way doesn't work out that way so like for example on my last lunch and learn that I did. I tend to do myself. I'll end up breaking on topic so the topic was content. Marketing and blogging. And I went over with a group of how to write amazing content for blog posts and I didn't care what department they were in. Everyone had to start writing blog posts and on the spot so the lunch last hour. So I'm telling people to come up with the topic of teaching them how to write an introduction having them do it right then and there on the spot and then they got to read it out loud and I'm critiquing them critiquing. Everyone's I'm doing it in a positive proactive way where we can learn from it. When I'm critiquing I'm telling him here's what you can fix and how to make it better so I'll do these types of lunch and learn every other week and the reason being is helps people sharpen up their skills. No matter what position you're in you can always learn more. You can always be sharper. And I don't like just the concept of teaching strategies talking as you want them to do it because the moment they're doing it and implementing it that means are learning it and it works out much better for them versus them just reading about it all right last but not least number seven so we got this from Jeff Bezos. This is how Amazon things so back in the day. Even now they do. Something called memos and this could be basically. Let's Neil comes up with an idea right instead of saying. Hey I'm going to call a meeting because I have a new idea you're required to write a memo and sometimes really good memo takes a week or longer to write and it's basically okay. Here's the new idea but it starts with the press release so everyone is a down in a room and the read. The press release I another read frequently asked questions an overview around the idea. What resources required all this different stuff? So it's basically like a speck of the project with the press. Release in there so people can get a good idea of what they're trying to accomplish but what happens there after everyone had room the read the memo for maybe ten to thirty minutes or so then a debate will happen and then you know the last five minutes of the meeting. Basically there'll be a decision that will be made now what this basically forces is. It will scare people from basically throwing meetings whenever they WANNA throw meetings and forces clarity of thought as well and then also because you know everyone read the document and all the questions are answered from that document because that person all the effort you get a decision much faster and you move a lot faster and when you call a memo meeting like that. You're also very cognizant of all the time that you're going to take from the other people because if you're dragging a bunch of busy executives into a room and you know you clearly didn't think through things and they're not happy at the end of it. You are going to be in trouble at the end so memo expensive too right. You're wasting everyone's time everyone's getting paid. Which is a huge expense company? Neil you and I think about that all the time if people are just sitting in meetings kind of just messing around. We're just thinking about all the money going out the door right. Do we have a rule to in our AD agency. We don't like more than three people in a meeting. And it's not that we don't want meetings. We want people to work on the client work and not just sitting doing meeting. Because if you're sitting in a meeting you're not getting work done for our client. Sure you need meetings here and there to strategize figure out what we're doing how we're getting people better results but is not going to happen unless you go out there and do the work so we don't want people in meetings all day. Yeah Fun thing. I'll say from my side is I was reading hacker news. Basically you can just Google Amazon Hacker News and Jeff Basil's memo something like that right you'll find it and people that used to work for Amazon ended up starting their own companies. They said by far the biggest impact thing they got was learning how to take that memo system into their new company. And so I actually got it after. I was reading the Amazon shareholder letters. There's this book that summarize all the shareholder letters Dow's biggest takeaway. I got from that book so we started doing it and the results have been incredible so far so I'll have to report again on it. Maybe in a year or so but so far so good so I recommend checking that
Raising money in a bear market, and what's happening with Peloton?
"Seen here the stock markets have gone from bad to worse. We're in correction territory. It's a bear market. Danny this is the end of the eleven year bull run. I think yeah you know since the two thousand eight global financial crisis which which saw the market crashed thirty forty fifty percent depending on metro looking at. We've had this massive Ron. One of the longest runs the postwar era eleven years of growth on the Nasdaq the Dow and across the economy and all that came to screeching halt in like a week with the Dow Jones Industrial Average. Averaging down I think right at the second about twenty eight percent from its peak just a couple of weeks ago we were just doing. Alex and I were writing a story about the last ninety days of Corona virus and Nikon News and with shock me was the Dow hit a peak on February twelfth Nasdaq's peak was February nineteenth. This is twenty two days ago. So we've now seen completely the Go the other direction so both hit correction territory by a week and a half ago that means it was down ten percent and then we hit the bear market which is twenty percent. Now we're entering. I don't even know what we see. I don't think we have an animal for for this but now we're down thirty percent. I guess we're a Unicorn death doing market Dung Beetle market their now trademark right there so so I mean what reversal in so quickly. And I I just was told by Chris our producer that Dung beetles do not carry Kovic nineteen so if you do have Dung Beetles on. You can feel free to keep them around So we're going to keep watching this story. We've actually covering the public markets more than we kind of like to we already. Private market focused publication. But we haven't been able to look away. Tasha even looking at a couple of different stocks inside the markets have been doing things I think zoom and Peleton have been on your radar. I'm kind of curious why. Peleton was kind of a joke yesterday and the New York. Times came out with the story today about people taking it more seriously at home fitness in general scientific spike. And I know personally I plan on starting to run. Quit my gym membership. So it's definitely happening overall. Though I think for a lot of people it was a moment where they're like. Hey even if even if we don't have a million cases or hundreds of cases of corona virus. We're listening now so I think it was only a pause for anyone and everyone was certainly a pause for me. I mean I I usually get about twenty thirty steps in every morning on my commute from my bedroom to my tech crunch work desk approximately fifteen feet away but I think that the shocking part is you know. Exercise Bikes have been around a long time. Peleton had this controversy run campaign over Christmas. Alex remind me. Ipo last year our call early twenty nine lead twenty in September of last year. That's how fast the news accelerated. Everything seems so far in the in the rear view mirror. And you're like that was two weeks ago. We were at the top but Peleton. It started really. Well it's declined and now the argument is like who's going to go to equinox when economics potentially could give you corona virus so huge increase remote classes are a new thing and that sort of zoom. But I want to talk about the scale of Peleton's reason declines because we've seen the markets where price a lot of companies lately Peleton's a great example of a company that had a return to form that has been obviated by the recent market movement. So if you go back to. December peleton spiked at like thirty dollars a share. It was up quite often peo- price as accessible run today. It's nineteen dollars and seventy cents a share and it's off nearly ten and a half percent as we record right now so you start. That people thought would do well is really doing the opposite of showing you that. No one's really safe in today's public markets. Everyone's GonNa hit travels getting hit volatility is up denny sashes. Even down in Cryptos are down. It's really kind of holistic bit of value destruction across every asset class that I track at
Coronavirus corrections and the rise of remote work
"Let's talk about the markets. There's no avoiding this. If you track technology if you track startups venture capital all that good stuff you see what happens to the public markets and in the last couple of days. It's been a complete shellacking. I think it's pretty much the only way to put it. We haven't seen declines at this magnitude in some time and it's gotten everyone in the talking about what's going on and what might happen next. Danny just giving you a gut check to the listeners. And all of our friends out there. How surprised are you by this eventual and kind of finally happened moment in the US stock market completely? Not surprised I mean I I I. We're not allowed to actively trade but I did trade my 401k portfolio into a money market fund. Like two weeks ago. So I'm quite pleased with the The the choice I actually sold at literally the peak a couple of weeks ago and so so I feel vindicated like my. My retirement is secure all five hundred dollars of it. I was GONNA say this is not actually a show designed to. Let's Brag but I'll give you three points for that one. I'm doing the old fashioned like long term investing. Keep your money where it is. Let it do whatever thing. So we'll see who's right in the end for people just catching up though if you're not active in the US stock market stocks have fallen tremendously over ten percent last couple of days and that was is really been kind of following the US news cycle so as the corona virus. The kind of thing that has come out of the disease world. I'm not a doctor that's best. I can do has become more prevalent both internationally closing more borders impacting more economies heritage anymore trade routes and also popping up here at home. Concern has risen. Also we're beginning to see impacts of the lengthy shuttering of large parts of China reflect it in trade and supply chain disruptions companies like Microsoft booking holdings which ones booking dot com and utanics have highlighted issues in their revenue and earnings coming up so the the slowdown is here after weeks of talking about any kind of expecting it and finally Goldman which you've all heard of they forecasted that. Us companies will have zero growth in twenty twenty which is pretty damning because growth is kind of what powers the stock market's expansion and that's kind of the the bad news. Sas companies are also taking a hit any. Am I missing any Any bad news here. Obviously people are dying Thousands of people are being marooned hundreds of millions in China and around. The world have been quarantined so those are the headlines but I I think what's interesting is is. There's there's two patterns here one is I want to focus in on zoom or let's call Zoom Zoom Zoom. The video conferencing software. That also helps us. Equity is having the best time of its Goddamn effing life so they they have doubled the stock value in just the last couple of weeks from the low sixty S in early December to about one hundred fourteen as a recording the show so eighty eighty dollars per cent and its market. Cap is now at almost thirty. Two billion dollars and I I I'm kind of annoyed by this. But it's Kinda funny just to point out that therefore pe ratio is four hundred. Thirty five right now and to Yahoo Finance has them as overvalued but I do think I do think the virus I mean the upshot of this is that because all the flights are being canceled. You know a ton of conferences. We just heard today that F. Eight the big facebook developer's conference were hearing. People are pulling out of the game developers conference. Sf next month GTC. There's even talk about Tokyo Olympics later this summer possibly being cancelled. I think we're actually going to see a huge gift around remote work. We talk about remote work. We've seen a lot of companies in recent justed around in a company. That's doing like remote conferences. But I think the virus is really going to force companies and decision makers to really ask like. Do you need to fly to do the sales meeting? Do you need to fly to this conference to learn something? Do you need to drive to a seminar and I? I do think we're going to see a shift in the economy where people go actually remote. We're Kinda works okay. We're we have tools and and and it's changed a lot last decade. Yeah I mean won't people might not know this but tech crunch itself as relatively remote I organization and my work history has been majority remote. I worked for with the next web for my first four years as a journalist and they were based in Amsterdam and I was in Chicago and then SF. I never went to the actual office once in that time period so to me this is relatively normal but I think for a lot of folks. He's always been discussed point. Not a re- realize reality so I'll be curious to see if that does work up. Certainly zoom other future of products and other companies. That kind of service people that are not in the same room might do well. I would say given zooms rapid value appreciation that racine's active trading as opposed to fundamental value. But certainly it's a stock to keep in mind if you haven't caught up on what's going on with red at Wall Street beds and the Stock Market. Take a look. It's kind of fun if you WANNA get a window into how the chat rooms of the nineties that helped pump stocks have now turned into semi closed at four. It's quite adventure zoom. I'm not saying it's part of that pump and dump world but it reminds me of some of the value appreciation. We've seen at other stocks that have him in the last couple of months. I think you know this is a question around Tesla. We brought up in a bunch of other stocks. Might take away from that is if you're trading over the counter OTC stocks penny stocks. Okay fine there's not a lot of liquidity. You can actually do a lot on the ticket and whatnot stocks. Let's zoom as an example thirty two billion market CAP company. You have to have a lot of money to move that share price one way or the other. If you're maybe maybe everyone's long and therefore like almost no one's willing to to sell and so therefore your your price gets kind of moved higher and higher but my my assumption is that that's not true and certainly for most of these big tech companies like Microsoft near trillion dollar market cap company. Like ain't no one can you. Can you can be you know. Warren Buffett Go. I'm going to buy the whole stock and the stock price will early move. That's the scale. I think we're talking about love the shares so it might change as the Margaret hits volatility and and whatnot but to me. It was blown way out of proportion. Well I hope so. That would mean there's less manipulation the stock market in values and more reasonable. So let's hope you're right but it is a fun story regardless but let's move along away from the main public markets to talk about a company that wants to join public company world which door dash after quite a long time of hearing to this company will go public kind of a needed win for both. Softbank And the Vision Fund Jordache filed confidentially to go public. And Danny. I want you to tell us the difference between filing to go public and filing privately to go public yes for companies that are under about a billion in revenue the jobs act plenty twelve allows startups to file basically there s one without having to do it publicly so generally speaking in the process you file publicly which means you literally to the web and then the SEC gives you feedback on that dock. You might make changes some some individual if you remember like what was a community adjusted revenue or some of these may not it was community adjusted so it was adjusted. Eba which is already super chested. Right brave ever GonNa give back on that. This purchase designed to encourage companies to go public earlier at least get feedback on there. S ones and to do it in such way like if if the numbers don't turn out well or some things get blocked by the SEC. You have time to sort of recover without kind of embarrassing yourself in public. The reason we actually find out about most of these confidential s ones that the bankers know that they're going to become real public wants and so the file confidentially then leaked to the press and go. Gee someone somewhere has filed something things about this one. Why would the companies do this? Well if you let these file privately when they're smaller it lets them a decrease in the amount of risk they take on making the on ramp to public markets have been easier and the number of companies has fallen sharply in the last. I forget the timeframe like ten twenty years. So this is a way to help. Bolster that number again and also with if you recall back to Osama's private IPO file or private direct listing filing. I guess technically they are putting out press releases saying we've done this. So they're they're filing privately telling you publicly they will go public but it's private for now and that's very twenty twenty but it's also. Kinda key dynamic to understand you look at the IPO market for this year. Now announcing your stealth fundraise. Yes very much like saying we have cool things over here. You may not see them. You're exactly it's the it's the sneaker drop it's yes it's the sneaker. That's the thing when shoes come out for a short period of time. I'm not cool. I turned thirty. I lost all ability to have coolness anymore. Now We're both in our thirties. Now which I think means that will never be cool again on door dash though Danny mentioned that if you have less than a certain amount of revenue you can file privately. Keep in mind that door dashes right about the sides so we have a suspicion that this was kind of the end of the time period in which they could file privately. Because they're about to be to Lart so let's get into the numbers and talk a little bit about what we have here. The company is worth around thirteen billion. But which is a large number not the most valuable private companies have ever seen we work at its Peak Uber Pre IPO. Those were both larger but certainly a decca corn and evaluate company. The company was valued at one point. Four billion in two thousand eighteen to give you understand how fast it's appreciated in value and that is driven by tons and tons of private capital often come in through the lens started after lengthy accounts of Division Fund but the company has attracted capital firm Kleiner and sequoia throughout its history. So a lot of backers. Put a lot of money this company for different reasons at different stages. But it's welland and it has some comps so we're not talking about a company completely abstract Danny. Just run us through some quickly and then we'll talk about its results. Yeah so I think the the the big cop here is so you know Oberlin public. We now have a lot of data from ubereats which is one of its sub business lines but in Q. Four thousand nine hundred ending December.
Why Front's Series C matters
"I'm Alex Wilhelm and once again I have have denny Crichton with me Danny how are you doing. I'm doing awesome. That is that's enthusiasm. You are back in New York. I'm in Providence and I have to say I've I've had enough of this shit. I want some summer but the good news is despite the terrible weather and the time of the year. There is a gazillion things to get to. So I'm going to skip the usual faffing about and jump bright in. I'm going to start the show with front which I need you to explain to me why this particular funding round was such a big deal. Right you'RE GONNA kick off the entire show that so start with why. Hi the Health Care Front. Raise fifty nine million dollars in series C and Here's here's the deal. They didn't have a lead. They had no investors. There no lead V. V. C. WE KNOW Vision Fund. No no sequoia. Although Sequeira did the series B. on they actually lead with a couple of really prominent be to be CEO and founder so lasting Cassia and founder Mike Cannon Brookes octa CEO and Co founder Frederick Harassed Multiplex Co founder and CEO. Ryan Smith Zoom CEO. Eric Yuen. What's interesting here here is is? We're getting to these late. Stage growth rounds at a time when there's more growth money than ever and basically said now we're good we're just gonNA take from really prominent angels. Who all of that exited you know? Kind of startups and. So what's interesting here is twofold one is one the dynamic. VC industry which we can talk about more but to actually kind of the strategy here of front is a B. Two B. Product Arctic. Selling to other kind of B2B startups and so by taking this money from other kind of B. Two B. Sales centered Start founders and see IOS. They're really kind of like buying. I'm from their own customers so to speak right synchronicity. That's connecting the two together. So the fifty nine million dollar round had no lead. VC there was no like Kleiner liner coming in here right in the big check. I'm curious do you think that the disease that previously invested got pro rata in this round or do think it was all just money from these I guess executives turned angels. I think they've got Harada me. I don't think it was in the press. Release that they did but I am sure they did. I'm also not entirely clear that these folks took the entire round. I mean there could have been nate. Twenty or twenty five million dollars slug from around that was announced yama funding from a farm that was announced But nonetheless like the fact that it was positioned this way If you imagine in ten years ago this sort of round first of all wouldn't exist but this ground where we would said Oh a bunch of angels came in late stage. It'd be like well. This company must be doing terribly wrong Novi. ABC was willing to lead the round. Things have changed so much. That founder can literally say God. We got a couple of individuals around at the party. At the craps table they put in fifty nine million bucks. We're going wow unbelievable. They said no to everyone. It's amazing change in time. It is but also I'm kind of embarrassed by the number of people I know on this list. Like I know Frederick a little bit I know Ryan a little but I know Eric a little bit. I think I've met J. I mean I think I need to change industry industries because the the same eight people keep coming up. That's embarrassing to me. I need any new friends. Let's talk about what the company does front is be messaging kind of calms thing. It looks like email works for teams. I'm assuming this is kind of product aimed at customer support customer success kind of groups. Yes affront fronts. Innovation was really for a lot of top companies they have an email like support at techcrunch dot com or press at at Google Dot Com. Which is actually how we reach out to right? And so when that goes into Press Google Dot com on that actually gets centered and moved around the the thousands of people who are in Google Google to figure out how to respond to it. So if he's coming from an ad tech crunch email address like from us he goes to our tech crunch contact if it goes to APEC Asia. Pacific it'll go to someone who's live overnight overnight overseas and so basically thousands of people are accessing the same email inbox and so. Have you ever tried to do your own inbox with g million. No it's basically impossible with one goddamn person on the box. Now you had an hundreds of people all of whom are interacting with the same emails etc and suddenly. It's just a complete mess front. Took that and said Hey. What have we built in box from? Scratch zooming that. There are thousands of people or hundreds of people reading the same tickets reading the same emails. And how can we respond to it. Really really effectively. Huge problem tons of companies have it. They've been super successful. It's only a couple years old and what's interesting is actually the the founders are French It actually has a large Parisian office one founder Laurent Had A decade and enterprise. And then WHO's also female be to be founder of rare breed unfortunately in the industry who CEO up and she. She kind of came out of her master's disagree in two thousand twelve and dived into this and front. So it's a five year. Old Company raised one hundred thirty eight almost one hundred forty million bucks. An insane amount of money ended the speed was raise capitals crazy because their series of ten million was back in May of two thousand sixteen. Then Bam sixty six million early eighteen and then two years later fifty nine million so really. It's pretty frontloaded or backloaded. I'm sorry to kind of where we are in time now. I'm curious to see how much more capital they'll need to scale this to IPO. It's already kind of there. But certainly a lot of star power a lot of customers on this new investment and. I'm kind of curious that this is a trend that will see a flex from companies. That were so hot. We don't even need venture capital all the real stars of our industry the money in It's certainly a new way to approach it absolutely. I think one of the key lessons here at least for me was a company that really figured out product market fit super early on You know if you look at it was founded Five years ago it took two years to build out so uncork. Capital is sort of a firm that argues it focuses on product market fit. They raised three point. One million seed in October two thousand fourteen and then once they sort of got this product market fit. And it's sort of obvious today but looking back in time the idea that there d the SASS product to fix this team oriented email. inbox was sort of not a concept of. Now it's just scaling right it's all sales scaling And so we're seeing the rounds. Get faster and faster. Because they're repeated you you know the sales are repeating assuming the growth is repeating internally. The numbers look great. It's sort of classic SAS business I expect us to see as one hundred millionaire our club as you call it hopefully in the next year or two that there hasn't been announcement around the revenues but I expect it to constitute here about their W. two and a half year over year now has a pretty quickly quickly there probably. I Dunno just guessing. You're twenty thirty million era or somewhere in there and they'll be largest soon enough. Let's talk about the couple world through a different Lens. Though you have been looking at Tau really large funds cutting smaller and smaller Jackson. We're talking about funds at have billions in assets under management writing five seven million dollar checks which seems to make no oh sense. According to the old model of larger funds larger textile works otherwise. They can't really disburse the capital. But that's changing and I want you to tell you why because to fascinating fascinating kind of like nuance about today's venture capital market. Absolutely free front is a great example of this right. So here's a fifty nine million dollar check that no growth stage investor mister. WHO has a billion dollars ready to deploy was able to invest it and so we're seeing once again The largest funds billions of dollars. We had we talked about last week. Show I think we had twenty-one fundraisers that were over five hundred million last year. It was ninety one somewhere in that category so a ton of money deployed and so the idea that you would do early. Stage investments is nuts. Because you can't deploy million dollars a thousand times a year and so the challenges is like. Why are people doing this when I started asking if he sees the answer was well once the the cap tables in the series B and D are out there? They're locked it in a sequeira already in the a benchmarks already in the a founders fund the and they have the capital to deploy in the B A C D E F g all the way through the Sesame Street Alphabet All the way through and so by the time you get to the D. you have no access or in the case of front. No one had access suicide. Basically you have to lock in earlier in earlier and so even if you're the Softbank Vision Fund you WanNa throw four hundred million dollars in series d you have to be in the seed or the series. He's A to start to lock in that Barada to start locking in those early ownership rights. It just gives you more ball control later on because other people are going to kind of knock you out of the way to get around in place and so there's sort of this paradox. Where we're seeing? You know the the largest latest stage funds doing the smallest early stage rows and so that that was a really interesting dynamic that we haven't seen before yeah and the one thing to keep in mind that when I was learning about the BBC World you know maybe a decade ago. Now I was always told that if you couldn't find a new lead investor for the proximate round the next one. It was a very bad signal because it would imply that no one else in the market one to lead your Siri seafood areas to be and having Europe preceding investors. That were leads lead. Your next around was a very bad thing. Now it's entirely flipped on its head because capital is sufficiently unscarred so ample so much flowing around the people want to stay in a company. Preempt preempt that next round they want to lead be and then the as much of the capital to work as they can on a winner to ensure that they can return enough capital to make their large fund contractive enough to raise a second one. So it's a facet of there. Being too much money in the market is certainly a change. Compared to how things used to work it's actually an inversion but it just goes to show how in twenty twenty the way the world works certainly is at least in my experience new. I'm maybe it was like this back in the late. Ninety something but certainly it feels like a new chapter and I presume zoom. Welcome back to what used to be normal when there's less capital around but I don't see that happening for the next eighteen twenty four thirty six months so this this is the way it's going to be Danny presented for the next while.
Toyota recalls nearly 700K vehicles to fix faulty fuel pumps
"A recall on the way for drivers of some of the most popular vehicles in the U. S. Toyota is recalling some seven hundred thousand vehicles in the U. S. because the fuel pumps could fail causing the engine to stall the company says that could increase the risk of a crash the recall covers certain twenty eighteen and twenty nineteen Lexus models twenty eighteen and twenty nineteen Toyota four runner Camry Highlander land cruiser sequoia Sienna Tacoma and tundra
Toyota recalls nearly 700K vehicles to fix faulty fuel pumps
"A recall on the way for drivers of some of the most popular vehicles in the U. S. Toyota is recalling some seven hundred thousand vehicles in the U. S. because the fuel pumps could fail causing the engine to stall the company says that could increase the risk of a crash the recall covers certain twenty eighteen and twenty nineteen Lexus models twenty eighteen and twenty nineteen Toyota four runner Camry Highlander land cruiser sequoia Sienna Tacoma and tundra
Giants Fall Apart In 4th Quarter, Eagles Capture NFC East Title
"The jets and giants play their season finales today the giants close things out with a thirty four seventy lost to the eagles to clinch the NFC east title the giants and with the four and twelve record and there's plenty of blame to go around says giants head coach Pat Shurmur you were all part of this and we own the fact that we didn't win enough games you know I think we evaluate what this team looks like moving forward and make the changes necessary move on I think that's what any team does Jack Elliott staff to seventeen all time with a fifty yard field goal early in the fourth before the eagles pulled away for good Daniel Jones lost a fumble the eagles scored easy on a two yard run from Boston Scott around at two yards for another score midway through the quarter for the giant sequoia Barkley route sixty eight yards for a touchdown in the third after Jones threw a twenty yard touchdown pass to
"sequoia" Discussed on Acquired
"It's Koya for almost thirty years and then this is incredible he moves to Khosla ventures and joins Vinod over Rick Khosla in the mid two thousand and then he goes and he joins formation and he's now after formation clips. He is still an active general partner making and leading investments today. He just turned eighty nine years old. This is incredible. He was born. I believe in nineteen thirty in France he he is a true true legend in the industry but that's the kind of folks that Don is looking for is people who are literally going to die in the seat because their their lifeblood is building technology companies and peer absolutely fits that to a T. so then in the late eighty s two very very important people joined sequoia from interesting backgrounds so in one thousand nine hundred eighty six a gentleman that you gentlemen by the name of Michael Moritz now Sir Michael Moritz who was from the UK and had come over to America and had become quite famous journalist for Time magazine. I believe he he wrote book on Apple while he was still a time right the little kingdom I think it was called sounds right and that's how he gets really interested in Silicon Valley and technology and sort of people behind apple and venture capital he leaves time and he starts at VC newsletter letter with the goal of he wants to break into the venture capital industry. I remember is new again. You know other than this newsletter companies never built a company worked technology at his life but remember Don's Licken for these mavericks and he has a soft spot for people. They kind of do things their own way. Don Decides to take a chance on Mike and invite him into sequoia and to join the Partnership and tab that ends up being just incredibly incredibly prescient decision that leads the two Yahu and Google and other companies count as how to hack your way into as the first example of starvation Jason Yeah that actually probably will work today. I think there's a quote about Moricz which is he had. The journalist instinct linked to go for the jugular and not hold back and a friend said that about him David. We've started a podcast and have a love for media but I have this sort of reverence for for really good journalists who not only are able to to really tell a great story but sort of get the truth out there. It's a special talent for someone to be able to cover IT industry street and yet have their respect in this way you know we talked about the socratic method of questioning the Dan hold so dear and I think this is what he saw and Mike like and we'll save a lot of this for part two of our sequoia journey here too but but that's what Mike was so great at as a journalist and don on actually says he says the two people that he's met in his life who are the best questioners are Mike and Steve Jobs High Company the other. You're very important. person who joined sequoia capital in the late eighties is a relatively young brash sales guy comes from Hewlett Packard and son that also is an Italian immigrant decides that he wants to work in venture capital is called up one day cold calls them and says hey I want to join sequoia and if you know anything about the person that we're talking about this is exactly in character and this gentleman is Doug. Leoni who today of course is runs all of sequoia in all their operations globally and I I believe we'll be the person that ultimately advocated for and took sequoia into becoming a global double firm. We're GONNA talk much more about both Mike and dig next time on part but just to wrap up part one to get his really the story of Don and yeah I mean you can't extricate Don Donald from sequoia but from venture capital and the whole industry in total in Nineteen ninety-six after it had become clear earlier that that Mike and Doug were amazing investors and not only amazing investors but had internalized all of these things that it meant to be sequoia foyer and then built on them themselves. Donde something pretty amazing he literally hands the keys of Sequoia over to Mike and Doug Doug talks about this in an interview with with Dan primarily axios. That's I don't have the exact quote here but he says don one day in Nineteen ninety-six. Wchs invited Mike and Doug into a conference room. He sat them down and he said I'm giving this firm to you and there are three things one. You're going to run the firm. I'm not going to run the firm anymore to you. Get to decide what I do. You can keep me around. I can continue making investments or I cannot. It's completely up to you and then and three if you do want me around here's the things willing to not willing to do but one of the things I'm not willing to do as run the firm so like you guys make all the decisions about what's going to happen from now on and that's dislike even today that so rare I mean this is the first very successful what not the first in the industry but the first successful generational transfer its Koya most venture firms and most founders venture firms. Don't have the ability to do this. and it's so hard. I mean don created all of this and he's willing to say you guys as of the future changes part of not only what we invested in but part of the venture industry to and like you guys are the people that are going to lead the change. It takes a lot to do something like that. It reminds me a lot of another great venture firm that we may also cover benchmark who has a very different way of doing this very different. Yes but you know equal partnership. There's a greet sort of interview with Andy Rackliff and Patrick o'shaughnessy on invest like the best where Andy talks about how at the peak peaking power the original partners handed us the keys and I think it's a while done very differently there. There's there's definitely common elements between both of these these great firms yet. If you look at the firms that have managed to survive generation after generation wave after wave of you know the technology industry and and venture capitals evolution all excited. It's the firms that do this well the firms that don't don't make the transition and Donna's agreed when sequoia was started the positioning fishing was to LP's was we're going to deliver vastly superior returns to anything else. You can get out there and that proved well. We'll talk about it in grading but I think that pre true true but the positioning of sequoia is now two things and he says this. It's this stability that comes with generational transfers. The stability is part of why we have had had the same limited partners for almost forty years went down saying this now almost fifty years stability and returns is how sequoias positioned for the type of LP's that they're trying to attract witter patient very very long term capital. You actually need both of those. Things returns isn't enough. You need the stability that accompanies those returns so that people will have have confidence that like hey you can get great returns but if the firm blows up then you're you're useless to me. Do we want to go into what would have happened otherwise yeah. Let's do it all right to listener is the way that we WANNA do this. Section on this unique episode is what would the world be without sequoia and there is a very sequoia centric view of the world which is all of the technology industry looks very different and without building this sort of aircraft carrier strategy around Apple and financing all of that in a very scarce capital environment like there was then we we may not have you know the apple that we have today. We may not have some of the other tech giants that we have today day. There is a alternative you that you could take to that that says look capital is capital and the the the ninety nine percent of the value or maybe maybe one hundred and ten percent percent of the value that comes from receiving investment from venture capital firm is the capital itself and everything else is either. Hullabaloo or valued attraction and capital will always expand spend fill all attractive opportunities exactly exactly that we despite some friction points we live in an efficient market and if it's truly a great opportunity than capital will flow tube up to go and fund that thing and so the world would look no different today if a if there was no sequeira. I think I fall slightly toward the former part of that scale that I'm not willing to say that we you know we wouldn't have some of these amazing technology innovations without sequoia but I do think in just pouring poring over the hours and hours of reading that you know that we found about don and really learning about the history of this firm. Don played a very active role in in building building a lot of the companies that they invested in and deserves credit for that well listeners. Let us know how you like this type of episode focusing on venture firms we of course I love it as as venture ourselves but we've been talking all about sequoia in this episode there is really along the exact same time line there is a perfect example of what would have happened otherwise and that is Clayton Perkins which over this time frame that we're talking about was equally if not arguably Ghibli more successful than sequoia but what's really interesting and we'll dive into when we ultimately do an episode on on Kleiner. Their philosophy was quite different aren't and was a lot more interested in the entrepreneurs and the backgrounds of the entrepreneurs then necessarily downs Koyo were so I think to my mind would have happened otherwise of course silicon valley what happened of course the modern technology modern venture capital industry in startup industry would have happened even even though don helped catalyze all of it somebody would have and certainly Kleiner would've did kind of did but I don't think there would would have been as many chances taken opportunities given to you know the quote unquote not men's out there that sequoia was willing to fund and you know it wasn't in just in those days. I mean look at Airbnb in their early days and sequoias extremely prescient early investment investment in you know the three airbnb founders they then look lake what you know a prototypical founder looks like at the time far fire from it you know I think it's sequoia and Don's. DNA coming from a true incredible marketing background and Markets Focus that you know maybe wouldn't have developed helped in the same way without sequoia yeah and one way to look at this as like if you're the Kleiner Perkins in nineteen seventy eight. You know you are backing backing founders and outsourcing a lot of your judgment to them and you're just saying you run..
"sequoia" Discussed on Acquired
"Invest in three com in nineteen eighty two folks might remember three. COM which was made networking gear and eventually bought palm and the palm pilot three didn't realize came directly out of Xerox Parc so that's the other thing that sequoia kind of on the back of apple starts doing is they start reading Xerox Park and IBM's West Coast Division and all of these old school east coast companies that had been training these these technologists in developing advanced technology and they just commercializing them left right and center ninety-three they invest in Oracle and also Cypress I for semiconductor both of which become massive successes and then in nineteen eighty one one point. I WANNA make on Oracle before breezy because we of course we need to do an AH episode on Oracle Larry at some point but there's a crazy thing here that oracle went six years before raising money from from sequoia and I think they had bootstrap off of two thousand dollars and if you think about it like Oracle is really one of the first true software companies they were wildly capitol efficient fishing and Larry was very outspoken against you know pushing back against this rising venture capital industry and speaking all kinds of ill tongues of of the venture capitalist fearless and what they do and come in and try and control companies Ray than all these things and of course partnering with Sequoia Six years in but a very different start than a lot of these other companies. He's which required much more capital to get going yeah and the reason I didn't want to dive deep into it is that I might be speaking a bit out of school not having done the deep dive on Oracle and their history but to jump in and speculate a little bit. I think part of the museum that's it. I'm GONNA speculate wildly. I think part of the reason why Larry was so anti was was anti software anti-israeli. This was like didn't understand. Dan didn't understand software. You use a semiconductor guy all of these companies. We're talking about with the exception option of EA our hardware applications companies and so. I don't think Oracle could raise venture capital when they got started. They were the first real surreal software company. It's the highest gross margin of them. All you know I know fits that thesis so well but it wasn't you know the the venture world had woken up to that just yet they would they would go with to of course but but so much of the DNA comes from this hardware world the last kinda greet and it's certainly the greatest hardware investment that they make is in one thousand nine hundred seven. Don Invest two and a half million dollars in a little company called Cisco for thirty percent of the company started on the campus actually at the DSP at at Stanford started on the campus of Stanford Sandy and land where AH I can't remember which one of them was the it administrator for GSP one. I think was elsewhere on on the campus and networking was just becoming a thing and they were married. They're sending messages to one another and this is this amazing romantic story that they had had jerry rig the network to be able to send messages to each other and he's runs into Cisco and that turns into Cisco. I mean it just goes to show you these companies start and don having learned the lesson from apple of like you know hey will finance gingas. Kahn he he doesn't care like most would look at this team and be like we're not gonNA finance this team but he cares about the market and the application at the time there were no routers so networks like local networking it was just becoming a thing but networking networks was impossible and so- sandy and len developed the first router and to steal central square still uses this example well today of like the very very best most elegant expression simple expression of what company does it's three words for. CISCO WE WE NETWORK NETWORKS THAT turns out to be not just an enormous enormous market but really the enabling technology eighty four the Internet Cisco stock was the tracker for the Internet hype in the in the DOT COM era. I mean it was like if you wanted something that was emblematic of people's Apple's excitement about this new technology it was Cisco and so now we're in nineteen eighty seven where twelve years after the independent constitution of sequoia capital capital Donnas learned all these lessons. He's not letting this go so not only does he fully finance the company upfront with two and a half million dollars gets thirty percent of the company the company that goes public shortly thereafter I believe there is hundred sixty some odd million in the IPO downstairs on the board. Don doesn't distribute the shares. He remains chairman of the board. I think until the mid nineties and they ride Cisco up and make enormous enormous returns on this company and that is that really becomes the playbook for for quake apple going forward amazing run also just such a great example of like Sandy. Len were thinking about the Internet. Nobody was thinking about the Internet when they I started Cisco but things just kept the market kept evolving and kept getting bigger and expanding and don again being so focused on the market. They knew that like even though this company was public there were still enormous returns to be had because the market was nowhere near penetrated so alongside ride all these investments that they're making the funds kind of steadily grow in size from that first of three to five million it stabilizes at around one hundred and fifty million per fund in the nineteen ninety s that sequoias raising every three years or so and and having that be their investment period along the way of course to do that. You have to not only build these these companies but you have to build sequoia. You have to build the firm you can't do you can invest in all these companies and give them the time and attention that you need to do early. Stage Company Company building alone so Dan starts adding partners to sequoia and he talks about the process of doing this again. Remember back when they start lake the the number one requirement for being an investor quote unquote was going to Harvard Business School. not Fairchild semi-conductor business school to be clear investor in this sense was generally a public market investor or perhaps some other alternative investment but not investing in startups. I mean the Solomon Brothers folks probably looked at this more like gambling. Like what you're doing is an investing year not a person that looks like an investor. So what are we even talking about here. Irony of it all is. It's the exact opposite of gambling. It's building. BSO Sultanas as Greg Cody says adding new talent was and remains a continuous process. Conventional Conventional Education was never a high priority. You know plenty of folks have gone to Harvard Business School. You know who worked at an and work at sequoia but that's not what they look for. We look for people with functional experience in a startup I design and application engineering product marketing sales aspects of outsourcing manufacturing our investment decision making process requires very self confident people able to be challenged publicly. I look for people that are as far different as possible old than I am because we do things here on the basis of consent among the partners and I don't like having a modernized set of opinions. Don Wants people to be he says I want as much confrontation tation in different thinking as possible and he wants people that are going to be confident and comfortable enough to put their thoughts out there and debate as part of the group. One of these lessons that Don's learned is that sometimes times the most amazing companies like Apple Cisco. They look crazy and so you need somebody that's willing to see the potential behind the craziness and stand adopt them oftentimes..
"sequoia" Discussed on Acquired
"I don't actually want to run this thing day today. I'm going to be the chairman and really help these guys but regardless with this in a perfect example of Don's company building at work and management team at recruiting on the back of this apple raises their first venture capital round of just over over half a million dollars interestingly the lion's share the capital comes not from sequoia but from Vin rock which does a little over two hundred fifty thousand dollars Donskoy. Let's go to one hundred and fifty thousand dollars. Arthur rock does the balance so apple is off to the races and they really you know as we've chronicled many times and will continue to chronicle in the future really invent the personal computer usher that wave of technology in two years later though this is this is the David side there comes. This is just so painful so painful and clearly has left its mark on on sequoia two years later. I couldn't find all of the circumstances around this but to the best of my understanding so the first Sequoia Fund did not have only tax exempt nonprofit. LP's in it it also had I believe feeding individuals and maybe corporations and Dot Salomon Brothers better there folks like and certainly capital group as a result of that those folks needed to pay taxes and apparently some of these LP's or encouraging aging don to make distribution of some of the gains in the fund so that they could pay their taxes on the gains and so apple had grown quite quite a lot. It's now nineteen seventy-nine and Dan before the IPO cells sequoia steak which they had invested one hundred fifty thousand dollars for six million dollars A to make this tax distribution to LP's. Now that's an enormous returns phenomenal phenomenal return but oh my goodness six million dollars compared to what apple you know would shortly become and then ultimately in the long term of course become and it's this lesson that drives Sequoia Sequoia in subsequent funds to take to take their capital only from nonprofit tax exempt sources which becomes really not certainly the norm across the industry but a goal in the lion's share of money that moves into venture capital is ends up. Being University Endowments Foundations folks that are Super Longterm impatient and aren't going to force BBC's to make this terrible decisions like this yeah another you can sort of check me on this. David it but my understanding is sequoia more so than your average venture firm all holds the stock in companies longer after they go public and and often sticks with the companies for very long time I think probably also inspired by this lesson this and and others that we're going to that we're. GonNa talk about here. in Short Order Order you know we're going to talk about the playbook in a little bit but one of the key lessons that they learned is like when things are going well go along you know like value creation creation in these companies that are building and creating enormous markets takes a long long long time. I mean just look at you know AIRBNB. Look look at Google. Look at it. Look at Apple. You can still be getting enormous. Enormous value creation a decade plus after these companies are founded regardless of whether they're private a bitter public yep so it's fascinating to think about you know the first couple of investments. I two out of a handful of investments being apple and Atari in total you returned a profit of about ten million dollars or a Max of ten million dollars is wild to think that that is the sum total of of of sequoias return on those two companies. I know I know but at the time I mean like even you know pulling it into context today lake if we within the two to three years of starting wave if we could be sitting onto X. cash distributed like I would feel great about that you know but the lesson here is like that's not the game where the business business were in or the game. We're playing the game. We're playing is like ten x plus cash distributed and to do that. You really need to be in it for the long haul especially when you're investing early yeah the other thing to know here and David as you as you foreshadow and you've been smiling a little bit we will get into this much more later this season but with Atari sorry the Atari boom that we all sort of know of in the eighties was after it had sold to Warner and so you know it's quite an even have an option in participating participating in that upside unless they were going to block the sale yeah yeah totally and that also leads to another part of this quad playbook which is like when things are going well really tryin. Brian convinced these companies to stay independent and not sell. I mean look at instagram rate. Selling instagram to facebook was a it was a terrible terrible mistake by the founders and the investors even though you know it netted them great returns at the moment and was interesting. Sequeira ended up investing right before before that deal happen that is a debatable topic but we can. You think that's debate. I think if it had gone a lot longer than facebook would have had to pay a lot more more like in the dozens of billions of dollars to acquire purely because there is a very very high user count social network that is a threat to them however do I think that instagram would develop the business that they have today that is billions of dollars of revenue flowing through them by advertisers. Maybe but that's not a sure thing thing I mean that's all because facebook had had done funneling all their existing advertiser there. I think that's true and certainly the helped accelerate it grow it more quickly me but at a minimum instagram should've waited you no longer in an had what's ask acquisition their bare minimum you ah it's so hard to it's easy to armchair quarterback this now and aren't to be sitting in the seat of Kevin Mike when they have a billion dollar offer in front of them uh but this is the value I mean sequoias learn these lessons over so many decades and seeing it time and time again so the other lesson that they take from apple is what Donald Square call an an aircraft carrier approach that they start taking to these big markets they realized on realizes that apple has created this pc market and it's not just going. GonNa be Apple. That's going to succeed in the PC market. They're going to usher in all of these other enabling companies that you need around the PC so like apple is the the aircraft carrier but you need all the destroyers and the you know the ship surrounded and like all the planes on the ships and all that stuff so they start financing component companies companies around the PC industry apple and Don helped start a company called Tandon Corporation. That makes describes they are. I investors in ten and Tannin goes public public after a couple of years really market cap of over one and a half billion dollars..
"sequoia" Discussed on Acquired
"Fairchild and national and the whole semiconductor industry he knows what markets attack so he has like the selection judgment of which founders and ideas to invest in and then he has the ability to actually help them unlike anybody else in the industry at the time actually help them build their companies through through certainly recruiting management teams but also strategy and decisions in the early days because he's lived through it so we can help them build their companies and now finally through capital group he he has access to essentially an unlimited pool of capital which again nobody else in the industry had people were having to go back to the East Coast Fairchild to finance their companies so David. You're saying an unlimited pool of capital..
"sequoia" Discussed on Acquired
"La Out in California California love and Life Surfing he was a big water polo player and he's working in what at the time was the high technology industry industry selling computing solutions to the Defense Department in the military he starts taking part time courses at the business school at Ucla focused on sales and marketing because we're really interested in of course sales which is his job but also the marketing component like who are we selling to and why and he has a great quote he says you ah where is the decision making process integrate company. The answer is it's in marketing in a well run company the Marketing Department in conjunction with the Science Department science being gene engineering. It's time decides based on what their capabilities are. What the problems they can solve what sequence they should solve them in and how much money they can spend they can spend on building that that product and how big is the market? Who's going to buy this stuff and all that happens within marketing in a primary position? This really becomes Don's life passionate. Hashing ethos ends up informing everything he does and everything. It's quite capitalist. We'll see so after a short stint at Raytheon he ends up getting recruited to move up to northern California and joined a fresh start up in a really hot semiconductor your company up there. Fairchild semi-conductor was was fairchild independent at this point or where they still a part of the the bigger umbrella no they were they were this was still very early. They were part of of of Cameron Instrument as C Don Joins. He's not part of the traders eight but he joins. He's like employee number forty or fifty. They're doing a couple million dollars in sales els but still really small and at first they put him in charge of of selling Fairchild Semiconductor's to defense firms back in southern California so they sent it back down to southern California and she's kind of funny. It's it's exactly what he's doing the army right. It's educating out modern technology to people who who had been doing things in older way and trying to basically do a very complex sale. I mean it's kind of amazing that like you know. Don's history from yonkers New York everything basically basically you know sets them on. It's like Steve jobs quote of like you can't connect the dots looking forward but looking back. Everything done prepares you for what you're doing now. Don Don basically knocks it out of the park selling selling to defense contractors down in L. A. He takes the company from at this couple million dollars in sales when he joins to over one hundred fifty million dollars in annual sales in just a couple years and and it's over that time he gets promoted ends up running all of sales and marketing for Fairchild and he starts using everything that he's learned his passion for marketing to tap into like hey eight. Maybe we should be selling to other markets. To which other markets should we be selling and are there things that we can do to customize the chips that were making to make the more applicable to these other applications records the quotas. Here's business was so good. I mean this was like to be at this moment. In time. It was like it was leaked to be there. In the mid mid nineties when the Internet was taking off for the Mid-2000s One web two was taking off and it was literally just like you could see the roadmap of what all the applications we're going to be and it was just like go build them first and best yeah not only did the semiconductor have perfect product market fit but it scaled horizontally across tons of industries. I mean everybody was going to need equipment that required semiconductors and and I think now we take it for granted who actually were in this phase where we're sort of moving forward from. It departments into you know companies that don't have it departments but this was the development of it. You know this was ever every company that was starting to embrace technology would use something with semiconductor products in it. Yeah I mean we're we're going to see this here in a minute with the personal computer and Apple but then with the Internet than with web two dotto then mobile like you have this tectonic shift and then it's like okay okay. We know what the applications are. Let's go build. The applications and John is really the first person in in technology recognize that these are this is the dynamic of how the broader our technology ecosystem works so he says business was so good that we had more opportunities than we had engineers and we devised a bit of an ad hoc technique for evaluating. Are you waiting different companies companies that fairchild could potentially work with and sell to before we commit our engineering resources to work on them on a specific project we had understand the nature of the application and understand the size of the market there a number of kind of highlight things that we did before we committed engineering and you could think about that and think about like gosh man that sounds a lot lake writing an investment memo for a venture capital firm. It's also what what an incredible privilege to to being a position where you get to pick your customers based on who you think is going to be the most successful with your product yeah yeah totally so remember though uh-huh. Don's working at Fairchild he's taken them from a couple million in revenue to over one hundred and fifty million in revenue and this is like the early nineteen nineteen late fifties early nineteen sixties so one hundred and fifty million wasn't just one hundred fifty million back then remember though Fairchild. It isn't an independent company. It's a subsidiary of this long long island-based East Coast you know conservative Cameron Instrument Corporation so every time that don is working on building you you know a new customization and application market that Fairchild wants to enter he asked to go to the board of the company and get their approval for what they're doing and concerts that goes well enough like incentives are line of course. Fairchild wants wants the company to grow and do well but don gets this idea. He's like you know week. He could really accelerate our market and our partners that we're working with a lot of these applications. Companies are new entities entities that are integrating our technology into a full solution for a given industry. They're getting off the ground. We really accelerate things if we invested in these companies and helped them help them build themselves because the the bigger that they get and the faster that they get bigger the more sales. They're going to have more sales. We're going to have right. It's this ecosystem assistant mindset. We help invest to build the ecosystem around our products totally so he thinks this is brilliant. He takes this idea to the board and the board his he's like absolutely not. That's a crazy idea who ever would want to do that so don in in typical down fashion he says well screw it. If the boards not going to do this. I'm just going to start doing this on my own with my own money when he would be working on the on the technology and marketing roadmaps for for Fairchild and working with startups to help build applications he would just start investing small amounts of money personally in these start ups that he knew that he was going to make them. I'm into big companies. The only problem though is like he's doing this personally. He doesn't have enough capital to really get these companies. All the way to work and you know it's so funny. How like we we don't care wave like you know. You're you're raising money for a new start up and they don't even today twenty Nineteen Lake the answer for how much capital title you need always comes back to like you know somewhere between one to three million to get off the ground and that was the case even back then is this is totally amazing. This is like my one of my biggest tech themes but it is crazy looking at their first five investments two of them were at two million and one of them was a two and a half million and it like it is today seed round and yet what they're doing is. They're building freaking you know semiconductor physical applications like they're using semi conductors to make another product physically manufacturer facture like it is the facturing like totally yes so even back in the sixties a couple million back then was a lot more in today's dollars. You had to do all this really hard stuff. Don Starts doing this fast forward to nineteen sixty seven and another company in the valley. that had been around for a longtime it was kind of foundering called national semiconductor and national makes a big play. They're already a public company. I believe they they poach a number of people from Fairchild including Charles spock who becomes the CEO of national and Pierre Lemonde from a AH name. That's GONNA come up again racy appeal from Fairchild who becomes the chief chip designer and head of Engineering there so Charlie spock CEO so he does a couple of really interesting things. I is so everybody in Silicon Valley at this point remember. It's called Silicon Valley because they're making silicon chips. They're making the chips. They're in northern California Fairchild producing them. They're all these companies that Don's investing in their doing manufacturing right there Charlie and national he off-shores ars chip production to Asia and he he reasons that like hey the intellectual property that we're building here. We can just do all the design and building here and we'll just just outsource. The actual production of these chips of the silicon is a commodity so that creates a huge price war in the industry and massively passively lowers the cost of silicon which then ends up in ebling all the things that comes shortly thereafter including the PC. We should also say that the incredible all growth in demand for silicon is fair child's fault because Fairchild was the one who pioneered the idea that silicon was actually the most effective material to US four semiconductors conductors. That wasn't the case before I believe before. Fairchild people were using GERMANIUM semiconductors which is a rare precious metal. Yep National would actually go on later to acquire Fairchild and then do you know who would ultimately become the of national semiconductor. This is this. This is like the beginning valley being a small place and all of these dynamics enabling the personal computer Gil Emilio. Oh what yes house apple fame yes future. CEO OF APPLE I I've laundering CEO of and I believe his first CEO Gig was taking over for Charlie as CEO National Yeah so all of this is going on. Fairchild is on the ropes in Nineteen Sixty Gordon Moore and Bob Noyce leave Fairchild Child. So Don Valentine still there and they start. Intel and Don sees the writing on the wall. He's like Oh man. Fairchild is cooked brain-drain. Yeah brain-drain just like Silicon Valley today. These things start happening like the the key leaders really smart people start leaving the writings on the wall he leaves. He moves over to national as head of sales and marketing national now. This is where serendipity completely strikes if John hadn't made this move I seriously doubt that there would be quiet capital and there may not be a modern venture capital industry as we know it today so Charlie is obviously Salihi brilliant and this move of outsourcing production of chips is revolutionary to the industry and oppression and quite present but there's one thing that he's absolutely terrible at and that is public.
"sequoia" Discussed on The Twenty Minute VC
"In china there in india there in southeast asia that's why in two thousand five we went into china india then more recently southeast asia those founders are choosing the state private longer and so it's not enough to be seed in series investors we've also expanded into syria bees in season kind of the whole way through all the way up to ideal people see the news about the large funds to which we now have access in sync that we want to be in the big check writing business that is absolutely not the case so three quarters of investments that we've made in the last twelve months where seeds or series aged and if you look at the heritage of sequoia palo alto networks you to the ad mob these companies were actually incubated inside the four walls of sequoia capital for more recently stripe every embiid dropbox these were seen investments first sequoia capital so we wanna be able to serve founders no matter what stage they happen to be out her what gio baptist be located in focus is very much on partnering as early as possible in trying to build deep relationships where we could actually be useful to them overtime not negative sunfire maybe go off casual so already but i'm in treating your we have real cases of signaling lack when the latest stage what kind of lawyer science funds come in at the seed or the hey as a case of signaling were caught off its permanent in the body even the depth of investors isn't that the capsule and how you think signaling today searing risk is is funny thing because most founders are worried about it but we never actually seen a situation in which it hurts the context in which most people worried about it is they say well if i received this around some sequoia but then for whatever reasons declared doesn't leave the next round won't that hurt me and that's a totally irrational concern but the truth matters we'd never actually seen that company since i think signaling risk is a little bit of an overblown topic that i do agree bashi danger danny ainge sent the same i got thinking about whether the capital's deployed and ownership home see being primary insurance on today i'm a big believer the ownership still some fasttrack having said that it's more important for me to say that given.
"sequoia" Discussed on Equity
"Sequoia is a largely reacting to that i don't think they want the vision fund coming into their later stage deals and saying hey guys a here's here are terms they might not sort of sync up with his sequoias terms but we have all this money so do as we say i think sequoia wants to be able to back its own companies as long as it needs to i think it wants dessert us it you'll be able to say guys we've been with you from the outset and we want you to stick with us in wraps knock with the vision fund in any case neal shun also exceeded his told the financial times that things have changed you know sort of as we've been talking about here with earn brin left you know these companies expand globally really quickly they're just much more capital intensive in the upper half before and if you want to play the game you can't just be writing a hundred million dollar checks on ships right much larger checks but what's amazing we're talking about just you know amounts of money that we've never talked about a passed so quick capitals last global growth fund was two billion dollars i'm not sure when they closed that maybe last but those are not the only funds or this is not the only funding it's raising also is raising reportedly a two point three billion dollar china sequoia fund our sequester china so capital china by the firm is raising a nother growth fund in the us it's kind of hard to understand how these different fools are going to be kind of differentiated scott i would say first of all this is a pretty exciting time in venture no matter how you look at it we've never seen anything like this before and i think one of the things that this points to though is the general shift toward international thinking in venture in sequoia is not alone there's a lot of other firms of who are really thinking about okay we're going to build great companies might be in the us might be a these companies are going to become global companies faster than they ever have before and so we need to start thinking ahead about what is it going to take to get those companies into those regions into into a healthy place where they might one day exit but the other sort of the silver lining on this for earlier stage funds is that it it creates this optimism toward raising being able to raise a larger round later to help grow these businesses because if you're a an a round or a be round vc firm in you've got a really hot company you know turn the clock back a few years five years ago you wouldn't have had that same optimism to say iva capitalintensive business that wants to expand internationally and i just don't know if we're going to be able to raise that fifty seventy five or one hundred million dollar round because they're just what they weren't those mega funds out there to be able to do that but the in sort of the darker side of that silver lining is that it also has the potential to push out ipo's because you know you start it companies that would have exited potentially earlier now starting to think well let's just do a secondary offer and just extend out and just get our build our business make it larger so that when we do actually get quired or we go public we actually the you know the company looks even stronger out paper so there's also another consideration for earlier stage investors knowing that there's going to be essentially a longer road to exit can ask does norwest to international investing or is it something that the firm is talking about we do we do we have partners actually in india in israel and here in the us so we do we do invest internationally because there's so many really great firms in silicon valley they're still only investing in the us and it's sort of interesting to me and i feel like sequoia did it right i mean i don't think we're necessarily paying very close attention here but twelve years ago it set up the shops in india and china and now they're really reaping the rewards in it's sort of a little bit late for other firms there were the firms like heiner organs among others sort of tried to get into china backed out a.
"sequoia" Discussed on TalkRadio 630 KHOW
"For a bankruptcy oh okay so how do you fix that problem you simply don't max out your cards anymore said you suggest that you just pay them down you or do you suggest that i pay them off completely and here's the scoop you know the donald duck a doll you hit my buzzword again i'm standing up on my chair that was because i know you're anti baited me great idea so anyway guys we're going crazy today but you know i'm just an average guy like everybody else did i drive a two thousand and one toyota sequoia the other day the guys on the radio station were teasing me i bet he's got a bmw and the in the yard i go no now i don't have one car to two thousand one toyota sequoia got he'll dense all over it you know and if you're gonna laugh at me but every three years i upgrade one model year so in the next six months i can graduate to two thousand and two toyota sequoia and pretty soon i'm going to have a really nice car somehow i don't think you're ever going to catch you know i was telling my wife the other day i just look forward to the day i have a car that's actually got a backup camera in it.
"sequoia" Discussed on Channel 955
"Nice to have you on sequoia good morning sequoia cass tech in the house justin morning doing fantastic justin at so ford is where justin graduated from we got by the way got to open phone lines to going to do six total contestants so eight four four molavi for four six six five six five four eight if you want to be honest ishmael how are you is that how i pronounce it smell high from pioneer how are ya fantastic good to have you on here's the you made it look easy got it right there so got it there you'll you'll win that too and rachel just said that there's nobody else awakes go with two thousand eighteen are you kidding me nobody china with your kids working with four we don't have a million questions i thought that they text already all right parents answered the phone so let me ask you guys a question ryan sequoia justin ishmael what the heck are you guys doing early in the morning if you guys could be sleeping in right now i woke me up sorely oh gosh so you guys are all little sleepy oh boy no summer jobs for any of you guys.
"sequoia" Discussed on KFI AM 640
"Parents prefer sequoia smith i loved the her name is sequoia like a strong tree beautiful girl the twenty five year old took the instagram to share her story with her followers which has since gone viral she also posed in her cap next to photos of her mom and dad now how great is it that you know she's honoring them like that on her special day even though they're no longer with her dad passed away from sickle cell anemia not long before her high school graduation and her mom passed away two years later from cervical cancer shortly after she got her associate's degree so this young woman has continued to go forward with their education and get good grades in spite of the fact that she lost both of her parents it a very important formative time in your life you know contrast that again with parkland shooter who lost his mom you know i'm just saying it would you make a decision to do the right thing you will be supported in every way shape and form sequoia will be receiving her bachelor's degree in public health from lamar university next month may eleventh so you know god bless her it's a beautiful picture it's a wonderful story i'll be there and this story kind of touched me deeply because i have to think that unresolved things are very very painful so when i saw this story buckskin girl identified after being found dead in ohio thirty seven years ago thirty seven years ago this young girl disappeared and she was wearing a buckskin jacket you know like those fringed jackets that were so big in the eighties she was wearing a buckskin jacket which is why she got the nickname native american design and they break through now they dna testing to find out that her name was marsha l king of arkansas they don't know exactly what happened she disappeared april twenty fourth nineteen eightyone it's been almost thirty seven years to the day since she disappeared she died of blunt force trauma i mean obviously she was killed but can you imagine her family and her parents and finally having arrest in peace moment because i have to thank to some degree disappearance has to be.
"sequoia" Discussed on KMJ NOW
"You go including eight hundred forty miles of coastline boy you can't beat that with a dead cat and milk nor would you want to i might add that it is scenic wonders like you seventy a lake tahoe sequoia kings canyon the winecountry we've got that and they can't take it away they can charges through the eyes to see it and go the air but they can't take it away the state uh may come up with an idea down or to down the road to sell it china but they still not going to be able to take it away us news also highlighted that although california politically leans to the left big time with millennials and latinos is the biggest number of newly registered voters religion is important to california's with about a third of the adult residents attending weekly services does that give us any hope at all they also found the california business leaders are subject to very high costs to comply with a capricious there were not mind state and the local government regulatory system yes thank the financial burden is seen as an increasing job killer for smaller firms that are least able to bear the costs and we know this story my friends and we hear this story all the time on came j and it's so sad and within that that demography of people um they're leaving their leaving the stating great great numbers and they're not being replaced by like people they're being replaced by takers they're being replaced by individuals who would play upon and pray upon the system for their existence anyway more to say on this and i want to involve you to some degree four nine zero fifty eight fifty eight as again we look at this report you know you believe a dull believe it but i mean we pretty much no it's true us news crowning california as the worst state in the united states of america for quality of life anc california the great state of california how could this be i just told you alba's could be you wanna comment four nine zero 58 58 news now here's liz thank you race stocks on wall street falling by more than five hundred points it.
"sequoia" Discussed on Crunch Report
"Daimler requires the majority stake in an for competitor in france sequoia capital next one could be a fivebilliondollar one also iced tea in the block chain it's thursday december 21st and this is crunch hey oh it's thursday hope you're all due in fantastic and getting ready for the holidays here's the news daimler has acquired a majority stake in show for priebke a french out that provides ride healing services in paris leon and the cote d'azur though ownership stake means at daimler now has controlling interests in a number of smaller uber competitors particularly operating in europe in meena including my taxi and karim dealer hopes to complete its acquisition of chauffeur privee by acquiring the remaining stakes in start up by 2019 terms of the deal with chauffeur pre they have not been disclosed but it will continue to operate post acquisition sequoia capital one of the most prestigious in wellknown d firms looking race a five billion dollar investment fund recode first reported the news of the fund they're hearing that sequoia is targeting five to six billion we're hearing that right now it's looking more like five billion dollars the fund raising is expected to get underway in the first quarter of 2018 sequoia capital you might know them from such a fan favorite says apple and what's up you look into raise the value of your company whatever you're doing take it shake it and blocked chain it and you too can be rich the long island iced tea corp change its name to long block chain corp and just like that the company shared soared by as much as five hundred percent in pre market trading this morning later settling back to about two hundred seventy five percent gain why did this happen who knows bitcoin crypto satochi life is weird remember you too can take it shake it and cloth chain osha had alive audience that report for today hit that like love insure this video and keep raging of.
"sequoia" Discussed on Mixergy
"I thought wow this is a guy who thinks the way that i'd wanna think this is the person who i'd want to be influenced by and that's why i love living here to meet people like the guy you're about to get to know here in this interview his name is warren hogarth is a former partner at sequoia sequoia of course you guys know famous for investing in companies like goal and what's happened many others it you know and his latest company his company right now it's called empower let me read the official description here and then i'll tell you what i like about it it's your personal financial assistant on your phone keeps you from ever having to worry about money again warne i don't really love that at that description but i'm going to start telling people little bit about what mind shows oh let's log with my thumbprint there it is my pa pg an e bill is due in a few days it says hey your usual monthly payment to your life insurance didn't go out maybe there's an issue um hey did you know that you're actually subscribe to these payments on a regular basis do you want to cancel any them do you want to move money from one account another that's what this app does it lets me keep track of my money let's me in their issues and allows me to move it around and he's got plans to do so much more and veteran here to talk about how he built this but more importantly what he learned about thinking about startups and businesses from having been a partner whose was intimately involved in the growing of several companies.
"sequoia" Discussed on Main Engine Cut Off
"The other player right now in the space that i would get a lot of comments if i did not bring up here is vector they've been making a lot of noise lately and quite honestly for not a whole lot they've done to test launches right now but they aren't tests launches in the way that you would think these are basically hollow airframes that have very small propellant tanks in them they use one engine instead of three that will be flying on their actual launch vehicle and the structures they're using are not composite structures like they will use on the flight vehicles and they don't actually have any upper stage hardware yet buying on these missions so there's a lot missing from these tests launched but you know this is kind of a push that vectors been doing in the last year i assume based on their funding round that they just picked up sequoia capital just with some other funds invested twenty one million and vector surrounding their previous launch so they've been making a lot of noise to raise that round of funding and i think they need to do some of these tests launches to get the pr headlines that they needed and honestly to make it look like they're not as far behind as they are two rocket lab virgin orbit they are significantly far far behind these two companies they are still flying you know basically i don't even really no they're not they're not early test flights but their component tests i would say they're testing the airframe and it's you know air dynamic properties in some guidance things and things like that but they have not yet flown a lot of the things that they will need to to actually pull off their vector our initial version of the rocket there.
"sequoia" Discussed on KNBR The Sports Leader
"Like every player with expert medical care and human kindness dignity health sequoia hospital hello human kindness hey this is jeff some margin what is not about me it's about us we are san francisco on knbr sixty live from the whole i and our lives broadcast booth on his saw hawaiian at like afternoon in san francisco no score after it any more he looked very good at the top of the first now against jabbari blache and bodry in the second jabbari blache hitting creata sixty five inches strawberry strong and more mrs just barely me hire the outside or apparently off the chargeable jeff nelson is the homeplate umpire and the crew chief for this route now sean admission changed up on it of all noticed right to blanche flashes been the hot hitters since being recalled for the minor leagues a week ago yesterday by the pods is over on average for the year to fifty nine is gotta three ninety seven on days i swings of files went off to the right out of play j a dave you ever think of compiling a bucket list maybe you're not old enough to do that as can should have a in invoking term now repeat we'll have a certain age studied the check off items of their bucket list much do things here's the pitch and a swing at a high fly wanted a right pants racing across the green still going to the foul line ovaca by what added which guy a new man ran ran and ran nicely done and that is the great grab with a game marty lorry the post game show after the game makes elected who knowns as the great grab a week sponsored by coors light the bigger the mountain.