Launches don’t matter

Airbnb had three launches. They don't matter.

If this one event is your main customer acquisition or brand awareness channel, there's a problem.

They are but one piece of the puzzle.

How much do you want it

Investors, how much do you want it? As much as the best founders?

Why is this an inflection point

"Why is this an inflection point?

Founders, if you're raising and you've not been growing as fast as you or investors would like, your job is to show why this is an inflection point.

Can you figure it out

"Can you figure it out?"

What matters at Pre-Seed? By definition, you won't have everything figured out. You do have to be someone who investors believe will figure it out.

Then you have to do it.

What could I have done differently

"What could I have done differently?"

The definition of insanity is doing the same thing over and over again and expecting different results.

Always ask yourself, "What could I have done differently?"

Don't expect the world to change, change yourself.

Don’t even think about exit strategy

Early-stage founders, your regular reminder that you shouldn't even be thinking about exit strategy.

Focus on building a business that will be hugely profitable at scale. Then all the exit options will be open to you.

Investment announcement - Tash Grossman’s Slip

Announcement - it's finally public - unbundled vc has invested in Tash Grossman of Slip's £2.5m Seed round led by Adjuvo alongside Haatch and other investors!

Tash, Eddy and the whole team are building something special. Slip turns receipts into an engine of engagement, loyalty, and seamless post-purchase experiences.

Slip rolled out nationwide with JD Sports Fashion to great success and you really need to watch this space.

Link to article and "Why Slip" post.

Should family offices use external managers

Should family offices invest themselves or use an external manager?

Read my article in this month's Business Brief and find out!

As always, thank you Amanda (Mandy) Eulenkamp for the opportunity to contribute.

Decoding VC Secrets: What Investors Really Want

Tomorrow, with John Radford, I am co-hosting:

Decoding VC Secrets: What Investors Really Want.

10-11am, online webinar. Hope to see you there!

Valuation frameworks

When considering if you should pay a higher than normal valuation for an investment, do you have a consistent framework for this decision?

The best investors do. The rest are just following the herd.

5% of the market

"If we get just 5% of this market..." - this can be a red flag to investors.

Why are you not aiming for 100%? If your solution is that much better than everyone elses, this is what you should be aiming for.

If you are not solving for it all, you've defined your market wrongly.

Know the market you are solving for and aim for 100%.

Good is the enemy of great

"Good is the enemy of great."

It's easy to be motivated when your existence depends on it. What would you do if things weren't going so great. What more could we do.

This is not about hours, it's about mindset.

Try and get yourself into that mindset no matter what.

Let your kids fail

"Let your kids fail."

It's harder than ever to figure out what skills will matter in five years time. What skills do I want my kids to have?

I keep coming back to the skills I look for in founders. And to resilience.

The best way to build resilience is to fail. And to get back up again.

Let them fail at things that matter to them. But won't matter in the long run.

Random dinner

Have you ever been to a random dinner?

We signed up on Cielo, answered some questions to be matched (not a dating site), were given a time and place, and met for dinner.

Four of us signed up - me, Jon Hong 👨🏻‍💻, A N Other and David Palmer. We also had a photographer and journalist, Christina Campodonico, in attendance who perfectly integrated herself into the group.

Three of the four of us are improvisers and two do creative writing. I don't know if we were well matched or it attracts these kinds of people.

We stayed for four hours. A great bunch of people I'd be happy to have dinner with again.

Thank you to Cielo founder Jai Lunkad. I love trying things like this and we all had a great evening.

Mixed messages on coachable founders

"We invest in founders who are coachable."

I have mixed feelings about this statement.

Yes, all great founders should be coachable. But it sounds like code for, "Do what we tell you."

What do you think?

Podcast with Advik Kapoor

"How Much Money Should Founders Raise?"

I did a podcast for the amazing Advik Kapoor's The Revamped Founder with precisely this title. We cover this and a lot more including what motivates me and founders to continue to learn and personally grow.

Available now on YouTube and Spotify. Links in the comments.

Let me know what you think, please.

Be bold and unapologetically you

Be bold and unapologetically you.

Yes, you have to present yourself in your best light. But do so in a way that is true to you.

People can sense authenticity. Mainly because it's hard to present well when trying to be something you're not.

Ambition and failure

I'm not interested in good, I want to be the best.

Have ambition. Don't be afraid to fail.

To raise you need:

Founders, to raise you need:

1. The underlying truth about your business to be great,
2. To frame that well in your messaging, and
3. To hustle to make it happen

You need all three. 2 & 3 help you to raise. They are also important proof points on you as founders.

One month away

One month ago today I headed off.

London, San Francisco, London and Cambridge later, I'm now waiting at London City Airport to fly home.

Looking forward to seeing my family.