To FOMO or not to FOMO
Founders, don't try and create FOMO if it isn't real.
Founders, don't try and create FOMO if it isn't real.
If it is, don't be afraid to use it. If it isn't, it will backfire.
Learn to storytell
Any skill can be taught or learnt. Storytelling, a hugely important one, is no different.
Any skill can be taught or learnt. Storytelling, a hugely important one, is no different.
I recommend anything by or about Ira Glass of This American Life.
Ira on how to frame a story - “How did you think the situation was going to work out before it happened? And then how did it really work out?”
Via Polina Marinova Pompliano of The Profile who has a great profile of Ira Glass. Lots of gold in there.
How do you plan to win
No business, no startup, no investor or VC firm has any divine right to win. There is always competition for time and money.
No business, no startup, no investor or VC firm has any divine right to win. There is always competition for time and money.
I aim to be a better investor than anyone else out there. Otherwise, I'd give my money to someone else to manage.
How do you plan to win?
Tactics vs Strategy
Tactics: Trump immediately puts out loads of publicity around Biden's debate performance and the polls move in his favour.
"Tactics vs Strategy."
Tactics: Trump immediately puts out loads of publicity around Biden's debate performance and the polls move in his favour.
Strategy: Trump realises he has a way better chance in the election against Biden and doesn't want to encourage the Democrats to replace him. He keeps quiet until that can't happen then uses the same tactics.
Tactics is what maximises now. Strategy takes the big picture into account. They don't always point in the same direction.
Always be thinking of both.
Sell but don’t sell
If your potential client thinks you are trying to persuade them, they will put up barriers. If you are genuinely trying to help them figure out if your product is right for them, they will have an open conversation.
"Sell but don't sell."
If your potential client thinks you are trying to persuade them, they will put up barriers. If you are genuinely trying to help them figure out if your product is right for them, they will have an open conversation.
Present whatever you have to offer in the best light. Seek to understand the potential client to see if you are a fit. But only they will know if you are.
Sell but don't sell.
Metal is hot
Magrathea just got featured in The New Yorker.
"Metal is Hot"
Magrathea just got featured in The New Yorker (link).
Summary
- Dirt cheap renewable energy means Magrathea can produce carbon neutral magnesium at a price point where it competes with steel and aluminium.
Bullets
- Magnesium is the world's third most common structural metal
- It significantly trails steel and aluminium because it’s more expensive to make
- A huge chunk of that cost is energy
- Magrathea has a unique production process which can be turned on and off as required
- In California, for large parts of the day energy is dirt cheap because of solar and wind
- Magrathea can produce cost effective carbon neutral magnesium when most the world's comes from China then Russia and burns huge amounts of coal
- Magnesium then competes with steel and aluminium as it becomes price competitive
- Demand for Magrathea's magnesium goes through the roof
Congrats to Alex Grant and Jacob Brown on the coverage.
Just start
The one thing all fools have in common is that they're always getting ready to start - Seneca, more or less.
“Just start”
The one thing all fools have in common is that they're always getting ready to start - Seneca, more or less.
There's always a reason to procrastinate. You will always be better tomorrow.
Embrace your imperfections. Sometimes you just have to start.
What drives me
I'm 51. A few times in SF I was asked, how do you keep your drive? My father is your age and he is stagnating.
"What drives me."
I'm 51. A few times in SF I was asked, how do you keep your drive? My father is your age and he is stagnating.
I started work at 21. I hope to be less than half way through my career. There is a huge amount for me to achieve. It's easy to be driven.
I have learnt more in the last 5 years than in any others. I will keep doing that.
"What are US investors looking for?" - 30th July
I just spent close to a month in San Francisco meeting VC funds. I met 38 funds.
"What are US investors looking for?"
I just spent close to a month in San Francisco meeting VC funds. I met 38 funds.
Why?
- The US market is at least ten times the size of the UK. To get the biggest outcomes you need to go there.
- When you go there it is very helpful to have a US VC on board.
- To feed back what they are looking for to my portfolio so they can be on the right path and frame themselves correctly when they raise there.
- To make warm intros for my founders because they make a difference.
- To attract the most ambitious founders who know the US needs to be on their path.
Come and hear what US investors are looking for on 30th July with me and Vasily Alekseenko as part of another amazing Rare Founders event.
Persistence plus
Persistence is a necessary but not sufficient condition for success.
Persistence is a necessary but not sufficient condition for success.
You and your product still need to be great.
Kenneth Ler of Singapore Economic Development Board
Coffee and a great conversation with Kenneth Ler of Singapore Economic Development Board (EDB) which has some great incentives for founders looking to expand into Asia.
Coffee and a great conversation with Kenneth Ler of Singapore Economic Development Board (EDB) which has some great incentives for founders looking to expand into Asia.
He would love to hear from you when you are considering that path.
Thank you StJohn "Singe" Deakins for the introduction.
Burosumab approved for adults
This is fantastic news. My two youngest boys have this.
This is fantastic news. My two youngest boys have this.
Investor founder speed dating at Spacemade Breton
Great to join this fantastic set of investors and startups, selected from over 260 applications, at the amazing Spacemade Breton in Barbican courtesy of Hotbed, SeedLegals & Brave Corporation Ltd.
Great to join this fantastic set of investors and startups, selected from over 260 applications, at the amazing Spacemade Breton in Barbican courtesy of Hotbed, SeedLegals & Brave Corporation Ltd.
The founders were 🥁🥁🥁
Henry Majed of MyMynd
Megan Hale of Team Repair
Hamish Geddes of Lenz Labs
Michael Smith of Sagittal.ai
Jon Fletcher of Energy Helper
Laura Pomfret (Financielle) 💸 & Holly Holland (Financielle) of Financielle
Jen Lothian of MyArk
Ella-Louise Andrew (Gaskell) of PS Bridal Rental (Techstars ‘23)
Mark Newton & Ashley Lockwood of Oya Kitchens
Austin Tasker of The Cirkel
Lovely to meet you all.
Optimise for learning
Investing is like anything else, the day you start is the worst you will ever be.
Investing is like anything else, the day you start is the worst you will ever be.
If you want to be good, or even better great, optimise for learning. Get better every day. It compounds fast.
You will look back and realise what you didn't know. This is as it should be. Once it stops, you are stagnating.
Everyone thinks theirs is the great one
Everyone thinks theirs is the great one. We all do.
Everyone thinks theirs is the great one. We all do.
Without that great delusion, nothing great would be built.
VC Value Add
Delivering lunch to Jonny Plein and James Campbell 甘吉 at YASO HQ
#vcvalueadd
Delivering lunch to Jonny Plein and James Campbell 甘吉 at YASO HQ
We are human and it’s hard
We all have biases based on our own experience.
We all have biases based on our own experience.
Science doesn't work like that - it asks many people not one and it has a control set - people who didn't take the action.
But we as individuals have to figure out what's right with just our personal experience and our inherent biases.
We are human and it's hard.
hashtag#founders hashtag#startups hashtag#venturecapital hashtag#buildinginpublic hashtag#investinginpublic
More at unbundled dot vc.
Building relationships with investors
Founders, is it worth building relationships with investors before you raise?
Founders, is it worth building relationships with investors before you raise?
Yes. If you spend enough time with us, we will know you and your business idea much better than if you come in cold. We see so much deal flow we have to build filters at every stage and may never get to that level of understanding otherwise.
But don't expect us to invest just because we've built a relationship. Our job is to make cold, hard decisions with a view to maximising returns. It helps to know and like you but that can't be the basis of our decisions.
Onshoring hurts
What's happening geopolitically with China is real but it's a great shame.
What's happening geopolitically with China is real but it's a great shame.
Comparative advantage is the basis of all international trade and leads to much better outcomes. Onshoring, while it might be necessary, therefore leads to worse outcomes - both in terms of resource allocation and what the world is able to produce and distribute.