The start of AI inception
I've done a couple of projects recently using ChatGPT where it has written all the code for me, debugged, told me which libraries to install etc.
I'm at the point where I will start doing everything by API, also directed by ChatGPT.
Once I've done that, the questions will go by API.
Over time, I may automate everything and never have to write a line of code myself.
We will see. I'm enjoying the project.
Misfits Mindset podcast incoming
Am I a mistfit? Do you need to be a misfit to be a founder? Let me know in the comments.
Am I a mistfit? Do you need to be a misfit to be a founder? Let me know in the comments.
I recorded a podcast with Caleb Parker of Brave Minds for his Misfits Mindset podcast.
We first met at Spacemade's Breton building in Barbican where he was cohosting an investor founder speed-dating event with Hotbed and SeedLegals.
We hit it off, and the misfits recorded for you. Podcast coming soon.
Partner referral agreement
Founders, does anyone have a good partner referral agreement they'd be happy to share, please?
Founders, does anyone have a good partner referral agreement they'd be happy to share, please?
What advice would you give when setting these up?
Markets go up, markets go down
Markets go up, markets go down, there's nothing you can do about that.
Markets go up, markets go down, there's nothing you can do about that.
Focus on what you can control and assume that where the market is today is correct. You are not an equities trader.
Chasing investors
Founders, when you are raising, how do you manage the "chasing" part of the process when you haven't heard back when you expected to?
Founders, when you are raising, how do you manage the "chasing" part of the process when you haven't heard back when you expected to?
- How many times do you chase?
- How often do you chase?
- How do you manage the messaging if you're at multiple chases?
Asking for a friend.
Investing across categories
Many investors have different criteria for different types of startups.
Many investors have different criteria for different types of startups.
One for digital, one for deep tech, one for those whose first step is regulatory approval, etc.
These businesses have different challenges. But if you have separate criteria, how can you have any idea if you are choosing well between startups in the different types?
To do so, you need a consistent framework that applies across all types.
Only then, can you make the highest quality decisions across categories.
What is sales
Sales is based on what you can deliver for the customer, the problem you can solve.
Sales is based on what you can deliver for the customer, the problem you can solve.
They may not need to know how. They just have to believe you can.
Liking your own posts on LinkedIn and Twitter
Do you think it's a good or bad idea to like your own posts?
Do you think it's a good or bad idea to like your own posts?
People do this, presumably because it looks better to have more likes or they think the algorithm likes it. I used to not like it. Now I can't make my mind up.
Please vote in the comments.
Governments shouldn't pick winners
Governments shouldn't try and pick winners. Supercomputers did not generate the AI revolution. This was populist guessing by the last government.
BBC - Government shelves £1.3bn UK tech and AI plans.
Governments shouldn't try and pick winners. Supercomputers did not generate the AI revolution. This was populist guessing by the last government.
Save money, let the private sector allocate capital more efficiently, taxes will go up less.
Capitalism and property
I wrote an article on capitalism and the Channel Islands property market for Business Brief magazine. The principles apply everywhere.
I wrote an article on capitalism and the Channel Islands property market for Business Brief magazine. The principles apply everywhere.
If planning laws are overly prescriptive and take too long to navigate, the market cannot do its job, allocate resources effectively, and switch use to the most productive areas.
Governments shouldn't try and predict the future, they should put conditions in place to make it easier for the market to do so.
The market doesn't always get it right but the attempt to maximise returns is the best method we have today. Maybe one day AI will change that.
Lunch with Jonny Rosenblatt of Spacedmade
Great to catch up and hear how well they are doing. They are still killing it.
Lunch yesterday with Jonny Rosenblatt of Spacemade who I am fortunate to be an investor in.
Great to catch up and hear how well they are doing. They are still killing it.
Flattering or terrifying
At yesterday evening's Rare Founders event, a founder presented me with this.
Flattering or Terrifying?
At yesterday evening's Rare Founders event, a founder presented me with this.
Let me know if I should be flattered or terrified or both in the comments, please.
Chi-Kit Pang
Chi-Kit Pang and I were at school together. He introduced me to Twin Peaks when he came over for A-Level Maths and Further Maths revision.
Chi-Kit Pang and I were at school together. He introduced me to Twin Peaks when he came over for A-Level Maths and Further Maths revision.
We don't see each other often enough but when we do it's as if no time has passed.
Great to see you, Chi-Kit, and thank you for the coffee.
Rare Founders - How to raise from US VCs
I have been at Camp Bestival with my family for a few days. I'm back in London this evening to speak on what US VCs look for in startups.
I have been at Camp Bestival with my family for a few days. I'm back in London this evening to speak on what US VCs look for in startups.
Come and hear me speak at the Rare Founders event alongside Arif Damji of Conductive Ventures and Vasily Alekseenko himself.
See you this evening.
If you’re pre revenue at Seed
This is fine but investors are going to be choosing between you and other startups that have revenue. Why you?
If you're pre revenue at Seed...
This is fine but investors are going to be choosing between you and other startups that have revenue. Why you?
Was this part of your plan?
Have you generated other important proof points?
Can you explain why you are likely to grow faster than others from now?
Is the maximum upside from here larger than other opportunities?
If it's just because you failed to generate revenue, you are in trouble. If you can evidence some of the above, you still have a great shot.
Time will tell
My article - People are worried about AI - got published in The Guernsey Press - thank you Amanda (Mandy) Eulenkamp.
My article - People are worried about AI - got published in The Guernsey Press - thank you Amanda (Mandy) Eulenkamp.
Every new technology leads to fear of the unknown. Almost always that fear is overblown and the benefits far exceed the downsides.
Time, as always, will tell.
Be so good they can’t ignore you
There is a lot of advice flying about on how to raise venture capital, some of it from me. All of that advice is meant to make it as easy as possible for potential investors to see how good you are.
"Be so good they can't ignore you." - Steve Martin.
There is a lot of advice flying about on how to raise venture capital, some of it from me. All of that advice is meant to make it as easy as possible for potential investors to see how good you are.
The underlying truth has to be that when they see it, the opportunity is truly great.
In other words, be so good they can't ignore you.
Runna growth
Incredible to see the Runna team grow to this size from approximately ten full time members in late 2022 when I first met them.
Incredible to see the Runna team grow to this size from approximately ten full time members in late 2022 when I first met them.
Congratulations to Dom Maskell, Ben Parker, Walter Holohan et al on the incredible business growth underlying this.
My SLA
1. I will try and get back to you as soon as possible. Please chase me if I don’t.
My SLA
1. I will try and get back to you as soon as possible. Please chase me if I don’t.
2. If I don’t hear from you, I will chase politely and respectfully. I am persistent.
3. If you’re busy right now, tell me when I should come back to you or you will come back to me and I will pause until then.
4. If you no longer want to hear from me, tell me.
5. If we’ve never spoken before and you are trying to sell me something, I may not reply. Do not chase.
Setting expectations
Set expectations correctly even if it might cause a no.
Set expectations correctly even if it might cause a no.
Why?
1. It's the right thing to do.
2. You may want to do business with this person again.
3. Reputation is everything.