The Weekly Email


This post is by Fred Wilson from AVC


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One of my favorite moves that I have seen founders do in the early stages of their company (think pre-seed, seed, and possibly into the Srs A stages), is the weekly email.

This can take a number of forms; a weekly email to the team, a weekly email to the investors, a weekly email to everyone, even a weekly email to yourself! It matters a bit who the audience is for the weekly email because it determines what the founder can put into the email.

But I am not sure it matters that much who the audience is. What matters more is a weekly cadence of what is on the founders mind, what happened in the last week, and what the objectives are for the coming week.

Early stage startups are hyper-changing environments. The founder needs to keep everyone aligned and on-board as he or she weaves and bobs around

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A Small Change To The Comments


This post is by Fred Wilson from AVC


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David Steinberg, founder and CEO of Zeta Global, the owner of Disqus, saw my blog post last week expressing a desire to make this blog easier to manage. He reached out, asking how Zeta/Disqus could help.

I explained my frustration with the comments here at AVC and he asked the Disqus team to see if they could help.

And less than a week later, we have the first result of that assistance. AVC is running an experimental feature that Disqus is working on called “collapsed comments”.

One of the things that I find challenging with the comments is when a group of people decide to have a conversation with each other and it results in dozens of replies, one after another.

I don’t want to stop them from doing that, but I also don’t want that conversation to take up a ton of space on the page.

It is

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The Convergence Of The Phone And Laptop


This post is by Fred Wilson from AVC


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The Gotham Gal wanted to get a new laptop. Her late 2015 Macbook has started to fade on her.

So yesterday we made a visit to the local Apple Store and checked out the options. We looked at the Macbooks, the Macbook Airs, and we also looked at the iPad Pros. We debated the choice and she ended up deciding to go for the iPad Pro. We work with a few people who have iPad Pros and love them. And she noticed how much I am using and enjoying my Pixel Slate.

One of the most interesting things about these hybrid tablet/laptop devices is that they run operating systems that are designed for the tablet or phone. They are touch devices like our phones vs mouse devices like our laptops.

A good example of this is how I do email on my Pixel Slate. I could run Gmail in the

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Audio Of The Week: Reimagining The Well Woman


This post is by Fred Wilson from AVC


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One of the areas we have been investing a lot in at USV is women’s healthcare (Clue, Modern Fertility, Nurx).

Another interesting company in women’s healthcare, that USV is not an investor in (at least not yet), is Tia, which calls itself “The Women’s Health Clinic.”

In this discussion with the Gotham Gal, the founder of Tia, Carolyn Witte, talks about her inspiration to start Tia and how she has evolved the business over the last couple years.

Funding Friday: Young Women Teaching Coding To Others


This post is by Fred Wilson from AVC


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First of all, I’d like to say that I have a number of connections to this project that I am highlighting today. The young women who are behind this project are the same ones I mentioned at the tail end of the talk I posted last saturday. I have been inspired by these young women and their teacher since I met them at the Annual CS Fair a few years ago. And in this project, they are “modeling our curriculum and teaching practices on NYC’s Computer Science initiative (CS4ALL)”, which is a project that I helped start and am leading the fundraising effort for. So this project is very close to home and heart for me.

OK, on to the project. This summer six young women will travel to Mendoza Argentina to teach coding curriculum to teachers and students in an effort to get computer science classes into

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The Amazon Backlash


This post is by Fred Wilson from AVC


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NY State Senator Michael Gianaris is leading the efforts to stop Amazon from opening up a large presence in the borough of Queens in NYC.

I get that this makes for good politics at some level. Standing up for the taxpayer and expressing outrage at a massive tax giveaway to the one of the wealthiest companies in the world, run by one of the wealthiest people in the world, makes for great stump speeches.

But there is one problem with all of that. The voters and taxpayers in Queens, particularly the minority voters and taxpayers, approve of Amazon’s move to Queens by very large margins.

The very people that Gianaris and others like Ocasio-Cortez represent and are “standing up for” want Amazon in Queens by large margins.

What the voters and citizens of Queens seem to understand is that this is a once in a decade type opportunity to change

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The Seed Slump


This post is by Fred Wilson from AVC


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I have written a bit about this topic in recent years, at the end of 2017, and again when the 2018 numbers started showing up.

What has happened over the last five years in venture capital is the seed boom stalled out, the late stage market exploded, and the traditional venture capital business (Series A and Series B) largely remained the same except round sizes, valuations, and fund sizes have all gone up.

Mark Suster posted a great analysis last night of why the seed stage market has stalled out. It comes down to the fact that the traditional venture capital market has not changed much so creating more supply has not resulted in materially more demand.

This chart tells the story well:

As Mark explains, the seed market remains alive and well, but it has grown so large that it can’t continue to grow unless the traditional venture

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Feedback


This post is by Fred Wilson from AVC


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Thanks for all of the feedback on yesterday’s post.

There have been about 250 comments to date and a similar number of email replies.

Not surprisingly the feedback from the email replies was overwhelmingly supportive of removing the comments. It seems that most of the people who read via email don’t wade into the comments. And they email me directly with comments which often leads to a one to one private conversation.

The feedback in the comments was overwhelmingly to keep them. And there were lots of strong arguments for that.

I did get one email from a reader who told me the ability to engage in the AVC comments helped him get through a difficult time in college. That got my attention.

I also got a ton of suggestions on how to modify the comments to make them more manageable (limiting the number and length of comments, limiting the

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Rethinking AVC


This post is by Fred Wilson from AVC


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I read a lot of email newsletters and I love the simplicity of them.

Receive, read, forward, maybe reply, delete.

If I was starting AVC all over again, I’d head over to TinyLetter, which my daughter uses, and start writing.

But I’ve got legacy issues to consider. I’ve got an archive, a three letter URL with a lot of Google Juice, an RSS feed, a community, and a number of other things that I’ve built up over the years.

Many AVC readers don’t bother with any of that and simply subscribe and read via email. For them, AVC is an email newsletter. The number of readers who engage that way has been growing a lot in recent years and it is now the majority of readers. That speaks volumes to me and suggests that is how most people want to get this content every day.

So

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The Free And Open Internet


This post is by Fred Wilson from AVC


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I realize that publications need to have a business model to stay afloat. And the past month has seen a number of online publications (and offline publications) layoff a large number of employees. So it isn’t even clear that all of these hard paywalls, soft paywalls, and advertising based models are going to make the online publishing business work.

But the cost of all of this business model exploration and extraction is a continued degradation of the clean and fluid user experience that made the early free and open Internet so compelling.

A few days ago I saw a link on my phone that said “John Dingell’s Last Words For America.” I thought it was worth reading what a lifelong public servant had to say on his deathbed. So I clicked on the link and got this:

I never got to read what a lifelong public servant’s last words

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Video Of The Week: My Talk At Yext Onward 2018


This post is by Fred Wilson from AVC


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Last fall, the folks at Yext offered to let me have some stage time at their Onward Conference to talk about the K12 CS Education work that I’ve been doing for the last ten years.

I didn’t realize that the talk was online until I saw it today.

So here it is. It’s just under ten minutes.

Funding Friday: Wavelength


This post is by Fred Wilson from AVC


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Tabletop games (or party games) is one of the top categories on Kickstarter (a USV portfolio company). There has been a real resurgence in these sorts of games in recent years and most of the innovation in this category is happening and being funded on Kickstarter.

Today’s project is Wavelength, a guessing game that looks super fun.

Optimism


This post is by Fred Wilson from AVC


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I was talking with my friend Jerry today and he said “everything is possible.” I told him I don’t think I am going to be able to dunk on a regulation height rim.

But I subscribe to Jerry’s mantra of optimism.

I posted Albert’s reasons to be optimistic this past weekend and if you haven’t watched it, I highly recommend it.

As Albert states at the start of his talk, you have to be optimistic in the venture capital business.

But I think you also have to be optimistic in life.

My favorite coffee shop near my office closed recently. But a new one opened and I’m optimistic that it will become my new favorite.

The Knicks traded our franchise player last week. But I’m hopeful that we will get some good young players with the picks and sign some great free agents with the cap space.

My knee

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Routines


This post is by Fred Wilson from AVC


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I am often asked for advice on productivity. People want to know how I get things done.

The truth is I am not well organized, I don’t use any productivity tools.

I work hard but I don’t work all of the time. I have a decent work life balance.

My secret, if I have one, is routine.

I try to do the same things at the same times every day or every week.

Some examples:

– I like to meditate first thing after I wake up.

– I like to handle personal financial matters on Saturday mornings (something I learned from my Dad).

– I need to blog before I leave home or I have a hard time getting that done.

– I work out before breakfast.

When I stick to my routine, I seem to be able to get a lot done.

When I get out of my routine,

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Early Liquidity


This post is by Fred Wilson from AVC


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Ever since I got interested in crypto, I have looked at the emergence of the commercial Internet in the 90s as a roadmap for what to expect.

And while that has largely been useful as a frame of reference, I’ve struggled with the huge bubble of 2017 which felt to me like it came too early relative to the maturity of the sector.

Yesterday I read this post which has a great explanation for that:

The bubble came early because blockchain technology enabled liquidity earlier in its life cycle.

That makes a ton of sense to me and reframes the timelines in my mind.

Phew.

Some of you may have noticed that I waited until very late in the day today to post. I’m struggling a bit with adjusting to time zones, a head cold, and today was just one of those days where nothing went as planned.

I’m not

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Raising A SAFE Or Convertible Note In Between Rounds


This post is by Fred Wilson from AVC


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A trend we’ve seen in the financing of startups in the last five years is the “SAFE between rounds” which means raising a convertible note (or SAFE) to provide more capital and runway in between financing rounds. It often comes in the form of an offer by an investor who missed the last round and doesn’t want to miss the next round.

It is a tempting offer because there is no immediate dilution from the capital and it usually converts at the next round price or a small discount to it.

Most founders look at the offer and think “why not?”

Here is why you might not want to do this.

The SAFE or convertible note can “crowd out” new investors in the next round and make it very hard to find a lead investor or any high quality investors.

Let’s do some math to show how this happens.

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Understanding Your Investors


This post is by Fred Wilson from AVC


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To some extent, this blog has been about demystifying venture capital and in particular me and the firm I work at, USV.

There are many reasons why I think that is a useful exercise. When I got into the VC business in the mid 80s, it was a fairly opaque business and that did not change a lot over the next 15 years. When the Internet came along, it promised more transparency and I thought that using the Internet to help facilitate more understanding about VC was a good idea.

But also it was, and is, a self interested move. I believe that entrepreneurs are more likely to take money from a firm that they feel like they know, like, and trust. And in the hyper-competitive world of startup finance, being an open book can pay huge dividends. We have seen that to be true again and again.

So understanding

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Video Of The Week: Reasons For Optimism


This post is by Fred Wilson from AVC


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My partner Albert gave this talk at DLD 2019 a couple weeks ago.

Funding Friday: Make 100


This post is by Fred Wilson from AVC


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Kickstarter has a tradition of starting January with the Make 100 campaign, which asks creators to make 100 of something and put it up on Kickstarter for funding.

I backed this Make 100 project earlier this week:

You can see all of the Make 100 projects here. Check them out. They are fun and fascinating.

Mark Leslie On Entrepreneurship, Leading, and Selling


This post is by Fred Wilson from AVC


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I have had the pleasure of sitting on a few higher education boards with Mark Leslie. He’s a very accomplished and wise person. I respect him a lot.

In this talk with Peter Levine, Mark talks about some of the most important concepts in starting, leading, and building companies. Listen to him. He’s knows what he’s talking about.