Strong month for
@meetcleo
:
- $72.3m ARR (14.2% MoM growth)
- 59% Contribution margin
- Sub 6-month payback period
- Achingly close to EBITDA positive
It's a good time to be building an AI assistant 📈
I strongly disagree with this FT article's premise that UK boards are too quick to sell and that government should block acquisitions.
Founders and boards sell early because there isn't a credible alternative.
Demis didn't sell DeepMind to Google because he was greedy. He sold
Economic growth created by UK startups is increasingly flowing out of the UK:
- More early-stage entrepreneurs are moving to San Francisco to found companies (via YC/EF/etc).
- US VCs are leading more early-stage rounds, either through their new European
There’s no way in hell I’d ever list in the UK under current conditions, no tech CEO would. ()
We need radical and wholesale change that addresses the real core issue… the multiple you’d trade at would be significantly lower in the UK.
Forget about
Economic growth is only going to come from tech & AI
@RachelReevesMP
Reducing investment & raising taxes pushes more entrepreneurs to the US...
The UK needs to lead in AI if we're going to get back to growth...
@UKLabour
can't be anti-tech
The UK/EU is on a slow slide to irrelevancy and third world living conditions if it can’t build tech champions.
Economic growth has and will continue to be driven from a small handful of outlier tech companies of which only reside in the US and China today (mag 7 + tencent,
If you're raising a Series A in Europe
@pluralplatform
has to be top of your list.
There's a seismic difference between having a founder & VC on your captable.
I owe a hell of a lot to
@taavet
&
@soundboy
We’ve just raised a €400M fund to back the most ambitious founders on a mission to change the world through tech. 18 months in, this is a massive endorsement of the first 26 teams we’ve backed and the quality of companies emerging from Europe
The best piece of advice I got when starting Cleo was to stack my cap table/board with ex-founders
Very few people in the world get what it’s like to go from a blank piece of paper to $100m+ ARR…
.
@seikatsu
@pluralplatform
"Europe lacks founders turned investors. In the Valley > 50% investors at top VCs have built a company; in Europe < 10%. Without hands-on experience, hard to see how VCs can materially help startups navigate early-stage risks"
Amazing to see the UK Gov on the front foot ahead of such a major societal change.
Hopefully, this paves the way for others.
Great work
@matthewclifford
,
@michelledonelan
I believe AI is the transformational technology of my lifetime. It’s great that the UK is investing to be a world leader in its safe development and its deployment and a privilege to play a small part in this work. More here👇
I sincerely hope the
@OpenAI
board resign and
@sama
/
@satyanadella
can bring this together without disruption.
Til then, we & many other startups are treating OpenAI as a dead company:
To my friends at OpenAI, you don't deserve the treatment you've
@ESYudkowsky
Interesting but slightly disagree with the take(s) for a couple of reasons:
- LLM makers are still <2yrs into this - it's not that surprising they were able to generate enough data to fine-tune LLaMA to be comparable to davinci-003 (an old model) on instruction-following. Think
A strong week of awards for
@meetcleo
Monday: Best AI App
@TechBullion
Tuesday: Scale-up of the year
@TheEuropas
Wednesday: Runner up for Financial wellbeing
@11FS
Thursday: Shortlisted as a tech champion in the
@FT
Friday: 16th in
@Deloitte
's technology fast 50
📈
.
@Barney_H_Y
joined
@cheddar
to talk through the issues that people are actually facing when it comes to money right now, and how they can use AI (specifically Cleo, obviously) to tackle them ⚡
The most powerful tech adviser in Britain
@matthewclifford
:
I'd have personally gone with the headline "Dominic Cummings, but a really nice guy"
Gl at Bletchley
@matthewclifford
🙏
This is the
#1
thing you'll get wrong as a first-time founder (or manager):
- You'll avoid giving hard feedback
- You won't exit people quickly enough
- You'll worry too much about the impact on culture
None of this is fun; you'll have built relationships and care personally
The
#1
issue that just keeps coming up for the founders I coach:
*fear-driven avoidance of holding people to high standards*
It comes up most in hiring & performance management, but it also permeates cofounder relations, networking convos, fundraising, even customer development
These five companies have all championed financial education to help customers take control of their day-to-day finances and gain the financial freedom to make choices that let them have a better relationship with money.
|
#11FSAwards
powered by
@Aon_plc
This.
OpenAI is going to be left with those that perpetually fret about safety so don’t actually do anything.
The half of the company that shipped will move to Sam & Greg’s new company v.quickly.
The progress in AI over the next two years is going to be wild but it’s not good
so basically the “move slower” people ousted the “move faster” people who’ll move fast to start a newco all the “move faster” people will join to move faster, and all that will be left are the “move slower” people moving slow to move slower together
The EU AI act is some of the most poorly thought through and reactive regulations I've seen:
This is the first time I've believed Brexit could benefit the UK.
There are more than 50,000 venture-backed startups in the U.S., and only the tiniest fraction will ever reach a $1 billion valuation. Here are the 25 we think most likely to succeed.
Next
#BillionDollarStartups
:
@s8mb
Require/Incentivise/Make easier... whatever the exact solution, we need more capital flowing into a late-stage venture in the UK if we want to grow the economy.
A new plan led by
@matthewclifford
will use AI to boost growth and improve our public services.
The AI Opportunities Action Plan will identify how to boost uptake of AI across the public and private sectors to increase productivity.
(1/2)
The bigger your company gets, the more you'll be surrounded by business people - the ex-consultants, bankers, MBAs, etc
They're necessary for scaling a business, but you're not going to learn anything terribly interesting from them.
Do make time every week to go talk to the
Founder group chats popping off asking for control advice and recommendations for great lawyers…
PSA: VCs are driven by returns and reputation…
Hit your numbers and don’t do anything stupid - no one wants to kill the golden goose
You can only realistically get a high quality
An incredibly impressive release from
@TIIuae
, UAE leaning into AI far harder than the US/UK/EU.
Looking forward to using this in production, but also can't help but re-read:
All the talk of regulating Western AI companies is almost pointless if Nation
As a customer, I have no confidence in
@OpenAI
until the man that plunged it into chaos is gone
@btaylor
@LHSummers
Remove
@adamdangelo
and instate
@sama
The board needs to be a mix of experienced operators, political heavyweights and AI Safety experts who have sat on boards
We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo.
We are collaborating to figure out the details. Thank you so much for your patience through this.
One of the most annoying but vindicating things about being a founder is how many people tell you you can't do something...
To then to have absolutely crushed whatever that was x weeks/months/years later
COVID-19 hit people HARD. we’re crowdsourcing gifts of $250 and getting them to those of you who need it most 💙 who needs to see this???
#RandomActsOfRelief
@sriramk
The difference in LDN Vs. NYC/SF Eng+Data science salaries are about 2.5x
You can get a post-doc in ML from Oxbridge for the same price as a fresh Stanford CS undergrad
Interesting thread & agree a 6-month moratorium is not practical.
Government intervention is absolutely critical, however.
Should they be mandated spending by AI labs on safety?
What work are governments doing to advance safety research & enforce it?
1/The call for a 6 month moratorium on making AI progress beyond GPT-4 is a terrible idea.
I'm seeing many new applications in education, healthcare, food, ... that'll help many people. Improving GPT-4 will help. Lets balance the huge value AI is creating vs. realistic risks.
Limited context windows were one of the major practical limitations of LLMs...
Really impressed that
@AnthropicAI
has managed to scale up to 100k tokens with the transformer architecture. Very curious how they did it.
This unlocks a whole bunch of applications that you'd have
Introducing 100K Context Windows! We’ve expanded Claude’s context window to 100,000 tokens of text, corresponding to around 75K words. Submit hundreds of pages of materials for Claude to digest and analyze. Conversations with Claude can go on for hours or days.
Asking our engineers how often & which LLM they use to code...
Really surprised at the low usage of Opus given how well it performs on the coding benchmarks.
I'd predict the frequency they use it and the model itself will change quite substantially over the next year.
@Alicebentinck
@join_ef
@matthewclifford
Watching you operate together over the years has been wildly impressive.
You set a high bar for what a world class and complimentary cofounding relationship looks like.
Really excited for what’s ahead for
@join_ef
- few missions matter more.
Great news that
@a16z
– one of the world’s leading tech investment firms, is opening a new base here in London.
Another huge vote of confidence in the UK as a place to build and grow tech businesses of the future.
One of my favourite uses of GPT-4 is to make business books an appropriate length:
Nearly all business books could/should be the length of a
@paulg
essay
@benbrownww
Revolut is the closest to a $100b+ market cap
But…
- The founder now lives in Dubai
- More staff are outside the UK than in it
- Unable to get a UK banking license
- Predominantly owned by non-UK investors
- Won’t list on the LSE
Hardly a British success story..
@paulg
Agree, really interesting research area and solvable problem though.
Try adding “write like Hemingway” to the system prompt for something slightly better than the verbose drivel you get by default.
Very encouraging to see founders, operators, investors & most importantly
@RachelReevesMP
&
@Jeremy_Hunt
stand by SVB, our tech sector & all those they employ today & tomorrow.
Let's see what happens over the weekend but inaction would be devastating for the future growth of the
'How concerned are you about the collapse of Silicon Valley Bank?' -
@SophyRidgeSky
Shadow chancellor
@RachelReevesMP
says she would urge the government "to do more than offer warm words"
#Ridge
📺 Sky 501, Virgin 602, Freeview 233 and YouTube
The evidence is becoming irrefutable that it was a failed rocket launch, not an Israeli airstrike.
Will the
@nytimes
&
@guardian
publish retractions?
Should we live in a society where they face no consequences for their actions?
Many of the best startups ran their company out of the founders' house for a curiously long time - often until they had 10+ employees. This is Replit when they were working out of
@amasad
's house.
@zsk
or defraud millions at an unseen velocity with deep fakes
or spread a quantity of misinformation so quickly that we all struggle to decipher what is truth
This morning, the Government and the Bank of England facilitated a private sale of Silicon Valley Bank UK to HSBC
Deposits will be protected, with no taxpayer support
I said yesterday that we would look after our tech sector, and we have worked urgently to deliver that promise
Now that I think about it, this could be a huge opportunity for the UK. If the UK avoided making the same mistakes, they could be a haven from EU AI regulations that was just a short flight away.
I don't think people quite appreciate how much effort, energy & $$$ goes into data labelling for AI companies.
Very bullish on any company that is solving problems in that area.
@scale_AI
prices are sky-high, there's so much room for competition.
Llama2 out & in the wild, great work
@MetaAI
👏
Super bullish on OpenSource LLMs.
Safety concerns will/have stopped OpenAI et al. from allowing companies to meaningfully fine-tune the largest LLMs.
The more time you spend in startups, the more stories like Parkers you hear.
Most don't get told & if you dig deep enough, most major funds have a story like this behind them.
Props to
@parkerconrad
for fighting through this &
@ycombinator
for having his back.
This interview will spread quietly from founder to founder. It's striking that without Parker Conrad's success with Rippling and Jessica & Carolyn's lack of deference to powerful people he would have struggled to tell his side of the story:
Revolut announces a share sale at a $45bn valuation:
Great work
@vyatsenko
,
@NStoronsky
. With companies staying private longer, it's essential to offer staff opportunities for secondary sales.
+1 this
it's pretty amazing google made it 2+ decades without changing the UX
10 blue links where ~half are sponsored feels so dated after using LLMs extensively
In a couple of years, you'll have multiple powerful AI assistants that help you in your work and personal life.
You'll converse in natural language and they'll execute impressively complex tasks on your behalf.
Computing is about to get far more *human* very quickly.
Credit underwriting in the US is broken. Too much paperwork, incomplete data, thin files, and many of the crucial consumer factors are not considered. Excited to be taking a first step towards fixing it!
we launched chatgpt enteprise.
enterprise-grade security and privacy, large-scale deployment support, unlimited (and fast) gpt-4, 32k context, and more.
customization on your company's data coming soon!
Almost half of the pitches we saw today were delivered by some of the most talented women in the world. This is Talent Investing at its best.
#EntrepreneurFirst
@ylecun
This is the critical point that's getting lost in the AI-safety/regulation debate.
The rhetoric is coming across as fully against regulation/AI Safety, but it is not.
We must protect open-source development while finding technical and political solutions to bad actions &
@Suhail
This is a great masters lvl intro book:
Which is the little brother of the elements of statistical learning, which is an excellent reference book
@alexgkendall
What should the UK do to outcompete the US on autonomous driving Alex?
You can take a self-driving taxi in SF now... is two years from now competitive...?
📈
Comparing the research output of ML/AI vs. Crypto/prev hype cycles isn’t even close
AI = meaningful scientific progress from the brightest minds of our generation
Crypto = important ideas but awash with grifters and Ponzi schemes
Wow. Today has been surreal.
I’m so incredible proud of the company that the
@Plaid
team has built over the past 7 years. Today’s announcement is a huge milestone for our company, customers, bank partners, and the fintech ecosystem!
I think people would be surprised at how aggressively competitive most great founders are
The desire to win is extreme
Each has names on a list they'll do almost anything to scratch off
I wouldn't want to be on
@PalmerLuckey
's list
VICE is shutting down games media division, Waypoint, and laying off the entire staff.
I wish I could be magnanimous, but no, good riddance. Those assholes spread nasty lies about me for years in official and non-official capacities. "Fuck Capitalism and Go Home" has been