New experiment for ODF23: pay-what-you-want
ODF22 was our best cohort (NPS/economics) but we wanted to try something new.
Not changing: no equity to join, no right to invest. We're not a VC's dealflow hack.
We help more people start the best companies together. Apply!
Build a list of people you want to work with someday.
~100% of them will be unavailable when you write their names down.
You'll probably believe you'll never actually get a chance to work with >80% of them.
Keep at it long enough and you'll be stunned by how wrong you were.
s/o to the vc who once told me "we'd be interested investing if you get sequoia or someone like that on board"
he was entirely serious.
i had just dropped out of college.
said "if that happens why would i need you?"
he's no longer a vc
People often ask: “I moved to SF - what do I do now?”
Me: you build
Them: “no, but like, what about the events and stuff? how do I find out about them?”
Me: you don’t need to go to events.
Them: “…”
Focus on building, selling and your health.
Rest is avoidance.
Just saw a company that has $2.5M ARR and a team of 6.
Another is $5M ARR - bootstrapped and profitable.
AI is raising the bar for what is possible with limited cash and headcount.
Seinfeld on writing:
“There’s no writer’s block.
There’s lazy, there’s scared, but there’s no writer’s block.
Just sit down and realize you’re mediocre and you’re gonna to have to put a lot of effort into this to make it good.
That’s what writing is.”
If you email me—even if I don't know you—I will respond. (so long as it's not spammy)
So many people did this for me when I was younger and it had a major impact on my life.
My email is on my website.
Saw that the top YouTube creator made ~$30M this year.
My reaction: “That’s all?”
Compare that to the film or sports industries.
It’s still early days for online creators.
Many problems can be solved with the following:
• increased sleep
• mindfulness
• exercise
• better diet
• less drugs (caffeine, sugar, alcohol, etc)
Somehow we view the above as “sacrifices” and seek to solve our problems without resorting to these costly prescriptions.
The best startup ecosystems:
1) SF Bay Area
2) The Internet
3) NYC
Great news: anyone can live in the second-best startup ecosystem in the world.
+ if you are based in SF or NYC you get the ability to live in 2 of the top 3 simultaneously!
The best thing we can teach people — especially younger people — is that you can literally just do stuff.
If you have an idea you can go and try to make it happen.
It won't always work out. But it does not need to always work out for it to be worthwhile.
We are returning to a funding environment where more founders are raising small initial rounds (~$500k) at sane valuations.
Many professional investors can no longer participate in these—their check size is too large to fit.
This is a big moment for small check angels/funds.
The "at-risk" model can be powerful yet feels under-explored.
@opendoor
: takes on risk of selling the house
@virtahealth
: fees at risk for treatment until diabetes is reversed
@LambdaSchool
: tuition fee at risk until student gets job
@dkhos
@lessin
@limebike
@Uber
The Lime Pass must make the daily ride cheaper than that, right? I recall being surprised by how reasonable it was with the pass in London.
The Thiel Fellowship doesn’t need more cheerleaders. Anyone with a clue knows how important it is.
What needs more support is the broader idea that unorthodox paths should not be off-limits to ambitious and curious young people.
The world needs more of those opportunities.
Launching on Product Hunt is "fake work" for many startups.
The ideal customers aren't there but it feels productive.
Upvotes—even ones you solicit—are one hell of a drug.
Look I'm going to say the quiet thing out loud here for founders who aren't as connected to Silicon Valley.
If this is what someone's LinkedIn looks like they are almost certainly going to rip you off.
I just got an amazing investor update where the CEO left sections for other leaders at her company (CMO, Head of Partnerships, etc) to share their own updates and asks directly with investors.
Compelling, actionable, and more personable. Big fan.
The factory VC model attracted people who were comfortable in the factory education model.
We’re moving into an other era of tech.
It’s one where the factory line has broken down entirely.
The box checkers will struggle and the misfits and malcontents will carve their paths.
Speed matters, but MOMENTUM IS EVERYTHING.
Momentum capital gets your first funding round moving and helps you close a strong lead investor.
Here's a big 🧵 on how to get momentum in your raise—kickstarting things with angels:
Only 29 instructors at time of IPO filing for Peloton.
Scott Rogowsky was pretty much _the_ linchpin for HQ Trivia.
Ninja proved that audience was portable when he moved off Twitch.
It begs the question: when do more of these types of folks become free agents?
👀this space.
I’m not planning to slow my angel investing down at all in this new market.
If anything I expect there will be more legit founders to back than we’ve seen in the last two years.
This interview with Ben Horowitz is over a decade old but feels especially relevant to what’s happening in tech today where many previously high-flying startups are now struggling.
“[As CEO] I felt like I could die but I couldn’t quit.”
San Francisco might be the only city left on earth (perhaps NYC) where you can declare you’re going to do something like bring the World’s Fair concept into the modern age and have people be like, “Yeah, sounds like a great idea.”
Criminals stole >$1,500 (+ ATM) at gunpoint from Happy Donuts this morning.
Let's support the shop!
Meet there at 9am this Wednesday—I'll buy the first 100 donuts!
Then we'll discuss improving SF for all.
🍩 Donuts + New Friends
🗓️ 10/4
⏰ 9am PT
📍 Happy Donuts in Noe😊
This was an incredible effort by all involved.
This isn't the end—this is just a hint at what DAOs can accomplish (this was the largest crowdfund for a physical object ever).
In the long run, WAGMI.
(Refund information tomorrow.)
Today we go to
@Sothebys
and bid on a copy of the US Constitution to be governed by the people. 📜
16,203 people have made a contribution to
@ConstitutionDAO
.
The median contribution is $228.58.
Our community has grown to 18k in Discord + 29k on Twitter.
All in under a week.
Introducing Cozy Hacks – mini hackathons hosted in homes.
• Sunday July 21st.
• San Francisco.
• Hackers only.
Excited to cohost with
@yoeven
!
DM for invite.
Former Uber employees: we’re here to help you find your next thing.
We have over 200 investors who are happy to introduce you to over 2,000 companies that are currently hiring.
✉️ julian
@beondeck
.com - I’ll connect you personally
gm san francisco 🌁
see you at the
@beondeck
party tomorrow 👋
if you’re starting (or thinking about starting) a web3 company or other ambitious venture and you’re in the city hmu 🤙
Powerful message in my inbox today from a resilient founder:
"Runway is definitely on the shorter end, and this was always going to be a spicy pivot, but to paraphrase Ben Horowitz 'This is not checkers; this is mutherfuckin’ chess…There is always a move'"
Looking for an intern to speedrun a newsletter concept with me around unusual opportunities in tech.
Part-time. Pay is $500/week. SF preferred but not required. If you don't live here I'll pay for your flight.
Ship speed seems to be the best indicator that a startup is going well.
Not just shipping code, but shipping anything that = progress in areas that matter.
We just got a 1,000 ETH ($4.17M) contribution to
@ConstitutionDAO
.
We are going to buy the Constitution and have it governed by the people!!! LFG!!! 📜
We're live! ⚡️
Together we will win the auction at
@Sothebys
and become co-owners of the US Constitution. 📜
Get this important historical artifact in the hands of the people! 🤝
Contribute:
Follow:
@ConstitutionDAO
wagbtc!! web3 is amazing. 🙏
The best opportunities of the new Internet will go to folks who have the following attributes:
1) free time to explore
2) bias towards action
3) they follow through on commitments
4) curious, not dismissive
5) builders, not boo-ers
6) ethical (play long game—not get rich quick)
Announcing ODX, a $100M accelerator to back the next generation of founders.
• $125k for 7% from us + the community
• Access to our network to hire, fundraise, or find customers
• 100% customized for you
Apply (or invest) today 👇
I recently launched an AngelList syndicate to support the companies I've angel invested in (backed by Kleiner Perkins, Founders Fund, Greylock, a16z, First Round, Homebrew, etc)
The first SPV I launched was oversubscribed in ~5 hours.
Apply to join:
Most people attempt to build communities around their products.
We build products around our communities.
The significance of this difference cannot be understated.
I had my Venmo marked as “Private” but it turns out you are not fully private if this is all you’ve done.
You must click in Friends List and make sure both of these are selected.
Imagine, if you will...
You are standing in front of a priceless historical artifact at a museum.
Instead of going to the gift shop to buy a copy (poster, etc) you scan a QR code to buy a fraction of the actual item.
You now own a piece of history + support its preservation.🤝
When you've finally built a rocket ship let the friends on who helped you along the way
Even if ceremonial: letting them invest $1-5k, giving them a few shares, etc
They'll never forget how they treated you when you were nothing and how you treated them once you were something
Seeing way too many founders focusing on applying to accelerators than getting a product out to customers.
The VC-driven narrative of “it’s way harder to raise these days” has been damn effective at driving accelerator applications.
*overheard in SF on a Friday night*
“What are you doing tonight?”
“I’m going to a cafe co-working session”
“From what time”
“7pm-2am, it’s at a friends house”
This could not happen anywhere else
"Great founders should all work exceptionally hard, except for my competitors - you all should think deeply about work life balance and take plenty of breaks."
✅ O1 approved.
THIS is why we do what we do.
"ODF was a major influence on my decision to pursue this opportunity, and I am extremely excited for what's next."
ODF is now over 5 years old.
Tonight we kick off our 22nd cohort.
>1,000 ODF companies are improving all aspects of humanity — from longevity to education and beyond.
Can’t wait to see what this cohort builds.
ODF22 — see you soon! 👋
The first cohort of the On Deck Fellowship is underway! Had a great kickoff event in Sausalito a few weeks ago – very excited about this talented group of founders 🙌