In 'The Founders', Jimmy Soni delves into the turbulent early days of PayPal, a company that would become one of the world's foremost payment platforms. With hundreds of interviews and unprecedented access to internal material, Soni chronicles the challenges faced by the founders, including bruising competition, internal strife, online fraud, and the dot-com bust of the 2000s. The book highlights how this group of entrepreneurs, often referred to as the 'PayPal mafia', went on to form, fund, and advise leading companies such as Tesla, Facebook, YouTube, SpaceX, and LinkedIn. It is a story of iteration, inventiveness, and the profound impact these individuals had on modern technology and entrepreneurship.
In 'The Power Law', Sebastian Mallaby provides a riveting and meticulously researched account of the venture capital industry. The book delves into the history of tech incubation in Silicon Valley and worldwide, featuring key figures from firms like Sequoia, Kleiner Perkins, Accel, Benchmark, and Andreessen Horowitz. It covers iconic successes and failures, such as the birth of Apple and the rise and fall of WeWork and Uber. Mallaby also examines the 'power law' that drives the VC business, where a few massive successes compensate for numerous failures. The book highlights the industry's influence on innovation, its biases, and the rising competition from China's venture capital sector[1][3][5].
Molly had a big board meeting today, so we had our guy Zach Coelius join for another version of Ask an Angel (1:32). Zach and Jason share their thoughts on remote work (4:40), the downturn (22:10), and then they answer audience questions (41:22). It’s a solid episode for founders and investors!
(0:00) Jason intro’s today’s Ask an Angel episode with Zach Coelius
(1:32) Ask an Angel with Zach Coelius
(4:40) Zach’s thoughts on remote work
(13:19) Squarespace - Use offer code TWIST to save 10% off your first purchase of a website or domain at https://Squarespace.com/TWIST
(14:37) Managing a company post-COVID
(17:00) Who shines in the remote work era?
(20:51) Notion - Get $250 off by using code TWIST at https://notion.so
(22:10) The downturn: will people cancel or review their SaaS bills?
(26:09) How many of Zach’s founders have prepped for the downturn?
(30:50) Odoo - Get your first app free and a $1000 credit at https://odoo.com/twist
(32:02) Don’t try to invest in pre-product market fit companies when you’re first starting out (unless you know the founder’s awesome)
(41:22) Q&A: How do you think about competition in the same market in the early stages?
(46:43) What are the top buzzwords you’re staying away from as investors right now?
(59:00) Would you invest in SF?
(1:04:00) How much dilution after seed rounds turns into a red flag?
(1:06:14) Should the equity grant occur during financings or the board meeting?
(1:09:15) What does Zach focus on in terms of diligence?
(1:19:30) As a founder, when should you provide pro rata to angels and when not?
(1:25:10) Have you ever advised a founder to leave the CEO role?
(1:32:29) How long do you think the down market is going to be and what’s your strategy?
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