20VC: The Ultimate Hiring Playbook: Five Questions to Ask Every New Hire | What Makes Truly Great Leaders and How They Give Feedback | Do VCs Really Add Value; Lessons from Hard Fundraises with Matteo Franceschetti, Co-Founder @ Eight Sleep
Nov 20, 2023
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Matteo Franceschetti, Co-Founder and CEO @ Eight Sleep, discusses the challenges of solving sleep, his playbook for hiring, hardest round to raise, and the impact of sleep data on preventative health.
Efficient decision-making requires clarity of thinking and writing helps develop this clarity, supported by data.
Operational excellence involves achieving output efficiently and effectively, balancing speed with maintaining quality.
Hiring decisions should be made thoughtfully and involve multiple steps, with strong hire ratings from three panel members as a requirement.
When considering title changes, the focus should be on the responsibilities and skills associated with the role, rather than personal pride in the title itself.
Deep dives
Clarity of thinking and decision-making
Clarity of thinking is crucial for efficient decision-making. Writing helps develop clarity of thought. The output should be clear and supported by data. The requirement for perfection differs in hardware and software development, but the focus should always be on learning and making progress.
Operational excellence and speed of execution
Operational excellence involves achieving output efficiently and effectively. Quality and velocity are key factors. Balancing the need for speed with maintaining quality is essential. It requires a culture focused on agility, reducing rigid structures, and making decisions quickly.
Talent management and hiring process
Hiring decisions should be made thoughtfully and deliberately. The hiring process should involve multiple steps, including a homework assignment and panel interviews. Only candidates who receive strong hire ratings from three panel members should be considered. The default should be to not hire unless there is strong belief in the candidate.
Lessons in talent management
When hiring executives, consider if their previous success aligns with your current goals and company stage. Be cautious of executives from large companies who may struggle with the agility and risk-taking required in a startup. Cultural fit, chemistry, and alignment of values are important factors to consider in talent management.
The Importance of Titles in Hiring
In this podcast episode, the speaker discusses the correlation between the success of a hire and their negotiation on the title they want to have. They emphasize that while some people may value titles for personal pride, it is crucial to focus on the responsibilities and skills associated with the role rather than the title itself. The speaker shares an anecdote about a situation where a title change led to misunderstandings and suggests that making it clear whether one is an individual contributor or a manager is more important than the actual title. Additionally, they highlight that becoming a manager should only happen after successfully leading a team and that title changes should be based on exceptional performance and not sought after until more significant tenure is established.
The Power of Effective Agendas and Writing
This episode delves into the importance of writing agendas and memos for effective communication within a company. The speaker emphasizes the value of providing clear and data-driven agendas that go straight to the point, aiding in decision-making and fostering efficient meetings. They highlight the significance of summarizing key topics, discussing points to be covered, and presenting actionable ideas and action items in an agenda. The speaker also discusses the relationship between effective writing and mental clarity in decision-making, sharing personal experiences and strategies for creating high-quality agendas. They stress the role of feedback and continuous improvement in developing strong agenda-writing skills.
Designing a Personalized and Optimal Sleep Experience
The podcast explores the role of sleep in personal health and well-being. The speaker discusses the key factors influencing sleep quality, such as the number of hours slept and maintaining consistent sleep patterns. They recommend prioritizing restful sleep by creating a cool and comfortable sleeping environment, as well as engaging in activities such as taking a warm bath before bedtime to support the body's natural sleep regulation. The speaker also touches upon the impact of nutrition, alcohol consumption, and exercise on sleep, highlighting the need for individual experimentation to find what works best. Lastly, they showcase the potential for technology, such as AI-powered sleep trackers, to revolutionize sleep quality monitoring and preventative health practices.
Building an Iconic Global Company with a Customer-Focused Approach
In this podcast episode, the speaker shares their vision for Eight Sleep and their aspirations for the company's future. They express their commitment to saving and improving millions of lives through advancements in sleep technology and preventative health practices. The speaker emphasizes the importance of a customer-focused approach and the dedication to building an iconic global brand that not only prioritizes customer success and well-being but is also recognized and respected worldwide. They discuss the potential for long-term success, envisioning a public company that significantly impacts the world by honoring its customers and consistently delivering innovative products and services.
Matteo Franceschetti is the Co-Founder and CEO @ Eight Sleep, a company dedicated to fueling human potential through optimal sleep. To date, Matteo has raised over $160M for the business from the likes of Founders Fund, Ryan Petersen, Naval Ravikant, Kevin Hart, AROD and many more.
In Todays Episode with Matteo Franceschetti We Discuss:
1. Why Did Sleep Need "Solving":
Why did Matteo decide he wanted to spend decades of his life-solving sleep?
If Matteo has known how hard it was going to be, would he do it again?
What does Matteo know now that he wishes he had known at the start of the journey?
2. Hiring the Best Team:
What is Matteo's playbook for hiring?
What are the five questions that Matteo asks in every interview?
What are big red flags? What are strong signals of great talent?
If people have been let go in a RIFF, is that a concern?
How does Matteo construct hiring panels? What vote count is enough for an approved hire?
What are Matteo's biggest lessons on title and pay a new hire receives?
What are some of Matteo's biggest lessons when it comes to firing people?
3. Funding the Business:
What was the hardest round to raise? Why?
Are investors justified in their skepticism of hardware?
What are the single biggest pieces of advice Matteo would give to founders on raising?
How impactful has it been having Keith Rabois and Founders Fund as an investor?
Do VCs really add value?
4. Mastering Health, Sleep and Nutrition:
How does your diet impact the quality of sleep you have?
How does exercise and the time of exercise impact your sleep?
What are some common rules on sleep that are BS and myths?
What are some of the most non-obvious truths about getting great sleep?
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