The NFX Podcast

null This is an NFX Mashup, where we string thoughts from past episodes together under the same topic. Startups today have more options than ever before — much earlier in their life cycles — for entering the public markets. Founders are constantly looking for advice on how to think about traditional IPO vs. SPAC vs. direct listing — and how to even answer the question: Am I ready to be a public company? In this mashup, NFX Partner Pete Flint is joined by Eventbrite co-founder Kevin Hartz, Hippo founder Assaf Wand, and the IPO whisperer Lisa Buyer on their experience and advice around taking tech companies public.

In this episode, Morgan Beller, Mack Flavelle, Lisa Sterbakov, and Maaria Bajwa discuss the use of Non-Fungible Tokens (NFTs) and their application in the Stoner Katz Project. They delve into the benefits of NFTs for creators, the community aspect of the project, and the risks and potentials of using NFTs as access tokens. The conversation also touches on the impact of NFTs on Hollywood and the challenges of content selection in the industry. 'Stoner Cats' is an adult animated series centered on five house cats who repeatedly save their beloved owner created by Mila Kunis, Ashton Kutcher, and friends, including the creative forces behind Toy Story 2, Spider-Verse, Happy Feet, and Cryptokitties. Users will be able to buy Stoner Cats NFTs and can use those tokens to access the comedy cartoon online. The show will be an estimated five minutes long per episode. The tokens purchased will go toward funding future episodes of the series. Today we have part of the Stoner Cats founding team including Morgan Beller (NFX Partner), Maaria Bajwa (Sound Ventures), Mack Flavelle (CryptoKitties), and Lisa Sterbakov (Orchard Farm Productions) to discuss the origin story of the show and the new future for content creation in Hollywood. Visit the site to learn more and buy an NFT - https://www.stonercats.com/ (0:00) Introduction to The NFX Podcast and Guest Introductions (3:24) Non-Fungible Tokens (NFTs): Explanation and Use in Stoner Katz Project (7:19) The Genesis and Collaboration of Stoner Katz Project (15:02) The Benefits of NFTs for Creators and Artists (18:05) Unique Artwork and Community Aspect in Stoner Cat NFT Project (21:26) Risks and Potentials of Using NFTs as Access Tokens (30:59) Sponsor Message (31:33) Impact of NFT on Hollywood and the Entertainment Industry (37:13) The Process and Challenges of Content Selection in Hollywood (45:06) Balancing Control and Innovation for the Future of Technology (50:36) Closing Remarks and Podcast Outro

In this episode, James Currier interviews Ann Hiatt, discussing her experiences at Amazon, Google, and Yahoo, the importance of 'glue people' in tech, and her transition from Amazon to Google. They explore key strengths for success, characteristics of successful CEOs, and the importance of team dissent. Insights on mission statements, value-alignment hiring, and building significant companies are shared. The episode concludes with a discussion on Hiatt's book "Bet on Yourself". What few people see is that Trillion-Dollar Leadership focuses relentlessly on the “who.” Jeff Bezos and Eric Schmidt both aligned their companies around this question: Who are we serving and who is going to get us there? Today, Ann Hiatt (former Chief of Staff / Executive Business Partner to Bezos and then Schmidt for 14+ years) shares with NFX Partner James Currier her insider stories, analysis, and patterns of Bezos' and Schmidt's leadership principles and mental models. She gives us intimate insight to: - What crazy, long-term vision looks like, even in its earliest days- 3-part framework for value-alignment in $Trillion teams- How to hire and motivate people who will invent the future- Tthe leadership mental models she learned from working directly with Jeff Bezos and Eric Schmidt, for the benefit of Founders everywhere. Read the NFX essay here - https://www.nfx.com/post/trillion-dollar-leadership/ (0:00) Introduction and guest background: Ann Hiatt (1:37) Ann's experience in Silicon Valley and roles at Amazon, Google, and Yahoo (8:28) The importance of networking and the role of 'glue people' in tech companies (16:57) Transition from Amazon to Google and first impressions (22:25) Key strengths for success: detail orientation, anticipation, and calm under pressure (29:16) Sponsor message (31:09) Common characteristics of successful CEOs and the importance of dissent in teams (34:21) Launch of Amazon Prime and Jeff Bezos's negotiation tactics (38:08) Insights on mission statement, hiring for value alignment, and building a significant company (42:14) Ann Hiatt's new book "Bet on Yourself" and advice on career growth (47:18) Closing remarks and the NFX philosophy

In this episode, NFX delves into Bitcoin dominance, new crypto protocol creation, and the intricacies of side chains and Ethereum smart contracts. They explore network effects in a crypto economic context, discuss the downsides of side chains, and examine the power of currency network effects. The concept of US Beller stablecoin maximalism is explored, alongside Blockstream's funding strategies and Hayekian currency competition. This is The Founders’ List – audio versions of essays from technology’s most important leaders, selected by the founder community. In this article (published in 2014) Ethereum creator Vitalik Buterin challenges the Bitcoin maximalist movement a few different ways. Bitcoin maximalists believe that all other digital currencies are inferior to Bitcoin. The idea that an environment of multiple competing cryptocurrencies is undesirable and that it is both righteous and inevitable that the Bitcoin currency comes to take a monopoly position in the cryptocurrency scene. Maximalists argue that a single road—or a single cryptocurrency—will have more value because more people will have to use it. Vitalik does a deep dive into the technicals of launching a protocol, the network effects that take place, and the incentive/psychological arguments that can be had against the maximalist movement. Read the essay here - https://blog.ethereum.org/2014/11/20/bitcoin-maximalism-currency-platform-network-effects/ (0:00) Introduction to the episode (0:15) Discussion on Bitcoin dominance and new crypto protocol creation (3:15) Exploration of side chains and counterparty's Ethereum smart contracts (6:06) Analysis of network effects in a crypto economic context (13:57) Discussion on the downside of side chains and proof of stake (16:13) Examination of the power and limitations of currency network effects (18:43) Concept of US Beller stablecoin maximalism and the case against transaction fees (20:15) Incentive and psychological arguments for multiple crypto fuels (23:23) Overview of Blockstream's funding strategies and issues with crypto 2.0 companies (26:54) Discussion on Hayekian currency competition, future of volcoins, and potential issues with pre-mining and presales (29:52) Closing remarks and information about NFX podcast

null Over the past twenty years, tech entrepreneurs have created and captured enormous value by launching new marketplaces to the world. Today NFX Partner James Currier talks with Professor Scott Duke Kominers, who has been teaching the course 'Making Markets' along with other classes at Harvard Business School. With over 80 academic papers published, he is in the MBA Class of 1960 Associate Professor of Business Administration in the Entrepreneurial Management Unit, as well as a Faculty Affiliate of the Harvard Department of Economics, the Harvard Center of Mathematical Sciences & Applications, and a Research Economist at the National Bureau of Economic Research. Scott's course helps students identify and capitalize on marketplace design opportunities. James and Scott discuss attributes that determine whether and how marketplaces create value in the world as well as common causes of marketplace failure. They then present frameworks for designing marketplaces in response and discusses tactics for building trust and liquidity when launching new marketplaces. This is the ultimate course on marketplaces. Read the NFX essay - https://www.nfx.com/post/scott-duke-kominers/

In this episode, NFX discusses the crucial role of Key Performance Indicators (KPIs) in startups. They delve into the significance of daily reports, introduce a KPI checklist, and guide on developing precise, measurable KPIs. The episode also explores the importance of time-specificity, actionability in KPIs, and benchmarking against competitors. This is The Founders’ List – audio versions of essays from technology’s most important leaders, selected by the founder community. Everyone knows that KPIs are critical, but often Founders are not looking at KPIs from the right angle. As a General Partner at NFX, Gigi Levy-Weiss now asks three questions to every Founder he meets. Their responses speak volumes about their odds of success: - Do you diligently track KPIs?- What KPIs have you chosen to track?- Have you set appropriate goals based on your KPIs? Read the full NFX Essay here - https://www.nfx.com/post/how-vcs-see-your-kpis/ (0:00) Introduction (0:14) Discussing the Importance of KPIs for Startups (0:51) Significance of Daily Reports in Monitoring Key Numbers (1:45) Introduction to the KPI Checklist (3:07) Developing Precise and Measurable KPIs (5:12) The Role of Time Specificity and Actionability in KPIs (7:24) Benchmarking Against Competitors (8:05) Conclusion and Preview of Next Episode

In this podcast, they discuss the impact of the pandemic on the job market and the future of work. They explore the evolution of labor marketplaces, the potential of vertical job marketplaces, and the challenges of building labor marketplaces. They emphasize the importance of reskilling and upskilling, as well as the need for high-quality service and diverse options for workers.

In this episode, Eran Ben-Shusham, a seasoned entrepreneur, shares his company's journey through a business model pivot. He discusses the critical role of speed, execution, and strong company culture during a crisis. The conversation also delves into the shift towards virtual events, dealing with new customer needs, and the challenges of scaling during a pivot. Additionally, Eran speaks on the emotional impact of a disappearing core business and the importance of maintaining company values throughout the transition. In the face of a global pandemic and a financial meltdown, Founders are confronted with a new reality. If you are running a startup today, this will likely be one of the most challenging climates you’ll ever face. Launched in July 2012, Bizzabo is a SaaS All-in-One event success platform. They help organizers create successful events by empowering them to build amazing websites, sell tickets, grow communities, go mobile and maximize event experiences - using a beautiful, user-friendly platform. Despite Covid canceling all conferences and in-person events, Bizzabo was able to complete a funding round of $138 million. NFX Partner Gigi Levy-Weiss talks with Bizzabo Co-Founder & CEO Eran Ben-Shusham about their strategy during COVID including customer acquisition, fundraising, and overall growth during the downturn. Eran shares his mindset as a company leader and how he and his team navigated the crisis to come out the other side ahead in hypergrowth mode. Read the NFX article here - https://www.nfx.com/post/bizzabo (0:00) Introduction to the NFX Podcast and guest interviewee, Eran Ben-Shusham (1:40) Discussion on Eran Ben-Shusham's company's initial product and business model pivot (6:09) The importance of speed, execution, and company culture during a crisis (10:30) Shift towards virtual events and understanding new customer needs (17:09) Challenges and strategies of operating at scale during a pivot (25:19) Sponsor: NFX (25:39) Emotional impact of a core business disappearing and shifting mindset to see opportunities (39:43) Importance of company values, culture, and communication in crisis management (52:40) Transitioning from defense to offense and adapting to changing business environment (1:03:50) Maintaining company's core mission and culture despite the pivot

In this episode, NFX explores the art of VC negotiations, discussing how to communicate your valuation and handle low baller offers. They delve into talking in pre-money valuation during startup fundraising, ESOP allocations, and distinguishing leaders from followers. Additionally, they emphasize the power of controlling the deadline and the role of self-awareness in fundraising negotiations. This is The Founders’ List – audio versions of essays from technology’s most important leaders, selected by the founder community. Fundraising is a learned skill – and VCs almost always have the upper hand because they deal with it all day, everyday. Over the years of founding, advising, and investing in companies, Gigi has learned that VCs are better at startup fundraising than entrepreneurs. In reality, knowing what to expect from VCs – the negotiation dynamics Founders are likely to encounter – is half the battle. Before you start communicating with VCs, take the time to learn how to detect and manage these 8 little-known fundraising dynamics. This is what we at NFX call “high leverage fundraising” – it gives you speed & clarity, while still helping cultivate strong, long-term relationships. Let’s dig in. Read the full NFX Essay - https://www.nfx.com/post/8-top-skills-founders-startup-fundraising/ (0:00) Introduction and Overview (1:03) Mastering VC negotiations: Avoiding the portfolio company opinion (2:38) The art of communicating your valuation (3:48) How to handle the low baller offer (5:54) Talking in pre-money valuation during startup fundraising (7:43) Understanding ESOP allocations (9:25) Distinguishing the leaders from the followers (10:51) The power of controlling the deadline (13:03) The role of self-awareness in fundraising negotiations (13:29) Conclusion and sign off

In this NFX Podcast episode, the discussion centers on the importance and ubiquity of game design. The team delves into the principles of innovation, objectives, constraints, and success criteria in game design, followed by an exploration of reward systems, play's role, and competition in game design. This is The Founders' List - audio versions of essays from technology’s most important leaders, selected by the founder community. Life is, by some measures, an infinite game, where the rules constantly change and winners turn into losers, and vice versa. This article is titled, “7 Principles of Game Design” and was written by The Design Gym - an NYC-based agency that has worked with top companies like Instagram, Netflix, Etsy, and many more. Setting up games, with clear goals and constraints helps focus our energies and efforts and can improve and clarify outcomes and motivate us to move forward to the next clearly defined challenge and reward cycle. Read the essay here - https://www.thedesigngym.com/seven-principles-of-game-design-and-five-innovation-games-that-work/ (0:00) Introduction (0:14) The Importance and Ubiquity of Game Design (1:19) Principles of Game Design and Innovation (2:32) Objectives, Constraints, and Success Criteria in Game Design (3:28) Reward Systems and the Role of Play in Game Design (4:16) Competition in Game Design and Conclusion