GP @Flybridge. I write 1M-3M checks in founders who are building AI infrastructure, agents, and prosumer apps that 10x human potential.
NYC. Say hi 👉
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Are you in NYC next week for NYC Tech Week (#nyctechweek)? We're throwing a party on Wednesday evening -- hit me up for an invite. It'll be a great group of old friends and new!
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I typically reserve this space for my sometimes thoughtful, sometimes goofy, sometimes relevant, sometimes on-point professional posts.
But today, I have something special and personal to share.
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🧵 The biggest mistakes founders make:
1. Hire poorly
• hire purely on resume
• play favorites
• hire clones of themselves
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Hey look, we launched something new today! I couldn't be more excited to announce the launch of The Community Fund with @lolitataub! We're looking to grow our founding investment team so follow the thread below or learn more over at thecommunity.vc!
🥳AWESOME NEWS! Today @srcasm + I soft-launched The Community Fund, a $5M fund focused on early-stage community driven-companies. Yeah, I'm a GP now! Thx all. 👏🏽👏🏽👏🏽
And, we’re looking for founding members for our investment team! Learn more + apply.
thecommunity.vc
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Leaders are like athletes.
They turn obstacles into opportunities.
Time for a story…
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I'm excited to announce @NextWaveNYC, a new pre-seed fund from @Flybridge designed to catapult NYC's most innovative startups into the global spotlight. With a focus on AI, we're here to back the game changers. #NextWaveNYC
Meet the whole team at nextwave.nyc/teampage
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Shutting down a business is the most difficult decision a founder will make.
But entrepreneurs lack an effective framework, and most investors won't give a straight answer.
Here's how to decide if it's the right time to shut down a business:
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This entrepreneur dropped out of college when his mom was diagnosed with stage IV lung cancer.
5 years later, he and his dad built a car company and a YouTube channel with 350,000+ subscribers.
Here’s their story…
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The venture capital winter accelerated into a full downturn in 2023.
Both deal volume and funding fell to levels not seen since 2016/2017.
Here are 8 key data points that capture the depth of the pullback:
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Five attributes I look for in founders:
1. Miracle workers:
Sometimes, founders achieve feats that seem impossible.
It could be hiring a former CTO from a renowned company, or securing a major contract with an industry giant.
Miracles turn obstacles into opportunities.
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🧵 This is the story of how a former lawyer and ex-banker ditched the rat race to build a $750 million barbershop app.
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Raised by a single Peruvian immigrant mother, Cheryl Campos learned from a young age that her best chance to escape poverty was through education.
This is her story:
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I got sober over two years ago. I didn’t go to AA but had a phenomenal support system around me. I decided to do it without a formal program and it’s stuck. That’s okay. If you need the program, use the program. Getting help is okay!
I’ve been on a GLP-1 for a little over a year and I’m down 25% of my body weight. Insane to go from 199 lbs to 149 lbs in a matter of months. Every single health indicator from my bloodwork is now normal and/or good. My doctor is certain I’ve added five healthy years or more to my life.
I’m not saying it’s right for everyone but I’m alright with the help. I used a TI-89 calculator in school, Excel at work, and AI for anything I can in today’s day and age. It’s alright to get help and to use the tools available to you.
AMA.
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The market for creative tools grew 30% last year, from $30 billion in 2021 to over $40 billion in 2022.
The rise of AI tools foreshadows even greater expansion within the Creative Economy in 2023.
Let's break it down...
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This is the story of how Ilir Sela built a $1B app for mom-and-pop pizzerias and became one of the largest employers in Macedonia:
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Irving Fain grows crops with 95% less water, no pesticides, and no dirt.
Tended by algorithms, pollinated by modified bees, and overseen by robots.
🧵 This is the story of his $2.3 billion urban farming revolution…
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From cashing out her $27,000 pension to selling her startup to IKEA, this is the story of Leah Busque…
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🧵 150+ investors rejected this entrepreneur before she raised $12 million.
Today, her software helps 20,000+ freelancers earn $100,000+.
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A former architect sold his company to WeWork.
While serving as Chief Growth Officer, he increased WeWork’s revenue 100% YoY.
Five years later, mass layoffs reignited his entrepreneurial spirit.
Time for a story…
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The #1 priority of any first-time founder is to learn faster than your startup grows.
Here’s how…
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🧵 A full breakdown of seed rounds:
In 2023, pre-money valuations for seed-stage deals remained steady at $14 million.
Per Carta, the median cash raised from April to September was $3 million.
Renewable energy, biotech, and cybersecurity led the pack.
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This designer went from near-broke to building a $10 billion business.
🧵 Here’s how a cult-like product took on Google and Microsoft:
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🧵 7 ways the VC landscape is shifting:
1. Competition:
Capital influx intensifies competition, pushing firms to offer unique value, better pricing, favorable terms, and quick decisions.
Yet the race to close deals fast should always uphold the importance of due diligence.
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Closing a round of capital is an accomplishment, but the real work starts afterward.
8 ways founders can tap their VC network:
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Remote startups generate 3 1/2 times LESS revenue than those that returned to office.
Elon Musk, Paul Graham, and Sam Altman have expressed their belief that remote work is a mistake.
But what’s fact (and what’s fiction)?
Let’s break it down…
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🧵 This is the story of how two college students turned a dorm room idea into a $525 million EdTech business:
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Just hit send on a term sheet that might be *the* most exciting one I've got to send in my four years in venture (and seven years as an investor). It's definitely in my top 3!
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Stage: Pre-seed/Seed
Thesis: Community-driven companies and founders
Criteria: Post-idea/research and, sometimes, prototype
Check-size: $500k-$2m
Contact: j@flybridge.com
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These three friends were two weeks away from bankruptcy.
🧵 This is their story from near-broke to $1.5 billion.
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🧵 7 types of moats:
1. Customer Data
• Companies like Facebook built moats with customer data
• Benefits company/advertisers and increases switching costs
• Personalization makes it hard for users to switch
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Ten years ago, this economist predicted AI would replace 47% of US jobs by 2023.
He now says ChatGPT is the equivalent of Uber disrupting the taxi industry.
Let’s take a closer look…
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This former dairy farmer rubbed shoulders with Steve Jobs and Bill Gates.
Today, he’s raised over $22 million to help small-town farmers.
Here’s his story from farmhand to CEO:
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It was a Monday morning in July 2006.
Mark Zuckerberg gathered early investors Peter Thiel and Jim Breyer for a board meeting.
The topic was Yahoo's staggering $1 billion offer to acquire Facebook.
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Certain industry applications are too complex for standalone AI components.
Instead, they require system-level solutions integrating software, hardware, and data.
Here are a few examples:
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This entrepreneur was the first data engineer at Salesforce before helping WeWork scale its data team from 2 to 100+ employees.
🧵 Today, he’s tackling a new challenge—this is his story…
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Since 2015, these two college students have rescued over 175 million pounds of ‘ugly’ food.
🧵 This is their story from dorm-room idea to $1 billion startup:
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This entrepreneur lost his 8-year-old brother to a rare childhood cancer.
Today, he’s on a mission to break society’s silence around grief.
🧵 This is his story…
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This entrepreneur, on the heels of ChatGPT Mania, launched a military-grade solution to bring SLMs to enterprises:
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This entrepreneur overcame a cease-and-desist from Facebook to transform how brands create content.
Here’s his story…
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How Casper’s founders went from $100,000 in debt to building a billion-dollar mattress start-up:
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In a world rapidly reshaped by COVID-19, Suman Siva and Nick Freeman noticed a fracture in human connection.
They launched Marco to keep teams connected, employees engaged, and workplace culture thriving.
🧵 This is their story…
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Only 18% of US adults have used ChatGPT.
• Usage higher among younger adults under 30
• College grads more likely to have used it
• Men more likely than women
🧵 Let’s break it down:
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How do companies like Dropbox, Slack, Calendly, and Loom manufacture virality?
🧵 Product-led growth:
1. Sharability:
A sticky product amplifies user growth.
Viral growth loops tap into human psychology.
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Just got an angel investment update. Consumer company going from $0 -> $12M in ARR in month three of operating with way less than $1M in spend (in total!)
Who says consumer is dead? 🚀
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In April, Dropbox joined other tech firms in announcing layoffs.
The company revealed its decision to reduce its workforce by 16%, which equated to approximately 500 employees.
The rationale stemmed from slower growth and the "AI era of computing."
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Amid the pandemic, this entrepreneur transformed a video conferencing tool into a lifeline for businesses, schools, and families.
But with success came a dark underbelly—a battle against hackers that threatened to shatter the trust of millions.
Time for a story…
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🧵 How Notion hit 30M users and 150M visits per month:
1. Community-led growth:
Notion adopted a laser-focused approach by nurturing a small group of enthusiastic users.
Notion provided these users w/ status ("Ambassadors") and opportunities to earn ($).
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This the Egypt-born entrepreneur was forced to lay off half of his company.
Since then, he raised $13.6 million from investors like Y-Combinator.
Time for a story…
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🧵 The impact of stress on the well-being of startups.
1. The startup grind takes a major toll on founder health
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Experts predict AI will automate two-thirds of job roles across different industries.
However, history has shown that as jobs are replaced by automation, new occupations emerge to compensate for the loss.
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Marco Experiences, founded in 2019 by former SoftBank investors @SumanSiva and @NickaFreeman, specializes in helping companies foster genuine culture-building, particularly in remote work.
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🧵 How to manage a down round:
Step 1: Prevention
Prevent a down round before it happens:
• Slash cash burn
• Cut non-essentials
• Focus on core business
Weather the storm.
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These two entrepreneurs set out to change the face of leadership.
But as their community soared, challenges threatened to derail their mission.
Time for a story…
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In 2011, John Foley stood at a crossroads of his life.
A successful executive at Barnes and Noble, he gazed at his packed schedule and realized that he was struggling to find time to exercise.
🧵 His vision to get healthy (but bypass the gym) became an obsession...
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From opening for Wu-Tang Clan in the nightclubs of NYC, to founding a billion-dollar startup, this is Noah Kerner’s story:
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🚀💰 I’m really excited to share that we’ve closed our sixth fund at @Flybridge! We raised $150m across two funds including our $110m seed/pre-seed fund, and our first Flybridge Opportunities fund for backing up the money truck in our late stage winners. medium.com/@flybridge/flybri…
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🧵 How startups can compete for talent:
1. Know Who's In (and Who's Out)
If a candidate's motivation is a salary, a startup may not be their best next step.
Focus on candidates with high growth potential that resonate with your mission.
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When it comes to investing in founders, there's one trait that I always look for: paranoid optimism.
I know that might sound like a contradiction. But hear me out. The best founders are the ones who have deep conviction that they're going to change the world.
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🧵 The power of human connection:
In the age of AI, it’s crucial to celebrate what makes us human.
AI excels in impersonal, linear, and generalized thinking.
Here’s where we (as humans) compete:
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How much should early-stage founders pay themselves?
1. Salaries
Pilot analyzed 750 startups.
• Median Salary: $115k
• Salaries increased +15% compared YoY
• 40% pay themselves < $100k
• No-salary up +30%
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In March, Canva introduced new features, including a suite of AI-powered tools, and a new Brand Hub.
The AI Assistant lets users search for design elements and quickly access features.
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Recent data from Gallup shows that good friends at work have become even more significant during the pandemic, despite the rise of remote and hybrid work arrangements.
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Whether you want to work at a startup or are contemplating diving into a new field, you must ensure your resume is in tip-top shape.
If you need to dust off your old resume, technological advances like artificial intelligence have made honing an ideal resume easier.
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As some of you may know, my daughter is about to turn 9 months old.
I've been reflecting a lot lately on how much she's taught me in such a short time.
It's amazing how someone so small can have such a big impact on your life.
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It’s been 1 year since Sequoia’s 52-page “crucible.”
🧵 Where are we now?
1. Global venture funding has fallen to its lowest since 2020
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I lost someone close to me this week, unexpectedly. I’m sorry if I wind up pushing a meeting or two to next as we navigate this all as a family.
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I've said this before but I'll say it again. Some of the best humans I've ever met and worked with were at @WeWork and I'm here to help. Whether it's a role in one of our portfolio companies or you just want to talk, hit me up. DMs are open as is email – j@flybridge.com
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This Nigeria-born entrepreneur was rejected by so many VCs that he gave up on fundraising and bootstrapped his business to $100 million in revenue.
Today, he’s one of America’s most successful immigrants.
Time for a story…
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Founders typically face 10-25% dilution at the Seed funding stage.
In Series A rounds, dilution ranges from 20-30% as companies expand.
Series B dilution runs from 15-30%.
In later stages, dilution depends on company needs and valuations.
🧵 Let’s talk about dilution:
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This university dropout built a $20 billion business.
(And sold it to his arch-rival).
Here's his story...
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Our present obsession with automation and increased efficiency will lead to a future of decreased job prospects.
To beat the competition, start mastering skills that are irreplaceable by machines.
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Vertical SaaS companies integrating AI into their industry-specific offerings have a $1T opportunity.
AI-native startups building SaaS products for niche industry segments will capture large shares in these markets.
Here's a quick breakdown:
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The "Great Resignation" is the "Great Regret."
A new study reveals that 80% of those who left their jobs in 2021 for better opportunities feel remorseful about their decision.
The anticipated benefits and changes in their work lives did not meet their expectations.
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Your business can't grow if you self-destruct.
Take time outside the business for self-reflection and mental wellbeing.
Your success is correlated with your mental health.
If you need to talk to someone, see a therapist (I do).
Reach out to a friend, or even me.
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An analysis of 916 priced equity rounds demonstrates a healthy seed-stage market (despite what’s happening at Series B and beyond).
Renewable energy and biotech raised the highest median cash amount ($4.1M).
Medical devices and EdTech lagged at $1.4M and $1.1M, respectively.
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In the next five years, AI will force every software vendor to choose evolution or extinction.
By 2030, every tech company will be an AI company.
Here’s why:
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This is the story of how an Italian water polo player took on the $17 billion adult diaper industry:
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I just got to pilot something that blew my mind. ☎️ 📞 📱 It's going to change how I take phone calls. (I hope this tweet ages well.)
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Dear Charlie - happy birthday,
It's hard to believe that a whole year has flown by since my daughter came into our lives. As I sit here and reflect on our recent trip to the Philippines, I'm struck by how much she's grown — and how much I've grown alongside her.
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🧵 How to price a round in today's market:
1. Timing
VC activity slowed in 2023. Data shows an 11% QoQ in Q3 after the slowest quarter in four years.
Early-stage startups defy this trend, suggesting a shift (rather than a burst) of the bubble.
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Deel, a fintech-turned-HR company based in San Francisco, achieved $295M in annual recurring revenue (ARR) by the end of 2022.
Founded in 2019 by Alex Bouaziz and Shuo Wang, this represents a 417.5% increase from its $57M ARR at the end of 2021.
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Here's how this former gamer turned a passion for Minecraft into a $450 million business...
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This entrepreneur served as an EMT in Harlem to self-finance his Columbia education.
Here’s his wild story from fighting forest fires in Montana to serial entrepreneur.
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🧵 The WeWork Mafia
Since 2019, ex-WeWork employees have raised over $1 billion across 59+ startups.
1. Acquco - Jerel Ho
An e-commerce platform that focuses on acquiring and growing Amazon Marketplace businesses.
Total Funding: $160,000,000
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Started from the bottom now we’re here. $WE is finally making to the exchange. What a wild ride it’s been @ms, @MiguelMcKelvey, @WeWorkAdam, and everyone else who was on this journey! 📸 Eyad
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Getting strategic advice can be invaluable, but how much equity do advisors get?
Data from Carta on 47,000+ advisor grants shows most fall well below 1%.
Key benchmarks:
• Pre-seed advisors: 0.25% median equity grant
• Seed stage: 0.1% median
• Series A: 0.07% median
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ChatGPT ignited executive enterprise AI interest. But will OpenAI own the space? Or can alternatives carve out share?
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It’s been a great summer for Next Wave NYC 👏
We've made 5 investments, with more in the pipeline. Nearly our entire portfolio is based right here in NYC. This isn't by accident. We believe in the unique energy and potential of the New York City tech scene.
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In less than ten years, every company will be an AI company.
Here’s how companies are rebuilding systems around the new “AI Stack”:
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I’ve finally decided to sit down to watch #WeCrashed. I’ve not read or watched one bit of this story up until now. But I lived and loved it for the first 6 years of @WeWork’s life. AMA.
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Four key things we look for in a pre-seed startup team:
- Massive vision 👓
- Resiliency 💪🏻
- Huge, sleeper markets 📈
- Nice people we'd like to work with for a long, long time 👐🏻
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In 2019, the U.S. Census Bureau reported that the average one-way commute to work was 27.6 minutes.
That’s 230 hours a year—the equivalent of 29 eight-hour workdays.
Since 2006, the average travel time to work has slowly increased.
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