The NFX Podcast

null Biology is the new frontier. At NFX, we’ve been investing in this space. And in this episode of the NFX podcast, we talk to Trevor Martin, the CEO and Co-Founder of Mammoth Biosciences, an NFX company, that is now the largest repository of CRISPR IP in the world. They are developing the Google of biology where they will help anyone find what they are looking for in the genome. They are also working on a rapid COVID-19 test that uses CRISPR. Today we will talk about the cutting edge of what’s happening and why the future will be defined by biology. Read more at - www.nfx.com/essays

null This is the insider story of Houseparty. In the last two months, the video app has grown 1600% to become the #1 social app in 82 countries, including the U.S., with hundreds of millions of users. Its success, however, has been many years and trials in the making. In this episode, early investor & advisor James Currier joins Ben Rubin, the Founder of Houseparty to share the insider story of how the product went from zero-to-one to ubiquity. It’s the real story that most founders never get to hear. This episode is about the ups and downs of building Meerkat & Houseparty, and about his new work communications network, /Talk (Slash Talk). This is a masterclass in product, pivots and perseverance that every Founder will benefit from. (0:00) Introduction and overview of the episode (5:13) Deep dive into the iterative process of product development (8:36) Exploring the influence of team personality on products (14:07) The importance of data in maintaining growth amidst challenges (18:32) The fundraising journey and lessons learned about managing cap table and investor expectations (24:49) Transition to House Party and reflections on the startup journey (31:29) The role of money and status in startups (34:05) Analyzing the anomaly of House Party's steady growth (40:43) Navigating the next step in a saturated market (44:35) Reflection on the decision to sell and finding a perfect match with Epic Games (48:25) Introduction to slash talk: A product for fast decentralized conversations (53:31) Closing remarks by James Currier

In this episode, Kristin O'Brien, James Currier, and Josh Elman delve into the evolution of social media, its current state, and future opportunities. They share valuable advice for early-stage founders in social media startups, discuss the transition from Meerkat to House Party, and the growth of Discord. The conversation emphasizes the importance of humanity in technology, psychology in startup innovation, and constant product evolution. Today Josh Elman & James Currier discuss the history of social media, where it is today, and the next wave of social companies that may be a result of the current lockdown situation. Due to the massive behavioral changes over the last few months, Founders may have room to build and the 'Golden Age' of social media might see a resurfacing. Josh Elman has run product for top-tier companies like Robinhood, Facebook, Twitter, and LinkedIn and was a partner at Greylock. In this episode, we discuss:- A brief history of social media- The behavioral changes from COVID-19- The 'New Wave' of social media platforms- The opportunity for founders to build companies- How social products reshape the human connection Be on the lookout for new episodes on The NFX Podcast and read more NFX content at - www.nfx.com/essays (0:00) Introduction and the Evolution of Social Media (10:48) The Current State of Social Media Platforms and User Behavior (13:38) Advice for Early-stage Founders in Social Media Startups (19:30) Predictions for Future Opportunities in Social Media (23:16) The Shift Towards Experience-based Social Media and Bringing Humanity into Digital Interactions (33:37) The Importance of Humanity in Technology and Psychology in Startup Innovation (35:43) Transition from Meerkat to House Party: Challenges and Lessons Learned (41:56) The Power of a 10x Better Product: Identifying and Capitalizing on It (47:53) The Importance of Constant Product Evolution and User Engagement in Social Media (55:13) The Growth and Evolution of Discord (55:29) Conclusion and Appreciation of the Conversation

In this episode, James Currier discusses the unseen hand of networks and their influence on our decisions and social order. He dives into the intensity of personal networks, Dunbar's Law, the impact of educational and professional networks, and the role of location on networking. The episode concludes with a discussion on network crossroads and reassessments. Working with network effects in our 100+ portfolio companies makes it impossible not to notice how the same mechanisms and math that create near-destiny for companies also create near-destiny for us as individuals. It’s mind-blowing once you see it. We will get to how the network force should guide your decision making in the 7 crossroads of your life, including: What Family You’re Born Into, your High School Network, your College Network, your First Job, Marriage/Choosing a Life Partner, Where You Live, and Reassessments. We all think we make these choices ourselves. It certainly feels like we’re in full control. But it turns out that our choices — both in our startups and in our lives — are more constrained than we think. Our networks are our most valuable resource. They are the way our lives express themselves. Those networks are made up of all the people you care about, the people you, inspire, move, and help to live their best lives. (0:00) Introduction and Understanding the Unseen Hand of Networks (6:27) Influence of Our Decisions on the Larger Social Order (14:16) The Intensity of Personal Networks and Dunbar's Law (19:17) The Impact of Your High School and College Networks (33:31) The Role of Professional Networks and Choosing Your First Job (36:24) The Significance of Choosing a Life Partner (41:19) The Impact of Your Location on Your Network (47:24) Crossroads and Reassessments in Your Network (49:13) Closing Remarks by James Currier

In this episode, James Currier, Reid Hoffman, and Kristin O'Brien discuss decision-making strategies during layoffs, unlearning and adapting in crises, and post-crisis financing strategies. They also explore changes in human behavior due to the pandemic, startup opportunities in a changing landscape, and the future of work. The role of cultural entrepreneurship and Silicon Valley's pandemic response are also discussed. Today Reid Hoffman & James Currier discuss the path ahead for Founders in a post-COVID world. What you need to learn and unlearn to get your company through a crisis, frameworks for the tough decisions Founders are facing today and the way they see the world changing forever - opening new opportunities for savvy founders. Reid is the co-Founder and was the executive chairman of LinkedIn, and is now a partner at Greylock. In this episode, we discuss:- How to be human first- The VC landscape post-COVID- How to make decisions around risk- The mental patterns Founders should unlearn- Founders & frugality- Silicon Valley's involvement in COVID-19- Zero-sum thinking Be on the lookout for new episodes on The NFX Podcast and read more NFX content at - www.nfx.com/essays (0:00) Introduction with Kristin O'Brien, James Currier, and Reid Hoffman (3:47) Decision-making and transition strategies during layoffs (6:43) Unlearning, learning, and adapting in a crisis (9:16) Financing strategies during and post-crisis (14:00) Changes in human behavior and work due to the pandemic (17:04) Opportunities for startup founders in a changing landscape (20:25) Potential impact areas for startups in the coming years (23:09) The role of cultural entrepreneurship and Silicon Valley in pandemic response (29:38) The future of work, job adaptability, and VC term sheet renegotiations (32:23) Reid Hoffman's current investment focus and closing remarks

In this episode, Kristin O'Brien, Pete Flint, and David Sacks discuss leading through challenging times, navigating disruption, and the importance of adaptability. They delve into crisis management, the economic impact on startups and VC investments, and the role of paranoia in survival. Insights on wartime CEOs and the response of Silicon Valley to COVID-19 are also shared. The episode concludes with potential long-term pandemic impacts, highlighting the rise of edtech and healthtech. Today we’re talking with David Sacks & Pete Flint about how to lead a company through an unforeseen downturn, and what it takes to adapt and survive in an unpredictable economy. David is a general partner at Craft Ventures and previously a Co-Founder of PayPal & Yammer. Both David and Pete founded iconic companies and led them through unstable markets to emerge with high growth and success. In this episode, we discuss:- The Founder mindset during a downturn- The Investor mindset during a downturn- Tactics/frameworks for founders- Happy Talk vs Hard Talk- Silicon Valley during COVID-19 Be on the lookout for new episodes on The NFX Podcast and read more NFX content at - www.nfx.com/essays (0:00) Introduction and guest backgrounds (1:43) Leading through hard times: Tactics and mindset (3:07) Navigating disruption: Cash position and new market conditions (7:44) Adaptability: The danger of legacy thinking and focusing on your best idea (13:02) Crisis management: Dealing with employee anxiety and delaying tough decisions (18:12) Profitability: Impact of the current economic situation on startups and VC investments (23:51) Optimism and clarity: The role of paranoia in surviving tough times (29:31) Wartime CEOs: The influence of Churchill's leadership during crisis (34:05) The response of Silicon Valley to COVID-19: Remote work and the role of tech Twitter (38:33) Long-term impacts of the pandemic on society: Recovery scenarios and the rise of edtech and healthtech

In this episode, Pete Flint chats with Stacey Brown-Philpot, CEO of Task Rabbit, about leadership, company culture, and handling crises. They delve into TaskRabbit's evolution, community engagement, marketplace balancing, and tackling disintermediation. They also discuss geographic expansion, pricing strategies, and their IKEA acquisition. Lastly, they explore the gig economy's evolution, its regulation, and the impact of the COVID crisis. TaskRabbit invented the gig-economy in 2008 with a marketplace that matches freelance labor with local demand for everyday tasks. Stacy Brown-Philpot became CEO of TaskRabbit in 2016 and led the company through its acquisition by IKEA in 2017. In this episode, we discuss:- Leadership changes- Growth vs. profitability- Competition- Exits- Expanding- Regulation Be on the lookout for more Iconic Marketplace episodes on the NFX podcast in the near future and read more NFX content at - www.nfx.com/essays (0:00) Introduction and welcome to Stacey Brown-Philpott, CEO of Task Rabbit (1:19) Discussion on leadership, company culture, and handling crises in the tech sector (8:37) Evolution and challenges of TaskRabbit, and importance of community engagement (14:12) Balancing between horizontal and vertical marketplaces, and dealing with disintermediation (19:28) Geographic expansion strategies and pricing in service marketplaces (23:37) TaskRabbit's acquisition by IKEA: alignment of values, cultural differences, and growth impact (29:41) Advice for startups considering partnerships or M&A with traditional companies (30:33) Discussion on the evolution and regulation of the gig economy (34:15) Impact of the corona crisis on the gig economy and the future of the service marketplace (36:40) Closing remarks

In this episode, James Currier talks with Iman Abuzeid about the role of structured thinking in problem-solving and fundraising. They discuss the importance of controlling the fundraising process, common errors in pitching, the evolution of pitch decks, and how to navigate term sheets. The conversation also covers financial model adjustments, key SaaS metrics, and the psychology of fundraising. After raising venture capital from NFX, Andreessen Horowitz, Obvious Ventures, and Precursor Ventures, CEO & Co-Founder Iman Abudzaid made her fundraising learnings, methodology, and frameworks public for the benefit of Founders everywhere. Topics discussed with Iman include: When to fundraise Fundraising amount & goals Personal insights & learnings Personal fundraising process Traction & metrics Evolution of the pitch deck And much more Incredible Health - https://www.incrediblehealth.com/ TechCrunch article - https://techcrunch.com/2019/09/12/incredible-healths-hiring-platform-for-nurses-gets-15m-led-by-andreessen-horowitz/ Signal - https://signal.nfx.com/login The Brief - https://thecompanybrief.com/ To read more essays and content on fundraising, network effects, growth, and frameworks visit - www.nfx.com (0:00) Introduction and overview of NFX's work (1:03) Introduction of Iman Abuzeid and Incredible Health (3:25) Structured thinking in problem-solving and fundraising (7:11) Controlling the fundraising process and key insights (10:12) Content iteration process and common errors in pitching (14:09) The role and evolution of a pitch deck in fundraising (16:41) Decision-making in funding and negotiating term sheets (20:44) Financial model adjustments and advice for CEOs (22:32) Management and understanding of key SaaS metrics (24:10) Psychology of fundraising, handling rejection, and wrap up

In this episode, Pete Flint converses with Marco Zappacosta and Kristen O'Brien on the growth and evolution of Craigslist and Thumbtack. They discuss the importance of liquidity and network effects in marketplaces, the misapplication of Uber's model, and the future of human capital in marketplaces. They also delve into leadership, fundraising, competition, and the future of online-offline interaction. Marco Zappacosta (Co-founder & CEO of Thumbtack) talks with Pete Flint (NFX & founder of Trulia) about what it takes to build a billion-dollar marketplace and the lessons he's uncovered along the journey. They discuss how they solved the chicken & egg problem, what he would have done differently as an early-stage marketplace, fundraising lessons, and how short-term metrics can actually hinder long-term retention. Read more essays from NFX - www.nfx.com (0:00) Introduction to the episode and guests (5:13) Observations from the growth of Craigslist and the value of liquidity in marketplaces (10:26) Reflections on Craigslist's network effects and the suitability of the service professionals category for disruption (15:11) Evolution of Thumbtack's business model and transition from a lead generation marketplace to a transactional one (22:43) The need for constant evolution to meet consumer expectations and the misapplication of Uber's business model to other industries (29:05) Managing transitions during major changes and setting expectations (33:58) The future of marketplaces: human capital and its potential & the importance of vulnerability as a leader (40:15) Lessons learned from fundraising and mapping out goals for future rounds (43:15) Discussing competition in the market and the importance of brand (51:22) Future of online to offline interaction in marketplaces and prioritizing customer problems (54:20) Wrapping up the discussion

null As Founders ourselves, we started 10 venture-backed companies that exited for over $10 Billion. During that time as Founders and now as VCs, we’ve seen 16 counterintuitive lessons in pitching VCs that increase your odds of success. Today we’re sharing them for the benefit of the entire founder community. Learn more at - www.nfx.com Start your Company Brief at - www.thecompanybrief.com