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server/reflector-local/42min-StartupsTechTalk/42min-StartupsTechTalk-AGENDA-FULL.txt

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+AGENDA:  Most important things to look for in a start up
+
+TAM: Make sure the market is sufficiently large than once they win they can get rewarded
+- Medium sized markets that should be winner take all can work
+- TAM needs to be realistic of direct market size
+
+Product market fit: Being in a good market with a product than can satisfy that market
+- Solves a problem
+- Builds a solution a customer wants to buy
+- Either saves the customer something (time/money/pain) or gives them something (revenue/enjoyment)
+
+Unit economics: Profit for delivering all-in cost must be attractive (% or $ amount)
+- Revenue minus direct costs
+- Raw input costs (materials, variable labour), direct cost of delivering and servicing the sale
+- Attractive as a % of sales so it can contribute to fixed overhead
+- Look for high incremental contribution margin
+
+LTV CAC: Life-time value (revenue contribution) vs cost to acquire customer must be healthy
+- LTV = Purchase value x number of purchases x customer lifespan
+- CAC = All-in costs of sales + marketing over number of new customer additions
+- Strong reputation leads to referrals leads to lower CAC. Want customers evangelizing product/service
+- Rule of thumb higher than 3
+
+Churn: Fits into LTV, low churn leads to higher LTV and helps keep future CAC down
+- Selling to replenish revenue every year is hard
+- Can run through entire customer base over time
+- Low churn builds strong net dollar retention
+
+Business: Must have sufficient barriers to entry to ward off copy-cats once established
+- High switching costs (lock-in)
+- Addictive
+- Steep learning curve once adopted (form of switching cost)
+- Two sided liquidity
+- Patents, IP, Branding
+- No hyper-scaler who can roll over you quickly
+- Scale could be a barrier to entry but works against most start-ups, not for them
+- Once developed, answer question: Could a well funded competitor starting up today easily duplicate this business or is it cheaper to buy the start up?
+
+Founders: Must be religious about their product. Believe they will change the world against all odds.
+- Just money in the bank is not enough to build a successful company. Just good tech not enough
+to build a successful company
+- Founders must be motivated to build something, not (all) about money. They would be doing
+this for free because they believe in it. Not looking for quick score
+- Founders must be persuasive. They will be asking others to sacrifice to make their dream come
+to life. They will need to convince investors this company can work and deserves funding.
+- Must understand who the customer is and what problem they are helping to solve.
+- Founders aren’t expected to know all the preceding points in this document but have an understanding of most of this, and be able to offer a vision.

server/reflector-local/42min-StartupsTechTalk/42min-StartupsTechTalk-AGENDA-HEADERS.txt

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+AGENDA:  Most important things to look for in a start up
+TAM: Make sure the market is sufficiently large than once they win they can get rewarded
+Product market fit: Being in a good market with a product than can satisfy that market
+Unit economics: Profit for delivering all-in cost must be attractive (% or $ amount)
+LTV CAC: Life-time value (revenue contribution) vs cost to acquire customer must be healthy
+Churn: Fits into LTV, low churn leads to higher LTV and helps keep future CAC down
+Business: Must have sufficient barriers to entry to ward off copy-cats once established
+Founders: Must be religious about their product. Believe they will change the world against all odds.

server/reflector-local/42min-StartupsTechTalk/42min-StartupsTechTalk-Summary.txt

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+Summary of: recordings/42min-StartupsTechTalk.mp4
+
+The speaker discusses their plan to launch an investment company, which will sit on a pool of cash raised from various partners and investors. They will take equity stakes in startups that they believe have the potential to scale and become successful. The speaker emphasizes the importance of investing in companies that have a large total addressable market (TAM) and good product-market fit. They also discuss the concept of unit economics and how it is important to ensure that the profit from selling a product or service outweighs the cost of producing it. The speaker encourages their team to keep an eye out for interesting startups and to send them their way if they come across any.
+
+The conversation is about the importance of unit economics, incremental margin, lifetime value, customer acquisition costs, churn, and barriers to entry in evaluating businesses for investment. The speaker explains that companies with good unit economics and high incremental contribution margins are ideal for investment. Lifetime value measures how much a customer will spend on a business over their entire existence, while customer acquisition costs measure the cost of acquiring a new customer. Churn refers to the rate at which customers leave a business, and businesses with low churn tend to have high lifetime values. High barriers to entry, such as high switching costs, can make it difficult for competitors to enter the market and kill established businesses.
+
+The speaker discusses various factors that can contribute to a company's success and create a competitive advantage. These include making the product addictive, having steep learning curves, creating two-sided liquidity for marketplaces, having patents or intellectual property, strong branding, and scale as a barrier to entry. The speaker also emphasizes the importance of founders having a plan to differentiate themselves from competitors and avoid being rolled over by larger companies. Additionally, the speaker mentions MasterCard and Visa as examples of companies that invented their markets, while Apple was able to build a strong brand despite starting with no developers or users.
+
+The speaker discusses the importance of founders in building successful companies, emphasizing that they must be passionate and believe in their product. They should also be charismatic and able to persuade others to work towards their vision. The speaker cites examples of successful CEOs such as Zuckerberg, Steve Jobs, Elon Musk, Bill Gates, Jeff Bezos, Travis Kalanick, and emphasizes that luck is also a factor in success. The speaker encourages listeners to have a critical eye when evaluating startups and to look for those with a clear understanding of their customers and the problem they are solving.
+

server/reflector-local/42min-StartupsTechTalk/42min-StartupsTechTalk.mp4_summary.txt

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+Summary of: 42min-StartupsTechTalk/42min-StartupsTechTalk.mp4_transcript.txt
+
+If you had perfect knowledge, and you need like one more piece of advertising, drove like 0.2 customers in each customer generates, like let's say you wanted to completely maximize, you'd make it say your contribution margin, on incremental sales, is just over what you're spending on ad revenue. Like if you're, I don't know, well, let's see, I got like you don't really want to advertise a ton in the huge and everywhere, and then getting to ubiquitous, because you grab it, damage your brands, but just like an economic textbook theory, and be like, it'd be that basic math. And the table's like exactly, we're going to be really cautious to like be able to move in a year if we need to, but Google's goal is going to be giving away foundational models, lock everyone in, make them use Google Cloud, make them use Google Tools, and it's going to be very hard to switch off. Like if you were starting to develop Figma, you might say, okay, well Adobe is just gonna eat my lunch, right, like right away. So when you see a startup or talk to a founder and he's saying these things in your head like, man, this isn't gonna work because of, you know, there's no tab or there's, you know, like Amazon's gonna roll these cuts over in like two days or whatever, you know, or the man, this is really interesting because not only they're not doing it and no one else is doing this, but like they're going after a big market.