Angela Winegar
@anggwin
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Tweets about tech, investing, marketing, parenting, news | Investor & GTM advisor | views are my own
Menlo Park, CA
Joined December 2016
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Pinned Tweet
After 3+ years, I wrote a hard thing in the
@cartainc
Slack today.
I'll be taking September to work on:
- Personal OS (automating life's tasks)
- Reviewing martech landscape (build informed takes on if/where the GTM stack can be automated with high quality)
- Exploring
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Today,
@cartainc
launched our first VC Fund Performance report. This report is aggregated from all the funds on Carta, not self-reported or surveyed from data collected in different ways, which makes it one-of-a-kind in the industry.
Digging into the data is mind-boggling. ~25%
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@bryce
It would be amazing if as a society we could acknowledge both non-conflicting ideas that
1) Elevating anyone just for 'DEI' reasons (based on race/gender/other traits) leads to poor outcomes
2) We live in a world where structurally women/POC are still discriminated against (see
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[these views are personal and do not reflect those of my employer]
It has been a long weekend.
The feeling of watching your company — something that is part of your identity but that you also don’t fully control — get scrutinized publicly is a profoundly unique one. The human
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Web 2.0 me vs Web 3.0 me
I feel like the
@crypto_coven
that I literally randomly minted is 100% spot on?? 🥰
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@shaunmmaguire
I don’t agree with you on a lot of your takes but I think this is a good one. Additionally, we’re going deep enough on the implications for platforms of an arrest like this — the only way to enforce adherence to a lot of these issues at scale is both algorithmic and by
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Reflecting on my 2023 as an angel investor -- I've found three really basic things that can be insanely powerful for founders.
1) Tell someone you love working with or deeply admire that you'll back anything they'll do, regardless of the idea. Give them the confidence to do
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Carta just announced that we are exiting the secondary trading business.
"Founders come first." Period.
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People have been interpreting the VC fund benchmarks report Carta launched in all sorts of ways.
Venture is bad, venture is great, venture takes forever to mature! Wanted to share thoughts on venture as an asset class within the broader ecosystem (subtweet: @ my dad)
VC
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Every angel should listen to YC demo day.
It’s 3 hours 2x a year to understand half of the market landscape you’d get from being a FT investor. It’s the most 80/20 market landscape exercise that exists.
Always great if you can lean on investors for competitive diligence too,
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nobody will remember:
- your salary
- how “busy you were”
- how many hours you worked
People will remember:
- your gross IRR
- your net IRR
- your TVPI
- your DPI
- your MOIC
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@eastdakota
@Austen
This is offensive.
Chris Paul got the Suns to the finals for the first time in three decades! There are way better sports analogies to have used here
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@WillManidis
Are cavities considered cosmetic?
The stuff skincare cos can get away with advertising is wild
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At Berkshire Annual shareholders conference for the first time. Coming from venture/startup world, it’s been a fun (and wildly different) mindset. A few insights & reflections:
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@nealkhosla
People do not talk about the no transferrable skills enough. This is something every MBA who 'wants' a job in venture should be required to get a lecture on before they take the job.
Also comp has low ceiling due to small VC fund sizes
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Lots of new followers the past week (😅) Feels like time to re-introduce myself here!
I’m Angela 👋 first and most importantly I am a mom of 2 cute kids and a golden retriever, and I’m married to the coolest guy I’ve ever met.
I’m an active angel investor and LP and love
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@cjgustafson222
The first Harvard Business School finance class is on positive cash conversion cycles and how a business succeeds in growing at relatively zero margin due to collecting $ before accruing costs
Once you see how much cash conversion cycles impact businesses, you can’t unsee it 👀
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@WillManidis
Totally disagree, 1) diversification 2) buying a house is a essentially a gov-sponsored LBO. If you can get me a 2.5% fixed-rate loan to lever up my tech investments AND convince the gov to let me write off the interest on the loan then we’re talking
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I hate when people say miracles don’t happen anymore, like they’re just a biblical thing, I just drove through Chick-Fil-A and they gave me an extra 8 pack of nuggz for free. Explain that one, haters
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@Jason
@reidhoffman
@linakhanFTC
M&A market is actually up in 2024 per Carta data (s/o
@PeterJ_Walker
)
This chart is actually just showing some implications behind that average time to exit continuing to increase ☹️
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A 7 y/o asked Warren Buffett what he’d do if he had one more day with Charlie. Warren said “we did have one more day. Because if I had one more day, we’d do what we always did. It’s such a gift not knowing when you’re going to go. So just live every day having fun… that’s what
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It’s funny how quickly you change from being annoyed by babies on a plane to being annoyed by people who are annoyed by babies on a plane
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New gig who dis
(Come talk to me about AI automation, job hunting, or anything else!)
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Welcomed our daughter to the world last month, and we (and older brother Sebastian) couldn’t be more excited! We love you, Naomi (or “Omi” as Seb lovingly calls her)
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New York Times: What DID 24-ur old Buttigieg do at McKinsey?
Every consultant ever: made slides no one read
NYT: I can’t believe he won’t tell
Consultants: built excel models
NYT: do u think it impacted national security
Consultants: 2x2 matrices
NYT: I guess we’ll never know
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One of my 2023 resolutions is to tweet more, so looking forward to hanging out with you all for the next week
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Hey (with the intention of poaching you to come work with me)
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@KylerCora
One of my most contrary opinions is that as a woman if you want to have a good career you are better off having kids earlier than later.
Obviously very person and career specific but generally speaking easier to have energy for work while sleep deprived when you’re younger
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If I were an academic, I would love to study founder mode outcomes vs manager mode outcomes.
For every Steve Jobs there is a Ryan Breslow, for every Brian Chesky an SBF.
Just hypothesizing — founder mode likely gets you to more extreme outcomes faster, which means a seed stage
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Daily reminder that if you are deploying in venture you should expect to get ~1.2x your money back.
And that fund that is pitching you that they will 3x? Almost no chance unless they are a better than top 5% manager.
(From pitchbook DPI benchmarks)
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Every time I have a thought I want to remember/share I get on here to Tweet it but before I do I start scrolling then it’s 2.5 hours later and I own 3 more NFTs have joined 6 DAOs and I ruined Christmas because I bought a .eth domain that my husband was going to get me ngmi gn
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Good morning to the 61% of Americans who support stricter gun laws because they don’t want to be shot at a garlic festival, the mall, or a Walmart next weekend
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I’m thrilled to be joining the
@DormRoomFund
family! Feeling insanely lucky to get to work with such an incredible group of people.
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I will not say “this is not financial advice” in social settings
I will not say “this is not financial advice” in social settings
I will not say “this is not financial advice” in social settings
I will not say “this is not financial advice” in social settings
I will not say “thi
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@venturetwins
I think the alpha comes more from being able to process root causes through the misery and solving those
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My thoughts on the evolution of crypto: As someone who started digging in ~6-8 weeks ago:
At it's core, crypto is literally just an algorithm, right? A piece of tech written on blockchain technology. Software! Some software is useful, some isn't. Until now, blockchain
1/x
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Very humbling and exciting to be featured by the
@BYUMarriott
mag like this! Go Cougs!
Studying at
@BYU
—along with working at the major marketing consulting firm
@BainInsights
and the multi-million dollar startup
@freshlypicked
—is an impressive resume that has led
@angieggraves
to the Ivy League
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Shout out to
@JohnKoelliker
and several other founders for inspiring me on the build of this option pool calculator -- please download it so I can convince our team to make it a prettier webpage than this excel!!! :)))
New tool from
@cartainc
for early founders - calculator that helps you size your option pool
Not easy, but crucial to getting your key early hires the right amount of equity without overshooting
cc:
@OfficialBBrooks
@TheSiskar
@lolitataub
@TurnerNovak
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New article we wrote is out! Check it out:
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I've written before about how marketing is similar to investing -- it's simply asset allocation across channels and optimizing for short-term and long-term ROI, similar to how an LP might think about different assets and liquidity.
Marketing is also similar to investing because
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To the Good Samaritan who found a child’s stuffed animal in downtown Menlo Park and perched it here today, we (and our two year old!) are eternally grateful!
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@tanayj
@SapphireVC
Don’t love this chart because it’s missing lots… Midjourney, Invisible Technologies, HuggingFace… several others rumored but unreleased rev figures.
It’s wild and such a testament to the craziness of 2024 that no one can make a list of >9 figure rev AI companies with certainty
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Keep seeing people taking this as a sign of the economy heading towards recession.
While that could be true, it's also important to remember there's a few more things at play here -- namely, concentration in a few fields that are pulling back on MBA hires.
In my class, >30% of
Just heard from a friend that 30% of her class at Harvard Business School is having a tough time getting even one job offer.
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Things IHOP could have done to grow:
-sell pancake mix in stores
-rebrand with healthier, weight-conscious options
-redo their drab stores with less sucky lighting
What they actually did:
change their name to something the rest of the food world could mock the hell out of on Twi
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My entire chat thread with my husband (we have two children mind you)
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Wrote a piece on why the future of meat is growing in a lab near you -- check it out!! 👇👇👇
Will health concerns, climate change, and the treatment of animals drive Gen Z to lead the lab-grown meat revolution? Find out from Dorm Room Fund partner
@angelagwinegar
thinks in our newest article on the
@DormRoomFund
blog.
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One of the great joys I’ve had the last few years is watching
@themollette
take
@DormRoomFund
from literal dorm rooms to fully-fledged independent fund. Congrats — I can’t imagine a more loving, brilliant, energetic community to have stumbled into.
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“Scaling back on angel investments so we can afford a down payment”
A conversation I’ve had with my husband and multiple friends in the past few months. Can’t believe we’re hitting this point in life.
Also can’t believe we’re not relocating to Miami
@MiamiMayor
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Going to terribly miss this class -- experiences like this one are the reason I came to grad school. Thanks
@CassSunstein
for bringing this awesome group together!
A group photo of the astonishing students in my seminar on behavioral economics, law, and public policy. It was such an honor, and such fun, to meet with this awesome group every week; they are doing incredible work.
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Something fascinating about becoming a parent: the paradigm shift. Before when I saw someone packing for college, I’d relate /think “I remember that”. Now I think “wow that’s going to be my kid soon.” I also relate to parents more in movies. Why don’t more people talk about this?
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Chick-Fil-A advertising during Sunday football seems like both a waste of money and just cruel
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@NWischoff
Interesting! Carta median is a bit lower:
Pre-Seed: $10M
Seed: $13.3M
Series A: $44M
We have the benefit of more unannounced round, though pre-seed vs seed is notoriously hard to define as well
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50% of our investments last year had a female co-founder. 42% of our investment partners are women. V proud to work for such an incredible organization and major shout out to
@j_humenansky
for pulling together Dorm Room Fund’s State of Student Startups
Inspired by our friends
@firstround
, we're proud to present
@DormRoomFund
's State of Student Startups 2019, our first-ever analysis of the 700+ applications we received last year. 👩🎓🚀📊
💻 Learn more on our new blog:
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Who is hiring rn and needs this
@hankai1998
@Bfaviero
@saraduit
@thatguybg
@themollette
@alexa_grabell
@wilfriedeyi
@lmushin
@shaherose
@shawnxu
Founders, if you’re trying to figure out what to pay a new hire, we can help!
Reply with the following:
👩💻 Job title
📍 Location (U.S. city/state)
💼 Individual contributor (IC) vs. manager
💵 Post-money valuation or series
We'll DM you a Carta Total Comp compensation band.
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Today we announced the next evolution of
@cartainc
. I am lucky to work at such an amazing company with amazing humans. It is an absolute privilege to build here.
Our mission is to unlock the power of equity ownership for more people in more places. Our employees know the value of equity firsthand. We’re so proud of this team for delivering on our mission for our customers.
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If you're interested in VC, would definitely check this out.
@KickstartFund
has an incredible team, incredible portfolio and has done awesome things for the Utah community!
We're hiring an associate! Working at
@KickstartFund
has been a tremendous opportunity for me. The team is solid, the job is exciting, and the portfolio is first class. Please apply if you're interested!
#VentureCapital
#VC
#Startups
#SiliconSlopes
#UtahTech
#WomenInTech
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“He’s a VC who doesn’t spew his extremist political opinions all over the internet”
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If I had access to invest in literally anything right now it would 100%, without a doubt be the Bluey franchise.
Son has Bluey books and shoes and clothes and pjs and Christmas ornaments and stuffed animals
Out. Of. Control.
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The number of friends who text me with equity questions on a weekly basis is so high. What happens if I exercise my options? Should I? How should I think about equity in this job offer?
Everyone should know about equity. Period. Which is why we did this 👇
Equity ownership is one of the most powerful forms of wealth creation—and more companies than ever are offering it to employees as compensation. But learning how it works hasn’t been easy. Until now.
Equity 101 is a free course on the basics of equity:
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When you find out Howard Baskin of Tiger King is an alum of ur current school 👀
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“TAM” is a just something VCs made up to have a reason to pass when they don’t want to say “TEAM”
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🫡 We should 1000% be talking about this more -- and Carta's policy team is hard at work on it.
@ajcimino
can share more, his team has been setting up a coalition to educate policymakers about the implications Section 174 will have on innovation.
If you're interested in learning
WHY AREN'T WE TALKING ABOUT THIS MORE.
This is absolutely insane. LITERALLY putting the USA at a massive disadvantage.
All these silicon valley tech ceos need to stop talking about Carta (who cares) and start talking about how bankrupt they'll be when they go to file taxes.
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My babies turned 27 months old and 6 months old this week. It was almost exactly three years ago that we found out we were pregnant with our first. It got me reflecting on how becoming a parent has changed me and what I wish I had known:
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Not a wordle just my crypto portfolio everyday in 2022
🟥🟥🟥🟥🟥
🟥🟥🟥🟥🟥
🟥🟥🟥🟥🟥
🟥🟥🟥🟥🟥
🟥🟥🟥🟥🟥
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The time & mental space to call or text a friend when you think of them is such a gift
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Getting old seems like a bummer physically but apparently there are perks like after a certain age it just becomes acceptable to tell strangers in Costco their kid is cute and they should have 7 more ??? I wonder which birthday they tell you you can do that at
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Me: I wonder what Twitter is saying about China listening to literally everything the US government is doing and stealing Amazon and Apple's IP like WTF THIS IS HUGE
Twitter: Devil's Triangle is a drinking game
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I am grateful every day I took this job — it’s been a wild ride so far and I cannot wait to see what the future holds for
@cartainc
!
We’ve raised $500M led by Silver Lake to continue building products and services to create more equity owners.
More from our CEO
@henrysward
on how CartaX made it possible for this to be our largest and simplest raise to date.
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If anyone wants to watch me implode just call me today while I’m doing taxes — 6 hours in and not even halfway done
😅Two LLCs (one filing as an s-corp)
😕Crypto
🤯Angel+Fund investments
🤬A few roth conversions
Anyone have a great accountant they’d recommend?
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I took a break from Twitter the last month while on vacation and it was the best ever. That said, I just need to get a few things off my chest:
💃🌽 If you think a woman dropping out of Julliard to build a community of over 20m followers (what most teens now say they aspire to
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It’s 57 degrees out and literally women in Menlo Park vs men in Menlo Park today:
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Great time w/
@PetersonVenture
team&friends at the
@utahtechcouncil
Women in Tech awards! So inspiring to hear about such accomplished women
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Me listening to my friends without kids complain about how tired they are remembering what it felt like to sleep uninterrupted for 6 hours
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Panel on disinformation at the 2018
#PublicInterestTechnology
summit: “disinformation isn’t new, but the speed at which it can travel and how cheaply it can be produced and distributed is”
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Finally had the courage to just close all my open tabs.
I've never been more productive
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One of my favorite end of year activities is screenshotting every “best of” movie, book, tv, etc. list I can find
That way I have no excuse as I complain about not having any content all year while the screenshots rot in my photo roll, unused, Happy 2023 😁
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I had an absolute blast a few weeks ago jamming with
@cjgustafson222
on the intersection of marketing and investing, my time at Carta, and how I think about brand vs. growth vs. demand gen marketing (and when to invest in each!)
Check it out:
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I am so grateful to have a job where I feel like I can show up as myself every day. So excited for
@kelseyCbishop
and the Candor team to build a platform that can facilitate and systematize that feeling!!
Today, we're announcing that we raised $5M to build an authentic future of work.
@saidwithcandor
helps you show up at work as the whole you and find a team that feels like magic.
Read more about what we're up to on
@forbes
by
@fredsoda
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Good afternoon to everyone who doesn’t post extremist things on the internet just to get favs even though you know you’ll never become twitter famous or US President that way
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I hate that this is what comes to mind first, anyone else?
Using only a restaurant, tell us where you went to college.
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An SDR just cold emailed me a meme. No context on what their product is, a generalist meme for my industry. Literally no text in the body of the email, just a meme.
Honestly best cold email I’ve received in years. I googled their product (which I rarely do) and the sales rep 👏
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Back to Warren quotes: “we never worried about missing something we didn’t understand, why should we be able to predict the future of every business?” Great advice for Silicon Valley to internalize 👀
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Anyone else wonder regularly what is going to happen to influencers as they get old? Does their brand age with them or?
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👏 don’t 👏 lie 👏 to 👏 fifth 👏 graders 👏 about 👏 what 👏 a 👏 marginal 👏 tax 👏 rate 👏 is 👏
Also shout out to the fifth grader who made $10M and is still doing chores for grandma for $10
Explaining tax rates before Reagan to 5th graders: “Imagine if you did chores for your grandma and she gave you $10. When you got home, your parents took $7 from you.” The students said: “That’s not fair!” Even 5th graders get it.
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How I feel after attending
@robgcarroll
@caminoky
wedding last night amirite
enjoying a nice pedialyte on the rocks this fine morning
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If you're a student, you must apply to DRF. It's hands down the best community in tech. For example, my co-managing partner from Boston
@MichaelTruell
broke this app this week with his company
@cursor_ai
.
Tag your favorite current students who want to work in tech or investing👇
Tis the season in
@DormRoomFund
land! 🍎 We’re searching for both on-campus investment partners and THREE students to join our HQ team as interns this fall: a Head of Product and Eng, a Head of Creative, and a Head of Design. ✨
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PSA: avoid
@AirCanada
at all costs. I’ve had some bad airline experiences, but never been unable to get to a destination within FORTY HOURS of when I was originally scheduled to land. 10 hours wasted stuck in airports, 12 delay emails, a cancelled flight... just incredible
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This is underrated math and literally existential for seed-only funds
Would be curious to understand the round construction, especially from First Round’s perspective and given the presence of two multi-stage funds.
Let’s assume the following:
- $5M entry check (let's say Khosla and Index do $12M and angels do $1M to round out the $30M)
- Assume
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More startup employees need to understand this about your equity ‼️‼️‼️ Tax liability, esp if taking on debt to exercise, is a real thing 👇👇
I worked at one of YC's fastest growing startups and made it to senior management.
Most of my equity was in the form of refreshers. When I eventually left, I couldn't afford to exercise my options, so I took out a non-recourse loan.
The outcome was extremely painful👇
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Just discussed this in an HBS class on the future of work 🚀 cool to think about lambda and other alternative models to fill the skills gap that will increasingly be an issue for both employers and workers.
In my inbox: people considering dropping out of HBS, Stanford to go to Lambda School. Yes, even HBS and Stanford.
Why? Insane amounts of debt.
If prices of college (even top programs) don’t start dropping there will be a reckoning.
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Overall — I am not sure I believe in conglomerates but this weekend is one of the most incredible examples of compounding I have ever witnessed. Time in investments, in market, in communities matters!
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If Stephen Nedoroscik isn’t Time’s 2024 Person of the Year I will be OUTRAGED
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