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Momentum: An Anomaly that Persists
The Capitalmind Podcast Capitalmind
access_time1 day ago
Detailed Notes from Episode 6 Episode 6 - Momentum: The Anomaly that Persist Fri Aug 23, 2019 Host Deepak Shenoy (CEO) interviewing Prashanth Krishna (Trading, Momentum Portfolio) on the Momentum Strategy and why it’s the anomaly that persists. Capitalmind offers the Momentum Portfolio as part of Capitalmind Premium (subscription service) in Wealth and as part of our Wealth Management Service.   What’s the Definition of Momentum Stocks moving in one direction continue to do so. Speculation? No, Momentum is a factor identifying a stock that is going up and that continues to do so.  As part of Momentum, we are not asking why - we’re just identifying when this trend is happening and when it’s stopped. Same exercise on the way down as well. We are betting on the trend of the market, not taking a contrarian view.   Why does Momentum work? We have research going back decades (generally in the US and other developed markets) that clearly shows that momentum works.  We can show the persistence and impact of momentum but the reasons aren’t very convincing (Rory Sutherland anecdote on knowing something works but not having the exact reason why).  One of the best reasons I’ve come across attributes this to behavioral factors. Investors underestimate at beginning and over-estimate at the end.  Another is asymmetric information - if you know or have figured out something about a stock you will start to acquire more and more shares. As information trickles in, people will jump on the bandwagon and others will replicate. The stock goes from under-information to over-participation driven by FOMO and greed. Isaac Newton story about the South Sea Company, He got in, made 100%, got out, but jumped in once again on peer pressure and then eventually lost everything. Momentum has an end too   How Long do you hold a stock for and what are the Portfolio Construction Strategy, Diversification criteria: We don’t buy for life like Buffett. The average holding period is a couple of months. We know something about the stock but simply not enough to make long term hold decisions Price is the key, price action is the trigger for our investment and exit choices. We don’t want a low liquidity stock We would rather not have a high volatility stock either that keeps hitting upper and/or lower circuits. The best fit is a stock that goes up steadily without making waves So avoid the parabolic rise? Yes, HEG is an example that after it hit all time highs it was subject to indefinite growth style justifications. You can’t start with momentum and then transition to fundamentals. 25-30 stocks is an optimal choice. Even a 50% fall in Vakrangee where couldn’t get out.only caused a drop of 1-2% of your overall capital which is still manageable.   How do you Rebalance? Rebalancing is meaningful - selling and buying has costs, taxes and slippage. Monthly is a sensible level. Let it ride for a month unless there is extreme news. At the next month, re-visit is the stock still worth holding.   What do you do in times like these (months leading up to Aug 2019) when there’s not enough momentum   In Bear runs like the current environment, we stay in cash if we can’t find 30 stocks.    If we only find 20 stocks (instead of 30), we have 33% in cash.    Momentum is often viewed as a negative because of the dangers of manipulation (promoters and operators driving prices). Since you don’t have filters that can track manipulation - how do you deal with this? Manipulation happens at every level, at accounting, price, balance sheet - even an analysis of fundamentals have risk from misleading or false financial statements. Manipulation is easier in a low volume stock. If you filter on high volume, it’s tougher to get caught in a pump and dump.  Between filters and diversification, we avoid mistakes or avoid mistakes that we can’t recover from. In Vakrangee - we rode the stock on the way up and then down as well! Once the lower circuit hits, you can’t exit no matter what your back test claims.   Do you get time to exit? We’re scared of parabolic charts - they become waterfall when the stock comes down. The lower circuits often kick in (unless it’s an F&O stock) so it’s not easy to get out. Fortunately, momentum normally exhausts over time so it gives you down to exit.  It’s the series of small waterfalls kills an investor in a stock.   Pitfalls or Things to Watch out for   How will you build your version of Momentum? If you’re not looking at volume filters - that’s a big risk.  What’s the universe? Momentum today would be say 50% in large and 50% mid cap. Outside of a wholesale fraud, you should have regular market risk. When there’s a drawdown, will you have the conviction to exit the stock like your model tells you to or will you be loss averse? Alpha comes from behavior rather than the genius of the strategy. Have faith in the strategy. The biggest failure point is us.    What are the returns like? Return of this strategy is linked to the market. This isn’t a contrarian portfolio, In a bear market you don’t do great either. Above Nifty returns are achievable based on the track record. During the bull market days you could easily hit the higher end of this range and the numbers looked abnormally great in the short term. However, drawdowns are similar to Nifty. Your portfolio make-up changes from small to mid caps in the bull runs to larger companies in the bear market. You’ll know this is working when Momentum falls in line with Nifty even on the downside but has beats it during the upside.   This has played out in foreign markets as well? Yes, in US like markets we have some data going back nearly a century and this very much works. Low volatility strategies don’t always prosper but Momentum is an anomaly the persists.  Just buying small cap stocks looks great in bull markets but risk adjusted doesn’t really do better than large cap. Momentum gives alpha even after adjusting for risk.   Next Steps: If you’re interested in learning and doing this yourself Capitalmind Premium articles on Momentum (we have a smallcase) https://www.capitalmind.in/momentum-portfolio/   And if you would like us to invest for you, we offer the Momentum to our Capitalmind Wealth customers (Wealth Management/PMS) as well.  
The myth of “stage agnostic” investing
Equity TechCrunch
access_time1 day ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. This week we were helmed by Kate Clark, Alex Wilhelm, and yet another extra special guest. Unusual Ventures co-founder and partner John Vironis joined us to talk soil investing (yes, it's a thing), seed investing, growth investing and all the somewhat meaningless funding stages. Vrionis was a longtime investor at Lightspeed Venture Partners and has made big bets on a number of companies, including AppDynamics, Heptio, and Mulesoft. It was a great episode that kicked off with some conversation around DoorDash, the food delivery company that continues to make headlines week after week. We'd like to stop talking about the company, but it intrudes regularly into our notes. This time DoorDash bought a few companies, purchases that appear set to allow the firm to boost its investment and research into self-driving delivery robots. (Kate saw one in the wild recently!) Next we went deep into the subject of seed. John, of course, has been a seed investor for years and has lots to say on the topic. Mostly, we discussed Kate's latest piece on mega-funds making an increasing number of deals at the earliest stage. John doesn't think "stage-agnostic" investing makes any sense. You need experts at each stage making bets on a specific type of company. In his words, 'a heart surgeon wouldn't deliver your baby, right." Then we moved onto one of our favorite subjects, namely direct listings, the IPO market, and if money is too often left on the table. The question takes on extra import when we see results like Dynatrace's IPO, which rose around 50 percent its first day. It seems likely that we'll see other companies pursue the sort of direct listings that Spotify and Slack managed. That segued us brilliantly into our final topic: Airbnb and its financial health. The firm, we reckon, is a good candidate for a direct listing itself. We talked over its numbers, and if we were to sum our perspectives, we'd say that Airbnb is about as impressive as we expected. All that and we had fun, as usual.
115: BBLF 2019 : Interview with Benedict Paramanand
Bengaluru Business Literature Festival (BBLF) is in its fifth year and the 2019 edition of BBLF will be held on Saturday September 7, 2019 at WeWork, Richmond Road.  In this episode, founder of BBLF, Benedict Paramanand, talks about his journey as a journalist, an author, and a book lover. Benedict also talks about his reason(s) for starting BBLF, as well as the evolution of this event over the years. Finally, he talks about some of the highlights of the 2019 edition of BBLF and why you should attend the event. You can learn more about this event by visiting https://mykitaab.in/bblf2019-Benedict-Parmanand Creator and host of MyKitaab Podcast, Amar Vyas, will facilitate a session on regional language books of India.
Equity interview | Michael Seibel | Y Combinator's CEO
Equity TechCrunch
access_time4 days ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. We have a special episode ready for you today. As many of you know, it's that time of year when hundreds of nascent startups make their big 2-minute pitch to the top venture capitalists of "Silicon Valley" (San Francisco) at Y Combinator's Demo Day. We (Kate and Alex) thought we'd bring in a YC expert, YC chief executive officer Michael Seibel, to chat about the batch, changes in the last year, rising deal prices, SAFEs vs. convertible notes and the future of technology in SF. "This place is where tech is happening and they want to be here," Seibel told us. "Like I'm a struggling actor in Iowa and I want to get to Hollywood. This is kind of the promised land for a lot of people around the world." We had a lot of questions for Michael. For one, deal sizes and valuations at the seed stage are growing like crazy and YC is a big cause of that. To our surprise, Michael isn't actually a big fan of these huge rounds. "We don't think this is necessarily a positive phenomenon; on the other hand, we like that our founders get less dilution," he said. If you're interested in taking a look at each of the companies that made their pitch yesterday, at Day One of Y Combinator's Demo Day, you can take a look at TechCrunch's full list. Check back end of day Tuesday for a full list of companies that pitched on Day Two. As a final note, Equity is still not an interview show. This was a fun exception!
Equity Shot: WeWork S-1
Equity TechCrunch
access_time10 days ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. Today is our promised Equity Shot (a short-form, single-topic episode) on the WeWork S-1. You can read Kate's notes here, or Alex's here as a place to start. Given that we didn't know when the WeWork S-1 filing was going to make itself known, we put together this episode from TechCrunch's SF HQ, Alex's home office, and Kate inside a New York Blue Bottle Coffee. We were not about to let the locational issues stop us from having fun! Where to begin! WeWork is growing like mad, but it's hard to tell what its gross margins are. This makes its revenue quality hard to parse. (Alex tried to figure that out here, TechCrunch has even more good questions and notes here). What wasn't hard to figure out was that WeWork -- also known as The We Company -- is tectonically unprofitable on operating and net bases. And that the company's operations consume cash, while its investing activities torch the stuff. WeWork's eclectic chief executive officer and co-founder Adam Neumann will maintain a majority of voting rights. It's not uncommon for founder-led companies to adopt this sort of voting structure and considering how central Neumann is to WeWork's identity, we weren't the least bit surprised by this. The company's IPO will make a lot of groups a lot of money. Mainly Benchmark, a respected venture capital fund, JP Morgan, and, of course, SoftBank, which has invested billions in WeWork and now owns more than 100 million shares. And that's all for now. Don't miss our episode with Dan Primack that came out yesterday. A busy week, but a good one. Chat again soon!
Axios' Dan Primack on 'the most polarizing startup that exists'
Equity TechCrunch
access_time11 days ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. This week was a bit special. Instead of meeting up at the TechCrunch HQ to record the episode, Kate and Alex met up in muggy Boston at Drift's office, where we linked up with Axios's Dan Primack. And since we were feeling chatty, we went a bit long. After checking in with Primack (he has a newsletter and a podcast), we first dealt with the latest from Tumblr. In short, Verizon Media is selling Tumblr to Automattic for a few dollars. How did Verizon wind up owning Tumblr? Ah. Well, Yahoo bought it. Later, after Verizon bought AOL, it bought Yahoo. Then it smushed them together and called it Oath. Then Verizon decided that it didn't like that much and renamed the group Verizon Media. But Verizon doesn't want to own media (besides TechCrunch, of course), so it sold Tumblr to Automattic, a venture-backed company best known for operating WordPress. That's a lot, I know. What matters is that Yahoo bought Tumblr for more than $1 billion. Verizon sold it for around $3 million. Now, Automattic now has a few hundred new employees and a shot at juicing its userbase before it goes public. After that, we lamented that the WeWork S-1 had yet to appear. This was a tragedy, frankly. We had expected to spend half the show riffing on WeWork's financials, alas So we turned to some normal material, like Ramp's recent $7 million raise to take on Brex, and, SmartNews's recent round, which gave it an eye-popping $1.1 billion valuation. We ran a bit long because we were having fun, fitting in some conversation surrounding the notes from the SEC regarding the now-dead and then-fraudulent Rothenberg Ventures. More on that here if you want to get angry. And finally, Vision Fund 2. It's been a big source of interest for everyone on the show, and we expect whatever the second-act Vision Fund winds up becoming to be a big damn deal. The fund will invest in more than just consumer marketplaces, in fact, it's eyeing more AI businesses and even biotech. That should be interesting. All that and we have a lot more good stuff coming. Thanks for listening to the show, and we'll be right back.
BONUS: Creating a Safety Net for Freelancers
Hello Monday LinkedIn
access_time13 days ago
Today, a third of the workforce are contractors: drivers, designers, even doctors. It’s a number that’s climbing steadily. So how do they get insurance? Sara Horowitz is working on just this. Having spent more than two decades cultivating the Freelancer’s Union, she's now the CEO of Trupo, a new benefits startup. Plus: a conversation between Jessi and her producer, Laura Sim, who is also a freelancer.
Startups seek sperm... And venture capital backing
Equity TechCrunch
access_time15 days ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. This week we were helmed by Kate Clark and Alex Wilhelm, but those of you who love the show having guests on don't despair. As we explain at the top, there's a lot of folks coming on the show soon, many of whom you know by name. But that's to come, and we had a lot to chat through this week. Including, right from the jump, the latest gyrations in the stock market. Earlier this week tech stocks, and especially cloud and SaaS stocks, took a nosedive. Sentiment swung around later in the week when markets caught their breath and Lyft's earnings went well. But the movement in highly-valued SaaS companies caught our eye. Perhaps if the market finally does correct, we'll see growth stakes take the worst of it. But it wasn't all bad news on the show, a new app that raised $5 million caught Kate's attention. It's called Squad and it's now backed by First Round Capital, the seed fund behind the likes of Uber. You can read Kate's interview with the founder, Esther Crawford, here. Next, we turned to two startups that are focused on male reproductive health. While we've covered startups focused on fertility before on the show, this is the first time we've delved into male-focused services that are designed to help men take part in conception. The news here is Dadi has raised another $5 million in venture capital funding. Legacy, the other male fertility company we discussed, is taking part in Y Combinator's summer batch right now. On the IPO-ish beat, we talked about Postmates which has a new stadium partnership, and, more importantly, permission to use cute robots to deliver things in San Francisco. After hearing about how small, rolling robots will handle last-mile deliveries for years, we're excited for them to actually make it to market. In our view, technology of this sort won't eliminate the need for human workers at on-demand shops, though they may replace some routine runs. Bring on the burrito robots. We closed on Airbnb's purchase of Urbandoor, yet another acquisition from the popular home-sharing company that will eventually go public. It has to, right? Perhaps Urbandoor will help unlock new revenues in the corporate travel space before we see an S-1. After all, Airbnb wants to debut with plenty of growth under its belt to help it meet valuation expectations. Adding revenue to its core business could be a good way to ensure that there's new top-line to report. More to come, including something special next week!
Special: Recharge your brain with a Meditative Story from Arianna Huffington
Try this new podcast -- it's like nothing you've heard before. In it, you'll hear the story of a young soon-to-be founder -- Arianna Huffington -- as she journeys from her birthplace in Greece to the University of Cambridge to start school. Listen for the lesson she learned from her mother about embracing life’s journey without being attached to the outcome. Interspersed with the story, you'll hear prompts from a guide to help you center your mind; after the story, your guide leads you on a quiet meditation to help you recharge and refresh. If you like it, subscribe to Meditative Story on the app you're using now.
Forbes India Cover Story # 226: Blackstones big bet in India
Inside Forbes India Forbes India
access_time21 days ago
Cover story author Pooja Sarkar speaks about her deep dive into how the firm magnified its India operations, deploying deployed roughly 10.4 billion USD across private equity, real estate and tactical opportunities. Podcast produced in association with theindicast.com
Forbes India Cover Story # 227: What to expect in Budget 2019
Inside Forbes India Forbes India
access_time21 days ago
Forbes India editor Brian Carvalho assesses what the July Budget session will have in store for industries big and small, farmers and rural India, the public sector and startup ecosystem. Podcast produced in association with theindicast.com
Forbes India Cover Story # 228: Indias emerging startup hubs
Inside Forbes India Forbes India
access_time21 days ago
How Indias smaller cities are emerging as a breeding ground for tomorrows unicorns. Podcast produced in association with theindicast.com
Forbes India Cover Story # 229: How Sequoia became Indias largest VC firm
Inside Forbes India Forbes India
access_time21 days ago
Cover story author Sayan Chakrabarthy got an exclusive peek into how the firm joined an elite bunch, with the ability to write cheques of all sizes. Podcast produced in association with theindicast.com
Forbes India Cover Story # 230: Indias best employers 2019
Inside Forbes India Forbes India
access_time21 days ago
What makes a company a good place to work at. A look at the 16 companies in India that go beyond the buzzwords. Podcast produced in association with theindicast.com
E961: Open Office Hours LIVE! Jason helps founders with their biggest challenges: pitching to avoid being pigeonholed, expanding in slow markets, scaling past grass-roots beginnings, marketing beyond traditional channels & more
The post E961: Open Office Hours LIVE! Jason helps founders with their biggest challenges: pitching to avoid being pigeonholed, expanding in slow markets, scaling past grass-roots beginnings, marketing beyond traditional channels & more appeared first on This Week In Startups.
Unpacking DoorDash's $410M Caviar acquisition
Equity TechCrunch
access_time23 days ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. This week Kate and Alex were back to dig through a surprising number of fresh rounds and new funds along with a little breaking news. The traditional VC summer is nowhere to be seen in 2019, so expect the show to stay packed for the foreseeable future. DoorDash's decision to buy Caviar from Square upended our agenda. The decacorn's decision to drop $410 million in cash and stock on an asset that Square had spent around $90 million on was nearly confusing. Square couldn't offload the damn thing for $100 million back in 2016; Jack's second company has now shed an unprofitable arm that looked less and less core to its operations as time has gone along. And DoorDash turned cash and stock into a bit of growth. Next on the docket was Clearbanc. The company, which wants to disrupt venture capital by popularizing the revenue-based financing model, raised a $50 million round and announced a $250 million fund. We're keeping a close eye on this company, as its fast-growth is relatively unmatched. Plus, Kate's interviewing Clearbanc co-founder Michele Romanow at TechCrunch Disrupt San Francisco, our annual conference that brings together the leaders of tech today. So that's fun. In this week's edition of SaaS Watch, Monday.com raised $150 million at a $1.9 billion valuation. The corporate task management and productivity company is another firm selling software to help teams work together more efficiently. Slack, Asana, Notion and others are working in related areas. Our second to last topic was Compass. There wasn't enough time to go too deep but here's the TL;DR: Compass raised a whopping $370 million on a valuation of $6.4 billion. And finally, PowerPlant ventures raised a second, larger fund. The new $165 million vehicle will follow the first (a $42 million capital pool, as TechCrunch reported), investing in plant-based food companies. With the epic rise of Beyond Meat on the public markets, plant-based foods are hot and investors want a bite of the results. Also, we dig niche, focused funds. Reminder, you can connect with us via email at equitypod@techcrunch.com. We're open to feedback, suggestions and even compliments!
How and Why to Embrace – Not Outwit – Gatekeepers w/ 23andMe's Anne Wojcicki
When Anne Wojcicki founded 23andMe, she carved out a brand-new space in personal health -- helping people become experts on their bodies right down to the DNA level. Then the federal regulators came calling. But instead of trying to outwit, sneak past or straight-up fight the FDA in the name of moving fast, Wojcicki slowed down. She made the call to work with regulators directly and honestly. Hear how (and why) she embraced red tape. Cameo appearance: Daniel Ek of Spotify.
E960: The Future of Angel Investing with Paul Judge (TechSquare Labs), Elizabeth Yin, (Hustle Fund), Shaun Abrahamson (Urban Us); The Metrics that Matter with Allen Chen, Co-founder & CEO of Fitbod @ LAUNCH Festival Sydney
The post E960: The Future of Angel Investing with Paul Judge (TechSquare Labs), Elizabeth Yin, (Hustle Fund), Shaun Abrahamson (Urban Us); The Metrics that Matter with Allen Chen, Co-founder & CEO of Fitbod @ LAUNCH Festival Sydney appeared first on This Week In Startups.
Introducing Meditative Story
This short trailer offers a taste of a new podcast from the team that created Masters of Scale. And just like MoS, it's unlike anything you've heard before. In each episode of Meditative Story, you'll hear a storyteller who will transport you to a time and place where everything changed for them, telling a story you might find yourself relating to deeply. As the story unfolds, mindfulness guide Rohan will offer gentle prompts to settle you more deeply into the story, and calm your mind.The entire experience is elevated with breathtaking music — all giving you the headspace to feel restored and refreshed. Subscribe today
Why the hell is Robinhood worth $7.6B?
Equity TechCrunch
access_time29 days ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. This was a special week for us because Danny was back in the office, which meant we cornered him into coming on the show. Danny, of course, is an Equity regular. Also aboard this week were our regular hosts, Kate and Alex. We were relieved to have three hosts because there was a lot of news to get through, from IPOs to late-stage financings to little seed fundings, and we shit you not, camping! Up first was the rapidly-approaching WeWork IPO. WeWork, also known as The We Company, filed to go public some time ago. So we weren't terribly surprised to learn the company is plotting a September listing. Though that's earlier than we'd been expecting, we're not complaining. If the sooner-than-anticipated IPO is due to market timing, or the company simply being ready we don't know yet. But we will when we see the numbers. Bring on the S-1 filing. Next Alex took us through a few recent and upcoming IPOs. He promised to be brief, so we'll mirror the feat here. Last week Phreesia, Medallia, and DouYu went public (notes here), Livongo got out this week (S-1 review here), and 9F and CloudMinds have filed. Expect more IPO news in time whether you want it or not. Leaving the public markets, Kate had words concerning the forthcoming Bird round that has yet to close. The company is raising its Series D led by Sequoia at a $2.5 billion valuation. Listen to the episode for your weekly scooter rant. Next, Danny took us through the Robinhood round, which brought us to a discussion point. Alex wanted to compare Robinhood to Slack, when the latter company was worth about the same amount as Robinhood is now. Kate objected to the comparison, one's an enterprise software business and the other a fintech giant. Still, Alex had lots of great points. We then turned to HipCamp. The company, known as Airbnb for camping, raised a nice round of funding at a $127 million valuation. Andreessen Horowitz was involved via new general partner Andrew Chen, who recently announced another deal in the email subscription platform Substack. We're betting Airbnb gobbles up HipCamp at some point. We also touched on Gusto's $200 million raise (and its constituent new valuation), before closing with the now-very-probable Vision Fund 2.0 and its Microsoft connection. All that and we left even more material on the floor due to time. Make sure to check Equity out on Spotify if you haven't seen us over there before. Click here to find the show.
The Big Pivot w/Slack's Stewart Butterfield
Slack's Stewart Butterfield knows: There’s more to a pivot than a sharp left turn. First, there’s the opportunity you’re pivoting toward. Can you see it clearly enough to navigate toward it? Can you convince others to come along? Then you have to pivot away from your old idea. This can be incredibly difficult, because it involves humans. And humans don't tend to let go of old ideas easily. You risk blowback from your co-founders, your staff, your investors and your users. This will likely be be the single greatest test of your leadership skills, because your credibility will come under scrutiny. The moment you find the thing that your users cannot stop doing, you need to slash and burn the rest of your business.
Can you really predict the next generation of unicorns?
Equity TechCrunch
access_time1 month ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. It's a good week here at Equity HQ because our two co-hosts are both back at the same time! Kate Clark and Alex Wilhelm, after each of them taking some time off, led the show today, digging into a wealth of news and happenings. Here's a quick rundown of what happened on the show this week! Postmates is still working on its IPO! Despite some reports indicating that the popular on-demand delivery company was talking to rival players about a possible sale, the company's CEO said this week that his firm is still looking to go public. (It's also picking up money this year, and talent.) Selfishly we love this, as we want to read its S-1 and see its numbers, something that wouldn't happen if it wound up subsumed into a larger company. Say, Uber for example. DouYu priced its IPO at the low-end of its range, but the offering did add lots of new capital to its coffers. Not every IPO raises its range and prices above the heightened interval, DouYu reminds us. But the company's debut is yet another China-based unicorn going public on the U.S. markets, so we had no choice but to pay attention to the streaming and esports-themed company. Recall that Huya, a similar company, went public previously (more here). CrowdStrike's first earnings report was a success. The cybersecurity business focused on endpoint protection posted revenues of $96.1 million on GAAP net losses of $26 million in the first quarter of fiscal year 2020. The company, if you remember, completed a $612 million NASDAQ initial public offering in June. The next unicorn list contains some obvious companies (Rothy's, Next Trucking, etc.) and some surprise entries (Lattice?). 100 Thieves has lots of new money, and esports is cool. That's a quick summary, but in detail, the firm added a $35 million Series B to its accounts less than a year after it raised a $25 million Series A. When a firm raises an extra round that quickly, it usually means things are going well. Patreon raised a big new round. You're all familiar with Patreon, a platform that supports creators. Can a pivot toward SaaS accelerate its path toward a billion-dollar valuation? We think so. Substack, a plucky favorite of the journalist scene, has fresh capital! Because both Alex and Kate are authors of their very own newsletters (yes, they have a podcast too, sorry), they had plenty of thoughts about this one. Next week Kate and Alex are back and we may even have a special guest back with us. So make sure you are subscribed, and we'll be right back in just seven days.
E956: Scaling Your Startup, “Culture”: Creating your culture, hiring, diversity & inclusion, high performance, scaling culture, work environment & tools with Jason Calacanis & LAUNCH Managing Directors Ashley Whitehurst & Jacqui Deegan — E10 of 10-ep miniseries
The post E956: Scaling Your Startup, “Culture”: Creating your culture, hiring, diversity & inclusion, high performance, scaling culture, work environment & tools with Jason Calacanis & LAUNCH Managing Directors Ashley Whitehurst & Jacqui Deegan — E10 of 10-ep miniseries appeared first on This Week In Startups.
Small Changes for Big Impact w/Bumble's Whitney Wolfe Herd
Bumble founder Whitney Wolfe Herd knows: The smallest feature can make or break your product. The challenge is recognizing the impact of that feature – and making sure it’s actually positive. This is what Wolfe Herd tapped into when she founded a dating app that required a whole new way of communication. She has become a master of understanding what her users want, and then making the small changes to Bumble that help them achieve their goals. While small changes typically lead to incremental improvements, every so often the impact is exponential. With cameo appearances by Steve Spohn (AbleGamer), and Marissa Mayer (Google, Yahoo).
E955: Office Hours Sydney! Australian founders present universal startup challenges: finding the right geo, fundraising & pivoting in niche market, gaining traction in hardware/software, effective messaging for a noble vision & more with Jason & investor Mike Savino
The post E955: Office Hours Sydney! Australian founders present universal startup challenges: finding the right geo, fundraising & pivoting in niche market, gaining traction in hardware/software, effective messaging for a noble vision & more with Jason & investor Mike Savino appeared first on This Week In Startups.
E954: Gentry Underwood, Co-founder & CEO of Navigator, demos new AI assistant for meeting efficiency & teamwork, insights from selling Mailbox to Dropbox for $100M just 37 days after launching, SaaS burnout in SV, desktop v. mobile cognition, mastering form emerging from functionality
The post E954: Gentry Underwood, Co-founder & CEO of Navigator, demos new AI assistant for meeting efficiency & teamwork, insights from selling Mailbox to Dropbox for $100M just 37 days after launching, SaaS burnout in SV, desktop v. mobile cognition, mastering form emerging from functionality appeared first on This Week In Startups.
The IPO window that never closes
Equity TechCrunch
access_time1 month ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. This week was a bit of a turn-about. Kate was off this week and Alex was back, so we brought back a few favorites to tide us over until our regular leader returns. For this IPO-themed episode, we had TechCrunch and Extra Crunch's Danny Crichton in the studio along with Deloitte's Barrett Daniels, a prior guest on the show and one of our favorite humans. It being roughly the middle of the year, we decided to do a bit of run through the first two-quarters' worth of tech IPOs. There was, as you can expect, a lot to get chat about. We started with notes on how the Chinese venture capital market is changing, most notably in terms of its share of the world's largest venture rounds. After leading the world for what felt like years, venture investment into China-based companies is slipping. And the declines are picking up attention (here, here). But not all the news was gloomy on the show this week. Indeed, while some global data relating to the global IPO market wasn't exactly sparkling, the US-listed tech IPO market is doing really well. After we went over a number of the companies that went out and did well post-IPO (nearly every company aside from the ride-hailing players), we conceded that things are pretty damn warm for companies going public. At the same time, we couldn't agree on how long the IPO market would remain so welcoming. If it stays open, more unicorns will make it out. If the IPO window closes soon, we'll see hundreds of unicorns trapped on the wrong side of the glass. And we wrapped with notes on everyone's favorite space-faring SPAC. We'll see you all really soon.
E953: Neyborly Co-founder & CEO Ben Seidl shares journey from nearly shutting down to $1m in revenue, optimizing LAUNCH Founder.University, Accelerator & Jason’s Syndicate, redefining a massive market & leveraging the retail apocalypse to create a network of flexible real estate
The post E953: Neyborly Co-founder & CEO Ben Seidl shares journey from nearly shutting down to $1m in revenue, optimizing LAUNCH Founder.University, Accelerator & Jason’s Syndicate, redefining a massive market & leveraging the retail apocalypse to create a network of flexible real estate appeared first on This Week In Startups.
Investing elsewhere with Revolutions’s Clara Sieg
Equity TechCrunch
access_time2 months ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. I was in the studio alone this week with the wonderful Clara Sieg of Revolution, an early-stage venture capital fund that invests in disruptive startups from underrepresented geographies. As you might have guessed, we talked about the rising trend of investors backing companies from "second-tier" markets like Austin, Atlanta, Denver, Philadelphia, Seattle, etc. Clara herself hails from Pittsburgh, an up and coming market for technology startups and venture capital investments. We discuss how that has influenced her career in VC and how she landed at Revolution (she's been there for nearly a decade!) in the first place. In this special episode, Clara also teaches me how cities become tech hubs. It's a special kind of recipe. A city must have a great university, or a few, nearby to provide a constant flow of talent. They need some big corporations around for the same reason. They need a healthy community of angel investors ready and willing to get things going. And well, listen to the episode to learn the rest. Finally, I ask Clara what investment she regrets not making the most. Her answer might surprise you.
Entrepreneurship as a Second Act w/Gwyneth Paltrow
Would-be entrepreneurs, this one's for you. It’s never too late to join the entrepreneurial party. We've all heard the stories of young geniuses, but plenty of influential entrepreneurs founded companies in their 30s, 40s, 50s. There’s value to being a late-stage founder -- like the fact that you’re bringing along all your life experience. That’s what Gwyneth Paltrow did when she launched Goop. Paltrow transitioned from Hollywood star to startup founder with her lifestyle brand, which now has over 8 million subscribers -- and she did it by leaning in to what she knew, embracing what she didn’t, and coming up with strategies to fill the gap. With cameo appearances by Sara Blakely (Spanx), Brian Chesky (Airbnb), Boyd Martin (Olympic horse rider), and Ruben Harris (Career Karma).
E950: Ethos Co-founder & CEO Peter Colis makes life insurance accessible to everyone, leverages data to eliminate friction & simplify the traditional complications, enables 99% of customers to obtain an affordable policy in 10 minutes with no medical exam or blood test
The post E950: Ethos Co-founder & CEO Peter Colis makes life insurance accessible to everyone, leverages data to eliminate friction & simplify the traditional complications, enables 99% of customers to obtain an affordable policy in 10 minutes with no medical exam or blood test appeared first on This Week In Startups.
SoftBank-backed startup cracks under pressure to scale
Equity TechCrunch
access_time2 months ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. Our esteemed co-host Alex Wilhelm was out again this week, but Kate Clark was in the studio with the lovely TechCrunch editor Connie Loizos and Canvas Ventures' general partner Rebecca Lynn. The wonderful Chris Gates is on vacation this week, so TechCrunch's Megan Rose Dickey sat in the producer's chair. That made this episode extra special, as it was our first all-female group on the mics and behind the scenes.
The VCs behind Libra, Facebook's new cryptocurrency
Equity TechCrunch
access_time2 months ago
Hello and welcome back to Equity, TechCrunch’s venture capital-focused podcast, where we unpack the numbers behind the headlines. Sadly, Equity co-host Alex Wilhelm is out this week, but for good reason: He's getting married this weekend. Fortunately, we had the esteemed TechCrunch editor Danny Crichton step in to discuss Slack's direct listing, Facebook's new cryptocurrency, the scooter cash desert, startup founder salaries and more with Equity co-host Kate Clark.