Ben Metcalfe

Infrastructure Support networks Never just one person Make mine a team Here’s a thought👇🏼 Stories have hero’s and villains, which both tend to focus on individuals. The founders story tends to be told in the singular. It’s what catches the eye and makes for better copy. Overcoming adversity tends to the plucky individual. But that’s not quite true is it? It’s good for storytelling and setting out the narrative but real life isn’t like that. It’s usually a pairs trade. Think Warren Buffett and Charlie Munger, think Morecambe and Wise, think Wozniak and Jobs, think Robert Miller and Chuck Feeney, think Laurel and Hardy. Why include comics in a list of uber-successful business leaders? Because the comics understand the mechanics at work here. The foil, the stooge, setting up the punch line and the delivery. Guess what in the field of business that is necessary too. Business is a team sport whatever the headline. Successful teams do need a centre pin as their leader to achieve success. Someone who takes the lead. But as the old wry comment reminds us leadership is easy but it’s no good if no one follows. Leaders need their teams to believe in the plan laid out before them. One of the advantages of the venture studio model is that it ensures that there is a team that are proven collaborators. This mitigates the risks in launching a new business. This is a strong hand in the world of early stage businesses. ThinkLikeAClient #GrumpyOptimist #TechStartUps #VentureStudios #Entrepreneur Footnote: all my content is written daily by me with no additives or tricks. If it interests you please tag the 🔔 in my profile to get it delivered straight to you. Otherwise if you search #GrumpyOptimist you’ll find my library of past posts. Never recycled, always fresh.

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Founders, you're losing deals by not having a clear discovery call plan. I've seen this a lot where founders looking to scale up their early sales efforts are going into it thinking the product will get them through the sale In most cases, this isn't the truth You need to have some sort of framework to make the selling motion more repeatable Instead of demo'ing the product, try learning more about them and their challenges first. Your goal should be to know enough to build a customized demo for them. This will help in building solid relationships, build value throughout the process and likely speed up deals on the back end of it. If you don't know where to start, hit me up and I'm happy to lay out some early sales structure for founders! Go crush it out there 🤙

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Movac KiwiNet Deep Tech is difficult because you do not comprehend 95% of the universe using the Standard Model of Particle physics. Either learn that measurement is flawed due to human bias or experience and unbiased state through transcendence experiences corresponding to Christ consciousness. The physics of life is based on LENR and not the Standard Model of Particle physics. Unfortunately, scientific research has been captured by the materialism perspective. This is mutually exclusive to the light observed in consciousness. Physics of life. Deep Tech https://lnkd.in/gKqC3PAR Gateway into the aromatic ring Faraday cage system. Time to see the light 😁.

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I 💯agree with Oz Merchant on this topic. Some folks advise founders to pitch very selectively and 'pick your pitch' - you get one shot, choose it wisely? I'm 180 degrees opposite of that - be a promiscuous pitcher! - ABP - ALWAYS BE PITCHING. Because your pitch gets better with every no, take that feedback, learn, iterate. Right now it's taking 50-100 no's for Triangle co's to get funding, it's still tough out there, so get through the no's fast to get to a yes. Check out the event - also go see others pitch, it all helps you get better - pitching is like PMF - lots of iteration, tons of grinding to get through to the other side.

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A cautionary tale for any entrepreneur including warrants in their fundraising efforts. Techcrunch ran a story yesterday on the collapse of Newchip and how warrants flowed through the bankruptcy proceedings. I am guessing in this situation, there were NO clauses protecting the startups from the insolvency of Newchip. If true, my heart aches for these startups now fighting to protect their equity pool/CAP tables from unknown outside investors coming into their company at likely ridiculous valuations via bankruptcy actions. It's a cautionary reminder to get solid advice from legal counsel—or, failing the ability to afford outside counsel, seek advice from experienced entrepreneurs who know their way around term sheets and investment terms. Best of luck to those companies mentioned in this article. And for anyone reading this who is a startup founder or entrepreneur, worth a read! #startup #entrepreneur #fundraising https://lnkd.in/gsvzQ_wT

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Want a front-row seat to the frontier of tech? We’ve got the role (or two) for you! We’re expanding our frontier-tech team at Blackbird by hiring a Frontier Tech Investments Associate and Foundry Fellows! Got questions? We've got answers... 1️⃣ What are the roles? 🧪 Associate = a full-time VC investment gig in our Blackbird Investments team, working directly with me. We’re looking for someone with a science and/or engineering background and more curiosity than they can handle. You’ll grow your own investment brand and practice, support our portfolio founders, and will help build Foundry, our early-stage frontier-tech accelerator. ✨ Foundry Fellow = a casual/contract gig in our Blackbird Investments team, ~15h per week for 3 months. The Fellowship is ideal for PhD students and ECRs who want to learn more about startups and VC. You’ll go deep on emerging areas relevant to your expertise (or curiosity!), get a front-row seat to groundbreaking companies in those areas, build out your non-academic network, and develop a solid writing practice. 2️⃣ Why are you hiring? We love frontier tech, and we’re ready to grow our team. 3️⃣ Wow, it’s so great that you’re starting to look at deep tech! Look, we get it: we don’t make a lot of noise about our frontier tech investing. Buuuut we’ve been deep-tech investors since we backed Tim Kentley-Klay to found Zoox back in 2014—we’ve been on incredible journeys with PsiQuantum (building the world's first utility-scale quantum computer right here in Australia!), Inventia Life Science (transforming drug discovery with high-fidelity cell models), Remedy Robotics (surgical robots for remote endovascular procedures), Opto Biosystems (minimally-invasive neural implants to treat cancer), and more. We believe that frontier technologies, and great frontier-tech investing, will be part of the solutions to the greatest problems humanity faces today. 4️⃣ When do applications close? May 31st at 11:59pm AEST. 5️⃣ I have more questions! I’m sure you do! Clare Birch and I are hosting an AMA to answer any and all questions about these roles. Want to know what a week in the life of our team looks like? What’s keeping us up at night? What our ideal candidate looks like? Come along and find out - registration link in the comments �� Apply for these roles: Associate - https://lnkd.in/gCfj4EUJ Foundry Fellowships - https://lnkd.in/gj6ATZVZ If you know anyone that we should meet, send me their details! Cameron Elise Ben Andrew Robin Joseph Adelaide James Olivia Lucinda Raghav Jesse Christie Mohamed Tom Amee Pablo Haya Loong Hon Joshua Benjamin Megan Harry Denzil Matthew Diana Daniel Tom Deanna Justin Amar Lilly Stone Thomas

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Early-stage startup founders often have to deliver (and receive) incredibly difficult feedback with grace. Especially if they or someone isn't performing to the standard their company needs. While there is much written out there on delivering (and taking) feedback, my experience is the founders who do it best have a more implicit, functional, and humanE belief system that enables this: >> They Distinguish ‘Behavior’ from ‘Self’ << They don't presuppose an inherent flaw in their being or another being. For example, they don't judge someone as 'being' a terrible salesmen or saleswomen — only people who don’t possess the behavioral capabilities to perform well in a specific sales context. Imagine a man cuts you off as you drive on the road, nearly causing a traffic accident. Later, you find out that man was rushing home because his young son is ill and going into shock. It is difficult to conclude what sort of man he is based on his behavior alone. #feedback #founders #startups

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Just shipped this week's Diaspora.nz podcast with Paul Copplestone, founder & CEO at Supabase. We talk about: ⚡️why open source is an unfair advantage — as a product development strategy, supercharging recruiting, and helping build customer community. ⚡️how they are building the end-to-end tech stack for AI startups — seeing many customers grow into the millions of users in just weeks, growing to be one of the most tagged products by makers on Product Hunt + most redeemed Y Combinator “perks.” ⚡️raising $116M, and scaling to ~80 people in 30+ countries over the past 4.5 years, operating as a distributed + asynchronous team. ⚡️building three startups over nearly a decade living in South East Asia. Subscribe + listen links in comments below👇 Subscribe at diaspora.nz for weekly episodes 🎧👈

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Let's finally get rid off the "VC alphabet song" and redo the system to become more founder friendly. "The benchmarks set by funding stages are often arbitrary and not necessarily aligned with the actual development needs of individual startups." #vc #venturecapital #founder #fundraising #startups #fundingstages #funding #fundingrounds #pitchbook

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Some of the most inspiring founders I've backed take expertise from one field and apply it to another. They're able to create solutions that might not emerge within disciplinary silos. I call these people "missionary misfits.” I'm drawn to these misfits because they tackle big problems without being constrained by the “rules” of individual domains. They combine their deep subject expertise with unbounded curiosity for adjacent disciplines to solve real-world problems. I believe that the most disruptive innovations come from the unconventional remixing of insight and experimentation. That’s why missionary misfits are the apex predators of innovation. These are the ones who initially raise eyebrows yet become study material for future generations. They will transform industries and solve societal problems. And I want to partner with as many as possible.

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Over the years I’ve seen the post going around in various forms of how Bessemer Venture Partners keeps a *robust* anti-portfolio on their website. It’s fun, self-aware, humbling, and differentiating. If you haven’t already, go have a look. (As an aside, I’ve been to their offices in Cambridge multiple times back in the day while visiting Kent Bennett, the venerable Felda Hardymon, my dear friend Steve Papa (if Steve was capable of “friendship”), and the young(er) founders of a company called Toast - Bessemer wallpapered their bathrooms with the rejection IRMs of said anti-portfolio). Anyone who has been in the game long enough probably has their own version. Companies they could have invested in, but passed on, only to be made a fool when said company later becomes a decacorn. My personal opinion - and I tend to think one that Bessemer shares - is 1) we all make mistakes, 2) we’re human and at times quite dumb, and 3) hell, at least we had access in the first place. Venture investing is about seeing as many amazing opportunities as you can, even if sometimes that means missing a few…dozen. Either that or I’m totally full of shit and we’re just plain idiots. What do I know. I’ve only been doing this for three years. ¯\_(ツ)_/¯ In any case, in the spirit of giving myself a Father’s Day gift of crow, which I plan to eat, here are some of mine: Toast: not sure if Steve P would have let me into his $4M or whatever it was round never mind the Seed or the A, but I feel like I could have convinced them. Steve F and Aman said they were going to fully rebuild a POS after running into integration nightmares with Micros, Aloha, et al, and I thought they were crazy. Old industry incumbents. Entrenched. Insert foot in mouth, and then pull it out and use it to kick my own ass. Klaviyo: TJ Mahoney was a pre-seed investor and he told me about it. Said AB was a stud. I passed without even talking to them. $8M valuation or around there I think. Shopify ecosystem play? Ew. Sigh. I’m a dumbass. Pillpack: mentored TJ a bit early when he was having some team stuff going on at Techstars. The hippie. $4M post or something. Said no. Whoops. Drizly: Nick Rellas kept stonewalling me, the little twerp, but pretty sure I had a small spot. Pat Kinsel would have got me in. Slept on it. Round closed. I’m an idiot. Draftkings: met Jason at a dinner and Ryan Moore told me to hop in at pre-seed - I already had a small play with a competitor. Jason and I became great friends (which we are to this day). Really knocked that one out of the park. Way to go, Phil! Good eye! Anyway, PLENTY more where that came from and I’m sure I’m currently in the process of creating one of the world’s most epic anti-portfolios at Impellent Ventures. But, again, c’est la vie. Better than sitting on the sidelines and wondering what could have been. At least I know what could have been - a gazillion more dollars than I have right now. Ah well. Batter up! *p.s. I’ve had some winners, too ;)

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“You can’t solve climate with SaaS.” 🌎 Going from science project to profitable business model is hard for most deep tech startups. It’s the valley of death. But some—like the ones that need hundreds of millions in capex to prove their tech at scale—have it harder. Here’s to the climate tech startups that are literally saving the world for us when there are much easier ways to make money. And shout out to the investors large and small who have the patience and vision to back them. Founders, you can do it! You’ll need more focus than most, and your capital stack will be different. But we’re running out of time to get this right, and we need you to succeed. Lisbeth Kaufman Stephen Blalock Shaima Sharif Jason C. Alex Anderson Khaled Al Huraimel Fares Almazrooei Laura Bowen #climatetech #deeptech

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A SAFE and convertible note had a baby and Wilson Sonsini Goodrich & Rosati was the midwife- out popped the D-SAFE! 👶🏽🎉 A new #climatetech funding instrument was announced by Elemental Excelerator last week. One of the company’s main goals is to support smaller, up and coming companies during the awkward “Scale Gap” phase between #VC funding and natural growth. It’s called the #DSAFE (Development Simple Agreement for Future Equity) and it aims to aid the process by giving companies a small amount of cash to overcome initial risks and expenses during the developmental stages of a product launch or company. How does it work? D-SAFE has a redemption clause meaning companies can choose to have their payments offered as a loan or convert to equity at the investor’s discretion. Funders and companies will have clear communication and expectations about where the money is going and how it will be applied to either the company or the projects at hand. Financiers and companies will work together with more #transparency, and that’s a great boon for #startups and VC alike. As of this month, Elemental has already invested using D-SAFE in eight different companies, including Dimensional Energy and Origen — both companies investing in innovative and out-of-the-box solutions to environmental issues! Seems like a win-win on the surface. What do you all think about the D-SAFE? Alfredo Coppola Momoka Ueda Tim Wagner Stephen D. Torres Olya Irzak Natsuho Toyama Noriya Tarutani Shin Ogawa

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I posted some half-baked thoughts on “narrative shifts” yesterday on twitter, and figured I’d share here as well. Over my 15 years in startups, I’ve seen three distinct umbrella narratives for the tech ecosystem. The first started around 2007 or 2008, with the launch the iPhone and App Store. This was an era where founders were underdogs, and tech was a force for good. The industry had finished licking its wounds from the dot-com crash, and was the first to rebound from the Great Recession. The combined platform shifts of cloud and mobile were transformative for consumers and businesses alike, and startups painted themselves as “democratizing” forces. Even the bigger players were seen as challengers—Steve Jobs is probably the best figurehead for the optimism of this era. With the 2016 election came an era of reckoning. There was widespread soul searching in the aftermath of Trump’s victory—had tech, and Facebook specifically, undermined democracy? The Me Too movement swept the industry in 2017. Travis Kalanick, a pioneer in the prior narrative, was ousted from his company by his own investors. Meanwhile, valuations kept going up, and the SPAC frenzy began. The pandemic initially looked like it might put an end to the party, but no—venture funding skyrocketed while companies grappled with demands for more equitable practices in the wake of BLM. Coinbase was a poster company for this tension: a phenomenal IPO, and unrest within its ranks. Sam Bankman-Fried tried to meet the moment with a carefully crafted do-gooder image, but became our perfect villain instead. I think our third era started last year…I’ll call this the anti-hero narrative. The bottoming out of the startup ecosystem gave founders “permission” to do what needed to be done: mostly, layoffs. The tone became unapologetic. Elon led the way, slashing Twitter’s workforce, espousing free speech (the more shocking, the better). The spirit feels gleefully combative: anti-media, anti-woke, anti-DEI. The ethos of e/acc captures this moment: technological progress is inevitable and we should run after it at all costs. Zuckerberg is back, rehabilitated from the prior era with his chain necklace. Jensen Huang wasn’t toppled from his throne for signing a woman’s chest; it made him shinier. Progress is what matters, how we get there matters less. It’s too early to declare this most recent narrative baked, but the vibes have shifted! And of course, no era describes any one company, and no era is all good or all bad. Why does all this matter? The stories we tell about ourselves, about our industry, shape our reality. They influence what kinds of ideas and founders are backed. Where talent flocks. Where we’re willing to suspend disbelief. This is an especially interesting and challenging phase we’re entering: the newly combative spirit of the tech industry, paired with an AI platform shift that’s going to transform every sector, disrupt labor markets, and touch the lives of consumers. 

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There is no perfect founder archetype. Every VC has a different ideal founder profile, shaped by a combination of their investment philosophy, sector focus, personal experiences, and the unique value they bring to the table. I gravitate towards founders with ✓ Deep technical knowledge ✓ Unwavering obsession with solving their chosen problem ✓ Strong academic backgrounds They might not be the best communicators or marketers, but I've found that these qualities can be learned and improved with the right guidance and support. I'm drawn to founders who possess these qualities because I know firsthand how challenging it can be to build a successful startup without them. While others may prioritize a founder's ability to communicate and sell a vision, I believe these skills can be developed with the right mentorship and resources. Every VC has its founder non-negotiables. We align with profiles that resonate with us because it maximizes our ability to propel them and their startup forward. Investors—what is your ideal founder persona? ―――――――― 💡Join tens of thousands of investors & founders: https://lnkd.in/gJMFHaZF 🎙️ Listen to B2BaCEO: https://lnkd.in/gNipmFNJ ➕ Follow me for more like this Ashu Garg

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💰 Attn: Are you a founder or CEO prepping for fundraising? Or a GTM pro who works for one? You’ll want to check out our (2) new templates: 📚 Interactive fundraising deck: https://lnkd.in/eCECjnG5 📚 Executive summary: https://lnkd.in/e7SfggGf Even though AssetMule was designed to help GTM teams better engage prospects with interactive sales assets, we’ve started to see an influx of founders signing up to build their fundraising assets. And it makes total sense. Just like buyers, investors are overwhelmed with the amount of pitches coming their way and are harder to reach than ever before. Founders need new ways to rise above the noise and earn their attention. And that’s exactly what AssetMule is designed to do. Not only will these templates help you pull your core fundraising assets together in a fraction of the time & with less effort, but they’ll help you engage investors in a more meaningful way and book more pitch meetings. Check out Justin Dorfman's demo below & sign up for AssetMule to get started for free: https://lnkd.in/efkfwj7i #startups #ceos #founders #fundraising #saas

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I've encountered many entrepreneurs who often ask about navigating the complexities of fundraising and term sheets. My friend AD Singh has shared a comprehensive, guide that demystifies this crucial aspect of fundraising, providing clear insights that every founder needs to know. If you're preparing for your next investment round or just starting your journey, this is a must-read to better understand the final hurdle. #startup #funding #india #investment #termsheets #fundraising

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🔥Raise Millions For Your Startup🔥 This is arguably the most valuable startup fundraising resource I've had the privilege of stumbling upon. It's from Tam Pham from hustlefund.vc and it's good... The reason why it's particularly useful is because the intel provided is ACTIONABLE: ● Should I raise from angel investors or venture capitalists? ● What do all the fundraising stages mean? ● What do equity, SAFEs, and dilution mean? ● How do I determine my startup’s valuation? ● Why are cap tables, shares, and vesting so important? ● Where should I incorporate my company? ● When is the best time to start fundraising? ● What exactly should I include in my pitch deck? ● How should I structure my first meeting with an investor? ● What questions will early-stage VCs ask me? ● How do I build authentic relationships with investors? ● What happens if an investor says no or ghosts me? ● What should I expect after an investor verbally commits? You guys can save this doc to your local computer by enlarging the PDF below and then by clicking the "download" icon in the top right corner of your browser. -------------------------------------------------------------------- 💡Join 30,000+ Amplified Investors: https://lnkd.in/eAYGMHRN ---------------------------------------------------------------------

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