I love using tools to make myself more productive and let fewer things fall through the cracks. There are so many great (free) tools available and here are a few of the ones that have helped me the most:
Calendly:Scheduling is one of the biggest time sinks for me. Calendly allows me to share my availability (in time slots that I define) and allow people to schedule time with me without the back and forth usually required. It usually saves me 3-5 emails per scheduled call and I like it better than using virtual assistants like Clara or Byron ($200 per month each). I use the free version which I imagine would fit most people’s needs.
Streak: If you manage any kind of pipeline (sales, investments, recruiting) and use gmail, then I highly recommend Streak. I’ve used it to track potential investments, investors and for recruiting. Streak allows you to have a CRM in your inbox and also scales well to multiple users. It allows me to stay organized, have a record of interactions, and make sure that I don’t let to-dos drop. I use the free version as well, but it costs $50 per month if you’re using it with multiple people or need API access.
Gmail canned responses: I realized that I was very frequently writing the same set of emails over and over again: 1) Scheduling time 2) Making a connection 3) Product information 4) Passing on an investment. I use the Gmail canned response feature to add in the re-used content in addition to the personalized note that I send.
Facebook (FB) is under a lot of fire right now but despite public perception, I think that FB is still a great long term investment.
Sure, they’ve made many mistakes and lost consumer trust (with a certain segment of users) due to recent incidents such as Cambridge Analytica, data privacy in general and poor content moderation.
However, their business continues to be very strong (2019: 2.5 BN users, $55BN revenue, $25BN profit and 35k employees, $1.6M revenue / employee) and I think it will continue to grow and become more diversified over time. Right now, almost all of their revenue comes from advertising, which results concentration risk and has durability issue in a recession.
There are three core segments of FB’s business – Core FB, Instagram and Whatsapp and they cater to different audiences:
Core FB: Core FB has 2BN (a little bloated probably) monthly users. This is still very popular among baby boomers who have both time and money. Their engagement is solid, and they are a highly valuable audience from an ARPU perspective. It’s why monetization is still so strong. Core FB has seen a dip in engagement from younger audiences, and probably has low engagement with developed market teens.
Instagram: Instagram has over 1BN monthly users. Instagram has strong engagement with younger people in developed markets and celebrities. Engaged people often have multiple accounts for multiple use cases (Interest X, close friends, ’normal’) and interaction / time spent metrics are very high – it’s probably the best product / interest discovery tool on the internet. I’m personally very excited about Instagram building shopping/transacting natively into its app – inventory management, transaction, shipping etc allow instagram to own more of the value chain, create a consistent experience for shoppers, and provide them with a completely new revenue stream (% of transaction) in addition to advertising.
Whatsapp: Whatsapp probably has 2BN monthly users. It has high engagement in most english speaking developing markets in Africa, SE Asia and Latin America. From my experience in Africa, it has completely revolutionized business and personal communication and will continue to do so over time. Whatsapp has very high revenue potential for FB in three areas:
Advertising – small business and business discovery through search and referral
Tools / subscription services – products to allow businesses to run better (e.g. CRM, template responses, workflow) are useful for both enterprise and small business and can generate subscription revenue
Payments – Whatsapp could power P2P payments (within countries and cross-border) as well as C2B payments which would open up a new revenue stream entirely for them, and bring more ‘core actions’ into their product. Payments and messaging are often strongly linked, and this is a natural extension of how people are already using the product
I think that Whatsapp (payments, business) and Instagram (discovery -> transaction) will allow FB to diversify their business model and tap into different market/people segments and think FB will continue to be a great long-term investment.
Disclaimer: I’m not a professional public markets investor, I don’t have a sense as to whether the stock is current fairly priced and came to this conclusion based on ‘value investing’ concepts and product/business thinking. This is not a recommendation to buy or sell FB stock.
In my opinion, one of the hardest parts of product and general management is drawing insight from the right sources to determine ‘product health’ to identify where to focus, especially when managing multiple product lines.
In my experience I try pull data from three independant, uncorrelated sources to inform where I should focus my effort – the data, the team, and the users:
Data: Design dashboards that give you the metrics at the right level of detail on a daily/weekly/monthly/quarterly basis. Be able to translate data into concrete hypotheses and insights.
Team: The general manager (GM) or product lead of the business is your main source of information, but make sure to spend time with team members and other functional leads as well, so you can validate/invalidate what you hear from the GM. The broader team is also an incredibly strong resource for ideas for new features.
Users & Customer Service (CS): It’s important to maintain empathy/understanding of your customers, even when you’re a step removed from the product.
On a regular cadence (e.g. weekly), spend time reading user reviews, blogs, forum posts etc.
Get quantitative and qualitative information from the CS team about what users are saying about your products over customer service channels, either through a short meeting, or a list of top 5-10 issues each week.
Spend time actually interacting with customers, and responding to them (directly or on forums for example).
During your actual pitch I always like to learn about the ‘why’ of the founding story (authenticity and energy help a lot), and it also helps to be on top of all the important metrics and growth rates.
This tends to separate the good from the great founders during the fundraising process.
I wanted to share my top 5 favourite products and services of 2018:
Google Fi: Google Fi is Google’s new wireless carrier, which has replaced AT&T for me (without changing my #) for the last 3 months on my iPhone. If you live in the US and travel internationally regularly, this is a no brainer because they don’t charge extra for international data — I think this it will save me $400 every year on my phone bill. The best features of Google Fi are:
Travel: Pay as you go data in 140 countries so you don’t have to procure and change sims which can be a hassle especially in Asia and Africa
Cost: Charges on data are capped (no charge after 6GB), which means the most you can spend in a month is $80. ($10 per GB + $20 line rental)
Flexibility: You can pause/cancel your account whenever you want or add free data-only sim cards for other devices.
Peloton ($2k-ish): Peloton is an expensive indoor spin bike with a tablet on it. The bike is really well made and super quiet, the classes are great, and there are lots of stats (for those of us who care) so you can track your improvement over time. The best thing about it is that you can work out even if you only have a short window as it’s on your schedule vs. spin classes where you are at the mercy of the studio’s schedule.
Airpods($160): If you have an iPhone you should get Airpods — I think they are the best product Apple has released in the last 5 years. I use them for every single call I take, and can’t remember the last time I held my phone to my ear for a scheduled call. The dual mics improve the call quality, your hands are free to take notes, the battery life is great, and they just work (without a ton of fiddling like most other wireless headphones).
Note: Some people have trouble with them falling out when using them for sport so make sure and try them out before buying.
One Night Ultimate Werewolf ($15): This is my favourite game with friends at home. It’s a more structured, shorter version of Mafia and two groups (villagers and werewolves) are assigned secret roles and then need to figure out who are their enemies and their allies. It’s got elements of logical deduction, teamwork and deception and it’s a ton of fun.
Eagle Creek Pack-it Cubes ($45): If you travel a lot, these are really great for separating out items in your bag without really adding any extra weight. It’s easier to find your stuff, keeps your clothes less wrinkled, and protects them if something accidentally leaks. They are also useful as laundry bags (although I always carry a dedicated one).
I wanted to share my personal process for goal setting and living more deliberately, that I’ve been doing for the last 8 years. I always do it around this time of the year so thought it was a timely moment to share 🙂
My objective in life is to maximise both long term happiness and purposewhich, although is a generic statement, is a common objective for most people in the world. This objective is very hard to achieve without breaking it down into small, actionable pieces, much like personal OKRs.
I break this objective into 5 ‘pillars’:
For the last 8 years, I’ve gone through this process at the same time each year (between Christmas and the New Year) and conduct a half-year and end-of-year check in where I rate myself from 1–3 on each goal (1 is good and 3 is bad).
Please feel free to use the template for yourself (by creating a copy), and do share any feedback.
When I first started this process, I realized that I was bad at both setting the right goals, and having an actionable process to be able to hit my goals. Over the years I’ve improved at setting goals (mostly by setting more achievable goals) and now have a system to make sure that I am focused on 3–5 things each month/week/day that allow me to make progress towards each goal. Very practically, I have a persistent to-do list and a set of monthly goals in Evernote and before I go to sleep I slot tasks/reminders for the following day into my calendar to make sure I get them done.
For example, if I have an objective to be more informed about the world, and I’ve set the goal to read the Economist weekly I will create a recurring weekly meeting in my calendar at the same time (Sunday at 8pm) to sit down and read it.
Overall, I find it’s really helped me improve the quality of my life and be more deliberate about how I live on a day to day basis, and I’d highly recommend you try it!
I’ve invested in about 30 companies over the last 6 years and received a lot of different investor updates. Some companies send few, sporadic (often too detailed), updates whereas others send updates with a fixed structure and on a predictable schedule.
I think the sweet spot for many micro vcs with a portfolio is quarterly updates which arrive on a predictable schedule – e.g. 2 Mondays after the end of Quarter. Founders who update investors on a predictable schedule generally build better companies, in my experience, as there is a correlation with discipline and organization.
Here is my suggested template for sending updates, although this is not meant to be prescriptive and more to summarize the bases covered:
Many startups often miss the ‘Metrics’ section and I think this is the area where most could benefit for improving their reporting.
Key milestones hit/missed
Limit to <5 bullet points
New customers, product wins, critical hires, geographical expansion
Limit to <5 bullet points
Lost customers, product failures, lost employees
Consumer: DAU/MAU, Revenue, Retention/Churn Metric, Employees, Cash, and Burn Rate
Enterprise: # of customers, Revenue, New customers, Sales pipeline, Employees, Cash and Burn Rate
I recommend showing the same metrics in a table Quarterly and then highlighting YoY and QoQ growth
New features or products shipped and a short summary of their impact / future impact
New hires / team changes
Anything that is not covered by the sections above e.g. Press coverage
If fundraising add this section to show progress / any key milestones
Also useful for converting existing investors for additional funding
Specific intros to investors or potential customers generally yield the best results
I know some founders feel like these updates don’t do noticed but I read every single once of the updates I get from founders, even when I don’t reply.