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1/ Thrilled to announce @Perchwell’s $25M Series B, led by @Lux_Capital with participation from leading real estate operators and investors
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Elliot Comite
1.8K posts
Elliot Comite
@ElliotComite
Building @Perchwell. Prev: scaling, finance @Ironclad_inc, growth vc @stripesco_, interdisciplinary thinking, systems & lots of takes
New York, NY Joined Ağustos 2012
544 Following843 Followers
@ncsh Good tweet. Agree.
Deeper question: is AI just completely consensus or is AI causing the consensus?
Elliot Comite@ElliotComite
If you work in startups, the most imminent threat right now is “concentration” All LP and VC prevailing wisdom is about “more concentration” (Always beware of prevailing wisdom…it tends to reflect the past and not the future) Concentration = LPs demand only being in the current big names = VCs go big name hunting only (and SPV grifting) = less surface area for company building = less diversity of thought or approach = more brain rot
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We are in the age of consensus capital:
1- Almost 75% of all LP $ raised by 5 funds
2- Almost 75% of all VC $ invested in 5 companies
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To anyone who says that hard things can’t be done: the NW corner of Washington Square Park is excellent again
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@ankurnagpal Yep, the mass capital flight to SpaceX, Anduril, OAI, Anthropic…regardless of price
It usually doesn’t end well when the market universally agrees on something
Elliot Comite@ElliotComite
If you work in startups, the most imminent threat right now is “concentration” All LP and VC prevailing wisdom is about “more concentration” (Always beware of prevailing wisdom…it tends to reflect the past and not the future) Concentration = LPs demand only being in the current big names = VCs go big name hunting only (and SPV grifting) = less surface area for company building = less diversity of thought or approach = more brain rot
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Elliot Comite retweeted
Every time something has felt like "free money" it ends poorly
We saw this already with NFTs & shitcoins
The same dynamic is playing out right now with:
- SpaceX at $2T
- Investing in a frontier lab & doubling your money 30 days later
- Running SPVs with 10% "access fees"
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I think Uber + Lyft analogy only fits for Anthropic + OpenAI
Both sets of magical products where dominant strategy was effectively to give away for free
Harvey + Legora are impressive capital cannons but still Qs about longer term product staying power + customer duration over time
Neither will ever run the fundraising ops that Travis + Sam Altman + Dario likely all built
Elliot Comite@ElliotComite
OpenAI and Uber are alike in a specific way: their products are so magical that, once used, it’s a life changing experience. That is also the bar for pursuing a “land grab / scorched earth” capital raising & incineration strategy. Product is so good that the dominant strategy is get it everywhere, as fast as possible.
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The same thing is happening here.
VC-subsidized businesses with a clear view that they will eventually be FCF+. Raise aggressively, lock up customers, build distribution, let the economics compound.
Harvey and Legora are running this exact play. The last one ended with $10B in calendar year FCF!
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Enterprise positioning will develop into “pro-slop cannon” and “anti-slop cannon”
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If you work in startups, the most imminent threat right now is “concentration”
All LP and VC prevailing wisdom is about “more concentration”
(Always beware of prevailing wisdom…it tends to reflect the past and not the future)
Concentration = LPs demand only being in the current big names = VCs go big name hunting only (and SPV grifting) = less surface area for company building = less diversity of thought or approach = more brain rot
English
@JaredSleeper Ha, sounds advantaged in theory until one has to face managing remote employees
It just literally never works like that
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Yup. Remote first companies actually have a huge advantage when it comes to digitizing all of their CK text as well. Record every Zoom with an AI notetaker + track Slack messages and voila
BuccoCapital Bloke@buccocapital
The most interesting part of the Dorsey essay on management TL;DR - Remote companies have an advantage in the AI era because they can only thrive with rigorous documentation, which is perfectly repurposed as context for AI
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we’ve hit the point on the ai megacycle where instagram hustle accounts are moving size in anthropic
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@SamBroner Let’s go @SamBroner! Welcome back to the fun side.
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youtube.com/watch?v=t2CxE-…
Straight out of The Wire, of course
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David Sacks@DavidSacks
Amazing.
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Trend of AI-native startups who focus on ‘selling the work’ & eating into services (law, consulting, accounting) now going dual product into selling to businesses. Interesting.
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Wispr Flow massively improves my ‘thinking to actioning on those thoughts’ pipeline
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I just signed up for a GitHub account. Never thought that would happen. Modern technology is magic.
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@ElliotComite the real unlock isn't speed, it's doing cohort cuts you wouldn't have bothered with before. when analysis takes 2 hours you pick 3 segments. when it takes 10 min you test 15
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Claude for Excel is absurd. What would have taken me ~2 hours of cohort analysis in 2016 can be done in 10 minutes. Truly ridiculous leverage.
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This is an accurate take
Which means cue the articles in about “VCs having subsidized AI”
And when the product (i.e. AI) is so good, it’s the right strategy for this market: subsidize use at any cost
gmoney.eth@gmoneyNFT
This reminds me of when you could get a 30 min uber in nyc for like $10/$15, and now it costs $50 to get 5 blocks. We’re going to look book at this time and wish the vc’s would subsidize our compute again.
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@gmoneyNFT Great take and agree on analogy
Elliot Comite@ElliotComite
OpenAI and Uber are alike in a specific way: their products are so magical that, once used, it’s a life changing experience. That is also the bar for pursuing a “land grab / scorched earth” capital raising & incineration strategy. Product is so good that the dominant strategy is get it everywhere, as fast as possible.
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This reminds me of when you could get a 30 min uber in nyc for like $10/$15, and now it costs $50 to get 5 blocks.
We’re going to look book at this time and wish the vc’s would subsidize our compute again.
Bearly AI@bearlyai
Cursor internal analysis shows how hard Anthropic is subsidizing Claude Code. Last year, a $200 monthly subscription could use $2,000 in compute. Now, the same $200 monthly plan can consume $5,000 in compute (2.5x increase).
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