Bram Sugarman

1.6K posts

Bram Sugarman

Bram Sugarman

@bram

Building. Investing. TBD. prev: VP @Shopify, VC @OMERSVentures, SE @EA

Katılım Nisan 2008
527 Takip Edilen2.7K Takipçiler
Bram Sugarman
Bram Sugarman@bram·
Wonder who’s telling these VCs that these are bad investments… Telling yourself or your IC that the worst case is BigCo will acquihire was one of my earliest lessons in venture. Winning means betting big without trying to find downside protection.
Jai Sajnani@jaisajnani

wonder who's giving the major lab corp dev teams a heads up that based on the IC memos sent out across VCs last night, they're now on the hook to acquihire a dozen more 'cracked n of 1 teams' for at least 2x the liq pref in the next 12 months

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Max Brodeur-Urbas
Max Brodeur-Urbas@MaxBrodeurUrbas·
gumloop raised a $50m series b led by benchmark here's a video we had fun making about the journey back to work.
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Bram Sugarman
Bram Sugarman@bram·
@lessin Slightly different take: wrong move for (lazy) LPs, right move for (lazy) GPs… First two points could be titled, “How to fail in VC”. Second two points could be titled “How to succeed in VC.”
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sam lessin 🏴‍☠️
The VC Flight to ‘Deep Tech’ is almost certainly the wrong move for you Mr. Lazy-Narrative VC
sam lessin 🏴‍☠️ tweet media
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Bram Sugarman
Bram Sugarman@bram·
@arach They are competing for a seat at the new table. That table includes the foundational companies. Unknown whether those companies dominate competition in the long-term or continue as enabling platforms…
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Arach
Arach@arach·
Totally agree with you, with one caveat: the thesis may be that upstarts are competing for seats at a new table. There’s a short window to earn one. Once it closes, the appetite for new entrants drops and so the competitive pressure is among the few winners. There's probably a fancy name for that in econ, right?
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Bram Sugarman
Bram Sugarman@bram·
The underlying opportunity here is arbitrage. The perceived value of services is directly related to the perceived value of the human work-product. Short-term: maintaining human based pricing while doing the work with AI creates enormous value. Long-term: competitive pricing closes the gap.
Julien Bek@JulienBek

x.com/i/article/2029…

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Bram Sugarman retweetledi
Kaz Nejatian
Kaz Nejatian@nejatian·
This, I suppose, is as good a time as any to say this: we are hiring AI pilled founders - especially engineers. My DMs are open. In Office. Miami, Toronto or Seattle.
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Bram Sugarman
Bram Sugarman@bram·
We’ll look back at this as the starting point of a massive shift with wide ranging ripple effects. Difficult day for all those impacted. If you weren’t paying attention up until now, time to refactor your mental model for how companies are built…
jack@jack

we're making @blocks smaller today. here's my note to the company. #### today we're making one of the hardest decisions in the history of our company: we're reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are being asked to leave or entering into consultation. i'll be straight about what's happening, why, and what it means for everyone. first off, if you're one of the people affected, you'll receive your salary for 20 weeks + 1 week per year of tenure, equity vested through the end of may, 6 months of health care, your corporate devices, and $5,000 to put toward whatever you need to help you in this transition (if you’re outside the U.S. you’ll receive similar support but exact details are going to vary based on local requirements). i want you to know that before anything else. everyone will be notified today, whether you're being asked to leave, entering consultation, or asked to stay. we're not making this decision because we're in trouble. our business is strong. gross profit continues to grow, we continue to serve more and more customers, and profitability is improving. but something has changed. we're already seeing that the intelligence tools we’re creating and using, paired with smaller and flatter teams, are enabling a new way of working which fundamentally changes what it means to build and run a company. and that's accelerating rapidly. i had two options: cut gradually over months or years as this shift plays out, or be honest about where we are and act on it now. i chose the latter. repeated rounds of cuts are destructive to morale, to focus, and to the trust that customers and shareholders place in our ability to lead. i'd rather take a hard, clear action now and build from a position we believe in than manage a slow reduction of people toward the same outcome. a smaller company also gives us the space to grow our business the right way, on our own terms, instead of constantly reacting to market pressures. a decision at this scale carries risk. but so does standing still. we've done a full review to determine the roles and people we require to reliably grow the business from here, and we've pressure-tested those decisions from multiple angles. i accept that we may have gotten some of them wrong, and we've built in flexibility to account for that, and do the right thing for our customers. we're not going to just disappear people from slack and email and pretend they were never here. communication channels will stay open through thursday evening (pacific) so everyone can say goodbye properly, and share whatever you wish. i'll also be hosting a live video session to thank everyone at 3:35pm pacific. i know doing it this way might feel awkward. i'd rather it feel awkward and human than efficient and cold. to those of you leaving…i’m grateful for you, and i’m sorry to put you through this. you built what this company is today. that's a fact that i'll honor forever. this decision is not a reflection of what you contributed. you will be a great contributor to any organization going forward. to those staying…i made this decision, and i'll own it. what i'm asking of you is to build with me. we're going to build this company with intelligence at the core of everything we do. how we work, how we create, how we serve our customers. our customers will feel this shift too, and we're going to help them navigate it: towards a future where they can build their own features directly, composed of our capabilities and served through our interfaces. that's what i'm focused on now. expect a note from me tomorrow. jack

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Bram Sugarman
Bram Sugarman@bram·
@m_g_nichols Very few VCs actually play a different game. If they’re a safe bet for LPs they’ll make safe bets so they remain a safe bet for the next fund. Look at the data. Very few GPs achieve returns expected of the VC asset class. Those same underperforming GPs continue to raise funds…
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Michael Nichols
Michael Nichols@m_g_nichols·
It actually makes sense. LPs are thinking from a portfolio perspective among which VC is just one asset class. Is the GP good at navigating extreme uncertainty with high failure rates? That's just one bet in a diversified portfolio for an LP. The VC is playing a different game by going all in on one asset class. Given the base rates for failure, you have to place bets on unproven ideas and founders.
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Bram Sugarman
Bram Sugarman@bram·
On early stage investing: LPs don’t bet on first-time GPs with no track record and an empty diligence checklist. GPs achieve outlier returns by betting on first-time founders with no traction and little to diligence. Feels misguided in the new world of Venture.
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internetVin
internetVin@internetvin·
OBSIDIAN WAS MADE IN OAKVILLE ONTARIO, DO YOU UNDERSTAND HOW SIGNIFICANT THIS FUCKING SOFTWARE IS NOW?? HOLY SHIT, DO YOU UNDERSTAND HOW SPECIAL THIS IS NOW?? YOU FUCKING IDIOTS STEPH ANGO MADE IMPULSE THE WINAMP SKIN, AND NOW THEY.. THEY DID THIS, DO YOU UNDERSTAND? YOU CAN JUST ASK IT WHAT YOU THINK ABOUT SOMETHING OH MY GOD, WE HAVE MOVED INTO A BI-DIRECTIONAL WORLD MAN, TIM BERNERS LEE, TED NELSON, ARE YOU SEEING ALL OF THIS? YOU WERE RIGHT MAN, FUCK. it's gonna take me a bit man.
Obsidian@obsdmd

Anything you can do in Obsidian you can do from the command line. Obsidian CLI is now available in 1.12 (early access).

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arian ghashghai
arian ghashghai@arian_ghashghai·
i'm a first-time GP with little (investing) track record and an empty diligence checklist, and raised $5M to invest in weird stuff just like founders and VCs, there is an LP market for "pre-seed" GPs (no track record/empty diligence checklist), but it's dwarfed by the market size for "Series A" GPs (track record, diligence checklist) just like founders and VCs, a lot of pre-seed VCs spend all their time chasing Series A LPs and then blame the market when they don't close (vs their lack of understanding of their customer) if you're raising capital (as a founder or GP), imo it's better to index on finding and pitching investors that have already decided they'll invest in your kind of strategy at your stage
Bram Sugarman@bram

On early stage investing: LPs don’t bet on first-time GPs with no track record and an empty diligence checklist. GPs achieve outlier returns by betting on first-time founders with no traction and little to diligence. Feels misguided in the new world of Venture.

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