Tremendous

An angel investor's take on life and business

  • Hedge Fund ‘Returns’ Mostly Swallowed by Fees

    These hedge fund fees are getting ridiculous. Some are taking almost 60% of investment gains, according to a new Bloomberg report.

    These days, a handful of large multistrategy funds dominate the hedge fund industry. Investors are falling all over themselves trying to write bigger and bigger checks into the same funds.

    This means they can charge whatever they want in expenses. Those fees are reducing returns to very low levels.

    Some funds are passing through 100% of their expenses to investors. Those funds returned just 6% after fees last year.

    Six percent?! I could get 5.5% in a bank account!

    Why should I give my money to a hedge fund that might lose it when I could get practically the same return, guaranteed with FDIC insurance, and the fee is 0?

    Big hedge funds are operating like government contractors: cost plus. They pass all the costs on to you. This means they have every incentive to make those costs as high as possible.

    Steaks all around! After all, we’ll never see a bill…

    It all comes down to what Gordon Gekko said in one of my favorite movies, Wall Street:

    “You are all being royally screwed over by these bureaucrats with their steak lunches, their hunting and fishing trips, their corporate jets and golden parachutes!”

    Gordon Gekko

    Funds should go back to the traditional 2 and 20 model. That’s already high enough! Limits on the costs they can pass through give managers a reason to keep them under control.

    Otherwise, investors may just take their money elsewhere.

    What do you think of hedge fund fees? Leave a comment and let us know!

    If you enjoyed this post, subscribe for more like this!

    More on markets:

    Why Can’t Ken Griffin Beat the S&P 500?

    Is Adam Neumann Buying WeWork?

    Tiger Venture Chief Out in Management Shakeup

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • Diving into Steak and Sides at Del Frisco’s

    On the crisp linen tablecloth sat a thick, leatherbound menu. I cracked it open. This was going to be an incredible meal.

    This is Del Frisco’s Double Eagle Steakhouse in NYC.

    The light streamed through tall windows as we made our selections. Hmm…so many choices…

    Oooh, bread!

    I dug my claws into a massive tray of rolls sopping with butter, taking an immodest portion. Hopefully no one else wanted any.

    No matter how fine the fare, why is bread always one of the most exciting moments in a meal?

    I made a little polite conversation, but my mind was on only one thing: my octopus.

    The tentacles rested on a bed of fragrant chimichurri sauce. Shaved almonds added a nice crunch, contrasting with the texture of the octopus.

    Delicious.

    I used to think I hated octopus. I had only ever had it raw. Long story — lots of time in Japan.

    But last year, I found out I actually love it, so long as it’s cooked. Del Frisco’s serves it lightly grilled, a great preparation.

    Next came the sides…

    Waiters started laying in front of us steaming dishes of all the steak house classics: creamed spinach, mashed potatoes, asparagus and more. My eyes locked onto the creamed spinach, ma cherie amour.

    I began to think of it as my creamed spinach. Surely no one loves it as much as I?

    Needless to say, my portion was healthy.

    And never forget la piece de la resistance, the steak.

    Not my steak, but a beautiful steak. I ate mine before I could get a picture. 🙂

    I ordered an 8 oz filet, medium rare. The peppery crust on the outside perfectly complemented a tender interior — lovely.

    I stuffed my face with mashed potatoes, spinach, and more bread. Life doesn’t get much better than this.

    “Dessert?”

    Uh, of course! Who do you think you’re dealing with?

    I ordered the chocolate mousse cake. The fellow next to me went with butter cake — intriguing.

    Our desserts came out, beautifully decorated. I sunk my fork into the chocolate mousse. It felt like plunging my hand into a snow bank — smooth, soft, yielding.

    The creamy mousse with a hint of cocoa bitterness was just right.

    My dining companion seemed overjoyed with his butter cake. I’ll have to get that next time!

    Del Frisco’s is located on Sixth Avenue in Midtown Manhattan. Finding the entrance is a bit tricky — it’s actually just around the corner on 49th Street.

    Del Frisco’s also has other locations in major cities across the country. Stop in for a great steak — and don’t forget the spinach!

    What’s your favorite steakhouse? Leave a comment and let us know!

    Have a wonderful weekend everyone!

    If you enjoyed this post, subscribe for more like this!

    More on food:

    In Porto

    Korean Noodle Heaven at Food Gallery 32

    In Search of the Perfect Jersey Slice

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

  • Seed Valuations Hit All-Time High in 2023

    So much for the down market. Seed valuations reached an all-time high in 2023, according to a new report from Pitchbook.

    Median pre-money valuations hit $12 million last year. This was higher even than the peak of the 2021 bubble, when they sat around $8 million.

    For seed valuations, there has been no downturn at all. Prices have kept rising every year since 2020 with no end in sight.

    Why Is Seed Hotter Than Ever?

    The late stage market is a mess and venture funding overall has fallen by well over 50%. So why is seed stage doing so well?

    Many multistage funds got burned badly with late stage investments. But they’re still sitting on giant piles of cash to deploy.

    They also have younger staff eager to write some checks. So they give them a little money and say “Go play at seed.”

    Pre-seed and seed are also the most insulated from public markets. Although the Magnificent 7 are crushing it, tech as a whole isn’t.

    The NASDAQ remains below the market peak. And many tech stocks are still down 75% or more.

    Many managers want to stay as far away from that carnage as they possibly can.

    What I’m Seeing Right Now

    Here’s what I’m seeing today in the market…

    Deal volume is up from last year, a welcome change.

    Through much of 2022, so few deals were actually closing that it was hard to invest in as many companies as I’d like to. I did just 7 deals last year, compared to a typical pace of 10-12.

    However, the quality of those deals was very high.

    Companies are doing more with less. The down market makes founders wary of spending money, and AI means they can hire fewer people while actually getting more done.

    When a company does make it to seed these days, it often has a ton of revenue.

    In 2021, I saw seed deals get done with little or no revenue all the time. These days, I’m investing in seed and even pre-seed deals that routinely have $1-2 million in revenue.

    Those companies would’ve easily gotten a Series A in 2021, maybe even a B. Today, they close a healthy seed round, but no more.

    For me, this is an incredible opportunity!

    Who wouldn’t want to invest with more traction at the same price? A company with $2 million ARR is a much less risky bet than one with $60,000.

    Wrap-Up

    Markets are ripping now and the IPO window may come unstuck by mid-year. If that happens, I expect to see more money pour into venture, pushing those seed valuations even higher.

    I want to keep loading up on these amazing, de-risked early stage startups as long as I can. Make hay while the sun shines!

    What are you seeing at the early stage right now? Leave a comment and let us know!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    Common Startups That Don’t Work

    Is Adam Neumann Buying WeWork?

    The Mechanics of Investing in a Startup

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    Use this link to sign up and you’ll save $15 on your first order. 

  • Common Startups That Don’t Work

    I look at around 2,000 startups a year. Certain ideas pop up over and over — and keep failing.

    Today, I thought I’d break down a few common startup ideas I see, and why they tend to go wrong.

    1) Geolocation – “An app to find your friends and hang out” is everyone’s first startup idea.

    You see where your friends are on a map. Turns out Jim is around the corner from you — let’s hang out!

    The problem is that nobody wants this. Most people don’t want others knowing where they are all the time, even friends.

    What’s more, if I want to hang out with Jim, I can just text him! I don’t need your app.

    2) Event tech – Platforms to find local events are everywhere. The problem is, the biggest winner, Eventbrite, is worth less than $1B.

    This is a small and crowded market. It’s hard to create a unicorn here.

    There are some unique spins on event tech. But most of the platforms are Eventbrite with a different name, and there’s just no reason for anyone to try them.

    3) Dating apps.

    Just about every conceivable variation on a dating app has been tried. There are apps for Christians, apps for group dates, and apps for short guys.

    Hardly any of them ever catch on.

    You need a critical mass of people to get a dating app going. And if everyone’s already meeting people on Hinge or Tinder, who needs a new app?

    The revenue model is usually ad supported with some paid users. The lifetime value of each customer is so low that you can’t afford paid ads.

    This means you have to go viral — easier said than done.

    I sense enormous dissatisfaction with dating apps. But all in all, the existing ones seem to be serving people well enough.

    It’s kind of like McDonald’s. Everyone says they hate it, but they sell a billion hamburgers a day.

    Wrap-Up

    In the end, startupland is like Hollywood: nobody knows anything.

    You could build a geolocation app, pitch it to me, and I could pass. It could go on to become a $100 billion company, and I’m left crying in my cold brew, wondering how I missed it.

    If you have a unique spin on one of these areas, and you can honestly say your experience is 10x better than the competition, go for it! And if it starts to catch on, save a slice for Francis, won’t you?

    What are some common startup ideas you see? Leave a comment and let us know!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    Is Adam Neumann Buying WeWork?

    The Mechanics of Investing in a Startup

    Make It New

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • Is Adam Neumann Buying WeWork?

    Neumann’s back! Founder Adam Neumann is trying to “purchase [WeWork] or its assets” out of bankruptcy, according to a letter from Neumann’s attorneys.

    Meet the New Founder, Same As the Old Founder

    Neumann built WeWork from the ground up, but his overspending and self-dealing tanked the company’s 2019 IPO. The startup finally succeeded in going public two years later at a much lower valuation.

    Neumann’s attorneys claim that WeWork has been unwilling to share financial information that would help in a financing or takeover. WeWork’s management may be wary of letting the controversial founder back into the fold.

    As DealBook put it:

    It’s unclear whether WeWork’s stakeholders would be comfortable selling the company back to the man whom some of them see as helping to create its troubles.

    Neumann Wants WeWork More Than Anyone Else

    Neumann is a loose cannon. But who wants WeWork more than him?

    For Neumann, this is unfinished business. In 2019, he was pushed out of the company he started and left for Israel, his childhood home.

    But shortly thereafter, Neumann bought over $1 billion in apartments across the Sun Belt, later announcing a new startup, Flow. At the same time, Neumann announced $350 million in funding from a16z.

    It’s unclear how much of that money Neumann has left 18 months later. But between Flow’s bank account and whatever he can raise from institutions, Neumann should be able to submit a compelling offer for WeWork.

    What’s the Alternative?

    Does anyone else want this thing?

    WeWork is drowning in debt. The company is losing over $100 million a month according to its latest quarterly report.

    Above all, WeWork needs to renegotiate leases in order to become a viable business. The company’s footprint is too large, and many of the agreements were signed at the peak of the market.

    But lease renegotiations aren’t making much progress. Indeed, landlords have complained that WeWork hasn’t been responsive to their inquiries, according to the Financial Times.

    The bottom line is WeWork is almost broke and needs to buy time. And love him or hate him, Neumann is there, cash in hand.

    Wrap-Up

    Last July, I predicted that Neumann would try to buy WeWork. The iconic brand, low price and personal history made that a pretty easy call.

    Neumann wants the deal. But WeWork needs it desperately.

    Despite his flaws, bringing Neumann back is the best outcome for WeWork. Without the founder, it may not survive much longer.

    Should WeWork sell to Neumann? Leave a comment and let us know!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    The Mechanics of Investing in a Startup

    Make It New

    If You Want to Raise a Series A, Cut That Burn

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • The Mechanics of Investing in a Startup

    Note: This is not investment or legal advice.

    Once you’ve decided to invest in a startup, how do you actually finalize the deal? This morning, I’m signing and wiring for a new investment. Here’s how it works…

    1) Term Sheet. The lead investor generates a term sheet. This document tells us how the investment round will work.

    The term sheet will say how much money is being invested in the company. It will also tell us the valuation and the type of financing (SAFE, priced round, etc.).

    Angel investors don’t lead rounds or generate term sheets. As an angel, deals are “take it or leave it.”

    2) Review and sign docs.

    When the financing is ready to close, you get a ton of documents to sign. These generally include stock purchase agreements, rights of first refusal, etc.

    In total, you’re looking at over 100 pages of dense legalese. I generally skim it looking to confirm key details, like the amount of money raised and the post-money valuation.

    Many early stage financings are done using a SAFE. This is a standard document from Y Combinator’s website. The SAFE saves you time and legal fees compared to drafting a more complex agreement.

    If the financing is done with a priced round, most startups use standard documents from the National Venture Capital Association (NVCA). Like the SAFE, using standard docs saves time, effort, and money.

    I usually get these documents as a Docusign link. I review them and sign them online.

    3) Wiring.

    Given how complex the whole process is, you could almost forget the entire point: getting cash into the startup! Let’s take care of that final, all-important step.

    You usually make an investment in a startup using a wire transfer.

    Most banks can do this. Some even provide free wire transfers, which is really nice if you make a lot of startup investments like I do.

    The startup will give you its wiring info. This includes the bank name, account number, etc.

    I go to my bank’s website, initiate a wire transfer, and type in the info the startup gave me. Whoosh, money heads from my account to theirs.

    And we’re finally done!

    It would be nice if you could do this with an ACH. Every bank can do those, generally free. But in the vast majority of cases, wiring is the only option.

    Wrap-Up

    Meeting startups and deciding to invest in them is fun! Reviewing legal docs, signing, and sending wires is kinda boring.

    But it’s critical.

    Once you’ve agreed to invest in a company and they’ve sent you the signing and wiring info, you should always sign the docs and wire right away. I try to wire same day if at all possible.

    Being easy to work with helps your rep as an investor. It’s also just being a good human.

    Okay, off to find more startups!

    What questions do you have about investing? Leave a comment and let me know!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    Make It New

    If You Want to Raise a Series A, Cut That Burn

    You’re Not Going to Get That Dry Powder

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    Use this link to sign up and you’ll save $15 on your first order. 

  • Make It New

    “Make it new.”

    Ezra Pound

    Uber and Airbnb are the biggest winners of the last cycle. Their markets are very different, but here’s what they have in common: both were fundamentally new.

    Until Airbnb, no one had ever made it easy to rent someone’s spare room. And the first time I tapped on my phone and a car showed up, I wondered if I was dreaming.

    These days, companies doing something totally new go to the top of my list.

    My New Way of Judging Investments

    As an investor, I look at lots of factors: market size, product quality, founder backgrounds, etc. But a moment in a recent episode of This Week in Startups stopped me cold.

    “I’m looking for things that are new.”

    Zach Coelius, angel

    It struck me: this is what Uber and Airbnb really have in common. They weren’t slightly better versions of something else — they were fundamentally different.

    “Is it new?” is a simple but powerful way to filter startups.

    Fundamentally New vs. A Little Better

    Uber and Airbnb provided fundamentally new experiences that people want. There might have been a company or two that had taken a shot at these markets (Taxi Magic and Couchsurfing.com come to mind), but no one had done it successfully.

    Most startups aren’t like Uber and Airbnb.

    They’re not doing anything new. They’re doing the same thing other companies do, a little better.

    Well, they say it’s better. Their competitor probably says otherwise.

    They wind up fighting it out over Google and Facebook ads to the same customer base. In the end, they burn lots of money and never really make it big.

    Wrap-Up

    There are a thousand ways to judge a startup.

    How fast is it growing? How big is the market? What has the team done before?

    But for me these days, the biggest question is “Is this new?” When I see something I’ve never seen before, that’s when I want to learn more.

    What’s the coolest new tech you’ve seen lately? Leave a comment and let us know!

    Have a great weekend, everyone!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    If You Want to Raise a Series A, Cut That Burn

    Look Who’s in Times Square!

    How to Build Something People Want

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 

  • If You Want to Raise a Series A, Cut That Burn

    Series A may be the hardest round to raise. But new data shows that cutting burn can give you a huge advantage.

    Startup advisory firm Kruze Consulting released an extensive report yesterday based on data from about 100 seed stage startups. All tried to raise a Series A in 2023.

    Burn Multiple Reigns Supreme

    Kruze compared startups that raised successful Series A’s with startups that failed to raise and shut down. The most staggering difference between the two: capital efficiency.

    Average Burn Multiples
    Successful raise: 1.7
    Failed raise and shutdown: 22.0

    Wow! That’s an incredible disparity.

    Companies that closed a Series A lost just $1.70 for each additional $1 of revenue they added. Meanwhile, the failed startups incinerated a staggering $22 just to add a single dollar in revenue.

    Amazing Growth, But…

    Burn multiple was a stronger predictor of raising a Series A than growth alone. Companies in Kruze’s data set growing as fast as 10x YoY failed to raise an A and shut down.

    This wouldn’t have happened in 2021. Anything growing that fast would be swimming in VC dollars.

    Now, when VC’s look at a company, they want to know if it will be able to raise more money in the future. A capital efficient business is in a good position to raise again, despite the down market.

    But if the margins are low, the picture is much darker.

    The founder may just burn the cash quickly, be unable to raise more, and go under. Bye bye investment.

    Inside the Series A Market

    One of my companies is closing a Series A right now. Despite the down market, they’ve had no trouble lining up investors. I’m upping my bet as well.

    These folks made it look easy because their growth is strong and their burn is tight.

    Had these founders burned cash with abandon, this Series A might well have never happened. But their discipline is paying off.

    Wrap-Up

    When I’m considering a new investment, I always ask about burn rate and runway.

    These days, no one can count on getting funding. Businesses have to spend wisely and have a clear path to breakeven.

    The good news is that the startups built in today’s down market are lean and hungry. In 10 years, these companies will dominate the world.

    What are you seeing in the market today? Leave a comment and let us know!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    You’re Not Going to Get That Dry Powder

    Look Who’s in Times Square!

    How to Build Something People Want

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    I wrote a detailed review of Misfits here.

    Use this link to sign up and you’ll save $15 on your first order. 


  • You’re Not Going to Get That Dry Powder

    VC’s have over $300 billion of money they haven’t invested, also known as “dry powder.” But you may never get it.

    What Is Dry Powder?

    Let’s say I’m running investments for Francis University.

    I decide to invest in ABC Ventures. I promise to invest $100,000,000 — so that means I need to wire $100,000,000 right?

    Well, not exactly…

    All I’m really doing is signing an agreement. I might have to send $25,000,000, not the whole $100,000,000.

    On Day 1 before they make any investments, ABC Ventures has my whole $100,000,000 as “dry powder.” But there’s only $25,000,000 of that in their bank account.

    “Your Call Is Important to Us”

    Eventually, ABC Ventures will invest the money that I and the other investors (known as Limited Partners, or LP’s) sent. When they’re running low, ABC will put out a “capital call.”

    ABC will tell Francis University to send in the next $25,000,000. I’ll have 2 weeks to do it.

    ABC will keep investing. Eventually, there will be another capital call, until I’ve sent in the whole $100,000,000.

    “Reduce Speed”

    Keep in mind, this relationship is a two-way street. ABC can call down capital — but we can tell them to slow down.

    Francis University is their biggest LP. They hope to work with us for many funds, not just this one.

    In short, they don’t want to piss us off.

    Why Are LP’s Pulling Back?

    Why does Francis University want to slow down? Because, like many big LP’s, we have a “denominator problem.”

    Our target allocation to venture capital is 10% of the endowment. But our stock portfolio is treading water — even though our VC funds are still marked up to 2021 prices.

    Instead of being 10% of the endowment, venture capital is now 20%.

    My bosses are getting nervous. This is way too much for a risky asset class.

    If Francis U slows down on sending in more capital to ABC Ventures, we avoid pushing that 20% even higher. Given enough time, we’ll get more liquidity through IPO’s, and the denominator problem is solved.

    Cheering From the Sidelines

    Meanwhile, inside the sleek glass offices of ABC Ventures…

    “We better slow down our investments. LP’s are getting nervous. I just heard from Francis University this morning.”

    “Right. Let’s go to Aspen!”

    And this, dear founder, is why you can’t get your deal done.

    Those VC’s “have” $300 billion they haven’t deployed. But they don’t really have it — it’s theoretical.

    Over time, a lot of that money will get invested. But VC’s are spending it slowly.

    Wrap-Up

    VC’s may be sitting on a fortune. But if you’re a founder, don’t count on getting it.

    Run your business as if you’ll never be able to raise another cent.

    Then if you can raise on decent terms, great. If not, no factor.

    What are you seeing in the market now? Leave a comment and let us know!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    What It Takes to Raise Money Today

    Look Who’s in Times Square!

    How to Build Something People Want

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    Use this link to sign up and you’ll save $15 on your first order. 

  • Look Who’s in Times Square!

    When I first started investing, I dreamed of seeing one of my companies on a billboard in Times Square. I thought it would take 10 years. Turns out, it only took 2.

    Micro1, a startup I invested in last year, was just featured on the Nasdaq billboard in Times Square! This is a dream come true for me, founder Ali Ansari, and the whole Micro1 team.

    Micro1 is the best way to find engineers. They use AI and humans to find the top 1% of engineers, upskill them in using AI tools, and deliver them to you.

    Since I invested last summer, I’ve watched the team work like crazy, shipping product faster than I’ve ever seen.

    Building an early stage startup usually means toiling in obscurity. The wider world hasn’t heard of you, and it’s hard to make people care about what you’re working on.

    Investing in early stage companies isn’t much different.

    So when your work is recognized, it feels really good! And though we may be a long way from the finish line, we should stop and enjoy the moment.

    What I learned from this experience is that your dreams can come true. And they can come true a lot faster than you think.

    You can’t control when it happens. All you can control is the work you put in.

    But if you give it your best for long enough, you’ll start to see results!

    The next time Micro1 and Nasdaq team up, it might be for an IPO!

    What dreams do you have for your startup or your investments? Leave a comment and let us know!

    If you enjoyed this post, subscribe for more like this!

    More on tech:

    How to Build Something People Want

    What It Takes to Raise Money Today

    Meet the New Founder, Same As the Old Founder

    Save Money on Stuff I Use:

    Fundrise

    This platform lets me diversify my real estate investments so I’m not too exposed to any one market. I’ve invested since 2018 with great returns.

    More on Fundrise in this post.

    If you decide to invest in Fundrise, you can use this link to get $100 in free bonus shares!

    Misfits Market

    I’ve used Misfits for years, and it never disappoints! Every fruit and vegetable is organic, super fresh, and packed with flavor!

    Use this link to sign up and you’ll save $15 on your first order.