TechCrunch: The podcast "Found" is ending, but past episodes remain accessible for insights into startup founders' stories.
This Week in Startups: The podcast discusses the rise and fall of startups, notable tech achievements, and awards for standout companies and individuals in 2024.
TechCrunch - Saying goodbye to Found where we started
The podcast "Found" by TechCrunch, which shared stories of startup founders, is concluding. Hosts Becca Scut and Dominic Madori Davis reflect on their experiences interviewing a wide range of founders, from those working on innovative projects like reviving the woolly mammoth to well-known companies like Brex and Klarna. They emphasize the show's focus on AI and its early coverage of AI companies. Although new episodes will not be produced, past episodes remain available for listeners seeking insights into the human side of startup founders, especially when related news emerges about featured companies. The final episode revisits the first-ever recording with Aman Abed from Incredible Health, highlighting the show's journey and impact.
Key Points:
- "Found" podcast is ending, but past episodes are still available.
- The show covered a wide range of startups, including AI-focused companies.
- Listeners can revisit episodes for insights into founders' stories.
- The podcast provided a human interest perspective on startup journeys.
- TechCrunch continues to offer other podcasts like "Equity" and "Strictly VC Download."
Details:
1. 🎙️ Introduction & Sponsor Message
- Brex offers a financial stack specifically designed for founders.
- For more information, visit brex.com/TechCrunch.
2. 📢 Farewell to 'Found' Podcast
2.1. Farewell Message
2.2. Podcast Achievements
3. 🔙 Revisiting the First Episode
- The show's archives provide valuable context, especially when there's a major news announcement from companies featured on the show.
- The podcast offers insights into the human interest side of founders, enhancing understanding of the companies.
- The first episode was recorded on April 21st, 2021, featuring Daryl Etherington, Jordan Crook, and Aman Abed from Incredible Health.
- The episode delved into the challenges and strategies of Incredible Health, providing listeners with actionable insights into the healthcare recruitment industry.
4. 💼 Brex - Supporting Startups Financially
- Brex offers a banking experience tailored for startups with no minimums and no transaction fees, optimizing cash flow management.
- Provides 20 times the standard FDIC protection, enhancing financial security for businesses.
- Allows earning of industry-leading yields from the first dollar, maximizing potential returns on idle funds.
- Trusted by 1 in 3 US startups, indicating a strong market presence and reliability.
5. 🎧 Launching 'Found': A Founder-Focused Podcast
- The podcast 'Found' is focused on interviews with founders, covering their challenges and successes.
- Topics discussed include raising funds, pivoting strategies, and making difficult business decisions.
- The podcast aims to provide a more in-depth view than typical media coverage, offering the audience insights into 100% of the conversation rather than just 10%.
- The hosts bring over 10 years of experience in engaging with founders, promising candid and honest discussions.
6. 👩⚕️ Iman Abuzeid on Building Incredible Health
6.1. Introduction and Background
6.2. Challenges in the Healthcare Industry
6.3. Founding and Development of Incredible Health
7. 💡 Strategies for Successful Fundraising
7.1. Healthcare Recruitment Challenges
7.2. Solutions by Incredible Health
8. 🛠️ Innovating the Healthcare Marketplace
- Hospitals operate on very low margins and face challenges like understaffing, which leads to increased costs.
- Overtime costs at least 1.5 times more than regular wages, while contract workers cost double, and during the pandemic, this increased to 3-4 times more.
- Hospital executives are under pressure to reduce costs while maintaining high-quality care.
- Innovative scheduling software and AI-driven staffing solutions are being adopted to optimize workforce management and reduce reliance on costly contract workers.
- Hospitals are investing in telemedicine and digital health platforms to improve patient care efficiency and reduce operational costs.
- Data analytics is being used to predict patient flow and optimize resource allocation, thereby minimizing the need for costly overtime and contract labor.
9. 🤝 Leadership and Empathy During Crisis
- Quality of care decreases when understaffed, highlighting the importance of adequate staffing in healthcare settings.
- Having a background in both business and medicine can provide a unique advantage in healthcare leadership.
- The speaker's journey included completing medical school, choosing not to pursue residency, and instead moving into management consulting, which provided a strategic perspective on hospital operations.
- Experience in management consulting at Booz Allen and McKenzie developed skills in hospital operations and strategy.
- Pursuing an MBA at Wharton provided further business acumen, especially useful in the healthcare sector.
- Relocation to the Bay Area led to involvement in healthcare technology and software startups, suggesting geographic areas can influence career paths in tech and healthcare.
- Leading product at a healthcare technology company involved collaboration with engineers, designers, and data scientists, emphasizing the importance of cross-functional team leadership.
- Empathy in leadership is crucial, especially in crisis, as it helps in understanding team dynamics and patient needs.
- Specific examples of effective empathetic leadership include listening actively to staff concerns and prioritizing their well-being.
- In crisis situations, empathetic leadership can lead to better decision-making and improved patient outcomes.
10. 📈 Crafting Effective Business Models
- The speaker has aspired to start a high-growth company since medical school, inspired by entrepreneurial family background, indicating a long-term personal commitment to this goal.
- Believes that founding a company represents the pinnacle of a business career, showing that personal values align with entrepreneurial ambitions.
- Emphasizes the importance of developing specific skills such as leadership, strategic planning, and innovation management, which are crucial for successful entrepreneurship.
- Highlights the role of continuous learning and adaptation in skill development, suggesting a proactive approach to overcoming challenges in the business landscape.
11. 🌍 Expanding Vision and Addressing Industry Challenges
11.1. Strategic Partnerships and Founding Experience
11.2. Overcoming Healthcare Software Challenges
12. 🏆 Reflections on Ambition and Venture Capital
- Selecting the right investors and board members is critical; the relationships can last 7-12 years.
- Ensure investors are a fit both personality-wise and for the company's needs.
- Preference for investors with high integrity and experience as former operators, especially in marketplace businesses.
- Strong bias towards investors based in the Bay Area due to their extensive experience in Internet and software sectors.
13. 🙏 Acknowledgments and Podcast Closure
- Investors in the Bay Area exhibit lower risk aversion due to their frequent exposure to various investment cycles, which contrasts with investors outside the region who may be more conservative.
- The geographic concentration of investors in Silicon Valley facilitates efficient fundraising, enabling founders to conduct up to 20 meetings in a single day on Sand Hill Road.
- Founders should prioritize checking references from other Founders and CEOs when selecting investors. Weak references may indicate a poor fit, underscoring the importance of due diligence in the investor selection process.
- Understanding investor risk profiles can strategically guide founders in tailoring their pitch and approach to align with investor expectations and increase the likelihood of successful fundraising.
This Week in Startups - 2024 TWISTY Awards | E2066
The podcast episode covers a range of topics, including the spectacular downfall of the bookkeeping company Bench, which faced a major crisis and public fallout. The hosts discuss the Twisty Awards, highlighting breakout startups like Perplexity, Blue Sky, Codium, and Harvey, with Perplexity winning for its significant impact despite concerns about its long-term viability. They also discuss pre-IPO companies like SpaceX and Anduril, with SpaceX being the standout due to its scale and impact.
The episode also touches on the main characters of the year, including the PayPal Mafia and Lena Khan, and the significant influence of these figures in the tech industry. The hosts discuss the best tech products, such as Gecko Robotics and Boom Supersonic, and the funniest moments from the podcast. They conclude with a discussion on the best episodes of the year, highlighting interviews with notable figures like Brian Singerman and Will Gadera, and the impact of these conversations on the audience.
Key Points:
- Bench's downfall highlighted as a major event, showcasing the volatility in the startup world.
- Perplexity named breakout startup of the year, noted for its rapid growth and controversies.
- SpaceX recognized as the leading pre-IPO company due to its significant achievements.
- PayPal Mafia and Lena Khan identified as influential figures in the tech industry for 2024.
- Boom Supersonic's advancements in aviation technology highlighted as a top tech product.
Details:
1. 🔥 Ben's Spectacular Flameout
1.1. Company Failure and Market Challenges
1.2. Role of Venture Capital and Internal Dynamics
2. 🏆 Welcome to the 2024 Twisty Awards
- The Twisty Awards are an annual event that celebrates excellence and innovation across various fields at the end of the year.
- The 2024 Twisty Awards continue a longstanding tradition of recognizing outstanding achievements.
- This year's event emphasizes significant contributions and breakthroughs, with a focus on the impact and innovation demonstrated by nominees and winners.
- A brief history of the Twisty Awards highlights its origin and evolution as a platform for honoring groundbreaking work.
- The 2024 Twisty Awards aim to inspire future advancements by showcasing the successes of the current year.
3. 🌟 Breakout Startups of 2024
- Perplexity, an AI search engine, gained significant attention and raised substantial funds despite controversies over plagiarism and publishing rights, showcasing resilience and market interest.
- Blue Sky experienced rapid growth, particularly post-election, by capitalizing on disagreements with a competitor's ownership, illustrating strategic positioning in the market.
- Codium's new IDE 'Wind Surf' advanced AI programming assistance, contributing to its remarkable growth this year, demonstrating innovation in software development tools.
- Harvey, a vertical AI company, tripled its annual recurring revenue (ARR) in the first few quarters, indicating successful technology application in traditional sectors and substantial market demand.
4. 🚀 Pre-IPO Stars to Watch
4.1. CoreWeave - Neocloud Innovator
4.2. Databricks - Record Fundraising
4.3. SpaceX - Leading the Pre-IPO Pack
5. 👥 Main Characters in the Startup Scene
- Squarespace is highlighted as a top choice for startups needing a quick and efficient website creation tool, offering AI-powered design intelligence and built-in e-commerce capabilities, which is crucial for startups aiming for rapid market entry.
- Corweave is expected to have a significant IPO, targeting a $35 billion valuation, marking it as a standout in the GPU cloud sector. This positions Corweave as a leader in providing high-performance computing resources.
- Whiz rejected a buyout offer from Google, aiming for $1 billion in annual recurring revenue (ARR) next year, solidifying its status as a fast-growing cybersecurity company. This decision underscores Whiz's confidence in its growth trajectory and market potential.
- Scale AI demonstrated exceptional growth, with revenue tripling or quadrupling in the first half of this year, positioning it as a strong candidate for an IPO. This rapid growth highlights the increasing demand for AI-driven data solutions.
- Databricks is noted for being a strong private company with skepticism about going public, maintaining its position under current CEO Ali Ghodsi. This reflects a strategic decision to focus on sustainable growth while avoiding market volatility.
- SpaceX and Anduril are recognized for their prominent positions in their respective industries, with Anduril potentially becoming a highly talked-about IPO. These companies exemplify leadership in aerospace and defense technology sectors.
6. 💼 Notable Bag Secures of the Year
- The PayPal Mafia emerged as a dominant influence, with key figures like Elon Musk, Peter Thiel, David Sacks, and Keith Rabois impacting various industries significantly. Their strategic roles in innovation and investment have shaped market trends and business models.
- Lena Khan was noted for her disruptive influence, particularly through her anti-capitalistic and anti-free market policies, which have challenged traditional industry norms. Her potential transition to a role at Y Combinator underscores her prominent industry presence.
- The CEO of TikTok has played a crucial yet under-acknowledged role amid ongoing legal and regulatory challenges. Their leadership is pivotal in navigating the company through controversies and maintaining its global presence.
- Sam Alton's extensive deal-making prowess was highlighted as both a strength and a source of industry disruption, reflecting his ability to influence market dynamics through strategic partnerships and innovations.
7. 🏅 CEOs Making Waves
7.1. 🏅 CEOs Making Waves
7.2. Open Phone's Strategic Offering
8. 🎙️ Memorable Interviews of 2024
- Jensen Huang of Nvidia is recognized as an amazing CEO, featured in the new book 'The Nvidia Way'.
- Alex Karp of Palantir has led the company to significant appreciation this year, highlighting the long-term vision and early strategic positioning.
- Steve Huffman of Reddit has overseen an impressive stock market performance and strategic initiatives like Reddit Answers.
- Fidji Simo of Instacart has successfully transitioned the company to a stable public company status, implementing layoffs and developing secondary business strategies.
- Lisa Su of AMD is noted for her transformative leadership, deserving recognition as CEO of the last five years for reviving the company.
9. 💡 Insightful VC Guests
9.1. Revenue Growth at Scale
9.2. Interviews with Key Figures
9.3. Community's Role in Reddit's Success
9.4. Etsy's Impact in Ukraine
9.5. Technology Platform's Social Impact
9.6. Authenticity in Leadership
10. 📰 Biggest News Topics
- This Week in Startups runs its entire podcast and investment business on Notion, managing 100 companies a year.
- Notion is used as a single source of truth, enabling all team members to contribute to the same documents with integrated database functions.
- The platform supports a write-first culture, similar to Amazon, where best practices and documents are consistently updated.
- Notion is used for everything from note-taking to project management, with custom checklists for tasks like podcast preparation and investment deals.
- Specific example: Notion helps streamline investment deal processes by providing real-time updates and centralized document access for all stakeholders.
- Additional use case: Notion's templates and checklists enhance efficiency in preparing podcast episodes, ensuring consistency and thoroughness.
- The ability to integrate databases allows for efficient tracking and management of ongoing projects and investment portfolios.
11. 🔍 Top Tech Innovations
- The episode features top venture capitalists like Sarah Tavl from Benchmark and Aen Lee from Cowboy Adventures, highlighting their expertise and impact in the industry.
- Sarah Tavl is known for her aggressive and straightforward approach, contributing significantly to impactful conversations in venture capital.
- Aen Lee is described as having profound wisdom, likened to Obi-Wan Kenobi, indicating her deep industry knowledge and thoughtful responses.
- Interviews with these VCs are highly valued, providing dense and meaningful insights despite being less frequent, particularly in the case of Aen Lee who rarely appears on speaking gigs.
- The episode also includes a $97 billion VC panel, reflecting the significant scale and influence of the participants involved.
- Sarah Tavl's discussion focused on the importance of adaptability in investment strategies, which has led to a 20% increase in successful portfolio exits for Benchmark.
- Aen Lee emphasized the role of ethical considerations in investment decisions, which has become a key differentiator for Cowboy Adventures, attracting top-tier startups focused on sustainable innovations.
12. 😂 Funniest Moments of the Year
- Several startups ended up in the 'startup graveyard' despite massive funding: Invision raised over $350 million, Bower raised $600 million, and Caffeine almost $300 million.
- Bench's failure was marked by poor customer relations, resulting in a public fallout, including a tweet storm by the founder.
- Invision, despite being a beloved product competing with Figma and Adobe, struggled and shut down after selling part of its business.
- Bowery's failure, despite its multi-billion dollar valuation and significant investment, highlights challenges in the vertical farming sector.
- These failures underscore the volatile nature of the startup environment and the importance of sustainable business models even with substantial funding.
13. 📉 Startups That Didn't Make It
- The theme of 'no exits' is prevalent, indicating that startups are struggling to achieve successful exits, which is causing distress in the venture capital sector.
- The 'race to super intelligence' is a global theme impacting technology advancement, particularly in AI, affecting every individual.
- A strategic approach of maintaining static team sizes while increasing efficiency by 30-40% annually through automation and process optimization is highlighted.
- Clara's case exemplifies profitability increase by reducing headcount and leveraging AI, showcasing a trend among startups to enhance efficiency without expanding teams.
- The political implications of immigration are discussed, including potential shifts in voter demographics that add unpredictability to political outcomes, linking economic themes with broader societal impacts.
14. 📊 Major Themes and Trends
- Gecko Robotics' Caldron AI system exemplifies cutting-edge advancements in robotics and AI, with potential applications across industries for enhanced automation and efficiency.
- True Anomaly's Jackal AOV represents a breakthrough in autonomous technology, paving the way for more sophisticated space exploration vehicles, highlighting its strategic role in future space missions.
- UDO's AI music generator signifies a transformative shift in music production, offering unprecedented customization and creative possibilities for artists and producers.
- Notebook LM emerges as a pivotal tool in data processing and analysis, underscoring its growing significance in research and professional environments.
- Boom Supersonic's one-third size tester showcases significant speed enhancements in aerospace, promising to revolutionize air travel with its potential to cut travel times dramatically, such as reducing New York to LA flights to about 3 hours. This could have profound implications for global connectivity and business operations.
