Cold all matters

Cold outbound is a way under-appreciated early growth channel.

In my research into how the best B2B startups got started, cold outbound was the 2nd most common growth channel—only behind reaching out to friends and former colleagues.

But, you need to be clever about it.

In the image gallery, I've shared a bunch of examples. Here's an overview:

When starting Retool, David Hsu mined Crunchbase to find companies who just raised money within their target segment (delivery startups, fintech, stuff that’s very operationally heavy), and cold-emailed them.

Dylan Field built a custom app to find the most influential designers on Twitter and cold DM'd them to get their feedback on the early version of Figma.

Ryan Glasgow found all 10 of Sprig's early customers going cold outbound emails, with help from his investors First Round Capital and Y Combinator.

Christina Cacioppo scoured the YC network for past startups (aka later stage), and cold emailed anyone who ever mentioned the word "compliance" about what she was building at Vanta.

The founders of Zip (currently valued at over $1.5B) cold DM'd people on LinkedIn to get "feedback."

Also, as a bonus, the signal you get from cold outbound is the purest signal you'll get for whether your idea even has legs, as David Hsu (founder of Retool) describes in the final image.

For muuuuuuch more, don't miss the full post: https://lnkd.in/gUzaSCk8

구글 Deepmind 의 논문 "Large Language Models as Optimizers" 를 보면 기존에 알려진 뛰어난 prompt인 "Let's think step by step"보다 더 나은 prompt들을 AI가 찾아주는데, 그 내용을 보면 전혀 상상하기 힘든 내용들이 상위권이네요

AI가 인간을 이해하는게 아니라 이제는 인간이 AI를 이해하려는 노력이 필요할지도 모르겠습니다 ㅎㅎ

(위는 인간들이 찾은 기존 최고의 prompt들, 아래는 모델별로 최적화된 prompt를 AI가 찾은 예제들..)

정말 뛰어난 동료들과 같이 담대한 비전을 가지고, 새 여정을 시작할 수 있다는 것은 큰 행운입니다. 그리고 이런 이상적인 꿈을 응원해주는 주주들을 저와 제 비전에 공감해주고, 여정의 시작점부터 같이 할 수 있는 것도 큰 복입니다. 알파고로 유명한 딥마인드에서 Product Lead를 했던 Jason Zhao와 수년 간 애플/아마존에서 오래 일하고, Pocket Gems 경영진 출신의 Jason Levy와 준비했던 Story Protocol의 비전을 안드레센 호로위츠(a16z)가 리드한 720억 규모의 ($54M) 펀드레이징과 함께 최근 발표했습니다. a16z는 지금까지 두 라운드를 리드를 했고, Hashed도 첫 번째 투자를 공동 리드했습니다.) 비전밖에 었던 저에게 거액을 가장 먼저 commit하고, 거의 회사를 incubating한 a16z와의 경험은 너무나 인상적이어서 아래 더 서술합니다. https://venturebeat.com/games/story-protocol-raises-54m-to-blend-web3-and-intellectual-property-creation/

대학 졸업 후, 지난 10년 간, 기술과 콘텐츠 산업의 접점에서 사업을 전개 해왔습니다. 인쇄 기술부터 인터넷, 생성 AI까지 tech disruption이 있을 때마다, 항상 가장 큰 직격탄을 받는 것은 미디어 산업입니다. 첫번째 사업은 광고기반 비지니스모델이 더 이상 작동 안하는 저널리즘 산업을 혁신하려는 Byline을 했었고, 두번째 사업은 할리우드식 집단장착과 모바일게임의 비지니스모델과 Growth Hacking을 가장 제작비용이 덜드는 원천 IP인 소설업계에 이식하는 실험을 했습니다.

철학과 출신인 저의 이상주의일 수 있지만, 콘텐츠 사업의 비지니스 모델을 해결하는 사업들을 하면서, 콘텐츠 제작과 유통 자체의 근본적 법칙을 바꾸는 프로젝트를 하고 싶은 갈증이 더 커졌습니다. 넷플릭스같은 플랫폼이든, 디즈니같은 스튜디오든, 콘텐츠산업은 막대한 제작비용과 마케팅 비용을 끊임 없이 출혈해야 합니다. 그래서 작년만 해도 미국 박스오피스 10위 안에 드는 영화는 이미 나온 세계관의 전편, 후속편, 외전들밖에 없습니다.

제작비라는 input을 넣어, 콘텐츠라는 output을 마케팅비를 던져 수많은 콘텐츠의 범람 속에서 경쟁시키는 모델에 변화를 찾고 싶었고, 답은 IP 생산과 유통 자체를 네트워크화시킬 수 있는 protocol이라고 생각했습니다. IP의 제작, remixing, 유통 과정 전반에 모든 참여자들에게 적절한 ownership과 incentive를 주어 IP 자체를 네트워크화시킬 수 있는 프로토콜을 개발하고 있습니다. 나름 비유를 하자면, software development을 자체를 global network화시킨 Git처럼, “Git for IPs with ownership and incentives”를 만들고 있습니다. 저희 회사의 비전은 이 maniefsto와 제tweet thread에서 더 읽으실 수 있습니다.
https://www.storyprotocol.xyz/media/vision
https://twitter.com/storysylee/status/1699422890448286009?s=20

a16z주도의 투자는 20대 초반부터 저의 성장을 오랫 동안 지켜 봐왔던 선배이자 멘토들의 지원으로 가능했습니다. 대학 졸업 후, 바이라인 때부터 지난 10년 간 창업의 모든 중요한 결정 과정에서 큰 도움이 되는 주셨던 대학교 선배인 Microsoft 전 전략 총괄 Charlie Songhurst의 소개로 a16z를 이끄는 Marc Andressen을 만나게 됐고, Marc가 정말 친하고 리스펙트하는 Charlie의 추천이 큰 역할을 했습니다. 그리고 7년 전인, 래디쉬 사업 초기부터 저의 온갖 고민 상담을 지겹게 들어주셨던 해시드 Seojoon Kim 대표님의 작년 Forbes Midas List no.1을 장식한 Chris Dixon의 소개로 가능하게 됐습니다. 래디쉬 초기에 Knowre와 같이 위워크 사무실을 쓰면서, 항상 침착하신 서준대표님을 시도 때도 없이 찾아가서 괴롭힌 기억이 아직도 생생합니다. 래디쉬 엑싯 후, 저를 Hashed의 Venture Partner로 초대해주셨고, 블록체인 산업의 최전선을 눈 앞에서 목격하게 되면서큰 배움을 얻었습니다. Hashed에서 경험이 Story Protocol의 비전을 꿈꾸는데, 큰 도움을 줬습니다. 그리고 가장 첫 라운드를 co-lead를 해주셨습니다. Baek Kyoum Kim Seojoon Kim

a16z와의 경험은 정말 인상적이었습니다. Marc Andressen의 hyperintelligence는 워낙 잘 알고 있었고, 만났을 때 정말 똑똑하고 비저너리하다고 느꼈지만 (특히 미디어사업에 대한 열정은 엄청났습니다..), 창업자로써는 시원하게 밀어주는 것이 가장 인상적이었습니다. 비전밖에 없던 저에게 꽤 큰 투자를 하시면서, Marc Andressen은 저에게 이렇게 주문해주셨습니다. "회사에 EIR이라는 직책이 없다. a16z의 EIR이라고 생각하고, 회사를 만드는데 모든 필요한 리소스를 a16z에서 가져다 써라. 정말 좋은 경영진 후보군이 있는데, 클로징이 안되면 나도 만나서 같이 도와줄 수 있다."

사업 초기에 현재 같이 일하고 있는 co-founder들을 일일이 만나, 다 클로징에 도움을 주셨고, CTO직책같은 경우는 최종 후보인 5명 이상을 Netflix출신 a16z CTO가 일일이 다 인터뷰를 하며 일일이 각 후보의 pros and cons를 자세히 써주시며, 같이 screening했습니다. 회사의 인맥을 동원에서 다양한 reference check도 받았습니다. 그래서 Google Deepmind, Amazon, Dapper Labs, Flow Protocol, Harmony Protocol 등의 핵심 인재나 경영진들을 모을 수 있었습니다. 실제로 Marc Andressen까지 escalte되지는 않았지만, Chris Dixon의 설득으로 간당간당했던 후보자들이 막판에 넘어온 케이스도 있습니다. Business Development에서도 WME, Frieze, UFC 등을 가지고 있는 Endeavor의 Ari Emmanuel을 소개해, 투자를 이끌어내고, 각종 Hollywood Talent나 IP holder들 중 중요한 건들은 같이 설득을 해주시는 경우도 많습니다. 저희 회사에 참여한 Dark Knight시리즈를 다 쓰시고, 현재 Apple TV+ Foundation의 showrunner이고, Netflix의 Sandman의 co-creator인 David Goyer가 그렇습니다.

이외 수많은 각종 도움들을 받았지만, 아예 저희 회사에서 같이 일하는 경우도 있습니다. 인세티브 다지인의 세계적 권위자인 하버드 종신 교수 Scott Kominers는 현재 휴직을 내고, a16z의 Research Partner로 일하는 중입니다. Subculture의 Geek이면서, Quora의 Economist-at-Large등을 역임한 Scott Kominers는 같이 일하는게 너무 재밌어서 매주 열시간 이상 저희 회사에 출근을 하게 됐고, 저희 팀원처럼 일하고 있습니다. 이렇게 recruiting을 포함한 engineering, protocol design, business development, protocol design 등 다방면에서 협업을 한 후, 아주 최근 큰 규모의 후속 투자를 a16z에서 다시 단행하며, 두 라운드를 리드했습니다.

아직 정말 갈 길이 멉니다. 하지만 다시 꿈을 꿀 수 있어서 정말 즐겁고, 저보다 훨씬 뛰어난 팀원들과 멋진 주주 분들이 같이 해줘서 큰 힘이 됩니다.

https://venturebeat.com/games/story-protocol-raises-54m-to-blend-web3-and-intellectual-property-creation/?fbclid=IwAR2Lp7LX2eK0nHfR2MhNc_yM0MieqV2TUftq2Z_FXIWtjIYMzY1CRIwzhXE_aem_AeE8V1ozxyAOkZJMYP0ciLCBKDVNMCzyEARHlExVKluokgvjAxZdr-yCRrVXSoJDJp0&mibextid=Zxz2cZ

Lessons learned from the SaaStr talk by Jack Altman 'From $5M to $100M: Founder's Secrets to Scaling a Multi-Product Startup with Lattice's CEO'

They’ve built 4 products over 8 years of existence.

Going Multi Product is one of the best ways for startups to compete and expand their market.

The way to figure out what to build is to understand your customer's workflows. Jack said "Think about the user journey, what else exists chronologically in their day? What else do they need? Walk through that journey."

That thinking should guide your roadmap and will lead to a much more holistic solution for your customers.

👉 Taking it to market, the GTM logistics:

1️⃣ Build go-to-market teams for new products:
- Set up ARR goals and targets
- Who's going to do the selling? Are you going to have new sellers? Or are you going to have your current AEs do the selling?
- Prepare to train sales and marketing about the new product
- Is it the exact same buyer? Or different personas?

2️⃣ Make customers successful:
- Make a plan for implementation - that new product will need its own implementation playbook to help customers adopt it.
- Incentivize the team to drive new product adoption - train them on the new product and make sure you allocate resources to drive that adoption.
- Land and iterate - continue to invest and improve the product for customers.

3️⃣ Marketing:
- Evolve your story and brand. Jack said "the biggest learning we've had is that it's hard to evolve your brand and story to customers. It took us a long time after launching new products to get customers to know that we had those new products. We thought we were beating the drum on it, but we learned that even years after our second product launched people still thought we only did one thing"
- Create a marketing momentum around the new product
- Do product marketing to make sure your customers know your new story

4️⃣ Distribution to existing customers
- Cross selling and bundling is much more effective for the company. It's cheaper to do, it drives better retention, so you want that to be happening.
- But it is easier for everybody in your org to not do the new thing. They know how to do the old things and sell the first product, they know how to talk about it, so you have to find ways to design incentives so that individuals want to make it happen.

❓ Question I asked Jack:
How do you think about pricing when you have different products? Do you bundle them together? Or is every product an entry point to the funnel and then you expand there?

His answer was: 
"Yeah, there's different entry points. Then for bundling the overall mindset is to be slightly cheaper than what the combo of products would be in the market. If you have 3 products, and those were $10 each out in the market, I would try to land at a place where if we offer all three it should be $22, not $30. A customer has a lower cost of ownership for bundling."

수퍼스타 가수가 보컬학원에 등록해서 일주일에 세번을 레슨을 받고 컴퓨터 작곡을 새롭게 배운다는 이야기는 놀라운 이야기이네요. 존경스럽네요. 저도 본받아야 할 태도이어요.

인생은 긴 여정이니까요.

사업도 장거리 경주니까요.
제법 커진 회사 CEO들, 심지어 코스닥 상장한 CEO들도 지금 부족한걸 인정하고 다시 배우려고 학원을 등록하는 자세가 더 성장하게 만들고 더 오래 멀리가게 만들거라 봐요.

어쩌다 큰 회사가 되어 얼떨결에 훌륭한 경영자인척하지만 사실은 뭐가뭔지 아직도 헤메는데 이야기는 못하고 있는 분들이 많은데 이효리의 솔직한 이야기를 주목하면 좋겠어요.

"강남역에서 알바를 하는 도중 우연히 캐스팅돼 한달만에 핑클로 데뷔해고, 그 길로 곧바로 슈퍼스타가 됐던 이효리. 남들처럼 연습생 시절도 거치지 않았던 이효리는 늘 속으로 '내가 노래 연습을 더 해야 한다'라고 생각했다고.."

나도 다시 시작해야겠다.

Oh it is not about dangerous news but there are many great AI startups and builder, which will be the AI hub in few years.

All in conference

- 중국, 한국, 대만 등 생산 시설을 위탁한 게 지금의 미국 경제에겐 고민인 상황. 미국으로 돌아오라고 하기에도 기업들의 글로벌 경쟁력을 고민해야함. 그와중에 중국 기업들은 자국의 생산 능력을 바탕으로 미국 시장을 적극 타겟중(SHEIN, TEMU).

- 미국의 정치도 세대교체가 이루어지지 않고 있음. Social Media가 신입 정치인이 빠르게 성장할 수 있는 발판을 마련해줄 수 있기 때문에 Social Media x AI가 다음 대선에서 주요 전략으로 자리잡지 않을까? -> 나이 많은 사람들이 나라를 운영하는게 맞는거냐에 대한 고민은 미국도 동일하게 가지고 있음. Btw I think that leaders in politics should be on many front line not only for just media but also industry, scholars and many.

- Compounding interest for reputation. If you are incumbent president, you have huge advantage for being a new president as people know you.

- Being a president is as hard as making a great company.

https://youtu.be/rid9NMSeqXQ

1. Nixon Shock (1971):
- Effect on Dollar Exchange Rate: The Nixon Shock ended the gold standard, which meant the US dollar was no longer pegged to a fixed amount of gold. This allowed for a flexible exchange rate, which initially resulted in a devaluation of the dollar.
2. First Oil Shock (1973):
- Effect on Dollar Exchange Rate: The oil shock in 1973 caused upward pressure on the dollar because oil transactions were mainly denominated in US dollars. This increased the demand for the dollar.
- Effect on Inflation Rate: The oil shock contributed to a significant rise in the prices of oil and gas, a primary driver for increased inflation during this period as higher oil prices led to increased costs for manufacturing and transportation.
- Effect on GDP: The US GDP was negatively affected as the increased costs and inflation led to reduced consumer spending and business investments, slowing economic growth.
3. Rapid Stagflation in the US (1970s):
- Following the first oil shock, the US experienced a period of stagflation characterized by high inflation and slow economic growth. This was partly caused by oil price shocks and monetary policies that were not equipped to deal with simultaneous inflation and unemployment issues.
4. **Second Oil Shock (1979-1982):**
- Impact on Dollar Exchange Rate: This event saw a drastic increase in oil prices, leading to an increased demand for dollars (as oil was priced in dollars), thus appreciating its value.
- Impact on Economy: The shock significantly contributed to inflation and economic instability, leading to a period of stagflation in the U.S.
5. **Paul Volcker's Approach to Stagflation:(1979-1981)**
- Pros: The strategy curtailed inflation effectively.
- Cons: It led to a recession and high unemployment rates.
- Effectiveness: It was deemed effective as it managed to bring down inflation, setting the stage for economic growth in the later part of the 1980s.
- Impact on Carter and Reagan Administration: This policy initially had adverse effects on the Carter administration, contributing to Jimmy Carter losing the 1980 election. Under the Reagan administration, the policy eventually fostered a favorable economic environment, facilitating economic recovery and growth.
6. **U.S. Manufacturing Industry and Unemployment Crushed (early 1980s):**
1. Impact: The high interest rates contributed to the recession, impacting manufacturing industries significantly and causing a rise in unemployment.
7. **Japan Reaps the Rewards of a Stronger Dollar (early 1980s):**
1. Japan benefited from the strong dollar as it made Japanese exports cheaper, leading to a trade surplus and economic growth in Japan.
8. **U.S.-led Plaza Accords (1985):**
1. This agreement was aimed at depreciating the U.S. dollar relative to the Japanese yen and German mark to correct trade imbalances.
2. This led to a correction of trade imbalances, but also contributed to economic issues in Japan later on.
1. Germany and Japan were facing pressure due to their trade surpluses, particularly with the U.S., and sought to reduce these imbalances and ease international tensions.

2. The Plaza Accord was not solely advantageous to the U.S. compared to Germany and Japan. While it did help the U.S. in the short term, it did not fully resolve the trade deficit issue**[5](https://www.bakerinstitute.org/event/currency-policy-then-and-now-30th-anniversary-plaza-accord)**. Germany experienced a recovery and rapid growth after the Plaza Accord, thanks to various factors such as fiscal and monetary policies, government policies in the housing market, and investment in research**[4](https://www.nber.org/system/files/working_papers/w21813/w21813.pdf)**. Japan, however, faced an asset bubble and economic stagnation, known as the "Lost Decade," partly due to the Plaza Accord's impact on the yen's appreciation**[2](https://www.investopedia.com/terms/p/plaza-accord.asp)**. The agreement was not the sole cause of Japan's economic struggles, as other factors like misguided government policies and a credit crunch also played a role**[3](https://www.investopedia.com/articles/forex/09/plaza-accord.asp)**.
9. **Japanese Government Revitalized the Real Estate Market (late 1980s):**
1. In response to the economic slowdown, the Japanese government initiated policies to stimulate the real estate and stock markets, leading to a bubble economy.
10. **Japan's Economic Revival Centered on Real Estate and Stocks (late 1980s-early 1990s):**
1. This period witnessed an economic revival in Japan driven by a booming real estate and stock market, which however culminated in a severe economic downturn when the bubble burst in the early 1990s.

Insightful Takeaways from the All-In Summit with Ro Khanna
https://lnkd.in/g-4PZR6W

In an era of mounting global tensions and swift technological advances, understanding the nuances of the evolving global supply chain dynamics and the political landscape becomes a necessity. Congressman Ro Khanna, in the recent All-In Summit, underscored several pivotal points that merit deep consideration, especially in the realms of international relations and political reform.

1. Global Supply Chain Dynamics: A Shift Towards the New Normal
With the escalating tensions between the US and China, a significant paradigm shift is noticeable in the global supply chains. American companies are progressively relocating from China to other nations, a move that warrants a thorough revaluation of the existing supply chain models. As we stand at this juncture, the focus should not only be on adapting to the change but also on identifying and fulfilling the emergent unmet needs.

History stands as a testament to consumer's preference for affordability coupled with quality. The American market has demonstrated a significant inclination towards products offering value for money, a trend evidenced by the widespread preference for Japanese cars in the 1980s and the current fondness for affordable products from SHEIN and Temu. As we navigate this shift, it becomes imperative to explore innovative solutions that can strike a balance between quality and cost, fostering a symbiotic relationship between producers and consumers.

2.Political Landscape: A Call for Revitalization

The political landscape too is undergoing a radical transformation. Traditionally, incumbents enjoyed a distinct advantage, a phenomenon facilitated by the familiarity and trust associated with established figures. However, we are witnessing a shift, with social media platforms like TikTok and YouTube providing a fertile ground for newcomers to cultivate a robust following. This change comes with a hint of unpredictability, possibly acting as a curveball in the political arena.

It is worth noting that the younger demographic, particularly those aged between 18-29, has had a historically lower voter turnout (51.4%) compared to the older demographic (76% among those aged 65 and above, as per the last US presidential election data). This discrepancy presents an opportunity; an opportunity to galvanize the younger population, fostering a political landscape that is more representative and inclusive.

The upcoming US presidential campaigns promise to be a riveting display of strategic ingenuity, possibly resembling a fierce competition between tech giants. It beckons the aspirants to craft sharp, swift strategies characterized by impeccable execution. The goal should be to foster an environment where numerous trials can be conducted to identify strategies with a promising Product-Market Fit (PMF), facilitating the scaling of effective strategies nationwide.