Last month, I was in San Francisco for the a16z Speedrun Demo Day — surrounded by brilliant Substack writers, top founders, and sharp investors.

I had the chance to meet so many great friends:

* Great opportunity to meet Andrew Chen and Kevin Kelly

* Hung out with writer friends Guillermo and Ruben

* Met Devansh, founder of Artificial Intelligence Made Simple

* Spoke with Alex Xu, founder of @bytebytego

* Caught up with my longtime friend Marvin Liao from The Hard Fork

* Took Waymo for the first time (yes, I geeked out)

* Thanks to Ryan for this wonderful invitation!

And just last week, I had the opportunity to sit down and record a deep conversation about a16z Speedrun with Josh Lu.

Here’s what I learned — and what founders everywhere can take away.

A Career Like a Speedrun

Josh described his own journey like a video game speedrun – skipping unnecessary steps, learning on the fly, going fast, and iterating. From Yahoo intern to product manager to investor, he’s always been building fast.

"Speedrun is a great metaphor for the founder journey — you don’t stop to collect all the coins, you just go." – Josh

Unlearning Is a Superpower

Whether it was MySpace games, Facebook virality, or mobile hits, Josh learned one thing over and over: the best product people unlearn fast.

The games industry evolves constantly. What worked last year won’t work now. Great PMs drop outdated assumptions quickly.

This is true far beyond games. In startups, what made you win early might hold you back later.

What Makes a Great Product Manager?

Josh’s top two traits:

* Intellectual humility – Can you unlearn quickly and change your mind?

* Love for the product – The best PMs deeply use the product and generate most of the bug reports themselves.

Blank slates often outperform pedigreed hires — if they’re hungry and curious.

Data Beats Intuition (But Only If You Can Get It)

In free-to-play games, data is everywhere. In AAA games, it’s scarce. Josh became more data-driven by watching his assumptions fail — repeatedly.

“My taste in games didn’t match what real players actually liked. I learned to trust the numbers.”

The lesson for founders: intuition is great for starting, but validating with real usage is what builds winners.

Founder Selection in VC Is Different

In Speedrun, most startups are at the idea stage. No traction. Sometimes no game yet.

That’s why Josh focuses almost entirely on the founder:

* Are they resilient?

* Do they have a reason to build this?

* Are they thinking beyond product into company-building?

"You can’t fake resilience in a 15-minute pitch. It shows up fast."

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AI in Gaming = Compression of Cost

Josh shared how his last game at Blizzard — Diablo Immortal — cost $250M to make. But with today’s AI tools?

That same level of experience may soon cost $150M… then less. AI helps studios do more with less — better assets, faster iteration, cheaper production.

Great for players. Great for small studios. The bar is rising, but so is access.

No-Code Gaming Is Coming

Josh believes non-coders with great vision will increasingly build amazing games, thanks to tools like Roblox, Discord-native games, and UGC platforms.

The skill set of the next generation of game builders? Vision, persistence, creativity — not necessarily code.

Turkey: A Rising Gaming Hub

Josh has personally worked with 3 Turkish gaming startups in Speedrun. He points to role models like Peak Games and Rollic as catalysts for Turkey’s startup flywheel.

"Turkish founders are ambitious, creative, and humble. They’re not afraid to copy what works — and that’s a strength."

What Speedrun Looks for

* Founder-market fit

* Product obsession

* Clear problem definition

* Early signs of resilience

Bonus points if you’ve validated something — even tiny.

Speedrun is IRL in California. Cohorts are small. Network is powerful.

Final Takeaway

Whether you’re building a game or a startup — the mindset is the same:

* Stay curious.

* Move fast.

* Learn from others.

* Be willing to change.

Speedrun isn’t just a program. It’s a mindset.

Thanks to Josh for sharing so generously. You can learn more at Speedrun

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I had an eye-opening chat with Jason Fried on my podcast about startup funding. His perspective challenges everything most founders believe.

Controversial truth that needs to be said:”Not all external money is worth taking.”

Here's the uncomfortable truth about funding:The less money you take early, the stronger you'll be.

Why? Let's break it down:

1. The Independence Tax

* You're now on someone else's timeline

* External pressures drive decisions

* Long-term vision gets compromised

* = Lost autonomy you can't buy back

2. The Speed Trap

* Pressure to show fast growth

* Premature scaling kills

* Forced to "go big or go home"

* = Racing toward wrong goals

3. What Nobody Tells You

* Investors want specific timeframes

* Your timeline ≠ Their timeline

* "Going fast" means spending big

* = Misaligned incentives

4. What Actually Works:

✓ Build sustainable business first

✓ Stay independent longer

✓ Keep full control

✓ Choose your own path

= Power to build your way

The Reality Check:

Independence is your competitive advantage.

Money comes with invisible strings.

Remember:

"The best funding round might be the one you don't take."

Comment a 🧿 if you're tired of the "raise fast" pressure!

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Big companies don't fail from lack of innovation.They fail from successful resistance to it.Episode with Tendayi Viki about startups and corporate innovation.

The Warning Signs:

* "We're too busy running the business"

* "Let's not mess with what works"

* "Innovation is a distraction"

* "Our customers love us as we are"

The Real Cost:

* Market share: Slow decline

* Revenue: Looks fine until it doesn't

* Competition: Invisible then invincible

* Innovation: Too little, too late

What Actually Works:

✓ Treat success as a threat✓ Innovation before desperation✓ Reward experiments, not just results✓ Build speedboats inside oil tankers

Remember:

"Success makes you strong.But it also makes you slow.

By the time you feel the need to change,The market has already moved on."

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Join us now - space is limited!

In this week's post, we're diving into the crucial topic of attracting investors, with insights from a true expert. I recently had the pleasure of speaking with Ed Kang, a seasoned startup advisor and investor, who brings a wealth of experience to the table. Ed's worked with hundreds of startups, and he's seen firsthand what works and what doesn't when it comes to fundraising.

This episode focused on practical, actionable strategies to help founders navigate the complexities of investor outreach, especially as we look towards 2025. We covered everything from crafting effective cold emails to building long-term relationships.

Ready to get started? Let's dive in:

Cold Emails That Work

* Keep them short: Five sentences max.

* Include:

* Why you're reaching out

* The problem you're solving

* Your solution

* Your traction

* Your raise amount

* Match the investor type: Seed for seed, Series A for Series A.

Grab Their Attention

* Subject Lines: Make them pop and grab attention fast.

* Preview: The first line they see? Skip the fluff.

* Personal Touch: Angel investors? Get personal. VCs? Less crucial.

Smart Follow-Up & Relationships

* Follow Up: Once or twice, weeks later, with something new.

* Long-Term: Think relationship, not just money. Referrals matter.

* Be Honest: Share good and bad news, with solutions.

Smart Fundraising Strategy

* Bootstrap First: Build your product before raising funds.

* The "No Ask" Slide: Creates FOMO (fear of missing out).

* Network: Friends, family, then others.

Feedback & 2025 Trends

* Get Feedback: Ask for the hard truth.

* 2025: AI will be big, distribution is key.

* Cycles: Be ready for market trends and changes.

Bottom Line

Be smart, be honest, and build real relationships. That's how you win.

Just had an incredible chat with Ed Kang from Startups.com about what really happens when investors look at your deck.

Here's the shocking truth:

You don't have 10 minutes.

You have:

* 1 seconds for the cover

* 3 seconds for first 3 slides

* 30 seconds if you're lucky

* 3 minutes if you're exceptional

It's your pitch before the pitch.

The 3-Second Reality Check:

* Cover slide

* Problem

* Solution

That's it. Make it count.

Here's what makes investors instantly close your deck:

❌ Unclear problem statement

❌ Paragraphs of text

❌ Too many bullet points

❌ Marketing language to investors

❌ Hyperbolic statements ("We're disrupting everything!")

1. What actually works:

* Cover Slide Magic 🎨

* Clear one-line pitch

* No fluff or buzz words

* Professional layout

* Sets the tone for everything

2. Problem Slide Power 💪

* Be concise but compelling

* Show size (e.g., "40M teenagers face this")

* Make it impossible to ignore

* No generic statements ("Banking is broken")

3. Solution Slide Success 🚀

* Match exactly to the problem

* Show why you're different

* Be specific, not fluffy

* Demonstrate deep understanding

The Hidden Truth:

You're not pitching for investment in the first deck.

You're pitching for the "maybe pile."

That's it. There is no "yes pile" at this stage.

Remember:

* Simple > complex

* Clarity > creativity

* Evidence > promises

* Numbers > adjectives

Want to know if your deck works?

Show it to someone for 30 seconds.

If they can't repeat your pitch back to you...

Start over.

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I had a great chat with Ilya Strebulaev recently. Ilya is a professor at Stanford GSB, author of 'The Venture Mindset' book, and knows a ton about venture capital and innovation. We talked about what makes a good VC versus a great one, and I think you'll find some of these takeaways super interesting.

Key Takeaways

Consistency Over Luck

* Great venture capitalists aren’t just lucky—they’re consistent.

* They have solid processes that help them navigate the unpredictable world of startups.

* It’s not about getting one decision right; it’s about doing it repeatedly.

* A clear process turns luck into a repeatable skill.

The Fastlane vs. Slowlane

* Fastlane Approach:

* VCs analyze a lot of deals—about 100—to invest in just one.

* They need to quickly spot red flags and decide whether to move on or dig deeper.

* Slowlane Approach:

* Once in the slowlane, VCs shift focus to asking why they should invest, not just why they shouldn’t.

* This mindset helps them build real conviction in an opportunity.

The Venture Mindset

* The venture mindset isn’t just for VCs—founders can benefit too.

* Founders who understand how investors think are more likely to secure funding.

* Ilya co-wrote a book called "The Venture Mindset" that explores this way of thinking in more detail.

Focusing on Home Runs

* "Home runs matter, strikeouts don’t."

* Venture investing is about finding one or two startups that will make a huge difference in your portfolio.

* The power law is key—one big win can make up for a lot of smaller losses.

Embracing Failure, Especially in Emerging Markets

* Different cultures have different attitudes towards failure.

* In venture capital, embracing failure is essential.

* In emerging markets like Turkey, accepting failure can be a key driver for growth and innovation.

Final Thoughts

* Being a successful VC isn’t just about picking winners.

* It’s about having a consistent system that leads you to the best opportunities repeatedly.

* Ilya’s insights were informative and inspiring, especially for founders and aspiring VCs.

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In my latest podcast episode, I had the pleasure of speaking with Jeremiah Gardner, a seasoned innovator and author of "The Lean Brand." Jeremiah's journey from the startup world to implementing lean innovation practices in healthcare offers valuable insights for entrepreneurs and corporate innovators alike.

Key Takeaways

* Lean Startup in Healthcare: Contrary to initial skepticism, lean startup methodologies can be successfully applied in healthcare. However, the application requires careful adaptation to the unique challenges of the industry.

* Progress Metrics: Jeremiah introduced the concept of progress metrics as a way to objectively measure pre-market innovation portfolios. This approach helps in making more informed decisions about resource allocation in early-stage product development.

* Balancing Act: Innovation leaders must strike a delicate balance between accelerating time to market and mitigating risks. This balance is crucial for successful product launches and long-term innovation success.

* Coaching Meta-Skills: Jeremiah emphasized the importance of coaching in innovation practices. He outlined three meta-skills for effective coaching: self-awareness, observation, and intervention.

* Hearts and Minds Game: Innovation management is as much about managing people and behaviors as it is about processes and methodologies. Jeremiah stressed the importance of understanding the human element in driving innovation.

To learn more about Jeremiah's work and insights, visit his blog at jeremiahgardner.com

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Fundraising is a critical stage for any startup, but it's not without its pitfalls. In a recent conversation with seasoned venture capitalist Andrew Romans, we delved into the often-overlooked dangers of overfunding and how it can jeopardize a startup's long-term success.

The Illusion of Success

Many founders equate a high valuation with success, believing that raising a large round is a validation of their business. However, as Andrew points out, this can be a dangerous illusion. Overvaluation sets unrealistic expectations for future rounds and puts immense pressure on the team to deliver exceptional results. If the company fails to meet these expectations, it can lead to a down round, demoralize employees, and scare away potential investors.

The Spreadsheet Strategy

To avoid the overfunding trap, Andrew recommends a simple yet effective strategy: create a spreadsheet to model different funding scenarios. This allows founders to understand the impact of various funding amounts and valuations on their ownership and potential exit strategies. By visualizing the potential outcomes, founders can make more informed decisions about how much money to raise and at what valuation.

Building a Sustainable Business

Instead of chasing high valuations, Andrew emphasizes the importance of building a sustainable business with strong unit economics. This means ensuring that the company's revenue exceeds its costs on a per-unit basis. A sustainable business model provides more control and flexibility, allowing the company to weather the inevitable storms that come with building a startup.

The VC Perspective

From a VC's perspective, Andrew highlights the importance of communication and transparency in the founder-VC relationship. He encourages founders to share both good and bad news with their investors, as this fosters trust and collaboration. Additionally, he advises founders to be selective about the investors they bring on board, ensuring that they add value beyond just capital.

Other Key Topics

In addition to fundraising, we also discussed:

* The importance of finding the right co-founder(s): Andrew emphasizes that this is one of the most critical decisions a founder will make.

* The evolving landscape of venture capital: We explore how the industry has changed over the past few decades, with the rise of micro-VCs and the increasing focus on AI-powered solutions.

* The role of accelerators: Andrew shares his insights on the value accelerators can bring to early-stage startups.

Key Takeaways

* Overfunding can be a trap: High valuations can create unrealistic expectations and lead to down rounds.

* Focus on sustainability: Build a business with strong unit economics to ensure long-term success.

* Model your fundraising: Use a spreadsheet to understand the impact of different funding scenarios.

* Communicate with your investors: Build a strong relationship based on trust and transparency.

* Choose your investors wisely: Ensure they bring value beyond just capital.

* Find the right co-founder(s): This is a critical decision that can significantly impact your startup's trajectory.

* Understand the VC landscape: Be aware of the current trends and players in the industry.

* Consider accelerators: They can provide valuable resources and mentorship for early-stage startups.

Fundraising is a complex process, but by understanding the risks and focusing on building a sustainable business, founders can increase their chances of success. Remember, the goal is not just to raise money, but to build a company that can thrive in the long run.

I recently had Touradj Barman on my podcast to discuss his entrepreneurial journey and founding Up’n Go, a contactless payment solution for restaurants.

Here are some of the key lessons I took away from our conversation:

* Start with solving a specific, narrow problem - Up & Go began by simply focusing on easing check splitting

* Get a customer before building the product - Partnered with a restaurant first to customize the product to their needs

* Constraints force focus - Bootstrapping kept costs low so they could focus on the essentials rather than getting distracted

* Turn challenges into opportunities - Pandemic accelerated contactless payment adoption, driving huge transaction growth

* Persistence pays off - Depth of experience matters in competitive space; Up & Go now leads competitors in volume

I recently had the pleasure of speaking with Anna Strubel, co-founder of Cara Health, an innovative startup aiming to improve the maternity experience for women and families.

Cara Health began by offering in-person services like yoga, midwife appointments, and family education classes. But after seeing a need for more comprehensive support throughout pregnancy and postpartum, Anna and her co-founders Carina Vantsi, Keiro Vantsi developed a hybrid model combining online and offline resources.

Key Takeaways:

* After training as a pediatric nurse in Germany, Anna became passionate about supporting women throughout the entire maternity journey - not just the hospital experience. Working in Canada and Berlin exposed her to the postpartum care many women lack.

* Major "aha moments" that sparked Cara Health: realizing women often don't know what resources could help them, seeing how fragmented the maternity system is, and recognizing the gaps between different care resources. Anna and her co-founders saw tech as a way to bridge these gaps.

* Cara Health combines multiple "verticals" into one platform: knowledge articles, practitioner appointments, classes, and product recommendations. Having it all in one place aims to reduce confusion and errors.

* Ensuring accurate info is crucial. Cara Health has medical experts review all content and a medical advisory board with OBGYNs and family doctors. Credibility builds trust.

* Word of mouth among midwives drives acquisition, as they're happy to refer women to a medically-verified resource that also helps their own work.

* Expansion focuses on markets with fragmented maternity care, starting with Germany. The UK and DACH region are next target markets.

* Key industry trends are demand for medically-verified info, at-home health tracking, and AI personalization. Cara Health aims to stay ahead of these needs.

* Patience and focusing on the core mission, not just quick wins, are critical skills Anna has learned. Having co-founder support also bolsters resilience when challenged.

Anna's passion for innovating maternity care shines through. Cara Health represents an exciting melding of online and offline care that could greatly benefit families worldwide. I'm excited to see their continued impact.

Everything You Need to Know About Lean Startup in 12 Minutes