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Share Three Things 11.11.22 - 1) Why joining a start-up during a recession is a great time 2) Gettin while the getting's good 3) The FTX debacle
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Three Things 11.11.22 - 1) Why joining a start-up during a recession is a great time 2) Gettin while the getting's good 3) The FTX debacle
Three Things I Learned In SaaS, Sports, Tech & Live Events:
1. "All I'm doing it laying people off and closing down businesses." - a seed stage VC fund of mine. "We use leverage to fund deals. Leverage is exponentially more expensive now and getting worse."- a Private Equity MP friend of mine. "It's never been a worse time to work at a start-up" - another VC friend. I disagree. There's no better time to join a start-up than right now. If a start-up or growth company are thriving in today's market (and by thriving, I mean making money and solid FCF with good backers), get on board no matter what. Plenty of unicorns get their start in down times and it's easier than ever to identify the good ones. The tides going out and the companies swimming without shorts on are easy to spot.
2. Get while the getting is good. In 2006, the unbeaten USC Trojans played the unbeaten Texas Longhorns in the Rose Bowl in one of, if not the, most expensive tickets of the past 25 years (Seahawks vs. Patriots in 2015 the only other even close). Get-ins were unavailable at kick-off. We worked the StubHub pick-up and people were offering $10k a ticket with no inventory in sight. I was working in sales at the time and responsible for Corporate and VIP sales. There was so much more demand than there was inventory and I made 5% of every sale. The game was made official on December 2, 2005 and very call I made was making money from that day until the game itself on Jan 4th. I had never made more money in my life, so I took no time off. None. Not weekends. Not Christmas. Not New Years. Over the holidays, I was locked in my parents guest room working 14 hour days. Sometimes, in life, the getting is good. Get to getting.
3. We're all playing a rigged game. Take the time to read about FTX, Binance, and the madness in the crypto world this week. Start here. https://twitter.com/SBF_FTX/status/1590709166515310593. Then here: https://twitter.com/jaltucher/status/1590539401712787456. What they were doing wasn't technically illegal, but my goodness it should have been. Enjoy the mayhem. What a story. Money is all that matters to too many people. Then again….that's not new news to any of us - think Matthew 4.
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By Tony Knopp
5
11 ratings
Three Things I Learned In SaaS, Sports, Tech & Live Events:
1. "All I'm doing it laying people off and closing down businesses." - a seed stage VC fund of mine. "We use leverage to fund deals. Leverage is exponentially more expensive now and getting worse."- a Private Equity MP friend of mine. "It's never been a worse time to work at a start-up" - another VC friend. I disagree. There's no better time to join a start-up than right now. If a start-up or growth company are thriving in today's market (and by thriving, I mean making money and solid FCF with good backers), get on board no matter what. Plenty of unicorns get their start in down times and it's easier than ever to identify the good ones. The tides going out and the companies swimming without shorts on are easy to spot.
2. Get while the getting is good. In 2006, the unbeaten USC Trojans played the unbeaten Texas Longhorns in the Rose Bowl in one of, if not the, most expensive tickets of the past 25 years (Seahawks vs. Patriots in 2015 the only other even close). Get-ins were unavailable at kick-off. We worked the StubHub pick-up and people were offering $10k a ticket with no inventory in sight. I was working in sales at the time and responsible for Corporate and VIP sales. There was so much more demand than there was inventory and I made 5% of every sale. The game was made official on December 2, 2005 and very call I made was making money from that day until the game itself on Jan 4th. I had never made more money in my life, so I took no time off. None. Not weekends. Not Christmas. Not New Years. Over the holidays, I was locked in my parents guest room working 14 hour days. Sometimes, in life, the getting is good. Get to getting.
3. We're all playing a rigged game. Take the time to read about FTX, Binance, and the madness in the crypto world this week. Start here. https://twitter.com/SBF_FTX/status/1590709166515310593. Then here: https://twitter.com/jaltucher/status/1590539401712787456. What they were doing wasn't technically illegal, but my goodness it should have been. Enjoy the mayhem. What a story. Money is all that matters to too many people. Then again….that's not new news to any of us - think Matthew 4.