Nostalgia is a highly dangerous thing to chase.
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Eric Stromberg
@ericstromberg
Founder of Bedrock, Check, and Universe Software. Strong opinions, strongly held.
estromberg.comJoined March 2009
Eric Stromberg’s Tweets
Build a good business.
This isn't math class and the ARR multiples won't save you.
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Aggressively anchoring off of today's ARR multiples to make decisions is a different version of the same problem from 2021.
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Vertical Fintech is the new Vertical SaaS
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"Beyond the Fed”
We know about Fed rates and CPI. But there’s more to it!
Tech shocked the market, twice: with a flash in the pan, then a leaky bucket.
Both shocks magnified the tech cycle. Stock forecasts & earnings tell the story:
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This year I’m launching
Threads are often lame bookmark bait, but I think this will be good. Look out for some (mostly) original takes every Thursday, starting tomorrow!
Signup:
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Narrative violation
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Introducing Lex!
A word processor with artificial intelligence baked in, so you can write faster.
👉 lex.page 👈
(I've been working on this awhile... so glad to finally share it!!)
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I just tried an AI-powered writing app, and I am so so so hilariously out of a job.
It literally gave me goosebumps.
I'm not allowed to share it with you yet but I will when I can 
Please send me new career ideas.
Please send me new career ideas.197
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Seems low
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REPORT: An NBA executive says drafting Victor Wembanyama may add as much as $500M to the value of that franchise.
(via @wojespn, @ESPNNBA)
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FYI this is not a niche NBA tweet. Victor is the next LeBron so even if you don't like basketball you should prob know his name.
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I'll be honest...I've watched a lot of hoops in my life...
These highlights are totally unfathomable for someone who is 7 foot 3.
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36 points, 11 rebounds, 4 assists, 4 blocks for Victor Wembanyama against G League Ignite. Was +25 in a 6 point win. Extraordinary two games in the US in front of 200 NBA scouts and executives showing he has a chance to potentially be one of the all-time greats.
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What happens to Audible when text-to-speech becomes identical to a human voice? (not there yet, but getting close)
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Founders are often told to pick an idea you are passionate about.
But this is a trap.
Instead, pick an idea you think will work, regardless of initial passion.
If something is working it's easy to become passionate.
If something isn't working the passion won't make it fun.
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Often what separates good from great is your ability to make the same decisions slightly faster.
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"Having the largest customer"
is a reasonably good predictor of winning the market in infra software.
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Capital One was one of Snowflake's earliest customers.
Today, they spend $49M/year on the product.
A good question for early-stage infra companies is:
Who will be your Capital One?
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The largest customer on Snowflake (Capital One) spends ~$49M/yr and is still growing spend 
(via seekingalpha.com/article/453829)
(via seekingalpha.com/article/453829)
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Still can't believe that until recently college athletes were banned from making money and everybody thought it was totally cool.
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Many of the best people I've hired were from a process involving less than 3 people.
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One failure mode in exec hiring is to meet way too many candidates.
If you meet someone you like…drop the process and put all your energy into closing them.
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my fav 2021 market top story
was when...during an interview at a portfolio company... an eng candidate asked if he could also keep his FAANG job since it only takes 5 hrs/week of time
and was super surprised when the answer was no
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As with raising kids and building companies...the best stage is always the current one.
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Replying to
AI specifically has this problem because first wave toiled around for so long without much success that many have distorted personal feelings about rate of progress.
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I underestimated it too...which is clear if you read the last sentence of this screenshot essay from 2 years ago:
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New in the @ScreenshotEssay series:
Self-Driving Cars, OpenAI, and Fault Tolerant Technology
screenshotessays.com/#fault-toleran
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In 2016 I met a well-known AI researcher.
I asked when we'd be able to create high-quality images from input text.
He said 10+ years, likely more.
Experts often overestimate how fast breakthrough technology will arrive. This time it was underestimated.
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Embedded payroll for staffing platforms and marketplaces was an emergent use case we didn't expect when we started .
Excited to officially launch this new product, led by .
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Congratulations to on its newest product launch: Spend Management. The ambition of this company is astounding: few have ever launched and scaled products -- across multiple massive software categories, concurrently -- like this. Built different.
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I think we call this American Dynamism now.
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If one were to invent a money printing machine...
Perhaps the best strategy would be to divert all attention to bureaucracy, moonshots, and gourmet meals...so ambitious minds would never disturb the machine and it could print money forever in peace.
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One theme I've noticed talking to people in Silicon Valley this trip is that Google has become terminally bureaucratic. They were bad 10 years ago, but they seem appalling now.
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In a work context, winning is not the purpose of a debate.
The purpose is to push forward the clarity of thinking — such that everyone on the team reaches better conclusions (often in the time post-debate).
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2. We've created a new Partner Stories page.
Embedded payroll is a better customer experience — it saves businesses time and can decrease payroll errors.
All of these companies are bringing this elevated experience to new markets and industries.
checkhq.com/partners
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Two highlights:
1. We're launching embedded health insurance via the Check platform.
This is step 1 for us in building a broader ecosystem around payroll. More to come.
checkhq.com/platform/offer
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It’s been great getting to know the past 18 months.
Thrilled and excited to now work together— welcome to the team!
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Pumped to welcome @kany_benjamin to the @bedrock investment team today!
His first project is to not tweet for a year :)
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“If you eat enough glass, eventually you win.”
- anonymous CEO to me in 2020…who will do just fine in 2022.
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🚀Hey everyone, we are excited to announce our Series A!
is on a mission to build the future of connected and programmable employment.
🧵thread below.
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Back to basics.
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Build a company that can be a cheat code for people’s careers.
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Rinsed Raises $12M Series A from Bedrock and Founders Fund
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