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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 12 Oct 2018
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      My friends @robwalling and @einarvollset just launched TinySeed, an accelerator for software companies where a successful outcome is a healthy, sustainable business rather than attempting to ride the rocketship trajectory. https://tinyseedfund.com/  I have some thoughts:

      9 replies 46 retweets 236 likes
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    2. Patrick McKenzie‏ @patio11 12 Oct 2018
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      As somebody who bootstrapped ~4 companies, I feel like I had to make some clearly suboptimal decisions early in them for lack of what is, in hindsight, not all that much money. But there's a huge gap in the product space for investment options.

      2 replies 2 retweets 23 likes
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    3. Patrick McKenzie‏ @patio11 12 Oct 2018
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      It's weird: you can get $25k from Amex trivially, and angels are very willing to write a check for that much, but you have to make representations about your goals/ambitions/market/etc which don't really apply to everyone.

      1 reply 3 retweets 21 likes
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    4. Patrick McKenzie‏ @patio11 12 Oct 2018
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      And so you see the traditional angel/VC ecosystem fund companies where honestly the returns are probably not there, and this is knowable pretty early, but the chase of them will wreck what could have been a perfectly happy business.

      1 reply 3 retweets 27 likes
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      Patrick McKenzie‏ @patio11 12 Oct 2018
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      (To make the math work for traditional VCs the company has to at least have a market-appropriate shot of $100 million a year. There are a lot more $10 million a year companies than $100 million a year companies. That is *not* a bad terminal outcome for founders/employees.)

      9:43 AM - 12 Oct 2018
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      • Jesse Nana Kojo Arhin Greg Brrrrrson Brandon 🚀 Blitz.js⚡️ Nick Baum 🇸🇪 Kaspar Ploom Matt "summoning arachnogods" Olson DHH dashiell Jim V.o.R.
      3 replies 2 retweets 35 likes
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        2. Patrick McKenzie‏ @patio11 12 Oct 2018
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          I'm glad that there is some experimentation in this space, and know of at least 3 teams in the MicroConf community which are doing takes on it. It's a natural evolution for entrepreneurs after doing the bootstrap-from-nothing thing ~5 times.

          1 reply 2 retweets 17 likes
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        3. Patrick McKenzie‏ @patio11 12 Oct 2018
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          You get basically 5~10 shots at building a company in your life, and a lot of my peers are discovering simultaneously "Hmm about half of my shots are spent and I want to be really selective about what I do next but oh goodness still want to be involved in ALL THE SOFTWARE."

          1 reply 1 retweet 32 likes
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        4. Patrick McKenzie‏ @patio11 12 Oct 2018
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          And investing has historically been a natural next step for operators in e.g. Silicon Valley; you get to both enjoy vicariously the early days without having to be up at 2 AM anymore, and you get to give back to the community. But bootstrappers have different values/tolerances.

          1 reply 1 retweet 14 likes
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        5. Patrick McKenzie‏ @patio11 12 Oct 2018
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          So I see it as a great thing that there is experimentation regarding the reinvestment and mentoring model in the bootstrapping community as well. And I can't think of anybody I'd trust more on this than Rob; he's the real deal.

          0 replies 2 retweets 37 likes
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        6. End of conversation
        1. Garry Tan‏Verified account @garrytan 12 Oct 2018
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          Replying to @patio11

          Most of going from zero to one is $0 to $10M ARR. So counterintuitively if you can get to $10M then you are likely able to keep going, and then at that point founders are best off if they can keep control generally.

          0 replies 1 retweet 14 likes
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        1. Adam Smith‏ @LaissezWhere 12 Oct 2018
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          Replying to @patio11

          or for investors, if what you bought looks more like a dividend stream than a roulette spin. Get in at a reasonable valuation and in 4-5 years even a moderate success could "return the fund" on every annual dividend check. Software has crazy margins!

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