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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 Jan 29
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      Replying to @michael_nielsen @DavidDeutschOxf

      A thing I feel moderately strongly about and hope to experiment with eventually: the first $X for some X which funders broadly consider is not just too low to matter but too low for them to even *contemplate a funding decision* would unblock stupendous amounts of value.

      5 replies 1 retweet 18 likes
    2. Catherine Olsson‏ @catherineols Jan 29
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      Replying to @patio11 @michael_nielsen @DavidDeutschOxf

      can you rephrase? not sure I'm following (syntactically)

      1 reply 0 retweets 3 likes
    3. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @catherineols @michael_nielsen @DavidDeutschOxf

      Can I use a specific example to make it a bit more concrete? Consider a Series A round in venture funding. It might be for about $5 million these days. The cost of evaluation for a successfully closed round is north of $100k when you account for time of the relevant people.

      1 reply 0 retweets 6 likes
    4. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @patio11 @catherineols and

      It feels plausible to me that you can unlock a lot of good with substantially less than $100k, but the structure that can produce a Series A round can't even contemplate that opportunity. Argument applies to other fields than technology companies and other funding options.

      3 replies 0 retweets 16 likes
    5. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @patio11 @catherineols and

      I think, even within fields that have high-dollar funding available and assumed to be on the happy path, that there is likely substantial value unlocked by low dollar checks. In fact, I think the lower bound for impactful funding and marginal returns to it are likely *shocking.*

      7 replies 1 retweet 14 likes
    6. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @patio11 @catherineols and

      There's an old saw about "for want of a nail, the war was lost", but I think that has other-than-metaphorical quality to it. I feel with north of 90% confidence that I could have accelerated my career by plural years for about $2,000 and a cup of coffee, for example.

      3 replies 1 retweet 13 likes
    7. JT Booth‏ @jtbooth1021 Jan 29
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      Replying to @patio11 @catherineols and

      Is that $2k of present-your time, or $2k funding? Hard part there has to be finding people with a 1% chance of being patio12, right?

      1 reply 0 retweets 0 likes
    8. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @jtbooth1021 @catherineols and

      I think if you literally showed up at my door in 2007 through 2009 with "Here's $2k cash in yen (and, if I am being totally honest here, social license to quit your day job)" that would have saved me two years of my life / accelerated business trajectory by two years / etc.

      1 reply 0 retweets 4 likes
    9. Dan Fabulich‏ @dfabu Jan 29
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      Replying to @patio11 @jtbooth1021 and

      $2K wouldn’t have bought you that social license, would it? And with social license, would you need two years to save up $2K in ten on your salaryman salary?

      1 reply 0 retweets 0 likes
    10. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @dfabu @jtbooth1021 and

      The thing which is obvious to me now but not obvious to me then was that I was the only person who had to be comfortable with me quitting, so if you had delivered a narrative that would have gotten me to sign off on it along with the check, I model it "one coffee or less."

      2 replies 0 retweets 1 like
      Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @patio11 @dfabu and

      (I believe this is one of YC's major innovations that people don't understand enough: successfully packaging "You should run a company" such that it pattern matches with the life trajectory / aspirations / values of people who no other stakeholder in life would tell to do that.)

      7:45 PM - 29 Jan 2020
      • 1 Like
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      0 replies 0 retweets 1 like

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