Spandana Nakka

Vinod Khosla, a renowned Indian-American billionaire and influential venture capitalist, is a key player in the industry, with a remarkable track record that includes founding Sun Microsystems and Khosla Ventures. His investments in companies like Square, Stripe, DoorDash, and Instacart have been pivotal. Mario Gabriele shares valuable insights from Vinod: - Remember, you may be closer to a yes than you think. - Focus on getting the goose, not just the golden egg. - Be prepared for resistance to innovative ideas. - Your ultimate task is to sell. Delve into top resources from Khosla to boost your entrepreneurial journey: 1. Pitch the way VCs think: [Link] 2. Master how to solve the Pitch Problem: [Link] 3. Explore "Plausible Tomorrows 2035-2049": [Link] 4. Read "Letters to a Young Founder" by Vinod Khosla: [Link] Leverage these insights to thrive in the realm of venture capitalism and entrepreneurship. #VentureCapital #Entrepreneurship #Innovation

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I had a lot of fun recording a podcast episode with Shiva Singh Sangwan. We discussed the evolution of Humba Ventures & Susa Ventures; tips for raising and building a fund; how to improve investment sourcing & picking; the role of luck in investing, and so on. https://lnkd.in/eiqsStej

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In venture, the growth rate justifies the burn rate, at least for post PMF companies. High burn? That's fine, but the growth rate should be somewhat commensurate with that burn (burn multiple). Boy was 2H 2022 and 2023 stinky in venture. Very few fresh financings. A lot of folks probably still think venture is stinky. But boy oh boy am I encouraged by the next crop of emerging companies in this new world of capital efficiency. Healthy growth rates AND prudent burn multiples. #utah #venture

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"Health is an investment, not an expense." — Anonymous Just a few days ago, our teams at DeVC and PeerCapital brought together an incredible group of entrepreneurs and enablers to explore the real investments and expenses in healthcare. On stage, we had the dynamic trio of Mayank Banerjee , Dilip Kumar and Tarun Bhambra, who combined their wit and wisdom to delve into: - The consumerization of healthcare, preventive vs. curative approaches, accessibility and affordability challenges, offline vs. online dynamics, and how founders can bridge skill gaps. - The evolving role of AI and tech in healthcare, and how founders are strategically allocating resources to build cutting-edge solutions. - Collaborating with doctors, aligning incentives across systems and how ambitious change starts with robust foundational systems (think CAC's and LTV's). The conversations were raw, experiential, and refreshingly honest. If it weren’t for the ticking clock and the rainy day, we might still be chatting! It was inspiring to engage with so many passionate builders committed to reshaping India's #healthcare future. Let’s keep the dialogue alive. We invite more of your participation and views. Together, we are investing in the future of health. #healthtech #investing #founders

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Observing this new trend amongst founders and funds where there is skepticism around syndicates participating in the early stage rounds. I've run my syndicate on AngelList India for the last 2 years (deployed over $1M across 12 companies) alongside my family office (SSV) and had some thoughts to share: > I run my syndicate to give access to other family offices, promoters and operators to Swadharma Source Ventures - SSV's deal-flow. These folks make a huge difference when they come onboard. Even though the cheque sizes may be smaller - the willingness to help a company is very present and I've personally seen many folks go above and beyond to help investee companies. There are many 2nd and 3rd generation entrepreneurs who actively want to invest in startups, and they can bring immense value by becoming customers for these companies sometimes and operators who can help with different functions of the business. > There were a lot of bad actors during the bull run, which has given syndication a bad name, where many folks raised funds for companies who didn't have potential from people who didn't understand the asset class - however there are still many operator led syndicates who have genuine access to high-quality deal-flow and a strong LP base. Thus, every syndicate is different and should be assessed by its deal quality. > Tier 1 funds want to wait longer for companies to derisk themselves before they participate - which is fair, but that's where syndicates can really help when founders are raising their 500K-1M USD rounds. Syndicate cheque sizes are meaningful enough usually 100-200K USD + 1 Micro VC fund + angels (usual contstruct of a round) > A big problem that these platforms are facing is the deal details getting leaked or shared broadly with folks outside the LP base - that is a genuine concern, even for me as a lead- but the truth is VC community is extremely small and deal news often leaks anyway across whatsapp. This is absolutely addressable: founders can choose to have different versions of their deck made available for these deals, where they do not share any confidential numbers or details. > Operator-led syndicates very often graduate into becoming funds so building a track record and brand in public should not be looked down upon. This is natural progression once an operator starts their investment journey. operator>angel>syndicate lead> GP > There are way too many angel networks now where the deal quality is questionable (mostly leftovers where they didn't find backers) but operator-led syndicates have access to high-quality talent who have higher chances of being able to raise follow-on rounds. Personal bias aside, I do think syndicates are here to stay. Rather than outright saying no to the idea of a syndicate, a founder and their investor should look at who the syndicate lead is and what LP base they come with. Read more here: https://lnkd.in/gED6GFh4

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OpenAI's Sam Altman interviews serial founder and legendary VC investor Vinod Khosla. Sam asks "What percent of investors are good company builders?" Vinod responds with 3 powerful statements: 1️⃣ 90% of VCs add no value 2️⃣ 70% of VCs add negative value 3️⃣ If you haven't built a company before, you haven't earned the right to advise an entrepreneur #VentureCapital #Fundraising #Founders

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Funding Alert! Exciting developments at Artha Venture Fund as we announce InstaAstro’s successful raise of ₹18.50 crores ($2.30m) in a Pre-Series A funding round that we led with amazing co-investors including @logX Ventures, Singularity Ventures, IR Capital Partners, Blume Ventures Founders Fund, and Aloke Bajpai of Ixigo.   Why InstaAstro? Nitin Verma's brainchild, InstaAstro has rapidly ascended as a leader in the online astrology market. With a robust user base engaging in over 50,000 minutes of consultations daily and consistently growing to a $5M ARR, their trajectory is nothing short of stellar.   What’s Next? InstaAstro is not just scaling—they're innovating. With the new funding, they're set to unveil an expansive suite of spiritual e-commerce and Reiki healing services. These initiatives aim to deepen user engagement and expand InstaAstro's reach into comprehensive spiritual guidance.   👉 https://bit.ly/4dG1Yj9   #arthaventurefund #funding #VentureCapital Artha Group

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𝐙𝐞𝐩𝐭𝐨'𝐬 𝐑𝐚𝐩𝐢𝐝 𝐀𝐬𝐜𝐞𝐧𝐭: 𝐅𝐫𝐨𝐦 𝐈𝐃𝐄𝐀 𝐭𝐨 𝐈𝐏𝐎!  Kudos to Zepto for raising $665M in their latest funding round, doubling their valuation to $3.6B! Current investors like Glade Brook Capital, StepStone Group, and Goodwater Capital led the round, with new investors such as Avenir Growth Capital, Lightspeed Venture Partners, and Avra joining in. With plans to expand dark stores from 350 to 700 across cities like Chandigarh, Ahmedabad, and Jaipur by March next year, Zepto is on an impressive growth trajectory. Aadit Palicha, co-founder and CEO, mentioned that the fresh funds will support a “balance sheet-building exercise” ahead of their proposed IPO next year. This journey is a testament to the fact that moving from IDEA to IPO is not as difficult as it seems when you have a clear vision, solid strategy, and relentless execution. 𝐂𝐨𝐧𝐜𝐞𝐩𝐭 𝐟𝐨𝐫 𝐀𝐬𝐩𝐢𝐫𝐢𝐧𝐠 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐬: The path from a simple idea to a successful IPO can be achieved with the right mindset, robust planning, and persistent effort. Zepto’s story is a perfect example of this! 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬: Increased Valuation: Doubling to $3.6B. Expansion Plans: Growing dark stores to 700 in new cities. Future Ready: Preparing for a successful IPO. #Zepto #FundingSuccess #QuickCommerce #StartupJourney #IPO #BusinessGrowth #DrVivekBindra #Entrepreneurship

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What do VCs want? A few traits of fundable startups Sometimes I meet disillusioned first-time founders who believe the VC industry is rigged. They lament that VCs are not interested in funding them even though their companies are profitable. One common grievance is that VCs only fund loss-making businesses. This hypothesis of VC funding loss-making seems true because most #startups continue to burn money even after raising tens of millions of dollars. VCs operate by a playbook. To them, quick growth is more important than early profitability. They invest in companies that have the potential to grow quickly, preferably without burning a lot of #money. Some cash burn is inevitable though. One key #investing criterion for all VCs is a large market or TAM (Total Addressable Market). The TAM should either be large enough to support many big players or it should be expanding rapidly – ideally both. Amazon in the early days of the internet is a popular example. Even though online book sales were zero when Jeff Bezos founded Amazon, the internet penetration was exploding. Hence, Bezos bet (correctly) that online book sales will grow with the internet growth. He made billions for himself and his investors using this hypothesis. We can find several examples like this where VCs bet in tiny markets that can expand rapidly. One big trend in #India is increased funding in the clean beauty industry. Dozens of D2C or consumer startups have raised capital to target this opportunity. Even within this clean beauty space, founders are finding their niche. Rosemary Oil Essentials is one such niche. It was a non-existent market a few years ago. Now, it's a Rs 400-500 Cr market and exploding. VCs find these niches exciting. While all fundable startups share a few common traits (Scalability, Disruption, Timing, Future Market Leadership), a big and rapidly growing TAM is critical. You can build a big company only if the market size is big enough. The ultimate aim of all VCs is to invest in companies that can become the next Amazon. A big TAM is paramount to achieve this. Big TAM = Big Company P.S. We are doing our next Founder Fundraising Workshop on the 22nd & 23rd of June. It's an 8-hour programme for first-time founders who want to raise #venturecapital. The registration link is in the comments.

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⛳ Emerging fund managers pulse check. PitchBook tracks over 10,000 funds that are raising money, with 45% being emerging fund managers (defined as firms with less than 3 funds). Despite a dip in available capital—down to 16% from the pre-pandemic 23%—these managers are finding creative ways to stay competitive, like partnering with larger firms. 💼 Joanna Drake (founder turned investor) shared how "wildly different" it is raising a fund versus for a startup. One key datapoint she shared on the fund side was how little feedback you get along the way (and the years you can wait for it). The “long-winded and challenging process to raise capital” inspired Drake and Ben Black to create RAISE Global, a community for emerging fund managers and the “forward-thinking LPs” who back them. (A decade later, several hundred emerging managers with AUM under $200m are on the platform) They've found the newest emerging managers are more diverse and geographically dispersed than Silicon valley, and more were able to crack the ceiling and raise larger $100m funds (although this is still a small % of the market, requiring partnership with larger funds at the late stage). ▶ And not a hugely surprising datapoint: A lot of action is in the sub $49 million range, where roughly 50% of emerging managers are raising. Theresa Sorrentino Hajer, Head of U.S. venture capital research at Cambridge Associates warns that past success isn't actually a strong indicator on it's own to assess emerging managers. We've had a valuation reset. And newer managers with investments during the 2019-2021 "party days", need to build relevant track record and play to their strengths. A lot of emerging managers are specializing (70% who applied for Raise had a thematic focus), and betting on getting in as early as possible in the startup's lifecycle (Raise: 31% at accelerator/ pre-seed stages, and 47% at seed stage). “Emerging managers have to compete on a different dimension,” Nick Moran from New Stack Ventures. You're no longer just dealing with capital. Emerging VC's need to be as innovative and nimble as the startups they invest in, having a unique thesis and insights. They also play a role at the top of the deal-flow funnel: helping larger firms find promising companies, so finding a thesis, sector or philosophy aligned partner at a larger firm is helpful. Onwards! #EmergingManager #Startups #VC

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The OG Next Live Q&A Forum is popping!! OG Next is for emerging operators (below Director) - this is an immense resource I wish I had early in my career transition from Wall Street to Operating (CFO, COO). Here are some recent brain hive discussions in OG Next: 1️⃣ 𝗪𝗲𝗯𝗶𝗻𝗮𝗿 𝗼𝗻 𝗔𝗜 𝗶𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 & 𝗙𝗶𝗻𝗮𝗻𝗰𝗲: Covering how OpenAI’s finance team uses their own product, key takeaways included automating repetitive tasks, using ChatGPT for coding, training AI on company-specific guidelines, and troubleshooting error messages with AI. 2️⃣ 𝗔𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗻𝗴 𝗣𝗮𝗿𝘁𝗻𝗲𝗿 𝗗𝗮𝘁𝗮 𝗖𝗼𝗹𝗹𝗲𝗰𝘁𝗶𝗼𝗻: A member explored better tools to automate data collection from partners, transitioning from Smartsheet to potentially more effective solutions. 3️⃣ 𝗗𝗲𝗹𝗶𝘃𝗲𝗿𝘆 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 𝗠𝗲𝘁𝗿𝗶𝗰𝘀: A discussion on KPIs for implementing a SaaS product for a federal customer, focusing on metrics like on-time, on-quality, and on-budget percentages to measure success. 𝗜𝗳 𝘆𝗼𝘂 𝗼𝗿 𝘀𝗼𝗺𝗲𝗼𝗻𝗲 𝘆𝗼𝘂 𝗸𝗻𝗼𝘄 𝗶𝘀 𝗮 𝗯𝗮𝗱𝗮𝘀𝘀 𝗮𝘀𝗽𝗶𝗿𝗶𝗻𝗴 𝗼𝗽𝗲𝗿𝗮𝘁𝗼𝗿, 𝘀𝗲𝗻𝗱 𝘁𝗵𝗲𝗺 𝘁𝗼 𝗯𝗲 𝘁𝗵𝗲 𝗙𝗼𝘂𝗻𝗱𝗶𝗻𝗴 𝗠𝗲𝗺𝗯𝗲𝗿𝘀 𝗼𝗳 OG Next - 𝗮𝗽𝗽𝗹𝘆 👉https://hubs.la/Q02q1w4d0 𝗜𝗳 𝘆𝗼𝘂’𝗿𝗲 𝗮 𝘀𝗲𝗻𝗶𝗼𝗿 𝗼𝗽𝗲𝗿𝗮𝘁𝗼𝗿 - Operators Guild 𝗶𝘀 𝘆𝗼𝘂𝗿 𝘁𝗿𝗶𝗯𝗲. 👉https://lnkd.in/gxwfBaKA #OGNext #TechCommunity #Collaboration #KnowledgeSharing

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I had a great time at the Left Lane Capital Fast Growth Summit last month. Below are some of my key takeaways (or you can just scroll all the way down if you're a founder looking for some great advice). From a panel on Navigating Market Volatility & Building Resilient Startups featuring Sunita Patel (HSBC Innovation Banking), Sam Giber (blisce), Harley Miller (Left Lane Capital), Jeff Lieberman (Insight Partners), and Adam Valkin (General Catalyst)- 👉 Deal pace remains steady compared to last year's first quarter. 👉 There's less tolerance now for superficial co-building; startups are expected to tackle more profound problems, avoid recapitalization rounds, and not get as distracted by capital. As an aside, here’s an interesting read on VC money: https://lnkd.in/eFvk7T8S 👉 Seed funding is stronger than ever, with multi-stage investments happening earlier. However, startups exhausting seed funding without significant revenue is becoming less attractive. 👉 At the seed stage, there is particular excitement around trends like AI, shifts in global order, and changes in defense and spending patterns. From a fireside chat on The Age of Compute: Managing Innovation and Smart Integration featuring Isaac Vinyarsh (Goodwin), Bob Miles (Salad), and Ryan J. Salva (GitHub)- 👉 The increasing power of computation is transforming industries. Differentiation with AI involves considerations like federal regulations, SOC2 compliance, and identity differences; plus unique data and IP can pose ethical and legal challenges. 👉 User experience differentiation means optimizing the ergonomics of interactions with the product. From a lightning talk on From Moving Fast and Breaking Things to Scaling Responsibly, featuring Tanya Dua (LinkedIn), Alexandar Vassilev (WeTransfer), and Daragh Murphy (Imprint)- 👉 Moving fast doesn't mean sacrificing compliance or processes. 👉 As a founder, the important metrics you should be tracking are gross margin and maintaining operational efficiency as revenue grows. Never lose your hunger for solving customer problems. Being in control of your destiny means not relying solely on external investments. 💡 The best advice from both Alexandar and Daragh for founders: trust your gut, don’t settle for discomfort, and embrace change and adaptability. Constant change is inevitable.

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How does your ownership as a founder in your startup change over time? Dilution can happen in many ways. #PeterWalker put together data from over 45,000 US Carta startups to show how equity is distributed over time. The deck below covers: • SAFEs and convertible notes before priced equity (friends & family, angel, pre-seed, and "seed on SAFEs") • Priced round dynamics • Employee option pool size impact • Convertible instruments (either SAFEs or Notes) signed between priced rounds • Ownership examples at IPO I hope you find it valuable! #Startups #VentureCapital #Founder #Equity #Dilution #Entrepreneurship #Carta #IdeaParadigm

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DePIN & RWAs dominance isn't as far off as most people think. Across every innovative cycle, three fundamental pillars emerge: foundational technology development, proliferation of infrastructure, and a surge in application development. As we venture into the third cycle, DePIN and RWA protocols are poised to become market leaders paralleling the dominance witnessed by infrastructure projects from 2015 to 2024.

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Ever thought hiring a top-tier exec from a juggernaut like Goldman Sachs could turbocharge your fintech startup? Think again. When I first ventured into scaling a startup, the allure of bringing on board a heavyweight from a big name brand was irresistible. The idea? Their vast experience would translate into exponential growth for my burgeoning business. However, the reality was startlingly different. Here's what unfolded: Within the first week, the disconnect began to surface. 🤯 The questions started pouring in – "Where's the person who manages our data analytics?" "Who handles our business operations?" Suddenly, it became crystal clear. The infrastructures of a behemoth like Goldman and a startup are planets apart. The result? Paralysis rather than productivity. The very assets - policies, systems, and teams that these execs rely on to succeed, typically don't exist in a startup environment. And as the months dragged on, the harsh truth emerged – not every seasoned executive can adapt to the lean, dynamic pace of startup culture. It ended up being an expensive lesson on why industry context matters as much as experience. Before you sign your next exec, consider this: Is their expertise and style a true fit for your environment? Or could their strengths become your weakness? #Leadership #Hiring #StartupCulture #BusinessGrowth

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Key takeaways from VC Goat - Vinod Khosla podcast. - The firm cares more about working on interesting problems with large technical solutions rather than just maximizing IRR. The team is there because they believe in the mission. - Khosla assumes they've lost the money the day they invest, and then maximizes for the upside opportunity. He calls it "option value investing" rather than IRR investing. - Khosla has contrarian bets in AI (neuro-symbolic computing, probabilistic approaches), biotech, robotics, crypto, and more. - He believes aviation fuels, fusion energy, new transit systems, and other contrarian areas ignored by most investors will be huge opportunities. - Most large innovations come from outsiders, not industry insiders. Khosla looks for founders who can learn a business rapidly rather than have deep domain expertise. The Future Impact of AI - AI will be deflationary and increase productivity growth to 4% annually vs the typical 2% forecast. This will cause great abundance but also increasing income inequality. - Bipedal robots will take over most manufacturing and manual labor jobs within 20-25 years. This will free humans to be more creative and pursue their passions. - Education will shift from job training to creativity. Uniquely human elements like taste and curation will be most valued in an AI-enabled world. https://lnkd.in/gqBsmbks

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What does the future hold? 🤔 According to top VC Vinod Khosla, it's looking optimistic! In a recent article, Vinod Khosla at Khosla Ventures shared his views on our plausible futures in 2035-2049, and it's a nice counterbalance against the too-pessimistic doom thinking out there. ⚡ Khosla believes that entrepreneurs, with passion for a vision, invent the future they want. And if we allow it to happen, abundant, awesome, technology-based, “possible tomorrows” are likely ⚡ ----------------------- Are you interested in building the future with/ for your company? Take the first step here 📆 https://lnkd.in/e6kjakzF Let's make the future happen! 🚀 #Future #Venturing #Innovation #Entrepreneurship #Technology #Possibilities

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"90% of VCs add no value to startups, 70% even harm them." - Vinod Khosla The lesson? Choose your investors wisely. In a provocative assertion, Vinod Khosla challenges the traditional view of venture capital benefits, suggesting that a significant majority of VCs may not only fail to contribute positively but could potentially hinder a startup's growth. This statement is a stark reminder of the importance of due diligence when selecting partners who bring more than just capital to the table. A crucial message for all entrepreneurs: Not all money is good money. The right investors should offer not only financial resources but also mentorship, industry connections, and operational guidance to foster your company’s growth and success. If you’re at the crossroads of choosing a VC, remember that aligning with those who truly understand and support your vision can be more valuable than the capital they inject. PS. check out 🔔 for a winning pitch deck the template created by Silicon Valley legend, Peter Thiel https://lnkd.in/ejp-Bhnu

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