Each week, I try to find some nuggets of positivity as the markets clearly have much more pain ahead. If one looks at VC twitter, it is all doom and gloom, and yes, things are frozen in some areas of the market post seed and Series A. In addition, from what I hear, there are no acquirers on the horizon yet for startups with inflated valuations as the large publics are still waiting for their own valuations to bottom out before buying anyone else. All that being said, I’ll try to point out some rays of sunshine ahead as it’s too easy to talk about the idea that the world is falling apart.

So this week, let’s talk about the ❄️ Summit. A company that has growth like this should be discussed. I’ve clipped a few slides and if interested in digging deeper, check out the investor day presentation.

Snowflake is still quite bullish on its future, as its continuing to invest in sales growth.

There was a ton of new products launched but the big idea is that Snowflake wants to be a platform for data apps.

Benn Stencil from Mode Analytics wrote a thought provoking post on the launch of Snowflake’s native application framework and the idea of data applications.

A new workload or data wedge for Snowflake is cybersecurity as you can see below.

Interestingly, cybersecurity is the smallest part of its TAM.

Finally, with a verticalized selling approach, it will be interesting to see how partner friendly Snowflake will remain as its customers will want more solution oriented applications vs. core infra and like any true platform, Snowflake will be tempted to build its own for the best and fast growing apps.

As always, 🙏🏼 for reading and please share with your friends and colleagues. Also Happy Father’s Day to all!

Scaling Startups

1. Speaking of Snowflake, 👇🏼 from Bill Gurley on our current times - read 🧵

   Bill Gurley @bgurley

   If you find these perspectives cold or heretic, I have a thought exercise for you. Spend 51 minutes listening to @patrick_oshag interview Frank Slootman and imagine you are competing with his team at Snowflake. How do you like your odds? ‎Invest Like the Best with Patrick O’Shaughnessy: Frank Slootman - Narrow the Focus, Increase the Quality on Apple Podcasts‎Show Invest Like the Best with Patrick O’Shaughnessy, Ep Frank Slootman - Narrow the Focus, Increase the Quality - Feb 22, 2022podcasts.apple.com

   June 15th 2022

   94 Retweets1,102 Likes

2. Solid advice from Jeff at GGV

   Jeff Richards @jrichlive

   1/ We are in inning 2-3 of the valuation reset in VC backed tech cos. For cos w/ plenty of $ (2+ years of runway) that don’t need to raise, the reset may feel less urgent + will take time to play out. But - long term planning around capital structure is still very (!) important.

   June 11th 2022

   49 Retweets359 Likes

Enterprise Tech

1. Huge congrats to Jit Security on the launch of its official beta and $38.5M seed round led by my firm, boldstart, along with Insight Partners, Tiger Global and TechAviv, in partnership with our friends at FXP who are co-founders.

   Jit.io - Born-left product security for developers @jit_io

   🎙️🚀 BREAKING: We are THRILLED TO ANNOUNCE our $38.5M Seed Round together with our PUBLIC BETA launch! We are on a mission to empower devs to own product security through open source security tools in a self-serve platform. bit.ly/jit-launch-cte… #devsecops #OSS #securityCybersecurity startup Jit raises $38.5 million in Seed funding | CTechThe Israeli startup builds an on-ramp for bringing security into the developer and DevOps workflow and ensure that product security is there from day zerobit.ly

   June 15th 2022

   3 Retweets30 Likes

   Here’s a blog post I wrote on why we’re so excited about born ⬅️ security and how Jit can help turn security plans in docs and spreadsheets into “security as code.”

   Ed Sim @edsim

   2/Here's more on why we're so excited about @jit_io, the idea of minimal viable security "MVS" + how devs can take a security plan and run on source code, IaC + pipeline simplifying + automating born ⬅️ security. Jit — security as code, welcome to boldstartAs a day one partner for technical founders, we loved to invest in founders building 🏗️ at the intersection of developer tooling and…medium.com

   June 15th 2022

   2 Retweets6 Likes

2. 🎙️ Enjoyed my chat with @IanAndrewsDC, CMO of Chainalysis where we discuss building companies in an economic downturn, enterprise founders building crypto infra, and what gets me excited about crypto tech. Yep, the market is in complete freefall but still seeing some amazing founders building net new infra - it’s going to be an interesting rest of the year for sure.

   What Does Crypto VC Funding Look Like In A Bear Market? Public Key 28:46

   “The conversation addresses tokenization versus infrastructure and databases versus blockchain and reviews why Boldstart just raised two new funds to continue to build their crypto portfolio amidst heightened volatility and fear in the current bear market and various outcomes on enterprise blockchain use cases.”

3. Future of NFTs 🧵 - more than JPGs

   azf.eth 🥃 🍌 🔮 @azfnft

   What will NFT utility look like in the next 6 months?? As an IRL silicon valley tech product manager, I have been evaluating the data and trends. Here's what I have found. 🧵👇

   June 13th 2022

   1,825 Retweets5,535 Likes

4. ❤️ this - in the midst of the doom and gloom, Databricks says hiring 2500 people this year (The Information) - great read on what they look for in people, no job hopping, and getting more stuff done IRL at least 1 day a week

5. 👇🏼 on multi☁️…

   Shomik Ghosh 🇺🇦 @shomikghosh21

   This by @tomkrazit w/ Target CIO in 2021 describing how and why $TGT moved off of $AMZN is freaking incredible "Instead of an application developer worrying about how many cores they need, I wanted them to focus on writing features and functions" 🧵 protocol.com/enterprise/tar…Target CIO Mike McNamara makes a cloud declaration of independenceStaying on Amazon Web Services wasn’t an option, so the retailer built a multicloud architecture that gives it flexibility across vendors.protocol.com

   June 16th 2022

   10 Likes

6. Why growth and need for remote dev environments - check out comments

   Kelsey Hightower @kelseyhightower

   Remote dev environments are trending. Seems the process of writing software has become so complex that 10 cores and 64 GB of RAM isn't enough. Or maybe this has more to do with the growing number of external dependencies and the related configuration required to manage it all.

   June 9th 2022

   183 Retweets2,015 Likes

Markets

Jamin Ball @jaminball

Median software multiple is now 5.7x. This is close to 30% below the long term pre-covid average for the cloud software universe

June 13th 2022

53 Retweets307 Likes