Welcome to our new subscribers! SandHill.io aggregates and shares the latest investment themes, market insights, and best practices for operating and investing from 650+ VCs, analysts, and operators.

This newsletter curates a selection of posts featured on the website each week.

Investment Themes, Theses, & Outlooks

• The Generative AI Revolution will Enable Anyone to Create Games (Joshua Lu & Robin Guo, A16Z)

• Global is the Real Frontier (Rick Zullo & Simran Suri, Equal Ventures)

• Ellison’s Gospel, The Evolution of Salesforce, and the (AI Driven) Re-Bundling of Software (Arda Capital)

Industry Developments & Analyses

• Space: A Market Map (Ryan McEntush, GP @ A16Z)

• Foundation Model Ops: Powering the Next Wave of Generative AI Apps (Ashu Garg & Jaya Gupta, Foundation Capital)

• Setting the Scene for Genetic Breakthroughs (Abhishek Maran, VC @ Folklore Ventures)

• How are startups actually leveraging LLMs? (Vivek Ramaswami & Sabrina Wu, Madrona)

• Vertical SaaS, Today (Anna Khan, GP @ CRV)

Guides, Case Studies, and Best Practices for Operating

• The Race to $100B: The Palo Alto Networks Story (Rak Garg)

• Founder Considerations for a Cash Management Policy (Collection of VCs across General Catalyst, Greylock, GGV, KP & more)

• FirstMark | The New Treasury Playbook for 2023 (FirstMark Capital Team)

• Refining the ICP with David Apple (Akash Bajwa, VC @ Earlybird)

• Grow Fast, Breakeven, or Die: How Moderate Cuts Will Kill Startups in 2023 (Charlie O'Donnell, GP @ Brooklyn Bridge Ventures)

• Pitching to Pre-Seed Investors: What You Need to Know to be Prepared (Massimo Sgrelli & Irene Mingozzi, Lombardstreet Ventures)

Additional Reads

• The Remaking of Kleiner Perkins (Mario Gabriele, The Generalist)

• What Taylor Swift Can Teach Us About Business (Rex Woodbury, Partner @ Index)

• The Banking Crisis: More Kicking the Can (Albert Wenger, GP @ USV)

• Retroactive predictability of 2023’s Black Swan: SVB’s risk mismatch in 10 graphs (Janelle Teng, VC @ Bessemer)

• Unpacking why AI Companies funding rounds are so expensive (Ryan Shannon, VC @ Radical Ventures)

• How AI Will Make The Next Banking Crisis Worse, Not Better (Rob May, Partner @ AI Operators Fund)

• Financial Infrastructure For Small Venture Funds (Semil Shah, GP @ Haystack)

• On Euthanizing Venture Capitalists (Mike Solana, VP @ Founders Fund)

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