Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #337
We are living in two worlds at the moment, those who are GPT-4 or AI sexy and those who aren’t. For those in the former camp, the amount of 💰 that continues to pour into any company with Gen AI in its tagline and at valuations from 2021 reminds me that some of us truly have amnesia. On the other hand, the best, non-sexy Gen AI leaders are continuing to retrench and refocus on first principles and core product and team building. In my 27 years of investing in early stage enterprise tech, I can’t remember a time where the largest of companies moved so swiftly to go after a space. Don’t get me wrong, I like many of you do believe in the transformational power of LLM models and already see many of our existing portfolio companies leveraging this. I also am a dreamer and am looking for that next big win but I do want to tread with caution. Case in point - AWS Bedrock… https://twitter.com/edsim/status/1646848756241817607?s=20 Amazon Bedrock will be huge for enterprises…
On the non-AI side of the world, I remain optimistic. The pendulum in startups and venture is always swinging from one extreme to the next. While painful, 🙏🏼 to be back in capital efficient build mode. https://twitter.com/edsim/status/1646519216978415618?s=20 For day one startups, this is all about building the right way with the sole focus on shipping the right product and getting early proof points. This means hiring folks with “hands on keyboard” who can get shit done. It’s great to hear founders proudly pound their chest 🦍 when they get to PMF or $1M ARR as lean as possible instead of puffing their chest when it comes to how much money raised and at what price. If you’re a company who has raised a few rounds, don’t be afraid to start with a whiteboard and and ask yourself the basics - what am I building, for who, and who do I need to build and sell this product. Too much 💰 means chasing too many ideas, having a couple of skunk work teams sitting in the corner or carrying too many sales reps with the hope that things will turn around. Besides the cost, more people means more meetings which means more time to get shit done. This reminds me of an old movie, Stripes, probably non-PC in today’s age, where John Candy shares his goals for basic training. Keep this image in your mind as you think about your company and how to move faster. The benefits will be tremendous - more focus, speed, runway, and more value creation. If things don’t work out and all things being equal, I can assure you that having a lean, efficient org that ships product quickly will be more valuable in the eyes of an acquirer than a bloated team doing the same. Why? It’s because every single public enterprise software company and many late stage companies are doing the same thing, focusing on the Rule of 40 and trying to get to free cash flow positivity as quickly as possible. This means that acquisitions need to be accretive and quickly (in 1 quarter ideally). As always, 🙏🏼 for reading and please share with your friends and colleagues! Scaling Startups
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What's 🔥 in Enterprise IT/VC #336
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