Hot in Enterprise IT/VC - What's 🔥 in Enterprise IT/VC #343
What's 🔥 in Enterprise IT/VC #343How JPM Spends $15B on IT + collaborative doc template for super efficient board meetingsAs you guessed it, what’s 🔥 this week is like most weeks, every enterprise startup and incumbent going all in on on AI. Below you’ll find a story from The Information on how Satya drove the OpenAI relationship, a slide from Palo Networks on how it’s infusing AI into many of its products, and how a bank like JP Morgan Chase spends $15.3B on IT - yep, there’s lots of data scientists and AI researchers. Following last week’s post, a number of folks reached out for more details and frameworks on board docs (read 🧵). While no set rule, one thing I can tell you is to please tailor by stage as in the early days there will be much less to report and as your company grows, you will need to cut some information out and focus on what really matters. If done right, those monthly emails you send to your investors can also be reused for some of the board material. From my experience, super early stage companies have docs around 3-5 pages long and as the company grows, different leaders take responsibility for sections. Here’s a great article from Harvard Business Review on “How Netflix Redesigned Board Meetings.”
The collaborative document IMO makes it easy to get the basic update and reporting out of the way, to level set all board members on the current status of the company, and allows the actual board meeting to be spent clarifying any comments or questions from the document and diving into more strategic topics. This only works if you send in advance, and the board members do their work which unfortunately is not a given. Given that framework, here’s an example of some of the headline areas that I’ve seen covered for an early stage investment. Whatever the material you put together, one point I like to emphasize is that you should have most of this information accessible and trackable by you and your team internally so there is very little new information you should have to create. These written docs also remove the need to spend hours making a slide beautiful and just presenting the facts as they are. You only get real value if you don’t sugarcoat progress and look to learn from each meeting.
If you just want to use a deck, here’s a simple enterprise board deck template I put together which covers much of this ground. IMO, you may just want to use that as your framework for a collaborative doc. Try it, it will work wonders, and remember to use most of your time for discussion! As always, 🙏🏼 for reading and please share with your friends and colleagues. For those celebrating, have a wonderful Memorial Day Weekend and please do remember those who served our country. Scaling Startups
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What's 🔥 in Enterprise IT/VC #342
Saturday, May 20, 2023
Our first NEW AI investment...Kustomer 2.0, post-Meta spin out
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Inspiration + timeless lessons on entrepreneurship from Steve Jobs - Make Something Wonderful
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RSA Security wrap up - what 5 days of enterprise selling feels like in a 📉 economy
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🔥 up for RSA Security in SF
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