Enya Pan
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on the atlas · 32
- Embedded finance trends | McKinsey1 savers
- Investing in Coactive | Andreessen Horowitz1 savers
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- How to Be an Expert in a Changing World5 savers
- Why Good Companies Go Bad1 savers
- Startup Playbook18 savers
- Core Digital Twins in Logistics1 savers
- The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillment1 savers
- Airbnb Scoping Call - Google Docs1 savers
- Behind the Investment: Jasper | Insight Partners1 savers
- A Venture Capital History Perspective From Jack Tankersley - Brad Feld1 savers
- Heat Death: Venture Capital in the 1980s | Reaction Wheel4 savers
- The Forgotten Origins of Silicon Valley by William H. Janeway - Project Syndicate1 savers
- The Big Ideas Tech Will Tackle in 2023: An a16z Omnibus4 savers
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- The Cybersecurity Risks Of Generative AI1 savers
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- RBC Capital Markets | Technology & Innovation Insights1 savers
- Sea Change1 savers
- ‘Please write this code’ and other problematic prompts for chatbots1 savers
- Cybersecurity Trends: IBM’s Predictions for 20231 savers
- Q3 2022 AI/ML Report Preview1 savers
- Prioritizing Effective Infrastructure-Led Development1 savers
- The housing theory of everything - Works in Progress17 savers
- Generative AI: A Creative New World | Sequoia Capital US/Europe3 savers
highlights · 331
The embedded-finance product portfolio is likely to expand further as customer-onboarding and product-servicing processes are gradually digitized and real-time risk analytics and services grow more sophisticated
Embedded finance trends | McKinseyEmbedded finance is likely to emerge in any environment in which a critical mass of end customers (consumers or businesses) have frequent (often daily) digital interactions with the operator of the digital platform, which we refer to as the “distributor” of embedded finance
Embedded finance trends | McKinseynew form of partnership between banks, technology providers, and distributors of financial products via nonfinancial platforms underpins what has been hailed as the embedded-finance revolution
Embedded finance trends | McKinseyThis progress corresponds to an ever-growing set of available training data, starting with ImageNet (~1 million images) and culminating, currently, in LAION (~6 billion images).
Investing in Coactive | Andreessen HorowitzThe way to come up with new ideas is not to try explicitly to, but to try to solve problems and simply not discount weird hunches you have in the process.
How to Be an Expert in a Changing WorldWhen experts are wrong, it's often because they're experts on an earlier version of the world.
How to Be an Expert in a Changing WorldActive inertia is an organization’s tendency to follow established patterns of behavior—even in response to dramatic environmental shifts.
Why Good Companies Go BadTech startups need at least one founder who can build the company’s product or service, and at least one founder who is (or can become) good at sales and talking to users. This can be the same person.
Startup Playbookif it’s actually a good idea, it likely won’t sound like it’s worth stealing
Startup PlaybookIt’s much better to first make a product a small number of users love than a product that a large number of users like.
Startup PlaybookThe logistics space is highly fragmented , which could make it challenging to build out digital twins for entire networks
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentDigital twins could also support warehouse and distribution center layout optimization
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmenta digital twin of an entire fulfillment network (e.g., highways, streets, homes, and workplaces) could provide the customer location, demand pattern, and travel time data required to inform route planning and the establishment of inventory storage locations
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentDigital twins are virtual simulations of real-world physical objects and systems
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentLockers could help streamline reverse logistics by enabling carriers to pick up returns in bulk , reducing the number of trips required and saving money
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentAutonomous delivery systems rely on a combination of autonomous vehicles (e.g., sidewalk robots, delivery drones, and autonomous delivery vans) to automate the last mile of delivery
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentDelivery lockers and storage systems allow retailers and brands to deliver a consolidated set of orders at a commercial location rather than individual orders to each customer’s home
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentBecause the vehicle contains all the items in the shop, it doesn’t have to travel back and forth between consumer homes and a restaurant or store to deliver goods, enabling higher delivery volumes. Robomart in particular cites that it can help retailers increase deliveries by up to 500%
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentRobotic stores on wheels allow consumers to hail a delivery vehicle to their door and choose their items directly from the vehicle. This practice has come to be known as store-hailing
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentEn-route manufacturing solutions allow goods to be produced on the way to the destination, which could enable faster fulfillment as well as more customization
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentThe last mile comprises more than 40% of total supply chain costs,
The Future of Last-Mile Delivery: How technology is tackling the complexity and cost of fulfillmentFor many years preceding 1999, the 1982 vintage was known as the industry’s worst vintage year. Was this a function of “too much money chasing too few deals” as many pundits claimed? Not really; it was a result of an industry investing into a frothy market at higher and higher valuations in expectation of near term liquidity, and suddenly the IPO window shutting, leading to no exits and little additional capital to support these companies.
A Venture Capital History Perspective From Jack Tankersley - Brad Feldit wasn’t VC were good at early stage technology, it was that they had newfound capital and a big exit window.
A Venture Capital History Perspective From Jack Tankersley - Brad Feldthe driver was the 1983 bull market. The Four Horsemen (LF Rothschild, Unterberg Tobin, Alex Brown, H&Q and Robinson Stephens) basically were able to take any and everything public. Put a willing and forgiving exit market following any investment period and you get spectacular returns.
A Venture Capital History Perspective From Jack Tankersley - Brad Feldthe 1978 Steiger Amendment, which lowered the capital gains tax from 49% to 28%, and the 1978 clarification under ERISA that venture capital investments came within the “prudent man” doctrine.
A Venture Capital History Perspective From Jack Tankersley - Brad Feldthe only thing VCs can control that will improve their outcomes is having enough guts to bet on markets that don’t yet exist. Everything else is noise.
Heat Death: Venture Capital in the 1980s | Reaction WheelHigh market risk is associated with the best VC investments of all time.
Heat Death: Venture Capital in the 1980s | Reaction WheelSaying VCs used to take high technical risk and now take high market risk is both an overly optimistic view of the past—the mythical golden age of heroic VCs championing the development of new technologies—and an overly optimistic view of the present—gutsy VCs funding radical innovations that create entirely new markets.
Heat Death: Venture Capital in the 1980s | Reaction WheelThere are a plethora of me-too companies, companies with a new angle on a well-understood market, and companies founded with the hopes of being acquired before they need to bring on many customers. VCs are insisting on market validation before investing, and are putting money into sectors that have already seen big exits (a sign of a market that has already emerged.)
Heat Death: Venture Capital in the 1980s | Reaction WheelMarket risk, on the other hand, is directly correlated to VC returns.
Heat Death: Venture Capital in the 1980s | Reaction WheelTechnical risk is horrible for returns, so VCs do not take technical risk.
Heat Death: Venture Capital in the 1980s | Reaction WheelHigh technical risk means not knowing if a technology will work. High market risk means not knowing if there will be a market for your product.
Heat Death: Venture Capital in the 1980s | Reaction WheelBefore the ascendancy of the Internet, he said, venture capitalists invested in areas that had high technical risk and low market risk. It took a lot of capital to get these companies off the ground, but the odds that the company would succeed were relatively high if the company could deliver on its technology promise. “Today,” he said, “it’s the opposite.” For that reason, many of the larger, more established venture funds are investing later, writing larger checks after concepts have proved themselves.
Heat Death: Venture Capital in the 1980s | Reaction WheelIn the ’90s entrepreneurs and investors took huge risks and got big returns. In the ’80s they tried to avoid risk and got nothing.
Heat Death: Venture Capital in the 1980s | Reaction WheelIf the fatal flaw of the ’90s was hubris–“This time it’s different”–the fatal flaw of the ’80s was fear
Heat Death: Venture Capital in the 1980s | Reaction WheelIn March 2000, some investors realized that some of the public Internet companies could not, under any reasonable growth and valuation assumptions, be worth what the market valued them at. They sold, and prices went down.
Heat Death: Venture Capital in the 1980s | Reaction Wheelrivate tech companies took advantage of the market opportunity by going public and investors bought these up too. These companies could not yet be evaluated on objective measures like earnings, so investors used the rising stock prices as the rationale to keep buying.
Heat Death: Venture Capital in the 1980s | Reaction WheelIn 1993, investor interest in…young companies often focused on the new media and communications industry segments. The spotlight on new media and the emerging information superhighway helped early stage companies.
Heat Death: Venture Capital in the 1980s | Reaction WheelVenture capitalists’ job is to invest in risky projects. But after shying away from risk for years, VCs finally found there was no longer anybody willing to found a risk-taking company
Heat Death: Venture Capital in the 1980s | Reaction WheelThe initial successes of the venture industry in the first half of the decade have led to an excess of “megafunds”—venture pools with hundreds of millions of dollars to invest. The sheer size of these funds has, in many instances, transformed seed capital from a primary activity to a marginal one
Heat Death: Venture Capital in the 1980s | Reaction WheelInstead of building corporations and taking them public one day, these venture capitalists now develop companies purely for sale to big corporations. They make smaller investments for shorter periods than in the past. More than ever…they limit their risks and focus on developing products rather than companies.
Heat Death: Venture Capital in the 1980s | Reaction WheelInvestments in cable-TV and cell-phone infrastructure could never have achieved the types of returns that an Apple Computer or Genentech did, because they required so much capital.
Heat Death: Venture Capital in the 1980s | Reaction WheelTop funds, like US Venture Partners and NEA, moved “from their traditional high-tech portfolios into specialty retailing and consumer product investments.”
Heat Death: Venture Capital in the 1980s | Reaction WheelThe new wisdom was to lower risk by investing in well-understood, slower growth markets. VCs also limited risk by shunning technology.
Heat Death: Venture Capital in the 1980s | Reaction WheelInstead of backing entrepreneurs to develop new companies, many deal makers are emphasizing investments in companies that plan to grow through acquisitions
Heat Death: Venture Capital in the 1980s | Reaction WheelFrom none in 1980, LBOs grew to 23% of VC dollars by 1986. Seed and early-stage financing, once a quarter of VC investment, fell to 12.5% by 1988.
Heat Death: Venture Capital in the 1980s | Reaction WheelAt the same time, more than a third of the $3.4 billion raised by venture capitalists last year [1986] appears to have been earmarked for leveraged buyouts
Heat Death: Venture Capital in the 1980s | Reaction WheelDespite learning in the 1970s that early-stage investing is where the returns are, firms in the 1980s started to invest at much later stages and in already-established markets.
Heat Death: Venture Capital in the 1980s | Reaction WheelIndividual companies in these over-funded sectors still succeed,23 but overfunding causes overall low returns. In the 1980s this was exacerbated by the sheer number of new VCs, their fear of missing out on what might be a career-defining win, and the few promising sectors that appeared.
Heat Death: Venture Capital in the 1980s | Reaction WheelIn response to the increase in competition, prices were slashed and margins fell dramatically, but fixed R&D expenses did not. The valuations of these companies collapsed.
Heat Death: Venture Capital in the 1980s | Reaction Wheel