Tuesday, June 18, 2024

My VC Resolutions for 2023 – Matt Turck


1) Replace public profiles: take away any reference to ever having ever favored crypto/web3, deny any rumors that I used to be claiming to be “down the rabbit gap” lower than a 12 months in the past, say that I’d have “undoubtedly achieved deep due diligence” on FTX

2) Present thought management: tweet incessantly about Generative AI, change my PFP to a Lensa avatar, speak about how GPT-4 is “insanely mind-blowing” (reminder: chilly e-mail OpenAI to really get early entry to GPT-4)

3) Add worth: advise CEOs to (a) develop at the very least as quick as earlier than, but in addition (b) drastically reduce all prices. Use phrases like “EBITDA” and “FCF” which I simply realized about in 2022. It’s all about “accountable development” now (trace that I at all times advocated for it, deep down)

4) Be encouraging: repeat extra usually that “a number of the biggest firms ever have been began in bear markets”, as a result of founders actually like listening to that from VCs whose private draw back is protected by administration charges it doesn’t matter what

5) Be rigorous: emphasize valuation self-discipline, not like these different foolish VCs (not me) who YOLO’ed into loopy costly offers in 2020-21 — HOWEVER, be versatile: if I do get an allocation within the subsequent Generative AI platform Sequence A at 500x ARR, then def do it (that’s totally different)

6) Lower prices: given low chance of carry within the subsequent couple of years, hearth my now-outed $250k-a-year ghostwriter, and as an alternative rent an unpaid excessive schooler to write down ChatGPT prompts for my social posts. Tweet about how I’m grooming the following era

7) Journey much less: it’s going to be a excessive depth 12 months the place my founders are going to want me, so hold it to important journey solely: Deer Valley snowboarding, Egypt kitesurfing, Mykonos for the Summer time, some lengthy weekends in Miami, little bit of pickleball within the Hamptons, that’s it

8) Begin a podcast, as a result of extra folks have to know what VCs suppose, particularly on matters outdoors of enterprise capital. Plus, the All In guys get stopped on the street for autographs and I don’t.

Comfortable new 12 months everybody, let’s go!

P.S. Humbled to report that, regardless of a difficult 12 months, I did nicely on most of my 2022 resolutions. Success is about stacking tiny wins (you heard it right here first)

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