For companies that have gone or are planning to go to a hybrid-remote model, @chris_herd explains why "hybrid" needs to mean the same thing to management and employees, because it often doesn't.

The Sisyphean cycle of technology panics (and how to break it).

In his new book, @heyfeifer writes about @OrbenAmy’s four-step theory for what keeps happening when a new technology takes hold, especially with young people.

Founder & CEO of @Firstbase, @chris_herd, explains why he believes remote startups will win the war for top talent: future.com/remote-startup…

Data Room Red Flags 🚩 🚩 🚩

Your data room doesn't need to be perfect, but here are a few things that will give investors pause.

What shouldn’t you include in your data room?

Five things often seen in data rooms that @venturetwins wouldn’t recommend including, unless an investor specifically asks for them.

Lifetime value / Customer acquisition cost: are you making money on the average customer, after accounting for the costs of acquiring and serving them?

Payback period: a measure of how long it takes for the profit generated by the customer to “pay back” the cost of acquisition.

Usage data — this will vary based on type of company, but in general you’ll want to include:

✅ How your user base is scaling over time
✅ Where you are acquiring users and cost
✅ How often and long users are engaging with the product
✅ How users are retaining over time

Historical P&L and burn:

The path from gross revenue through net income (loss) through cash outflow on a monthly basis. Break out different types of revenue (if applicable) and major costs. Add your cash balance if you’re not including a balance sheet and cash flow statement.

“We have a special culture and we need the social connection of the office.”

A Gartner survey of 5,000 workers found that remote and hybrid employees actually reported higher culture satisfaction than on-site employees. bit.ly/3AjTXNN

Insights from our Web3 Water Cooler — a Slack chat about a trending topic in crypto moderated by editor @jbensonwrites.

This week @chaserchapman, @austin_hurwitz & @nuzayraesq discuss the intellectual property frameworks surrounding NFTs.

Read more: future.com/thinking-throu…

The concern about social media’s effect on teens might seem like a uniquely modern debate, but this has happened before.

A 1941 report from The Journal of Pediatrics concluded that many children had become addicted to the latest technology: radio.

The tiny project mindset is summed up by @dvassallo, who runs an online community teaching people how to create a portfolio of small bets.

Side projects have also let developers tap into the creator economy.

@benawad has 1.3 million followers watching his project videos across YouTube, TikTok, and Twitter.

A random game about flying a small yellow bird between Super Mario pipes exploded into Flappy Bird, netting $50K a day. A dev built Wordle for his GF, it sold to the NY Times for over $1M. How did this happen?

@tinyprojectsdev calls it gambling at the side-project casino 🎰

Used properly, AI copywriting tools can be a valuable asset in any writer’s back pocket.

Here are 5 tools that writers and editors can use to train and curate AI-generated content. Some are better at grammar and spelling, while others can help with research and conceptualizing.

One of the core tools of neuroAI is using artificial neural nets to create computer models of specific brain functions.

Using this recipe and repeating iterative testing across brain processes, scientists are building a patchwork of computer models for the brain.

Netflix famously knows which thumbnails work best. Google tested 50 shades of blue for hyperlinks in 2009, leading to a $200M increase in revenue.

But pretty soon AI will be able to predict the best thumbnail or color without any A/B tests. How? An emerging tech called neuroAI.

One common misconception is the idea that “community” and “customers” are synonymous terms. They aren’t. Understanding how they differ is critical.

Looking to kickstart a community? Begin with @AmberAtherton's quadrant method: future.com/to-start-build…

Here’s what you should know about The Merge — Ethereum’s upcoming transition to proof-of-stake.

Future talks with @dannyryan about 👇

What The Merge means for Ethereum: future.com/what-the-merge…

And how The Merge will impact future Ethereum upgrades: future.com/how-the-merge-…

Why right now is such an exciting time to build in aerospace and defense.

A conversation with @HadrianSpace CEO @2112Power, @KTmBoyle, @pmarca & @packyM: future.com/why-the-time-i…

The problem, now so drastically different from a decade ago, is not what to read/buy/eat/watch/etc, but figuring out the best thing to read/buy/eat/watch/etc with your limited time and attention.

@sariazout on why the future of search engines is boutique: future.com/the-future-of-…

7/ Designer and editor @mollyfmielke looks back at the history of creative software to understand why so much digital design looks the same right now, and why the future doesn’t have to: future.com/software-style…

5/ One of our favorite creator economy writers, @RuncieDan, explains how companies that group all “creators” together could miss out on the next phase of opportunities: specific tools that help breakout stars grow their business.

There are levels to this: future.com/creator-econom…

3/ The future of work is not corporate — it’s DAOs and crypto networks. From @BenSchecter, who writes about how people will earn income in non-traditional ways by taking actions such as playing games, learning new skills, creating art, or curating content: future.com/the-future-of-…

The idea of a secure software supply chain — how software goes from a developer writing code all the way to the end, and the weaknesses along every link and stage in that pipeline, explained by @kimsterv: future.com/securing-the-s…

Companies without billionaire founders can also replicate the Iron Man model by selling their commercial product to the Pentagon without making any — or at least any significant — modifications.

What about startups without billionaire founders?

The Defense Department has established a host of organizations, programs, and opportunities to improve how it works with companies.

What is negative engineering? @PrefectIO founder @jlowin explains: future.a16z.com/negative-engin…

Why on-prem software is still big business — an interview with @MongoDB CTO @MarkLovesTech: future.a16z.com/mongodb-cto-cl…

Founder & CEO of @hopper, @fredlalonde, on super-app ambitions and becoming an everything startup: future.a16z.com/hoppers-big-be…

How to make talent scouts work for you, by @tylercowen & @danielgross: future.a16z.com/how-to-make-ta…

A framework for navigating down markets, from @DavidGeorge83 & @justin_kahl: future.a16z.com/framework-valu…

When major shifts happen, either externally or internally at your organization, that’s a sign to ReCulture.

Gamification of travel isn’t a new idea. It’s been a predicted trend since 2011, at least, based on old forecasting reports. What’s different about the way you’re using gamification?

In 2010, BlackBerry founder Mike Lazaridis defined a super-app as a “closed ecosystem of many apps that people would use every day because they offer such a seamless, integrated, contextualized and efficient experience.” Do you think that definition still applies?

You’ve described Hopper as on its way to becoming the first travel super-app in North America. As you see it, what’s required for Hopper, or any travel app, to become a bonafide super-app?

70% of Hopper’s revenue comes from selling what you call “fintech products,” which are non-refundable, a la carte booking add-ons. A customer can pay to freeze the price of a flight, cancel, or switch hotels. How does Hopper offer these without cooperation from the companies?

Millennials and Gen Z make up 75% of @hopper’s customer base. Have you noticed different behavior patterns between the two generations?

By the time Hopper formally launched, it was a mobile-only product. Did that seem like a risky choice at the time?

Hopper launched in 2015. You’ve described its initial purpose as helping travelers figure out the best time to book a flight to get the best deal. How did you decide on that goal?

We talked with @hopper CEO @fredlalonde about his super-app ambitions, understanding the geographical and generational differences in mobile buying behavior, canceling out travel anxiety, and loving ‘Shopee Shake’. 🧵👇

If a company burns $40M to add $10M of ARR, it would have a burn multiple of $40M/$10M, or 4.

Burn multiples are a metric you can evaluate every quarter, and tracking it closely can ensure you stay on plan.

A year ago, it was common to see funding valuations for late stage private companies that were 100x of ARR.

If you did your last round at $20M ARR, growing 3x, you may have raised at a $2B valuation.

But things look very different now.

⌚️ 9:00 p.m.

Watch a video from @ycombinator's YouTube channel where @daltonc talks all about pivoting. youtube.com/watch?v=8pNxKX…

📅 Saturday, May 7
⌚️ 8:30 a.m.

☕️ and a chapter of Mac creator Jef Raskin’s classic book, The Humane Interface: New Directions for Designing Interactive Systems, which elegantly lays out a first-principles approach to usability.

Here’s @rajivayyangar's Info Diet: What the cofounder and CEO of the virtual office app @Tandem is reading, listening to, and watching over the course of a few days 👇

Retention metrics from 16 of the top marketplace startups in recent years ⬇️

Collectibles saw a massive boom during covid, that also appears to be lasting. @Whatnot saw the largest one-year gain in the rankings in Marketplace 100 history, and for the second straight year, is the fastest-growing M100 company. ⬇️
future.a16z.com/marketplace-10…

Unprecedented turnover shows that early stage marketplaces are as relevant as ever. There were 37 “freshmen,” 48% more than last year, and 19 companies “graduated” due to five IPOs, three SPACs, and 11 acquisitions. ⬇️
future.a16z.com/marketplace-10…

And of course NFT marketplaces took center stage the past year. While not officially on the list, the sheer volume and cross-category appeal of these five startups can’t be ignored:

@opensea
@AxieInfinity
@NBATopShot
@MagicEden
@SolanartNFT

5 marketplace made huge jumps up the rankings from last year:

🤖 Collectibles shopping app @Whatnot
🧗 Outdoor gear dealer @curated
💆 Travel and wellness marketplace @ResortPass
🎟️ Last-minute ticketing app @Gametime
🚤 Boating adventure marketplace @boatsetter

Categories like Games and Collectibles grew rapidly during lockdown, including @valvesoftware, @EpicGames, and @Whatnot.

Ticketing, Food & Beverage, and Education had the most new entrants — a trend that correlates in part with vaccine rollout — like @peek, @EatStreet, and @studypool.

This year’s freshman class was BIG with 37 marketplaces new to the list (that’s 48% more than last year).

Impressively, 19 companies graduated via IPO, SPAC, or acquisition.

This year’s top 10 marketplaces include brands we’ve seen on the list before like @Instacart, @valvesoftware, and @stockx as well as new entrants including @Zola and @StyleSeat.

Educational marketplace @TPT_Official took #8 in their first year on the list.

Marketplace 100 comes out tomorrow, our ranking of the largest consumer-facing marketplace startups and private companies.

Who do you expect to make this year’s list?

Data50 — The world's top data startups: future.a16z.com/data50/

Investment dollars are growing in every category in the Data50, but the most notable trend is again in AI/ML, where companies are picking up more investor interest than ever, mostly concentrated in the early stage.

Artificial Intelligence & Machine Learning is the biggest category by the number of companies in the Data50, largely because the space is still evolving and requires a new separate set of tools to train, measure, and productionize models.

Query and Processing companies have raised the lion’s share of capital. The category only accounts for one-fifth of the companies in the Data50, but almost 50% of all funding.

We’ve broken down the Data50 into seven subcategories.

Even though the main market tailwind driving adoption is the increasing volume and usage of data, the underlying drivers differ for each category.

The Data50 ranks the bellwether companies across the most exciting categories in data.

In aggregate, they are valued at more than $100B and have raised approximately $14.5B. 20 reached unicorn status by 2021.

Spend a couple days with @ModernFertility co-founder @aftonvechery in our latest Info Diet.

Get a look into her personally curated feeds and media habits to find out what she reads, follows, listens to, and watches in order to stay ahead of what’s next: future.a16z.com/what-modern-fe…

A company that serves in the low millions of user requests per day doesn’t need to optimize its systems to the degree of a Netflix or a Google.

Read @jeanqasaur on building for the 99% Developers: future.a16z.com/software-devel…

From his Hardcore Software @Substack: @stevesi shares the behind-the-scenes story of Office 2000’s hard pivot to enterprise, and why the EA is a significant part of @Steven_Ballmer’s legacy: future.a16z.com/hardcore-softw…

Fast Grants was launched at the onset of COVID-19 to address the sluggish institutional process for science funding and advancement. Over $50 million and 260 grants later, here’s what @patrickc, @pdhsu & @tylercowen learned: future.a16z.com/what-we-learne…

As more people arrive to web3, there needs to be even more diverse ways to participate. @VirtualElena provides the roadmap for minimum viable participation in crypto by looking at games, costs, and accessibility. future.a16z.com/minimum-viable…

We asked 21 experts how expertise is being redefined in the modern era, novelist @eliotpeper sees the power of storytelling as a path towards unlocking knowledge: future.a16z.com/question/futur…

Product designer for @figma, @mollyfmielke explains why software companies that embrace style over “branding” are winning with users right now: future.a16z.com/software-style…

The music industry is built on artists, but shuns creators, argues @itsDaveEdwards. Here’s what they need to change: future.a16z.com/music-copyrigh…

Gaming industry veteran @ibjade makes a compelling argument that fans, not professional developers, will drive the hit IPs of the future: future.a16z.com/fans-drive-hit…

We are still very much in the skeuomorphic era of web3, writes @cdixon, but we are starting to see a new wave of native applications that have no prior analogue and simply couldn’t have existed before: future.a16z.com/tokens-are-a-n…

What’s the brazen strategy behind China tech’s growth? A willingness to aggressively experiment with their core products, writes @ruima: future.a16z.com/strategy-behin…

Now one of the leading voices in how to clean up global supply chains, @flexport CEO @typesfast went beyond the meme with a deep dive into the Ever Given and the history of containerization: future.a16z.com/beyond-the-mem…