Edition 27: What does 2024 hold for Enterprise Enterprise; Fundraising lessons; How to achieve exponential growth;
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FIND US IN PARIS 🥖
The Pretiosum [Pretty Awesome] team is in Paris this week! See you all at the Carrousel du Louvre, 8 - 11 April 2024 🇫🇷. Let us know if you are around for a coffee! 🥳
READS
Fundraising lessons from 2023/24 (Mountside Ventures)
In response to economic uncertainties, startups are reevaluating their financial strategies with a focus on cash management. Investors favour startups with financial buffers, highlighting the importance of planning for at least an 18-month runway. This extended runway instils confidence in investors that a start-up has a strong business plan. This extended runway allows startups to remain agile and focus on sustainable growth.
What does 2024 hold for Enterprise SaaS? (PitchBook)
The hype cycle is in full swing, with nearly every enterprise software vendor, from nascent startups to massive public companies, seeking to implement AI capabilities to new and existing enterprise software offerings. Although we do not anticipate the majority of these to pan out, we believe AI & ML capacities will be the new table stakes across all of our enterprise SaaS segments.
10X IS EASIER THAN 2X
A lot of the time, founders and investors find themselves caught in the trap of “small thinking”. I will try to raise a $5m fund instead of $50m - it should be way easier. Well, not really.
As a team, in March we all immersed ourselves in the insightful depths of Benjamin Hardy, PhD and Dan Sullivan's book, as well as the video series "10x is Easier Than 2x," we find myself intellectually captivated and eager to impart the wisdom gleaned from this journey.
The Trap of Incremental Thinking
The 2x mindset is seductive in its promise of attainable and comfortable growth. It suggests a world where we inch forward, taking small, manageable steps. However, this approach often leads us into a quagmire of complexity. It limits our vision, confines us to the familiar, and, most detrimentally, it anchors us to our current identities, preventing the transformative growth we are capable of achieving.
Embracing the 10x Philosophy
In contrast, the 10x philosophy, as elucidated by Hardy, is not just about quantitative leaps but a qualitative shift in our thinking and being. It compels us to redefine our identity, align with an aspirational future self, and engage in activities that resonate deeply with our intrinsic motivations. This framework demands that we shed the superfluous, the 80% of our efforts that yield minimal results, and concentrate profoundly on the pivotal 20% - the activities that truly propel us forward.
The Power of Intrinsic Motivation
Central to the 10x mindset is the fuel of intrinsic motivation – engaging in pursuits that we find inherently rewarding and exciting. This internal drive surpasses any external incentives that the 2x mindset might offer. It's about aligning with a vision so compelling that the journey itself becomes a source of fulfilment.
Overcoming Resistance and Embracing Change
The journey to 10x growth is punctuated by resistance, often manifested in our reluctance to leave the comfort of the known. Hardy’s discourse emphasizes the hero's journey, where each stage of resistance and challenge is an opportunity for profound personal transformation, essential for achieving 10x growth.
The Simplicity of 10x
What makes 10x growth simpler than its 2x counterpart is its clarifying nature. It forces us to strip away the non-essential, to focus intently on what truly matters. In doing so, it simplifies our choices, our goals, and our actions. The process becomes about doing fewer things but with greater impact and alignment with our true selves.
Practical Steps to a 10x Founder Identity
Craft Your Vision for Tenfold Improvement: Define a compelling vision that embodies tenfold enhancement in both your personal and professional spheres. Ensure it is motivating, comprehensive, and resonates with your fundamental beliefs.
Evaluate Your Existing Approaches: Take a critical look at your current practices and habits to pinpoint where you're only achieving twice the outcome. Imagine the potential of adopting a tenfold mindset in these areas.
Adopt Gradual Enhancements: Initiate with minor yet strategic alterations that cumulatively lead to significant advancements. This step-by-step progression aids in establishing the tenfold mindset as a lasting habit.
Solicit Constructive Feedback and Refine: Actively seek out and welcome feedback on your advancements from other founders. Use these insights to continuously improve your strategies and techniques toward achieving tenfold excellence.
Foster an Attitude of Continuous Improvement: View challenges and obstacles as valuable learning opportunities. Adopting an attitude geared towards continuous improvement is crucial for maintaining momentum towards tenfold excellence.
ATTEND
🇺🇸 9 April
Fintech Founder/VC Brexfast (New York)
Fintech Founder/VC Brexfast co-hosted with The Artemis Fund, QED Investors and Fiat Ventures.
💻 10 April
Understanding SAFE Agreements: An overview of Simple Agreements for Future Equity, how they work, and why they might be a beneficial choice for your startup.
Convertible Notes Explained: Examining the structure, terms, and conditions of convertible notes, and how they compare to SAFEs in early-stage financing.
Navigating Investment Agreements: Insights into the negotiation and structuring of direct investment agreements, including key terms and investor expectations.
Legal and Financial Implications: A comprehensive look at the legal considerations, financial implications, and how to prepare your startup for the chosen fundraising path.
🇬🇧 16 April
The Operator to Founder Journey (London)
Operators & Friends gather the community to discuss the journey to founding from an operator background in London 🇬🇧
If you're an operator (or friend) with an entrepreneurial dream - join us to hear seasoned operators turned founders walk us through their journey.
All of this over non-alcoholic and alcoholic drinks and small bites, together with our friends at the pre-seed fund in the UK, Concept Ventures.
LEARN
👀 We are listening to 20VC: Bryan Johnson on Why Humans are no Longer Qualified to Manage Our Own Affairs, How Algorithms Will Run Our Bodies and How to Process New Ideas and Challenge Conventional Beliefs by Harry Stebbings
Bryan Johnson is the founder of Blueprint, the man is at war with death and is mastering longevity. Bryan is on a mission aimed at enhancing human intelligence and being respected by people in the 25th century. Before starting Blueprint, Bryan also founded Braintree (acquired by PayPal for $800M) and OS Fund – a $100M venture capital fund investing in genomics, synthetic biology, and complex systems.
FUTURE OF BUSINESSES FUNDING ROUNDS 🎉
We curate a list below of Pre-seed and Seed funding rounds in Europe and the US that caught our eye 👀
OpenPipe raises $6.7M led by Costanoa Ventures
Data / AI / Machine Learning • Seed • Seattle, WASydeLabs raises $2.5M led by RTP Global
Risk / Security • Seed • San Francisco, CaliforniaMetaview raises $7M led Vertex Ventures, Coelius Capital and Others
HR Tech • Venture • London, UKScaleup Finance raises $8M led by Inveready
FinTech • Seed Extension • London, UKOriole Networks raises $12.6M led by UCL Technology Fund, Clean Growth Fund, and Others
Data / AI / Machine Learning • Seed • London, UK
Please note that any charts, data, or projections discussed are subject to change without notice, may differ from opinions expressed by others, and are for informational purposes only. They should not be relied upon when making any investment decision. The content speaks only as of the date indicated; Pretiosum Ventures has not independently verified third-party links or sources, nor makes representations about the enduring accuracy of such information.