That stance is something I work very hard to maintain, because it’s very easy to slip into the other mode. I remember when eBay came along3149 million active buyers and 700 million live listings., and I thought, No fucking way. A fucking flea market? How much crap is there in people’s garages? And who would want all that crap? But that was not the relevant question. The eBay guys and the people who invested early, they said, “Let’s forget whether it’ll work or not. What if it does work?” If it does work, then you’ve got a global trading platform for the first time in the world, you’ve got liquidity for products of all kinds, you’re going to have true price discovery.
We tend to think of boredom as someone lazy, as a couch potato,” said James Danckert, a professor of neuroscience at the University of Waterloo in Ontario, Canada, and a co-author of the paper. “It’s actually when someone is motivated to engage with their environment and all attempts to do so fail. It’s aggressively dissatisfying.
It’s ok to be nervous. That’s the first arrow. The first arrow can wound you. But being nervous about being nervous is the second arrow. The second arrow can kill you.
You’re either not hiring at all or it’s probably your single biggest block of time.
As Sam Altman said in his talk this week (linked above): “The best businesses have the tightest feedback loops.”
Another bout of news is coming from the world of online payments: General Catalyst has announced a new, $10 million initiative — called the GC Stripe Platform Fund — to help its portfolio company, payments startup Stripe, continue to scale up: GC will invest in interesting startups that are powered by Stripe’s network, and startups that are building ways of extending the Stripe network.
Being chronically exhausted is not the key to success. It’s a race toward disease and dysfunction. And in most cases, it causes suffering that is 100 percent preventable. Some people, like Dr. Meyer Freidman, the doctor who first identified the type-A personality trait, calls this western disease “the hurry sickness.”
So what that means is there are 10-20 $100m+ ARR opportunities in CRM that exist, either today, or Will Very Soon.
We’ve seen Veeva IPO as a Pharma-specific CRM. But that unicorn didn’t even come from the bottom of the market, but rather, an adjacent piece of it, a vertical. We’ll see SugarCRM IPO this year, but while that’s partly the bottom of the market, it’s really more of a vertical (open source + highly customizable + international) play in a sense. And Zendesk will IPO this year, a CRM focused on supporting existing customers instead of potential ones. All three are already > $100m ARR. And we haven’t even seen a Bottom-of-the-Market play IPO yet.
Now imagine we’ve talking about a much bigger space, like CRM. Salesforce alone will be at $10 billion ARR in just a few years. $10 billion.
Now at that scale, Salesforce is now working on as many $100m+ deals as it can try to close. Because once you adding > $1 billion in ARR a year, you need a few Really, Really Big Enterprise deals to move the needle. And a handful of $50m-$100m deals are, by definition, the new target to really move the needle at that scale.