FutureSight

Amazing podcast episode on frameworks for evaluating startup ideas with Mike Maples, Jr (Founding Partner at Floodgate, ex-Product at Silicon Graphics) on Lenny's Podcast. 🎧 Here are some fun takeaways: 📈 Pivoting to Success: ● 85% of the successes in Mike's portfolio come from startups that had a fundamental pivot in their journey. This highlights that our initial validation is only a minor chapter in a venture's lifecycle. 🔍 Breakout Concepts: ● Startups need to be radically different from incumbents to succeed. ● Inflections are external changes that promote radical change. Incremental improvements, like Moore’s Law, are not inflections. AI itself isn't an inflection, but some models, like LLMs, are. 💡 Earned Insight: ● Startups need to be both non-consensus and right. ● Insights allow startups to escape comparison traps with incumbents. ● "Live in the future & build what’s missing." 👥 Founder/Future Fit: ● Founders need to be obsessed with the future of the problem. ● Sometimes, a team lacking experience is better suited for the future, seeing new possibilities. Other times, seasoned expertise and a proven track record are crucial for building customer trust. ● Greatness hinges on how authentically a team aligns with the future they aim to create.

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How amateurs approach problem validation: Rely solely on secondary data Rush through customer discovery Ignores conflicting information How the pros do it: Combine research with direct user engagement Allocate time for experimentation and iteration Embrace contradictions and diverse perspectives

We focus on investing in only three to four startups per year. As investors, our time is limited, and we review many deals. This selective approach allows us to dive deep and provide substantial support, ensuring we invest in founders who inspire us and align with our values.

Most founders think they need to build their product ASAP, but... there is usually a huge gap between their understanding and reality. 🔍 Innovation isn’t created from just looking at past data; it requires understanding current and future needs. 🎯 Confirmation bias misdirects founders to their preconceived notions that might not be reflective of the target customer. ⏳ Rushing through the problem discovery phase can result in missing key insights about the true nature of the problem. Trying to build a business around the wrong problem limits growth more than any other decision. It can lead to wasted resources, a misaligned product-market fit, and ultimately, failure. So, when would you build your product?

We are proud to live out our values. Our Operations Manager, Cindy Gamal, shared this post about how self-reflection and self-awareness are reflected in our company culture. We believe reflection and growth go hand in hand. By regularly reflecting on the insights gained from our initiatives, internal review, and market feedback, we ensure continuous learning and meaningful progress, maintaining a clear sense of direction in our fast-paced industry. Thanks for sharing, Cindy!

Early-stage investing is hard. At this stage, the bet is truly on the founders and their potential. At our fund, we follow a six-step evaluation process, culminating in a two to three-hour conversation assessing the founder’s capability to be a CEO and co-create. We then create a founder development plan outlining the journey for the next 10 years. This process ensures we invest in individuals with self-awareness and the ability to grow.

📬 We just sent out our latest newsletter covering the gold rush in AI and insights from three great VC and Venture Studio investors! Want to receive monthly insights on startup founding and venture investing? Join our newsletter here: https://lnkd.in/g-Wtb38n

Hot take: 𝐈𝐧 𝐞𝐚𝐫𝐥𝐲-𝐬𝐭𝐚𝐠𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐢𝐧𝐠, 𝐭𝐡𝐞 𝐢𝐝𝐞𝐚 𝐝𝐨𝐞𝐬𝐧'𝐭 𝐦𝐚𝐭𝐭𝐞𝐫. The first six months of venture building are always ambiguous. Founders might have a couple of problem areas they're interested in. After getting market evidence, we'll discover gaps in the ideas and pivot based on those insights. That's why at our investment stage, the Formation stage, the idea matters less. What truly matters are the founders and where we believe they can grow. As co-creators, FutureSight and the founders develop the ideas together.

As a founder, you question every day if you're in the right place, if the hardship is worth it, and if you're truly committed to the mission. That's why we ensure we get that buy-in together: 1️⃣ How much the problem exists for customers 2️⃣ Why this problem matters to the founder 3️⃣ The impact of solving that problem for the customer 4️⃣ Whether the problem is worth solving The most valuable resource at this early stage is 𝐭𝐢𝐦𝐞. We conduct upfront market validation because we don't want to build something no one wants, whether that be the customers, investors, or the founders.