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How we invested in a Y Combinator startup (without YC access) Motion (YC W20)—Episode 2 is now LIVE 🎉 Dug up call recordings from when it all started (2021) to help tell the story 🎙️ You'll hear from Motion's Co-Founder & CEO @HarryQi6 and Victor Wang (Partner at HOF...

10,693 Aufrufe • vor 2 Jahren •via X (Twitter)

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Here’s a very small story about the kind of leader Geoff Duncan is, and has been, from my time working with him my first term. When I served in the state Senate, the first bill I ever filed was hijacked. It passed out of the Senate, through House committee, and made it all the way through House Rules, at which point it was yanked back. (I actually appreciated the House GOP leadership for telling me this so plainly—it saved me a lot of time—but essentially I was told: “We like your policy. We don’t like your name on it. So we’re going to give it to a Republican woman.”) And…I get it. Sometimes that’s how it works in this place. It’s about the work, and the policy, not about getting credit. What we actually do and the people we help is what’s most important. But the thing I remember about this process was meeting with Geoff early in my first term, his encouragement, his telling me how he recognized good work when he saw it. I remember the ways he helped me, in the small, invisible ways it takes, to help this first-year nobody in the minority party to move her first bill. And he didn’t like what ultimately happened to that bill, because he believed—has always believed—in people over politics. The following year, that bill came back to us for a final vote. (Without my name in it, of course.) But he saw it, and remembered it, and did something so kind, and frankly unprecedented. He called me up to the rostrum, gave me the gavel, and allowed me to preside over the passage of my own bill. It was the first bill I ever wrote as a lawmaker, and it was ultimately signed into law the Spring of 2022. (Of note, this was also the first and last time we had two women physicians speaking together from the rostrum of the state Senate. And I know there were no subsequent times, because there are still only two of us.) Is this a huge story? No. Was this the most life-changing thing that ever happened in my time at the state Capitol? No. But that’s actually why it’s important. Because the true mark of leadership, and personal character, is what you do when you don’t *have* to. It’s when you show, rather than tell. It’s when you practice mentorship, true bipartisanship, strength of character, and genuine, human kindness, even when no one else might notice or care. Think for a second if we would ever see this in today’s legislative environment. And ask yourself if we would be better to have more moments, and leaders, like this. Geoff is the kind of leader I want to see leading our state. And I know, with our support, that he can win. And that’s why I’m endorsing him to be the next governor of Georgia.

Dr. Michelle Au

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In this special live event, Founders In Arms Podcast brings together a room full of founders at Mercury's San Francisco headquarters for an intimate conversation about building, investing, and the future of AI. Max Mullen is co-founder at Instacart, where he led product and grew it from a contrarian idea into the leader in online grocery delivery and eventually a publicly traded company. Now Max Mullen is an active investor and runs a founder community in San Francisco called Workshop. Max shares lessons from over a decade of building and his perspective on AI's transformative potential. In this episode, we cover: (00:00) Welcome to the first live Founders in Arms event at Mercury HQ (00:43) Introduction to Max Mullen and his early investment in Mercury (03:58) Max's origin story and first startup at Startup Weekend (04:36) Building a social network and getting acquihired (05:39) The path from acquihire to founding Instacart (06:19) Why Max wanted to solve real-world operational problems (07:17) Starting Instacart when there was no gig economy (09:15) Overcoming the "grocery delivery is dead" narrative (11:48) Market timing and why Webvan was too early (14:37) Being a non-technical co-founder in a technical role (17:45) The PARE framework for building company culture (22:09) Max's approach to M&A at Instacart (24:00) The Caper smart shopping cart acquisition story (25:31) How founders can position for acquisition (28:26) Why product-market fit attracts acquirers (29:46) Evaluating investments: market size vs. founder quality (32:54) Max and Immad's differing investment philosophies (35:39) The current state of VC funding and AI companies (36:51) The three best times to raise money as a founder (39:15) Instacart's seasonal business patterns and fundraising timing (39:59) The most interesting opportunities in AI right now (40:24) Why every profession will have AI agent co-pilots (41:44) What AI-native companies will look like for the next generation

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Caller: We're doing our taxes and last year we had $316,000 in capital losses. We were told that we could only deduct $3,000 a year on our taxes, but I did the math and that would take 115 years Dave Ramsey: So it sounds like the type of losses that you have is what's causing the write-off—the inability to write them off, because you don't have any income that is of similar sources to the losses. ​Caller: Right. Dave Ramsey: It sounds like you need short-term income on investments, not long-term capital gains on investments to offset this. What was this from? What's the loss from? Caller: from trading. From doing trades. ​Dave Ramsey: Jesus. What is your household income? Caller: For last year, it was only, $38,000. This year it's going up. My husband got a new job starting at $50,000 plus. Dave Ramsey: Where did you have $300,000 that you could lose? Caller: We had it in an inherited IRA. I was having problems with my pregnancy, so he started working from home trading because he was doing it and doing well. ​Dave Ramsey: Here's the problem. If we get too nitcy and nuanced and technical in order to get some benefit from this write-off, but it exposes him to the very beast that just about killed him the first time, I don't like that. So your husband being anywhere near a brokerage account sounds like suicide to me. I don't know in your household how you're going to create gains on investments to offset losses on investments to get the benefit of this that is substantial. I don't know how to do that. What I would do if I were in your shoes... but before I put your family at further risk playing with the same snakes that already bit you, I would just say, "Screw it, forget it, it's just gone."

Traeyz ♠️

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