We’re loving the How I Built This podcast, hosted by NPR’s Guy Raz. In this week’s episode, Julie Rice and Elizabeth Cutler tell the story of starting SoulCycle. Raz asked pointedly, “why even bother starting Soul Cycle when practically every gym already had a cycling class for members at no additional cost.” This reminded me of the quip “if you’re entering a market with existing competitors, you have to be 10x better.”
It’s sound advice, and the founders of SoulCycle knew they could offer a 10x experience with just a few important changes. As Danielle can attest, from the moment you step into the studio the receptionist has been trained to make you feel welcome and accepted. When class ends and you’re dripping with sweat, the lights are low, candles are lit, and the instructors prompt you to celebrate how powerful your body is without comparing yourself to others. In short, you’ve had more than a ride — you’ve had an experience that to some even seems cult-like.
Sometime 10x better doesn’t mean 10x more work. Remember that just a few small tweaks in your work, or life, could make all the difference.
From the Operators
Andy Dunn of Bonobos recounts conversations with the late Blake Nordstrom, who passed away last week, in The Last Time I Saw Blake Nordstrom. Growing up in Seattle, I’ve heard so many stories about the Nordstrom family’s dedication to customer service, and you feel it when you’re a customer there. To hear it from Andy, the founder’s great grandson still had the touch, and will be dearly missed. Rest in peace Mr. Nordstrom.
Over the past month Nathan Barry of ConvertKit went through a difficult time, facing something not talked about nearly enough: his wife’s miscarriage. His surprising discovery that sometimes Gratitude is a distraction resonated with us, and his vulnerability in sharing this story is deeply appreciated.
First Round Capital compiled the best advice from First Round Review in 2018 in The 30 Best Pieces of Advice for Entrepreneurs in 2018. They’ve also conveniently linked back to previous years if you want to binge on the best nuggets from this top notch VC publication.
From the Investors
Jason Calacanis is back to blogging regularly and suggests The Ultimate Outsider’s Hack is to Read All The Biographies. This reminds us of the approach author Robert Greene takes to summarizing knowledge around human excellence in his great book Mastery.
David Teten of HOF Capital has the best non-obvious advice I’ve seen in a long time. Writing down your responses to VC’s doing diligence goes further in closing a deal than you might imagine. Find out why in Face-to-Face Meetings Are Important, but Thoughtful Written Collateral is Mandatory for Closing the Deal.
Jeffrey Carter of West Loop Ventures dives into another under-reported topic of fundraising, discussing investor’s : Information Rights
Carlos Eduardo Espinal of Seedcamp has a simple but awesome spreadsheet for Managing Your Fundraising Pipeline. Savvy founders can also fill this sheet with qualified VCs using the Investors tab of Mattermark.
Ali Hamed of CoVenture draws the distinction between Capital Efficient Vs. Equity Efficient. Either he’s dead on that financing growth needs more options or maybe founders should get more creative with their distribution approaches.
A warm congratulations to Dorothy Ren for joining NextView Ventures on the investment team. If you’re a founder re-designing the everyday economy (home, transportation, food, work & money, health, apparel, and entertainment) hit her up with a pitch (her email is in the post).