Agustin Danza

Insights on how to hire amazing people from Pedro Arnt, CEO of dLocal (1,000 employees) and ex-CFO of Mercado Libre (58,000 employees). Pedro has hired a lot of people over the last three decades. What has he learned? Structured Interviews Aren’t Enough. Work Samples & Reference Checks Are Key. Relying solely on structured interviews is a poor way to evaluate talent. While structured interviews are a step up from unstructured ones, they still feel like a crapshoot and leave too much uncertainty about a candidate’s potential. Pedro’s research showed that work samples are more predictive of future performance than interviews. However, the single best thing you can do before hiring someone is getting insights from people who’ve worked closely with the candidate. What colleagues and former managers say about a person over a long working relationship is the most reliable predictor of success. Redefining Reference Checks. Reference checks can often be regarded as a formality, with referees being hesitant to provide critical feedback. To change that, one has to create an environment where referees feel comfortable giving honest, candid evaluations. This involves setting the right tone early in the reference call, ensuring confidentiality, and asking structured questions about both strengths and weaknesses of the candidate. Full Fintech Leaders episode ⤵⤵⤵ Substack: https://bit.ly/3YnBopc Spotify: https://spoti.fi/3Yr711r Apple: https://apple.co/4f4VoTb Youtube: https://bit.ly/3U8V8dH

70

2 comentarios

Curious about the 100x+ economic gain behind AI vs humans? Read on. Vela AI agents are at least 100x cheaper, 5x faster and same quality as a venture capitalist (VC). Let's walk through the VC math. 1) Highly paid knowledge workers such as VCs in the Bay Area costs at least $120 an hour. 2) High-quality startup analysis typically takes 5-20 minutes per lead. This analysis is required to decide if a VC should take the first meeting. So, the cost per analyzing qualified lead ranges between $10 and $40. Let's skew towards cheaper and pick $20. Now, let's look into the AI agent math. 1) It takes 0.5-3 minutes to analyze a company, depending on the model's capabilities. 2) It costs $5-$20 an hour to run a LLM, depending on the infrastructure's sophistication and length of text. It costs $0.04 to $1 for AI agents to analyze a single startup. Let's skew towards more expensive and pick 20 cents. This gets interesting at scale. Humans get bored if they analyze more than 30 companies a week in-depth (at least I do!). These AI agents never get bored, works non-stop and even work on Saturday nights. When you run these models on 1M startups a year continuously, you end up paying $200K a year. I've never met an expert human or army of expert humans who can analyze 1M companies in a year, in which their quality is continuously increasing and the cost is continuously going down. This is a super power. Now imagine what other industries and businesses can use these 100x. If you have not deployed AI agents in your line of knowledge work, please drop whatever you're doing right now. Whatever that is, I can assure you that it won't matter in a few years. If you're a student or someone thinking about next steps, please stop what you're doing. This subject is the only thing matters for your career. Prioritize building, deploying and managing AI agents.

86

28 comentarios

Startup fundraising requirements have gone up... Here are 3 key takeaways and actionable steps you can take: Takeaways from Carta's report: 1️⃣ Lower Valuation Multiples – Series A startup valuation multiples have dropped from 4.9x in 2022 to 2.8x, indicating more cautious investor sentiment. 2️⃣ Extended Fundraising Cycles – Startups are now waiting over 100 days longer between rounds, reflecting slower deal flow. 3️⃣ New Opportunities – Larger seed rounds and technological advancements, such as AI, provide startups with ways to grow without relying as heavily on traditional VC funding. So, what can you do about it? If you’ve already raised pre-seed or seed funding, your primary focus should now be on generating revenue. There’s no way around that. If you haven't raised yet but plan to start a company, here are some strategies to consider: 1️⃣ Write Openly on LinkedIn - Share your thesis and gather feedback before you build. - Pay attention to what resonates with your audience and what doesn’t. 2️⃣ Talk to as Many People as Possible - Use tools like Dripify Lead Conversations to automate LinkedIn connections. - Cold email your ideal customer profile (ICP). - This will help refine your thesis and shape your vision. 3️⃣ Build a Network of VCs and Founders - Many VCs and founders are open to talking with aspiring entrepreneurs. - Use ChatGPT to refine your thesis and identify the best VC matches. - Reach out via concise emails or LinkedIn DMs. Bonus Tip – Be Patient - Once you raise capital, the clock starts ticking and pressure builds. - Consider developing a strong thesis and influence through writing before raising funds. This will give you conviction as you move forward. After all, you’re likely in this for the next 10+ years. #startup #fundraising #vc #entrepreneurship 

5

Startups live on the edge of two sharp cliffs: One called ambition, and the other called runway. As founders, we dream big, but the harsh reality is simple: without enough cash to keep the wheels turning, dreams don’t matter. Let’s talk about two critical milestones: securing your runway and reaching break-even. 👉 The Runway Reality Fundraising isn’t just about getting money; it’s about buying time. Time to learn. Time to adapt. Time to survive. 1- Why 18-24 Months? Investors know this is the sweet spot. It’s enough time to test hypotheses, refine your product, and uncover what works. 2- Stretching Every Dollar: In the early stages, every dollar spent must lead to an insight. Marketing experiments, product tweaks, customer feedback loops—everything should be about learning, not just scaling. 3- Avoiding the Burnout Cliff: Running out of cash forces desperate decisions. That’s why managing a runway is about staying calm under pressure while maximizing every opportunity to prove your concept. 👉 Break-Even: The Calm After the Storm Reaching break-even is a game-changer for startups. It’s the moment when the business sustains itself—when survival is no longer tied to fundraising. 1- Why It Matters: Break-even provides stability, allowing founders to focus on growth, innovation, and strategic decisions instead of survival. Your investment burn rate is close to Zero. It means every dollar you spend - you spend on the scaling hypothesis. 2- How It Shapes Decision-Making: Once you’re break-even, you gain the flexibility to take calculated risks and experiment without fear of sinking the ship. 3- The Psychological Win: For founders, reaching break-even isn’t just a financial milestone. Before Business was on Founder/s back. Now it’s the reassurance that the business can stand on its own two feet. Does it mean that challenges are over? Hell no. ⏰ Balancing the Two The real challenge? Knowing when to push for aggressive growth versus when to conserve resources for the long haul. ✅ Smart Spending: Fundraising shouldn’t just be about hitting vanity metrics. It’s about finding product-market fit, refining operations, and scaling sustainably. ✅ Saying No to Pressure: Investors might want to see exponential growth, but founders need to stay grounded. Remember: revenue without sustainability is a house of cards. As founders, our biggest battle isn’t just building the product or convincing investors—it’s managing time and resources wisely. What are your strategies for balancing ambition with financial discipline? Let’s exchange the biggest lessons in it. #Startups #Fundraising #BreakEven #RunwayManagement #Entrepreneurship

10

3 comentarios

I remember the pitch deck. It was 2021, and Baubap, a Y Combinator startup, was disrupting the financial landscape in Mexico with their unique approach to microloans. They had impressive traction, but the valuation was high. Most investors hesitated. But I saw something different: a company with explosive growth potential, fueled by a data-driven approach and a strong team. I knew I had to invest. Fast-forward to today, and my investment in Baubap has grown 32x in just three years! On this week's Lobster Talks Podcast - Y Combinator Secrets, I share the insights behind this successful investment, outlining my investment criteria and why I prioritize growth and traction over sky-high valuations. Learn how you can: - Identify top-performing Y Combinator companies. - Maximize your chances of co-investing in these high-growth startups. - Unlock the "YC premium" and achieve greater investment returns. Watch the full episode now to discover the secrets behind my investment strategy and how you can find your own unicorn: https://lnkd.in/eUkUAYF4 #ycombinator #venturecapital #investing #startup #growth #unicorns #lobstercapital #baubap #fintech

8

AI Adoption Beats in Latam companies | Volume #2 The Age of AI is about 18 months old. Hundreds of $ billions have been invested in laying down the infrastructure needed to support this AI revolution – from Data Centers (GPUs) to more capable LLMs to Enterprise applications (AI Agents). And now businesses are beginning to bring these tools – such as ChatGPT, Claude, Perplexity, Co-Pilot – to their workforce. From the media hype and the number of times CEOs mention AI in their earnings calls and investor days, you would think the average knowledge worker is using AI every day of an efficient and productive way. The truth: A very small group of knowledge workers is using AI every day. An even smaller group is using it effectively. And that means very few organizations are seeing ROI on their workforce AI investments. According to recent “AI Proficiency Report” by Section, only 7% of employees are in the “AI Leaders” class. These are people who have experimented with various LLMs, learned how to prompt, and integrated AI into their operations and workflows. In comparison, nearly 60% are “AI Newcomers” – people who have played around with ChatGPT a few times, but haven’t committed to it or learned to use it well. If your company is 60% of “AI Newcomers”, you have no idea (yet) what AI can do to transform your workforce. Pharma Moderna boasts an 80% AI employee adoption rate – suggesting that they are seeing significant productivity gains across their 6,000 person workforce. But they are the exception in 2024. Most companies won’t see the efficiencies they hope for with a small AI working group of superusers. So where should you start? The 82% of employees who are “AI Newcomers” or “AI Experimenters” are open-minded, but they need help. 60% of the “AI Leaders” are saving between 10% and 30% of their time each week with AI because they’re using it as more than a content creator. That’s 12+ hours (per week) ripe for more creative, strategic, and analytical thinking. So what’s stopping the 93% of other employees from doing the same?. What AI Leaders’ companies do differently? 1. Their company approves of AI (and says so publicly) AI Leaders members are more likely to be working in companies that have a clear AI policy that is in favor of AI use. 2. Their company has deployed AI training and paid for it The AI Leaders Class is the most likely to be receiving company support, largely in the form of AI training, from their employer. 3. Their company has deployed an LLM 77% of companies have not deployed company- or team-wide LLMs — but the largest segment of people who have access to one are in the AI Leaders Class (39%). Your turn: I hope it is useful… if you think it deserves a like, comment, repost, it will be welcome. On your side… if you want to share how you are going to design, plan and lead the AI Proficiency, Strategy and Roadmap Planning 2025… I’m just a DM or Free Discovery Call away (link on first comment). #AI #Adoption #Latam

2

3 comentarios

Tucano completes the sale of all of its shares in Sundwiger Messingwerk to KME Acquired in November 2020 as a corporate carve-out, Sundwiger Messingwerk’s EBITDA increased more than sevenfold under Tucano’s ownership. Founded in Hemer, Sundwiger Messingwerk, with over 350 employees, generates annual revenues exceeding EUR 200 million. Its products, widely used across industries including automotive, electrical, and telecommunications, have established the company as a leader in copper alloy manufacturing. Acquired by Tucano and fellow investors in November 2020 via a carve-out from the Diehl Group, Sundwiger Messingwerk was transformed into a highly profitable enterprise under Tucano’s ownership. Effective January 6th 2025, Tucano announces the successful sale of all of its shares in Sundwiger Messingwerk, a leading German manufacturer of high-quality copper alloys, to KME Group, one of the world’s largest producers of copper and copper alloy products. Special thanks go to the management that has relentlessly and passionately driven the transformation of Sundwiger Messingwerk over the past years!

62

5 comentarios

Sometimes a decrease in valuation is a good thing. When I spoke to Bloomberg’s Anna Irrera and Pablo Mayo Cerqueiro for their reporting on Klarna’s IPO, I focused on how important it is to adjust company valuations to reflect reality. In 2021, Klarna’s valuation was at $45.6 billion, but recently analysts estimate their valuation to now be around $14.6 billion. While this is a drop in previous estimates, to me it’s actually a good thing. It signals that the market is moving to value companies based off real revenue growth instead of pumping projections to reach unattainable goals. I hope that Klarna’s news will give other founders the courage to pursue an exit, even if it means doing so at a lower valuation. #fintech #valuation #ipo

31

3 comentarios

Today's guest on Business Podcast by Roohi is the first repeat guest on the podcast Had a super interesting discussion with Juan Abundes: Solo GP at Aito Capital In this podcast we cover: 1. GP’s leaving to start their own funds 2. Creative ways of liquidity Thanks to Ana Maury Aguilar for making the intro to Juan! Link to listen to the episode- in the replies

8

3 comentarios

Multiples – Why EBITDA matters It used to be, not too many years ago, that SaaS companies were almost purely valued as a multiple of Revenue. Today, according to a recent report from Aventis Advisors, SaaS EV/Revenue multiples are less than 1/3 of what they were just two years ago, a 66% decrease. Interestingly enough, valuations based on EBITDA (of those same companies), while they have dropped, have only decreased by 25%. In other word - EBITDA matters. Gone are the days where simply posting growing revenue streams was enough to garner a great valuation. Now, you have to be profitable. Get a complimentary Value Builder assessment to see where you’re falling short. It may not be pretty – but isn’t it better to know now and address it vs. have an investor or acquirer give you the bad news? Either way, we’re here when you’re ready. ✅ Click the link in the comments section to 2x Your Value for your Endgame✅

2

2 comentarios

🙋 Why I started Socap.ai (YC W23) as the top YC founder and what’s next Thanks all for the support during last week’s Socap.ai (YC W23) announcement! A lot of you were curious why I decided to start it after transitioning from CEO to a Board Member at Mighty Buildings (a top Y Combinator company) — here’s why 👇 I’m a rare founder who has been at the other side of the venture table (just to remind you, I started as a VC having founded a number of firms — Ruvento Ventures, EnchantVC, and HaxAsia to name a few — and have famously invested in 2 unicorns out of 17 seed investments while at Ruvento). Being a VC was fun and all, but I wanted a more interesting challenge. When we started Mighty, I couldn’t have imagined how complicated this road would be. As a deep tech company, we needed to raise A LOT of funding and needed to raise it fairly quickly. So far, Mighty has raised over $150M all the way from YC W16 to Series B in 2023. During this journey, I learned from the best of the best — at the YC Series A program and from the unicorn founders who have angel invested in us/advised us. Hundreds of people have helped me along the way with their generous feedback and, most importantly, intros/connections. I don’t think we would have been able to get there if not for my meticulous approach to parallel fundraising and activating/growing my social capital. I started Socap.ai (YC W23) because I grew tired of seeing founders completely misunderstanding what the successful fundraise looks like as well as lacking a quality way of growing their network. Oftentimes it’s a one-time opportunity and if you fuck up the process, that’s it. My mission with this is to change the mindset and make it 10x easier with the help of AI and the right kind of infrastructure (e.g. community). The tech startups scene and fundraising as the use-case is just the beginning for Socap.ai (YC W23) — I, my partner Alexander Nevedovsky, and our team (former VC associates and finance leaders) are so well-connected and well-versed in this beachhead market segment, that it would be stupid to start anywhere else, especially seeing founders pain every single day (I get around 50 connection requests daily from founders seeking help). I’m proud that along with the official Socap.ai announcement we have started hosting regular Socap.ai fundraising bootcamps as the initiative where founders can learn from me and a slew of other top founders (Abakar Saidov, Aaron Holm, Michael Ma, Salman Ahmad, Sly Spencer-Lee, Eric Sanchez to name just a few, there are dozens more whom I'll tag in the coming posts) — for free. We’re pioneering a more streamlined way for these top founders to share their social capital and help companies/founders they like, all powered by the AI platform we’re currently beta testing. Excited to kick off our bootcamp cohort #1 this Thursday — we’ve already started sending out first cohort acceptance letters — check them out if you applied! #fundraising #startups #socap

235

21 comentarios

NU is not seen as a tech company it’s still seen by people as a bank and it’s that that is driving the growth. And this growth is because TRUST is flowing into the digital banking market. Trust is all that is needed for people to leave ‘traditional’ banks and go to new digital banks like Nubank, Wise, Revolut, TymeBank and others. Why? Because of UX. These new banks’ UX is still light years ahead of tranditional banks. UX isn’t just the UI of an app or a website it’s how you feel when you interact with them. There is such a big difference between the new and traditional banks the the only thing stopping a massive exodus (this is already starting) is trust. We should expect to see way more growth as more people switch. We are still at the beginning of ‘the early majority’.

26

5 comentarios

This fintech company disrupted the entire industry in 6 years. Its Brex. They turned a small startup into a $12.3B giant. How? Here’s the story: Henrique Dubugras and his co-founder, Pedro Franceschi, dropped out of Stanford to start Brex in 2017. They wanted to solve a real pain point they experienced firsthand, "startups’ difficulty in securing corporate credit cards". Traditional banks failed to serve startups with no credit history, so they thought of building a financial services platform that addressed these challenges. Built from scratch, no relying on third-party processors. Brex created a solution for startups: No personal guarantees, fast signups, and higher limits. Now it's $12.3B company. And here's how they did it in just 6 years: 1. Targeted User Acquisition Cold emails, billboards, and champagne, their growth strategy was unorthodox but effective. They built a pipeline by marketing where their users hung out, even on LinkedIn.     2. Nailing Retention Early Brex understood retention was critical. They used churn data to improve customer service and even developed white-glove support to keep customers happy. 3. Iterating for Scale From a simple corporate card, Brex grew into a financial platform. They created multiple revenue streams — expense management, bill pay, and even venture debt.     4. Creating a Moat The founders kept adding value with features like a cash management account and travel integration. Customers were more likely to stay, leading to strong expansion revenue.     5. Non-traditional marketing They experimented with unique tactics, driving demo bookings through creative campaigns — this set them apart from competitors.     When faced with growing pains, Brex doubled down on venture-backed startups, offloading SMBs to maintain their premium positioning. Brex’s journey proves that success comes from understanding your market’s pain points and solving them better than anyone else. What can you take from this? Focus on retention, find creative marketing channels, and don’t be afraid to pivot. #startup #casestudy

107

13 comentarios

Today I’m thrilled to share that Fondo has raised a $7M seed round to accelerate our mission of putting accounting on autopilot for startups. With Fondo, startups don’t need to worry about tax penalties, financial statement errors, or missing out on up to $500k in tax credits. Onboard in minutes then set & forget — taxes are filed on time, timely and accurate financial reporting is delivered, and cash back tax credits from the IRS (up to $500k per year) are claimed and received. Over 1,000 startups trust us to put their bookkeeping, taxes, and tax credits on autopilot and starting today any startup can try Fondo for $1: tryfondo.com/1 We are very grateful for our supporters in this round. The round is led by Money Forward, Inc. (Sandy Kimura, Yosuke Tsuji) with participation from Y Combinator (Gustaf Alstromer, Michael Seibel, Arnav Sahu), Motley Fool Ventures (Maggie Dorn, Brendan Mathews, Abigail Malin), Next Coast Ventures (Mike Smerklo, Michael Maloney, Kaitlyn Debernardo), Twenty Two Ventures (Katey Caldwell), a16z scout fund (Theo Browne, Warren Schaeffer), Index Ventures scout fund (Nitzan Shapira), Costanoa Ventures scout fund (Todd Johnson), 1121 VC (Mike Rosengarten), Rho (Everett Cook), Capchase debt (Miguel Fernandez Larrea) and angels including Craig J. Lewis, Chris Bakke, James Hawkins, Josh Cohenzadeh, Kush Patel, Greg Castle, Loren Brill, Austen Allred, Harsh Patel, Matt Doka, Jesse Sung, Jason Levin, David Walker, Shail Patel, Reuben Torenberg, Paul Cameron, Todd Burns, Dante Galan, Emmanuel Galan, Jack Sanchez, Joey Reil, Danika Koenig, Kunal Bisla, & others. Startups can now try fondo for $1 with our new TaxPass Trial which includes 3 key upcoming deadlines:  •  Beneficial Ownership Information (BOI) Filing - due January 1st (Late Penalty: $500/day + up two 2 years imprisonment)   •   Delaware Franchise Tax - due March 1st (Fondo has saved startups over $75M from overpayment of this tax)  •  Federal Tax Extension - due April 15th (this extends your federal tax deadline to October 15th and keeps your eligible for tax credits) The Fondolorians are proud of our accomplishments so far and grateful to have the opportunity to support so many incredible startups and founders. Kudos the Fondolorians Ali Ghanimati, Brian Simmons, Diane McCormack, Patrick Brennan, Sara Conde, Brett Fox, Stefan Gomez, Jay Meredith, CPA, Lisa Hope, Anatoli Silva, Jacob Wedig, CPA, Crystal Granacher, Dylan S. Phillips & others for your ambition, ingenuity, work ethic, and obsession with solving our customers’ problems 🙏 Thank you Kate Park at TechCrunch for covering the story of our: https://lnkd.in/gHsETf2X

544

77 comentarios

Has 'venture-backed' been replaced by 'bootstrapped' as the badge of honor? While economic downturns have undoubtedly hit everybody, bootstrapped startups have shown remarkable resilience. Sofia Faustino's insights only prove the viability of the bootstrapped model. Her data shows top-quartile bootstrapped companies reach $1M ARR only four months later than VC-backed companies. Barely a blip. This really challenges the whole “you need VC money to grow fast” notion. Sure, going bootstrapped doesn’t make you recession-proof and may slow growth, but it tends to be more sustainable in the long run, especially in niche markets where rapid scaling isn’t always necessary or beneficial. It begs the question: Is VC funding worth the significant equity dilution? Is the "grow fast or die" mentality fading away? How do we strike a balance between bootstrapped anti-fragility vs. VC’s rapid scaling? Are we overvaluing speed at the expense of long-term value creation? Either way, building a boot-strapped, profit-led firm to then realize a rationale and less feast-or-famine exit via acquisition seems like the best of all worlds (but we're biased)... What's your take? Credit: Chart Mogul and Crunchbase News Click 'Follow' for your regular dose of insightful micro SaaS content. For the love of the game... #Startups #Fundraising #Investing #VentureCapital

105

20 comentarios

Dalia Klinzing. Great breakdown of the startup ecosystem's challenges! The key insight here is that money alone doesn't guarantee success. Startups need more than just capital—they require strategic financial discipline, market adaptability, and a laser focus on solving real customer problems. The most promising startups will be those that: - Treat capital as a strategic resource, not an unlimited fuel tank - Build sustainable business models before aggressive scaling - Remain agile and responsive to market shifts - Prioritize creating genuine value over chasing vanity metrics The traditional VC model is clearly ripe for disruption. Alternatives that help founders maintain financial flexibility and long-term vision could be game-changers. Innovation isn't just about the idea—it's about intelligent execution. Fascinating perspective that challenges the typical Silicon Valley narrative of growth at all costs. Definitely sparks a crucial conversation about startup survival in today's complex economic landscape.

12

Wing Venture Capital's Founder Docs project is a unique collection of startup wisdom, by founders, for founders. The authors of the docs are talented founders themselves, sharing their experience on the topics they are most passionate about. I'd like to highlight the contributions of Edo Liberty, founder / CEO of Pinecone. Edo writes about the special opportunities for the scientist / founder (and he is one of the best of this breed!), as well as some of the risks and challenges they face. I got a lot out of reading Edo's stuff and I suspect you will too! https://lnkd.in/g_wyRMiE

75

2 comentarios

VC world can be cruel and unforgiving. With LPs more and more pushing for distribution and liquidity, fund managers in the mid-tenure of their fund with zero DPI and TVPI around 1.0 would have much more difficulty to raise new fund. The ability to fundraise is one of the crucial indications and validation of the job for VCs. Key highlights from the article below: Thirteen percent of venture General Partners (GPs) no longer plan to raise another fund due to LP pullback. This rate has doubled since H1 2023 when only 6% of GPs had no plans for another fund. Nearly 44% of venture firms surveyed in mid-2023 had previously postponed their fundraising plans due to concerns about overexposure to the asset class. Many emerging managers entered venture capital in 2019 or 2020 when the LP market supported more funds. However, slow exits in the first half of 2024 have led to challenges in raising second funds without significant cash distributions to LPs. Some venture GPs are now actively participating in the secondaries market to demonstrate returns. Despite the challenges, GPs who secured fresh capital remain optimistic. They expect the 2023 and 2024 vintages to be the strongest return years since 2019. 🚀📈 #VC #VentureCapital #Fundraising #LPs #EmergingManagers #TechInvestment #MarketTrends #CountdownCapital #IndustryInsights #JetVentures #JetInvestment‍‍‍‍‍‍

23