Felicia Chen

Since the YC deadline to hear back for W25 is coming up next week, here’s the story of how we went from 2 students coding in an MIT dorm room to being full-time YC founders building Delve in SF. For all you founders anxiously waiting to hear back, just keep building — you’ll be successful regardless of the decision. -- In Fall 2023, my co-founder Karun Kaushik and I were studying AI at MIT and spending all of our free time building an AI medical scribe to help doctors. We had vaguely heard about YC from a friend who had just gotten accepted but had no plans of applying whatsoever. However when the YC deadline rolled around, we spontaneously decided to put in an application on the very last day. We spent that whole day in Karun’s dorm room typing up the application and filming all the required videos. We finally hit submit the minute of the deadline! By the next day we had already moved on. We went back to the usual rhythm of coding in the dorm room, calling with doctors, attending conferences, etc. If anything, we were even more motivated now to get more traction and be successful regardless. Later that week, while we were eating in the dorm kitchen, I noticed I got an email saying we had a YC interview scheduled. My heart rate spiked. I jumped up out of my seat and immediately told Karun. I never seriously considered YC, but for the first time it hit me that it might actually be a possibility. When the day of the interview rolled around, we did mock interviews with former YC founders and focused mostly on calming our nerves. More important than the actual content of the interview, we wanted to show our excitement for building and hacking together as co-founders. Unfortunately the interview caught us by surprise. The group partners didn't seem to care as much about our actual AI medical scribe. Instead, they seemed more curious about a side idea we had listed in our application that we wrote up in a day. The idea was about streamlining HIPAA compliance (since we had to go through HIPAA for our AI medical scribe). By this point, we were already seriously considering pivoting into this and had made a lot of progress on the idea. The YC interview was our tipping point Not too long after, we got an ominous email titled “YC.” We were freaked out. I could not sleep the entire night. Then, in the middle of class the next day, I got a phone call from Karun with Surbhi on the other end of the line. My heart rate spiked. I ran outside of the classroom. That turned out to be our acceptance call:) -- For everyone out there still waiting to hear back, just keep grinding. Build as if you’ve been rejected and you might just be pleasantly surprised. I’m also always here to help with mock interviews/give advice! We’ve helped a handful of friends through the YC app process and are always here to support other founders!

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In retrospect, 2024 was a pretty amazing year for innovation out of University of California, Berkeley. My Top 10 highlights below. Any I missed? 1. Databricks secured the largest VC round ever—a $ 10B funding round, led by multiple Berkeley founders. 2. OpenAI raised the 2nd largest VC funding round ever - $6.5B. Co-founded by Berkeley alum John Schulman. 3. Since launching Built By Berkeley (a newsletter that tracks Berkeley founded companies funding) in July 2024: 229 companies raised 27.4B. ~$1.1B per week raised by Cal founders! Wild! 4. Out of the 13 2024 Nobel Prize laureates - 4 had Berkeley connections. 5. Record-breaking Berkeley Olympic performance: 5 Gold, 10 Silver, 8 Bronze medals. More than many countries!  6. Berkeley-founded Perplexity emerged as a genuine Google Search competitor, reaching a $9B valuation (9x increase in a year) with 15M+ active users (probably already much higher than this). Along with some unbelievable execution speed from Aravind Srinivas and team. 7. Chatbot Arena, founded at Berkeley, became the industry standard for AI model benchmarking. 8. Rich Lyons became the new Berkeley chancellor. Rich will be a huge innovation catalyst for Berkeley. 9. Berkeley beats Stanford University 21-24 in the Big Game…not innovation but fun nevertheless.  10. Berkeley leads the PitchBook rankings with 1,642 VC-backed undergrad alumni-founded companies. 245 more than second-placed Stanford. Berkeley is shaping up to be ground zero of the coming AI wave from a company formation and research perspective. Looking forward to a bigger and better 2025.

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I love YC Demo Day season. It’s an insane concentration of driven founders building something they deeply believe in at the frontier of tech. I know it's more trendy for VCs to complain about YC. But I believe Garry Tan when he says 5-10% of companies become worth a billion dollars. Maven’s hit rate from YC is even higher: 16% have had $B+ exits, and we’re trending toward a 40% graduation rate from Seed to Unicorn with investments we’ve made alongside YC. Since Maven’s founding in 2013, we’ve funded 12 YC startups out of the 66 companies we’ve invested in. Here are a few: Cruise: acquired by GM for $1B+ Embark: $4B SPAC, acquired by Applied Intuition Chariot: acquired by Ford before Series A May Mobility: raised $300M+ in follow on funding, including from Toyota Carrot Fertility: raised $100M+ in follow on funding, including from CRV and USVP Daybreak Health: Series A from Lightspeed, Series B from USV Moment Robotics: acquired by Cruise founder Kyle Vogt’s new company, The Bot Co (Maven is an investor) Our strategy differs from other YC investors. Many funds build a YC “index fund”, investing in many startups per batch. It’s not a bad move. But we focus on concentration, meeting all the companies in our thesis area and investing in one or two. Gratefully, I think every company from the list above can point to Maven as one of their most trusted partners that made a difference: intros to customers, closing follow-on funding from top VCs, connecting key hires, and offering genuine care and advice in both the best and toughest of moments. What are we looking for in a YC investment? 1) Team - a technical product team with startup DNA and hustle that can achieve a bold vision. Brilliant, determined founders no one would bet against who are ambitious enough to build an iconic company. 2) Vision worth fighting for - what are you bringing into the world that is worth all the time, effort and money required for success? Why aren’t existing solutions good enough? Are we proud to help bring this idea to the world? 3) Massive market - because of the valuation premium YC demands, even a $B outcome may not return today’s average Seed fund. Honestly, that math sucks. In order to pay the premium, we have to believe that if we’re right, we’ll be wildly successful. 4) Consumer trend - Maven invests in tech companies addressing emerging consumer trends. Even if some investments are B2B or B2B2C, they are always grounded in a consumer insight: autonomous vehicles in 2014, fertility care in 2017, mental health in 2020. Today, we’re looking at consumer applications of AI and frontier consumer health. Many successful companies we fund are outside of YC as well – like Zoom, Hello Heart, Epic!, Class, Wildtype. So we match YC’s Unicorn % across the rest of our portfolio, too 💪 YC founders in consumer tech and digital health: if you want to build an iconic company that delivers a positive impact for millions of consumers - I can’t wait to talk to you!

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A new era of deep tech has emerged. First time funds will raise “unheard of” amounts of capital to fuel next gen deep tech startups - producing outsized, superior returns for LP’s compared to the rest. Prudent investors will act on this data and shift investment strategy as LP’s or risk being left behind savvy wealth managers and CIO’s / FO’s who saw this trend begin 4 years ago.

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A few insights into the startup fundraising process from last week's talk with Chelsea Zhang (Equal Ventures) and Michelle Liao (DayZero) When you’re starting to fundraise Assign one founder to lead the process - Designating one founder to spearhead the process not only ensures a cohesive narrative and pitch but also effectively divides the demanding tasks of running the company and securing funds. Do your research - Tap into your network to glean insights from those who have raised money before. You can learn a lot from their experience. Thoroughly research potential VC funds to pitch, find the ones that are aligned with the vision and stage of your company. Don’t waste your time reaching out to investors that invest outside of your scope. Gaining momentum VCs move fast - VCs often operate with a clear investment thesis, having extensively researched the sectors they specialize in. As a result, they have a precise idea of what they're seeking and can swiftly recognize it. For example, before Chelsea came across DayZero - she had already seen 40+ variations of the same model. When VCs identify an opportunity that aligns with their criteria, they move fast. The investment process between Equal Ventures and DayZero took ~2 weeks. Gaining momentum during the process is important - Its important to end your VC conversations around the same time so you can round up all interested investors. Generating momentum involves prompting VCs to take action, which might entail instilling a sense of urgency or fostering a bit of FOMO to encourage swift decision-making. Closing the deal Be ready to negotiate quickly - Understanding which deal terms are important to you you as a Founder is crucial to research in advance. The process can unfold rapidly, making it overwhelming to decipher your priorities afterward. Dealing with rejection - Receiving a "no" from an investor doesn't invalidate your startup. Investors operate based on specific investment criteria, so it's important not to take rejection personally. There’s an investor out there that is probably a better fit; the key is to keep searching until you find them.

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Calling all #Founders: Venture Capital Association of Alberta (VCAA)’s Deal Flow Calls represent a great opportunity for #PreSeed to #SeriesA companies to gain exposure to some of the countries most active Venture Capital #investors. If your company is raising equity capital, I strongly encourage you to check out the link below!

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Non-Engineering Roles at Early-Stage Startups Offering $120K+ Base Salary with Meaningful Bonus and Equity: Chief of Staff @ Milo (Consumer), Remote Biz Ops Lead @ Fractal Agriculture (FinTech), Remote; Backed by Virta Ventures Chief of Staff @ CakeAI (AI SaaS), NY; Backed by Primary Venture Partners Demand Generation Specialist @ Rootly (Consumer), Remote; Backed by YC, 8VC, Gradient Ventures Account Executive @ CommandBar (Enterprise SaaS), Remote; Backed by Soma Capital, YC, Insight Partners Product Marketing @ Slope (Enterprise), Remote; Backed by YC, Union Square Ventures, Liquid 2 Ventures Supply Planning Manager @ PROVEN Skincare (Consumer), Remote; Backed by YC, FJ Labs, Soma Capital, Social Capital Account Executive @ Accrue Savings (Consumer), NY; Backed by Ground Up Ventures, Tiger Global Chief of Staff @ UNIGRID Battery (Climate), CA; Backed by Union Square Ventures, LiquidMetal Ventures Job details and the full list (40+ opportunities) are in the comments below. If you're interested in non-tech jobs focused on specific industries like HardTech, HealthTech, Climate, etc., then DM me or let me know in the comments.

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The newest issue of The Pragmatic Engineer found a surprise uptick in eng hiring in the typically slow summer season - I'm curious to see how the macro environment impacts this uptick as we head into the fall, but I remain hopeful. I asked Gemini to give me the tldr of the article to share with my team (sorry, Gergely Orosz) and found it missed one of the most interesting pieces of the article. Gemini's highlights - Unexpected surge: Tech recruitment has seen an unusual spike in June and July, contrary to typical trends. Increased demand: Startups, especially AI-focused ones, are driving the hiring uptick. Global phenomenon: This trend isn't just limited to the US; Europe is also experiencing increased recruitment activity. Reasons for hiring: Companies are backfilling positions, investing in growth due to improved financials, and responding to increased VC funding. Challenges remain: While the job market is improving, finding qualified candidates and offering competitive compensation remains difficult for many companies. What I found most interesting - The nature of the backfills: the article finds that a lot of new headcount are actually backfills of folks that were "over-slashed" during rounds of layoffs. Not entirely surprising with the "trim the fat" and "rebuild lean" mentality, but interesting nonetheless. Either way, the uptick is encouraging (and don't always rely on Gemini's tldrs). #hiring #startups #VCbacked #softwareengineering

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In the past several months, I have been to more events than I can keep track of, but the Seed Stage Summit last Friday truly stands out. 🎯 Huge thanks to Andrew Yeung and Justin Wolz + Drew Parten for hosting such an incredible gathering of 200+ founders and investors from across the globe. 🌍 The highlight for me was listening to Alexa von Tobel from Inspired Capital. ⭐️ No pun intended, but listening to her share her experience about building a company and her insights around founders - the grit and commitment necessary to find success and live a life without regret - was truly inspiring. 🚀 My takeaways: When you're finally in the lane where you're doing what you're supposed to do, you come alive. I worked every minute, I slept thinking about it - and I was incredibly happy because I felt self-actualized. ✨ Find your true north: The hardest thing founders do is sign up for something that's not their life's work. She never considered quitting because she was solving a problem she deeply cared about. 🧭 Follow the data, but trust your vision: The best businesses are testing machines. Yet she also emphasized the importance of having conviction about how the world will unfold and building for that future. 📈 The regret machine is expensive: People always regret the things they don't do, not what they tried and failed at. 💭 It was incredible meeting so many founders building amazing things - this NYC startup community is truly special. 🗽✨ Tommy McNulty Brent Greenberg Surge Aravindan Rho Courtney Cardin Ruth Kresha Camilo Tobacia Ishita Jindal Korina Edwards Dima Syrotkin 🇺🇦 David Alson Colby Cox Ihar Mahaniok Anaid Chacón Rachel ten Brink Max Kolysh Aakash Shah Eve Halimi #startups #entrepreneurship #venturecapital #leadership #nyctech #inspiration 🚀

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Last week Asian founders did... 🚀 Ka Ling Wu launched Upsolve AI (YC W24), a platform to build and deliver analytics to your end-users via embeddable dashboards. 🚀 Sahitya S. launched Endeavor, an OS for manufacturers to automate key workflows across sales, inventory, and supply chain. 🚀 Kevin Yang launched Serif.ai, an AI email assistant that writes context-informed emails in your personal voice. 🚀 Vishnu Sridhar launched Matter Intelligence, developing advanced sensors to capture extreme-resolution images of natural and artificial materials from space to surface. 💸 David Shim raised a $50M Series B for Read AI, an AI copilot for wherever you work, making your meetings, emails, and messages more productive with summaries, content discovery, and recommendations. 💸 Kevin H. raised an $800k Pre-seed round for EQ Exchange (EQX), a crypto exchange practicing radical transparency by publicly disclosing all financials in real-time, both on-chain and off-chain. 💸 Pranav Ravella raised an $8.7M Seed round for Sapien, a platform to create autonomous coworkers for finance professionals. 💸 Alex Yeh raised an $82M Series A for GMI Cloud, an AI infrastructure company providing GPUs and a platform to optimize inference and fine-tuning.🎙️ Arvind Jain, co-founder of Glean, talks about Glean's enterprise search product and the future direction of the company with Sequoia Capital 🎙️ Akhil Ramaswamy, wrote a substack article about approaches to defensibility for AI agents Links for the last two in the comments ⬇️

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People often talk about how magical it was to take Uber (or now, Waymo) for the first time. If you extend this to fintech, the comparable that comes to my mind is doing an x-border transfer on WISE. Going from the tedious, opaque, expensive SWIFT payment to cheap, fast WISE payments. The magic behind WISE: Local Processing. Over the past few years, we have seen a few renditions of Local Processing across building global teams, remittances and payments among others. In the second edition of A Prepared Mind, I talk about Local Processing as a service, its various avatars and how it unlocks savings for customers while building interesting businesses! If you are building or thinking about building in the space, I'd love to jam with you, and exchange insights. I am always available at [email protected] https://lnkd.in/gen2mVEz

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He who has seen exponential growth understands and allocates. The ratio of founders or tech employees who are also small angels in SF is compared to European ecosystems multiple times higher. Allocations of pensions funds, foundations or endownments to VC asset class also higher. Sure, there might be legal (SAFEs) and tax reasons but the main point from my perspective is this. Once you experienced exponential growth first-hand, you understand, you can imagine it. And you start to allocate and support. Best place for that was and still is SF. Its harder to imagine exponential compared to linear growth. And there are not many good examples of exponential growth in Europe in last years. We somehow missed on cloud, mobile and also AI now. Europe driven by industry/manufacturing and private equity, US more by tech.

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Want a front-row seat to the frontier of tech? We’ve got the role (or two) for you! We’re expanding our frontier-tech team at Blackbird by hiring a Frontier Tech Investments Associate and Foundry Fellows! Got questions? We've got answers... 1️⃣ What are the roles? 🧪 Associate = a full-time VC investment gig in our Blackbird Investments team, working directly with me. We’re looking for someone with a science and/or engineering background and more curiosity than they can handle. You’ll grow your own investment brand and practice, support our portfolio founders, and will help build Foundry, our early-stage frontier-tech accelerator. ✨ Foundry Fellow = a casual/contract gig in our Blackbird Investments team, ~15h per week for 3 months. The Fellowship is ideal for PhD students and ECRs who want to learn more about startups and VC. You’ll go deep on emerging areas relevant to your expertise (or curiosity!), get a front-row seat to groundbreaking companies in those areas, build out your non-academic network, and develop a solid writing practice. 2️⃣ Why are you hiring? We love frontier tech, and we’re ready to grow our team. 3️⃣ Wow, it’s so great that you’re starting to look at deep tech! Look, we get it: we don’t make a lot of noise about our frontier tech investing. Buuuut we’ve been deep-tech investors since we backed Tim Kentley-Klay to found Zoox back in 2014—we’ve been on incredible journeys with PsiQuantum (building the world's first utility-scale quantum computer right here in Australia!), Inventia Life Science (transforming drug discovery with high-fidelity cell models), Remedy Robotics (surgical robots for remote endovascular procedures), Opto Biosystems (minimally-invasive neural implants to treat cancer), and more. We believe that frontier technologies, and great frontier-tech investing, will be part of the solutions to the greatest problems humanity faces today. 4️⃣ When do applications close? May 31st at 11:59pm AEST. 5️⃣ I have more questions! I’m sure you do! Clare Birch and I are hosting an AMA to answer any and all questions about these roles. Want to know what a week in the life of our team looks like? What’s keeping us up at night? What our ideal candidate looks like? Come along and find out - registration link in the comments 👇 Apply for these roles: Associate - https://lnkd.in/gCfj4EUJ Foundry Fellowships - https://lnkd.in/gj6ATZVZ If you know anyone that we should meet, send me their details! Cameron Elise Ben Andrew Robin Joseph Adelaide James Olivia Lucinda Raghav Jesse Christie Mohamed Tom Amee Pablo Haya Loong Hon Joshua Benjamin Megan Harry Denzil Matthew Diana Daniel Tom Deanna Justin Amar Lilly Stone Thomas

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Two cool things that happened at Early Stage Labs in November: 1. I met a startup attorney in late October. She told me that one of her clients had great traction, was essentially bootstrapped, and thinking about raising a <$5M round. The company is in the veterinary space. She asked if I had a CFO on my team to support. I brought in one of my CFOs who previously founded and ran (and raised ~$50M for) a veterinary company before exiting. He's literally the best person in the world to help this founder raise a seed. We signed that company and we're already off to the races. 2. I brought a fractional CFO into one of my Jemison Alexander portfolio companies for the first time. This is a thesis I've been testing - can we generate alpha with portfolio companies by supporting on strategic finance and helping them nail their numbers. Tbd, but I'm optimistic! It was a great month. If you're a founder thinking about raising a Seed or Series A (or if you just need finance, accounting, or bookkeeping support on the business), we can help. https://lnkd.in/eddDSWCn

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🎃 Ready to carve out your path to Product-Market Fit?🎃 Join Companyon Ventures’ Behind the Curtain roundtable tomorrow (Oct 30) with Michael Ho, Firas Raouf, Eric Morgan, and Hersh Tapadia as they 'exorcise' the mysteries of PMF. Don’t ghost us—RSVP in the comments 👻 https://lnkd.in/emCJcn4w #emergingmanager #venturecapital #productmarketfit

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Han Shen is not your average VC. As the founding partner of iFly.vc, Han is on a mission to invest in gritty entrepreneurs transforming traditional industries across commerce and beyond. In this week’s episode, Han joins me to discuss his contrarian approach to investing, the importance of founder-market fit, and how his immigrant background shapes his unique perspective. We also dive deep into why iFly VC takes a highly concentrated portfolio approach, how Han spots opportunities others overlook, and his incredible journey partnering with companies like Weee! and Ume Tea to create billion-dollar outcomes. Han’s insights on conviction-driven investing, growth mindsets, and navigating underserved markets are lessons every founder and investor should hear. The link to Episode 464 is in the comment section below.

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At Forum we look at thousands of deals each year across our Accelerator and Pre-Seed funds but only end up investing in a little over 1% of those startups.  As an early stage VC, I am in the business of saying no to nearly every startup I meet, and while there is nuanced rationale for many of the startups I pass on, a vast majority of businesses that don’t meet the qualification to get funded typically fall into one of two buckets. ▪ First time founders have a tendency to go out to market too early to raise pre-seed capital ▪   I’m sure most founders have heard some iteration of this from VCs that ultimately pass on their business.  In some cases it's a blanket excuse covering up for other pass reasons- perhaps a VC doesn’t believe in a team or isn’t bullish on the market opportunity - but in many cases founders simply haven't proven enough to the market to warrant an investment. I meet many teams with an articulate vision for the product that they want to build, but they either haven't performed enough customer discovery to prove demand for their initial wedge product, or need to raise pre-seed capital to build out an MVP.  In those cases, pre-seed investors are unwilling to underwrite those risks.  To be default fundable, teams need to be able to keep costs low, perform extensive customer discovery, and ship some version of an early product - pilots and early paid customers are key. A huge piece of this is having founding engineering talent on the team. ▪Not every startup is a venture opportunity ▪ By definition, a venture backed business is solving a problem within a market opportunity so massive and so desperately needed, that its growth rate is off the charts.   It spreads like a weed, absorbing almost unlimited amounts of capital to fulfill demand within its customer base.   Each year there are maybe 20 companies launched that ultimately have venture scale outcomes. The bar to reach this rarified air is unfathomably high and the reality is the vast majority of founders simply aren’t building for opportunities that have the potential to be one of these generational companies. Many startup founders view VC as the only viable option for capitalizing their business, but not every great business is a venture business, and most successful founders never take VC dollars.  In order to reach an IPO/acquisition large enough to generate venture returns, a startup needs a credible path to $100s of millions in revenue. This is the standard by which early stage opportunities are evaluated. The flip side to this, and I share this feedback often with founders I meet that are building interesting business in non venture markets, if you are able to scale to $10- $20M in revenue that can be a massively successful outcome for a founder.  There are investors who focus on these type outcomes, namely lower middle market PE shops, and the typical path to those deals is a bootstrapped business or a friends/family capital raise.

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