Lawrence Lin Murata

Waymo's market share is now equal to Lyft within SF. Incredible. Network effects is one of the best sources of defensibility. But it's proven to be not that important in ridesharing. When Waymo launched in August 2023, Uber and Lyft were at 66% and 34% share in SF. 15 months later in November 2024, Waymo is at 22% - the same as Lyft - with Uber at 55%. Note: stats from a partner at a16z. #ridesharing #Waymo #Lyft #Uber #a16z

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What I've seen over the years is, early stage companies rarely grow beyond their founders’ capabilities; or at least, companies model after their founders really closely. If the founder is unfocused, chances are the whole company is unfocused. If the founder is incapable of making decisions, the company is likely to have meetings after meetings without clear conclusions. If the founder doesn’t put in 110% of herself in the company, it’s hard to expect anyone else at the company would. 1/ Having cofounders is advantageous in this regard, because no one is perfect and different cofounders can bring different skill sets and strengths 2/ Founders need to have good mentors 3/ Founders must set aside some time to constantly upgrade themselves and “sharpen the tooth”. 

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As an entrepreneur, the journey to product-market fit often feels like walking a tightrope—balancing between speed, learning, and adaptation. Michael Seibel's advice is a powerful reminder: launching ‘something bad’ is not about compromising quality but about accelerating learning. Startups don’t grow in isolation; they grow through real user feedback, hard questions, and rapid iteration. The key is to stay close to your users, listen actively, and hold the solution lightly while embracing the problem fully. This approach not only builds better products but strengthens the resilience of your team and your mission. Remember, feedback isn’t just an input; it’s the foundation of growth. Let’s focus on progress, not perfection.

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Success in deep tech, like any other startup, hinges on not running out of money It’s more pronounced in deep tech since business metrics won’t happen until after several funding rounds So founders need to convince investors and employees that whatever they are raising now will generate results (with ample buffer) that will entice investors to put in more money, even though there likely still won’t be a business that traditional investors can underwrite. Pure technical progress won’t cut it. It’s about turning armies of talent, customers, and partners into believers of the future you’re making possible Props to Becky Pferdehirt, PhD and Rajesh Swaminathan for a fantastic convo and Matt Caspari for hosting and moderating!

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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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Waymo's recent doubling of its paid ride volume is an impressive business result. But what does the feat say about the state of the self-driving industry? And how does Waymo stack up against self-driving rivals like Tesla, and ride-hailing giants like Uber? We dive into these questions on the latest episode of TWIST

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📰 Solo VCs are rising in popularity once again. This means only one General Partner is leading the firm, versus multiples. 💔 Why? There are GP breakups going on all around us after partnerships have been tested by the market for years now. The bar to co-found a venture firm with a partner is very high. Those GPs that thought they might graft another one on in the short term to share the load are stopping in their tracks to deeply consider those implications. 🌱 Many are opting to bring in more junior talent and grow them into Partner roles instead. It’ll take time and capital to be able to do that as the firm grows. Talked to 3 diff GPs about this at dinner last night and we’re all leaning toward that approach in our short and long term planning. 💡 FYI - this is just an observation of the moment we’re in. There are plenty of firms thriving with full partnerships as well as solo GPs. But it’s worth calling out that new partnerships are particularly risky right now, especially if the partners haven’t worked with each other for a long time.

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Why do 99% of YC founders fail post-demo day? Ever notice how startups in Y Combinator operate? They work backward over 3 months, go full throttle, and by the end, many land major funding.  But what happens after the big launch? This initial momentum tends to wear off, and most companies get trapped in a slump, almost like quicksand - slowly and steadily but not realizing you're unable to get out. At Oliv, we fell into the same trap—a massive build-up, then a dip in energy, followed by another scramble to get things going again. It wasn’t sustainable. That’s when we decided to convert YC training into a process. We decided to do a launch every 8 weeks. Why 8 weeks? And why not the standard 3 to 6 months? For a start-up at our stage, we need to ideate fast and execute even faster. This sweet spot gives us just the right amount of time to plan, ideate, and execute—all with a laser focus on our next big goal. No more long lulls or lost momentum. Here’s our approach: - OKRs: After each launch, the team sets clear OKRs for the next launch. It’s all about aligning with the big picture while keeping it actionable. - Tailored sprints: Marketing thrives on weekly sprints for agility, while engineering goes bi-weekly to dive deep into complex tasks. And this is why it works,  - Complete visibility: We see everything in motion at a glance—team objectives, progress, and any bottlenecks. Decisions get made faster, and issues get resolved quicker. - Velocity, not speed: While we want to execute faster, launches help us tweak and realign in the direction the market needs us. - Accountability becomes habit: With structured sprints, everyone stays aligned, transparent, and accountable. No one’s coasting—ownership is built into the process. Switching to 8-week sprints wasn’t easy, but it’s been a game-changer for us at Oliv.  We’re no longer just launching products—we’re consistently delivering results, staying energized, and reaching the potential we knew was there.

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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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A common mistake early-stage VCs make is confusing good decisions with good outcomes. Good outcomes don’t always mean good decisions—luck often masks flawed reasoning. Focus on process over outcome bias. Invest in strong decision-making frameworks, not just duplicating “wins.”

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Please go through our GP, Gautam Kapur’s thoughts on founder’s deep understanding of the problem v/s potential market opportunity! Chanakya | Puneet Malik | Gautam Kapur

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Every startup is trying to solve a problem. But let’s be honest: some problems are more important than others. One of the most critical problems facing the U.S. healthcare system is our obscenely high maternal mortality rate. We have the highest rate of any high-income country - and the group most impacted is women of color.  We’re fortunate at Lantern to be working with incredible founders trying to address this heartbreaking problem. With Mother’s Day coming up, I wanted to take a minute to shout out Anu Sharma, her co-founders Talia Borgo CNM, WHNP, RN and Sarah Reynolds, and the incredible work they are doing at Millie to make carrying, delivering, and caring for babies safer and better.  The problem was clear: Overworked and understaffed OB departments and practices that just aren’t equipped to provide the individualized, comprehensive care that many pregnant people are seeking. Pregnant patients often experience:  • A 10-12 week wait for an initial appointment • Very short appointment times • An absence of holistic health information • Gaps in care between visits, which add anxiety and risk • A few-sizes-fits-all approach to labor and delivery • And craziest of all: a near-complete lack of postpartum care Millie’s solution? A modern maternal health system that provides holistic pregnancy care - pre, during and post delivery. Made possible with the expertise of Certified Nurse Midwives – medical professionals known for their deep knowledge of pregnancy and the labor process, and their minimal-intervention approach. Midwives can spend more time with patients during and after the pregnancy, and are the ideal provider for the 80% of pregnancies that are considered “low risk”, allowing OBGYNs to focus on high risk cases. When I first met Anu and she told me about Millie, my first thought was, "How does this not already exist?” I was inspired by the vision and the need for this service is obvious - what more could a marketer ask for? Better yet, our SEO strategy seemed to be working as Anu found Lantern by Googling “embedded growth teams in the early-stage health space.” The fit was obvious. She needed help with web analytics, paid search, Meta creative, and conversion rate optimization. And she didn’t have the budget to hire the 2-4 specialists needed. Moreover, she didn’t need 2-4 full-time hires. It was the perfect use case for our new kind of agency. Lantern got involved shortly after launch and was able to help Millie build on their early momentum. They were getting great local press but needed a long term plan for growth. Our team (led by Kristin Proctor, one of our Growth Directors) built a systematic growth machine, using best practice tactics throughout the funnel to significantly scale new customer acquisition, while keeping spend flat. Thank you for trusting us to get the word out about Millie, Anu. Truly honored to help build this revolutionary business. Happy early Mother’s Day, to you and the Millie team! 

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第3弾は、Y CombinatorのWebサイトで「Healthcare」で分類されている、メンタルヘルス×モニタリング（1社）、企業の医療費削減（1社）、在宅介護支援（1社）、カップル向けAI恋愛アプリ（1社）について、スタートアップについてそれぞれまとめました。ぜひnoteをご覧ください。 ブログ記事はこちら（Here is the blog post）↓ https://lnkd.in/gT-RcVVJ *Although the articles are in Japanese, please feel free to contact me in English if you are interested in the content. I would like to introduce companies from the Y Combinator Winter 2024 Batch. Part 3 summarizes each of the startups categorized under "Healthcare": One in Mental health x monitoring, One in Reducing corporate healthcare costs, one in Home care support, and one in AI relationship app for couples.

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Good luck convincing the VCs on this. The platform VCs and visionary VCs do not exist anymore. There are very few who will come and support anything remotely close to this at the seed stage. Most VCs usually say they will come in "later...." once you become OpenAI probably🤷🏽‍♂️😄 Sam did admit to this openly: here is the video https://lnkd.in/gsFX_3DE #AI #ArtificialIntelligence #Platform #Startups

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Silicon Valley Slackers: Myth or Reality? We sat down with Menlo Ventures’ Deedy Das to discuss his viral tweet about underworked engineers earning $300K+ and the phenomenon’s broader implications. Mouse Jigglers & Ghost Engineers: Deedy shares wild stories of remote workers gaming the system, from "working" in Mexico for years to productivity software catching patterns of inactivity. Misaligned Incentives: Deedy argues that middle managers prioritize headcount over productivity, creating an environment where underperformance is overlooked. Measuring Productivity: Lines of code and git commits aren’t enough. Engineering productivity remains complex and difficult to quantify, so there’s no silver bullet. Viral Backlash: Deedy’s anecdotes sparked heated debates in tech, with some engineers admitting to coasting while others criticized him for "narking" on the culture. Should companies rethink how they measure and incentivize performance?

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Autonomous Vehicle (AV) funding is surging, according to PitchBook with Q2 2024 seeing $2.9 billion invested in AV startups - the highest since Q3 2021. While self-driving cars grab headlines, innovative startups are finding unique applications beyond passenger vehicles. Key developments: - Supply chain optimization: Outrider is revolutionizing yard operations with autonomous electric vehicles, addressing a $60 billion market. - Specialized transport: Pyka's autonomous planes for cargo and Gatik's local distribution trucks are gaining traction. - Safety & efficiency: Evitado Technologies automates airside operations, mitigating airport collision risks. Of course, more established companies such as Lyft & Uber are working on AV rideshare integration via partnerships with Waymo, BYD, Zoox, and others. The AV sector is focusing on gradual integration and specific use cases. While concerns about job displacement exist, proponents argue that automation could shift human capital to higher-value roles. What those roles are remains to be seen. As the AV landscape evolves, it's clear that the future of transportation extends far beyond just self-driving cars on city streets. Check out the full article by Nadine Manske here: https://lnkd.in/g3HJXZHc? And access the PitchBook Mobility Tech Report here: https://lnkd.in/g4_xP5pr #VentureCapital #AutonomousDriving #FrontierTech #FutureMobility

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Exciting to see startups aiming to use AI to discover chemicals, materials, drugs, etc. Semi companies have taken notice: AMD is investing in and Cadence is acquiring them. Semi/EDA companies have broken out by becoming critical path, whether it’s through critical software, packaging, IP, design kits from foundries, or user communities. Aside from just making it easy to make new materials, these “AI for making X” companies also need to articulate a vision as to how they can establish monopolistic positions in their industries.

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Just over a year ago, Imran Mahmud, MD introduced to me what was then called, Co:Helm. I was taken by the backgrounds and stories of Abdel Mahmoud, MD, Zahid Mahmood & Tahseen Omar and moreso their grit and determination to forge ahead with their mission of reducing the cost of healthcare. They soon got into the Sequoia Arc program with the backing of another friend, George Robson. And have been staying low and building ever since. Inbetween rebrandng to Anterior (formerly Co:Helm). And even more recently announced a new round to add more fuel. https://lnkd.in/e3V4qrRz Happy to be a supporter alongside Annelie Ajami, Dorothy Chou, Adil Mohammed, Andy Young, Caroline Mogford, Christian Arno, Felix Leuschner, Freddy Kelly, Leonard Picardo, Mandeep Singh, Michael Steel, Omid Ashtari, Noor Shaker, Sultan Murad Saidov, Yuelin Li and others in the ecosystem... [Anterior is giving clinicians a second set of hands—and fixing one of the biggest pain points for patients. It is a LLM-powered co-pilot for administration, handling all the work that comes before the clinical decision-making. Where it might take a nurse several hours to track down, organize and summarize hundreds of pages of records they need, Anterior can do it in seconds, allowing clinicians to increase their output tenfold and focus on what matters most: helping patients.] #healthcare

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