Shoptalk

The Angle Issue #190: For the week ended June 27, 2023

Shoptalk
David Peterson

Over the weekend, while hiding out from the London heat, I paged through The Real Work: On the Mystery of Mastery, by Adam Gopnik.

It’s a good read, but I’d actually recommend this old New Yorker article by Gopnik, which clearly serves as inspiration for the book. In it, he tells stories of magicians honing their craft. The part that jumped out at me, though, was all about what Gopnik calls “shoptalk.” As Gopnik writes:

“Magicians have the most rapturous and absorbed shoptalk of any artists I know. This is…because much of the pleasure of being a magician is membership in a subculture, where methods and myths can be appreciated only by initiates.”

Gopnik goes on to write about how the “real work” of magic is not just knowing the methods — anybody can read those in a book — but perfecting “the whole of the handling and timing and theatrics of the effect.” “Just as chefs know that recipes are of little value in themselves,” Gopnik writes, “magicians know that learning the method is only the beginning of doing the trick.”

I love this passage. As I’ve written in the past, I’m more a fan of logistics than strategy, and “shoptalk” is exactly that. It’s the way that practitioners, who well on their way to mastery, speak to one another.

I share all of this because I think we need more shoptalk in the world of startups.

The old Internet used to have a lot of shoptalk. That was one of my favorite parts about it. You’d stumble upon a forum for enthusiasts of one kind or another — birding, menswear, long distance running, crochet — and could observe experts discuss and debate the most minute details of their craft.

There are still some subreddits flying the flag of 90s/00s-era forum culture, but I fear that version of the Internet is dying off. Fast forward to today, and if you’re a founder looking for advice, you’ll find it in droves. Twitter threads, podcasts, YouTube videos, TikToks. But it’s not shoptalk. It’s all too performative and self-aware. Each Twitter thread ends with a Substack sign up link. Every podcast feels more like a late night talk show, with guests coming on to share pre-written, well-rehearsed anecdotes, than a private conversation.

That’s a shame. Because shoptalk is, in my view, critical to startup success. When I think back to many of the seemingly intractable problems we faced at Airtable, the unlocks weren’t because we made big, strategic shifts. (We knew the method, Gopnik might say). They were due to small, tactical changes we made based on conversations with other founders or growth practitioners. (We just needed to tweak our handling and timing).

So here’s my advice to founders everywhere. Get offline. Go find a founder (or anybody in a role similar to yours) who is going through something similar to you. And talk to them about it. Dive into the minute details of the craft. As Picasso might say, talk turpentine. Because that’s where the magic happens.

David

PODCAST

US Immigration Best Practices
Jennifer Schear, Founding Partner, Schear Immigration Law Firm

Learnings from Co-Founding Peakon, Podio, and Future Five
Kasper Hulthin, Co-Founder, Peakon, Podio, Future Five

The Evolution of Collibra’s Product Positioning & How They Created a Category
Stijn “Stan” Christiaens, Co-Founder & Chief Data Citizen, Collibra

Lessons Learned From Investing Early in Over a Dozen SaaS Unicorns
Jason Green, Founder & General Partner, Emergence Capital

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WORTH READING

ENTERPRISE/TECH NEWS

Databricks acquiring MosaicML. Yesterday news broke that Databricks will acquire MosaicML for $1.3B. MosaicML is a 2 year old open source startup that is a competitor to OpenAI. “Its last investor-round valuation was just $222 million — meaning it’s leaped 6x with this exit, a remarkable price that really does underscore just how frothy the AI market is right now, as well as the demand for talent and tech in the space. Frothy, but only relatively speaking, considering that competitor OpenAI was valued at upwards of $40 billion in its last round from Microsoft. In that context, Databricks got a steal here.”

Architectures for LLM applications. a16z shared an insightful reference guide on the emerging architecture of LLM applications, which dives into the common systems, tools, and design patterns being used by AI companies.

AI 100. CB Insights has announced the AI:100, the most promising private AI companies in the world.

HOW TO STARTUP

Leaky funnels. boldstart’s Anna Debenham, who was previously Snyk’s fourth employee, shared a terrific pragmatic blog on leaky conversion funnels and how to reduce ideal users from flowing out. Anna shares a lot of great tips, but this one is particularly good: “Map each stage of your signup flow and identify where the largest percentage of drop-offs are. This is a good place to do some quick usability testing, and can be a great onboarding exercise — have each new employee record a video of them signing up for an account and talking aloud about their first impressions and where they got stuck.”

The real runway. Terrence Rohan tweeted an important runway wake up call: “Your runway is 9 months shorter than you think. You never want to get to below 3 months before you run out of cash, (-3). The average fundraise takes 6 months, (-6). At that 9 month mark, you should be either: profitable (default alive) or, at least doubling revenue (y/y)”

HOW TO VENTURE

Top seed sectors. Crunchbase data was analyzed to determine the seed trends of 2023 and what sectors VC dollars are focused on.

PORTFOLIO NEWS

Januar is enhancing high compliance standards with Chainalysis.

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