"Company Breakdowns" (Turpentine)

This episode of 'Company Breakdowns' features a deep dive into Reddit's S-1, business strategies, user engagement, and potential monetization avenues. Tanay Jaipuria of Wing Venture Capital joins Erik Torenberg to explore Reddit's journey to IPO, its unique position as a global community platform, its exploration into data licensing, and its ad-based revenue model's intricacies compared with other social media giants. Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- RECOMMENDED PODCAST: TURPENTINE VC Investor Erik Torenberg interviews partners at the top VCs in the world to learn their approach to the art and science of building a successful venture firm. Apple: https://podcasts.apple.com/us/podcast/id1701006772 Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx -- SPONSOR: The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- LINKS: Tanay's Newsletter: https://www.tanayj.com/ Wing Venture Capital: https://www.wing.vc/ -- TIMESTAMPS: (00:00) Intro (03:21) What Reddit Got Right (07:42) Reddit's Unique User Base (11:48) The Future of Reddit: AI, Data Licensing, and Potential Growth (20:14) Sponsor: Brave (20:51) Reddit's Journey to IPO and Its Market Dynamics (24:29) Creating Valuable Data (28:29) Bull Case and Bear Case for Reddit (31:19) Improvements for Reddit (34:04) Unpacking Reddit's R&D and Efficiency Opportunities (38:15) Competition and Risks (43:36) WallStreetBets and Meme Stock (46:10) Reflecting on Reddit's Long-Term Journey and Impact (48:38) Wrap

In this episode of Company Breakdowns, host Lorenzo Bartolini is joined by William McDougall (author at Fundasy Investor) to delve into the business model and strategy of Hims & Hers, a direct-to-consumer healthcare platform. They explore the company's unique approach to pharmaceutical distribution, its growth trajectory, and the challenges and opportunities it faces in the healthcare industry. For full shownotes, visit highlight: https://highlightai.com/share/b58ed4a1-65ef-4eed-a5d8-9a3fc6f70ee3 — 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. — 🎙️ Dealcraft | Insights from Great Negotiators https://link.chtbl.com/3CG3TbHY?sid=Turpentine is the brand new weekly podcast that features interviews with world’s greatest dealmakers and diplomats, including Former Secretary of State Henry Kissinger, Blackstone CEO Steve Schwarzman, and music industry super-lawyer John Branca, on their most challenging negotiations. Each episode, host Jim Sebenius (Harvard Business School professor and renowned negotiation expert) relates fascinating deal stories and distills useful insights for listeners to apply in their toughest deals and disputes. -- SPONSORS: Discover Carta, the innovative end-to-end accounting platform revolutionizing private fund management with streamlined operations and on-demand insights. Experience the new standard at https://carta.com/investors. GiveWell spends 50,000 hours every year doing deep-dives into different charitable programs to try to find the ways to do the most good for your dollar. GiveWell has now spent over 17 years researching charitable organizations and only directs funding to a few of the HIGHEST-IMPACT opportunities they’ve found. Visit ⁠https://www.givewell.org⁠ to find out more or make a donation. Select PODCAST and enter Econ 102 at checkout to make sure they know you heard about them from us. Shopify is the world's leading e-commerce platform, offering a market-leading checkout system Shoppay and exclusive AI apps. Nobody does selling better than Shopify. Get a $1 per month trial at https://shopify.com/cognitive -- RECOMMENDED PODCASTS: Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- X : @lozo_the_bozo (Lorenzo) @FundasyInvestor (William) @wearehers @wearehims @turpentinemedia (Turpentine) -- TIMESTAMPS: (00:00) Introduction of William McDougall & Lorenzo Bartolini (00:10) Overview of Hims & Hers (01:00) William's background and initial impressions of Hims & Hers (02:00) Company growth and valuation insights (03:30) Hims & Hers' business model explained (06:00) Comparison with traditional healthcare systems (10:00) The role of insurance companies in healthcare (13:00) Hims & Hers' competitive advantages (15:00) Product strategy and market positioning (20:00) Regulatory challenges and opportunities (25:00) Discussion on GLP-1 products and market impact (30:00) Future outlook and potential market disruption (35:00) Bull and bear case scenarios for Hims & Hers (40:00) Impact of marketing strategies on margins (45:00) Closing thoughts and William's contact information

In this episode of 'Company Breakdowns', Drew Cohen from Speedwell Research joins Erik to delve into the intricacies of Copart's business, a leading tech company in the salvage vehicle marketplace. Dive into Copart's impressive financial performance, including high ROIC, consistent growth, and a strong balance sheet. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj Subscribe to this season of Company Breakdowns for analysis of Reddit, Databricks, and more! Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- RECOMMENDED PODCAST: 🎙️ Second Opinion - A new podcast for health-tech insiders from Christina Farr of the Second Opinion newsletter. Join Christina Farr, Luba Greenwood, and Ash Zenooz every week as they challenge industry experts with tough questions about the best bets in health-tech. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1759267211 Spotify: https://open.spotify.com/show/0A8NwQE976s32zdBbZw6bv -- RECOMMENDED PODCAST: TURPENTINE VC Investor Erik Torenberg interviews partners at the top VCs in the world to learn their approach to the art and science of building a successful venture firm. Apple: https://podcasts.apple.com/us/podcast/id1701006772 Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx -- SPONSOR: The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- LINKS: Newsletter:  https://www.speedwellmemos.com/ The Synopsis Podcast: Spotify: https://open.spotify.com/show/3lGqHRKHd7t5LIpKc8f7Li -- FOLLOW ON X: @eriktorenberg (Erik) @Speedwell_LLC @turpentinemedia (Turpentine) -- TIMESTAMPS: (00:00) Intro  (00:28) Drew Cohen and Speedwell Research (03:03) Unpacking Copart's Business Model and Market Position (06:58) The Founding Story of Copart and Its Evolution (14:59) Strategic Growth and Capital Allocation at Copart (17:11) Sponsor: Brave (20:38) Aligning Business Models with Incentives for Success (26:08) Coping with Catastrophes: Copart's Operational Excellence (29:48) Diversification Beyond North America and Salvage (32:18) International Expansion: Challenges and Opportunities (39:04) The Complexities of Entering the Salvage Vehicle Market (43:33) The Future of Copart in the Age of Autonomous Vehicles (46:53) Financial Insights and Copart's Business Model (49:59) Weighing the Bull and Bear Cases for Copart (55:40) Final Thoughts and the Price Valuation Discussion (57:01) Wrap

In this episode of 'Company Breakdowns', Alex Clayton from Meritech Capital joins Erik to discuss Klaviyo's remarkable journey from bootstrapped startup to market leader, achieving nearly $700 million in ARR with impressive capital efficiency. Gain valuable insights into what sets Klaviyo apart in the competitive tech landscape. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- RECOMMENDED PODCAST: TURPENTINE VC Investor Erik Torenberg interviews partners at the top VCs in the world to learn their approach to the art and science of building a successful venture firm. Apple: https://podcasts.apple.com/us/podcast/id1701006772 Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx -- SPONSOR: The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- LINKS: Meritech Capital: https://www.meritechcapital.com/ -- TIMESTAMPS (00:00) Intro (00:57) Klaviyo's Business Model and Market Position (04:05) The Shopify Ecosystem and Klaviyo's Strategic Position (05:48) Comparing Klaviyo and Braze: Different Strategies for Different Segments (09:45) Investment Perspectives and the Future of Klaviyo (12:03) Sponsor: Brave (13:19) How Big Can Klaviyo Get? (18:37) Understanding Software Business Metrics and Klaviyo's Financials (25:09) Exploring Klaviyo's Market Penetration and Growth Potential (30:53) Risks and Bull Case for Klaviyo's Future (35:58) PLG vs. Sales-Led Growth Strategies in Tech (37:58) Wrap

In the debut episode of Company Breakdowns, Erik Torenberg invites CJ Gustafson to dissect Rubrik's strategy in advance of its IPO on the NYSE on April 24, 2024. Rubrik, initially a backup and recovery firm, transitioned to a cloud-based subscription model, expanding its market reach and cybersecurity focus. The discussion covers Rubrik's funding, valuation, sales strategies, competitive landscape, and the challenges of subscription models, concluding with insights on IPO implications and the importance of innovation and market positioning for tech companies. Subscribe to this season of Company Breakdowns for analysis of Reddit, Databricks, and more! Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- SPONSOR: The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- RECOMMENDED PODCAST: TURPENTINE VC Investor Erik Torenberg interviews partners at the top VCs in the world to learn their approach to the art and science of building a successful venture firm. Apple: https://podcasts.apple.com/us/podcast/id1701006772 Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx -- LINKS: Mostly Metrics, Rubrik IPO: S-1 Breakdown https://www.mostlymetrics.com/p/rubrik-ipo-s1-breakdown Mostly Metrics, Is Net Promoter Score the Ozempic of Metrics? https://www.mostlymetrics.com/p/is-net-promoter-score-the-ozempic -- TIMESTAMPS: (00:00) Intro (00:41) Rubrik's Evolution (02:20) The Strategic Shift: Cloud and Cybersecurity Expansion (05:13) Dissecting Rubrik's Sales Strategy and Market Competition (11:19) Exploring Rubrik's Revenue Model and Subscription Shift (15:27) Rubrik's Impressive Growth Metrics and Future Prospects (17:28) Sponsor: Brave | Turpentine (19:14) The Role of R&D in Rubrik's Competitive Edge (20:57) Decoding the Financials: Sales, Marketing, and Sustainability (22:06) The IPO Strategy: Navigating Public Markets (24:12) Evaluating the S-1 (27:25) The Bull and Bear Case for Rubrik (30:31) Valuation Insights and Understanding the Numbers (33:31) Expanding Horizons: Global Growth and Customer Insights (34:58) NPS is the Ozempic of Metrics (37:55) IPO (39:48) Wrap

In this episode of Company Breakdowns, 1 to 100 podcast host Usman Hanif welcomes Erik Bernhardsson, founder and CEO of Modal Labs. Modal has rapidly scaled by offering high-performance, serverless GPU cloud solutions crucial for gen AI, machine learning, and data applications. The discussion covers their impressive growth, unique infrastructure advantages, and commitment to enhancing the developer experience. Bernhardsson also shares insights on building from scratch, handling cloud resource allocation, and the company's future ambitions. 🔥 Apply to join over 400 Founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCASTS: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSOR: WORKOS 🛠️ Building a B2B SaaS app? WorkOS has got you covered with easy-to-integrate APIs for SAML, SCIM, and more. Join top startups like Perplexity, Vercel, Jasper & Webflow in powering your app with WorkOS. Enjoy a free tier for up to 1M users! Start now at https://bit.ly/WorkOS-TCR -- LINKS: Modal Labs: https://modal.com Hiring: https://jobs.ashbyhq.com/modal Why You Should Join essay on Modal : https://whyyoushouldjoin.substack.com/p/modal -- X : @bernhardsson (Erik) @usygoosy (Usman) @modal_labs (Modal) @why2join (Why You Should Join) @turpentinemedia (Turpentine) -- TIMESTAMPS: (00:00) Intro (01:17) Overview of Modal Labs (02:26) Deep dive into Modal Labs' technology (03:39) Developer experience and infrastructure (07:09) Challenges and innovations in cloud computing (11:28) Measuring performance (15:07) Why do people come to Modal? (20:08) Sponsor: WorkOS (21:16) High demand for GPUs (24:51) Early days and business growth (26:59) Power of developer experience (29:09) Importance of onboarding and documentation (32:23) Challenges in developer tools (34:00) Insights from Spotify and Better.com (36:33) Hiring the right talent (40:48) Fundraising and investor relations (42:02) Insights on the team culture (44:42) Future of Modal (49:41) Wrap

In this episode of Company Breakdowns, host Erik Torenberg and Jack Altman sit down with Eric Glyman, CEO of Ramp - the fastest growing SaaS startup ever. Eric shares invaluable insights on building his second company, product strategy, board management, and scaling a startup in New York City. The conversation explores how Ramp disrupted the corporate card industry by focusing on helping companies spend less rather than more. For full shownotes, visit highlight: https://highlightai.com/share/7f9c7d26-ce6f-40ac-aa6f-1a22daf1fb5f — 🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse. — SPONSOR: Take your personal data back with Incogni! Use code ECON102 at the link below and get 60% off an annual plan: https://incogni.com/econ102 -- RECOMMENDED PODCAST: Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod 🎙️ Unpack Pricing - Dive into the dark arts of SaaS pricing with Metronome CEO Scott Woody and tech leaders. Learn how strategic pricing drives explosive revenue growth in today's biggest companies like Snowflake, Cockroach Labs, Dropbox and more. Apple: https://podcasts.apple.com/us/podcast/id1765716600 Spotify: https://open.spotify.com/show/38DK3W1Fq1xxQalhDSueFg -- X : @eriktorenberg (Erik) @jaltma (Jack) @eglyman (Eric) @turpentinemedia (Turpentine) -- TIMESTAMPS: (00:00) Introduction and show overview (00:35) Eric Glyman introduction (01:00) Differences between first and second-time founders (02:10) Focus on people and hiring in second company (04:10) Learning from Capital One acquisition experience (07:10) Product strategy and market positioning (10:17) Early customer conversations and feedback (13:54) Building scalable solutions (17:57) Product expansion strategy (21:40) Executive hiring philosophy (25:10) Competition and being a later mover (28:09) Customer segmentation strategy (32:55) Executive hiring lessons (35:24) Decision making on borderline hires (39:20) Board construction and management (42:10) Building a company in New York (44:50) Evolution of NYC tech ecosystem (46:00) Wrap up and closing thoughts

Today we’re sharing an episode of The Riff podcast where Erik Torenberg and writer- investor Byrne Hobart discuss the future of AI & education, analyze several companies including Stripe's shift towards unbundling, and the possibility of 24-hour markets. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj Subscribe to this season of Company Breakdowns for analysis of Reddit, Databricks, and more! Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSOR: BRAVE The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- LINKS: “The Riff” podcast:  YouTube: https://www.youtube.com/@TheRiffPodcast Spotify: https://open.spotify.com/show/6rANlV54GCARLgMOtpkzKt Apple: https://podcasts.apple.com/us/podcast/the-riff-with-byrne-hobart-and-erik-torenberg/id1716646486 -- FOLLOW ON X: @eriktorenberg (Erik) @ByrneHobart @turpentinemedia (Turpentine) – TIMESTAMPS: (00:00) Intro (01:05) AI's Impact on Education (03:33) AI in Self-Directed Learning (06:22) Tech-Enabled Education and Its Challenges (14:40) Byrne’s Take on Kids and Schooling (17:46) Sponsor: Brave (18:48) Meta's AI and Social Media Strategy (22:46) Meta's Financial Strategy and the Metaverse (27:03) Meta's AI Strategy and Its Competitors (30:46) Microsoft's AI Strategy (30:52) The Android vs. Apple Analogy (31:41) Google's Commercial Leverage (32:11) The Importance of Data in AI (33:09) Meta's Open Source Dilemma (33:58) Microsoft's Data Privacy Concerns (34:16) The Uncertainty in AI's Future (34:47) The Role of Ads in Business Models (36:40) Amazon and Grocery Store Economics (41:11) The Future of Email Ad Networks (43:17) Investment Strategies and Market Dynamics (47:42) China's Economic Challenges (50:19) Stripe's Business Evolution (54:37) 24-Hour Stock Markets (59:04) Wrap

In this episode of Company Breakdowns, host Lorenzo Bertolini sit down with Gary Leff, aviation expert and writer of View from the Wing. Gary shares invaluable insights on Delta Airlines' 100-year transformation from a crop dusting operation to America's premium carrier. The conversation explores how Delta disrupted the traditional airline model through strategic airport slot acquisitions, turning maintenance into a profit center, and building an exceptional loyalty program that generates billions in high-margin revenue. They discuss how Delta created lasting competitive advantages in one of travel's most challenging industries. — 📰 Be notified early when Turpentine's drops new publication: https://www.turpentine.co/exclusiveaccess  🙏 Help shape our show by taking our quick listener survey at https://bit.ly/TurpentinePulse  — SPONSOR: NETSUITE | SAFEBASE Over 41,000 businesses trust NetSuite by Oracle, the #1 cloud ERP, to future-proof their operations. Whether you're earning millions or hundreds of millions, NetSuite empowers you to tackle challenges and seize opportunities. Download the free CFO's guide to AI and machine learning at https://netsuite.com/zen. Ready to save time and close deals faster? Inbound security reviews shouldn’t slow down your team or your sales cycle. Leading companies use SafeBase to eliminate up to 98% of inbound security questionnaires, automate workflows, and accelerate pipeline. Go to safebase.io/podcast RECOMMENDED PODCAST: Check out Modern Relationships, where Erik Torenberg interviews tech power couples and leading thinkers to explore how ambitious people actually make partnerships work. Founders Fund's Delian Asparouhov and researcher Nadia Asparouhova kick off the series with an unfiltered conversation about their relationship evolution. Apple: https://podcasts.apple.com/us/podcast/id1786227593 Spotify: https://open.spotify.com/show/5hJzs0gDg6lRT6r10mdpVg YouTube: https://www.youtube.com/@ModernRelationshipsPod -- LINKS: View from the Wing: https://viewfromthewing.com/ -- X: @lozo_the_bozo (Lorenzo) @garyleff (Gary) @turpentinemedia (Turpentine) -- HIGHLIGHTS: Delta's Strategic Advantages Airport Infrastructure: Secured valuable slots and gates in capacity-constrained airports Made strategic deals with US Airways for LaGuardia slots, trading their DC slots plus cash Methodically built their New York presence through various deals, including taking United's JFK slots Created a moat through infrastructure that competitors can't easily replicate Maintenance Excellence: Transformed maintenance from a cost center to a profit center Does maintenance work for other carriers Uses older aircraft efficiently and maintains them well, saving capital costs Employee Relations: Pays employees better than competitors despite being largely non-union Outsources more than competitors to control costs Brand and Premium Positioning: Successfully sells first-class seats (87% occupied by paying customers including upgrades) Effectively uses data and personalized pricing Has built a strong presence in high-spending markets like New York and LA Loyalty Program and Revenue Diversification SkyMiles generates approximately $7 billion in revenue with 39% operating margins Loyalty program was valued high enough that Delta raised $6.5-10 billion in debt against it during the pandemic Using free inflight internet to drive loyalty program enrollment and credit card marketing International Strategy Owns stakes in airlines worldwide: Virgin Atlantic (49%), Korean Air, Air France, China Eastern Strategic global presence provides growth opportunities beyond the mature US market Future Outlook Potential disruption from new aircraft technologies (electric, vertical takeoff) Possibility of new revenue streams like inflight gambling Success will depend largely on the regulatory environment

Today we're diving into Quilter, which just raised a $10M Series A, to get a deeper understanding of venture capital's investments into AI-assisted hard tech problems. Eric Vishria, General Partner at Benchmark, and Sergiy Nesterenko, Founder and CEO of Quilter, join Nathan Labenz to discuss Quilter's groundbreaking use of reinforcement learning to automate integrated circuit board designs. They delve into the importance of thinking beyond 'co-pilots' to fully automated AI solutions, and explore the balance of research and engineering in the AI space. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj -- RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSOR: BABBEL | BRAVE 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at Babbel.com/torenberg 🚀 The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- LINKS: https://www.quilter.ai/ https://benchmark.com/ The Cognitive Revolution podcast: https://www.cognitiverevolution.ai/ -- TIMESTAMPS: (00:30) Introduction  (01:07) Eric's Investment Thesis (03:00) The "AI and Done" Approach (06:50) Diverging from Large Language Models (09:15) The "Idea Maze" Framework (11:54) Disruptive Innovation (12:47) Sponsor: Brave | Babbel (15:09) Exploring the Data Landscape (16:18) Data Limitations and Reinforcement Learning (18:00) Overcoming the Sparse Reward Problem (19:10) Human Heuristics and Intermediate Rewards (21:06) Extrapolation vs. Interpolation (24:37) Trusting the Reward Signal in Circuit Board Design (25:46) Physics as an Unambiguous Oracle (27:05) User-Defined Search Depthbility to adjust the search depth and iteration of the system, enabling flexibility based on design complexity and optimization goals. (29:39) Compute Allocation (31:47) Different Physics Simulation Techniques (33:31) The Diffusion Model Approach (36:00) Advantages of Reinforcement Learning (38:00) Timeline and Bottlenecks (39:37) Unsolvable Problems and Gradual Progress (41:58) The Future of Circuit Board Design (43:29) Benchmark Portfolio (45:00) Challenges and Opportunities in Each Category (51:00) The Gap Between Research and Engineering (53:00) Call for Startups (54:06) Wrap

In this episode of Company Breakdowns, we're publishing an episode from CJ Gustafson's “Run the Numbers” podcast, where he interviews Lee Kirkpatrick, former CFO of Twilio who was at the helm during their highly publicized 2016 IPO. Get an exclusive look inside Twilio's IPO journey, the strategy behind their IPO, and discover the key elements for building a tech company that led to their market dominance. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj Subscribe to this season of Company Breakdowns for analysis of Reddit, Databricks, and more! Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- SPONSOR: The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. -- LINKS: Twilio: https://www.twilio.com/en-us Run the Numbers podcast:  YouTube: https://www.youtube.com/channel/UCv8fsAhOJKLDxyx2lkNS_Og Spotify: https://open.spotify.com/show/0zQCkklNnVgMD364kCW5SV Apple: https://podcasts.apple.com/us/podcast/run-the-numbers/id1723787140 -- FOLLOW ON X: @eriktorenberg (Erik) @LeeKirkpatrick @turpentinemedia (Turpentine) -- TIMESTAMPS: (00:00) Intro (00:18) Behind Twilio's IPO with Lee Kirkpatrick (02:11) The Journey to Twilio's IPO: Preparation and Strategy (03:42) Twilio's Unique Business Model and Market Position (05:52) Navigating the IPO Process: Challenges and Strategies (09:11) The Big Day: Twilio Goes Public Amidst Brexit Vote (15:05) Post-IPO Reflections: Pricing, Branding, and Investor Relations (19:01) Sponsor: Brave (20:03) Choosing the Right Bankers and Building Investor Relationships (23:53) The Reality of IPO Roadshows and Investor Behavior (25:12) Inside the Intense 8-Day IPO Roadshow Journey (30:16) Mastering the Earnings Call as a Public Company CFO (36:30) The Qualities That Distinguish a Great CFO (37:49) Learning from Mistakes: A CFO's Reflections (41:20) The Craziest Expense Report Story (42:51) Wrap

In this episode of 'Company Breakdowns', Erik Torenberg is joined by Tomasz Tunguz, general partner of Theory Ventures to explore how Databricks is changing the way we handle unstructured data, its impact on AI, data analytics, and the future of the data landscape. Understand why Databricks is becoming indispensable for AI development and deployment, and learn about the key features and benefits it offers to businesses. 🔥 Apply to join over 400 founders and Execs in the Turpentine Network: https://hmplogxqz0y.typeform.com/to/JCkphVqj Subscribe to this season of Company Breakdowns for analysis of Reddit, Databricks, and more! Subscribe to Company Breakdowns' newsletter: https://company-breakdowns.beehiiv.com/ Company Breakdowns is a part of the Turpentine podcast network. Learn more: www.turpentine.co -- RECOMMENDED PODCAST: 🎙️ This Won't Last - Eavesdrop on Keith Rabois, Kevin Ryan, Logan Bartlett, and Zach Weinberg's monthly backchannel. They unpack their hottest takes on the future of tech, business, venture, investing, and politics. Apple Podcasts: https://podcasts.apple.com/us/podcast/id1765665937 Spotify: https://open.spotify.com/show/2HwSNeVLL1MXy0RjFPyOSz YouTube: https://www.youtube.com/@ThisWontLastpodcast -- RECOMMENDED PODCAST: TURPENTINE VC Investor Erik Torenberg interviews partners at the top VCs in the world to learn their approach to the art and science of building a successful venture firm. Apple: https://podcasts.apple.com/us/podcast/id1701006772 Spotify: https://open.spotify.com/show/3Yb8ErLRnyoAqn4Y6NegTx – SPONSORS: BABBEL | BRAVE 🌐 Ready to achieve your 2024 goals? Start learning a new language with Babbel in just three weeks. Enjoy app lessons, live classes, and podcasts designed for real-world conversations. Get up to 60% off at babbel.com/zen 🦁 The tech world turns to the Brave browser for a private ad platform that respects user privacy. Brave Ads offers first-party targeting, and it’s been cookieless since day one. Join the future of advertising at https://brave.com/ads. Mention “Turpentine” when signing up for a 25% discount on your first campaign. – LINKS: Tomasz’ website: https://tomtunguz.com/ Theory Ventures: https://theory.ventures/ Databricks' Accelerating Growth by @ttunguz: https://tomtunguz.com/databricks-growth-2024/ – FOLLOW ON X: @eriktorenberg (Erik) @ttunguz (Tomasz) @turpentinemedia (Turpentine) – TIMESTAMPS: (00:00) Introduction (00:24) Tomasz’ Initial Thoughts on Databricks (01:50) Databricks vs. Snowflake  (03:00) Unstructured Data Pipelines & Applications  (04:51) Databricks' Market Opportunity & Competitors  (07:00) The Investability of Databricks  (08:00) Databricks vs. Snowflake: A Deeper Dive  (09:57) The Future Battle of the Giants  (12:47) Bull & Bear Case for Databricks  (14:12) The Unbundling of the Database  (16:48) Sponsor: Babbel | Brave  (19:13) Databricks Bullish Outlook & Investment Considerations (20:00) Databricks: A Difficult Technical Problem  (22:47) The Power of the Data Catalog  (25:09) Open vs. Closed Source: The Databricks & Snowflake Dynamic  (27:44) The Importance of Compute Workloads  (29:40) Five Trends Shaping the Modern Data Stack  (31:40) Investor Perspective & the Evolution of the Market  (33:13) The Evolution of Business Intelligence  (35:28) Databases & AI Models: A New Frontier  (37:25) Nvidia: A Key Player in the AI Landscape  (39:26) Arguments for a Lower Nvidia Valuation  (42:49) Wrap