Superfluid

Superfluid is a newsletter focusing on the intersection of technology and business strategy, emphasizing startup growth, investment insights, and the evolving dynamics of venture capital. It covers strategic decision-making related to pivoting, fundraising, managing cap tables, developing defensible products, understanding market dynamics, balancing growth with profitability, the intricacies of clinical trials, the impact of NFT policies, and advances in gene therapy and Foundation Model startups.

Startup Growth and Strategy Venture Capital and Funding Market Dynamics and Product Development Profitability and Financial Management Technological Advancements in Business NFT Market Policies Gene Therapy and Biotech Innovations

The hottest Substack posts of Superfluid

And their main takeaways

Rampersand Investment Notes: Hatch

106 implied HN points • 20 Feb 24
💼 Business Startups Entrepreneurship Investing Technology Innovation
  1. Rampersand is backing Hatch, a company changing how the next generation finds work. Hatch uses AI to match candidates with jobs based on core values and aspirations.
  2. Hatch redefines job searching with its AI-driven platform for Gen Z professionals, saving time for both job seekers and employers.
  3. Gen Z professionals seek fulfilling roles, leading to a transformation in company cultures and employment nature. Companies like Hatch are adapting to meet the demands of this new workforce.

Walking On a Tightrope

13 implied HN points • 06 Mar 24
💼 Business Entrepreneurship Startups Venture Capital Decision-making Funding
  1. In the startup world, founders must balance irrationality and rationality for success. It's about believing in big ideas but also making data-driven decisions.
  2. As a startup evolves, founders need to shift from irrationality to rationality, showing a clear path to profitability.
  3. Recognizing when to embrace irrationality and when to be rational is key for successful founders. It's a valuable skill that can build trust and credibility.
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What makes something defensible?

79 implied HN points • 29 Mar 23
💼 Business Venture Capital SaaS Startup Investment Competition
  1. Moats are evolving rapidly in the business world, fueled by technological advancements like GPT-4.
  2. Founders need to articulate their product's defensibility to VCs and focus on long-term moat building strategies.
  3. VCs may need to be more selective in their investments, considering competition, data as a moat, and the importance of long-term product vision.

Why Your 'Disruptive' Product Isn't Getting Traction

39 implied HN points • 02 Aug 23
💼 Business Startups Marketing Sales Product Development Market Analysis
  1. Changing consumer behavior is hard for startups, and it takes more than just a good product to do it.
  2. Before building a product, understand the market deeply, including the barriers to change and existing strategies.
  3. To succeed, focus on what you're really selling, craft a smart GTM strategy, and work progressively to change the market.

Where Has All The Money Gone?

39 implied HN points • 28 Jun 23
💼 Business Venture Capital Startup Ecosystem Market Dynamics
  1. In the past, startups received large amounts of capital at early stages like Pre-Seed, which led to a funding freeze at Series B stage.
  2. Decrease in later-stage technology funding and changing market dynamics have implications for the entire startup ecosystem.
  3. Founders are facing pressure to survive with short runways, need to focus on revenue generation, cost control, and strategic decision making.

Patience, Patience, Patience

39 implied HN points • 01 Mar 23
💼 Business Venture Capital
  1. In the world of venture capital, patience is key for both founders and investors.
  2. Technological revolutions take around 50 years to fully proliferate through society.
  3. Investors should be cautious about backing startups in trendy spaces and focus on patient and sensible deployments of capital.

Setting the Scene for Genetic Breakthroughs

13 implied HN points • 15 Mar 23
🔬 Science Genetics Gene Therapy CRISPR Biotechnology
  1. Gene therapy has the potential to treat and cure genetic diseases, but it is a complex process requiring expertise in biology and manufacturing.
  2. The gene therapy value chain involves steps like target identification, payload design, delivery vehicle design, translation development, manufacturing, and clinical trials.
  3. Companies are working on breakthroughs in gene therapy technology, such as improving AAV vectors and refining CRISPR-Cas9 systems, but face challenges in experimental processes and data availability.

The Battle for Royalties: Blur vs. OpenSea

13 implied HN points • 08 Feb 23
  1. OpenSea's move to enforce creator royalties sparked a battle with competitors like Blur in the NFT market.
  2. Centralization concerns arose as marketplaces shifted policies to maintain profit, leading to anti-competitive behaviors.
  3. Enforcing royalties on-chain and adopting NFT standards could balance decentralization with commercial competition in the NFT ecosystem.

Does it Make Sense to Invest in a Foundation Model Startup?

2 HN points • 12 Jul 23
💼 Business Startups Investing Funding Venture Capital Economics
  1. Foundation Models are like the shovels in a gold rush, essential but overlooked.
  2. Investing in a Foundation Model startup can be a high-risk, high-reward venture due to the need for huge resources like data and GPUs.
  3. Financially, investing in a Foundation Model startup might not make sense for smaller funds, but for larger ones, maintaining ownership and predicting outcomes are crucial.

Can you Scale a Venture Capital Fund?

2 HN points • 14 Jun 23
💼 Business Venture Capital Investment Strategies Startup Ecosystem Financial Analysis
  1. The current venture capital model is flawed with oversupply of capital leading to inflated early-stage valuations.
  2. There is a need for a rethinking of venture capital funding model to balance fund size, number of investments, and ownership stake.
  3. Smaller seed rounds focused on hitting milestones may be more rewarding than accepting large cheques with high valuations.