The Ledger, every show

“The second force at play is essentially the market-wide, the CPMs are just compounding. The number we've seen is about 40% a year, and that's just because of a number of factors around the algorithms of new competitors coming into the market.”

“In general, I would agree with you that both the data around CAC and LTV is far too early at the pre-seed stage. I think until you've started to kind of push more than seven figures of scale between both the CAC and LTV metrics, you really don't know those num…”

“There's never been a single update in digital advertising that has made buying cheaper. The advertising algorithms on these major platforms like Facebook and Google are getting hyper-efficient, and every update just makes them more expensive.”

“The reason why your payback period grows as you spend more is essentially that you're exhausting the most relevant people or customers for your business... And benchmarks we've heard thrown around are roughly doubling every five million in spend.”

“I was looking at my own portfolio and actually found that many of my most successful deals were actually not very hot at the seed stage. It was actually a struggle for them to raise their first rounds.”

“We became one of Andreessen Horowitz's best seed investments.”

“A couple of months ago we did that. So we validated a new game. The unit economics were incredibly favorable to us, and we decided to bring on about thirty million dollars in debt to allow us to scale to the next stage of the business”

“Many new founders today only know the funding environment like this. It's almost like being a spoiled rich kid born into a rich family. Sometimes it can really help to go through the struggle of struggling to actually you know, make your payroll, et cetera. I …”

“Generally, I would advise against doing so. I think it's great if you have opportunities to do so. And if you have the capital, when you have the deals in front of you, I think it's absolutely worth doing. What I'd advise against is splitting your focus too mu…”

“The cost of living was four or five times lower than San Francisco, and then we had these amazing tax credits from the government.”

“Advice alone is just completely contextual. It's like a sample size of one person's personal experience of what worked or didn't work for them”

“A lot of the consumer mechanics we see today at the top of the apps Store or top of consumer businesses were started in successful games maybe five or 10 years ago.”

“Some of the best investor updates I see are in a monthly cadence. They really kind of keep it on a rigid schedule and they have the key numbers. They have the trends around those numbers and they have the goals. They also have the highlights and lowlights arou…”

“I actually agreed one day to sell it to a company in Texas for six figures at the time.”

“We spend tens of millions a year at Minnow on marketing, and the one thing that we've seen ourselves and other companies and investors underestimate is how CAC saturates.”