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    Startups by @ttunguz

    Venture Capitalist at Theory

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    Startups

    2025

    A Founder's Guide: Essential Management Advice for Startups

    March 5

    The Complete Guide to SaaS Pricing Strategy

    February 27

    2023

    Snow Angels Come Early to Data : Snowflake's Strength Spells Success for Startups

    November 29

    The 4 Questions Startups Should Ask Themselves about Building with Generative AI

    April 7

    The Change in Burn Multiple for Startups in 2023

    April 3

    The Implications of Increased Regulatory Scrutiny for Startup Acquisitions

    February 26

    Which Customer Segments are Healthiest During the Downturn?

    February 21

    The Compounding Advantage of a Big Chip Stack in a Downturn

    February 6

    Predicting Cloud Growth Rates for 2023

    February 3

    Microsoft as a Mirror - What We Can Expect for SaaS in 2023

    January 24

    How Layoffs in Startupland Differ Between B2B & B2C Companies

    January 23

    The Startup M&A Market Fell 94% Year over Year - But One Segment Thrives

    January 5

    2022

    A Funny Thing Happened on the Way to Sand Hill Road

    December 14

    Losing a Month of Runway to Inflation

    November 6

    Grey Skies in Cloud Earnings

    October 28

    Would You Leave the Cloud to Improve Sales Efficiency by 11%?

    October 23

    Just How Troubled is the Bay Area Startup Scene?

    October 3

    Pipeline Supply Shocks in SaaS Sales

    September 23

    Your Customers' Profitability is Your Startup's Future Health

    September 12

    200% NDR: What Does it Take to Achieve this Stellar Milestone?

    September 2

    Do PE Acquisitions of Public Startups Imply We've Hit a Pricing Bottom?

    August 8

    The Math Behind Starting a Successful Software Startup

    August 2

    How Much Should You Expect Your Startup to Slow in 2022? About 21%.

    July 29

    The Health of Cloud Spending in Mid-2022

    July 26

    How Important is Your Software to Your Customer? It's Time to Find Out.

    July 22

    Spot the Difference

    July 20

    PE in VC in 22

    July 19

    The Bid/Ask Spread in Venture Capital

    July 18

    Deliberately Underselling as Sales Strategy

    July 11

    Defending a Startups Greatest Asset through Recession & Recovery

    June 22

    Top 10 Insights from the 2022 Startup Sentiment Survey

    June 6

    The Macroeconomic Signal to Watch for Software & Infrastructure Startups

    June 1

    So You Want to Improve Your Sales Efficiency

    May 18

    The 4 Startup States During a Recession

    May 16

    The People Roadmap for Startups

    March 9

    2021

    What is the Product the Customer Buys Before They Buy Yours?

    September 14

    The Productivity Implications of Working from Home Across 150,000 Employees

    June 10

    Executive Recruiting as Competitive Advantage - The 3 Knock-On Effects of Failed Executive Hires

    June 1

    The One Force that Will Govern How We Return to Work

    May 3

    How Much is 20% More NDR Worth to Your SaaS Startup?

    March 5

    The Fastest Growing Sectors of Startup Fundraising in 2020

    January 18

    2020

    Why Fast Learning Curves are So Important to Startups

    December 21

    Your Responsibility as a Manager is to Hire 7 People

    September 8

    A Quick Diagnostic to Determine if Your Sales & Marketing Teams are Aligned

    August 31

    Why Startups Should Establish Qualifying Signals for Sales Teams Early On

    August 24

    Conflicting Data on the State of the US Early Stage Market

    August 10

    Inside Rounds Have Become a Sign of Strength at the Series B

    August 2

    The Fundraising Market Two Quarters into COVID

    July 5

    Top 10 Learnings from the Redpoint 2020 GTM Survey

    June 25

    What is the Structure of the Typical SaaS Company as it Scales?

    June 21

    How to Transform Your Board Meeting with Written Narratives

    June 15

    Where are Most Unicorns Headquartered?

    May 28

    California Dreaming - Is Silicon Valley Still the Best Place to Start a Company?

    May 25

    Narrative Economics and the Power of Stories

    April 22

    Why Margin Matters Now in Startupland

    April 12

    The Startup Sectors Most Impacted by the Coronavirus

    April 6

    Six Startup Disciplines for Challenging Times

    March 20

    What Could the Venture Market Look Like in the Coronavirus Era

    March 12

    Notes from Office Hours with Lisa Lawson

    March 9

    What I Expect in the Next Few Months in Startupland

    March 6

    Why Your Startup's Org Chart is Limiting Your Growth

    February 25

    The Strategic Importance of Competition

    February 23

    One of the Most Frequent Errors in Sales Planning and Forecasting

    February 17

    When You Have an Advantage, Speed Up the Game

    February 13

    Simpson's Paradox in Measuring Net Dollar Retention Rate

    February 3

    Has VC Become So Big It Must Be Disrupted?

    January 27

    2019

    The Most Frequent Mishire in Startups

    November 10

    The Rise of the Founder-CEO

    October 28

    What I've learned about IPOs and Direct Listings

    October 21

    The Early Discipline of Remote Startups

    October 4

    One Call to Make Before Picking Your Startup's Headquarters

    August 2

    Why Product Innovation Slows After the Series A

    June 10

    Hustle As Strategy

    April 8

    Viewing Valuation as a Discount of Future Value

    April 4

    Where Have All the Angels Gone?

    March 11

    2018

    Jacob's Ladder in the Startup Fundraising Market - How Startups Today Skip a Round of Fundraising

    July 23

    Why Your Startup Doesn't Invest Sufficiently in its Differentiators

    July 20

    Does Winner Take Most in SaaS?

    July 8

    A Deeper Dive into the Dynamics of the Seed Market

    June 27

    Why Series As are Much Easier to Raise in 2018 than the Past 5 Years

    June 24

    The Blockbuster Software M&A Market of 2018

    June 12

    When You Hire an Executive, You're Hiring a Network

    June 7

    The 5 Forces Driving Startup Valuations Today

    June 3

    The Importance of Time Value of Money for Startups

    April 1

    An Often Forgotten Characteristic About Your Startup's Ideal Customer Profile The Ideal Customer Profile. The perfect customer. Can you describe it for your startup? The more precisely you can describe it, the better. That will simplify disqualification. But articulating the ICP well isn't enough.

    March 25

    Is Geographic Dispersion of Seed Dollars Really Happening?

    March 8

    Why Does Your Sales Team Lose Deals?

    March 4

    The Clearest Articulation of a Marketing Roadmap

    March 2

    Startup Best Practices 27 - How to Use Options to Retain Key Employees in Your Startup

    February 16

    Jettisoning the Assumptions of Last Year

    January 1

    2017

    Why Cash Conversion Cycle Matters for Your Startup

    August 15

    One of the Hardest Things to Do in Sales

    February 10

    Against All Odds in Startupland

    February 5

    Modesty, First Principles and Opportunities for Startups

    February 3

    Which to Prioritize - Churn or Growth?

    February 1

    How Much Money Should I Raise for My Startup?

    January 29

    The Software Startup Sectors Raising the Most Capital in 2017

    January 27

    One of the Greatest Entrepreneurial Stories Ever Told

    January 20

    How Does Your Startup's Management Spend its Time?

    January 9

    2016

    Are SMB SaaS Companies Valued Differently than Mid-Market SaaS Businesses?

    September 21

    What's the Maximum Rate of Growth for Your SaaS Startup with Paid Customer Acquisition?

    September 19

    How Should I Think About My SaaS Startup's Burn Rate

    September 9

    Designing a Sales Quota Structure at the Earliest Stages of a SaaS Startup

    September 2

    How Much is Your SaaS Startup Worth?

    August 31

    Success Has 1000 Fathers and Failure is an Orphan

    August 24

    Why Understanding Startup History is a Competitive Advantage

    August 22

    How Fast Does a SaaS Startup Have to Grow to Survive?

    July 27

    Dream Teams: The Characteristics of Billion-Dollar Startup Founders

    July 14

    The Decline of New SaaS Company Formation

    June 21

    Party Rounds in Seeds - Just Getting Started or Has the Clock Struck Midnight?

    April 18

    Resilience and Telos in Entrepreneurs

    March 4

    What Pricing Implies About Product Market Fit for Startups

    March 1

    The Question to Ask Before Starting a Company in 2016

    January 26

    2015

    Is Now a Good Time to Start a Company?

    December 14

    A Framework to Maximize Your Startup's Hiring Success

    December 4

    How Much Cash Should Your SaaS Startup Burn?

    November 12

    Five Words of Wisdom from SaaS Office Hours with Bill Macaitis

    October 22

    8 Customer Discovery Questions to Validate Product Market Fit for Your Startup

    October 8

    Take Your Startup to the Limit

    July 20

    The Fastest Growing Areas of Startup Investment in 2015

    July 14

    Five Charts on the Second Seed Market

    July 6

    The Risk Sales Discounts Impose to Startup Burn Rates

    May 26

    The Runaway Train of Late Stage Fundraising

    April 1

    The 5 Key People in a SaaS Sales Process

    March 26

    The Best Book on Building a SaaS Sales Team

    March 24

    Sales Funnel Optimization for SaaS Startups

    March 10

    The Sudden Growth in Series A Round Sizes

    March 6

    Trends in the Startup Acquihire Market

    March 5

    Modeling Your SaaS Startup's Revenue Growth Effectively

    February 25

    Challenging Your Customers During Your SaaS Startup's Sales Process

    February 13

    The Rising Costs of Scaling a Startup

    February 10

    A Single Report to Measure the Health of Your Startup's Sales Team

    February 9

    The Employee Productivity Patterns of Billion Dollar SaaS Companies

    February 5

    3 Questions about Founders as CEOs in SaaS Companies

    January 6

    2014

    Why the Time to $1B in Valuation for Startups is Decreasing

    December 16

    Why 2015 Will be a Great Year for Startups

    November 21

    A Unique Chronicle Of A Billion Dollar Company

    November 14

    The Most Effective Questions to Use When Interviewing Candidates

    November 10

    Why It's a Great Time to Raise a Seed Round

    November 6

    The 7 Factors to Consider When Pricing Your Startup's Product

    November 5

    Four Important Data Points on Measuring Your Startup's Customer Happiness

    October 29

    The Impact of Investor Geography on Your Seed, Series A and B Check Size

    October 26

    The 9 Marketing Disciplines of Great SaaS Companies

    October 22

    The Four Key Trends of the Startup Acquisition Market

    October 14

    The Unexpected and Uneven Evolution of the Startup Fundraising Market

    October 8

    Second Seed Rounds: How They Impact a Startup's Ability to Raise a Series A

    October 6

    How Much Cash Should Your Startup Burn?

    September 29

    Startup Best Practices 9 - Structuring One on Ones to Maximize Your Team's Success

    September 26

    The Three Frameworks You Need to Create Powerful Presentations and Tell Compelling Stories

    September 24

    The Optimal Price to Maximize Sales Efficiency for a SaaS Startup

    September 9

    Not A Conventional Company

    August 21

    The Four Kinds of Social Capital that Matter When Building Products

    August 20

    Benchmarking Consumer and SaaS Companies' Path to IPO

    August 19

    The Most Important Investment a Startup Can Make

    August 14

    4 Major Competitive Trends in Mobile App Stores

    August 11

    The B Corporation - A Novel Structure for Mission Driven Startups

    August 7

    The Secret Ingredient to the Best Startup Fundraising Pitches

    August 1

    How to Retain Your Startup's Best Employees

    July 29

    The Best Advice I've Ever Received

    July 25

    The 3 Minute Technique for Brainstorming Your Startup's Product Roadmap

    June 17

    The Optimal Seed Round Construction to Maximize Series A Success

    June 12

    The Impact of VCs in Seed Rounds in Seven Charts

    June 9

    The Riskiest Investment a Startup Can Make

    June 6

    The Hidden Costs of the Switching Products in the Consumer Web

    June 4

    The Common Characteristics of Successful Freemium Companies

    May 30

    How the Fund Raising Market Will Evolve in 2014

    May 19

    The Workplace of the Future

    May 16

    Ruthlessness and Grit in Startups

    May 13

    Startup Best Practices 7 - How to Use Andy Grove's Stagger Chart to Build Predictability into a Startup

    May 12

    The Worst Time of Year to Raise A Seed Round

    May 9

    9 Books Every Entrepreneur Should Read

    May 8

    The Current State of the Consumer Internet Market

    May 6

    A Framework for Maximizing Startup Marketing Effectiveness

    May 5

    Surprising Trends in Startup Founder Equity Stakes

    May 2

    The Surprising Compensation Trends of Startup Executives

    April 29

    Quantifying the Cost of a Bad Hire

    April 28

    How to Determine Which Price is Best for Your SaaS Startup's Product

    April 21

    The Power of a Coach

    April 16

    Do Startups Require Less Capital to Succeed than 10 Years Ago?

    April 4

    The Financing Trends of Billion Dollar SaaS Companies

    April 3

    Startup Best Practices 6 - Avoiding the Bike Rack Effect

    March 24

    The Hardest Round to Raise for Startups

    March 21

    Are VC Mega-Rounds the New Normal?

    March 19

    How Fast Must a SaaS Startup Grow to Raise a Series A?

    March 17

    Do More Competitors in a Sector Decrease Fundraising Success?

    March 3

    The Four Key Steps in Startup Fund Raising Processes

    February 28

    The Things You Do Often Create the Things You Believe

    February 27

    Which Acquirer Pays the Most for Startups?

    February 26

    What to Look for When Hiring a Head of Marketing for Your Startup

    February 20

    The Impact of a Startup's Location on Its Ability to Raise Capital

    February 18

    Why Startups Face Increasing Competition in Raising Series As and Bs

    February 12

    How Your Startup's Sector Affects Your Ability to Raise a Series A

    February 9

    Using Data to Pick the Optimal Name for Your Startup

    February 7

    The Minimum Size Seed Round to Maximize Series A Follow On Investment

    February 6

    Do Larger Seed Rounds Lead to Bigger Series As?

    February 4

    Military Strategy Applied to Startups

    January 31

    The Best Times of Year to Raise Capital for Your Startup

    January 28

    How One Startup's Engineering Team Cut their Engineering Release Times in Half

    January 22

    Three Important Trends in the Startup Exit Market

    January 20

    The Average Value of a Tech Company is Decreasing

    January 16

    The Two Key Skill Sets Startups Must Develop To Grow

    January 14

    Why Quotas Aren't the Most Important Number for Startup Sales Teams

    January 13

    How Healthy is the Public Technology Market?

    January 6

    Should Your Startup Adopt a New Management Style?

    January 3

    Startup Best Practices 5 - Effectiveness, not Productivity

    January 2

    2013

    Startup Best Practices 4 - Managing Monkeys

    December 20

    Revenue per Employee Benchmarks of Billion Dollar Companies

    December 17

    The 10 Most Important Metrics in a Startup's Financial Statements

    December 16

    Using Price & Demand Curves to Inform Startup Product Roadmaps

    December 11

    How Much Does It Cost to Take Your Startup Public?

    December 10

    The Typical Billion Dollar Startup Acquisition

    December 9

    How to Grow Huge: Proprietary Distribution Channels

    December 4

    Startup Best Practices 3 - How to Structure a Sales and Marketing Team

    December 3

    Startup Best Practices 2 - Startup Team Sizes

    November 20

    How Much Cash Does Your Startup Need To Go Public?

    November 18

    Startup Best Practices 1 - Situational Management

    November 15

    The Missing Startup Design Pattern

    November 14

    Why the Petal Diagram Isn't the Best Competition Diagram for Startup's Pitch

    November 12

    The Ratio of Engineers to Sales People in Billion Dollar SaaS Startups

    November 11

    The Single Biggest Determinant of Startup Valuations at IPO

    November 5

    Quick and Dirty Product/Market Fit Validation: Can You Hit Your Quota?

    October 30

    The Unexpected Compensation Trends of Post-Series A Startup Founder/CEOs

    October 29

    A Startup's Rosetta Stone - How to Succinctly Communicate the Details of a Business

    October 23

    What a Dog and a Monkey Taught Me About Management at Google

    October 21

    Using Gaming Product Hacks to Maximize Freemium SaaS Growth

    October 17

    How Much Should Your Startup Spend on Managing Churn?

    October 16

    The Simplest Brand Health Question For Your Startup

    October 9

    Which of the Five Types of Data Science Does Your Startup Need?

    October 2

    The Single Best Content Marketing Channel for Your Startup

    September 30

    Which Half of Your Startup’s Emails Are Wasted?

    September 20

    Crossing the People Management Chasm - A Necessity of Startup Growth

    September 12

    The One Best Metric for Your Startup to Maximize

    September 9

    The Series A Is Overloaded

    August 29

    Choosing a Content Marketing Strategy for Your Startup

    August 19

    Your Startup’s Three Horizons

    August 16

    Cohort Analysis for Startups - Six Summary Reports to Understand Your Customer Base (With Code)

    August 12

    Framing Your Startup’s Sales Pitch: Focus on Value, Not on Cost

    July 25

    Product Market Engagement: The Missing Step in Lean Startup Methodology

    July 22

    Your Startup’s Office Is Missing a Room

    July 18

    The Three Phases of Startup Sales

    July 17

    It’s Time to Start Worrying About the Next Round for Your Startup

    June 19

    The Most Effective Price Discovery Question for Your Startup

    June 11

    The Most Under-Appreciated Startup Team Member

    June 6

    Reverse Engineering Your Startup’s Success

    May 7

    Founders, Equip Your Champions

    April 15

    Startup Judo - The Secret You Should Know Before Starting a Company

    April 10

    A Startup’s Three Visions

    April 9

    Your Startup’s 10 Most Important Metrics

    March 26

    Discovering, Honing and Exploiting Your Startup’s Strengths

    January 23

    What my high school chemistry class taught me about startups

    January 14

    2012

    The one ideal characteristic of your startup’s first customers

    December 7

    A Startup’s Two Financial Plans - the Board Plan and the Stretch Plan

    November 26

    A great entrepreneur can come from anywhere

    November 2

    No startup is an island - The three ecosystems startups should develop

    October 22

    Culture is the biggest growth driver for social services

    October 18

    The value of a patent to a startup

    October 11

    Learning from Amazon’s Startup Judo

    October 9

    Must startup founders be charismatic?

    September 17

    Choosing market segments on customer profitability

    September 13

    Building auction pressure in financings

    September 3

    On negotiation

    August 24

    The most important question a startup can ask

    August 22

    The 3 Kinds of Startup Metrics

    June 20

    2010

    How Do VCs Analyze Companies?

    February 26