Hello, and happy saturday. I’m Jamie Condliffe, the managing editor of Protocol, and I stand up for Biz Carson, bringing you a selection of Protocol stories from that week to keep you in the loop.
We’ll start with a fascinating story published by Biz this week about Roelof Botha of Sequoia. Also: things CIOs are concerned about right now that you can use, some hiring tips and what you should know before you adopt a four-day work week.
Secret sauce
Do you care where your money comes from? Obviously, you kind of care; it’s probably better not to do laundry, or compromise on ethics. But a dollar from me is as good as a dollar from Sequoia? OK, OK: Is $ 100 million from me as good as $ 100 million from Sequoia?
The rise of Tiger Global suggests that, for many founders, money is money. In fact, hands-off investors may be more attractive to some founders than a VC forcing a board seat and shaping the direction of your company.
But for Roelof Botha of Sequoia, getting hands-on is usually the point. “I think of myself as part of the Sequoia team, where I work with the founders to help them build awesome businesses,” he told Biz in an interview for his amazing profile on her. “And I really don’t want to call myself a VC. Because we are not fungible that way. I am a non-fungible token. ”
In fact, Botha does so much to put his unsuitable stamp on completely new ways for the VC industry to work. In Every Biz, Botha’s name is at the forefront and center in the announcement of the Sequoia Capital Fund, a wholesale change to the company’s structure based around an evergreen fund that will allow the company to work with the companies it invests in. in the long run.
His vision is to help founders build the company not only at the beginning of their company’s life, but over years or decades, and reap the returns that come from doing so. He argues that Sequoia knows what it’s doing, that it can help for a very long time and that, yes, its $ 100 million is more than my $ 100 million.
Biz’s profile digs deep into why Botha – who is now arguably one of the most important people in VC – is really listening, and discusses very little of what makes Sequoia different. Also, there is a great anecdote about pesto. Read the whole thing now as well.
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Hiring is hell, redux
Last week, I asked what you all do to cope with the stresses and strains of hiring in a very tight labor market, where prospective employees are in high demand. Here are some responses that gave me a break:
“Find good talent in universities. Getting graduates with the right attitude for your company will lead to loyal employees. “ – Kostas Bitopoulos
I think there’s a broader message here as well: Try to get individuals earlier in the career than you normally think.
“Assign a group of individuals to like to be interviewed. “ – the Karat team
I think you can also extend this one: Make sure everyone in the hiring process is focused and excited at the prospect of doing the hiring rather than just continuing the motions, and you have a greater chance get the right candidates and convince them to join you.
Our best story this week
CIOs share what makes them happy, and what keeps them up at night
If you’re selling to the enterprise, it’s worth reading this carefully to understand what CIOs are now thinking from a swath of companies – FedEx, Honeywell, ServiceNow and Procter & Gamble. And it’s a lot, from concerns with skill gaps, to making “shadow IT” work, to edge computing, to sustainability.
How workplace tools become job deal-breakers
“I literally told the recruiter:‘ Sorry, using Microsoft Teams isn’t for me, ’” Alex Torres told our Lizzy Lawrence. And maybe he’s not alone! People are always picky about their work tools, but in the labor market the way it is, you can no longer assume that people will tolerate whatever you give them. Lizzy looked at it carefully, and I think the important point here-since you can’t always afford hot new stuff, and if you can, I like your budget-is to consider what the software options say. that you do. about you, your company and the work you do, and what it means to your staff.
Shares of Affirm collapsed after it accidentally tweeted its earnings
Oops.
NFT fees are too high
Everywhere you turn in NFT Land, there seems to be a fee to be paid. Tomio Geron looked at them, at least in “gas bills,” as Ethereum transaction costs were determined. But Tomio’s conclusion stands out to me: “Since OpenSea became so popular and it chose Ethereum, unpredictable and expensive gas bills have become part of the NFT experience for many. But these are all technical and operational options. And the industry can make a difference.
How to know if a 4 day work week will work for your company
Everyone seems to be talking about whether a 4 day work week might be appropriate for their company. Here’s a pretty straightforward look at whether this will work for you, and what you’ll have to deal with if you do the plunge.
New types of scams that you should pay attention to
From the refund abuse that has risen to the rise of the ecommerce pandemic to a new world of “buy now, pay later” scams, scammers will always look to what’s new to make money. There is something to learn here for many startups, and potentially even some ideas for new companies.
Inside the metaverse office
Thinking about providing office space and going all out to the metaverse? Maybe watch this video first; it may not be the utopian vision you have in mind.
Thanks for reading! I’ll be back next week with some more of the best stories from the Protocol.
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