FJ Labs Q2 2024 Update

Friends of FJ Labs,

We at FJ Labs continued to be active throughout the spring and early summer months and are excited about what’s to come this year in marketplaces, crypto, and tech writ large!

Fabrice was recently featured on Jack Farley’s Forward Guidance podcast where he shared his thoughts on subjects ranging from venture valuations in 2024, macro and the geopolitical climate, the current state of the AI VC market (and who will emerge as the biggest winners), as well as yield-bearing stablecoins. Watch here or find a transcript of this amazing conversation on Fabrice’s blog.

FJ Labs incubation company, Midas, announced the launch of mBASIS, a tokenized basis trading strategy. As a follow on to their first product, mTBILL, Fabrice and Dennis posited that they could create a safe and higher yielding product in a bull market by taking advantage of the basis trade: in other words, buying spot and shorting futures. (fabricegrinda.com)

Vinted, Europe’s largest second-hand marketplace, boasted its first profitable year in 2023 with over $600M in revenue (+60% YoY). The Baltic nation’s first unicorn, run by FJ Labs and OLX alum Thomas Plantenga, now counts 100 million users globally. (Forbes)

Formic, a provider of robots-as-a-service automation for U.S. manufacturers, raised another $27.4M Series A financing, bringing the total Series A round to more than $52M since 2022. The company also announced a joint commercial agreement with Mitsubishi who will source and finance the entire lifecycle of Formic’s RaaS model. (BusinessWire)

Zyod, an Indian B2B manufacturing company serving global fashion brands raised an $18M Series A to expand its presence to more than 40 countries worldwide. We at FJ are delighted to double-down in Zyod’s next phase of growth having initially invested at seed last year. (TechCrunch)

CuspAI, a search engine for materials in which users can input the properties they want materials to have and Cusp will generate the chemical composition needed to achieve it, emerged from stealth to raise a $30M seed round, one of Europe’s largest seed financings this year. (Sifted)

FirmPilot, a Miami-based AI marketing engine for law firms, raised $7M in Series A funding led by Blumberg Capital. (CityBiz)

Baxus, a Web3 marketplace for wine and spirits, raised a $5M seed round led by Multicoin Capital. (The Block)

NodaFi, a cloud-based facility operations platform, secured $3.5M in seed funding to transform the facility management software industry, led by Base10 Partners. (Venture Beat)

Digital Iron, a startup focused on the heavy machinery dealership industry, raised a £1.6M pre-seed round led by a consortium of early stage investors, including Seedcamp. (UK Tech News)

Jose spoke at this year’s South Summit 2024 in Madrid on a panel entitled “Unicorn Tales: Lessons For Founders”. He shared his thoughts on key learnings and common pitfalls encountered by founders around fundraising, finding product market fit, and scaling their businesses.

As one of the most active investors in the Canadian ecosystem (notable C$ investments include Figment, Clutch, Busbud, Neo Financial, and Onevest), Jeff Weinstein headed north to host an evening social for our Toronto founders and friends in partnership with Torys LLP and TD Bank.

The team hosted our first “Friends of FJ Labs” happy hour of 2024 at Fabrice’s home in NYC for a group of local investors, founders, and VCs (and a mentalist who blew all of our minds!). Stay tuned for more regional events and another NYC gathering which we will host later this year.

At this year’s OpenFinance event in Mexico City, Matias Barbero spoke on a panel about the current state of fintech in LatAm and judged a pitch competition alongside investors from QED, Kaszek, Conexo, and others.

At this year’s Founders Family Office Forum, Jose joined a roundtable on the opportunities and pitfalls of investing in AI. Founders Family Office Forum is a curated gathering of selected families and unicorn founders exploring the future of family office investing in tech.

At Beyond Summit 2024 by Allocate, Jeff Weinstein shared why the power of brand matters in VC and what this means for FJ Labs, namely domain expertise in all things marketplaces, velocity of execution, and curated introductions for future fundraising rounds.

Fabrice’s blog is now multilingual! Given its global readership, top posts are now available in the twenty-five most spoken languages. Fabrice is taking requests for new languages to be added, so please let us know if you would like to see yours represented.

How to host an intellectual dialoging dinner

One of my defining traits is my intellectual curiosity. It expressed itself in college through taking a plethora of classes: molecular biology, computer science, the Roman Empire, the Peloponnesian War, Russian literature, multivariable calculus and countless more. However, professional specialization is the defining trait of the modern economy. We have an extraordinary quality of life because of hyper specialization. Thousands of people play a part in every product we consume. While this has allowed us to dramatically lower costs for food and consumer goods, it also makes it harder to encounter fellow generalist polymaths.

In my post college life, my curiosity expressed itself through reading 50-100 books every year. Once I could afford to, I started hosting salons based on the French 17th & 18th century enlightenment salons. New York was the perfect place to host them as it hosts the intellectual, artistic and financial elite. This allowed me to host salons with varying topics covering philosophy, literature, science, and geopolitics. While I might have speakers, the salons were unstructured and both intellectually rigorous and social in nature. There were 30-40 guests at most events. While I found them interesting, the quality of the conversation varied. Certain prominent guests often dominated the conversation. As there were multiple simultaneous conversations, your outcome depended on which conversation you happened to be participating in.

My approach changed after I joined Auren Hoffman and Peter Thiel’s Dialog in 2006 for what became my annual intellectual pilgrimage. Dialog uses a Jeffersonian conversation format which leads to more meaningful conversations and deeper connections. I started replicating the concept and now host regular Jeffersonian dinners in New York.

Features

  1. Guest List: Typically, my dinners include 8 to 10 guests, chosen for their diverse perspectives and backgrounds. The aim is to create a group with varied experiences and viewpoints.
  2. Single Conversation: Unlike traditional dinner parties where multiple conversations happen simultaneously, a Jeffersonian dinner features one continuous conversation involving all guests. This ensures that everyone is part of the same dialogue and can contribute to the discussion and allows you to go much deeper in a specific topic.
  3. Guided Discussion: I typically moderate the conversation around the central theme or question for the evening that I share with the guests by email ahead of time. This question is meant to be open-ended and thought-provoking, designed to elicit deep and meaningful responses.
  4. Equal Participation: Guests are encouraged to participate equally. I guide the conversation to ensure that no one dominates and that quieter guests can share their thoughts.
  5. Respectful Dialogue: The emphasis is on respectful and considerate dialogue. Guests are encouraged to listen actively and engage thoughtfully with each other’s perspectives.
  6. Limited Interruptions: Interruptions are minimized to allow for uninterrupted sharing of ideas. Guests take turns speaking.
  7. Personal Stories and Insights: Guests are encouraged to share personal stories, experiences, and insights related to the central theme. This personal approach helps to foster a deeper understanding and connection among participants.
  8. Round Table: You can obviously use a traditional rectangular table, but you end up with more distance between the participants. I intentionally use a small round table to facilitate more intimate conversation.

Timeliness

I typically tell people to show up at 7 pm with the dinner starting at 730 pm. The first 30 minutes are unstructured. Once we sit down, we transition over to a single conversation starting with brief introductions. I give a 30-minute buffer given that subway and traffic conditions in New York may vary. However, anyone arriving after the structured conversation starts at 730 pm is not allowed in.

At 930 pm, after two hours of conversation, I let people know that they are allowed to leave if they have obligations, but that people are welcome to stay for as long as they want.

Rules

  • Group Discussion: The magic of a dialoging dinner is the conversation and ideas generated by our collective minds. Only one group conversation is allowed at the dinner table. Side conversations are not allowed.
  • Attribution: Everything about the conversation is off the record and not for attribution.  And by “everything” I mean who participates, what was discussed, the food we ate, what the weather was like…everything.
  • Attire: Dress is casual.  Jeans are encouraged.  Ties are discouraged.  
  • Adialoging dinner is a problem-solving session. It is not a debating session.   We’re not coming together to see who can score more points in an argument. We’re here to do deep problem solving. We’re all on the same team and we’re looking to solve the problems together.
  • Take preparation seriously.
  • Do not check your cell phone.  Turn off mobile phone rings and vibrations.
  • If you are ever speaking for more than a minute at once, it better be good.  If you speak for more than two minutes at a time, it should be mind-expanding.  If you speak for more than four minutes at one time, you won’t get invited back.  Try to listen and engage: “Judge a man by his questions rather than his answers.” -Voltaire

Topics

Jeffersonian dinners can be used to go deep in any topic. Noah Friedman and Michael Loeb admirably use their Uncharted Dinner Series in New York to focus on the plight of the entrepreneur. In line with my intellectual curiosity, I typically alternate between three different types of dinner topics.

  1. Open Ended:

Some of the most interesting and eye-opening sessions I had was when I asked the participants to pick one of the following topics.

  1. Dialoging
    Take 4 minutes to present something interesting and teach the group about something.  We then discuss each presentation. Expectation: you need to prepare a 4-minute talk.  Think beforehand about what you want to present and discuss. It should be eye-opening, very interesting, and not overtly partisan.
  1. That’s Bullsh*t
    Discuss over-hyped arguments, theories, and predictions currently dominating in politics, science and technology discussions. Topics may include American declinism, Chinese ascendancy, yoga, 3D printing, college-via-internet, Bitcoin, Snapchat, kale, drones, paleo diet, meditation, electric cars, and more. Give a 4-minute explanation of what you think is bullshit and why. Rebuttals encouraged. Note: Arguments should be provocative/controversial but not overtly political or partisan.
  1. That Which Cannot Be Said
    What is the most controversial or heretical idea, belief, or theory you have? Every participant gets four minutes to present. This session is about truth-seeking, not arguing for argument’s sake. Following presentation of all the opinions, participants will vote thumbs up or thumbs down on each opinion in sequence. The goal is to present an opinion that as few people agree with you on as possible, but not zero. Ideas should be provocative or contrarian but not overtly partisan or political.

These dinners are those where you learn the most and are inevitably surprised by what others present. However, they are shallower as each guests covers a different topic.

  1. Personal:

Dinners with personal questions end up leading to the deepest connections between guests. The questions are designed such that each guest must share detailed stories giving you a glimpse of their history and psyche. With everything being off the record, most people show amazing vulnerability and earnestness.

Here are the questions I recently used for such a dinner.

  • If you were to write a memoir about a single 72-hour period of your life, which three days would you pick?
  • What event in your life felt big at the time but didn’t shape your path how you thought it would? What in your current life could prove the same?
  • What have you fought for more than anything else in your life? Has the fight been worth it?
  • What vice do you consider a virtue?
  • What’s a view that you hold that you can’t defend?

Note that we cover all 5 questions during one dinner.

  1. Intellectual:

The most common dialoging dinner I organize is around a topic of interest to me at the time. Here are some of the topics I covered over the years.

  • Techno-optimism & pessimism.
  • Reinventing democracy for the 21st century.
  • Religion in 2100.
  • The ethics and morality of torture.
  • The future of war.
  • Power.

Note that the topic above is the general theme for the evening. For each I typically prepare 3-5 more detailed questions that I ask the participants to ponder.

For instance, here are the sub-questions for the techno-optimism conversation:

  • In what surprising way are you a short-term techno-pessimist, but a long-term techno optimist, and vice versa?
  • Which industry is least prepared for the impacts of AI, but surprisingly well positioned to take advantage of it? 
  • What will be the non-obvious critical inflection points in science and technology in the next year? Ten years?
  • What ethical questions related to emerging technologies do you find most impossible to reconcile?

Aftermath

There are no specific objectives of dialoging dinners other than to foster rigorous intellectual discourse. You could accuse them of being merely intellectual masturbation. Honestly even if nothing came of them, other than improving each other’s knowledge, I would deem them a success.

I have learned so much from them over the years. We often came away with fundamentally contrarian conclusions. For instance, during the dinner on reinventing democracy for the 21st century, we ultimately concluded that for all its faults the American constitutional republic was the best political system. Given that none of us started with that position, the path and leaps it took to get there were fascinating.

Regardless, I feel that there is magic to these gatherings that extends beyond mere intellectual stimulation. Serendipitous meetings at various Jeffersonian salons have led to business deals, policy changes, and even marriages. I feel that they will play a role in shaping the cultural and intellectual landscape of the 21st century and contribute to the spread of new ideas and the promotion of critical thinking.

You now have the toolkit to host your own and bring forth new extraordinary ideas!

“Starter Villain” by John Scalzi: A Guilty Pleasure

As someone who deeply appreciates the intricate world-building and profound themes in John Scalzi’s “Old Man’s War” series, I was pleasantly surprised by the sheer enjoyment I found in his latest offering, “Starter Villain.” This book stands out as a guilty pleasure, a testament to Scalzi’s versatility and creative flair.

“Starter Villain” may not delve into the extensive world-building characteristic of Scalzi’s more renowned works, but it more than compensates with its fun, creative, and light-hearted approach. Scalzi demonstrates his prowess in crafting a narrative that is both engaging and effortlessly paced, making it a perfect read for those moments when you seek both entertainment and a touch of whimsy.

The book’s rapid pace is one of its most compelling features. In a world where we are often overwhelmed by complex narratives and heavy themes, “Starter Villain” provides a refreshing change. It’s a reminder that sometimes, the joy of reading comes from the sheer fun of the journey rather than the depth of the lore.

Scalzi’s creativity shines through in his characterization and plot development. The characters are vibrant and relatable, and their adventures strike the perfect balance between being outlandish (talking spy cats!) and utterly believable in the context of the world Scalzi creates. This balance is a hallmark of Scalzi’s talent: his ability to take the reader on a fantastical journey while keeping them grounded in relatable human experiences.

Moreover, “Starter Villain” is a testament to Scalzi’s ability to inject humor and light-heartedness into his writing. The book is sprinkled with witty dialogue and humorous situations that elicit chuckles and smiles, making it an absolute delight to read.

While “Starter Villain” may not have the extensive world-building of the “Old Man’s War” series, it stands on its own as a fun, creative, and light-hearted read. Similarly to John Scalzi’s previous book “Kaiju Preservation Society”, it’s a book that you pick up for a quick escape and end up cherishing for its rapid pace, engaging story, and the sheer joy it brings. Scalzi has once again proven his ability to craft a story that is as entertaining as it is well-written, making “Starter Villain” a must-read for fans and newcomers alike.

>
This site is registered on wpml.org as a development site. Switch to a production site key to remove this banner.