Biggest hiring lesson for start ups I learned: Be very careful when you hire fancy execs from big companies. They often can’t deliver results under constrained resources. What makes you successful in a big company is very different than what makes you successful in a start up.
✋ Directly or indirectly helped create 1000s of jobs by founding Verishop, growing Snapchat sales to $1 billion from 0, advising countless companies. Paid nearly $100 millions in taxes. It’s OK to have a policy debate re: immigration, but it’s NOT OK to spread a false narrative.
We cut our SaaS expenses by over 50% and have reduced the number of SaaS vendors by 66% over the last 12 months for one our companies. Don’t see a negative impact in the business from these cuts. Everyone should check their SaaS expenses and make sure they are spending wisely.
Today
@lindayaX
spent the morning with us at this year’s first Khanference and we had a wonderful conversation. Here are some facts that Linda shared straight from the heart of the platform:
My parents got vaccinated 3 days ago in Bangladesh. My dad had light reaction (low fever) and mom had no reactions. Both feeling great now and looking forward to their second shots. So happy 🙏🏽🙏🏽🙏🏽. Looking forward to seeing them soon.
Verishop turns 1 today. We now have almost 600 brands and close to 10,000 product choices. Yesterday’s order volume exceeded Black Friday by more than 40%. Nearly 1/3 of our volume came from repeat orders. This year we are focusing on making shopping fun.
I can buy world class public companies who will be incredibly benefitted by AI at 20x to 25x GAAP eps OR I can go buy some private companies with unproven management team who never made a dime profit but fly private jets at 50x revenue multiple 🤷🏽
Over the last 18 months tech companies faced headwinds on 1) difficult COVID comp, 2) rapid rate increase, 3) Profitability headwind due to over hiring, 4) FX headwind & 5) Valuation reset. As we look @ 2023, it seems like many of these challenges are behind. Time to be optimist?
Today we launched “Shop Party,” a new feature in the Verishop app where users can hang out and shop with their friends online, in one place. You can finally go shopping with loved ones again. Online shopping doesn’t need to be lonely. Check it out!
This year was a great time for reflection and an opportunity to look at need around the world. Cate and I are proud to have donated $5M to charities addressing hunger, refugees, social justice, & education. Please join us in giving this holiday season. Every $ makes a difference.
At Verishop, we’ve embraced the shift to remote work permanently. Our corporate employees can work from home or their preferred location, and coming to the office will be optional. We are also hiring for our Growth Marketing team. DM me for more details.
We will be launching our self service platform Verified Shop in September. DTC brands and small businesses will now be able to sell on our platform easily.
I am proud of our small
@Verishop
team with big hearts. We as a team have contributed $50k+ to organizations on the frontline for social justice in last 7 days. In honor of
#BreonnaTaylorBirthday
Cate & I are giving $50K more to organizations that fight for equality.
Just watched Extraction a movie about a drug lord in Bangladesh. Finally Bangladesh is in Hollywood’s radar screen. It’s officially an emerging economy :)
Last year a person reached out to me to be a consultant of Verishop and asked for cash and equity. I thought he was below average and didn’t hire him. Now he is inTwitter talking bad about us and attacking our former employee. So sad..
Congrats
@rabois
and
@openstore
team on launching . We launched
@verishop
to support independent and emerging brands grow. We believe these small businesses are not getting the attention they deserve and so great to see
@openstore
effort in this area.
Ronald Reagan's (born Feb 6, 1911) final speech was a love letter to immigrants:
'Anybody from any corner of the world can come to America to live and become an American. We draw our people, our strength, from every country and every corner of the world.'
We need system wide protection for depositors. We can not ask average person to figure out the financials of banks. I have 22 years finance experience and still don’t understand the bank balance sheet. We can not expect average citizens to be bank analysts.
A brand is a promise. We are excited to give brands the opportunity to tell their stories on our platform. Lot more work to be done but happy to get started.
I’m so pumped to say I’m joining Imran Khan’s new e-commerce company as Head of External Affairs. The team is fabulous, and I can’t wait to help build something new that I’m so excited about. Watch this space, y’all.
In the last 5 yrs, Bangladesh's per capita GDP has grown at a CAGR of 9.1%. Bangladesh is set to post the highest per capita GDP growth rate in South Asia and the 4th-highest in the Asia, comfortably ahead of India and China, according to IMF.
In my career, I have seen 3 cycles: 1) Late 90s euphoria when people wanted to buy “future” at any price, 2) ‘02 to ‘08 when people focused on growth & profitability, 3) ‘11 to ‘20 when people only cared growth. Now we’re entering 4th cycle: where people will want rational growth
A lot of companies fail not because they don’t have money but because they have too much money. Often too much capital too early breeds inefficiencies.
Southeast Asia today has $3.9 Trillion GDP and has total population of 689M. It also seems to offer some exciting growth opportunities. Reminds me of China early 2000s; Chart via Asia Partners.
Please to announce our partnership with
@Affirm
. Our customers can now have the option to spread out the cost of a purchase over three easy, monthly payments.
- Creators are a big priority for X. They've seen 10x increase in creators since June. Plus X has paid almost $20 million dollars to creators via its ad rev program
Excited to share that I’ve joined
@Davebanking
Board of Directors. Looking forward to working with the team to bring great banking products to more everyday Americans
Imagine 72% of your workforce against you; 100% of your investors disagree with you. However you continue to do whatever you want because you think you are morally superior. That’s the problem in our country today. Small group of people will do anything in the name of their
Spent a day at
@GoldmanSachs
private internet conference. Great investor turn out and had great conversations with a dozen multi billion dollar growth funds. I was quite surprised to see how engaged investors were despite difficult market condition.
Amazon advertising has grown from $1B in 2015 to ~$40B in 2023.
That's more than the *combined* revenue for Snap, Pinterest, X, Bing and TikTok.
I wrote about how it happened (and how Amazon ads could challenge Google and Meta):