Tag: Loyalty

Categories
Finance Startups

Day 1775 and It Is A Lot Easier To Just Be First

I often wonder how it is that venture capital remains so male-dominated when most of the work is the same skill set as a fashion editor or a style writer.

Sure, you occasionally see a man with good taste, and the twinks and gays are obviously the best of breed in both venture and fashion. But the game is basically the same. And yet fashion is dominated by women and venture as an esoteric sub-asset of private equity is very much not.

Let’s compare. Venture is a small, tight-knit group of people, who run on backchannels and gossip, and absolutely everything is determined by being the first person to land the next hot thing.

Now there is an avant garde who sets trends which then get validated with market success. In venture these are the earliest angel investors. In fashion, it’s the indie publishers who slog through the upstarts and pick who to champion.

The angel investor hopes their deal will go to later stage investors just as the trendsetting editor hopes their designer pick makes it to Vogue. Picking the next “it” thing and riding the wave to fortune is the goal for editor and designer, just as it is for investor and founder.

I personally think my skills are validated just as much being the person to get Mansur Gavriel added to the right boutiques as I am being the first check into Valar Atomics.

I took my bag to a breakfast at a boutique investment bank (you know the one with the summer camp) and happened to be meeting with an investor who loved the bag so much that the founder of their luxury ecommerce investment picked up the bag to stock immediately. Well over a decade later, I still carry that bag almost everyday and so do millions of other women.

Now ask yourself if this next story sounds pretty similar. I sent a direct message on Twitter to a young founder who seemed interesting. He had a quickness to his thought I respected as well as humility that set him apart.

Alas I didn’t like the company he was working on at the time and I didn’t like that he wasn’t its CEO. Sounds like “the food was bad & the portions are so small” sort complaint right? Well, I just thought he was so good he should be the lead in whatever he did next.

The young man had partnered with an experienced elder (which was probably wise for that industry) but the founder was clearly the dynamo in that situation. I told the founder that straight up. He had earned complete candor from me.

We began talking about what he really wanted to build. His intensity was awe inspiring. And his vision was just so crazy that I knew I had to back him. Many phone calls and strategy sessions later I wrote a check. It would take less time than I’d dared dream for others to see what I saw first.

Two years and change later, that young man is the founder and CEO of Valar Atomics which just raised 130 million dollars to make small modular nuclear reactors. Isaiah Taylor may have been a diamond in the rough when we first met, but I knew he’d sparkle in any setting.

To see him now as the jewel in the crowns of many much larger funds and backed by much more impressive and capable people than me feels amazing. I’ll always have the satisfaction of being the first to know he was going to be the next big thing.

And that’s not so very different from helping select the hottest hand bag of the last decade. Like Jeremy Irons’ character in finance classic Margin Call, I know the value of being first.

There are three ways to make a living in this business: be first, be smarter, or cheat.

Now, I don’t cheat. And although I like to think we have some pretty smart people in this building, it sure is a hell of a lot easier to just be first.”

If Isaiah’s work is successful, it will be an awful lot bigger than the hottest handbag. It will materially change the conditions of fueling our lives.

And while I am pretty smart, I knew enough to act first. Because it was a hell of a lot easier to just be first. And if I’m lucky, I’ll carry my bag and own equity in Valar for a long time to come. Read the full story in Bloomberg with a gift link.

Categories
Reading Startups

Day 1771 and Virtuous Cycles for Wise Readers

It’s hard to say that there is a best part of living in Montana. If you like mountains, seasons and being outdoors it is hard to beat. One thing I particularly enjoy is how often people will come to our state either as tourists or for retreats with their companies and coworkers.

Alex and I drove down to Paradise Valley today to meet up with the founders of one of our favorite products. Having a company meetup in Yellowstone’s off season is a smart choice and as Montana citizens we love it when folks come to visit and center themselves and their work here.

A villain’s lair in Paradise Valley or a cozy lodge for discerning visitors to Yellowstone?

Daniel and Tristan have made one of our all time favorite and most used set of reading applications. The first is called Readwise. It’s hard to fully describe the product except to say that it makes you a better reader through your own highlights and notes.

I came into the application with more than a decade of highlights from my Kindle and found myself deepening my experience with all of my prior reading. It’s one of the best research tools a heavy reader can purchase and I was a very happy customer.

They didn’t stop there though. To make things even better, they launched a reader product which further cemented a virtuous reading. My highlighting, annotating and review cycle is now integrated with my reading and note taking across all my different content formats and sources.

Majestic vistas help us all feel wonder and spark creativity through nature’s beauty

Taking a few hours to drive through some of the most beautiful countryside in America and catching up with talented and passionate founders is an incredible way to spend a few hours.

The passion and care that Tristan, Dan and their team have brought to making reading an even better experience brings me so much joy. As a power user of their apps, and a voracious reader of all forms of written content from books to Twitter threads, I appreciate the incredible feat of product management they have pulled off. Making reading better is no easy task.

Categories
Aesthetics

Day 646 and Birthday Shopping

My birthday is next Tuesday and I’ve been using it as an excuse to browse my favorite cosmetic and clothing websites. I should treat myself right? No gift is better than what you select for yourself. Plus, I love a free gift with purchase. A birthday is often the anchor of any decent loyalty program so I’m justifying this as an exploration of current merchandising trends.

Sephora in particular has dedicated itself to a Birthday Gift franchise that women obsess over all year. If you are part of their loyalty program called Beauty Insider or Very Important Beauty (VIB if you spend $350) you get to chose a gift during your birthday month. There are a lot of other perks in the program but the birthday gift doesn’t require spending any of your hard earned rewards points and it’s free to join.

Sephora’s Loyalty Program Birthday Gift Options for 2022 for VIB & VIB Rouge included Laura Mercier, Tatcha, Amika, NEST & Olaplex

It’s a big deal for the brands to be selected as one of the gifts for the year by Sephora as it’s a great way to get sampling and visibility for twelve straight months. Plus Sephora kicks in on some of the hard costs. It’s one of the better gauges in the cosmetics industry of who is up and coming and desirable, but also has enough cachet that it drives desire around the program.

They generally offer one color cosmetic, one skincare brand, one haircare brand and a fragrance but it can be a bit mix and match depending on what trends are in the industry overall. And they offer up slightly fancier rewards for the $350 and $1000 spending tiers.

This year haircare brand Olaplex was so popular as a VIB gift that only January birthdays got the gifts causing some angst. That slicked back clean girl aesthetic bun TikTok wave and the brand’s IPO last year might have been too much demand for it to be a part of a loyalty program that is intensely scrutinized.

I have actually never used Olaplex as I’ve got low maintenance princess hair. I would have loved to try it in a sample gift just to see but the merchandising gods said sorry girl you ain’t a Pisces.

I’ll admit I was pretty bummed as it was advertised all year but I only realized it was sold out when I was able to begin my own birthday gift selection process. Guess I should have kept closer tabs on the beauty influencers.

Charlotte Tilbury Sephora Birthday Set with Pillow Talk mini Matte Lipstick and Mascara

Because I am VIB I had access to a gift that wasn’t initially pictured in the Birthday section. My theory is it got added in after the Olaplex debacle but this is just me putting on a tinfoil hat. I ended up selecting the Charlotte Tilbury gift. When I was the CEO of Stowaway Cosmetics we duped their best selling shade Pillow Talk many years ago.

I’d never actually purchased the original one from Tilbury as I simply had access to the original source contract manufacturer. I never tried it in matte as Stowaway’s original formula was a satin, so I thought “let’s select this” as my gift for the year. I thought it was a nice throwback to remember a time when I wasn’t a civilian but had access to all the cosmetics I wanted straight from the factory. And yes I miss it but not necessarily enough to go back. But I’ll let you know if I like the lipstick!

Categories
Aesthetics Travel

Day 637 and Loyalty

I was discussing with a friend their planned to trip to London to capitalize on sterling parity. The pound and the dollar being worth the same amount is an opportunity for American travelers. The conversation turned to optimizing for travel points structures, maintaining status, and other loyalty programs. I suppose anyone who finds traveling opportunities during a currency crisis almost certainly enjoys a good deal and being rewarded for consumption during hard times.

The pandemic upset so many consumer patterns that it’s a little bit hard to remember why we bought some of the things we did in the past. We’ve got vague positive memories and we are attempting to recreate them. Travel is inarguably one of the most confused spaces in the wake of those upheavals. Status got rolled over so when travel opened back up stuff got weird. Lounges got more crowded just as business travelers were being removed from the financial base of the space. It led to a lot of chaos this summer as the economics got reliance’s.

The most loyal travelers got back on the proverbial road in the aftermath and were met with materially worse products despite paying just as much as the remembered in the past. For all of the rich yuppies who showed up to say Italy or other Mediterranean vacations, they were reminded that travel wasn’t so glamorous without the perks. And it certainly made more than a few of us consider the economics of being on the road.

There are other industries where loyalty is being rewarded with worse producers and shittier user experiences. I’ve been experiencing quite a bit of disappointment with the offerings in cosmetics recently. I’ve complained endlessly about shittier packaging and lower grade formulations even though I haven’t really cut down my spending any. Like the loyal travelers, I am putting up with less quality as I don’t really want to simply stop a hobby I enjoy.

But how long will residual loyalty and affection remain? If travel to London must be combined with currency debasement and travel rewards perhaps our loyalty is not endless. Consumers often underestimate our power with industry because it takes them some time to adapt. But if we don’t change our behaviors in response to dwindling quality or service the incentive structures don’t force improvements. The balance is cost of loyalty.

Categories
Emotional Work Internet Culture

Day 208 and Boundaries

It’s fairly common to struggle with boundaries. The desire to come through for everyone is strong, but not half so strong as the fear that if you set a firm boundary, then no one will accept you for where you are and what you want. What if love is only ever available on someone else’s term? This is a terrible fear straight from our inner child.

We’ve turned loyalty into a obligation test. But how perverse is that? “If you love them, set it free” is a culturally touchstone for a reason. We want the freedom of choosing our the loyalty that works for us. And we know each demonstration of loyalty means nothing if it wasn’t in consideration of the other person’s boundaries, needs and desires.

I suppose this hit me today because I’ve been astonished to see athletes like Naomi Osaka and Simone Biles holding their boundaries firm. They loyalty to sports, their countries and to us as fans only matters if it’s given freely and with joy. They owe us nothing, so when they do perform as their most elite selves, it’s what’s most beautiful and courageous thing. It’s a feat without ego. Those victories come in freedom.

Prioritizing one’s boundaries and well-being doesn’t need any apology or explanations or attempts to change yourself to fit another, if someone requires obligation on their terms it’s natural to feel invaded.

It’s the most loving thing in the world to set out what you actually want and need. It’s always the right thing to do. We don’t own each other. We each get to choose what’s best for us. And that fear we won’t be loved if we stand firm? Let it go. We always feel safest and most cared for when we know what we are offering is genuinely wanted.