In episode 51 of Acquired, hosts Ben Gilbert and David Rosenthal, amidst a jovial holiday atmosphere, reflect on a year of technology acquisitions and IPOs. They highlight the growth of their partner, Pilot, an accounting firm for startups backed by notable investors like Sequoia and Jeff Bezos. They discuss the importance of startups focusing on core product enhancements and outsourcing non-essential tasks like accounting. The episode also teases Acquired's format evolution into a seasonal structure, allowing for mini-series and new content experimentation. Additionally, the hosts announce a San Francisco meetup for their listener community and hint at big changes for the podcast in 2018. They reminisce over their favorite episodes, with Rosenthal favoring the Beats acquisition story and Gilbert lauding the Square IPO analysis. The episode concludes with reflections on personal milestones and a look ahead at potential trends and predictions for the coming year.
"I'm so excited. I'm jealous because Ben has a glass of and I am in the office and we don't yet have any wine or beer here. I'm toasting you in spirit."
This quote shows David's enthusiasm for the episode and his playful jealousy of Ben's relaxed setting with a glass of wine.
"Pilot both sets up and operates your company's entire financial stack. So finance, accounting, tax, even CFO services like investor reporting from your general ledger all the way up to budgeting and financial sections of board decks."
This quote summarizes Pilot's comprehensive service offerings, highlighting their role in managing the financial operations of startups and growth companies.
"We've got a slack that you can join at acquired fm. We're over 1000 strong and good place to talk about tech M and a recent news that happened."
The quote emphasizes the existence of a vibrant community around the Acquired podcast, where listeners can engage with each other and discuss relevant topics.
"We're going to be in San Francisco. David's already down there. I'll be flying down Thursday, January 18. Mark your calendars."
This quote informs listeners about the upcoming meetup event, encouraging them to participate and interact with the hosts and other listeners in person.
"We are going to move to a season format. We thought after now 51 episodes, it would be better to block this into a traditional podcast season format."
The quote explains the decision to shift to a season-based format for the podcast, aiming to improve the structure and content delivery.
"For me, 2017 was about as big a year as you can get. So almost exactly a year ago, at the end of 2016, Jenny, my wife, finished her phd, which itself was an incredible accomplishment."
This quote from David shares a personal milestone and sets the stage for his reflections on the past year, indicating significant life changes and new beginnings.
"But my winner, I cannot not pick our last episode. Beats. That was just too much fun."
David's quote reveals his favorite episode of the year, highlighting the engaging story of Beats and its acquisition by Apple as particularly memorable.
"We do. We are going to be evolving the format a little bit in 2018. Big things happening in acquired."
This quote indicates that there are significant changes and exciting developments in store for the Acquired podcast in the coming year.
"Boy, the number one thing, switching from my job as basically serially starting these ideas and then working to transition off them, to start the next one, to sort of running with one, at least in this interim capacity, has been a remarkable I way underestimated how much focus I would need to have."
The quote explains the speaker's underestimation of the focus needed to run a single company compared to starting multiple ideas.
"Ta McCann, who's another awesome founder and investor in the Seattle area, calls this itindi important things I'm not doing yet, and he keeps a conscious list of things that are extremely important, super high priority things, but it's either not as urgent, it's not a hair on fire problem as other things, or it's just not as high priority as some other high priority things."
This quote introduces the concept of "itindi" as a method for managing important but not immediately urgent tasks.
"Actually, Ta McCann, who's another awesome founder and investor in the Seattle area, calls this itindi important things I'm not doing yet, and he keeps a conscious list of things that are extremely important, super high priority things, but it's either not as urgent, it's not a hair on fire problem as other things, or it's just not as high priority as some other high priority things."
The speaker is reflecting on the need to prioritize and the challenge of not being able to address all important tasks at once.
"You have multiple handful of people that depend on you. That's one thing that's not our structure here. So I'm lucky that I don't have that particular challenge of being a founder. Still have a little bit more kind of autonomy. But I got to imagine in some ways, as founder and CEO of something, you have the least amount of freedom."
The quote highlights the responsibility and dependency issues that founders face, which can limit their freedom.
"And at least in the pre product market fit stage, where you're actually not sure what the North Star is like. You have an idea, you have a value or a mission that's a North star, but there's not a defined implementation yet."
This quote discusses the uncertainty and challenges in the early stages of a startup when the product-market fit has yet to be defined.
"I think in 2017, it has become super clear that the biggest tech companies, the Facebooks, the Amazons, the Googles, the apples, have just consolidated so much power in the space, continue to consolidate even more power."
This quote addresses the growing influence and dominance of large tech companies as per aggregation theory.
"It changed our economy, it changed our political structure. It literally changed the way that people interact with other humans."
The speaker emphasizes the profound impact of aggregation theory on various aspects of society.
"So my first one was that aggregation theory was going to become even more important in 2017 than 2016."
The speaker had correctly predicted the growing relevance of aggregation theory in the tech industry.
"Another one that I had. I think the rest of mine are kind of hard to check in on. I said, people get more serious about universal basic income."
This quote reflects on a prediction about universal basic income, which did not gain as much traction as expected.
"It really makes all media truly social and all media the future of media much more about do you have a compelling message, rather than are you able to fit in with a body of content that has existed today and in the ability to be non conforming, which David, actually fits in pretty well with your tech theme, to be able to be differentiated by be non conforming and still get distribution on that, that was a new piece of value that was unlocked."
This quote discusses how social media has transformed the media landscape, emphasizing the importance of compelling messages over conformity.
"The biggest thing to come of all that is that the Internet and social media really removed gatekeepers."
The speaker highlights the significant impact of social media in democratizing content distribution and reducing the power of traditional gatekeepers.
"All forms. Some of the best content in the world is being contributed as part of the bargain that the publishers are striking with the platforms."
This quote emphasizes the mutually beneficial relationship between digital platforms and content publishers, where high-quality content is exchanged for platform access and audience reach.
"Statsig is a feature management and experimentation platform that helps product teams ship faster, automate A/B testing, and see the impact every feature is having on the core business metrics."
This quote introduces Statsig, outlining its role in helping product teams enhance their development processes and decision-making through feature management and experimentation.
"Statsig lets you make actual data driven decisions about product changes, test them with different user groups around the world, and get statistically accurate reporting on the impact."
The quote highlights the practical benefits of using Statsig for product development, emphasizing its data-driven approach to testing and impact analysis.
"I am going to say the price of bitcoin on December twelveth 2018 will be $28,000."
This quote captures one speaker's attempt to predict Bitcoin's future price, reflecting the speculative discussions common in cryptocurrency communities.
"Amazon HQ two will be in Toronto."
This quote is a prediction that Amazon would choose Toronto for its HQ2, providing reasons related to tax diversification and proximity to talent from universities like Waterloo.
"I seriously believe we have been in the midst of major disruption that has been happening in the venture capital ecosystem over the last few years."
This quote discusses the ongoing changes in the venture capital industry, highlighting the shift in early-stage investment strategies and the emergence of new funding models.
"We're going to start seeing smaller, more intimate communication networks rise instead of broad social networks, as people start to react to a lack of comfort with things being public and a shift toward a desire for more private communication and private broadcast of themselves."
This quote explains the prediction that private communication networks will become more popular as people seek more intimate and private digital interactions.
"Are we nearing the end of mobile? And I don't mean that in something is going to replace mobile. Like, I don't think it's going to be the AirPods and the watch and you're not going to have your phone, but it's almost like, are we going to enter somewhere where between voice assistants in your house and your phone."
This quote reflects on whether the era of mobile dominance is coming to an end, suggesting a future where technology is integrated into a broader ecosystem of devices.
"Let's do it. Okay, so just like last year, we are keeping our mega extended carve out section."
This quote sets the stage for a segment where the speakers will provide a range of personal recommendations, acknowledging the tradition from the previous year.
"It's actually a trilogy, is Philip Pullman's His Dark Materials trilogy, which the first book of which is the Golden Compass, which is a fantasy, sort know young adult fiction, but also can very much be read and enjoyed by adults."
The quote explains that "His Dark Materials" is a fantasy trilogy that appeals to both young adults and adults, similar to the broad appeal of the "Harry Potter" series.
"Shoe dog. It was so good. Talked about it a bunch. Whatever episode it was, where it was my carve out and David, it was your carve out, and I've forgotten that. But the story of Phil Knight and the creation of Nike, just like page Turner thriller, but nonfiction and so freaking well written."
The quote describes "Shoe Dog" as a compelling nonfiction book that is as engaging as a thriller and is highly recommended for its excellent writing.
"John Wooden says, success is peace of mind, which is a direct result of self-satisfaction in knowing you made the effort to become the best of which you are capable."
The quote provides John Wooden's definition of success, emphasizing self-satisfaction from personal effort rather than external validation, which is a central tenet of his leadership philosophy.
"It is the New York Times magazine cover story called the great AI Awakening. And this was the first piece that I read that really brought not only an understanding, but a compelling narrative to why AI and machine learning is so transformative to the era that we live in."
The quote explains that "The Great AI Awakening" was a pivotal article that provided both understanding and a compelling narrative about the transformative nature of AI and machine learning.
"Sometimes what's most friendly to founders is doing what's best for the company."
The quote from Fred Wilson's blog post argues that the true founder-friendly approach is to do what is best for the company, implying that this may also be in the best interest of founders in the long run.
"It's like a primer on many, many things that are core to the human condition, archaeological stuff, psychological stuff, evolutionary biology, a lot of sociology of why we treat people the way we do today in different groups and how that falls out of different evolutionary things."
The quote summarizes the breadth of topics covered in the podcast with Yuval Noah Harari, which delve into the core aspects of the human condition and our societal behaviors.
"Go listen to it."
The quote is a straightforward recommendation to listen to the episode of The Bill Simmons Show featuring Jimmy Iovine, emphasizing the speaker's high regard for the guest.
"Bruce writes about it in Born to Run in the autobiography. Whatever your streaming service of choice is, go listen to this now. It's just the boss at his best."
The quote encourages listeners to experience Bruce Springsteen's live performance, which is highly praised and considered a prime example of his musical prowess.
"Odeza's new album, a moment apart. I know that I listen to this over and over again."
The quote conveys the speaker's repeated enjoyment of Odesza's album "A Moment Apart," highlighting its significance in their music rotation.
"It's both visually incredible and one of those thinker movies that you're thinking about for days after and especially in our AI apocalypse that we are in."
The quote describes "Blade Runner 2049" as a visually impressive film that provokes deep thought, especially relevant to contemporary discussions around AI.
"I was going to do the defiant ones, but we can't do too much."
While discussing movie recommendations, the speaker expresses a preference for "Creed" and shares excitement for the upcoming "The Last Jedi."
"I've been reengaging with the main app and the feed, and there's great stuff that they surface for you in there and very personalized based on your watching history."
The quote explains the speaker's renewed interest in YouTube, emphasizing the personalized content recommendations that have made the app more engaging.
"There is very rarely a new app that becomes a part of my daily or even weekly life."
The quote reflects the speaker's observation that new apps have not become integral to their daily routine, highlighting a potential stagnation in mobile app innovation.