Playing With Unicorns

Playing with unicorns is a new weekly show on startups, entrepreneurship, and venture capital. I cover everything I learned as an entrepreneur, angel investor and venture capitalist during the last 22 years, focusing on everything I wished I knew when I first got started as a tech entrepreneur.

#48 Ask Me Anything 04/22/2025

#48 Ask Me Anything I had not done an Ask Me Anything session in over a year which led to many questions on a wide variety of topics: macro, marketplaces, AI, fundraising, wealth management, education, island shopping, India, how to lose your accent, adventure travel, climate tech, the state of VC, and much more. Here are the key questions we covered: 00:01:17 How will all the geopolitical changes, tariffs, and Trump policies influence the world? 00:06:14 What are the key tips for finding and persuading investors? 00:08:44 What do you think is the future of fashion marketplaces? How has it been impacted by downfalls of marketplaces such as Farfetch? What is the role of AI in these? 00:13:19 What's your view on the best investment opportunities currently? Is the stock market, given the current drop off, attractive or still overvalued? I read a while ago your non-traditional approach to wealth management. How would you allocate $10 million now? 00:19:21 We have around 15K revenues per month, are we okay to raise a pre-seed? 00:21:14 What kind of education, school, university degrees do you recommend for kids to best prepare for them for the jobs market in 10 years considering the impact of AI? What skills should they start developing? 00:26:46 What is the best cold inbound email you ever received? 00:29:39 If you're finishing your studies today, what kind of job or company would you join to best train yourself to launch a tech startup later? Is a place like McKinsey or investment banking still relevant if the goal is to learn to work with intensity and structure? 00:32:40 As a recent French graduate with a background in BA in finance, which countries do you think offer the most learning opportunities today in terms of ease of doing business, networking, potential, etc.? 00:33:34 When will you launch the updated and new version of Fabrice AI? How can I build a network in the tech community in France? 00:38:30 Fabrice, any exciting travel coming up? What's your favorite personal use of AI? 00:42:39 If an incumbent exists in my category, are there still opportunities to enter the market? 00:45:51 What made you decide for Turks & Caicos and not another island 00:52:57 What is your favorite place in India? 00:55:48 How did you lose your French accent? What is your secret? 01:00:52 What is on your target list for climate related investment opportunities? 01:02:55 Did you do your long hike through Greenland that you wanted to do? 01:06:03 If you were building a tech company like Zingy today, would you still raise VC money or bootstrap it considering there are many examples of founders barely making any money in $500M exits? 01:08:39 What advice do you have for a home care marketplace founder who has found product market fit but ran out of money in 2023 but has "survived"? 01:10:55 What are the future big trends in AI and especially with consumer usage? 01:13:12 For personal or small retail, which AI tools do you believe are worth paying a subscription for today? 01:13:49 What do you seek in founders for pre-revenue Startups? 01:14:34 What is the biggest turn down for the VC while seeing the pitch deck? What is the biggest green flag as well? What is the red flag when cold connecting with VC people? 01:16:17 Can you address the opportunities for crossover funds? 01:18:43 Any view on Indian VC opportunities? 01:19:29 Should I hire a CTO or CFO? 01:20:23 What do you see as the future for companies like Alan (French Unicorn) nearly 10 years in €500 million raised, still unprofitable, operating on tight margins, valued at €4.5B? 01:21:15 From your perspective, what skill or type of service is the easiest to sell today is a freelance consultant? 01:22:20 How much will Bitcoin be worth in 2030? 01:26:35 What do you think of initiatives such as WorldCoin? 01:26:43 Loved the shoot-out story in the Dominican Republic. Do you have any other crazy adrenaline pumping stories from your adventures? 01:30:27 Do you prefer repeat founders or first-time founders? 01:32:22 Why is it so hard to raise capital for fashion marketplaces? 01:33:28 In your view, what is the most important trait or skill for a founder - being emotionally stable, able to handle the extreme stress, something else entirely? 01:36:11 Would you be open for a lunch in New York so I can bring all the questions I have for 45 minutes? 01:37:13 What makes niche marketplaces breakout and go big globally? 01:39:44 Is artificial intelligence dangerous for humanity? Will it increase unemployment? Should countries create rules to prevent that? Can we master something that might be beyond us? 01:46:46 What's your take on vibe coding trend or real shift? /episode/index/show/fabricegrinda/id/36265150

#47 Marketplace Trends 12/16/2024

#46 FJ Labs’ AI Thesis 11/18/2024

#45 Ask Me Anything 04/10/2024

#45 Ask Me Anything I had not done an Ask Me Anything (AMA) session in over a year which led to many questions on a wide variety of topics: AI, augmented reality, crypto, macro and much more. Here are the key questions we covered: • 00:01:44 Artificial Intelligence: Where are we now? Where are we heading? What is the timeline? Why is FJ Labs a way contrarian on the AI trend? • 00:09:42 What's your perspective on augmented reality? Is the Apple Vision Pro a revolution? And what is the timing for that to filter into our day-to-day life? • 00:15:28 What was the fundamental inspiration for me to start OLX? • 00:20:45 Can you give us some context or details on Midas? • 00:23:15 Is there any way for a small retail investor to invest in early financing rounds for startups? If yes, how? • 00:24:44 At for pre-seed rounds, what should be the GMV to get your attention? Let's say a new marketplace. What GMV would be impressive in the first month, six months, and one year? • 00:25:39 What do I expect to see at the seed round? • 00:26:41 What’s the correct take rate? • 00:27:56 What are my current perspectives on the crypto market? • 00:34:43 Does FJ Labs have an activist approach when investing in startups? How are you supporting the founders? • 00:38:03 Is there going to be a fiat currency crisis where the dollar will be replaced? Will something like BTC become the reserve currency? • 00:41:18 Have you decided on your next adventure for outdoor travel that you'd like to tackle? • 00:43:11 I've heard that a startup should recoup their fully loaded Customer Acquisition Cost (CAC) within 6 months based on the contribution margin and then triple that amount within 18 months. Could you confirm if these numbers are accurate? • 00:44:30 What should the first 3-6 months of a new startup look like? Talk to potential customers? Generate demand? Build a prototype? Validate hypotheses? Etc. • 00:46:33 Does FJ Labs have an anti-portfolio? • 00:50:28 Do you have any thoughts on the longevity industry? Do you think platforms like Hims or Ro will evolve in that direction, or will there be a new player? • 00:53:33 I’ve listed things that I heard you consider when rating a startup. (1.) Team (2.) Unit Economics, significant TAM (3.) Fair deal terms, reasonable valuation, (4.) is it beneficial to the world, aligning the general direction of global trends, offering new opportunities to those with fewer opportunities. Is there anything else? • 00:55:02 What build did I play at Elden Ring? • 00:56:00 Did you have any mentor in your angel investor career? If yes, who is it? And how does the person help you? • 00:58:49 Are you tempted to invest in AI? • 01:00:08 What’s the most overused buzzword that you can't stand? • 01:00:37 What valuation of a company is risky, yet a bit safe and worth the squeeze? • 01:01:27 Any particular places or people you prefer to keep up with your bio health updates? • 01:02:38 What is a surprisingly cheap and effective marketing channels? • 01:03:50 As an investor, doesn't make sense to look for opportunities other than AI even though AI is “hot” now? • 01:05:53 What are the most incredible business opportunities you have seen in preventative health lately? • 01:07:04 Can you name successful blockchain based marketplaces that work with goods other than NFTs? •01:11:39 Regarding Firgure.ai, when, in your opinion will we see humanoid robots in our daily lives? 3 years? 5 years? 20 years? •01:14:15 Do you think asteroid mining is an industry that will become feasible or profitable within our lifetime? • 01:16:08 We continue to see economic sentiment down, given the cost of money felt by consumers. Curious, given how you feel, especially the dire US consumers in Macroeconomic update where you see bright falls, bright spots in the landscape? • 01:19:35 Whom do you think had the most impact on your investing thesis? • 01:21:16 Is there something you've seen in recent startup pitches that you think the general public should know? • 01:23:00 When it comes to crypto, how game changing do you consider the ETFs to be going forward? • 01:24:22 What is the ideal number of founders per startup? Two, with one being technically oriented the other more focused on people and sales? • 01:25:43 What are the most important skills that students should develop in order to work as an analyst in a VC fund? What are the qualities you're looking for when recruiting graduates? • 01:27:34 If you live in a different time past or present, what do you think you would do professionally or future? • 01:32:08 My main competitor received ~$200 million in recent debt round in 2021, and $490 million in 2019 led by SoftBank. I think that's a good sign for me because they started 2007. • So now they're too big and too slow. My startup is like a small pirate ship that can easily change direction, add new features, et cetera. Am I wrong? • 01:36:54 Investing in France: What do you think of the system? • 01:37:48 What do you think of digital biology? • 01:38:41 With your milestone birthday coming up, I can't wait. What adventurous ambitions are you most looking forward to in the next half century? • 01:40:14 What is the dream guest you would like to have on the Playing with Unicorn podcast and why? • 01:44:58 Can you share the acceptance percentage of FJ Labs for the pre-seed and seed rounds? What are the chances that you will be invited to poll with your team? • 01:47:53 What is the last job to be replaced by AI robots? /episode/index/show/fabricegrinda/id/30761663