We track Product so you don't have to. Top Podcasts summarised, the latest AI tools, plus research and news in a 5 min digest.

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Welcome back to this week’s edition of 🌮 Product Tapas. If you've just tuned in or if someone amazing shared this with you, don’t miss out - sign up and dive into past editions right here.

What’s cooking this fine Easter Monday? 🧑‍🍳 🥚 🐰 🐣 🌷 

📰 Not Boring - This week’s news roundup is as flavorful as ever. From the U.S. taking on Apple over iPhone monopolies, to Spotify introducing Spotify Courses - a blend of video courses to complement your music and podcasts. Lego celebrates Dungeons & Dragons’ 50th with a massive set, and Door Dash experiments with drone deliveries from Wendy’s. Not far behind, Walmart and others are keen on a piece of the drone delivery pie. Williams Formula 1’s tracking methods might raise an eyebrow, while Airtable’s AI steps up from beta. Google’s "Search Generative Experience" enters testing phases, and the verdict is in for Sam Bankman-Fried with a 25-year sentence.

⌚ Time-Saving Tools & GPTs - Our curated list for you includes Slide Speak for summarizing documents and creating AI-powered presentations, Briefy for condensing texts and multimedia into neat summaries, and Speck for transforming browser recordings into automated workflows. Creatie and Galileo aim to revolutionise design and UI generation with AI, while we cover two other products that plan to optimise your deep work time and generate SDKs (respectively), making your tech life a breeze.

🍔 Blog Bites - Essential reads this week feature a deep dive into Protecto’s pitch deck by Techcrunch, an analysis of startup benchmarking metrics by Index Ventures, a UX case study on the hidden annoyances of chatbots by Peter Ramsay, and A16z's insights into pricing and packaging B2B Generative AI features.

🎙️ Pod Shots - Venture capital insights from Chris Dixon highlight the paths of investment strategies, the tech power consolidation issue, venture capital's regulatory landscape, and the undying importance of vision and conviction in investing. Great for any founding teams navigating the venture capital seas.

Let’s dive in ! 🚀👇

📰 Not boring

• U.S. Sues Apple, Accusing It of Maintaining an iPhone Monopoly

• Spotify rolls out Spotify Courses - video courses for purchase alongside your favourite music, podcasts, and audiobooks covering four themes: make music, get creative, learn business, and healthy living

• Lego releases a 3,745 piece Dungeons & Dragons set to commemorate its 50th Aniversary

• Door Dash is piloting drone Wendy’s deliveries 🍔 

  • Turns out Walmart, 7-11, Chick-fil-A aren’t far behind either

• Williams Formula 1 tracked the 20k components used in each car in an Excel spreadsheet. Sub optimal. 

• Airtable AI is out of Beta. Use it to synthesise data, group feedback, improve decisions or help start PRDs from data.

• Google started testing AI overviews from “Search Generative Experience” in the main Google search interface

• Sam Bankman-Fried has been sentenced to 25 years in prison

Want even more news?? View more here → 

📰 Time-Saving Tools & GPTs

Short and sweet selection for you today:

• Slide Speak - Summarize PowerPoint or Word documents, generate presentations with AI

• Briefy - Turn long texts, video and audio into structured summaries

• Speck - Turn browser recordings into automated workflows

• Creatie - “Turn ideas into stunning designs in a breeze”, helps teams with all things design from design systems to prototypes

• Galileo - Generate UI at lightening speed with AI

• Supercal - optimises your calendars to “make space for deep work”

• Liblab - Instantly generate SDKs in multiple languages for your API service

🍔 Blog Bites - Essential Reads for Product Teams

Pitch Deck Teardown: Protecto

Nice teardown from Techcrunch of the Protecto Pitchdeck. It’s well-balanced and gives good critical feedback on a lot of the deck, so worth a read for those in the process of looking for funding.

Learn: Startup Benchmarking Metrics

Index Ventures has pulled together a stack of great metrics for benchmarking and growing startups.

UX: The (not so) subtle reason you hate chatbots

Peter Ramsay from Built for Mars is back with another great UX case-study, this time about chatbots.

Pricing and Packaging Your B2B or Prosumer Generative AI Feature

We’re still very much in the early days of genAI and until adoption curves and costs stabilise, there won’t be any tried-and-true pricing or packaging frameworks. However, VC firm A16z has put together they’re thinking on pricing and packaging for AI in B2B SaaS here.

🎙️ Pod Shots

Venture capital is at a pivotal moment, evolving rapidly as new technologies emerge and the global economic landscape shifts. Chris Dixon, partner at A16z and head of their crypto arm, shares his insights into what it takes to succeed in this dynamic environment. This article from the recent 20CV podcast delves into Dixon's perspectives on investment strategies, the impact of technology on venture capital, and advice for founders and product managers.

💵 The Future of Venture Capital: Insights from Chris Dixon

🎥 Watch the full episode here 

📆 Published: March 28th, 2024

🕒 Estimated Reading Time: 2 minutes. Time saved: 65 minutes🔥 

Investment Strategies: Heat Seeking vs. Truffle Hunting 🕵️

Dixon outlines two primary investment strategies that have proven successful in the venture capital world: heat seeking and truffle hunting. Heat seeking involves chasing the hottest deals and the most sought-after startups, whereas truffle hunting is about identifying under-the-radar opportunities that others have overlooked. Both approaches require distinct skill sets and mindsets.

Key Takeaways:

• Understand Your Market Position: Recognise whether your startup appeals more to heat seekers or truffle hunters and tailor your pitch accordingly.

• Build Genuine Value: Regardless of trends, focus on creating real value in your product or service, which will attract the right kind of investor.

Navigating the Consolidation of Power and Influence in Tech 🌐

Dixon highlights a concerning trend: the consolidation of power among a few big tech companies. This monopolisation risks stifling innovation and making it harder for new entrants to compete.

Key Takeaways :

• Innovate at the Edges: Look for opportunities outside the core domains of big tech companies.

• Leverage Emerging Technologies: Use new technologies like AI and blockchain to create products that can compete on a new playing field.

Regulatory Challenges and Opportunities in Venture Capital 🏛️

The conversation touches on the regulatory environment and its impact on venture capital. Dixon argues for clearer regulations that support innovation while managing risks.

Key Takeaways:

• Stay Informed on Regulatory Changes: Keep abreast of regulatory developments that could impact your business.

• Advocate for Fair Regulations: Engage in industry advocacy to promote regulations that support innovation and fair competition.

The Importance of Vision and Conviction in Investing 🌟

Dixon reflects on the importance of having a strong vision for the future and the conviction to invest in it, even when faced with scepticism or adversity.

Key Takeaways:

• Embrace Your Vision: Have confidence in your vision for your company, even if it goes against current trends.

• Seek Investors Who Share Your Conviction: Partner with investors who believe in your vision and are willing to support you through challenges.

Other topics covered

• Transition from Entrepreneur to Investor: Dixon shares his journey from being an entrepreneur to recognizing his calling in venture capital. This transition was influenced by his experiences and insights gained from starting and selling companies.

• The Principle-Agent Problem in Venture Capital: Dixon discusses the misalignment that can occur between venture capitalists (agents) and their limited partners (principals), especially in scenarios where venture capitalists may not act in the best interest of maximising returns due to personal career considerations.

• The Impact of Rich Investors on Startup Dynamics: Dixon and Stebbings explore the theory that financially secure investors may contribute to a healthier startup ecosystem by reducing the fear of downside and bringing a calm, supportive approach to startups.

• Effective Reserve Deployment: Dixon critiques the traditional venture capital model of reserve allocation, advocating for a more nuanced approach that recognizes the unpredictability of picking winners early on and the importance of supporting companies through their growth stages.

• The Evolution of the Venture Capital Industry: Reflecting on Doug Leone's comments, Dixon weighs in on the shift from venture capital being a boutique, high-margin business to a more commoditized, low-margin industry. He stresses the importance of strategic focus for firms operating in this new environment.

• The Importance of Founders' Networks and References: The discussion touches on how crucial founder networks and positive references are for venture capitalists in winning investments, underlining the community aspect of the tech ecosystem.

• Governance and the Role of Venture Capitalists: Dixon distinguishes between being a friend to founders versus being a true partner who contributes to governance and offers critical advice when necessary, even if it's tough.

• The Myth of the Unnecessary VC: Addressing the idea that the best founders don't need VCs, Dixon argues for the value-add of venture capitalists beyond just capital, including networking, advice, and other resources.

• Selecting Investments and the Role of Conviction: Dixon shares his approach to investment, highlighting the balance between having strong convictions based on future predictions and the humility to pivot based on new data and outcomes.

• Navigating Market Sentiment and Maintaining Conviction: He reflects on dealing with market and public sentiment, especially when it goes against one's investment thesis, emphasising the importance of a well-researched, conviction-driven approach

Overall, Dixon offers a visionary perspective on the intersection of technology and venture capital, emphasising the importance of innovation, ethical governance, and a deep belief in the transformative power of technology. It’s a great listen worth digging into if you have the time.

Want to know more quickly? Just ask the episode below👇️ 🤯 
or if you prefer, 🎥 Watch the full episode here 

📅 Timestamps:

• [00:00:40] Early Influences and Childhood Curiosity.

• [00:05:36] Entrepreneurial insights and seed funding.

• [00:08:48] The trough of sorrow.

• [00:11:05] The barbelling effect.

• [00:15:37] Founder NPS and governance.

• [00:19:07] Why founders choose Chris.

• [00:21:26] High conviction in predicting future.

• [00:23:49] Master of strong opinions.

• [00:26:57] Blockchain breaking big tech stranglehold.

• [00:29:53] Blockchain-based social network Farcaster.

• [00:35:13] The power of community.

• [00:38:11] Blockchain policy prescriptions.

• [00:43:10] Regulatory environment and entrepreneurship.

• [00:43:42] Gray areas in entrepreneurship.

• [00:48:10] The impact of books.

• [00:52:28] Fundraising strategies and investor relationships.

• [00:55:39] Andreessen's growth and impact.

• [00:57:38] Relationship with money in tech.

• [01:00:12] Internet Freedom and Tech Industry.

• [01:04:36] Investing insights and strategies.

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Alastair & the Product Tapas Team 🍽️.