I’ve been helping a founder with a fundraising round. It’s been a few months, and the round was moving toward the finish line. With investors lined up and lawyers finalizing documents, everything looked good for the transaction to close on time. Then one of the investors pulled out unexpectedly, putting the entire transaction in jeopardy. Luckily this founder had never stopped pitching other potential investors and had built a good working relationship with the lead investor. He has a solid list of potential investors to replace the one who dropped out. He was able to have a constructive conversation with the lead investor and agree on a strategy to close the transaction. It took an extra day—not bad given the eleventh-hour dynamics—but the transaction closed and the funds cleared the company bank account.

Fundraising is tough, full of all kinds of twists and turns. A transaction isn’t done until the money’s in the bank. Before then, anything could happen—and something often does happen at the last minute. Don’t get comfortable. Continue working on open items until the transaction is officially closed and the wire clears your bank account. When the wire clears, then you can relax a little and celebrate.

Last month I challenged myself to read an 800-page book over the Thanksgiving holiday. Yesterday, I shared my takeaways from that challenge.

Today I’ve decided what I want to read to meet my Christmas reading goal. I’ve purchased two books on a new topic I’m interested in understanding—one roughly 500 pages, the other about 200. So, 700 pages total. My goal is to finish both books over the Christmas holiday and go into the new year with a better understanding of the topic.

Looking forward to this challenge. Wish me luck!

Last month, I set a Thanksgiving reading goal. I’d been putting off reading an 800-page book for months. I didn’t want it to sit around any longer, making me feel guilty, so I challenged myself to read it during the Thanksgiving holiday. The goal ended up being a stretch goal. It was more aggressive than I realized. I didn’t factor in enough time for holiday activities, so I didn’t finish the entire book by my November 26 deadline. But I got close and did so shortly after Thanksgiving.

Overall, the challenge was a success, and I learned a lot from it. It ended up being a great motivator. I was excited to absorb the wisdom in the book but, even more so, motivated to accomplish my goal. This ended up being a great combination to prompt me to read a book I otherwise might not have gotten around to reading and to do it relatively quickly. The challenge also let me scratch the itch of accomplishing something difficult—something I enjoy but don’t normally experience during a holiday. Last, it forced me to be more intentional about using some of the reading techniques I learned about this year.

The holiday reading challenge was a success and something I want to do more consistently. I’ll start thinking about what I want to read during the Christmas holiday. If my experience then is as positive as it was at Thanksgiving, I’ll consider making this a habit.

In September 2022, I shared that Adobe announced it was acquiring Figma for $20 billion. Adobe is publicly traded and has a market capitalization (i.e., valuation) of around $270 billion as of this writing. It’s an established company offering software, including Photoshop, to creatives. Figma was founded around 2011 and offers web-based tools that allow creatives to design and prototype user interfaces and user experiences collaboratively and easily.

Today it was reported that the merger has been called off because Adobe couldn’t get regulatory approval. Adobe will reportedly pay Figma a $1 billion termination fee for walking away from the deal.

Figma’s CEO confirmed the news via a blog post in which he also noted that the company has been executing since the deal was announced. It even hired 500 new people.

This news is bound to be a letdown for Figma team members and investors, who expected a large liquidity event this year. However, this might not be all bad for Figma. For one thing, market conditions have changed materially since this deal was announced. The NASDAQ Composite Index was at about ~11,000 then (on September 22, 2022). The index's 2022 bottom was ~10,200. As of this writing, it’s at ~14,900, or ~35% higher since the announcement of the merger. Another consideration is that if the 500 new hires are an indication of revenue growth, the company could be doing well financially. Last, Figma gets $1 billion for the headache of the last fifteen months, which isn’t bad considering it was valued at $10 billion in its last fundraising round in 2021.

This isn’t the outcome Figma hoped for, but it probably isn’t that bad for them. It could even turn out to be a good outcome. Time will tell. I’m curious to see what 2024 has in store for Figma.

Yesterday I shared my thoughts on Jeff Bezos embracing wandering. In the video I referred to, Bezos talked about something else that I’ve been thinking about: cost reduction.

To Bezos, cost reduction means inventing a better way of doing existing work. When you invest in a better way, you make doing that work less expensive, which makes the world richer. He used the example of the plow. The invention of plowing made farming less expensive and more efficient, which made the world richer (by making food more plentiful and less expensive).

Space flight, Bezos said, is a solved problem, and he’s focused on dramatically reducing its cost.

It’s interesting that Bezos arguably has built a trillion-dollar company (Amazon.com) by focusing on cost reduction and could build another massive company with Blue Origin by turning the same focus onto a different industry.

If you want to check out this section of the interview, look here.

This weekend, I listened to an interview that Jeff Bezos, founder of Amazon.com and Blue Origin, recently gave. I haven’t found many long-form Bezos interviews, so I was interested in hearing what he had to say in this one, which lasted over two hours.

Bezos discussed many topics, but one thing he mentioned multiple times stuck out to me. Bezos is a big fan of wandering.

His thinking is that solving a problem by inventing a new solution means you don’t know where you’re going. New solutions are different than incremental improvement, and there is no linear path to new solutions like there is to incremental improvements. The solution isn’t clear, and you’re working to find it through all sorts of unexpected twists and turns. The process is often seems inefficient, but that’s how new solutions are invented.  

Bezos went on to say that he likes messy meetings accompanied by a crisp document outlining the problem to solve because messy meetings allow for the wandering that results in the invention of new solutions.

Bezos also shared a fun fact: when he wakes up in the morning, he isn’t as productive as people think. He first wanders a bit by drinking coffee, talking with others, reading the news, etc.

The interview with Bezos was interesting, and I had a few great takeaways. If you’d like to watch the full interview, go here. For his thoughts on wandering, go here, here, and here.

This is my one-hundred-ninety-fourth weekly reflection. Here are my takeaways from this week:

• Shopify – Chatting with the Shopify CEO this week was amazing. His focus on helping people achieve independence through entrepreneurship stuck with me. Entrepreneurship is a force for economic mobility, and there’s a big opportunity to build products that help other entrepreneurs succeed.
• Events – I met some impressive people at events in Atlanta this week. I want to be more thoughtful in 2024 about attending interesting non-tech events.
• Countdown – There are two calendar weeks left in 2023. With essentially one business week left, everyone’s making a mad dash to get anything still open wrapped up.

Week one hundred ninety-four was another week of learning. Looking forward to next week!

I recently met with an idea-stage entrepreneur. He’s built an MVP of his solution and is thinking about ways to scale the solution. At his early stage, he’s testing and tinkering a surprising amount.

During our conversation, I realized he’s clear on the solution but hasn’t crystallized the problem he’s solving. This means he’s not sure who his customers are, either. His solution addresses a few potential problems, and he’s considering a wide variety of businesses as potential customers. He’s holding his solution tight and the problem it solves loosely.

This is the classic solution-in-search-of-a-problem approach that some idea-stage entrepreneurs unwittingly take. This approach has landed this entrepreneur in a gray area where he’s unsure what steps to take next.

At the idea stage there isn’t much to undo, so there’s a simple remedy for being in a gray area. Simply flip the approach. Let go of the solution and zero in on a specific problem. Said differently, hold a problem tight and be flexible on the solution that solves it.

I suggested that this founder consider pausing work on his solution and doing discovery of potential customer groups about the problems he thinks his solution could solve. I suggested he read The Mom Test and follow the customer discovery methodology outlined in the book to identify the specific problem he wants to solve and develop a deep understanding of it. Hopefully, that will put him in a position to build a great solution that solves a painful problem customers will happily pay for—and keep him out of the gray area he’s in now.

Last year, Money magazine ranked Atlanta as the best place to live in the U.S. in 2022. At the time, I shared my thoughts on Atlanta transitioning to a tier-one major metropolitan city. I believed the ranking showed that word was getting out. I wrote:

I’ve been a believer for many years that Atlanta is where the puck is headed. Most people don’t realize how great the city is. I’ve long believed that when word got out about the city’s greatness, it would go from being a metro city to what I call a tier-one major metro. That transition would put the city in a different stratosphere and able to compete as a destination with other tier-one major metros. I think of tier-one major metros as cities that are known outside the US as the undisputed capitals of their regions. Think New York City for the Northeast, Chicago for the Midwest, Los Angeles for the West. The Southeast has a few great cities, but not an undisputed capital, especially when you ask people outside the country.

Money came out with its “50 Best Places to Live in U.S. for 2023” list, and Atlanta has once again topped the list. My favorite lines from this year’s writeup:

Atlanta is big on culture, in every sense of the word. In years past, it helped catalyze the Civil Rights Movement, and was a nucleus of some of the most popular hip hop, R&B and country music we still listen to today. These days, our No. 1 place to live is nothing short of a cultural behemoth.

Atlanta is a place that people don’t want to just pass through temporarily. They want to plant roots and call it home because it offers the opportunity to pursue professional excellence, an amazing quality of life, and a diverse culture. This rare combination, along with numerous other positives, makes Atlanta unique and desirable. It also helps make a strong case for Atlanta to be the “capital” of the Southeast.

Congrats to the city for topping this list two years in a row. I’m happy others are recognizing what we’ve always known.

For Money’s full list of 2023’s best places to live, see here. For Money’s 2023 writeup on Atlanta, see here.

I recently had the chance to meet Tobi Lütke, CEO and cofounder of Shopify. Shopify’s platform provides technology that allows retailers to easily sell online. Said differently, it makes e-commerce easy. Tobi initially built Shopify to solve a personal pain point but soon realized that other entrepreneurs were experiencing the same problem. In 2004, he embarked on solving the problem for others, and as of the writing of this post, Shopify is a publicly traded company with a market capitalization (i.e., valuation) of just under $100 billion.

Last fiscal year, Shopify recorded $5.6 billion in annual revenue. The Shopify platform processed almost $200 billion in gross merchandise value (GMV); i.e., revenue on behalf of its customers. Tobi has built a company that’s having a large impact on how commerce is done.

Tobi is one of those rare founders with the ability to take a company from idea to billions. I was interested in learning what trait allowed him to achieve such a rare feat. Tobi shared a variety of valuable insights, but what stuck with me most was his conviction about the power of entrepreneurship. Tobi believes entrepreneurship is a powerful force that can change the lives of those who pursue it. He’s expressing that belief through Shopify’s mission of helping people achieve economic independence by making it easier to start, run, and grow a business. And his belief and mission-oriented mindset have likely been a significant driving factor in his ability to continuously level himself up as Shopify has grown from an idea to an international company generating billions of dollars in annual revenue.

I’m glad I had the opportunity to meet Tobi, and I look forward to following his entrepreneurial journey. I can’t wait to see where he takes Shopify next and the impact it has on entrepreneurship.