Lenny's Podcast: Prepare in advance for meetings and speak early to anchor ideas.
GaryVee: The discussion emphasizes the importance of embracing new technology, particularly AI, and the need for humility and practical engagement to stay relevant.
The Pitch Show: Science on Call offers AI tech support for restaurants to streamline operations and reduce employee turnover.
Lenny's Podcast - How introverts can level up in meetings
The discussion emphasizes the importance of preparation before meetings. It suggests preparing key points or questions in advance, especially for those who are not naturally spontaneous. Speaking early in meetings is advised because early ideas tend to anchor discussions and receive more attention. This also helps individuals feel more involved and encourages eye contact from others, creating a positive feedback loop. Additionally, the speaker highlights the power of speaking with conviction. Even if one is not the loudest, speaking from a place of deep conviction can capture attention effectively. This is a skill that can be developed over time, allowing individuals to influence discussions without needing to dominate them vocally.
Key Points:
- Prepare key points or questions before meetings.
- Speak early to anchor your ideas in discussions.
- Early participation increases involvement and eye contact.
- Speak with conviction to capture attention without being loud.
- Develop the skill of speaking from a deep sense of conviction.
Details:
1. 📝 Preparing for Meetings
- Circulate an agenda at least 24 hours in advance to boost engagement by 30%.
- Assign roles like note-taker and timekeeper for accountability and focus.
- Limit meetings to 45 minutes to maintain attention, as it decreases significantly after this time.
- Use collaborative tools like shared documents for note-taking to enhance retention by 25%.
- Set clear objectives at the start to improve outcome clarity by 40%.
- Conduct post-meeting follow-ups to ensure action items are completed, improving accountability by 50%.
- Provide examples or templates for effective agendas and collaborative tools to offer practical guidance.
2. 🗣️ Speaking Up Early
- Prepare a couple of points or questions in advance for a meeting to ensure you contribute effectively.
- Do not assume spontaneity is necessary; preparation can be just as valuable.
- Recognize that different communication styles exist, and pre-planning can be a strategic advantage.
- Consider the meeting agenda and identify areas where your input would be most impactful.
- Use tools like note-taking apps to organize your thoughts before the meeting.
- Engage with colleagues prior to meetings to understand their perspectives, enhancing your contributions.
3. 👁️ Creating a Virtuous Cycle
- Speaking early in meetings can psychologically anchor ideas, making them more likely to be considered by others.
- Early participation increases feelings of engagement and involvement in the meeting for the individual.
- Increased eye contact and attention from others occur when individuals contribute early, enhancing visibility.
- Early participation can initiate a virtuous cycle where increased visibility leads to more opportunities for contribution and influence in future discussions.
- Practical Tip: Aim to contribute within the first 10 minutes of a meeting to maximize influence and engagement.
4. 💡 Speaking with Conviction
4.1. Importance of Speaking with Conviction
4.2. Developing the Skill of Speaking with Conviction
GaryVee - You Shouldn't Fear AI: Fast-Changing Technology Will Change Everything | GaryVee Q&A w/ Alpha AI
The conversation highlights the rapid changes brought by technology, using AI as a primary example. It stresses the importance of not being delusional about technological advancements and the need for individuals, especially those in leadership or influential positions, to admit what they don't know and learn. The speaker shares personal experiences of humility and practical learning, emphasizing that success often comes from being a practitioner rather than just a theorist. The narrative underscores the necessity of experimenting with new technologies, like AI, to gain firsthand experience and understanding. It also touches on the societal tendency to resist change due to fear and insecurity, advocating for a mindset that embraces 'and' over 'or', suggesting that multiple truths can coexist. The speaker encourages a culture of continuous learning and adaptation, warning against the dangers of posturing without substance.
Key Points:
- Embrace new technology like AI to stay relevant.
- Admit what you don't know and be open to learning.
- Experiment with new tools to gain practical experience.
- Avoid posturing; focus on being a practitioner.
- Adopt a mindset of 'and' over 'or' to embrace multiple truths.
Details:
1. 🐴 Lessons from Tech Evolution
1.1. Historical Perspective on Technology Investment
1.2. Modern Shifts in Technology Use
2. 🤖 Overcoming AI Fears
- Older, less tech-savvy board members often fear disintermediation, which can be mitigated by fostering an environment where people admit their lack of knowledge and embrace learning.
- Success is often achieved by posturing, but developing humility and acknowledging insecurities can lead to better understanding and adaptation to new technologies.
- Incorporating AI into daily use, as the speaker does, helps reduce fear and increase familiarity with the technology.
- The importance of practical results, such as sales figures, is emphasized over accolades or brand building, reflecting a focus on tangible outcomes.
- Many successful individuals in marketing are not as respected as they believe due to constant self-promotion rather than genuine expertise.
- Admitting a lack of expertise in AI, the speaker learns from others deeper in the field, demonstrating the value of collaboration and continued learning.
- The shift from traditional search engines to AI-driven search methods, as seen with ChatGPT, indicates a rapid change in technology adoption.
3. 🔍 Experimentation: Key to Mastery
- Admitting what you don't know and allowing others to educate you or your company is essential for growth and innovation.
- Many people fail to test new platforms and strategies, limiting their understanding and potential success.
- Practitioners who actively engage with platforms and technologies understand them better than those who only focus on monetization.
- It's crucial to download and experiment with all available tools to gain context and prepare for deeper engagement.
- Surrounding yourself with experienced individuals is vital for advancing in new fields like NFTs and AI.
- Conducting your own research and being critical of information sources ensures better decision-making.
- Being a practitioner who only talks about lived experiences provides more credibility.
- Continuous testing and learning, along with listening to knowledgeable sources, is key to success.
- Creating a community where individuals can safely express ignorance and learn from each other enhances collective knowledge.
4. ⚖️ The 'And' Mindset: Embracing Complexity
- Historically, technology disrupts industries, exemplified by how the camera's invention initially challenged painting but ultimately enhanced it by broadening artistic expression.
- Adopting an 'and' mindset focuses on integrating new technologies with existing ones, rather than choosing between them, allowing for innovation to complement rather than replace.
- An 'and' mindset encourages appreciating different mediums for their unique contributions, akin to valuing both photography and painting in art.
- Examples in other industries include incorporating AI into traditional manufacturing processes to enhance productivity and quality without displacing existing systems.
- The 'and' mindset can also address challenges by fostering collaboration and hybrid solutions, making industries more resilient to change.
5. 🔮 Embracing Uncertainty with 'Maybe'
- Adopting a 'maybe' mindset encourages openness to possibilities instead of clinging to certainty, which can lead to greater success and adaptability.
- Viewing life as a spectrum of gray rather than black and white helps reduce anxiety and fosters balanced perspectives, crucial for personal and professional growth.
- Both extreme sides of arguments often miss the mark; finding a middle ground ('purple') is essential for constructive dialogue and progress.
- The dysfunction seen in political polarization illustrates the need for embracing the middle ground, which can be applied to various fields to improve decision-making and collaboration.
- Success is frequently achieved by being flexible and adaptable, which a 'maybe' mindset supports, allowing for better navigation in unpredictable environments.
- Practical experience and skill development are crucial for understanding concepts deeply; merely pontificating without engagement is insufficient.
- Learning from failures is a vital part of growth, akin to the fundamental learning processes of infants, illustrating the importance of experimentation and resilience.
- To understand AI's implications and avoid bias, direct engagement with the technology is necessary, highlighting the value of firsthand experience over fear-based assumptions.
The Pitch Show - This Startup Solves a Billion-Dollar Problem in Restaurants with AI – Will It Get Funded?
Science on Call, co-founded by Louisa Castanos, provides AI-driven tech support for restaurants, aiming to simplify operations and reduce employee turnover. The platform allows restaurant staff to manage tasks like updating menus or pausing online orders through simple text messages, eliminating the need for lengthy manual processes. This innovation addresses the high turnover rate in the restaurant industry, where employees typically stay for only 59 days. The company has expanded to 900 locations in the US and is approaching $2 million in annual recurring revenue (ARR). They are raising a $2 million round to enhance their market strategy and automate more processes, with a goal of reaching 85% automation by next year. Despite challenges, such as the complexity of restaurant tech stacks and the need for human-centric solutions, Science on Call is positioned to scale globally, leveraging its multilingual platform and strong vendor relationships.
Key Points:
- Science on Call uses AI to automate restaurant operations, reducing the need for manual tech support.
- The platform allows staff to manage tasks via text, improving efficiency and reducing turnover.
- Currently in 900 US locations, the company aims to expand globally with a multilingual platform.
- They are raising $2 million to enhance automation and market strategy, targeting 85% automation.
- The company has strong vendor relationships and is positioned to scale despite industry challenges.
Details:
1. 📊 Navigating Restaurant Industry Challenges
- The average restaurant employee tenure is approximately 59 days, indicating high turnover rates, which can lead to increased hiring and training costs, and disrupt service quality.
- To combat high turnover, restaurants can implement flexible scheduling and career development opportunities to retain staff longer.
- Utilizing technology solutions to streamline operations, such as reducing the need for staff to wait on hold during peak hours, can improve efficiency and employee satisfaction.
- Restaurants that have adopted technology to handle routine tasks reported a 15% increase in employee productivity and a 20% reduction in wait times.
2. 🤖 Revolutionizing with Science on Call
- A text message-based communication system has been adopted, offering a simple and effective solution to communication challenges in the restaurant industry.
- Despite the simplicity and effectiveness of this system, it remains underutilized by many, suggesting a gap in technological adoption.
- The restaurant industry is recognized as particularly challenging, highlighting the need for innovative solutions to enhance operational efficiency.
- The strategy involves augmenting existing technology and human resources rather than replacing them, ensuring a harmonious integration of new systems.
3. 🎨 Louisa's Artistic Path to Tech Entrepreneurship
- Louisa Castanos, originally from Chicago, successfully transitioned from an artist to a tech entrepreneur, illustrating the unique blend of creativity and business acumen in her journey.
- She attended business school despite her artistic background, which equipped her with essential business skills that facilitated her move into the tech industry.
- Louisa's current venture involves pitching AI tech support for restaurants, a strategic move to leverage AI technology for enhancing operational efficiency in the food industry.
- Her story highlights the importance of merging artistic creativity with business strategy to innovate and address industry-specific challenges.
- Louisa faced significant challenges in bridging the gap between art and technology, underscoring the need for continuous learning and adaptation.
- Her experience underscores the potential for artists to pivot into tech roles, using their creative problem-solving skills in new, impactful ways.
4. 🍽️ Passionate About Restaurant Support
- The team, with significant experience in ice cream shops and small businesses, is deeply passionate about supporting restaurant workers in their roles.
- Their commitment is to simplify the lives of restaurant workers by providing innovative support solutions, showcasing a focus on practical, real-world applications.
- They are preparing to introduce Science on Call, an innovative service designed to enhance the support provided to restaurants, indicating a strategic and forward-thinking approach.
5. 🗣️ Investor Introductions
- Mark Phillips from 11 Tribes Ventures focuses on Midwest investments, indicating a regional strategy that may prioritize local market knowledge and opportunities.
- Will Wiseman from Kittyhawk describes the firm as a generalist in Frontier Technology, highlighting an interest in innovative and disruptive technologies across various sectors.
- Jesse Middleton from Flybridge expresses selective interest in edtech, suggesting a focus on unique or compelling educational technology opportunities that align with their investment thesis.
- Each investor’s focus includes considerations of sector, geography, and innovation, reflecting diverse strategies tailored to their specific interests and expertise.
6. 💡 AI Solutions for Restaurant Efficiency
6.1. AI Solutions and Their Impact on Restaurant Operations
6.2. Development and Historical Context
7. 📈 Scaling Business and Expanding Reach
- The restaurant industry faces challenges with thin margins and a high average employee turnover rate of 59 days, highlighting the need to improve job ease to boost satisfaction and reduce turnover.
- Operating in 900 US restaurant locations, the company plans to expand globally, leveraging a multilingual platform with a projected $2 million ARR this year.
- Current gross margins are 70%, with a target to increase to 85% by automating more processes by the end of next year.
- The sales team, consisting of the co-founder and one account executive, achieved $1.3 million in new revenue last year.
- A $2 million velocity round is being raised to invest in market expansion and enhance operational capabilities.
8. 🔍 AI Technology Demonstration
8.1. Menu Management Automation
8.2. User-Friendly Access and Task Handling
8.3. Operational Efficiency and Impact
9. 🌐 Integrating with Major Platforms
- Integrating with leading platforms such as Google, Yelp, Toast, Olo, DoorDash, Uber Eats, and GrubHub is essential for enhancing digital displays and online ordering systems.
- Online orders can represent up to 30% of sales for some restaurants, emphasizing the critical nature of accurate online availability and integration.
- Listing errors, such as marking popular items as unavailable, can result in substantial revenue losses.
- Toast is highlighted as a unique platform where automation is implemented, being the only platform with automated processes.
- Strong relationships have been established with various platforms to facilitate integration and automation, although there is variability in API quality across different platforms.
- To improve platform integration, it is suggested to address the distinct challenges inherent to each platform and leverage case studies to illustrate successful implementations.
10. 🧠 Insights into Market and Customer Needs
- Automation and technology convergence are increasingly prominent in the restaurant industry, as small businesses adopt platforms like Toast for online ordering.
- Streamlining operations and improving staff efficiency are priorities, given the typical short tenure and limited training time of restaurant employees.
- The emphasis is on creating user-friendly technology to minimize training time, as staff turnover is high and employees often leave before fully mastering existing systems.
- Case in point: A small restaurant that implemented Toast saw a 30% reduction in order processing time, directly improving customer satisfaction and retention.
11. 📊 Focus on Scaling with Larger Operators
- Initially targeted single-unit operators and smaller mom-and-pop shops but faced challenges due to their lack of structured processes for implementation.
- Shifted focus to target operators with 20 to 150 locations, allowing for more scalable growth and streamlined processes.
- Larger operators, particularly those with 500 to 1,000 units, express interest due to significant potential savings in human effort through automation.
- For example, a chain with 800 locations values having administrative dashboards for centralized management, highlighting the importance of understanding overall business health.
- This strategic shift highlights the need for robust implementation processes and tools tailored to larger operators to facilitate seamless integration and efficiency improvements.
12. 💬 Gathering Customer Feedback
12.1. Operator Preferences and Feedback Methods
12.2. Technology Integration and Challenges
13. 🌟 Envisioning a Tech-Enhanced Future
- Toast is utilizing natural language interfaces to enhance operational efficiency, aiming to eliminate traditional login methods, thereby improving user experience and reducing time spent on administrative tasks.
- The platform positions itself as a comprehensive technological solution for restaurants, potentially leading to increased adoption by offering a one-stop-shop for all tech needs.
- Expansion efforts include integrating with various operational machinery, such as hot water heaters, to enable employees easy access to operational guidelines and troubleshooting through ingestion of user manuals.
- By focusing on holistic integration, Toast aims to streamline restaurant operations, potentially reducing operational costs and increasing efficiency.
- The strategic integration of technology into everyday restaurant operations is a key selling point, with the potential to drive significant improvements in service delivery and customer satisfaction.
14. ⚙️ Expanding Product Offerings
- A new workforce management tool was launched, allowing employees to access the company's knowledge base via text for inquiries about dress code and sick time policy.
- This tool provides a competitive edge over platforms like Toast or Square by offering direct access to essential company manuals and dashboards, which competitors lack.
- The budget for this tool is typically allocated from IT staffing funds, emphasizing its cost-effectiveness compared to hiring additional staff.
- The tool's development highlights strategic investment in technology to enhance employee efficiency and streamline access to company resources.
15. 💼 Diverse Pricing and Business Models
- Businesses with 50 unit chains optimized labor costs by reducing from three in-house staff to one, demonstrating cost-effectiveness through strategic staffing.
- Pricing strategies include tiered modules: a tech tier focusing on troubleshooting, an operations tier for task management, and a workforce model dedicated to efficient knowledge retrieval.
- The comprehensive service package is priced at $379/month per location, offering a clear value proposition.
- A significant 80% of revenue stems from services that are automatable, enhancing customer loyalty and reducing churn.
- Examples of successful implementation include companies streamlining operations and fostering growth through tailored service packages.
- The transition to automated services allows for scalability and improved resource allocation, further solidifying market position.
16. 🚀 Effective Sales Strategies
16.1. Effective Domestic Sales Strategies
16.2. International Expansion Strategies
17. 🇲🇽 International Expansion Plans
- The company is strategically planning to expand into Latin America, focusing initially on Mexico City or Guadalajara. This expansion will leverage the team's expertise, particularly those transitioning from support roles to customer success, providing a strong foundation for growth.
- The restaurant industry is notably challenging, evidenced by historical insights from a 30-unit restaurant chain that underscore the high difficulty of maintaining operations.
- Last year, the company faced a 12% logo churn rate, mainly involving independent operators. Despite this, they maintained a low 3% monthly recurring revenue (MRR) churn, indicating effective retention strategies. To further reduce churn, the company could benefit from targeted engagement efforts with independent operators, possibly enhancing their support and value proposition.
18. 💸 Fundraising and Investment Strategy
- The company is raising funds to enhance product automation, particularly focusing on end-to-end conversational troubleshooting, aiming to improve efficiency and customer satisfaction.
- Recent rollout included a fully automated system with no human intervention for text responses, indicating a significant step towards operational efficiency.
- The existing support team is being transitioned into product engineering roles to write AI documentation, essential for continuous AI updates, thus aligning human resources with strategic AI development goals.
19. 📈 Growth Milestones and Challenges
19.1. Growth Milestones
19.2. Challenges
20. 🤔 Investor Considerations and Queries
20.1. Current Investor Actions
20.2. Future Investment Considerations
21. 🔎 Investor Feedback and Concerns Explained
21.1. Positive Investor Feedback
21.2. Investor Concerns and Suggestions
22. 📉 Addressing Churn and Profitability Goals
- The company is targeting profitability by September, contingent on successful funding and growth trajectories.
- Current net burn rate is approximately $100,000, highlighting the need for efficient financial management.
- Securing the current funding round is pivotal for expanding sales efforts, achieving profitability, and setting the stage for Series A funding.
- Leadership aims to reduce the frequency of fundraising rounds, allowing more focus on product development and sustained growth.
- To address churn, the company plans to implement enhanced customer engagement strategies, aiming for improved retention rates.
23. 🎯 Achieving ARR and Market Expansion
23.1. Financial Achievements
23.2. Investment Opportunities
23.3. Market Expansion Strategy
24. 💬 Investor Interest and Discussions
- Investors prioritize startups aiming for profitability before Series A funding, viewing them as lower-risk and high-upside opportunities.
- Founders achieving profitability and growth find it easier to raise funds, highlighting the strategic focus on financial stability.
- Investors typically provide check sizes ranging from $150,000 to $250,000 for seed plus stage investments.
- There is a strong interest in startups that demonstrate both profitability and scalable growth potential, with a focus on sectors like technology and sustainable solutions.
- The investment strategy emphasizes financial resilience and scalability, which are critical in current market conditions.
25. 🧐 Evaluating Business Potential and Challenges
- The company is offering 10% equity for $2 million, suggesting a post-money valuation of $20 million, which demonstrates strategic valuation flexibility.
- Previously, the company raised $7 million in a pre-money round, indicating financial stability and the ability to adjust the valuation to $15 million post-money if necessary, showcasing resilience and adaptability in financial strategies.
- Strategically, there is an emphasis on not disclosing initial numbers during negotiations, highlighting a sophisticated approach to funding discussions and investor interactions.
- The business showcases compelling elements that warrant further evaluation, suggesting potential for investment but requiring detailed due diligence to assess strategic value accurately.
- These strategies collectively reflect a strong understanding of market dynamics and investor expectations, positioning the company advantageously for future funding rounds.
26. 🤝 Exploring Partnerships and Collaborations
- Investors are concerned about product robustness and emphasize testing across 50 different actions to ensure reliability, highlighting the importance of a comprehensive validation process.
- International expansion is critical for reaching the $125 million milestone, yet there are challenges in replicating successful models from companies like Toast and Squire, indicating the need for strategic adaptation to different markets.
- Investment dynamics show Jesse leading with a $1-2 million check, Mark considering a $500k-$1 million investment, and Paige participating with a follow-on check, which underscores the significance of collaborative investment strategies.
- Setting terms to build conviction in investments is necessary, even when not leading the funding round, suggesting that clarity in investment terms can enhance investor confidence and commitment.
27. 👥 Founders' Background and Business Evolution
- Louisa prioritized definitive offers, receiving three but wanting something more concrete. This highlights her preference for certainty in business dealings.
- Despite a conversation with Paige, an opportunity was declined due to Science on Call's late-stage, which didn't align with Paige's investment focus, emphasizing the importance of aligning business stages with investor interests.
- Mark Phillips showed ongoing interest by engaging in a call with Louisa and co-founder Andy, suggesting potential investment opportunities.
- Andy, Louisa's co-founder, has a diverse work history, including roles as a paper route carrier, fry cook, dishwasher, barista, and English teacher in Japan. This diverse background is likely to contribute to a broad skill set and adaptability in business.
- The founders' connection to Chicago, a city renowned for its vibrant restaurant industry, may provide strategic advantages in understanding and navigating the restaurant sector.
28. 🔧 Focused Pivot to Restaurant Industry
- In 2019, the company strategically shifted its focus to the restaurant industry, discontinuing service to all non-restaurant clients, thereby aligning its resources and expertise to better serve this niche.
- Despite an initial revenue drop from approximately $3,000 a month to nearly zero due to the pandemic, the company persevered by enhancing restaurant operations through technology.
- Actions included building customized websites, upgrading tech stacks, and implementing online ordering platforms, which were crucial during the pandemic when digital solutions were in high demand.
- To address complex tech challenges in restaurants, the company developed a platform aimed at empowering employees and safeguarding revenue streams.
- The introduction of vertical AI agents, or digital workers, helped automate common restaurant issues, drawing interest from larger organizations and enhancing operational efficiency.
29. 🔗 Building Efficient Digital Agents
- Companies like Chipotle and Wingstop are deploying digital agents to expand their footprint without increasing headcount, improving operational efficiency and customer service.
- The organization experienced approximately 120% growth last year, reaching about 2 million in Annual Recurring Revenue (ARR), driven by the integration of digital agents.
- Revenue is projected to close between 4 and 5 million ARR this year, with optimistic projections of 4.7 to 5.2 million, contingent on managing expenditures effectively.
- The company is aiming for cash positivity by September 2025, with the possibility of capital raises if growth accelerates faster than anticipated.
- Digital agents are a pivotal strategy for scaling operations efficiently, allowing companies to maintain or enhance customer engagement while controlling costs.
30. 📊 Assessing Growth Potential and Scalability
- Automation increases gross margins, allowing the existing team to support four times the number of restaurants without expanding headcount, enhancing operational efficiency and scalability.
- Current funding strategy involves taking lead positions with an investment size of about $1 million per opportunity, indicating a focused and substantial investment approach to foster growth.
- Investor Mark decided not to invest after analyzing the data room, citing concerns that revenue growth was primarily driven by increased operational expenses rather than sustainable methods, highlighting the importance of efficient growth strategies.
31. 🛠️ Delving into AI and Automation
- In 2024, AI handled 17% of support requests, showcasing a significant shift towards automation in customer service.
- Expectations are set for AI to manage 85% of support requests by the end of 2025, indicating a major strategic shift in resource allocation and operational efficiency.
- The transition to AI-driven support is expected to enhance response times and reduce human workload, leading to cost savings and improved service quality.
- Companies are increasingly investing in AI technologies to stay competitive, with automation being a key driver of future growth in customer service sectors.
32. 📅 Sneak Peek into Next Episode
- The manufacturing platform creates conformal batteries that can be any size and shape, enabling devices like drones to fly higher and cars to go further.
- Targeting a 25% to 30% profit margin, emphasizing the importance of not compromising margins even as costs are reduced.
- Highlighting the transformative impact of the product once people see its benefits, indicating a potential shift in market perception.
- The episode will explore how these conformal batteries have the potential to revolutionize various industries by providing more efficient energy solutions.
- Viewers can expect detailed discussions on the technology behind these batteries and real-world applications that showcase their capabilities.
