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Turing Distinguished Leader Series: After-Show Episode Two

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Turing Distinguished Leader Series: Ashu Garg, General Partner, Foundation Capital


In this after-show, Kat Hu, from our Chief of Staff team, and I, Jonathan Siddharth, CEO, and Founder of Turing,  discuss the main takeaways from our most recent TDLS episode with David Zhang, Partner at TCV.

You may enjoy watching this After-Show episode here.

As always, the full text of the discussion is below.

Kat Hu

Welcome to our podcast on scaling unicorns in a remote-first world. We’re going to reflect on today’s conversation with David Zhang. from TCV. What are your thoughts on how that call go? What learnings you’ve learned?

Jonathan Siddharth

Yeah, it was a fun chat. I am glad we are doing this aftershow on what was interesting from that chat. I think for our first question, I found David’s responses super interesting on what companies are doing differently, given the shift in the macroeconomic climate. What stuck with me was his three main comments. 

One was this is the time to “lean in and get fit” for most companies. 

The second was the focus on the quality of growth. It was interesting how for TCV, the quality of growth is not a temporary phenomenon that you just started thinking about in 2022. It seems to have been a part of their investing ethos for a while.

Third, being just being thoughtful about scenario planning. It was interesting that David called it different shades of red for what could happen and making sure your team is right-sized in the various areas. So, that stuck out to me. What about you?

Kat Hu

Along those lines, I saw so many parallels between what he said and what we see in Turing—of what we’re focusing on, how we’re navigating, the macro shifts, and focusing on quality. He talked about things like team development and building a world-class team, I know that’s something that you’ve been focused on, and we’re proud to have that at Turing today.

And something else that I found interesting was similar to the discussion with Sandesh. He said the most critical thing for CEOs who are scaling is balancing doing what you’re already doing well and looking at the horizon to catch the next S-curves and frontiers.

Jonathan Siddharth

Yeah, that’s right. But, again, I was reminded of our focus on teams. Sandesh also had that same comment, where you have to be good at what you’ve always been good at. And you have to keep doing it while looking out for the next wave.

It was also good advice to ensure that even in that post-product market fit scaling phase when you’re very close to product innovation, ensuring the product velocity is high and staying close to customers is essential. 

Kat Hu

Yeah, for sure. I think having that cycle and that feedback is what we hear over and over again. It’s important, and hearing about how you do it with your emails is excellent tactical advice.

Jonathan Siddharth

Yeah, and it was also interesting to hear his thoughts on board meetings as to how you would run board meetings. What are some ways to make them more productive?

Kat Hu

Yeah, it was interesting that other companies are thinking of similar topics at board meetings. David mentioned that on top of people’s minds are scenario planning, tracking growth quality, and ensuring we are doing the right thing regarding the team. It’s encouraging that what he says about building the right team for a company parallels what we are doing within Turing. It’s validating that many other companies are thinking about the same things during this time. 

One thing in terms of scenario planning that I found interesting was he didn’t just mention the various shades of red but highlighted the two frameworks. One. How do you survive? Two. How do you thrive? It makes you think of all the category leaders in the past who, during similar times of red. It’s more important now than ever to wonder how they did it and consider incorporating that into our strategy. 

Jonathan Siddharth

Yeah. And it’s not just about surviving but also about having a strategy where you thrive in a storm.

He mentioned having strategy first, followed by execution, having board meetings to track how execution is happening on the agreed-upon strategy tightly, and ensuring that companies have an intellectually sound approach to measure success. And being asked how we are tracking relative to the success metrics that we set for ourselves, in some cases, if we need more data, then how can we go and collect more data to know whether or not we can validate our hypothesis? But it is too early to tell. We will probably figure it out later.

Kat Hu

Yeah, and again going back to scenario planning, what he said what I thought was pretty wise is when you have these scenarios planned. Then, amid all these other external stressors, you can just focus on execution and focus on continuing on your path because you’ve already mapped out these different scenarios.

Jonathan Siddharth

That’s right. And it’s interesting David also shared about the Sequoia deck. In Silicon Valley, there is often a group thing where everybody is looking for one simple formula, something to tell them what to do, like the silver bullet. But, unfortunately, there are no silver bullets, and there’s no one size fits all. 

Ashu from Foundation would say the same thing, which is too often, there are these prescriptive pieces of advice that just get parroted around, and people sometimes tend to apply them without thinking. It might be the right advice for a specific type of company at a particular stage, but some advice is not universally applicable. 

Kat Hu

Yeah, during your conversation, I noticed you were nodding many times. The two of you seem to align on many points. One other item I was thinking about was inflection points for Turing and companies at scale during this kind of time in the macro environment. 

It was so interesting to hear different examples of these companies that have pivoted or changed in drastic ways that sometimes not everyone sees but have a significant payoff. Have you thought that much about some companies or Turing?

Jonathan Siddharth

Yeah, I mean, one way I think about it is that there could be big inflection points happening in the macro environment that could be an opportunity to do something new, so let’s call them external triggers. But, also, there could be internal triggers that you’ve identified and some new disruptive things you could do and pursue. 

To me, in the external bucket, I kind of see the Netflix shift from DVDs to streaming. The world was switching to streaming, Internet videos were getting better and better, and the browsers were getting better at streaming stuff. 

For us at Turing, there were these external shifts like the pandemic, which was a big inflection point for remote work. And that accelerated the world’s transition to remote work by at least five years. So I think those are some of these external triggers, and you can’t control them. And when they happen, you want to recognize that there’s an opportunity for you and understand if you position the right way relative to that shift.

Then there are internal pushes where you feel like there is something disruptive, some new business that you can bring to market. And here, I am reminded of Amazon launching AWS, a big needle-moving business for them. 

Turing’s focus on teams is like that, and there could be more. For these inflection points, sometimes I try to answer the question of why now? Did something happen now that just makes this the right time to do something like this? Why hasn’t it been done before, and I separate that into the internal and external and try to think about what’s the next internal thing that we could do that could move the needle for the business? It does take time to reflect, and this is why our exact off-sites are helpful when you have some time to breathe, pause and reflect. It’s hard to do this in our weekly exact syncs or monthly business reviews.

Kat Hu 

Yeah, totally. I think that’s a good call. There could be times to reflect quarterly, and off-site is a good medium for that.

Jonathan Siddharth

Yeah, anything you took away from for your future company after Turing goes public?

Kat Hu

I liked his recommendations. I searched up Pedro Franceschi, and there was this article about “what I learned about people that scale,” I am excited to read more about his Medium post. It’s helpful to have frameworks to be more efficient, productive, or successful in specific ways.

Jonathan Siddharth

Yeah, that’s right. That’s a good catch, and on that, I think we can close our after-show. This was a fun conversation, and thank you, everyone, for joining us!

Please Enjoy Watching the Complete Video Here.

Jonathan Siddharth

Jonathan is the CEO and Co-Founder of Turing.com. Turing is an automated platform that lets companies “push a button” to hire and manage remote developers. Turing uses data science to automatically source, vet, match, and manage remote developers from all over the world.
Turing has 160K developers on the platform from almost every country in the world. Turing’s mission is to help every remote-first tech company build boundaryless teams.
Turing is backed by Foundation Capital, Adam D’Angelo who was Facebook’s first CTO & CEO of Quora, Gokul Rajaram, Cyan Banister, Jeff Morris, and executives from Google and Facebook. The Information, Entrepreneur, and other major publications have profiled Turing.
Before starting Turing, Jonathan was an Entrepreneur in Residence at Foundation Capital. Following the successful sale of his first AI company, Rover, that he co-founded while still at Stanford. In his spare time, Jonathan likes helping early-stage entrepreneurs build and scale companies.
You can find him Jonathan @jonsidd on Twitter and jonathan.s@turing.com. His LinkedIn is https://www.linkedin.com/in/jonsid/

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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