M13 Team

Today we’re announcing our $400 million fund to build on the performance of our two top-performing funds. Thanks to the overwhelming demand from our supportive LP base, our third fund exceeds our $275 million target and enables us to invest in early-stage founding teams building technology that powers the future of work, commerce, health, and money.<br><br>
That we get to wake up every day thinking about and investing in the future is a genuine privilege. But our true passion is in supporting you, our founding teams, with our Propulsion Platform. Given that all of us got our start as operators, we were once in your shoes, wishing for what we can share with you today: vertically focused experts, tech tools, and a network to accelerate your growth and success. <br><br>
## Investing in tomorrow’s tech
Like you, M13 aims to build a brighter and sustainable future. We invested early in 15 portfolio companies that are now each valued at over $1 billion, including **Ring, Cue, Daily Harvest, FabFitFun, ClassPass, Matterport, Transfix, and Capsule.** Other investments made early from our second fund are showing similar trajectories.<br><br>
We’re deploying our third fund into areas we’ve long been tracking: [the future of consumer behavior in work, commerce, health, and money](https://m13.co/article/m13s-investment-thesis-understanding-the-future-of-consumer-behavior). As early backers of DTC businesses, we’re now increasingly focused on horizontal technology layers including Web3, which we define as blockchain-based applications governed through tokens. This infrastructure layer powers brands, enables creators to connect with more people, and helps companies deliver new experiences to customers. At heart, we care about what the consumer cares about. <br><br>
<center>![Fund I - Fund III](//images.ctfassets.net/vcjxvx0h1a5n/1UdwBLrOeDz7fm2lla6AYt/bd1d0d7fedf1ebdd03e03de3934b3df9/Thesis_FundI-III_v12.png)</center><br><br>
<center>*Source: M13* </center><br><br>
## 1 operating partner per investing partner
Our investment process is straightforward. We lead deals and write up to $15 million Seed to Series B checks. Our companies then typically raise follow-on investment from leading firms.<br><br>
Equally impactful to you is our experience as founders and operators. We know because we did the [math](https://m13.co/article/analysis-executive-experience-can-nearly-double-investors-rate-of-return): early access to operating experience contributes to better outcomes faster. And that leads to M13’s key differentiation: our Propulsion Platform, which we purposefully designed with one full-time vertically focused operating partner for every investing partner. <br><br>
Before joining M13, our full-time partners weren’t VCs; they first spent decades in the trenches as founders and operators. They each bring an incredible wealth of experience from building an aggregate market value of more than $23 billion in SaaS (DigitalOcean), consumer (Virgin brands like Virgin Galactic and Virgin Orbit, Glamsquad), marketplaces (GOAT, Gilt), and entrepreneurship (Techstars). Our team members are equally hands-on with relevant experience in brand, content, community, data, operations, performance marketing, and talent (Airbnb, Bonobos, Clocktower, LinkedIn, ReturnPath, Signalfire, Target, Unilever). <br><br>
<center><iframe src="https://player.vimeo.com/video/682001040?h=133313a259" width="640" height="360" frameborder="0" allow="autoplay;  fullscreen; picture-in-picture" allowfullscreen></iframe></center><br><br>
By design, founders like you are at the center of our Propulsion Platform, enabling us to be anticipatory and ready to help you reach near- and long-term goals, from scaling your business and leadership to preparing for your next round.  
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<center>*Source: M13* </center><br><br>
Our Propulsion Platform organizes our partners around you, enabling us to contribute what you need when you need it. Your investment lead keeps our partners up to date on what you’re doing and where you want to go, reducing onboarding time. Beyond each partner are their teams and networks that have joined M13 specifically to help accelerate your growth and be part of some of the most exciting entrepreneurial journeys today.<br><br>
Each founder's experience is bespoke, but our impact is consistent. We believe we’re better investors because we’re operators and better operators because we’re investors. Our founding teams agree—M13 regularly measures how likely a founder would recommend M13, and our NPS score is 91 out of 100. <br><br>
## Culture over geography
We originated in Los Angeles and have long been part of LA’s economic engine. We began investing in LA entrepreneurs when we ([Carter](https://m13.co/profile/carter-reum) and [Courtney Reum](https://m13.co/profile/courtney-reum), [Karl Alomar](https://m13.co/profile/karl-alomar)) were founders ourselves and when Latif Peracha led investments for Sir Richard Branson. [Anna Barber](https://m13.co/profile/anna-barber) ran Techstars LA for years while also distinguishing herself as a prolific angel investor of underrepresented founders. <br><br>
Supporting the early journeys of today’s leading decision makers in digital media, entertainment, gaming, wellness, and the creator economy means M13 gets unparalleled access to ideas, trends—and yes, influencers—that help inform what, how, and with whom you build. <br><br>
While we are headquartered in Los Angeles, we also live, work, and interact daily in an increasingly decentralized world. From the start, M13 has embraced the future of work, and our 32 distributed colleagues live and work in New York, Miami, Las Vegas, Boston, and Chicago—resulting in a robust exchange of ideas and diverse perspectives of what the future holds. We look forward to getting to know more of you as we host dinners, happy hours, and Future Perfect events across the U.S. <br><br>
## Brighter together
When we asked our partners what we’re most proud of, it was resoundingly this: **the people who have joined our journey**. <br><br>
Growth and learning are intentional parts of our culture, and collaboration comes in many flavors. Our founding teams have benefited from customer introductions by our investors and [candid group sessions](https://m13.co/article/my-startup-has-doubled-in-size-now-what) with some of the world’s most respected executive coaches; more than ever, we see the importance of supporting your physical and mental well-being. Other partners help us nurture talent and foster an inclusive culture; in particular, LifeLabs Learning partners with us on our annual DEI workshops and our [Human Capital](https://m13.co/article/human-capital-the-essential-guide-to-scaling-people-systems) content series. <br><br>
Money gets us started, but people make enduring, meaningful companies. The entire M13 community is passionate about working with you and your team, and we’ll continue to expand our organization to support our growing portfolio. It’s our founders, talent, investors, and community that ensure that we’re not building alone but together and meaningfully. We truly believe in the engine of business to create dignified work and purpose that ensures a future beyond us. <br><br>
If our purpose and values resonate with yours, please reach out. We can’t wait to build with you.<br><br>
<p style="text-align:center;"><a href="mailto:cit@m13.co" target="_blank"><img src="//images.ctfassets.net/vcjxvx0h1a5n/fLVcCpf02N9rG9FxKOaRR/0fa3b91ff29ce01e0bb9444bdb9fc893/contact_us_v1.png" alt="mailto:cit@m13.co" style="width:15%"></a></p>

Learn about M13’s third fund for founders building the future of work, commerce, health, and money. 

A group photo of M13's ten partners in the Santa Monica office

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M13’s Fund III: $400M for Seed to Series B

M13 has closed its third venture capital fund, which will support seed to Series B founders who are building the future of work, commerce, health, and money. 

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A partner and head of brand/communications, Christine worked with Sir Richard Branson to launch Virgin Group’s North American portfolio and was the first head of communications for Virgin Galactic/Virgin Orbit/The Spaceship Company. She serves on the boards of KIPP NJ and Virgin Unite US.

Christine Choi

Partner

A partner and head of brand/communications, Christine worked with Sir Richard Branson to launch Virgin Group’s North American portfolio and was the first head of communications...

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Christine Choi | M13

Emilee Gu

Modern wellness brand Kindra offers physician-backed, estrogen-free solutions to menopause symptoms. We love Kindra because it provides women at an underserved stage of their health journey with menopause supplements, expert advice, and a supportive community. 

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Catherine Balsam-Schwaber

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Modern wellness brand Kindra offers physician-backed, estrogen-free solutions to menopause symptoms. 

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Kindra | M13

Kindra CEO Catherine Balsam-Schwaber shares her journey to destigmatize menopause.

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Future of Health: Spotlight on Kindra

Kindra CEO Catherine Balsam-Schwaber shares how Kindra helps destigmatize women’s health and support women’s natural aging during M13’s Future Perfect health fireside.

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Future of Health: Spotlight on Kindra | M13

Over the last several decades, mental health has become acknowledged as a medical issue which has opened up conversations, sparked innovative treatment, and released individuals who suffer from shame and stigma. [Form Health](https://www.formhealth.co/) is leading the charge to destigmatize obesity in the same way, by treating it as the chronic medical condition it is.<br><br>
For founder Evan Richardson, the impact of obesity is personal. “My grandfather suffered with obesity for most of his adult life. I saw him struggle every day with an inability to lose the weight that prevented him from spending time with his family in the way that he wanted to. It was incredibly important to him to lose that weight, but he just wasn't able to do it, ” says Evan.<br><br>
This experience helped Evan understand the stigma and misconceptions surrounding obesity, and became a big part of his reason to start Form, an Obesity Medicine practice that delivers science-backed care through telehealth. “As a society, we have long blamed the individual with obesity for being lazy or lacking willpower. The data’s been clear for a long time: This isn’t about willpower: obesity is a metabolic disease,” says Evan. <br><br>
“One of the key problems that has kept people from wanting to talk about new approaches to obesity is blame. As a society, we’ve blamed individuals for their weight in a way that we don’t blame patients who suffer from any other health conditions. Fortunately, that’s starting to change as obesity becomes recognized as a health condition. When something becomes medical, it stops being your fault.”<br><br>
## Taking a holistic approach to destigmatizing and treating obesity
Form helps patients with obesity and overweight (BMI of 30+, or 27+ with weight-related comorbidities) lose weight and achieve their health goals by pairing each patient with a board certified doctor and registered dietitian who specializes in weight loss. <br><br>
Evan points out that Form takes a holistic approach to achieving sustainable lifestyle changes. It’s not about counting calories or macros or reaching a certain BMI. Instead, they use a people-centric approach, taking the time to get to know the patient, evaluating their health goals, and identifying ways to help him or her achieve the desired outcome. Each treatment plan is unique and includes lifestyle interventions along with FDA-approved weight loss medication, if appropriate.<br><br>
Ultimately, Evan and his team want to improve the quality of life for individuals who suffer real, medical consequences from obesity, including spending up to twice as much time in the healthcare system in a given year. [Studies cited by CDC](https://www.cdc.gov/obesity/data/adult.html) estimate that the annual medical costs for adults suffering from obesity are $1,861 higher than that for people with healthy weight, with nearly $173 billion dollars poured into treating obesity-related conditions in the United States in 2019 alone.<br><br>
## How Form tackles the two major misconceptions about obesity
There are two major misconceptions about obesity. First, obesity remains a public-yet-taboo topic. “If you have diabetes, if you have depression, if you have a serious heart condition; that's a personal matter. I wouldn't be able to tell that about you standing here, right? If you have a BMI of 40, you can be ‘diagnosed’ by any person at 100 yards,” says Evan. <br><br>
Form is reframing obesity by treating it as a chronic medical condition, showing patients that having obesity does not represent a personal failure. Instead, it is a medical condition that can result from a variety of underlying biological factors including hormonal, metabolic, and genetic factors. The condition is complicated by societal stigma, modern diets, and increasingly sedentary lives.<br><br>
“The second challenge is that our field of Obesity Medicine is still pretty unknown, even though it’s a board certified, fellowship trained subspecialty just like pediatrics or cardiology,” says Evan. <br><br>
More physicians are starting to recognize the emerging field of obesity medicine and partnering with Form by referring their patients to get specialized care. “When I started Form here three years ago, many physicians didn’t see obesity as a disease. I had physicians that would look me in the eyes and say this is something people are doing to themselves,” he says.<br><br>
“Now, just three years later, the approval by the FDA of new medications and the growth of our medical specialty has started to change physician understanding of obesity as a medical condition and opened their thinking to helping their patients access medical weight loss programs like Form to get great results.” <br><br>
## Patient outcomes
Form’s team is destigmatizing obesity and helping patients change their lives by making quality obesity medicine available to everyone. Patients achieve significant weight loss, 15% in 12 months on average, along with non-scale victories that dramatically impact their quality of life. A few examples from recent patient reviews:
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        <div class="col-sm-9"><td><h6>(Form) helped me get to a weight where I could get pregnant and now I've become a mom for the second time!</h6><p class="italic light-gray mb-2">Lindsay B.<p></div>
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        <div class="col-sm-9"><td><h6>I feel happier, more relaxed and more comfortable in my body.</h6><p class="italic light-gray mb-3">Tricia S.</p></div>
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        <div class="col-sm-9"><td><h6>My energy level is higher and I’m enjoying being able to do things such as zip-lining and water sliding on our most recent cruise.</h6><p class="italic light-gray mb-3">Camille W.</p></div>
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<center><h6>To learn more about our Future Perfect health fireside and why we invest in the future of health, check out our
 [event roundup blog](https://m13.co/article/breaking-taboos-to-open-access-to-health) and [health investment thesis](https://m13.co/article/investing-in-the-future-of-health-digital-health-specialty-care).</h6><center>

Form founder Evan Richardson talks about destigmatizing the emerging field of Obesity Medicine.

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Future of Health: Spotlight on Form Health

Form Health founder Evan Richardson talks about destigmatizing and treating obesity as a medical condition at M13’s Future Perfect health fireside.

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Future of Health: Spotlight on Form Health | M13

Some of the most challenging and nuanced problems can be overcome – and even inspire people – through open discussions. So we recently assembled a Future Perfect health fireside to meet leaders who are normalizing deeply stigmatized issues that hold back access to healthcare and wellness. In health areas that are taboo, what are solutions to break down barriers? What is the role of medical institutions versus culture? What evidence of improved health are they seeing?<br><br>
<center>![06-16-22 Future Perfect Panel-audience](//images.ctfassets.net/vcjxvx0h1a5n/ihQbGRHUTM1izKUgadtAi/e8578231fec665659174b69d7b09ccaf/06-16-22_Future_Perfect_Panel_IMG_1995-3.png) </center>
<center style="padding-top:5px;">*From left: Christine Choi, Brooke Baldwin, Catherine Balsam-Schwaber, Dan Miller, Sylvia Benito, and Evan Richards*</center><br><br>
Our community of health founders, investors, researchers, policy leaders, and operators gathered at Daily Harvest’s beautiful office to spend time with founders and investors who have become experts in emerging stigmatized fields. They represent both the frontiers of health and the diversity of innovations needed in healthcare—starting with their own journeys in health.<br><br>
## How did your journey start? 
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    <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/5VBU7SbjHi2HjTNyMPdL8A/c6b506b15f0ab4f5846fcb977fa5b5fd/06-16-22_Future_Perfect_39-_DSC5160_evan_edited.jpg"  alt="Evan Richards, Form Health" style="width:100%";></td></div>
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    <td><h3>Evan Richardson</h3>
      <h6 style="text-align:left;">Founder and CEO at <a href="https://www.formhealth.com" target="_blank">Form Health</a></br>(a M13 portfolio company)</h6>
My grandfather suffered, for most of his adult life, from obesity. I saw him struggle every day with an inability to lose this weight that prevented him from doing what he wanted to do: spend time with his family in the way that he wanted to. It was incredibly important for him to lose that weight but he just wasn't able to do it. We as a society have for so long blamed individuals, even though the data says the issue is not a lack of self-control that we blame them for.</td></div>
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    <td><h3>Catherine Balsam-Schwaber</h3>
      <h6 style="text-align:left;">CEO at <a href="https://ourkindra.com/" target="_blank">Kindra</a> </br>(a M13 portfolio company)</h6>
I was offered “the big new job” at a media company. But I was not feeling well. My doctor said that I had fibromyalgia, suggesting steroids as the solution. Luckily, I had enough chutzpah to say “I just don't think that's right.” I went to Dr. Suzanne Gilberg-lenz (now Kindra’s current spokes doctor) who told me that I was perimenopausal. I said, “What? I'm too young. I don't have hot flashes…How can this be?” She explained that it’s more complicated than the media makes it out to be. Perimenopause is a major physiological shift that impacts not only your physical self but emotional self. There just aren't that many places to go for information and education.</td></div>
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    <td><h3>Dan Miller</h3>
      <h6 style="text-align:left;">Founder and CEO at <a href="https://www.sporahealth.com" target="_blank">Spora Health</a> </br>(a M13 portfolio company)</h6>
I used my own experience as a budding Buddhist to think about ways that we can innovate on care models and address inequities and disparities in the healthcare system. I was invited to a retreat called the Gathering, where there were a bunch of Black Buddhists. There were a lot of issues that the same frame of thinking – mindfulness and meditation – could address in inequities and disparities in primary care. It was an incredible, moving experience that I knew needed to be shared more broadly with everyone. </td></div>
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    <td><h3>Sylvia Benito</h3>
      <h6 style="text-align:left;">Investor</h6>
One thing that is ripe to destigmatize is speaking about consciousness. I was raised half of my childhood as a Catholic and half of my childhood as a Jew. At 18, my parents left it up to me to figure out who I am. My driving question was, is awakening real? I became interested in what awakening looks like in an ordinary life. That driving curiosity eventually led me to have profound awakenings in my life. That has been the genesis of what made me a natural fit for psychedelic journeys.</td></div>
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## What we are building and how do we know it is working?<br><br>
#### Dan Miller, Spora Health
__What are we building and why?__  Past healthcare discrimination significantly impacts a lack of engagement from Black and brown Americans in the healthcare system including waiting or not going to the doctor, then ultimately ending up in the ER. Providers aren’t required training around health equity or cultural competence by any accrediting body. We need to reframe the conversation for patients around not just how we communicate but also every single touchpoint in a way that is culture centered. [Spora Health](https://www.sporahealth.com/ "Spora Health") is a primary care practice uniquely designed for people of color, specifically Black Americans and Latino populations. We now practice across six states. We are addressing inequities in primary care and urgent care access utilization. We recently released a program for birthing persons and women called Spora Mamas that we're super excited about. <br><br>
__How do we know it’s working?__ Spora Institute focuses on training in social determinants of health such as verbal and nonverbal communication styles, ways that trauma for different populations shows up in the clinical encounter, and how different symptoms for different conditions or diseases show up for populations. Our doctors strongly agree that they've learned actionable tools to address inequities and disparities. It's leading to not just a differentiated but a markedly better experience for our patients. The industry average for NPS in primary care is -1. Our NPS score is 85. And this is for a hard-to-reach population that wouldn't engage with the healthcare system. <br><br>
<PullQuote author="Future Perfect guest" text="Thoughtful topics, interesting speakers, solid/relevant group of folks in attendance to catch up with." />
#### Evan Richardson, Form Health
__What are we building and why?__ [Form Health](https://www.formhealth.co/ "Form Health") is the largest provider nationally of metabolic medicine and obesity care. We take care of individuals who have a BMI of 30+, which is about 50% of the US adult population, and help them achieve healthcare goals through treatment. Obesity medicine is a board subspecialty of care that not many know exists. We are delivering care for a condition that has been tremendously stigmatized. They have been told their entire lives that this is their fault and blamed for not having self-control. In reality, obesity is a medical and metabolic issue complicated by societal problems around access. We are working against that stigma of falsely blaming these individuals and, through treatment, help them to achieve something different.<br><br>
__How do we know it’s working?__ The fact that mental health has become more publicly a medical issue is incredibly important because when something becomes medical, it stops being your fault. Individuals with BMI of 40+ spend twice as much time in the healthcare system in a given year, dealing with acute medical issues arising from their obesity. When a patient comes to Form Health, we don’t say, we're going to help you get from X to 25. No, we help them improve their health. So we ask, what are your goals? What do you want to achieve and why? Let's figure out how we can help you get there. And if that means moving from BMI of 40 to 38 because that allows you to walk to your mailbox, which is one of our patients' goals, then fantastic, we'll help you get there. About 25% of our patients lose more than a third of their body weight in their first year with Form Health.<br><br>
<PullQuote author="Future Perfect guest" text="A great event - loved the contextual conversation (vs usual stat readout) that the panel shared regarding solutions for the deep challenges that exist in healthcare across equity, access and inclusivity." />
#### Catherine Balsam-Schwaber, Kindra
__What are we building and why?__ The lack of investment and innovation in women's aging bodies is a massive problem, not just for women but for society. [Kindra](https://ourkindra.com/ "Kindra") is focused on helping women have conversations around menopause and delivering support with products that work. Most women, when they come to us for the first time, are in crisis. They're in crisis about the same thing that was happening to me. They're probably thinking they're going to die based on what Dr. Google tells them. We hope to help find a pathway to say that this is a normal part of your life stage. There are communities and resources supporting you. Making educational information accessible is the tip of the spear in everything that we do.  <br><br>
__How do we know it’s working?__ In this community, it is a well-known fact how challenging it is to get the word out about conversations around women’s health. Even the algorithmic system of Facebook is set up to flag things that look like female genitalia. The things that are visible, like hot flashes, are easier to talk about. The difficult part is what’s hidden: women feel very down or depressed about this late-life awakening that you're going to die. Those hard conversations are not what people want to see in their advertising feed. Right now we have the best performing TikTok, which is men on the street talking about menopause and not having any clue. The only way to break the taboo is to keep having the conversation as loud as we possibly can. We will keep running ads that have things that look like vaginas.  <br><br>
<PullQuote author="Future Perfect guest" text="It was great to meet other people who are passionate about healthcare and a great way to connect with them!" />
#### Sylvia Benito, Investor
__What are we building and why?__ I'm a director on the board of Beckley Foundation founded by Amanda Feilding, an early psychedelic pioneer.  Psychedelics are particularly good for PTSD and severe trauma. As a practicing shaman, I know it works because I've been in many healings with people who have profound trauma and have seen the trauma heal long term. Science helps to destigmatize psychedelic medicine and normalize access. <br><br>
__How do you know it’s working?__ Right now, access is through clinical trials.There are some really incredible brave souls who have been funding psychedelic research. For example, private donors funded about $17 million into MAPS over the past couple of years to get them through the clinical trials to prove that MDMA is effective for trauma and PTSD. You have leaders like Rachel Yehuda at Mount Sinai who got a program funded so that as part of her research American veterans have access to psychedelic-assisted therapy.<br><br>
<PullQuote author="Future Perfect guest" text="The disciplines across a wide spectrum of human need and systemic stigma blended in a way I did not imagine it could. I learned a tremendous amount, will follow the work of each speaker closely as I am deeply intrigued. Thank you for this fantastic evening." /><br><br>
##### <center>Thank you to our panelists, moderator Brooke Baldwin, Daily Harvest, Eliqs for custom beverages, and Primetime Partners and everyone who is opening the conversation for health access.</center></strong><br><br>
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     <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/uTAMGPxVqZzgzXWVTCB3m/623a531f1e417afbca62ac30123e2684/06-16-22_Future_Perfect_brooke-evan-eliqs.png" alt="Eliqs" style="width:100%"></td><p style="text-align:center; font-style: italic; font-size:14px;">Best selling author Brooke Baldwin and Form Health's Evan Richards</p></div>
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     <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/2jUWg81GawECP5NPglfnW8/f1bc9a51e8cba84d71e1d748c5a179cd/06-16-22_Future_Perfect_56-_DSC5398.jpg" alt="M13 Community" style="width:100%"></td><p style="text-align:center;font-style: italic; font-size:14px;">M13’s Christine Choi (center) with Integrated VC’s Andrew Chomer and Palantir’s Jan-Felix Schneider</p></div>
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     <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/1INh7o0xoVDZbBGcsU64HG/acaaad68f3f1d7a59bdb85d439b15893/06-16-22_Future_Perfect_70-_DSC5492.jpg" alt="M13 Community" style="width:100%"></td><p style="text-align:center; font-style: italic; font-size:14px;">Spora Health's Dan Miller with Nicole Carey, Julie Patel, and Windham Venture Partners' Sarah Fox </p></div></div><br><br>
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 <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/6xGinHdzrjFHmAF1IJ8HZF/c0301f2018555c6e7ff668e51391603c/06-16-22_Future_Perfect_100-_DSC5787.jpg" alt="M13 Community" style="width:100%"></td><p style="text-align:center; font-style: italic; font-size:14px;">M13’s Christine Choi, best selling author Brooke Baldwin, Shaman VC Sylvia Benito, Comic Relief's Alison Moore, and Primetime Partners' Abby Levy</p></div>
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 <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/49uKjsFvkYIyOA2yvAnH0B/ad055126474fb9a1697a4fdbb9e40819/06-16-22_Future_Perfect_76-_DSC5549.jpg" alt="M13 Community" style="width:100%"></td><p style="text-align:center; font-style: italic; font-size:14px;">14W's Hannah Ajmani, M13's Chloe Colberg, Alleycorp's Jason Gomez, Can9 Bio's Nick Gavin, Smash Capital's Charlotte Camacho, The Rockefeller Foundation's Sarah Freeman</p></div></div>
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Highlights from a conversation about difficult topics in health.

6-16-22 Future Perfect Hero

Breaking taboos to open access to health

Founders and investors analyze challenges and opportunities in health.

Breaking taboos to open access to health | M13

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Winnie Lau

“Should I freeze my eggs?” I'm not the first mid-twentysomething to wonder whether I should be doing this, and I’m not alone in searching for trustworthy advice around fertility and the implications of our choices. <br><br>
As I’ve learned, women in key life stages often end up turning to their closest friends—or Google—for answers to important health questions.
<NumberedBullet number="1" text="A teen might search: “What’s that fluid coming out of me?”" />
<NumberedBullet number="2" text="Young adults often ask: “What’s the best birth control with no side effects?” Women may then spend years asking around, trying different pills, IUDs, and other options before landing on one that works for them." />
<NumberedBullet number="3" text="During menopause, women even wonder: “Can micro-dosing testosterone *really* help manage my hot flashes?”" />
Based on the amount of hush-hush conversations about women’s health, you’d think there’d be more innovation beyond just looking after our cycles, getting us pregnant, and then delivering healthy babies. While those are important milestones in a woman’s life, they aren’t relevant for every woman. But more crucially, this narrow focus leaves many health concerns—and pain points—totally out of the conversation. <br><br>
Although women are responsible for making [80% of healthcare decisions](https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/fact-sheets/women-and-job-based-health.pdf) and spend 29% more on healthcare compared to men, the medical industry has traditionally underinvested in solutions for women. This gap means there’s an opportunity to innovate and invest more in femtech startups that address the pain points that women face across their entire lifecycle—not just during their reproductive years. <br><br>
## Analyzing women’s pain points
Not to be too much of a downer, but women endure a lot of them.<br><br>
<center> ![painpoints v7](//images.ctfassets.net/vcjxvx0h1a5n/48nghwlUjlfUDnBJDAZsjR/efd8b22e6d16b7507901c75ddd6d3699/painpoints_v9.png) </center><br><br>
* **UTIs:** Every year, [8 million women get UTIs](https://www.urologyhealth.org/urology-a-z/u/urinary-tract-infections-in-adults); 45% of these infections come back in a year
* **Infertility:** [1 in 8 couples](https://www.hopkinsmedicine.org/health/wellness-and-prevention/why-cant-i-get-pregnant) have trouble conceiving—that’s 6.7 million people each year
* **Miscarriages:** [10% to 20% of known pregnancies](https://www.mayoclinic.org/diseases-conditions/pregnancy-loss-miscarriage/symptoms-causes/syc-20354298#:~:text=Miscarriage%20is%20the%20spontaneous%20loss,doesn't%20realize%20she's%20pregnant.) result in miscarriage
* **Periods:** 1 in 4 women have menstrual pain that requires medication, and [80% of women experience pain](https://www.womens-health-concern.org/help-and-advice/factsheets/period-pain/#:~:text=Around%2080%25%20of%20women%20experience,enough%20to%20disrupt%20their%20life.) during menstruation at some point. For 5% to 10%, the pain is severe enough to disrupt their daily lives. 
* **Pelvic floor disorders:** [More than](https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2918416/) [one-third of women](https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2918416/) [are affected by at least one pelvic floor disorder. ](https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2918416/)<br><br>
<p> Do women talk about these issues? Sometimes, but not always. With so much stigma attached to these pain points, women often struggle silently until it’s too late and are then expected to go about normally with their lives. </p><br><br>
## Prioritizing femtech
This is why femtech, a growing market involving products and services that are disrupting women’s health, deserves much more attention. These issues impact half of the world’s population but are typically underserved areas by venture capitalists who have traditionally focused only on women's fertility and pregnancy. In fact, femtech startups still only accounted for [3% of overall U.S. digital-health funding in 2020, according to Rock Health](https://rockhealth.com/femtech-is-expansive-its-time-to-start-treating-it-as-such/).<br><br>
Femtech startups today include wearable and connected technologies that can help provide feedback around fertility, menstruation, and breastfeeding—but more innovation can be done around menopause, pelvic healthcare, chronic disease management, sexual wellness and education, and urinary health. At M13, we’re excited to support founders who are dedicated to serving women and their needs during the full spectrum of life. Together, we’re dedicated to normalizing the conversation around these taboo topics. <br><br>
Here’s a closer look at five major life stages—and areas of opportunity that we’re tracking:  <br><br>
<center> ![InnovationsinFemtech v4](//images.ctfassets.net/vcjxvx0h1a5n/11z9aqoGywnH2QZqm9NQR2/4fd3bdcc4046f634b0308f4ffd930481/InnovationsinFemtech_v5.png) </center><br><br>
*Are you building something interesting in women’s health or know someone who is? Please reach out to Winnie Lau at [winnie@m13.co](mailto:winnie@m13.co) or [via LinkedIn](https://www.linkedin.com/in/lauwinnie/) to chat.*<br><br>
## Exploring femtech’s potential as a $60 billion industry
After years of suffering in silence and shame, many of these concerns are finally reaching a tipping point as a category that’s estimated to be a [$60 billion industry by 2027](https://www.prnewswire.com/news-releases/femtech-market-to-reach-usd-60-01-billion-by-2027--cagr-of-15-6-emergen-research-301130111.html). With potentially deep-pocketed buyers further down the line—think hospitals, big pharma, and insurance companies—women’s health is largely untapped and ready for disruption.<br><br>
The importance of women’s health starts during her teenage years and continues for the length of a woman’s life, which we’ve broadly broken down into five phases. Of course, not all phases or life events will apply to every woman while many will experience more than one of these categories at any given moment.<br><br>
<center> ![Emerging v4](//images.contentful.com/vcjxvx0h1a5n/tbWvQM7yu5zLSJqSJYdMl/6636c103a099c154d4b6da3c5bd41939/Emerging_v4.png) </center>
## Transitioning from girl to womanhood
**The scoop:** As this age group starts to go through puberty, they’re smart, digitally savvy, and share information virally among their friends. Since most are still financially dependent on their parents, this group’s willingness to pay may be lower. <br><br>
**Pain points:** Puberty, sexuality, menstruation<br><br>
**Opportunities:** Early messaging around positive, empowering messages and products can make a tremendous difference in how a young woman relates to and takes care of her body. Educational platforms that supplement otherwise inadequate sex-ed programs at school can teach young women about the complexities of vaginal, sexual, and urinary health early on. Informative sex-ed tools can potentially help women avoid larger issues later in life.  <br><br>
**Examples:** <br><br>
* [August](https://www.itsaugust.co/) helps women reimagine their periods as a powerful time, with personal care products to reflect that ethos. 
* [Lessonbee](https://www.lessonbee.com/) tackles topics like sexual health, bullying, anorexia, and gender identity via digestible videos and gamified content, so that teens can better explore their new identities. <br><br>
<center> ![young v4](//images.contentful.com/vcjxvx0h1a5n/4a1SmoTAxcDzdsNWoKbWug/730b5767a4a13c02ef34ebfcd8766c05/young_v4.png) </center>
## Forming an identity 
**The scoop:** These are formative years that often include college, workforce training, and the formation of significant relationships in one’s professional and personal lives. Women in this age group are learning more about their sexual preferences and health, and they may be finding their potential partner. <br><br>
**Pain points:** Mental health, stress, UTIs, STD checks, sexual health (+ previous pain points)<br><br>
**Opportunities in fertility:** Most women don’t think they’re infertile and by the time they do, IVF and other fertility treatments are extremely costly and invasive. Some startups are enabling women to be more proactive about their fertility and reproductive health. <br><br>
**Examples:** Companies such as [Kindbody](https://kindbody.com/), [Modern Fertility](https://modernfertility.com/), and [Lilia ](https://www.hellolilia.com/)make it so that women can easily prioritize their fertility before they need to worry about it, and be educated around egg freezing options, process, and costs if needed.<br><br>
**Opportunities in sexual health:**<br><br>
Every year, 60 million women will have a vaginal infection. Within a year, bacterial vaginosis (BV) has a 70% recurrence, followed by UTIs at 45% and yeast infections at 35%. Most women treat them with antibiotics and antifungals prescribed by their doctors, but they’re not always effective and often have other undesirable side effects. Additionally, symptom-tracking apps can help catch endometriosis symptoms early. <br><br>
**Examples:** <br><br>
* [Jingu ](https://www.jingu.bio/)targets UTI prevention through non-prescription supplements that build vaginal immunity against infections. 
* [Evvy’s](https://www.evvy.com/) at-home test uses metagenomic sequencing technology to help women better understand and strengthen the defense of their individual vaginal microbiome. Personalized results help craft a custom wellness plan, with insights about probiotics and supplements, lifestyle changes, further resources, etc.
* Women often have to try out different types of birth control because of side effects they experience. At M13, we [invested in adyn](https://m13.co/investing-in-adyn-building-science-backed-health-options-for-women/), which uses your biology to personalize your birth control choice by assessing genetic risk for two of the most serious side effects: blood clots and depression.<br><br>
<center> ![Career v4](//images.ctfassets.net/vcjxvx0h1a5n/1omuM2ZSb7dLSoXex5yzpA/9fa80e30031ccb2a43b3f3f16575f14f/Career_v5.png) </center>
## Balancing career and family
**The scoop:** These women are gaining or have achieved some footing in their career; they may or may not be starting families. They may also be an active member of the sandwich generation, caring for their aging parents. Although women in this age group have the highest willingness to pay, they are often inundated with competing priorities and thus demand the most convenient experience. Time is their most limited resource.<br><br>
**Pain points:** Infertility, motherhood, postpartum depression and/or anxiety, breastfeeding difficulty, perimenopause, caregiving <br><br>
**Opportunities:** There’s a need for more family-planning platforms and services that focus on fertility, pregnancy, childcare, and caregiving. There’s also demand for programs that work with employers and insurance companies to help sponsor and reimburse fertility treatments, caregiving support, and other parenting resources. This frees up time and money, allowing women to better balance conflicting priorities.<br><br>
**Examples:** <br><br>
* [Expectful](https://expectful.com/)’s go-to wellness platform for motherhood resources, including meditation, wellness content, mom groups, product discovery, and services.
* Given the importance of gut microbiome to one’s overall health and immune system, [Tiny Health](https://www.tinyhealth.com/)’s at-home test kit allows mothers to actively monitor and track gut health for the baby before birth (via the mother’s stool samples) and in the baby’s development. Personalized results will be supplemented with actionable recommendations and access to health coaches. 
* As millennials (both men and women) try to balance it all—careers, marriage, childcare, and personal lives—relationship and intimacy-focused apps such as [Agape](https://www.getdailyagape.com/), [Coral](https://getcoral.app/), and [Dipsea ](https://www.dipseastories.com/)help couples deepen their emotional connection and maintain sexual chemistry. <br><br>
<center> ![middle v4](//images.contentful.com/vcjxvx0h1a5n/5y95AxfPJsDLCKYKzSdGW4/bf975a2e87543f677638c0d0c5bde6bf/middle_v4.png) </center>
## Finally finding yourself
**The scoop:** Women in this age group are working, balancing families that are growing and becoming more complex in their needs. Children may also be leaving the house and becoming independent. Women may also be undergoing significant life changes, including menopause, divorce, and so forth. By 2030, the median age in the U.S will be 40 (today it’s 37), and there will be more women between 40 and 64 than under the age of 18.<br><br>
**Pain points:** Menopause during the height of a woman’s career while juggling increased demands for caregiving, empty nest syndrome<br><br>
**Opportunities:** Menopause affects women differently, but there’s a strong need for community support, communication, holistic health approaches, along with traditional medical intervention such as hormone replacement therapy (HRT). <br><br>
**Examples:** <br><br>
* We’re such strong believers in this market that we’ve [incubated Kindra](https://m13.co/introducing-kindra-normalizing-modernizing-menopause/), the complete menopause wellness brand, providing estrogen-free supplements and products to help manage symptoms such as vaginal dryness, low libido, brain fog, hot flashes, night sweats, and more.  
* [Evernow](https://evernow.co/) takes a more prescription-focused approach, allowing women to receive customized treatments of estrogen pills, patches, and creams following a telehealth consultation. 
* Other startups such as[ Elektra Health](https://www.elektrahealth.com/), [Lisa Health](https://lisahealth.com/about/), and [Alloy](https://get.myalloy.com/brand-launch/) support a women’s holistic menopause journey by providing evidence-based educational expertise and virtual care offerings to manage symptoms. More importantly, these companies create a community and safe space for women to connect with one another during this time. 
* [Embr’s](https://embrlabs.com/) wearable Wave tracks body temperatures to make you warmer or cooler. 
* [Revel](https://www.hellorevel.com/) mitigates loneliness with online and offline communities for women over 50 as they choose to age in place. <br><br>
<center> ![golden v4](//images.contentful.com/vcjxvx0h1a5n/7fULAisuwr3EcvNtLGCC6f/622b13fc235a5ccb94021f26b2a63b61/golden_v4.png) </center>
## Living your best life
**The scoop:** Women may be still working, winding down their careers, or beginning a second career as freelancers, gig economy workers, resellers, or other interest-based side hustle. Today, nearly [one-third of gig economy workers (1099 contractors)](https://www.cnbc.com/2020/02/04/gig-economy-grows-15percent-over-past-decade-adp-report.html) are over the age of 55. Activities—and concerns—may include travel, self-care, and taking care of grandchildren.<br><br>
**Pain points:** Chronic diseases (cardiovascular, arthritis, osteoporosis), cancer (ovarian, breast, uterine, and more), endometriosis, loneliness <br><br>
**Opportunities:** Early detection and screening is always ready for disruption. By harnessing the power of AI-powered healthcare solutions to train algorithms on medical data sets, emerging tech can help detect early signs of diseases and cancer.<br><br>
**Examples:** <br><br>
* [Bold](https://www.bold.health/) offers a digital health and fitness platform to help prevent chronic health problems.
* [Paloma Health](https://www.palomahealth.com/) provides hypothryoid care and prescriptions online from the best thyroid specialists—regardless of your insurance status.
* [Hashiona](https://hashiona.com/) is the first all-in-one technology stop for patients with Hashimoto’s, a condition in which your immune system attacks your thyroid.<br><br>
## What’s next for innovations in femtech
At M13, we’re excited by next-generation consumer technology that increases access and improves affordability of women’s health solutions—especially for age groups that have felt largely ignored by the current options. As investors in health and wellness startups like [Kindra](https://ourkindra.com/), [adyn](https://www.adyn.com/), [Rae](https://raewellness.co/), [Form Health](https://www.formhealth.co/), and [Spora Health](https://www.sporahealth.com/), we see so much more potential in using technology and data to improve the lives of women who are still largely underserved in healthcare. <br><br>
We believe companies that leverage innovative technology—whether in its infrastructure, data, AI, or machine learning algorithms—can build a long-term competitive advantage. A few examples we are tracking:<br><br>
* **Verticalized telehealth and digital therapeutics** that address taboo topics such as abortion or menopause. While men have been able to use telehealth to get prescription drugs for erectile dysfunction, we want to invest in the [Roman](https://www.getroman.com/) and [Hims ](https://www.forhims.com/)equivalent for women’s health. 
* **At-home diagnostics tests** that allow women to better understand their overall hormonal health, sexual health, and reproductive health. The convenience of at-home lab tests allow women to be more proactive about their health. 
* **Precision healthcare and personalized medicine** that help women manage their specific pain points. Since not all women experience the same symptoms during every life stage, it is important for femtech companies to make precise recommendations based on an individual’s health profile, hormone levels, and genetics. 
* **Communities built to support women with stigmatized health conditions** create a safe space to discuss specific topics that are often ignored. Companies such as [Diem ](http://www.askdiem.com/) and [Poppy Seed Health](https://www.poppyseedhealth.com/) are creating a new social universe to normalize taboo topics and bring together women going through similar issues.<br><br>
<p>Many companies are approaching this area via features or point solutions versus platforms. At M13, we are most excited about platform approaches. For example, we’d love to combine that stellar app for postpartum depression with that app for postpartum pelvic floor dysfunction, so it’s all available to users in one place. This synergy can provide better coordination and solutions to patients—and more opportunities for large corporations looking to offer these femtech solutions as employee benefits. </p><br><br>
[<center>![marketeture v3](//images.ctfassets.net/vcjxvx0h1a5n/7xYrTuugAvOZ8hgaGzrE3I/a8e31eb954cbff301326c2f7a0c46022/marketeture_v8.png)<center>](https://images.ctfassets.net/vcjxvx0h1a5n/7xYrTuugAvOZ8hgaGzrE3I/a8e31eb954cbff301326c2f7a0c46022/marketeture_v8.png "View larger image")<br><br>
As we’ve seen, there’s no one-size-fits-all solution to women’s health, and so much more room for innovation. Some areas that we think are interesting include:
<NumberedBullet number="1" text="Sexual wellness and education" />
<NumberedBullet number="2" text="Sexual, reproductive, and uterine health" />
<NumberedBullet number="3" text="Chronic disease prevention and monitoring" />
We also see white spaces in supporting two currently underserved consumers:
<NumberedBullet number="1" text="Emerging womanness " />
<NumberedBullet number="2" text="The golden chapter" />
It’s time for more resources, innovative technology, and virtual care offerings that can help address and destigmatize the pain points suffered by women at *all* ages.  <br><br>
*If you're building something in women's health or know someone who is, please contact Winnie Lau at [winnie@m13.co](mailto:winnie@m13.co) or [via LinkedIn](https://www.linkedin.com/in/lauwinnie/).*


Here's why we're investing more in women's health, an area traditionally ignored because of taboos.

A concentric circle design starts with showing five life stages of women, then to four pain points they experience, and finally to the body of a standing woman.

Femtech: The Cure for Taboos Around Women’s Health Header

How Femtech Innovations Can Help Break Taboos Around Women’s Health 

M13’s Winnie Lau talks about why more startup founders should focus on femtech innovations in women's health as areas for growth and opportunity.

Femtech Innovations: Breaking Taboos Around Women’s Health | M13

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karl_alomar-083022.png

As DigitalOcean's COO, Karl built the business from first product to >500 employees & $250M ARR over six years and prepared it for its eventual IPO (NYSE: DOCN). Having previously managed and exited two startups over a 20 year operating career, Karl is now M13’s managing partner and oversees its day-to-day operations.

Karl Alomar

As DigitalOcean's COO, Karl built the business from first product to >500 employees & $250M ARR over six years and prepared it for its eventual IPO (NYSE: DOCN). Having...

M13SharePeople-KarlAlomar

Karl Alomar | M13

matt_hoffman-083022.png

As a partner and head of talent, Matt coaches our founders on hiring the best talent and building healthy and high-performing cultures. He leads several of our future of work investments. Matt previously built and led the People functions at DigitalOcean and Return Path (#1 Best Place to Work in NYC and #2 in the US, respectively).

Matt Hoffman

As a partner and head of talent, Matt coaches our founders on hiring the best talent and building healthy and high-performing cultures. He leads several of our future of work...

M13SharePeople-MattHoffman

Matt Hoffman | M13

In the process of building and scaling a business, most founders are inundated with their frontline resource needs, which are typically focused on product and technology. While those are no doubt some of the most critical areas, a common mistake is to simply hire fast and build resource volume in those areas without a clear strategy or plan in place for execution. <br><br>
We’ve found in our organizational building experiences that hiring smart is often far more effective than just hiring fast—and the most impactful roles are often not the most obvious. <br><br>
Ready to grow your team? Learn how these five roles can help [scale your startup’s mission, vision, and values](https://m13.co/guide/how-to-scale-your-startup-culture-and-values).<br><br>
<p align="center">
  <img src="//images.ctfassets.net/vcjxvx0h1a5n/5xHVCdUFS0vmASYcAGdtCd/c16396a1812fda41cfe0e108a31dadd6/Head_Of_Talents.png" alt="Head of Talent" class="center" style="width:100%; margin:10px">
</a></p>
<h2 align="center">Head of talent</h2>
This key leader will not only drive efficient hiring of top talent, but more importantly, this person will ensure maximum impact of the team through efficient [employee onboarding](https://m13.co/guide/founders-guide-to-onboarding-new-hires) and cultural engagement. <br><br>
**Why this role matters:** Founders often conflate the idea of a head of talent with simply a recruiter— this is not the case. A head of talent’s core responsibility is actually to “maximize the impact of your working team.” This often means building the people systems and organizational infrastructure that will allow you to not just hire, but retain, engage, and develop your talent to allow them to perform at their best. <br><br>
As a founder builds a team from a small direct set of reports to a larger multi-layered organization, they’ll no longer be directly connected to everyone in the organization. This leads to many potential issues not only related to performance but also culture, motivation, and effective team dynamics.<br><br>
Not only will a head of talent ensure you’re hiring the right people, but they’ll also optimize onboarding and then ensure that the founders’ culture is effectively driven into the organization and that organizational dynamics optimize the efficiency of the business. <br><br>
**Remember:** The essence of scaling is when founders hire a leadership team that will replicate their best behaviors and attributes. <br><br>
A good head of talent will build that into the organizational culture and hiring process. And as teams grow, your head of talent (in partnership with the founders) can easily increase productivity by 10% or more, ensuring you get the most of every resource you hire within a culturally harmonious working environment.<br><br>
**How to measure success:** Organizational productivity as determined by OKR performance compared to plan, retention compared to industry benchmarks, and employee engagement as measured through cultural surveys.
<TextCard highlight="Hiring tip: " text="Look for strategic leaders with a deep understanding of systems thinking. Have they only worked as recruiters? Or do they have experience in talent development and people operations? Both are critical areas for organizational scaling." topic: "Talent & Leadership" /><br><br>
<p align="center">
  <img src="//images.ctfassets.net/vcjxvx0h1a5n/QNdb2aTLAtuw1z7N7LSSZ/5463448099e38706146ff49611a7e955/Technical_Program_Manager.png" alt="Technical Program Manger" class="center" style="width:100%; margin:10px">
</a></p>
<h2 align="center"> Technical program manager</h2>
This integral manager sits between all technical departments to coordinate cross-functional projects and generally run a highly collaborative agile operation. <br><br>
**Why this role matters:** Technical businesses are becoming more complex with integrated projects that involve multiple parties often in a matrixed organization. Productivity is directly tied to the company's ability to coordinate teams to work collaboratively with maximum efficiency. Companies will often find the lack of coordination between teams slows all development down and results in a false demand for greater resources rather than greater efficiency. The technical program manager plays the critical role of ingesting all major technical projects and ensuring that resources are coordinated across multiple teams to execute efficiently.<br><br>
**How to measure success:** Rate of delivery completed technical projects against plan. For example, TPMs will be expected to create and meet delivery timelines with minimal tech debt.
<TextCard highlight="Hiring tip: " text="Look for specific examples of how the candidate can “bring order to chaos.” When interviewing the candidate, ask for the types of projects they worked on and how they brought the workstreams together while providing clarity and simplicity to key stakeholders." topic: "Talent & Leadership" /><br><br>
<p align="center">
  <img src="//images.ctfassets.net/vcjxvx0h1a5n/2rgaIhKohAxxFUn6OpbMg4/f05a01525a79d8bb2b6dca7245592205/Performance_Marketer.png" alt="Performance Marketer" class="center" style="width:100%; margin:10px">
</a></p>
<h2 align="center">Performance marketer (growth hacker)</h2>
Previously referred to as a growth hacker, the performance marketer is responsible for the combination of media and targeted [customer acquisition](https://m13.co/guide/how-to-drive-customer-acquisition-with-paid-owned-earned-media) along with organic growth strategies to drive down acquisition costs.<br><br>
**Why this role matters:** Growth is the core requirement for any young company—as the adage goes, “if you don’t grow, you die.” Given that a lot of growth engines need time to get started, it’s important to employ resources early on that are purely focused on growth. It’s fairly common for an organization to hire a sales team, but this is often very costly and difficult to scale. In the same way a strong head of talent can build the infrastructure to improve the performance of your recruiting team, performance marketers lay the groundwork to set up your sales or acquisition pipeline. More importantly, performance marketers will introduce organic and inbound acquisition that allows the business to scale far more efficiently.<br><br>
Consider a combination of digital and organic growth options as early as possible to ensure the longer term viability of the business. A good performance marketer is a sales leader’s best friend. Think of them as the difference between a good top-of-funnel versus a great one. <br><br>
**Remember:** Future funding rounds could be specifically impacted by the validation of a growth engine/strategy, so it’s never a better time to begin than right away.<br><br>
**How to measure success:** A declining customer acquisition cost (CAC) and a growing contribution of organic acquisition or other growth metrics.
<TextCard highlight="Hiring tip: " text="We’re always big fans of using case studies in the interview process, especially for senior candidates. Consider giving your candidate a real business problem you’re facing. Ask him or her how they’d tackle it. What marketing programs would they put in place? Can they demonstrate an understanding of and facilitation with the data? Look beyond the brand vision, and focus on the actual tactics they’d bring to bear on your growth strategy." topic: "Talent & Leadership" /><br><br>
<p align="center">
  <img src="//images.ctfassets.net/vcjxvx0h1a5n/3ZDb3Yy1Ow9KNRz6rVIJcF/e0681e7bf3b08fb6b897b6af861ee02a/Data_Strategist.png" alt="Data Strategist" class="center" style="width:100%; margin:10px">
</a></p>
<h2 align="center">Data strategist</h2>
The core of the decision-making process, the data strategist will own and dissect all [data](https://m13.co/topic/data) and information gathered from the operation and performance of the business in order to help facilitate data-driven decisions across the organization.<br><br>
**Why this role matters:** In today’s market, although critical, a founder’s gut instincts will only get them so far. In order to really compete and win in your category, it’s imperative that data plays a big role in the way a founder understands their business. Data is a key driver to architecting your product and your business. To present the optimal datasets and analysis from an early stage allows for far better decision-making and ultimately a far more successful build.  <br><br>
**Remember:** The data strategist should be a right hand to the founders and integrated in most core decisions made in the building of the business. <br><br>
**How to measure success:** How integrated is data in the decision-making process, do the founders have a good sense of business performance, and is there an easy-to-access data platform to support core decisions made day-to-day?
<TextCard highlight="Hiring tip: " text="The differentiation between good and great data strategists is their understanding of the business. Assuming you’ve already qualified their data bona fides, dig in on how well they can apply their analytical skills to business problems. Ask them to give examples of real business problems they’ve solved and how they used data to inform the problem and the solution." topic: "Talent & Leadership" /><br><br>
<p align="center">
  <img src="//images.ctfassets.net/vcjxvx0h1a5n/3XsZdFH8zifEgwcsnuZVki/f34b268c011a0078d1f07cb7ebcec673/Chief_Of_Staff.png" alt="Data Strategist" class="center" style="width:100%; margin:10px">
</a></p>
<h2 align="center">Chief of staff</h2>
As the right hand person to the CEO, the CoS helps ensure all of the internal projects and strategic initiatives are running on time. This person also best manages the interactions with the CEO to make sure they’re empowered to focus their time most effectively.<br><br>
**Why this role matters:** Having a strong chief of staff is critical. In the early days, things move quickly, and this person will become your anchor in addition to your eyes and ears. As companies reach true [product-market fit](https://m13.co/guide/practical-guide-to-finding-product-market-fit) and real scalability (typically around the Series A and B), CEOs need to spend more time outside the business, and start delegating running the inside of the business to their leadership team. Here’s where the chief of staff comes in. Their primary objective is to take the lead on strategic planning and executing an OKR program, amongst a myriad of other cross-organizational tasks. To put it simply—this individual allows the CEO to be the CEO. When you’re trying to build a company, this is extremely important.<br><br>
**How to measure success:** The measure of success here is qualitative as it really relates to the efficiency of the CEO and his/her ability to focus on the right things. If the CEO feels empowered, then the role is working.
<TextCard highlight="Hiring tip: " text="Look for people with deep organizational skills and a history of managing complexity well. They should be strategic enough to understand all aspects of the business but operationally focused enough to execute on projects. Candidates from consulting backgrounds typically do well in these types of roles." topic: "Talent & Leadership" /><br><br>
Founders build companies from a place of grit and determination. To successfully scale a startup, founders need to realize that it’s not just about working hard—it’s about working smarter, and doing it better as a result. With these five key hires in place, we hope every founder is better equipped to optimize both the efficiency and impact on their organization and the mission at hand.
</br>
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<p align="center"><a href="https://jobs.m13.co" target="_blank">
  <img src="//images.ctfassets.net/vcjxvx0h1a5n/5hRK4F1bo3gQsoXTokkaDl/d35a0c687c88fcad22ab8deaa12f526d/Explore_jobs_v1.png" alt="Explore M13 portfolio jobs" class="center" style="width:38%; margin:15px">
</a></p>
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</br>

When it comes to hiring at a startup, sometimes the most impactful roles aren’t the most obvious.

Hero 5 Roles You Never Knew You Needed

5 Roles You Never Knew You Needed

Here’s why every startup founder needs a head of talent, technical program manager, performance marketer (growth hacker), data strategist, and chief of staff.

Illustration of the 5 roles you didn’t know you needed.

5 Roles You Never Knew Your Startup Needed | M13

Thumbnail 5 Roles You Never Knew You Needed

rob_olson-083022.png

As a partner and head of data strategy, Rob works with founding teams to overcome “data paralysis” and operationalize their data systems. He founded and led the data team at DigitalOcean from Series A to pre-IPO and was previously Director of Analytics in the Performance Marketing group at MDC Partners.

Rob Olson

As a partner and head of data strategy, Rob works with founding teams to overcome “data paralysis” and operationalize their data systems. He founded and led the data team at...

M13SharePeople-RobOlson

Rob Olson | M13

As demands on the workforce increase, the future of work also demands streamlined solutions that make our lives easier—and perhaps [even a little happier](https://www.cnbc.com/2021/10/15/workers-quitting-en-masse-is-a-great-thing-says-happiness-expert.html). From collaborating in spreadsheets to managing your personal finances, these digital tools can also help free up your time and energy to focus on what truly matters. <br><br>
Whether you’re a solopreneur, small business owner, or startup founder, here are seven productivity tools and time-saving services from M13 portfolio companies to consider adding to your tech toolkit:<br><br>
<center> ![visor banner v1](//images.contentful.com/vcjxvx0h1a5n/358piI3DYgvx73Y7OcNlfM/bc58f4177211b838f614ec51a6e1335f/visor_banner_v1.png) </center><br><br>
## Visor: Staying in sync with spreadsheets
Forget copy and paste. Described as “the most connected spreadsheet,” [Visor](https://www.visor.us/ ) prioritizes real-time collaboration without sacrificing flexibility or security. <br><br>
**What we love:** Every update made in Visor syncs with your other data tools and sources. Finally—no more wasting time by updating spreadsheets in multiple places or worrying about maintaining a source of truth. <br><br>
_[Read more about Visor’s $5 million seed round](https://blog.visor.us/visor-raises-5m-an-ode-to-the-solutioneers/)_<br><br>
<center> ![OP.Sign banner v1](//images.contentful.com/vcjxvx0h1a5n/4IBWUTwPzxwhjd8IWj5pll/5499b31d3fb9801de807d1d11305dcf4/OP.Sign_banner_v1.png) </center><br><br>
## OP.Sign: Embracing e-signatures when you’re on the go
[OP.sign](https://www.op.today/) is a hub for digital agreements and mobile-first e-signatures. Using just your phone, you can scan, sign, and share documents (PDFs, Word docs, etc.) using your stored digital signature. <br><br>
**What we love:** With OP.Sign, there’s no longer a need to print, sign, and scan—and it also means you can stop running back to a desktop to sign those important forms that you can’t read on your phone. More than 300,000 users in 200 countries are already using this software for digital agreements. Ideal for small businesses, the product was developed by cybersecurity experts and innovators who created the world’s first antivirus software for mobile devices, so you know your data stays safe.<br><br>
_[Try it out](https://www.op.today/)_<br><br>
<center> ![Lou banner v1](//images.contentful.com/vcjxvx0h1a5n/3IYwENvGeHVrpk5yZCY3C7/a73cae808eb3d21a9a0a59a8371c4c36/Lou_banner_v1.png) </center><br><br>
## Lou: Onboarding users without needing to know how to code
You’re ready to boost engagement for your web users, but how? [Lou](https://www.louassist.com/ ) streamlines self-service software by automating and personalizing onboarding and training. <br><br>
**What we love:** Lou makes it easy for companies to upgrade their lengthy help centers with interactive user tutorials. From product tours to announcements and helpful hints, there’s very little technical work needed to implement Lou—a video walks you through the code-free process, and there are ample ways to customize the templates. <br><br>
*[Get started](https://www.louassist.com/)*<br><br>
<center> ![Northstar banner v1](//images.contentful.com/vcjxvx0h1a5n/6jtv61OGCt3CiUttAwFIvY/63ae2288bb87601a6fadfa540624a4fa/Northstar_banner_v1.png) </center><br><br>
## Northstar: Redefining and democratizing financial wellness
What if employers could help employees make smarter money decisions by providing more transparency about their compensation and benefits packages? [Northstar](https://www.northstarmoney.com/) is a B2B2C solution that’s all about helping more people take control over their long-term financial planning. After all, personal finances really start in the workplace. <br><br>
**What we love:** Northstar offers both automated tools and financial advisors who can help employees understand their total compensation in one centralized place. But while Northstar clients like Zoom, Snap Inc., and ServiceTitan embraced financial wellness as a benefit well before the “[Great Resignation](https://en.wikipedia.org/wiki/Great_Resignation)” began, not every company has—just over [half of U.S. employers](https://www.businesswire.com/news/home/20190919005032/en/Employers-Offering-Financial-Wellness-Programs-Double-in-Recent-Years) now offer workplace financial wellness programs (compared to under 25% in 2015).  <br><br>
*[Read more about why M13 led Northstar's $7.3 million Series A](https://m13.co/northstars-series-a-redefining-financial-wellness/)*<br><br>
<center> ![rho banner v1](//images.contentful.com/vcjxvx0h1a5n/011a23aaqiroHgEICBheF/604905491ed85bc1ffec5301e3ea1767/rho_banner_v1.png) </center><br><br>
## Rho: Building a better commercial bank
[Rho](https://www.rho.co/) offers a better commercial banking model for small and mid-size businesses, providing an integrated banking solution for accounts payable (A/P), budgeting, data automation, and accountability—basically everything that a chief financial officer and your finance department will appreciate.    <br><br>
**What we love:** Rho strives for more seamless integration between operations and finance by combining core front-end banking and credit products with proprietary back-end products, including A/P, expense management, and remittance.<br><br>
*[Read more about why M13 led Rho’s $15 million Series A ](https://m13.co/investing-in-rho-building-a-better-commercial-bank/)*<br><br>
<center> ![interviewing.io banner v1](//images.contentful.com/vcjxvx0h1a5n/RMuUjNak2bOv1xphzKV6t/b4ee6113e4083c9a439ba59dd03bd06a/interviewing.io_banner_v1.png) </center><br><br>
## interviewing.io: Modernizing the recruiting process for engineers
Consider this: There are currently about [1 million](https://www.forbes.com/sites/forbestechcouncil/2021/04/13/analyzing-the-software-engineer-shortage/?sh=e69c3fd321c6) unfilled software engineer positions, the job market for software engineers is expected to grow by 22% over the next decade—and just one engineering recruiting search can take more than 220 hours over three months. Enter [interviewing.io](https://interviewing.io/), a marketplace that helps job-seeking engineers improve their technical interviewing skills and get hired faster.<br><br>
**What we love:** For recruiting and hiring managers, interviewing.io helps identify candidates who are already looking for new jobs (because they’re in the system and practicing technical interviews)—this can reduce recruiting time by as much as 80%. The platform also takes resumes and other subjective measures out of the equation, opting instead to focus on the job’s most relevant skills and qualifications for software engineers. <br><br>
*[Read more about why M13 led interviewing.io's $10 million Series A](https://m13.co/article/investing-in-interviewingio-modernizing-recruiting-for-engineers)*<br><br>
<center> ![Pinata banner v1](//images.contentful.com/vcjxvx0h1a5n/22TJxCXs7Y36CM0Z2ym6K3/6e58b91131f23fd19eeff800b1a74585/Pinata_banner_v1.png) </center><br><br>
## PINATA: Increasing efficiency in the field 
From emerging brands to global enterprises, companies rely on frontline execution to bring their strategy to market. Large, distributed workforces power everyday operations like merchandising, field sales and marketing, last-mile logistics, and much more. But all too often, busy work and bottlenecks on the ground disconnect the field from the bigger picture.<br><br>
Enter [PINATA](https://www.gopinata.com/), a workforce optimization platform where scalable task management meets actionable business intelligence. Already in use by companies like Campari, Gallo, PepsiCo, and Unilever, PINATA’s flexible and easy-to-use platform delivers efficiency, alignment, and precision to help get work done well. Leadership sets standards and goals, workforce managers build schedules and assignments, and frontline workers execute well-defined tasks and complete standardized reports. In turn, data flows up from the field to unlock real-time ROI improvement.<br><br>
**What we love:** As companies reevaluate frontline activity post-COVID, many are rethinking how they’ve historically executed in the field. That means shifting from W2 to 1099 workforces, leveraging third-party staffing, and finding ways to accomplish more with leaner teams and reduced below-the-line spending. PINATA is uniquely designed to support work that increasingly crosses organizational lines, creating end-to-end “taskflows” that are structured, collaborative, and data-driven.<br><br>
*[Explore PINATA](https://www.gopinata.com/)*<br><br>
With the Great Resignation underway, it’s clear that how we define productivity and happiness is also shifting. And inevitably, the future of work (and the tech that comes out of it) will need to keep changing and innovating alongside it. 


Stress less by checking out these tools that can help you be more productive—and a little happier.

A hero image of a tool belt with M13 portfolio company logos: interviewing.io, OP.Sign, PINATA, Visor, Rho, Lou, and Northstar.

Productivity Tools 

7 Productivity Tools That Could Help You Be Happier at Work

Learn how to embrace the future of work with productivity tools from M13 portfolio companies like Visor, Lou, Northstar, Rho, interviewing.io, and more.

7 Productivity Tools to Help You Be Happier at Work | M13

A tool belt featuring seven M13 portfolio company logos: interviewing.io, OP.Sign, PINATA, Visor, Rho, Lou, and Northstar.

Productivity Tools thumbnail

With the world changing faster than ever before, we’re reminded of the fundamental need for human connection. After more than two years apart, we were grateful to recently reconnect in person with some of the founders, investors, advisors, influencers, operators, and other trailblazers who make us brighter together.<br><br>
We also wanted to express our gratitude for those in the Los Angeles ecosystem—and beyond. Ever since Carter and Courtney Reum founded M13 in 2016, we’ve been humbled by the support and involvement of those in the M13 constellation. <br><br>
<center>![3/3 Partners and Fireside Panelists](//images.ctfassets.net/vcjxvx0h1a5n/2Fqh1X40bDrPagwKqGYj6m/611c5b45fcb9896b198e81a4170fb98c/BRJ_7465.png) </center>
<center style="padding-top:5px;">*From left (first row): Katie Ann Echevarria Rosen Kitchens, Karl Alomar, Steven Galanis, Courtney Reum, Minnie Ingersoll, Matt Hoffman, Robyn Ward, Anna Barber, Spencer Rascoff, Christine Choi*</center>
<center style="padding-top:5px;">*From left (back row): Brian Carroll, Carter Reum, Paris Hilton, Jamie Siminoff, Rob Olson, Latif Peracha, Lizzie Francis*</center><br><br>
<center>![Carter speaking on stage - 3/3 Future Perfect](//images.ctfassets.net/vcjxvx0h1a5n/4yRrDDz0MsMRq87xSg54N4/650aef30cfc3cdb7db090dcc6f20d336/Carter_s_welcome_and_reception_remarks.png) </center><br><br>
We also heard from other founders and investors who reminisced about the early days of building companies in Los Angeles. As M13 Co-founder [Carter Reum](https://m13.co/profile/carter-reum) said, “It's not [about M13](https://m13.co/article/m13s-fund-iii-400m-for-seed-to-series-b) but about continuing to rise the tide for all of LA.”
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    <td><h3>Spencer Rascoff</h3>
      <h6 style="text-align:left;">Co-founder and Executive Chairman at dot.LA </br>(a M13 portfolio company)</h6>
“When I moved here five years ago [from Seattle], I didn't really know anyone in LA tech. So the first thing I did was I went to Techstars LA’s Demo Day, and I met <a href="https://m13.co/profile/anna-barber" target="_blank">Anna Barber</a>…She just represented everything that was good about the LA tech ecosystem: welcoming, collaborative, designed to help lift us all up. From Techstars LA and now here at M13, she continues to embody what I admire about the LA tech ecosystem.”</td></div>
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      <h6 style="text-align:left;">Co-founder and Executive Chairman at FabFitFun </br>(a M13 portfolio company)</h6>
“We started as a newsletter here in Los Angeles about 10 years ago and have evolved into a subscription service, a pretty robust e-comm platform, and a community of over 1 million women. And what I'm really thankful for is just the ability to build a business in Los Angeles. It really is the heart of everything, and the incredible diversity has given us access to so many amazing connections who are innovating in the health space, the beauty space, and of course the tech space.”</td></div>
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    <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/5j05mFWCTv2wO3UOihGA4e/a083c3f7df694d6d955be197a6f55a9a/BRJ_7602.png"  alt="Katie Ann Echevarria Rosen Kitchens" style="width:100%";></td></div>
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    <td><h3>Minnie Ingersoll</h3>
      <h6 style="text-align:left;">Partner at TenOneTen Ventures</br> Host of the <a href="https://www.tenoneten.net/carter-reum-m13/" target="_blank">“LA Venture” podcast</a></h6>
“The culture of a startup is set by the early employees—and the same thing is true of a city. I grew up here and moved to the Bay Area to start my startup. And when I moved back here, I was so touched by the warmth, the welcoming, the positive energy, and the momentum of LA. And I truly believe we're still in the early days in the growth of LA tech, but also early days in the growth of M13.” </td></div>
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      <h6 style="text-align:left;">CEO at FounderForward</h6>
“Everything in LA—from Hollywood to every industry—comes together. It's the most diverse in industries. Look at this group. It did not used to be like this in 2008. I'm so excited where we're at, and I think M13 is leading us into the future. This is what the LA technology ecosystem looks like, and I’m fired up for it.”</td></div>
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## The evening was also a chance for catching up with old friends—and making new ones.<br><br>
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     <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/5s1eEuiLFX8klxJp8RzyAN/59b401bccfc1163aa58663ddac06d613/BRJ_7309.png" alt="M13 Community" style="width:100%"></td><p style="text-align:center; font-style: italic; font-size:14px;">From left: Queen of internet culture (Washington Post columnist Taylor Lorenz) with queen of the metaverse (entrepreneur, artist, and advocate Paris Hilton) and queen of bitcoin (Lightning Labs CEO and Founder Elizabeth Stark)</p></div></div><br><br>
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 <td><img src="//images.ctfassets.net/vcjxvx0h1a5n/6beD0sKJzuQPcSwzssEKiP/0b9df9de07cbdeab3033a3d03e9a4573/BRJ_6499.png" alt="M13 Community" style="width:100%"></td><p style="text-align:center; font-style: italic; font-size:14px;">M13 Partner Anna Barber (right) with Joe Vezzani and Jon Farjo, founders of LunarCrush</p></div></div>
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We transformed M13’s parking lot into a garden oasis complete with custom cocktails and appetizers prepared by M13 portfolio company [Savour](https://www.savourtogether.com/), a marketplace of private chefs creating memorable in-home dining experiences. <br><br>
Other portfolio companies got involved: [Eliqs](https://www.eliqs.com/) created branded cans of rosé and sparkling water, while guests couldn’t get enough of the red [Shef](https://shef.com/) delivery bags filled with dessert and samples from health and wellness companies [Capsule](https://capsule.com/), [Rae](https://raewellness.co/), and [RealSleep](https://www.realsleep.com/).<br><br>
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Looking back on the night of community and connection, we believe it’s a genuine privilege to wake up every day thinking about [investing in the future](https://m13.co/article/m13s-investment-thesis-understanding-the-future-of-consumer-behavior). Our community remains the cornerstone of M13—and together, we remain hopeful for brighter days ahead.<br><br>
<center> ![3/3 Team photo](//images.ctfassets.net/vcjxvx0h1a5n/55gWSICCUuo9WYQZfHV7sl/cb430ef6253119d198f01e4189bdad71/team-photo.png) </center>
<center style="padding-top:5px;">*The M13 team*</center>

M13 gathered founders, investors, and others for an evening of community and connection.

M13 community toast at Future Perfect event on March 3, 2022.

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Raising a Glass to LA’s Startup Scene

M13 welcomed founders, investors, and advisors to our Santa Monica office to show gratitude for the Los Angeles ecosystem that makes us brighter together.

Photo of community at M13's Future Perfect

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Raising a Glass to LA’s Thriving Startup Scene | M13

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When I first met [Seye Ojumu](https://www.linkedin.com/in/oluseye-ojumu-4b4b2033/) in early 2021, he was the chief technology officer of Podz. M13 had just [invested](https://m13.co/article/investing-in-podz-with-co-founder-and-ceo-doug-imbruce) in Podz’s seed round, enthralled by the potential for its innovative and transformative audio technology. As impressed as we were by this game-changing product, we were equally impressed by the leadership team. And so it was no surprise that within the year, [Spotify had acquired](https://newsroom.spotify.com/2021-06-17/spotify-accelerates-podcast-discovery-with-acquisition-of-podz/) the startup for its technology that highlights the [best 60-second clips in podcasts](https://www.youtube.com/watch?v=toNVx7j239U).  <br><br>
An experienced technical founder and engineering leader (and now a senior manager leading a 12-person team at Spotify), Seye recently joined me to answer top questions from CTOs and engineering leaders at M13 portfolio companies about how to scale high-performing engineering teams at early-stage companies:<br><br>
## Does every startup actually need a CTO?
It depends on the stage of your startup. When it comes to the first engineering hire, most early-stage startups actually simply need a head of engineering, who is “a leader, pioneer, and a teacher,” Seye says. A head of engineering is typically responsible for:
<DotBullet highlight="" text="Hiring" />
<DotBullet highlight="" text="Figuring out the motivations of the people being hired" />
<DotBullet highlight="" text="Making sure that people work well together" />
In other words, a head of engineering is “basically responsible for the project management and people management of the engineering organization, while the responsibilities of a CTO are more about technology direction,” Seye says. “Frequently for small organizations, [a CTO is] going out to potential partners and explaining the technology in a way that gives people confidence and trust that they can work with or interact with your systems.” <br><br>
So when _is_ the right time for a CTO to join a startup? When your startup is ready to “to do more of this outward-facing stuff and the person who's been running the org [may not be] good at the outward-facing stuff,” Seye says.<br><br>
## What are traits that every engineering org should hire for?
Like every team, a good engineering org needs diverse skill sets. With startups, Seye makes it a point to hire:
<DotBullet highlight="Generalists:" text="“The practical point is you don't know what your product is going to look like. You're probably going to have to pivot.”" />
<DotBullet highlight="Teacher archetypes:" text="“A good mix of people who are comfortable and good at explaining things is important.”" />
<DotBullet highlight="Product-thinking people:" text="“If you have an engineer who doesn't like the product you're making, I think you've done something wrong.”" /><br><br>
## How can startups compete for engineering talent anyway?
“Try to look for people who care about the product,” Seye says. “They will get some personal validation and satisfaction from making a product that people actually like to use.”
<TextCard text="Startups get to be fun. There are other reasons to work somewhere other than how much they pay you or what your title is. You have advantages—you should use them." topic="Talent" /><br><br>
## How should engineering managers think about sprints and collaboration tools? 
To begin with, managers must create a team based on “psychological safety—it's the belief that people can suggest ideas without feeling unsafe,” Seye says. <br><br>
Continuous deployment is one way to “set the right mindset in the team members that their code would always be shippable. And in case you make a mistake—which you will certainly make—you find them as quickly as possible. The less mature the team, the smaller the sprint.”
<PullQuote author="Seye Ojumu" text="The goal is to make sure that nobody gets stuck on a problem without asking for help." />
When it comes to collaborating, Seye’s teams have used everything from a “rolling Word document because that was the easiest thing to collaboratively write in” to JIRA and Trello. “Whatever tool that people will use is the right tool,” he adds.<br><br>
## What are some do’s and don’ts for scaling?
<NumberedBullet number="1" highlight="Admit when someone is not a great fit:" text=" “The biggest mistake I've seen with people who are getting off the ground is they've hired the wrong person. Sometimes you just have to get rid of people. It's hard and the morale will suffer, but in general it is better for the company as a whole.”" />
<NumberedBullet number="2" highlight="Don’t do performance improvement plans:" text=" “I’ve seen it work one time in the last 20 years of writing software at a small company.”" />
<NumberedBullet number="3" highlight="Encourage engineers to use, and provide product feedback:" text=" “Some people are just quiet, and they don't want to criticize the designer if they're not the designer or they don't want to disagree with the product person. And that is sometimes a problem because the product person is a lot of times the CEO, right? If you’ve hired people who are not naturally product people, make them into product people. Get them to care about the product, get them to use the product, get them to talk about the product.”" />
## How should an engineering team’s structure evolve?
As a startup grows, managers usually have to decide how to split into two or more teams, Seye says. Whether it’s back-end versus front-end engineers or cross-functional teams dedicated to the creator versus consumption experience, “[t]he only the thing I would be most concerned about is people getting stuck on the wrong org or getting stuck on the boring org where they're working on stuff that is useful to the business but not personally interesting … It really depends on your people.”<br><br>
_Are you an engineer looking to grow your career? [Check out job opportunities](https://m13.co/careers) at M13 portfolio companies or email [talent@m13.co](mailto:talent@m13.co)._

Do all startups need a CTO? What makes a great first hire? Former Podz CTO Seye Ojumu weighs in.

Former Podz CTO Seye Ojumu joined M13 Partner and Head of Talent Matt Hoffman

How to Scale Your Startup’s Engineering Org

Former Podz CTO Seye Ojumu joined M13 Partner and Head of Talent Matt Hoffman to answer top questions from CTOs and engineering leaders at M13 portfolio companies.

How to Scale Your Startup’s Engineering Org | M13

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Latif manages the overall investing strategy for the firm and has led numerous deals across money and health verticals with a large focus on web3. He was previously the managing director at Virgin Group where he led investing in the Americas including investments in Ring (acq. by AMZN), Slack (NYSE: WORK), Virgin Galactic (NYSE: SPCE), and Virgin Orbit (NASDAQ: VORB).

Latif Peracha

As M13’s general partner, Latif manages the investing strategy for the firm and has led numerous deals across money, health, and web3 verticals. He was previously a managing...

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Latif Peracha | M13

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As an early member of M13, Mark spends his time investing in early stage consumer technology businesses. He focuses primarily on helping the firm develop its web3 thesis. Mark graduated from UCLA with a BA in Business Economics.

Mark Grace

Investor

As an early member of M13, Mark spends his time investing in early stage consumer technology businesses. He focuses primarily on helping the firm develop its web3 thesis. Mark...

M13SharePeople-MarkGrace

Mark Grace | M13

From Bitcoin to NFTs and social tokens, here’s how crypto is changing the future of consumer behavior.

Pixel portraits of Latif Peracha and Mark Grace pose amid pixel blue and pink fireworks.

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Crypto and the Consumer: The Road Ahead

M13’s Latif Peracha and Mark Grace explain the changing relationship between crypto and the consumer—and the future of Bitcoin, DeFi, NFTs, and social tokens.

Crypto and the Consumer: The Road Ahead | M13

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A partner at M13, Anna was the managing director of Techstars LA and also a partner in The Fund LA. A certified executive coach, Anna has worked as a corporate lawyer, McKinsey consultant, product exec, and entrepreneur. She serves on the Advisory Board of PledgeLA and is a member of AllRaise.

Anna Barber

A partner at M13, Anna was the managing director of Techstars LA and also a partner in The Fund LA. A certified executive coach, Anna has worked as a corporate lawyer...

M13SharePeople-AnnaBarber

Anna Barber | M13

When we started our monthly coaching sessions for M13 portfolio company founders this summer, we wanted to provide a safe space for candid, off-the-record conversations. Given that many of our founders have raised common challenges, we also wanted to introduce them to a variety of coaching styles and see how a coaching mindset might help them solve those issues. <br><br>
One question has consistently popped up: “My team has doubled in size. Now what?” <br><br>
To help more early-stage founders navigate the logistics—and stress—of rapidly scaling a team, we tapped two experts in our coaching series to share their best advice:<br><br>
* [Dina Smith](https://www.linkedin.com/in/dina-denham-smith-11699/) is the owner of [Cognitas](https://www.dinadsmith.com/), a boutique coaching and consulting firm in the San Francisco Bay Area.
* [Matt Blumberg](https://www.linkedin.com/in/blumbergmatt/) is the founder and CEO of [Bolster](http://www.bolster.com), a marketplace for on-demand executive and board talent.<br><br>
From how to hire to when to fire, here are their thoughts on how to tackle common problems around scaling:<br><br>
## It’s hard keeping up with all this change, and I’m struggling with letting go. What can I do?
**Dina:** This is, of course, common and normal, especially given our minds’ bias toward loss aversion (we over-index on what we might lose versus what we might gain). To offset this cognitive bias, refocus your thinking. Ask yourself: 
<NumberedBullet number="1" highlight="What might I gain by letting go?"/>
<NumberedBullet number="2" highlight="What is it costing me to hold on?"/>
<NumberedBullet number="3" highlight="What is it costing others?"/>
**Matt:** The biggest thing I see here is calendar overload. Recurring meetings almost never get removed—they only get added. Be intentional every few months about doing almost a zero-base calendar process. Forget what’s on your calendar. What do you need to be on your calendar now? <br><br>
## How do I keep everyone informed? How do I stay in the loop myself?
**Dina:** Communication structures will necessarily evolve as you grow. Consider what it is that you need to communicate, who needs to know what, and only then think about the how (i.e., what is the most effective channel, format, and frequency for the various comms).<br><br>
**Matt:** Bigger companies require different information loops. And the further employees get from you as you add more layers and teams, the more times they’re likely going to need to hear the same message to get it to sink in. <br><br>
Design your Company Operating System so that key messages are disseminated multiple times and followed up in multiple ways—for example, publish your quarterly board book, then follow it up with an all-hands meeting to highlight key topics, then follow those up with a series of team roundtables to do Q&A. <br><br>
In terms of your own level of information, you’ll have to develop some routines like skip-level meetings and team roundtables so that you make sure you’re in touch with the organization as it grows and as you see individuals less directly. <br><br>
Just be careful in those meetings to do more listening than talking, and to always keep the manager of the people you meet with informed about those conversations so people aren’t taking your casual remarks as a directive.<br><br>
<GuideBox id="building-your-internal-communications-os" /><br><br>
## I’m worried that our company culture is heading (or will head) in the wrong direction. What steps can I take?
**Matt:** “Break glass in case of emergency.” This is a serious, serious issue that you need to nip in the bud. Scaling a culture is one of your most important jobs as a CEO ... Begin documenting values (which shouldn't change) as a way of shaping culture (which will evolve over time).  Personally work with recruiting (each new employee, 1:1 or in groups) to make sure there is a high degree of consistency and adherence to them. <br><br>
Where possible, rely on other leaders and early employees to transmit culture and values. Begin to weave values into critical people-oriented business processes (hiring, reviewing, etc...) to reinforce the values more systematically and start expecting others to reinforce values and shape culture as well. Counsel those who violate early, and terminate on repeat behaviors.<br><br>
<GuideBox id="how-to-scale-your-startup-culture-and-values" /><br><br>
## What should I do if some of my early employees are no longer who we need in order to keep growing? 
**Matt:** Do your best to coach them and guide them into new (and likely more specialized) roles.  Their institutional knowledge and loyalty are worth a lot. If their career paths look more like jungle gyms than ladders, that may be good for both them and for the company. <br><br>
Ultimately if a super-early employee doesn’t work out for whatever reason, treat them exceptionally well in terms of notice periods (and working notice), finding a new job, exercising options or extending their exercise period, and severance. And celebrate the heck out of them on the last day.<br><br>
## Any advice for managing my own stress level during this growth?
**Matt:** Work less. Seriously. Work fewer hours. Force yourself to be more efficient at work, and make time for sleep, exercise, family, friends, and hobbies. As Stephen Covey says, “Sharpen the saw.” You’ll never regret this.<br><br>
**Dina:** You can’t sprint a marathon. Restorative practices, which mean different things to different people, are essential for sustainable effectiveness.<br><br>
_Get more tips from Dina in her Fast Company article, “[Your Company Is Scaling Fast. This Is How You Can Grow at the Same Rapid Pace.](https://www.fastcompany.com/90637930/your-company-is-rapidly-scaling-this-is-how-you-can-grow-at-the-same-pace)”_<br><br>
## How else can I successfully double the size of my team?
**Matt:** Hire slowly and carefully, even if it hurts because everyone is “too busy.” Doubling the size of the company without maintaining the same level of quality, cultural fit, and performance means you’ll double your cost base without doubling your output.<br><br>
<GuideBox id="a-5-step-guide-to-startup-recruiting-and-hiring" /><br><br>
## About the coaches
Dina Smith is an executive coach and the owner of [Cognitas](https://www.dinadsmith.com/), a boutique coaching and consulting firm in the San Francisco Bay Area. Clients include premier brands such as Adobe and Netflix, high-growth tech companies like Dropbox and Stripe, and private equity-backed startups shaping the world. She writes regularly for both Fast Company and HBR.<br><br>
Matt Blumberg is the founder and CEO of [Bolster](http://www.bolster.com), a marketplace for on-demand executive and board talent. He was previously chairman and CEO of Return Path (No. 2 on Fortune’s “Best Companies to Work for” list) and the founder of the Internet division of MovieFone (777-FILM). He is the author of “Startup CEO,” “Startup CXO,” and the forthcoming “Startup Boards” (Wiley & Sons).

From hiring to firing, two executive coaches share advice on how to manage the stress of scaling.

A brightly lit office houses many busy workers at their desks.

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My Startup Has Doubled in Size. Now What?

From hiring to firing, get expert advice from Bolster CEO Matt Blumberg and executive coach Dina Smith on scaling and doubling the size of your startup. 

My Startup Has Doubled in Size. Now What? | M13

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Does it really take an average of 7-8 years for a successful startup to exit? What can early-stage founders do to accelerate outcomes?  <br><br>
To better understand the potential impact of our venture model, we wanted to answer these questions and more.  <br><br>
After all, we started M13 with the belief that founding teams can execute faster with a higher degree of success if they’re able to take advantage of relevant expertise. We then purposefully designed M13 so that early-stage founders get access to experienced executives they wouldn’t otherwise have the money to hire nor the time to vet, onboard, and manage.   <br><br>
When it comes to measuring leadership experience, information about an individual executive’s experience for example, how long they’ve been an exec is publicly available. Unfortunately, there isn’t readily available structured data around a founding team’s seniority and how early the founders bring on people with more experience as an operator or leader.   <br><br>
To find out if leadership experience significantly impacts startups’ success, we analyzed nearly 800 executives at more than 200 companies that reached a sizable exit (greater than or equal to a $500 million valuation) via an IPO on a U.S. exchange or an exit via M&A from 2004-2019. About 70% of the companies in our data set exited between 2016-2019, including notable IPOs like Spotify, Zoom, Uber, and Peloton. We decided to exclude companies in the biotech/life sciences space, as these companies follow a different growth trajectory from consumer tech and B2B tech and traditionally exit via IPO or M&A at a much earlier stage. <br><br>
Here’s what our analysis of startups with successful exits revealed:<br><br>
## 1. Of successful exits, the average startup age actually is 7-8 years.
While there are other intangible variables for startup success, the basic equation is the time and capital required to achieve an exit and the size of that exit.   <br><br>
Our data set validates the widely accepted statement that successful exits take about 7-8 years:
<center>
![](https://uploads-ssl.webflow.com/5e5e59c19dd3d882dd8dbd92/6070d1039acee112b17cf6a2_Median%207%20year%20Exit_v4.png)</center><br><br>
But could a variable like relevant leadership experience actually accelerate the time to exit? We wondered:  
<DotBullet highlight="" text="Beyond time and capital, are there any factors like experience as a leader or operator that can have an exponential impact on the exit outcome?" />
<DotBullet highlight="" text="And when is the right time for those human capital resources to be introduced to make that impact?" />
In terms of executive level leadership, we limited our analysis to startups with successful exits and individuals in CEO, CFO, COO, CTO, CPO, CRO, CMO, and CHRO roles (or comparable leadership titles). We then looked at those individuals' prior relevant leadership experience, including how many years of post grad experience these individuals have, how many companies they’ve worked at, and which executive roles they’ve held in the past.<br><br>
## 2. It turns out (less) time is (nearly double the) money.
Our analysis of startups with successful exits found that companies with multiple founders who have prior relevant leadership experience will exit 33% faster this earlier exit is coupled with an additional finding that they will have also raised 34% less capital. Combined, these two improvements can nearly double an investor’s rate of return.  <br><br>
According to our analysis, if a company achieves a $500 million exit in 4.7 years (or 33% faster than the average of 7 years) and if they exit having raised 34% less capital the theoretical IRR for a Series A lead investor ($10 million check for 15% starting ownership) improves by 81%:
<center>
![](https://uploads-ssl.webflow.com/5e5e59c19dd3d882dd8dbd92/6070d786a20ae8222b93f3a6_Exit-Capital-IRR%20copy_v4%20(1).png)</center><br><br>
## 3. Companies, including top performing startups, can exit 33% faster by adding people with relevant leadership experience early.
<DotBullet highlight="" text="Our analysis of startups with successful exits shows that companies with at most one founder with executive experience exit in 9.6 years on average." />
<DotBullet highlight="" text="In comparison, companies with two or more founders with executive experience tend to exit in 6.4 years (33% faster)." />
<center>
![](https://uploads-ssl.webflow.com/5e5e59c19dd3d882dd8dbd92/6075e92b86302529b185b404_Exp_exit_v3.png)</center><br><br>
**What this means:** Even if companies are doing everything right in other words, they’re in the top 25% of our data set (in terms of exit speed) with great founders, high-performing teams, a booming market, and flawless execution they _still_ reduce time to exit when they have multiple founders with prior relevant experience as a senior leader or operator.<br><br>
## 4. Not only do companies with seasoned founders exit faster, they also need to raise 34% less capital before exit—boosting IRR.
If companies already have great founders, high-performing teams, a booming market, and flawless execution, we found that layering on some prior relevant leadership experience early also allows that company to exit having raised less capital and with less dilution.<br><br>
**The baseline: On average, successful startups exit in 7-8 years after having raised $386 million.**  
<DotBullet highlight="" text="We found that it takes an average of 7-8 years for a company to exit, after five to six funding rounds (with outliers)." />
<DotBullet highlight="" text="On average, these companies will have raised $386 million, including exit." />
**Successful companies with founders who have executive experience not only exit 33% faster (as previously discussed), they also raise 34% less capital before exit, further improving IRR.**
<center>
![](https://uploads-ssl.webflow.com/5e5e59c19dd3d882dd8dbd92/6075c6aa4a0cdd08fdec0c1f_Exp_capital_v3.png)</center>
<DotBullet highlight="" text="Companies with little executive experience tend to exit having raised $466 million in funding." />
<DotBullet highlight="" text="In comparison, companies with multiple founders with executive experience tend to exit having raised $306 million in funding." /><br><br>
## 5. There’s still room for companies to benefit from adding relevant leadership experience early.
Executive experience allows companies to identify common pitfalls and hurdles proactively, see around corners, and apply common frameworks and practices. In turn, this helps companies save so much time.  <br><br>
Although companies realize the need for prior relevant leadership experience, our analysis of startups with successful exits found that they usually gradually build their executive team.
<DotBullet highlight="" text="According to our data, these companies tend to ramp up C-level hiring linearly into IPO, no matter their size or their executive teams’ collective experience." />
<DotBullet highlight="" text="Four years before exit, on average, these companies have only 43% of the shared executive experience they will eventually have when they exit." />
<DotBullet highlight="" text="Even successful companies that start with the most executive experience still tend to add experience at the same rate." />
As we know, not aIl founding teams at the early stage are in a position to hire full-time executives these early-stage teams may need more financial resources, the right network connections, or enough full-time work to even attract top talent. That’s why our [M13 Propulsion model](https://m13.co/m13s-propulsion-model-was-built-to-help-execute/) supplements our founding teams with partners who can apply their multi-decades of operating expertise at moments exactly when and where it’s needed in a growing company’s development.    <br><br>
In the two years since launching Fund II, M13 has helped our portfolio companies hire multiple executives in the C-suite but perhaps more importantly, we provide diverse executive experience via our Propulsion model when hiring full-time doesn't make sense.   <br><br>
Every day, our Propulsion partners five vertically-focused, full-time partners with over two decades each of executive experience in brand and communications, data, finance, talent and leadership, and operations support our founding teams.   <br><br>
“I'm proactively telling founders that I've never worked with an investor as helpful and supportive as M13,” says [Northstar](https://m13.co/northstars-series-a-redefining-financial-wellness/) Co-founder Will Peng. “It feels like M13 is doubling our team size."   <br><br>
We’re dedicated to helping founders when they need access to relevant leadership experience the most in the early stages when making even the smallest adjustments in hiring, marketing, finance, data strategy, and operations can affect the trajectory of a startup. (In fact, if you adjust the trajectory of a rocket ship by 1 degree, you’re only 92 feet off course after a mile. But by the time you reach the moon, you’re off by 4,169 miles. Correcting course early matters.)  <br><br>
We’re still in the early innings, and we’ve barely scratched the surface with our research. For example, what about breadth versus depth of experience? We know experience comes in all different forms, but what works? What doesn’t? And what is the impact of greater diversity in executive leadership?  <br><br>
We know that in 2020, 21% of C-suite executives in corporate America were women, [according to LeanIn.org](https://leanin.org/women-in-the-workplace-report-2020/impact-of-covid-19). Now that we’ve validated certain variables in the basic equation for startup success, how can we as investors help ensure that there’s equal opportunity to gain relevant leadership experience in the first place?  <br><br>
After all, we’ve already seen that when we combine the mission and vision of our founding teams with the deep operating experience of our Propulsion partners, we truly are brighter together. <br><br>
**_\*Methodology:_** _We used publicly available information from Crunchbase, Pitchbook, LinkedIn, and various news publications to look at 783 executives from 201 companies that reached IPO or exited via M&A between 2004 and 2019. Our data set includes U.S. stock exchange listings only (NASDAQ and NYSE) from various industries, excluding biotech/life sciences. We looked at 112 small-sized companies with an IPO valuation of $500 million to $2 billion IPO valuation, 73 medium-sized companies with an IPO valuation of 2.1 to 9.2 billion, and 16 large-sized companies with an IPO valuation of $11 to $82 billion._


An M13 analysis reveals that founding teams with executive experience can exit faster with less capital.

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Analysis: Executive Experience Can Nearly Double Investors’ Rate of Return

An M13 analysis reveals that founding teams with exec experience can exit 33% faster with 34% less capital and nearly double their investors’ rate of return.

Exec Experience Can Nearly Double Investors’ Rate of Return | M13

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Congratulations to M13 portfolio company Shef for being recognized by Fast Company as one of the world’s most innovative companies of 2022.

World’s Most Innovative Companies: Shef

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“We wanted a firm led by operators, built by operators. We wanted to build a different VC firm,” says M13 Co-founder Carter Reum.

M13 Raises $400 Million for its Latest Fund

M13 Head of Talent Matt Hoffman highlights five trends to watch. 

Preparing for the Future of Work

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M13 Co-founder Courtney Reum explains why more VCs are paying attention to Los Angeles startups.

Courtney Reum: Silicon Valley's Startups Have Become 'a Big Pond of Sameness'

Courtney Reum

We’re delighted that M13 Partner Anna Barber has been recognized by other VCs as a rising star to watch in 2022.

Meet the 55 Rising-Star VCs

After leading the fintech startup’s Series A in 2020, we’re proud to support Rho’s continued momentum and growth. 

Rho Raises $75 Million Series B

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Congratulations to Forbes 30 Under 30 honorees Andrea Xu and Wendy Wang, co-founders of Umamicart. M13 is proud to lead the seed round for the online grocery startup.

Forbes 30 Under 30: Umamicart

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M13 portfolio company Daily Harvest, which specializes in ready-to-blend smoothies and other frozen-food products, is valued at $1.1 billion after its latest round of funding.

Daily Harvest Reaches Unicorn Status 

Daily Harvest is on a mission to make nourishing, plant-based foods more accessible. 

Daily Harvest

M13's Carter Reum explains why Los Angeles has become a consumer hub—and how M13 thinks about investing in consumer tech, fintech, e-commerce, and more.

Carter Reum: Why LA is the Best Place to Build

Carter Reum

From data trends and business model economics to scalable solutions and the people, here’s what M13 Managing Partner Karl Alomar looks for in early-stage startups. 

M13's Karl Alomar: 5 Things I Need to See Before Making a VC Investment

Karl Alomar stands in front of a white background looking at you very seriously.

karl-alomar-joins-m13 thumb

Check out M13 portfolio company Shef on this Forbes list of 25 venture-backed startups most likely to become unicorns.

Next Billion-Dollar Startups

Next Billion-dollar Startups

Learn more about how Byte has relaunched as M13 portfolio company Clash, an app for video creators and their top fans.

One-Time TikTok Rival Byte Relaunches as Clash

Huddles (formerly known as Clash) has developed a mobile video app that aims to help short-form video creators earn revenue directly from fans, engage with supporters, and create a friendly, inclusive community.

Huddles

Tania Luna

When working with early-stage companies, one of the questions we most commonly get asked is: “Can you help me with recruiting?” <br><br>
And while building your team with talented humans is indeed a critical goal, usually what people are asking is how to improve the pipeline, or interview well (we’ll talk about both those worthy goals in a future guide!). What we tell them in response is often surprising: _The best way to improve your recruiting processes is to design your organizational structure first._<br><br>
Before you can fill roles with the best talent, you need to be intentional about what those roles look like and how they fit into the larger strategic vision for the organization. Thoughtful organizational design is one of the most critical skills a founder can cultivate. In this guide, we’ll show you how to get good at this skill faster.<br><br>
In this complete guide, you’ll learn how to build a sustainable organizational structure through: 
    <NumberedBullet number="1" highlight="Planning ahead for roles" />
    <NumberedBullet number="2" highlight="Scoping the roles" />
    <NumberedBullet number="3" highlight="Making roles come to life" />
    <NumberedBullet number="4" highlight="Connecting across functions" />
    <NumberedBullet number="5" highlight="Takeaways & next steps" />

Learn how to create roles, levels, and job titles that can evolve as your startup grows.

A rocket launches next to M13 and LifeLabs Learning's joint logo; to the right, there are five people connected by lines and next to that the title "Organizational Structure."

Org Design header v1

Designing an Organizational Structure for Your Startup

Get tips and templates from M13 and LifeLabs Learning about designing an organizational structure with roles and job titles that evolve as your startup grows.

Your Guide to Organization Design, Structure & Role Planning | M13

A rocket launches next to M13 and LifeLabs Learning's joint logo; below, there are five people connected by lines and next to that the title "Organizational Structure."

HumanCapitalOrganizational thumb

In a world where technology is increasingly commoditized—and multiple teams and companies have similar products—what sets great companies apart? Based on our experience at M13 and [LifeLabs Learning](http://lifelabslearning.com) helping over 1,000 innovative companies scale, we’ve seen that it’s the speed and quality of execution that counts.  <br><br>
What makes great execution possible? A healthy culture of learning, belonging, and high performance. The right culture will help attract, retain, engage, and empower talented employees, and give them a clear framework to do their best work.<br><br>
In this guide, we’ll discuss what makes the best cultures _(hint: it’s not the same thing for everyone)_ and how founders and leaders should build and scale their cultures from the start.<br><br>
###### What is a “good” culture?<br><br>
Let’s begin with a tale of two cultures. Imagine you take a look at the offices of two different companies, side by side (in a pre- or post-COVID world). In one, employees sit in solitary cubicles, wearing suits and ties, and never taking a lunch break. In the other, hoodie-clad employees huddle in clusters across an open-floor plan, some brainstorming together in beanbags, some pair-programming, and some playing a passionate round of Ping-Pong. Which is the “better” culture? <br><br>
Of course, it’s a trick question. Despite what many of us in the high-growth tech ecosystem have come to believe, there is no such thing as an objectively “good” or “bad” culture. There is only a culture that is a good (or bad) _fit_ for your goals, the type of company you want to build, and the people you want to be a part of it. **Your culture needs to support the business and personal objectives you want to achieve.**<br><br>
For example, a culture of slow, methodical perfectionism might crush a tech startup but be essential in a children’s hospital. A culture of playfulness might be the secret to innovation at an advertising agency but threaten the safety of a nuclear power plant. A spirit of competition may drive success at a hedge fund but destroy a nonprofit. <br><br>
In this first guide of Human Capital: The Essential Guide to Scaling People Systems, we’ll give you a step-by-step overview of how to decide what the right culture is for your organization, how to turn it into a reality—and keep it that way.<br><br>
We’ll cover:<br><br>
<NumberedBullet number="1" highlight="Exploring company culture " />
<NumberedBullet number="2" highlight="Designing your mission" />
<NumberedBullet number="3" highlight="Creating your vision" />
<NumberedBullet number="4" highlight="Defining your values" />
<NumberedBullet number="5" highlight="Bringing your culture to life" />
<NumberedBullet number="6" highlight="Keeping your culture alive" />
<NumberedBullet number="7" highlight="Takeaways & next steps" />

Explore how to establish or refine the three pillars of your company culture: mission, vision, and values.

A rocket launches next to M13 and LifeLabs Learning's joint logo while to the right there are two hands holding a spark that reads: Culture & Values.

Founder resources

Creating innovative products

A Founder’s Practical Guide to Finding Product-Market Fit

Avoiding Product Design Bias: Considerations for Early-Stage Founders

Finding Product-Market Fit

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