Newcomer Podcast – Details, episodes & analysis

Episode 1: AI + Robots, YC Preview, and Why the Cool Kids Keep Picking on Tech

In this week’s episode of the Newcomer Podcast, hosts Eric Newcomer and Madeline Renbarger discuss three top venture capital deals, including World Labs and delivery startup Flink. They also wade into Y Combinator’s upcoming Demo Day, highlighting trends in defense tech and the implications of AI’s power consumption.

The conversation touches on Runway’s licensing deal with Lionsgate and concludes with an examination of John Mulaney’s performance at Dreamforce.

Chapters

* 00:00 World Labs: A New Era in AI Robotics

* 05:10 The Rise and Fall of Delivery Startups

* 09:19 Y Combinator’s Demo Day

* 11:46 Defense Tech

* 20:09 Powering AI: The Nuclear Debate

* 24:24 Runway’s Licensing Deal

* 28:02 John Mulaney’s Roast

Today we’re highlighting two fireside chats from the Newcomer Banking Summit on March 14.

First up is Mercury CEO Immad Akhund. He talked about how the Silicon Valley Bank crisis sent customers rushing to his digital banking service.

He pitched a world where software — not human bankers — solve most of customers’ problems. Akhund told me, “My experience with relationship banking was I need to send a wire and I literally cannot figure out to do it, please help me. Which to me never felt like a relationship, it felt very transactional and painful — and with Mercury you don’t have to do that.”

Mercury is limited by the fact that it is not a bank — it’s a software company on top of banking partners — at a time when regulators are looking closely at how banks work with fintech partners.

We concluded our summit with Jackie Reses — who was a top executive at Square before leaving to buy a bank. Reses is the CEO of Lead Bank, a regional Kansas City bank that still serves local customers but has built an onramp for financial technology companies to connect with the banking system.

“The thing I saw at Square — which I consider to be a very strong, innovative fintech — is that owning a bank and operating a bank is a 10X delta in understanding compliance to working in a tech company,” Reses said. At Square, Reses said, she learned to “appreciate the complexity of what it takes to do this, so that we could learn how to serve our clients better and help them scale — but make sure we never put ourselves in the position to risk the relationship that we have operating with our regulators.”

You can give the episodes a listen or watch them on YouTube.

Also: The Future of Banking with Rho, Jiko, and Ripple

In case you missed it, we’ve posted another panel with three fintech/banking leaders.

Rho CEO Everett Cook, Jiko CEO Stephane Lintner, and Ripple President Monica Long are all trying to solve shortcomings in the legacy banking system, with different approaches. Check it out to see their takes on the major problems with banking today.

In the past 12 months, it has felt like “AI” transformed from a pair of letters that companies affixed to their latest product announcements to get some extra marketing luster to the shorthand for a genuine technology revolution.

ChatGPT, Dall-E, Midjourney, and more showed the world what artificial intelligence is now capable of doing.

Then, the funding started pouring in for every startup that had anything to do with those two letters. Every venture firm needed to bet on their own foundational model and every startup needed to get its hands on Nvidia’s H100s to train their own foundation models.

Ahead of the 2nd Cerebral Valley AI Summit on Nov. 15, I wanted to really take stock of how we got here. So I teamed up with my conference co-hosts Max Child and James Wilsterman to bring you a six-part podcast series on the rise of generative artificial intelligence.

You can apply to attend the Cerebral Valley AI Summit here. Applications close Oct. 16.

On the series’ first episode we reflect on how generative artificial intelligence and large language models took Silicon Valley by storm.

With the help of ChatGPT, we consider the top research papers that brought us here, the most important historic milestones along the journey, the key artificial intelligence products on the market today, and how artificial intelligence is already impacting our lives.

The show is fun and and lighthearted. I hope it’s a little more accessible than the usual fodder on the Newcomer podcast. For instance, on a future Cerebral Valley episode, we’re going to do a draft pick of what we think will be the most valuable AI startups. On upcoming episodes, I interview guests like Daniel H. Wilson — author of How to Survive a Robot Uprising, Where's My Jetpack? and How to Build a Robot Army — and DoNotPay CEO Joshua Browder.

If you’ve never listened to the Newcomer podcast before, this is a good time to give it a shot. Die-hard podcast listeners will remember Max and James, who are the founders of the AI voice games company Volley, from my January episode on augmented reality.

Whether you can make it to Cerebral Valley in person or not, my hope is that this series is a solid primer as to what exactly has been going on in the business of artificial intelligence. I follow this stuff super closely and until we got organized for this podcast series there was so much that I hadn’t learned.

I know most of you won’t be able to come to the conference in person, but there will be a virtual conference in this newsletter. We will publish recordings from the summit on our YouTube channel and send out some of our favorites over the podcast feed. So this is your lively refresher on all the crazy stuff that happened in Silicon Valley artificial intelligence startups this year.

Give it a listen.

Apply to attend the Cerebral Valley AI Summit here. Applications close Oct. 16.

P.S. I’m on my honeymoon right now in Japan. I was working frantically to record these episodes before I left. My chief of staff Riley Konsella is sending the episodes out for me while I’m gone. If you need anything while I’m away, you should email Riley.

Thanks in advance for being understanding that this newsletter is slowing down for my honeymoon. I’m going to dedicate myself to relaxing over the next two weeks so that I come back hungrier than ever.

Yes, we talk about Facebook's metaverse announcement. And yes, Eric takes the techno-optimist point of view while Katie and Tom are completely befuddled why anyone would want to spend their time there. But also, we discuss whether the announcement actually buried all the Facebook paper scandals, why Frances Haugen's turn to release her documents to multiple outlets was a jolting move for any reporter, and how whistleblowers are now just another version of influencer culture.

We dive into the wacky, wild and wildly inconsistent world of Peter Thiel with Bloomberg Businessweek editor Max Chafkin. He recently published a book, "The Contrarian: Peter Thiel and Silicon Valley's Pursuit of Power" that goes through Thiel's origins in the industry, how he influenced other founders and how his right wing political project is shaping up. Max also makes the case for why Thiel is one of the most influential characters in the formation of the current culture in tech. And Eric, Tom and Max mull over why Thiel's worldview is at odds with itself and whether maybe that's the point.

Max's book: https://www.penguinrandomhouse.com/books/609711/the-contrarian-by-max-chafkin/

We're joined by New York Times tech reporter Erin Griffith. She's been on the scene in San Jose covering the fraud trial against Elizabeth Holmes—tech's trial of the century, or at least the decade, or maybe of a generation. We talk about the surprisingly plodding pace of such a high profile trial, what kind of a case the prosecution appears to be building and what will be the broader reckoning for the tech industry. If there will be one at all.

We discuss Coinbase CEO Brian Armstrong's tweets about how the tech press' harsh coverage of CEOs is driving away talent and whether the increasingly critical stories about tech companies is the natural maturity of the industry. We also dive into last year's controversies when national politics spilled into company Slack rooms and whether banning it actually helped improve morale (as Armstrong also claimed). Finally, as top Facebook officials make the media rounds after the whistleblower's testimony in Congress, we disagree on whether getting an interview with a high ranking exec is all that valuable to a beat reporter.

Katie and Tom interview New York Times media columnist Ben Smith about his piece on the deception at Ozy. This was recorded a few hours before the digital media company announced it was shutting down, following his reporting. We discuss Ozy's appeal to investors, the courting of billionaires, the nature of the fraud, and what to make of the entire cohort of digital media companies the sprang up at the same time.

Ben's initial column on Ozy

https://www.nytimes.com/2021/09/26/business/media/ozy-media-goldman-sachs.html

With Eric on vacation, Katie and Tom take on hosting duties without adult supervision. We go over the rise of tech employees griping to reporters about company inner workings (aka "leaking") and what it says about the state of employee happiness in the industry. Also why CEOs won't be able to control it unless they address what's ailing company morale. Then we touch on the pervasiveness of gig workers around the world and what happens with a significant portion of the world's workers relies on that model. Also, the mortifying text messages between Elizabeth Holmes and Sunny Balwani. 

Stories we discuss in this episode:

Elizabeth Holme's Texts:

https://www.thedailybeast.com/theranos-elizabeth-holmes-called-business-partner-boyfriend-her-tiger-in-lovey-texts-as-company-tanked

Tim Cook's Memo:

https://www.theverge.com/2021/9/22/22687747/tim-cook-employee-leak-memos-do-not-belong-at-apple

Global Gig Workers

https://restofworld.org/2021/gig-workers-around-the-world-are-finally-organizing/

Eric, Katie and Tom talk about why the Wall Street Journal's epic series about Facebook's internal failings is so powerful. And why Facebook continues to be aggressively covered by the media in a way it didn't use to be—well into the Biden presidency. That turns into a discussion about whether comparing the company to big tobacco makes sense. We also briefly debate if Peter Thiel is as powerful as the media makes him out to be. This will not be the last time we discuss Thiel on the podcast.