💼 In-person vs Remote returns

Anuj
March 17, 2023

Good morning and Happy St. Patrick’s Day 🍀! I hope luck is on your side like a Stripe employee whose options are about to expire.

Now let’s get to the news other CEOs are pondering.
-Anuj

So much for metaverse offices

What to know: The in-person vs. remote debate flamed again, with Meta CEO Mark Zuckerberg claiming younger engineers who log at least three IRL days perform better than remote counterparts because it’s easier to build trust in person.
Why this matters: Ironically, this kind of flies in the face of Meta’s plans to staff up offices in the metaverse.
What the community is reporting: High-growth companies need to optimize for speed. Exec teams report co-locating (or at least frequently meeting up) because problems are solved faster and camaraderie is greater. Functional remote cultures are often the exception to the rule.
What did you decide? I’d love to learn what you decided to do with your team and how you feel about it. Up to chat? Reply to this email.

What to know: First Republic Bank will receive a $30 billion capital injection from the nation’s biggest banks (including JPMorgan Chase, Citi, and Bank of America).
Why this matters: It’s a return to confidence for a bank many in our community love. Its stock dropped 35% at open yesterday, finished up on the day in the wake of this news, and was fluctuating post-market. What a swing!
What to do if you are a customer: Diversify your banking relationships! As I mentioned yesterday, FRB and SVB give unmatched levels of service. That said, it's easy (and harmless) to have another account at the ready.

What to know: The recent bank runs are having a second-order effect: Startups that serve other startups and Big Tech companies alike report that deals are being pushed back due the frantic change in priorities last week.
Why that matters: A pause in immediate growth is a no-brainer if the alternative is realizing our worst fears.
What are you seeing? Other than a brief delay in growth, and adjusting of banking relationships, what second-order effects are you experiencing?

What to know: Microsoft released AI across its suite: “Copilot” can instantly take the first turn on Word docs, PowerPoints, Excel models. It has the potential to be a useful tool that will give you something to react to, quickly.
Why this matters: Anything a chief of staff, biz ops, or virtual assistant does on their own should now go an order of magnitude quicker. To be AI-proof, these roles would need to lean even harder into things that require context and relationship-building.

What to know: Twitch CEO Emmett Shear ended his 16-year run leading the live video platform. According to a tweet, he wants to be there for his newborn son and says the leadership team can thrive without him.
Why this matters: It’s great perspective. I’ve been fortunate to interact with Emmett, and he’s a lucid, determined thinker who moves with urgency. You are likely the same. But no matter how successful we are, there are more important things in life.
What to watch out for: All of Emmett’s co-founders remained ambitious after leaving Twitch (Michael became the managing director at Y Combinator; Kyle founded Cruise; and Justin did many things). I’m excited to see what Emmett will do!