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šŸ“¶ Bryce Roberts (Founder @ INDIE) on efficiency, the pursuit of revenue-per-employee, and escaping the venture rat race

Efficiency and growing revenue-per-employee, automating the back office vs. front office, why creators are bad at pursuing the right ways to monetize their audience, and how seedstrapping changes venture math

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Good morning šŸ‘‹

Today weā€™re breaking down a conversation with Bryce Roberts (Founder @ INDIE).

Bryce is one of the first people I started following ~seven years ago when I was getting started in venture, and he has one of the sharpest minds of any investor Iā€™ve spoken with.

His approach to venture is different than most, and he was early to this idea that there is a different approach to venture rather than chasing growth-at-all-costs and staying on the fundraising treadmill forever.

We unpack some of those thoughts and more in this talk.

Letā€™s get into it.

P.S. Weā€™re sharing our investment memo for Outtake to paying subscribers this Sunday.

If you want to see it + unlock everything else weā€™ve built for paying subs, you can upgrade here.

Bryce Roberts
Founder @ INDIE

  1. On the $100M revenue with sub-10 employees idea

ā€œ$100M in revenue with under 10 employees is the modern generation of foundersā€™ 4-minute mile.ā€

ā€œFounders want to build with people they trustā€”not hire for pedigree or narrative. Theyā€™ve lived the growth-at-all-costs model and know what it costs.ā€

ā€œWeā€™re seeing a massive wave of second and third-time founders who now know what itā€™s like to lose control or be misled by investors. They want different.ā€

  1. Condensing org departments and automating back-office functions

ā€œMidjourney blew my mind. $100M+ revenue with ~20 employees. That kind of compression is now real.ā€

ā€œTime to revenue is shortening. Feedback from paid users is more valuable than most founders realize.ā€

ā€œThereā€™s a 10ā€“20% gap where humanity still matters. Thatā€™s where the value is going to be created.ā€

  1. AI and the shift in team composition

ā€œYou can take on five jobs at once with these tools now. Coders donā€™t want to manage junior devsā€”they want leverage.ā€

ā€œMuch of what used to be specialized work is now table stakes. That elevates the importance of taste and perspective.ā€

  1. Converting attention into equity through creators

ā€œToo many creators just burn brand equity on low-upside stuff. Everyoneā€™s got a tequila brand. The real challenge is leveraging attention in high-value ways.ā€

ā€œMark Sisson from Primal Kitchen is the best example. 20 years of trust-building through niche content turned into a billion-dollar exit.ā€

  1. Seedstrapping and the one-and-done concept

ā€œWe called it ā€˜one and doneā€™ā€”raise early to de-risk, open doors, pay yourself, and then just build.ā€

ā€œThe world used to be binary: bootstrap or raise and blitzscale. We wanted to offer the third path.ā€

ā€œIf founders donā€™t know thatā€™s possible, they default into the game-within-a-game of venture.ā€

  1. Liquidity, secondaries, and evolving fund models

ā€œSecondaries are going to be a bigger part of GP liquidity. We already have Indie portfolio companies doing $100M+ ARR with no additional rounds.ā€

ā€œWeā€™ve held equity without dilution for 7ā€“8 years in some casesā€”and the value just compounds.ā€

  1. Cultural shifts and founder mindset

ā€œFounders are realizing raising a massive round may actually increase their risk of failureā€”not reduce it.ā€

ā€œYouā€™re told to follow a set playbook, say the right things, do it the right wayā€”and end up giving up yourself in the process. Founder mode is about taking that back.ā€

ā€œThereā€™s a unique opportunity to build durable, profitable, trustworthy businessesā€”and thatā€™s now a strategic advantage.ā€

More: indie.vc

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(Founder @ Confluence.VC | GP @ Outlaw)

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