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- š¶ Bryce Roberts (Founder @ INDIE) on efficiency, the pursuit of revenue-per-employee, and escaping the venture rat race
š¶ 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 š
Today weāre 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 Iāve 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.
Letās get into it.
P.S. Weāre sharing our investment memo for Outtake to paying subscribers this Sunday.
If you want to see it + unlock everything else weāve built for paying subs, you can upgrade here.
Bryce Roberts
Founder @ INDIE
On the $100M revenue with sub-10 employees idea
ā$100M in revenue with under 10 employees is the modern generation of foundersā 4-minute mile.ā
āFounders want to build with people they trustānot hire for pedigree or narrative. Theyāve lived the growth-at-all-costs model and know what it costs.ā
āWeāre seeing a massive wave of second and third-time founders who now know what itās like to lose control or be misled by investors. They want different.ā
Condensing org departments and automating back-office functions
āMidjourney blew my mind. $100M+ revenue with ~20 employees. That kind of compression is now real.ā
āTime to revenue is shortening. Feedback from paid users is more valuable than most founders realize.ā
āThereās a 10ā20% gap where humanity still matters. Thatās where the value is going to be created.ā
AI and the shift in team composition
āYou can take on five jobs at once with these tools now. Coders donāt want to manage junior devsāthey want leverage.ā
āMuch of what used to be specialized work is now table stakes. That elevates the importance of taste and perspective.ā
Converting attention into equity through creators
āToo many creators just burn brand equity on low-upside stuff. Everyoneās got a tequila brand. The real challenge is leveraging attention in high-value ways.ā
āMark Sisson from Primal Kitchen is the best example. 20 years of trust-building through niche content turned into a billion-dollar exit.ā
Seedstrapping and the one-and-done concept
āWe called it āone and doneāāraise early to de-risk, open doors, pay yourself, and then just build.ā
āThe world used to be binary: bootstrap or raise and blitzscale. We wanted to offer the third path.ā
āIf founders donāt know thatās possible, they default into the game-within-a-game of venture.ā
Liquidity, secondaries, and evolving fund models
āSecondaries are going to be a bigger part of GP liquidity. We already have Indie portfolio companies doing $100M+ ARR with no additional rounds.ā
āWeāve held equity without dilution for 7ā8 years in some casesāand the value just compounds.ā
Cultural shifts and founder mindset
āFounders are realizing raising a massive round may actually increase their risk of failureānot reduce it.ā
āYouāre told to follow a set playbook, say the right things, do it the right wayāand end up giving up yourself in the process. Founder mode is about taking that back.ā
āThereās a unique opportunity to build durable, profitable, trustworthy businessesāand thatās now a strategic advantage.ā
More: indie.vc
TWEET
Spoke with @bryce the other week about:
- 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
- How seedstrapping changes venture mathā Clay Norris (@ClayNorris10)
2:42 PM ā¢ Apr 8, 2025
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(Founder @ Confluence.VC | GP @ Outlaw)
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