CM Weekly: B2B ACVs, Why ICP are important, Open Source LLMs

Written by Chris McCann , General Partner @ Race Capital . More about me .

??? Interesting Reads

• A primer on how LLMs work technically .?
• An update on the state of open source LLM models. TLDR they aren’t quite up to full ChatGPT level quality, but they are getting close.
• The Apple / Goldman Sachs credit card has 10M+ users .
• 20% of all the VC deals in Q2 2023 were down rounds according to Carta; however, the number of large stage deals is up from the lows.?
• Lessons learned from a founder with a failed startup in the data space. TLDR - Knowing exactly who your customer is (ICP) and having a sharp value prop, is super important.
• Here are some of the top B2B/Enterprise products categorized by their average selling price (ACV). Interestingly, it shows you can create a great startup with a high priced product (Snowflake $175K+ ACV) or low priced product (Figma ~$17K ACV).

?? Startup Jobs

• By Company: Databricks , GoodNotes , Zeet , Polysign , Opaque , Lightning Labs , OtterTune , and more
• By Role: Engineering , Data Science , Product , Design , Operations , Finance , Legal , and more
• By Location: SF Bay Area , New York , London , and Remote

Browse more open roles across our portfolio at Race Capital's Portfolio Job Board .

This newsletter goes out to a wide membership base of founders, technologists, investors, and operators. Feel free to share with others, sign up here: Substack | LinkedIn Newsletter