Oura just filed their S-1. Some notes: - $1.21B revenue in the 9 months to June, +74% y/y - Hardware was 80% of revenue, membership 20% (growing +121% y/y) - 5M paid members up 2x y/y - 55% blended gross margins and $60.8M net income - Members wear the ring a median of ~23 hours a day - 65% DAU/MAU and ~85% 12-month retention - 72% of members are women

We're very excited to announce that I'm hosting an IPO Party on September 29th in NYC. We'll be raffling off banker vests, Jersey Mikes merch, an Oura Ring and more. We've printed famous s-1s on napkins. We have a replica of the bell you can ring and more. Dm me for the luma link.

Get a C-corp with Rho in under 5 minutes. Need incorporation? Link below.

6 million new U.S. businesses launched last year. Today, we're launching Rho Incorporation to 10x that number. In as little as ten minutes, you can incorporate your business and open a @rhobusiness account in the same tab, so you don't get caught like Erik did with the Sharks. Congrats to the product squad for getting this in front of customers quickly, and to our amazing partners at @SoxtonAI. C-corps available now. LLC support shipping in a few weeks. Try Rho Incorporation out today - we'd love your feedback.

Recent Wachtell defections cut to the debate roiling the legal industry about what law firms should look like in the future. 🔗 on.wsj.com/3Uaw74E

Peter Thiel lasted seven months and three days at a top New York law firm before walking out. A decade later he wrote Facebook's first outside check, $500,000 for just over 10% of the company. This is him on the door that was never locked: "I was sort of a hyper-tracked kid. In my 8th grade junior high school yearbook, my friends wrote in, I know you'll get into Stanford in four years. Went to Stanford four years later, end of high school, went to Stanford Law School, ended up at a big law firm in New York where from the outside everybody wanted to get in, on the inside everybody wanted to leave." "I left after seven months and three days. One of the people down the hall from me told me, it's really reassuring to see you leave Peter, I had no idea that it was possible to escape from Alcatraz. Which of course all you had to do was go out the front door and not come back." Nobody was holding them there. they had all just agreed the door was locked. "So much of people's identities got wrapped up in winning these competitions that they somehow lost sight of what was important, what was valuable." "Competition does make you better at whatever it is that you're competing on, because when you're competing you're comparing yourself with the people around you, you're figuring out how do I beat the people next to me." "And you will get better at that thing. But it often comes at this tremendous price, that you stopped asking some bigger questions about what's truly important and truly valuable." He closes the lecture on this. "Don't always go through the tiny little door that everyone's trying to rush through. Maybe go around the corner and go through the vast gate that no one's taking." Bookmark & watch ↓

best time to start a company.

It's a matter of time before Harvey/Legora start providing legal services directly and use their tech to take on their current client base. Tech companies and law firms are converging. Law firms are seeing the writing on the wall. Kirkland is developing their own technology. Other law firms are switching to Claude Enterprise to avoid giving Harvey/Legora proprietary knowledge of their workflows. The valuations of Harvey/Legora (11b/5.6b) are surpassing the total addressable market for legal software. The tech world is excited about the services market for a reason. The legal services market is enormous (3trillion) and AI is allowing for it to be disrupted in a meaningful way for the first time. K&E's move here should be a signal to all lawyers about what is going to happen to big law in the future.

Kirkland & Ellis to spend $500mn building its own AI technology ft.trib.al/O9ZtQPY

The speed of equity funding rounds are doing a disservice to founders. Seeing so many founders agree terms for rounds at $3M in ARR and 4 weeks by the time legals are done, their ARR is at $15-$20M. The speed of company progression is outpacing legal completion.

Yes. Louis indicates having taste and self ridicule. Getting Gabriel would have been too tryhard, and equally entertaining!