January 2024 - Resolutions, Playing Games & The Future of Third Level:
To kick off 2024, we dive into the Japanese concept of Ikigai, where third level is failing students and a content corner for the ages.
The Double Nudge: A relatable guide to personal growth
The words in this newsletter are entirely our own, but the insights and ideas have been inspired by others. Our goal is to synthesise the best information we have consumed each month, and relate it to our everyday lives.
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Quote of the Month: “Health lies in action, and so it graces youth. To be busy is the secret of grace, and half the secret of content. Let us ask the gods not for possessions, but for things to do; happiness is in making things rather than in consuming them.” - Will Durant
Our Challenge of the Month - Choosing the Right Game to Play:
In the introduction to my interview on The Entrepreneur Experiment, Gary Fox described me as a “modern entrepreneur” which I found quite interesting.
Given he has interviewed hundreds of entrepreneurs, I understood him to mean that I was different from the classic mould. Is that a good thing for me? Is that a good thing for Bounce?
It got me thinking about the entrepreneur and investor, Naval Ravikant, and his quote “Which games you play is more important than how well you play them”.
When I was 20 years old, I found my passion in building things from an idea. In order for me to continue playing that game for the next 50+ years, I need to build a system that is built for longevity.
From that realisation, I’ve been clear on the type of company I want to build, the type of life I want to live and the type of people I want to be close with. I am intentional in how I sculpt the world around me so that I can continue doing what I love for the rest of my life.
When Gary described me as a “modern entrepreneur”, I initially interpreted it as a negative thing, in that I am not as dedicated or ruthless as successful founders. After reflecting on what game I want to play, I view it as a compliment. The ability to choose the game I play carefully, and then taking action to stay in that game the longest time possible is something I’m proud of.
For anyone facing a similar challenge in their career, in terms of knowing what game you want to play, I recommend using the Ikigai framework (see below) and reading Paul Graham’s essay on ‘How to do Great Work’ as a guide for choosing how to spend your days.
Ikigai is a Japanese concept, meaning ‘a reason for being’, similar to the French ‘raison d’etre’. The term was popularised globally when Héctor Garcia & Francesc Miralles wrote the book which became a guide for a ‘long and happy life’ (not a phrase I particularly like, but one that people seem to connect with).
For me, it provides structure to anyone trying to evaluate where they currently stand within the below chart, what’s important to them in their current stage of life and how they can make changes to ensure they are choosing the right game to play.
For me, having comfort in knowing I’m playing the right game takes pressure off how well I’m playing it, just as Naval said. It becomes me vs. me, which is the personal and professional dynamic I enjoy most.
Our Trend of the Month - Third Level Education Considerations:
The cost of higher-level education has been something that I have given a lot of thought to in recent years. Following my undergrad at Trinity, I was faced with a number of options: start working straight away, pursue an MSc. or look at doing an MBA down the line.
Ultimately, the ROI on deciding to pursue an MSc. or an MBA, is landing a role within a small subset of firms and given the competition for such roles, is a risk.
Rex Woodbury’s 2024 predictions, highlighted the fledgling situation many US students face. Nowadays, outside of Ireland, where there is no state subsidised education, there should be more scrutiny on deciding whether or not to go to university at all.
Looking at the economics of the situation, in my opinion, the consensus view that attending university is the best first career step is now outdated. Instead of going to college, more people should get a trade or some other skilled role and enter the workforce sooner, debt free.
Take the US for instance - student loan debt has ballooned to $1.5Tn since 2008 and far outpaced inflation. The cost of third level education has ballooned since 2000.
Some are coming around to this sobering truth as enrollments have now fallen for 11 straight years.
Only 60% of student loan borrowers with payments due in November made them (here) and now, the internet has levelled the playing field, offering access to an array of information and learning opportunities previously not available.
With the emergence of AI, a recent Goldman Sachs study, found that people believe trade jobs are at less risk of replacement by AI than many professions such as being a lawyer.
Going forward, the cost of education is becoming increasingly unattainable and many would be better off side-stepping the debt burden and challenging a modern social norm.
Start-Up / Founder of the Month - Luminate Medical:
During the Christmas break, I consumed a lot of content and had plenty of time to think, often a dangerous combo for someone who suffers from ‘shiny object’ syndrome when it comes to ideas.
This was a driver of the above ‘Challenge of the Month’ as I reflected on where I stood within the Ikigai framework. What I concluded was that I’m probably not doing something that ‘the world needs’, and I should be aware of that.
To be clear, I love Bounce, I feel I am good at what I do within the team and we’ve gotten it to a position where I can be paid for it. Assuming the most literal comprehension of Ikigiai however, I don’t think the world needs a platform that enables brands to understand consumers better, so they can make informed decisions on how to grow sales from those same consumers.
I’m ok with where I stand within the framework for this time in my life. However, I have deep admiration for those who can find a stronger balance. This feeling was catalysed when I read about Aaron Hannon, Dr Barbara Oliveira & Professor Martin O’Halloran of Luminate Medical, a company developing medical devices to eliminate the side effects of cancer treatment, improving patient outcomes and experiences.
The Galway-based medtech company, and YCombinator alumnus, is one of Ireland’s most promising start-ups and carries one of the most compelling visions I have seen. Since being founded in 2018, their list of accomplishments is staggering.
They have two devices in development, Lily & Lilac. Both devices are based on a novel approach called localised compression therapy, which prevents chemotherapy from targeting healthy, non-cancerous cells in the human body. This prevents side-effects and ensures chemotherapy drugs focus on only the problematic fast-dividing cells and not other ones such as hair, nerves and gastrointestinal lining (reporting from Silicon Republic).
Investment / Fundraise in Focus - New Year Resolutions with Runna:
The start of a new year is synonymous with new goals, aspirations and habits, so this month it’s only right we discuss Runna’s recent £5m fundraise. The Runna app offers personalised running training plans for an affordable monthly subscription.
Often the issue with picking up a new hobby or sport is knowing where and how to start. At times, information overload stops people from developing initial traction and the goal fades away.
This is where Runna comes in and cuts through the noise by taking select data points and creating an actionable plan for aspiring runners. You feed it with data points and it spits out your programme.
The team’s journey to date has been interesting for a number of reasons:
The Importance of Crowdfunding: Runna initially raised a £650,000 pre-seed round via crowdcube for their v1 selling bespoke PDF training plans. This shows the importance of crowdfunding to raise capital for early stage businesses. At that stage, perhaps some funds had doubts the company could generate venture scale returns, showing how accessing retail investors can bide a team time allowing it to iterate and improve their product.
Partnerships: The running ecosystem is rather small and integrated with many run clubs centred around the community. Runna has made great strides by partnering with Hoka, LimeLight Sports Club and RunThrough giving them access to 150,000 runners. Similarly, the team has sponsored many local races and ensured the app simply syncs with popular running watches such as Apple, COROS and Garmin for ease of use. It is safe to say, the founders know their market.
High-Profile Angels: by getting the likes of Joshua Patterson (ex-Made in Chelsea star and ultra-athlete) Stephanie Davis (British Olympic marathon runner) Greg O’Shea (love Island winner and Irish 7s Olympian), the firm has amplified its reach, leveraging these personal brands to tap into a wider pool of potential customers.
Personally, running has been an incredible outlet from work, acting as a super efficient means of exercise. There is no set time or venue commitments, one can simply just start running.
It is great to see such a product gather traction globally. Hopefully, Runna can continue to assist many more runners with their training structure and take on more ambitious goals in 2024.
Content Corner:
Milei’s Speech at Davos: As written about last month, the new Argentinian delivered a speech at Davos that has caught the attention of many. Here it is, translated into English using HeyGen’s translation technology, a fascinating use case for AI for what might be a speech remembered for some time.
Sahil Bloom’s Best Ideas & Newsletters of 2023: Always worth a read, check it out here and here.
How Jeff Bezos Made Decisions at Amazon: Here is a powerful framework by Bezos on how leaders should make decisions
The Paradox of Prudence by David McWilliams: In this podcast, the Dublin economist discussed how Ireland need to spend more money while they have the surplus to improve our infrastructure and create a thriving economy with increasing immigration.
Enterprise Ireland is Europe’s Most Active Venture Investor: In 2023, the Irish government agency invested in 145 deals at a median value of €1M and achieved 17 exits - more evidence of why Ireland is a great place to launch a start-up!
Des Traynor’s Most Important Advice for Founders: A more detailed explanation of why not forgetting to launch is the most important piece of advice the Intercom founder gives to early-stage companies.
17 Lessons from Sam Altman: What the OpenAI founder wishes someone had told him when he started - simple, concise and excellent advice here.
Top 20 Business & Investing Podcast Episodes of 2023: For anyone looking for some long-form audio content in January, here’s a great playlist made by Rahul Mathur.
Democracy in Overdrive: Elections are scheduled to occur in more than 30 democracies in 2024 including the three largest — the US, India and Indonesia. In all, 46 per cent of the global population will have an opportunity to vote, the largest share since 1800 when such records first began. Check out the Financial Times article here and the Guardian article here.
Cuba Authorises Euthanasia: Cuba became the second country in Latin America and the Caribbean to authorise euthanasia, following Colombia here.
Thought Provoking Graphics:
High-speed rail network in China: 2008 vs. 2020
If you’re in the 95th percentile of fitness ≈ being 30 years younger (Source: Jayson Gifford)
Meme Corner:
