Remo Uherek

Will I buy the new AirPods? The short answer is: No. Should you buy the new AirPods? The short answer is: Yes. (If you don’t own any yet.)

I bought my AirPods exactly two years ago. To be honest, I was reluctant to buy them. I have been pretty happy with my regular headphones, and was used to the daily untangling ritual. Also, another device you need to charge. And another item in your pocket. Really?

Then I kept reading/hearing positive reviews about them. Most people were surprised how good they were, and recommended the purchase.

So I took the plunge. Today, I can confidently say: It was one of the best sub-$200 purchases I have done in the past two years. I use them every day.

Also, I don’t feel weird anymore. In the first few months, not many people had them, so I stood out. These days, you see them everywhere. But still, I’m surprised how many iPhone users I know that don’t have them yet.

That’s why I’m writing this post, to promote a great product. By the way, dear entrepreneurs, this is what true product/market fit looks like: people can’t stop talking about your product.

Why I love AirPods:

• No cord untangling anymore (!)
• You can charge your phone while moving freely around the apartment, listening to something
• The charging case provides 24 hours of battery life, and it’s always with me
• It’s much more convenient to listen to audio while walking/hiking, on a bicycle, while brushing teeth, or shaving (yes, I do all of that)
• When I’m on a long call and my AirPods are about to get empty, I can simply charge them one AirPod at a time, without an interruption to the call and usually without the other party even noticing it
• Answering a phone by double-tapping an AirPod feels really cool

By now, you should have learned that audio is “titanically important“. Therefore, I highly recommend that you get your pair of AirPods (or some equivalent high-quality wireless headphones, if you don’t have an iPhone). You won’t be disappointed.

Want to see the new AirPods in action? Here’s a video review by Marques Brownlee.

I am a huge believer in audio. These days, more than ever.

I started listening to audiobooks 11 years ago, inspired by a friend (thank you, Rouven!). I had a portable MP3 player. First, I had to buy or lend a CD, then convert the CD into MP3, and then load them onto the device. The device would not remember my audio position, so I would keep a note on my phone with the last track I completed. It was cumbersome, but I loved it. I would listen to books on my commute or while walking around. A whole new world opened up to me.

Fast forward to today. Each smartphone is a high-end audio player. You can subscribe to things, and they are automatically downloaded onto your device. Or you simply purchase and download them digitally. How cool is that?

I agree with Marc Andreessen that audio will be (and already is) “titanically important“. For me, audio is the most important medium. I listen to 2 to 8 hours of audio per day. Books, Podcasts, YouTube videos, text-to-speech, everything.

Text is great. I love writing and reading. But I have to admit: audio is more convenient. It can be better integrated into your daily life. Personally, I have the capacity to consume much more audio than text.

I think it’s time for everyone to start thinking about audio. Personally, my audio production skills are pretty underdeveloped, so I have a natural reluctance. It’s a completely new area of expertise. Of course, it’s not exactly rocket science, but it’s something you need to learn and master.

I’m starting to think about it myself. This episode was great food for thought. It doesn’t need to be a podcast, though. It could simply be what Switzerland’s daily newspaper NZZ or Pocket is doing: offering a text-to-speech button.

Also, I found it important what Daniel Sennheiser, CEO of Sennheiser, said during his recent talk. You need to focus on your core competences (where you have an edge), and outsource or find partners for everything else. For most of us, audio is probably not our core competence. However, it should be pretty easy to find some talented freelancers on Upwork to help you with that.

Another thing I learned from Daniel Sennheiser is that smartphones are very good at video, but pretty shitty at audio. So you definitely need an external microphone. Personally, I have bought the Blue Yeti USB Microphone and have been very happy with it. It offers great value for money. Now, I only need to use it more often to bring my cost per use down…

Do you want to spend less money than you earn, so you can save more, invest more, and ultimately achieve financial freedom?

Then I suggest you pay attention to the Cost per Use Principle:

For each material possession (especially the most expensive ones), calculate and minimize your cost per use.

Crave a swimming pool? Then interview someone who owns a pool and calculate his cost per use. It could be twenty dollars per swim.

Want to go on vacation with an RV? Then calculate the cost per night and compare it with a regular rental car in combination with hotels/motels/bungalows. The RV rental alone can easily be 100-150 EUR per day. Gas, campsite fees, parking, and additional public transportation not included. A regular rental car costs 20-25 EUR per day, with much less gas expenses. That leaves 75-130 EUR per night for the accommodation and parking. I love renting RVs myself, but you just have to be aware that more often than not, it’s the more expensive option.

Want to buy a Tesla with the largest battery pack and performance package? Compare the cost per kilometer with a smaller battery and regular performance. And then compare it with a pre-owned one. I talked to people who ended up paying more than $2 per kilometer ($3.22 per mile). So if I ever would buy a Tesla (I almost did), I’d do a careful calculation and try to bring my cost per kilometer down as much as possible.

Do your parents own a vacation home? You’d be surprised how much they pay per night if they don’t use it often. For the same money, they could often stay at 4 or 5 star hotels, and not always go to the same place.

I am aware that this is a purely financial perspective. You might want to consider convenience, quality of life, potential appreciation of assets, potential rental income, and other factors that are important to you.

Even more important than that is to make sure to consider the total and true cost of ownership of anything you own. Including maintenance, insurance, storage, opportunity cost of invested capital, your own time, people you need to hire, hassles/headaches, and all other directly and indirectly related expenses.

Of course, the most efficient cost per use is zero. This is achieved by either getting your things for free, or not buying them at all. Here are some hacks:

Hack #1: Instead of buying something, put it on your wishlist and wait for 48 hours. Often, your purchase impulse fades away. Example: Last year, I considered buying an electric moped. I ended up not buying it, and am using my bicycle (in combination with mobility-as-a-service options) ever since.

Hack #2: Force yourself to sell or give away one item before you are allowed to purchase another. Advanced: Give away two or more for each new one.

Hack #3: Make it a habit to buy things used. Example: I recently needed more teaspoons, so I went to a thrift store and bought some for a fraction of the price at IKEA.

Last year, I increased my iPhone cycle from 2 to 3 years, bringing my cost per day down by 33%. If I increase it to 3.5 years, 6 months after the introduction of a new model, I’d be able to buy it second-hand, decreasing my cost per use even further.

This is a powerful principle, and I hope that it will serve you as well as it did me.

[Hat tip to Mr. Money Mustache]

My main motivation for going to START Summit 2019 was to meet old friends and acquaintances from the St. Gallen area, but also to learn from the talks. I was positively surprised. It ended up to be one of the best and most innovative tech/startup conferences I have ever attended. Check out the opening video as one of the details they nailed.

Here are my key takeaways:

#1: The University of St. Gallen (HSG) has a palpable entrepreneurship vibe. This event has been 100% student organized by 60 students. They had support of HSG’s Dean and the St. Gallen Mayor, both of whom came to the opening. I loved my time at the University of Basel, but looking back, I really missed the entrepreneurship vibe I felt in St. Gallen!

#2: St. Gallen wants to become the hub for eSports, similar to how Zug became the “Crypto Valley”. They started the initiative “Digital Sports Hub Switzerland” to push this forward. (Learned from the Mayor of St. Gallen.)

#3: There is no such thing as an “AI startup”. It always needs to be “AI plus x”, i.e. AI applied to a specific thing. AI itself is not a product, it’s a technology, similar to electricity. (Learned from Richard Socher, Chief Scientist at Salesforce.)

#4: How to build an AI startup: (1) Pick a very specific niche/problem. (2) Collect as much structured data as possible in this niche. (3) Create specialized algorithms that create value. (Learned from Richard Socher, Chief Scientist at Salesforce.)

#5: Ask yourself regularly: “Where can I have the biggest impact, given my personal skills and resources?”. I have added this question to my quarterly life review. (Learned from Richard Socher, Chief Scientist at Salesforce.)

#6: “Essentialism” is a better term than “Minimalism”. It’s not about the number of possessions, but how essential/important they are to you. (Learned from Cédric Waldburger, Entrepreneur and Essentialist.)

#7: Quick tips on how to start with essentialism: (1) For everything you add/buy, remove/give away one thing. (2) Put things you haven’t used in the past 90 days in a box. Then wait another 90 days to see whether you go back those things. If not, give away the box. This battles your loss aversion and the instinct of “I might need this one day”. (Learned from Cédric Waldburger, Entrepreneur and Essentialist.)

#8: “As an investor, it’s important to cut your losses. As an entrepreneur, it’s important to keep going. So there is a difference in mindset.” (Learned from Daniel Aegerter, Investor and Entrepreneur.)

#9: Dragon = a company that returns >1x the whole fund (compared to Unicorn = Startup valued at >$1 billion.) Recent European dragons were Spotify, Adyen, Supercell, Delivery Hero, Just Eat. (Learned from Nenad Marovac, Investor.)

#10: Logitech transformed itself from a PC peripherals company to a Cloud peripherals company. Now multi-brand, multi-category. Vision: Become a Nestlé or Unilever type company. (Learned from Bracken Darrell, CEO Logitech.)

#11: Best team size is a team of 2. Reason: You only have 1 relationship to manage. Team size of 3 = 3 relationships. Team size of 16 = 120 pairs of relationships. That’s why Jeff Bezos at Amazon focuses on very small teams (“two pizza teams”). (Learned from Bracken Darrell, CEO Logitech.)

#12: Large organizations have only one advantage: scale and resources. But one huge disadvantage: complexity and bureaucracy. Startups have the advantage of small teams and less pairs of relationships. That’s why startups can move much faster than the big guys. (Learned from Bracken Darrell, CEO Logitech.)

#13: Logitech CEO has 25 direct reports. This is a wonderful number. As he cannot micromanage them all (because they are too many), he needs to give them responsibility, so they can work autonomously. It’s not a 25 people team either (with 300 individual relationships). It’s 25 single pairs, i.e. 25 subsets of two people. This is manageable. (Learned from Bracken Darrell, CEO Logitech.) [Want to know how to calculate the number of relationships for a given number of people? I did. Here is formula with n representing the number of people: (n*(n-1))/2 e.g. for 25 people it’s (25*24)/2 = 300 pairs of relationships]

#14: Give each new employee this task: “after 30/60/90 days send me a note with things that are broken. What obviously broken/ineffective/inefficient things can we improve?” (Principle: Fish don’t notice water anymore). Logitech CEO meets with each new employee and gives her/him this task. They have implemented many suggestions already. (Learned from Bracken Darrell, CEO Logitech.)

#15: Logitech sees itself as a design company. Why did Bracken Darrell join Logitech as CEO? Because he wanted to be part of a design company.

#16: Pick a very specific niche. How did Scalable Capital (soon €2 billion assets under management) get started? They focused on a very particular target group. Super exclusive. Focused on people with a university degree in business or computer science (i.e. people with a high degree of numbers literacy.). (Learned from Erik Podzuweit, Founder of Scalable Capital.)

#17: California Privacy Act 2018 (CCPA) is coming. It’s similar to GDPR, i.e. everyone who has users in California needs to comply. (Learned from Lisa Gradow, Co-Founder of Usercentrics, a Consent Management Platform).

#18: Privacy = freedom from unauthorized intrusion. Cyber Security = measures taken to protect a computer against unauthorized access or attack. (Learned from Lisa Gradow, Co-Founder of Usercentrics).

#19: Archlet.io won the startup pitching competition. They use machine learning algorithms to make value chains more efficient. They implemented one project so far, and achieved cost savings of 3% for the client.

#20: A great business model for hackers is to become ethical hackers and sell their know-how to companies. Edwin van Andel (Hacker & CEO of Zerocopter) believes that 60% of all hackers could be converted to ethical hackers, applying responsible disclosure principles.

#21: How to fix your security issues? Apply the Security Knowledge Framework. (Learned from Edwin van Andel, Hacker & CEO of Zerocopter.)

#22: “There is no way to happiness. Happiness is the way.” — Buddha (Learned from Daniel Graf, Uber Advisor.)

#23: Kilian Wagner, Co-Founder of VIU Eyewear won the HSG Founder of the Year 2019 award. The other nominees were the founders of Avrios, FELFEL and Globegarden.

#24: N26’s first product was “pre-paid cards for teenagers”. They spent all money, it didn’t work, then pivoted to the current product. (Learned from Valentin Stalf, Co-Founder N26.)

#25: Most of N26 customer service is done via chat. Their new chatbot reduced 20% of customer service requests. (Learned from Valentin Stalf, Co-Founder N26.)

#26: In the real estate space, a lot of digital low handing fruits are still available, e.g. remote signing of contracts with DocuSign. Lot’s of other innovation/disruption potential in this industry! (Learned from Dustin Figge, Founder von Homelike.)

#27: Don’t underestimate the power of mentors. Look for somebody with the same values, who is 10-15 years ahead of you. Don’t do it half hearted. Create a project and systematically reach out to specific mentors! #mentors That’s what I will implement, to find 1-2 additional mentors.

#28: Sennheiser, a 3rd generation family business, was founded in 1945; born out of necessity (needed food for his family, founder was scientist before); started with voltmeters, microphones; today 3000 employees (50% in Germany, still near the farmhouse where the company started); invented the first headphones in 1968; built a new innovation campus; CEO is here in St. Gallen to see what is going on, to not become complacent; the big opportunity is to create audio solutions for iphone/ipad. Video of those devices is great, audio still shitty. (Learned from Daniel Sennheiser, CEO of Sennheiser.)

#29: Audio & video are the future (Podcasts, YouTube videos etc.). If you are not good at it, then hire freelancers to help you! Lack of action is not an option.

#30: “Only do what only you can do.” Always ask yourself: Where is my edge? Then 100% focus on this area. All other things: Outsource them, find partners, or don’t them at all. (Learned from Daniel Sennheiser, CEO of Sennheiser.)

#31: Freigeist Capital investment criteria: How big is the market? Is the team right? Can this have a huge impact? Traditional KPI’s are not important (cashflow etc.). (Learned from Frank Thelen, CEO at Freigeist Capital.)

Conclusion:
If you are interested in the Swiss and European innovation and entrepreneurship scene, you should definitely consider adding START Summit to your schedule in 2020! I will be back for sure. 

Related links:
– My Photos (many pics of slides!)
– My Tweet summary
– My LinkedIn summary

Every morning, I answer the question “What is important to me?” One of the answers is “Be useful”.

Benjamin Franklin has been teaching it 300 years ago. Charlie Munger is teaching it today.

The idea is simple:

Be a useful member of society.

Remember Charlie Munger’s Three Basic Rules: Don’t sell things you wouldn’t buy yourself. This alone would solve many problems of society.

Benjamin Franklin always tried to be useful. He started one of the first public subscription libraries. A volunteer fire department. He owned a newspaper. Published useful books. He started the American Philosophical Society, still existing today. And so many other things.

If we could all be a little more like Ben Franklin, the world would be a better place.

Earning money and making a profit are important. But more important is to always ask yourself: Is what I’m doing useful? How can I be more useful? How can I be of service to humanity?

One way I try to be useful is this blog. I try to share everything I learn, and making a tiny contribution to the improvement of humanity. May you find it helpful.

1. Don‘t sell anything you wouldn‘t buy yourself.
2. Don‘t work for anyone you don‘t respect and admire.
3. Work only with people you enjoy.

If we could all apply these a little more often, the world would be a better place.

(Learned from Poor Charlie’s Almanack.)

I have been using Twitter for 12 years and I love it more than ever.

For me, Twitter is not a social network. It’s an interest community. An idea network. More like a protocol. A global conversation protocol.

Twitter the business

I have trouble viewing Twitter as a regular tech company. Of course, I want Twitter the company to be sustainable and profitable. But, Twitter has a history of not being very good at monetization. It looks like this has improved, as Twitter has been profitable for the past 5 quarters.

I might be mistaken (and I hope that I am), but I don’t believe Twitter will ever find a similarly strong business model as Google or Facebook. So while I couldn’t be more excited about Twitter the product, I am not similarly excited about Twitter the business.

The role of Twitter in society

I believe Twitter plays a different role. More one of a protocol and public utility. Twitter enables real-time global conversation, and it does it better than any other tool. Well, not fully global, as Twitter is currently blocked in China, which might never be resolved. But this is a different story.

A decentralized future?

Jack Dorsey, the CEO of Twitter, is also the CEO of Square, a mobile payments company. Both Jack and Square have been experimenting with and supporting Bitcoin for several years.

I have a strong conviction that the world is moving towards decentralization and privacy. Bitcoin and other cryptocurrencies are an important catalyst for that. So how could Twitter look like in a decentralized, censorship-resistant world?

It could be similar to Steemit. The central database would be decentralized on a distributed ledger. Created content could not be controlled or censored. It only could be moderated in a limited way on the client layer. There would be multiple clients and user-experiences.

Without a central database, the current business model would be heavily disrupted. There would be no data licensing. And advertising would be harder, as there would be multiple clients.

Conclusion

Is that the future of Twitter? I don’t know. What I do know is that I love Twitter and the work of Jack Dorsey, and I will be watching and continue to cheer from the sidelines.

—

This post has been inspired by the recent podcast episodes with Jack Dorsey, which allowed me to take a deep dive:

– Jack Dorsey on Roe Rogan Experience
– Jack Dorsey on Sam Harris
– Jack Dorsey on Tales from the Crypt
– Jack Dorsey on Stephan Livera

Recently I stumbled upon this video that made me rethink and improve my push-up game.

Here’s the checklist:

Mistake #1: Not applying Full Range of Motion
Solution: Get all the way down (chest touches the floor), and all the way up. Don’t just do half push-ups like most people. Do full ones!

Mistake #2: Flaring your elbows out too wide
Solution: Tuck your elbows in as close to the body as possible.

Mistake #3: Not keeping a straight spine
Solution: Keep a proper and firm plank position.

Mistake #4: Going too fast
Solution: Go slow and do each repetition properly.

Mistake #5: Not breathing properly
Solution: Breathe in through your nose as you go down. As you go up, breathe out in a steady stream through your mouth.

Mistake #6: Not progressing with the movement
Solution: When you can’t do full push-ups yet, do them on your knees, but still applying all things above (especially, keeping a straight posture). When regular push-ups stop being hard, you can do weighted ones (e.g. putting a weight plate on your back) or plyo pushups (e.g. clapping your hands in between reps) or one-handed ones.

Watch the full demonstration video here.

Prolonged sitting increases the risk of multiple health conditions. Sitting is so normal for us that we seldom question it. I know I don’t.

I believe it’s useful to increase awareness and help battle our cultural sitting obsession. Here are some ideas:

Read while standing
I’ve recently started to read in a standing position. And I quite like it. I just put the book (or iPad) on a cleared shelf and read. Why haven’t I thought of this sooner?

Move every hour
Research has shown that moving 2–3 minutes at regular intervals lessens the harmful effects of inactivity. My Oura Ring sends me a push notification each hour if I don’t move. I receive many of those notifications! (Which has increased my awareness of this problem.)

Get a standing or treadmill desk
You can get a standing or even a treadmill desk. I’ve never used one, but I’d love to try it.

Take a walk with an audiobook
This is one of my favorite activities. You are outside, you move, and you learn.

Do a 7 minute workout in the morning
Most of us don’t move enough. There is no excuse for not doing a 4 min Tabata or 7 minute workout in the morning. You can do it anywhere, even in your underwear…

Earn your play time
Love to play an occasional game or surf social media? Then earn it! Do a set of squats, pushups or burpees before you are allowed to indulge. Recently, I got addicted to a new game, and after each 5-10 min round I did a set. “Getting fit by gaming”, it’s a whole new mindset. It felt pretty awesome.

Have other ideas? Let me know on Twitter.

My own experience shows that sponsoring podcasts can be very effective in driving awareness and sales. I have bought many things triggered by podcast ads, including supplements, clothing and even a new mattress.

Here are the success factors that made those sales happen:

A trusted host
Podcasts are very personal, and loyal listeners spend countless hours listening to their favorite hosts. I would only work with hosts that have earned a high level of personal connection and trust with its audience.

Let the host read the ads
When the host reads the ads, they feel much less intrusive and may even be perceived as useful information. Bonus points if the host ads his own twist to the ad text.

A product loved by the host
The absolute best conversion rate can be achieved when the host uses and loves your product, and includes his own experience/testimonial into the ad text. Most of my own purchases have been triggered by this factor.

A juicy coupon code
This serves two purposes. The consumer has a powerful call to action, and the advertiser can measure the effectiveness of the campaign.

A separate landing page
Sometimes, the company creates a unique landing page, e.g. yourproduct.com/john if the host goes by the name John. This can increase the conversion rate, because a testimonial or special promotion can be added.

Repeat the call to action
The call to action and URL should be repeated multiple times.

Frequency is key
It can take a long time for people to get the message. That is what frequency is for. Don’t book just one or two placements. Book 8, or 24 or 52 placements, spread out over a long period of time. Don’t stop when you or your employees are tired of hearing the ads. Consumers need regular reminders, even if they have purchased from you before. If you want repeat purchases, don’t stop the campaign.

Consider Media for Equity
Some entrepreneurs form a joint venture with podcast hosts. In such a deal, the podcast host gets a share of the business in return for its audience and influence. One such example is Onnit which has partnered with Joe Rogan.