Seksom Suriyapa was seemingly destined to land at a enterprise agency. A Stanford Regulation graduate, he labored at two blue-chip funding banks earlier than becoming a member of the cybersecurity firm McAfee as a senior corp dev worker, later logging six years on the human sources software program firm SuccessFactors and, in 2018, touchdown at Twitter, the place he headed up its 12-person company growth workforce till June.
The larger shock is that Suriyapa — who simply joined the L.A.-based enterprise agency Upfront Ventures — didn’t make the leap sooner. “The catalyst was discovering a agency that felt like the precise proper match for me,” says Suriyapa.
We talked earlier in the present day with Suriyapa — who lives and can stay within the Bay Space — about his new position at Upfront, the place he shall be main its increasing growth-stage apply with agency founder Yves Sisteron.
He additionally make clear how Twitter — which has been on a little bit of buying spree — thinks about acquisitions today. Our chat has been edited flippantly for size.
TC: How did you wind up becoming a member of Upfront?
SS: [Longtime partner] Mark Suster and I have been launched via a mutual enterprise acquaintance within the enterprise world, and I bought to know him over a time period and actually got here to seek out him to be a outstanding particular person. He’s considerate in regards to the enterprise itself, he’s an unimaginable model builder. I feel you could possibly argue that [Upfront] put L.A. on the enterprise map.
TC: It was additionally, for a very long time, an early-stage agency, however now it has a ‘barbell’ technique. Is your new job to ensure it may possibly keep its stake in its portfolio corporations as they develop? Are you able to store exterior of that portfolio?
SS: The mission for me shall be supporting the very best of Upfront’s hundred-plus present portfolio corporations which are poised to scale, and in addition to spend money on corporations not forex on the platform, and I anticipate [the latter] will occur increasingly more over time.
TC: Twitter was much more energetic on the corp dev entrance throughout the years once you have been there. Why?
SS: When i joined in 2018, Jack Dorsey had been CEO for about three years, and actually his focus was on the core mission of driving the general public dialog, and in doing that, Twitter shrunk itself out of lots of companies and [shrunk] folks sensible as nicely.
TC: I keep in mind it laid people off in 2016.
SS: And one of many offshoots of that was method much less in the way in which of newer merchandise, so there have been no new acquisitions within the three years previous to me becoming a member of, and that muscle atrophies for those who don’t train it. So [ahead of me] Jack had reworked the administration workforce, which had been, comparatively talking, a revolving door of executives till that time, and I used to be introduced in with a particular mandate of reviving a company growth apply that had been quiet for a number of years. I’d identified [CFO] Ned Segal when he was a banker at Goldman Sachs and [while] I used to be at SuccessFactors, so after I heard in regards to the position via the grapevine, I reached out.
TC: And Twitter begins procuring, shopping for up the information reader service Scroll, the publication platform Revue. Have been these choices coming down from the highest or vice versa?
SS: The easiest way to explain it will be that it was product-need pushed. The corporate had a number of completely different aims. One was to diversify Twitter from its dependency on being an ad-driven enterprise. One thing like 80% of income comes from adverts.
Second, there’s an unimaginable must ramp up its machine studying and synthetic intelligence as an organization. In the event you’re on the lookout for toxicity in dialog, it’s not scalable to rent tens of hundreds of individuals to do this. You want machine studying to seek out it. Twitter completed nicely can be capable of present you the conversations which are most attention-grabbing to you, and to do this, it has to take alerts from what you observe and spend time studying and what you work together with, and that, at its core, is ML AI. [Relatedly] Jack has a imaginative and prescient that anyone who tweets in no matter their native tongue is ought to be capable to speak with another person of their native tongue as a part of a worldwide dialog, and to do this, you want [natural language processing] strategies galore.
TC: There’s additionally this concentrate on shopper functions.
SS: That’s the third goal. What are the instruments that followers and creators can use in dialog with one another? So [Twitter] added audio [via its Clubhouse rival Spaces]. We purchased Revue, which is a competitor to Substack. So there’s lots of innovation occurring round the kind of content material that somebody ought to anticipate to see or create on Twitter.
TC: Would you describe these acquisitions as proactive or reactive?
SS: From the skin it will appear reactive, however the actuality is we’d been considering so much about one thing like Areas even earlier than Clubhouse took off. I feel what’s noticeable to me is [Spaces] is likely one of the first instances you’ve seen an organization like Twitter construct up a functionality and a brand new product space that’s going head-to-head going towards an organization that’s targeted solely on that realm, and it’s aggressive from day one. Twitter beat Clubhouse in [offering an] Android model as a result of it poured sources into it, and I’d argue that lots of the mechanics of Twitter and the truth that creators are on Twitter places it in an superior spot to win this section.
Twitter additionally simply has an enormous quantity of experience to find toxicity and stuff you wish to be cautious of once you’re a social media play, and an organization of Clubhouse’s dimension, no less than in its preliminary days, can have a tough time getting there.
TC: Twitter has so many pursuits, together with round cryptocurrencies and decentralization.
SS: When it comes to priorities at Twitter, so much is beneath wraps by way of the applied sciences that we anticipate [will rise up over] the following 5 to 10 years, however [a lot of thought is being given to] the influence of cryptocurrency and the underlying protocols round it and the way Twitter participates in a trustless, permissionless [world] the place there’s a decentralized web that may shield folks’s privateness and permit folks to not fear the place their content material is saved. Individuals consider Twitter as a shopper app however there’s wonderful and appreciable variety beneath the hood.
TC: Do you suppose due to the present regulatory surroundings that it has a greater shot at working with corporations and initiatives that may have gotten snapped up by Fb and Google?
When it comes to the regulatory surroundings, the truth is that even for those who take the Facebooks and Googles out of the equation, there are acquirers which are aggressive that may step up and purchase issues, so it’s a bit of short-sighted to think about simply these two. However even once they have been energetic, we have been profitable [deals]. Loads of the businesses we acquired self-selected to be at Twitter as a result of they like what it stands for, they like the way in which that Jack Dorsey leads the group, and so they consider within the stands that he takes and the positions that he and his management espouse.
TC: You’re now representing a really completely different model. How will your work at Twitter allow you to compete for offers on behalf of Upfront?
SS: I’ve this community of unimaginable entrepreneurs world wide due to corporations throughout my profession that I’ve helped purchase or tried to accumulate or who’re working companies; I additionally [have relationships with] VCs at completely different phases who actively spot companies world wide [and introduce them to corp dev teams]. You may also know that Twitter has a variety and inclusion program the place they intend to have 25% of management be various over the following a number of years, so my workforce was typically concerned to find the very best methods to seek out various targets to purchase. I additionally led a collection of LP investments into newly rising funds, some LatinX-founded, some women-founded, some Black-founded, some that have been various from a geographic standpoint which are scouting corporations in faraway locations . . .
TC: Does Twitter additionally make direct investments?
SS: We did direct investments however [backing fund managers] is a extra leveraged strategy. Most of them are seed funds and so they’ll in flip spend money on 30 to 60 corporations every. However sure, I scouted corporations in faraway locations, together with [India’s] ShareChat the place I served on the board for 2 years. [Editor’s note: TechCrunch reported earlier this year that Twitter explored buying ShareChat at an earlier point; the company has since raised numerous rounds of funding and was most recently valued by its investors at nearly $3 billion.]
TC: You will have lots of relationships, however it will nonetheless appear actually arduous to compete for growth-stage offers when so many different outfits at the moment are investing there, too. How do you intend to compete?
SS: I’ll clearly be drawing on these networks to seek out offers. I’ll be investing in sectors the place Upfront has already invested in, however initially I’ll be double-clicking that ihave a robust curiosity in, together with round creator economic system ecosystem, as a result of I did o a lot of that at Twitter. And w3b 3.0, ow this permissionless comes togerh, edge computing ML AI and shared date that goes throughout a lot of disciplines that i’ve workedin, i believe one in every of sturdy factors that may cinterdiscplianry areas, additionally in sustainability are however I received’t child myself. You compete by studying what your worth proposition is. At Twitter, my technique was profitable on velocity, understanding folks earlier, and [underscoring] Twitter’s worth proposition [to close deals]. I can’t speak about my [VC] technique with out having carried out but; I’ll have to determine what’s most attention-grabbing to entrepreneurs that the megafunds don’t provide.