This is a smart mental model to make sure you minimise your risk of failure >> youtube.com/watch?v=7p7ZLsvF… Nice work @PaulNiklas8

I randomly went to Bermondsey Street park today and saw a bench with what looked like his name on it. I didn't believe it was him until a friend confirmed. Kunal was one of my close friends in secondary school. Can I DM you please, will like to lay flowers.

Wen moon?

Everything... The 300m valuation The 750 people The acquisitions These are all being done by Social Chain AG which is run by a German team of entrepreneurs. But Steve would repeatedly say he built a 300m business. He didn't.

But 90% of the revenue was from the e-com business which was run by German founders. Social Chain AG at some point was worth 300m on the stock market & was run by George and these two guys Wanja + Holger.

In 2019, Lumaland which was already public in did a reverse merger with Social Chain Agency. No cash was done here, they just gave them shares. At that point, the agency was doing around 9m. They called that merged company Social Chain AG because it had the brand equity

One of Kofler’s companies is called Lumaland - a public e-commerce company that sold basic things like mattresses etc. It was a business which was doing about 90m in revenue at some point.

In 2014, Steve spotted the influencer opportunity. Kudos to him for that. In 2016, SC raised investment from George Kofler - a big media + ecommerce German entrepreneur. He invested because he thought their social media pages could be good distribution for his other companies.

Also shows how easily manipulated PR can be. How can you say in the same breath a business sold for 7m and had a 178m turnover... it's so callous.

All lies! company merged with some German ecom- all share deal. That biz is run by some super smart Germans German biz was worth 300m at peak, now worth 77m. Social chain agency was never worth that. It's like you selling to hubspot and then saying you built a $bn company.

10 years ago, I read this book and 2 months later started first biz which was acquired at 17. P.s also watched this video every day>>youtu.be/yLX15eFEHW0 Key line... "if you don't believe in yourself, why should anyone" Felix was the rich uncle for us all.