The Most Prolific Investors in Startups Are Fans of These Books
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The Most Prolific Investors in Startups Are Fans of These Books

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The world’s most elite startup investors come in all shapes and sizes.

Some of them, such as Marc Andreessen or Josh Kopelman, come from an operating background as former entrepreneurs themselves. They know what it takes to build a great company, and they use that knowledge to try and spot the next Mark Zuckerberg or Evan Spiegel to place a bet on.

Other venture capitalists come at it from a more institutional angle. Mary Meeker, for example, spent a lot of time on Wall Street before making the move to Silicon Valley. She covered technology research for investment banks such as Salomon Brothers and Morgan Stanley, and helped lead famous IPOs for companies like Netscape and Google.

However, despite the differences in the backgrounds and approaches of top VCs, there does seem to be at least one commonality: they tend to be exceptionally well-read. Every new book helps arm them with knowledge, some of which could help give them the edge on their next deal or investment.

The favorite books of top startup investors

Joe Hovde, from the Ramen Profitable blog, collected data from the interviews of every venture capitalist and entrepreneur featured on the popular Twenty Minute VC podcast.

Each guest on the podcast is asked to provide a book recommendation, and Hovde has visualized this information.

The most cited authors include Ben Horowitz, Eric Ries, Nassim Taleb, and Peter Thiel

Most cited authors

Ben Horowitz and Peter Thiel are fellow venture capitalists, while Eric Ries developed the “lean startup” methodology based on his experiences advising startups. Nassim Taleb is a mathematician, philosopher, and former trader that is best-known for popularizing the ideas of “black swans” and “antifragility”.

The most cited book overall is easily The Hard Things About Hard Things by Ben Horowitz

Most cited book

Ben Horowitz’s book The Hard Things About Hard Things covers Ben’s early trials and tribulations as a co-founder of Loudcloud, which almost imploded multiple times during the Dotcom Bust. Eventually the company pivoted to enterprise software and was sold to HP for $1.7 billion in 2007, proving to ultimately be a success. The book cuts right to the hard facts about entrepreneurship and building companies, relating back to the challenges faced in Ben’s previous endeavors.

The most popular non-fiction books also include Zero to One and The Lean Startup

Most popular non-fiction titles

Other titles that got some love from VCs: Nassim Taleb’s Fooled by Randomness and Good to Great by Jim Collins.

The two most popular fiction titles are The Alchemist and The Master and Margarita

Most popular fiction titles

Paulo Coelho’s The Alchemist is considered a modern classic by many. It tells the story of Santiago, an Andalusian shepherd boy who one night dreams of a distant treasure in the Egyptian pyramids. He leaves Spain to pursue his dream, and discovers himself along the way.

The Master and Margarita, a novel by Russian writer Mikhail Bulgakov, is another modern masterpiece. Written during the darkest days of Stalin’s reign, it is a satirical take on the Soviet Union that uses a visit by the Devil as a literary vehicle to tell the tale.

What are the books that have influenced you the most?

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Politics

Interactive Map: Tracking Global Hunger and Food Insecurity

Every day, hunger affects more than 700 million people. This live map from the UN highlights where hunger is hitting hardest around the world.

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The World Hunger Map

Interactive Map: Tracking Global Hunger and Food Insecurity

Hunger is still one the biggest—and most solvable—problems in the world.

Every day, more than 700 million people (8.8% of the world’s population) go to bed on an empty stomach, according to the UN World Food Programme (WFP).

The WFP’s HungerMap LIVE displayed here tracks core indicators of acute hunger like household food consumption, livelihoods, child nutritional status, mortality, and access to clean water in order to rank countries.

The World Hunger Map

After sitting closer to 600 million from 2014 to 2019, the number of people in the world affected by hunger increased during the COVID-19 pandemic.

In 2020, 155 million people (2% of the world’s population) experienced acute hunger, requiring urgent assistance.

The Fight to Feed the World

The problem of global hunger isn’t new, and attempts to solve it have making headlines for decades.

On July 13, 1985, at Wembley Stadium in London, Prince Charles and Princess Diana officially opened Live Aid, a worldwide rock concert organized to raise money for the relief of famine-stricken Africans.

The event was followed by similar concerts at other arenas around the world, globally linked by satellite to more than a billion viewers in 110 nations, raising more than $125 million ($309 million in today’s dollars) in famine relief for Africa.

But 35+ years later, the continent still struggles. According to the UN, from 12 countries with the highest prevalence of insufficient food consumption in the world, nine are in Africa.

Country % Population Affected by HungerPopulation (millions)Region
Afghanistan 🇦🇫93%40.4Asia
Somalia 🇸🇴68%12.3Africa
Burkina Faso 🇧🇫61%19.8Africa
South Sudan 🇸🇸60%11.0Africa
Mali 🇲🇱60%19.1Africa
Sierra Leone 🇸🇱55%8.2Africa
Syria 🇸🇾55%18.0Middle East
Niger 🇳🇪55%22.4Africa
Lesotho 🇱🇸50%2.1Africa
Guinea 🇬🇳48%12.2Africa
Benin 🇧🇯47%11.5Africa
Yemen 🇾🇪44%30.0Middle East

Approximately 30 million people in Africa face the effects of severe food insecurity, including malnutrition, starvation, and poverty.

Wasted Leftovers

Although many of the reasons for the food crisis around the globe involve conflicts or environmental challenges, one of the big contributors is food waste.

According to the United Nations, one-third of food produced for human consumption is lost or wasted globally. This amounts to about 1.3 billion tons of wasted food per year, worth approximately $1 trillion.

All the food produced but never eaten would be sufficient to feed two billion people. That’s more than twice the number of undernourished people across the globe. Consumers in rich countries waste almost as much food as the entire net food production of sub-Saharan Africa each year.

Solving Global Hunger

While many people may not be “hungry” in the sense that they are suffering physical discomfort, they may still be food insecure, lacking regular access to enough safe and nutritious food for normal growth and development.

Estimates of how much money it would take to end world hunger range from $7 billion to $265 billion per year.

But to tackle the problem, investments must be utilized in the right places. Specialists say that governments and organizations need to provide food and humanitarian relief to the most at-risk regions, increase agricultural productivity, and invest in more efficient supply chains.

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Markets

Mapped: Distribution of Global GDP by Region

Where does the world’s economic activity take place? This cartogram shows the $94 trillion global economy divided into 1,000 hexagons.

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Map of Global Wealth Distribution

Mapped: The Distribution of Global GDP by Region

Gross domestic product (GDP) measures the value of goods and services that an economy produces in a given year, but in a global context, it is typically shown using country-level data.

As a result, we don’t often get to see the nuances of the global economy, such as how much specific regions and metro areas contribute to global GDP.

In these cartograms, global GDP has been normalized to a base number of 1,000 in order to show a more regional breakdown of economic activity. Created by Reddit user /BerryBlue_Blueberry, the two maps show the distribution in different ways: by nominal GDP and by GDP adjusted for purchasing power parity (PPP).

Methodology

Before diving in, let us give you some context on how these maps were designed. Each hexagon on the two maps represents 0.1% of the world’s overall GDP.

The number below each region, country or metropolitan area represents the number of hexagons covered by that entity. So in the nominal GDP map, the state of New York represents 20 hexagons (i.e. 2.0% of global GDP), while Munich’s metro area is 3 hexagons (0.3%).

Countries are further broken down based on size. Countries that make up more than 0.95% of global GDP are broken down into subdivisions, while countries that are smaller than 0.1% of GDP are grouped together. Metro areas that account for over 0.25% of global GDP are featured.

Finally, it should be noted that to account for some outdated subdivision participation data, the map creator calculated 2021 estimates for this using the formula: national GDP (2021) x % of subdivision participation (2017-2020).

Nominal vs. PPP

The above map is using nominal data, while the below map accounts for differences in purchasing power (PPP).

Adjusting for PPP takes into account the relative value of currencies and purchasing power in countries around the world. For example, $100 (or its exchange equivalent in Indian rupees) is generally going to be able to buy more in India than it is in the United States.

This is because goods and services are cheaper in India, meaning you can actually purchase more there for the same amount of money.

Anomalies in Global GDP Distribution

Breaking down global GDP distribution into cartograms highlights some interesting anomalies worth considering:

  1. North America, Europe, and East Asia, with a combined GDP of nearly $75 trillion, make up 80% of the world’s GDP in nominal terms.
  2. The U.S. State of California accounts for 3.7% of the world’s GDP by itself, which ranks higher than the United Kingdom’s total contribution of 3.3%.
  3. Canada as a country accounts for 2% of the world’s GDP, which is comparable to the GDP contribution of the Greater Tokyo Area at 2.2%.
  4. With a GDP of $3 trillion, India’s contribution overshadows the GDP of the whole African continent ($2.6 trillion).
  5. This visualization highlights the economic might of cities better than a conventional map. One standout example of this is in Ontario, Canada. The Greater Toronto Area completely eclipses the economy of the rest of the province.

Inequality of GDP Distribution

The fact that certain countries generate most of the world’s economic output is reflected in the above cartograms, which resize countries or regions accordingly.

Compared to wealthier nations, emerging economies still account for just a tiny sliver of the pie.

India, for example, accounts for 3.2% of global GDP in nominal terms, even though it contains 17.8% of the world’s population.

That’s why on the nominal map, India is about the same size as France, the United Kingdom, or Japan’s two largest metro areas (Tokyo and Osaka-Kobe)—but of course, these wealthier places have a far higher GDP per capita.

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