On Deck Series A Memo: Finding Meaning, Identity, and Community in Modern Life

On Deck Series A Memo: Finding Meaning, Identity, and Community in Modern Life

The decline of organized religion has led many individuals to search for alternative sources of fulfillment in their lives. Humans still have a deep need for a sense of meaning and community, and they are now turning to different avenues to meet these needs. One such avenue is the online community, where people can connect with others who share their interests and values.

On Deck, a community-building platform, recognizes the importance of these needs and aims to provide a solution. They have observed that nearly a third of their current team members were hired from one of the On Deck communities. This highlights the impact and value that these communities can have on individuals.

Each new program offered by On Deck is designed to meet a specific demand within their network. For example, their founders, angels, and talent fellowships are closely intertwined, creating a synergy between different aspects of the community. On Deck utilizes the revenue generated from their programs to hire top talent and invest in creating exceptional experiences for their members. This, in turn, helps build their reputation and drive new member demand, leading to further investment in research and development, acquisition, and distribution.

Learning from the shortcomings of the first generation of "ed-tech" platforms, such as MOOCs, On Deck has taken a different approach. They have "re-bundled" community with curriculum, recognizing that peer-to-peer education is more rewarding and personal. By building a culture and providing the tools for effective peer learning, On Deck aims to create a more engaging and impactful educational experience for their members.

The success of On Deck's programs can be seen through the strong "repeat buying" behavior exhibited by their top fellows. Many individuals who have participated in one program have gone on to join multiple programs, highlighting the value they find in the community and curriculum provided by On Deck. Additionally, the Net Promoter Score (NPS) consistently polls around 65-70, indicating high levels of satisfaction among customers. Furthermore, customers actively engage with the community by making over 2,500 referrals in the past twelve months, demonstrating their belief in the value of On Deck's offerings.

On Deck is riding a series of macro waves or tailwinds that are shaping the future of education and work. The decline of traditional higher education and the rise of "ed-tech 2.0" emphasize the importance of combining virtual curriculum with community. This re-bundling of resources creates a more holistic and impactful learning experience. Additionally, the shift to distributed living and working, accelerated by the COVID-19 pandemic, has further highlighted the need for online communities and remote work opportunities. On Deck positions itself as "Silicon Valley in the Cloud," catering to the needs of individuals regardless of their physical location.

Uncertainty, such as that caused by the pandemic, often serves as a catalyst for new opportunities. On Deck recognizes that new norms create new needs, and they aim to address these needs through their community-driven approach. By offering utility to their user base and scaling their programs, On Deck aims to provide a stable, long-term competitive advantage.

In the quest for finding meaning in our work, it is essential to address the issues of burnout and boreout. Both conditions leave individuals feeling exhausted and unfulfilled, unable to cope with the demands of work and life. Burnout occurs when we are overstimulated, while boreout arises from being understimulated. In both cases, the stimulation we receive does not align with our sense of purpose, resulting in decreased productivity and creativity.

To combat burnout and boreout, it is crucial to align our work with our goals and values. Asking ourselves why we started working at a particular company or on a specific project can help us determine if our work is still aligned with our overall purpose. If it is not, it may be time to consider changing projects or even jobs.

Brainstorming with a friend or trusted colleague can also be beneficial when seeking solutions to the lack of meaning in our work. Sometimes, it can be challenging to come up with ideas on our own. By engaging in open discussions and exploring different perspectives, we may uncover new possibilities for moving forward.

When feeling burned out or bored out, it is important not to make radical decisions hastily. Instead, it is advisable to experiment with small changes first. This could involve seeking guidance from a counselor or trying out different approaches to work. Building a sense of purpose is a gradual process, and there is no one-size-fits-all solution. Embracing the journey of discovering our purpose can be one of the most fulfilling aspects of life.

In conclusion, the decline of organized religion has led to a search for meaning, identity, and community in modern life. On Deck recognizes this need and provides online communities that fulfill these requirements. By combining community with curriculum, On Deck offers a unique educational experience that fosters peer learning and engagement. They leverage their program revenue to hire top talent and invest in exceptional experiences for their members, further driving demand and growth. The shift towards remote work and the rise of ed-tech 2.0 also contribute to the success of On Deck. To combat burnout and boreout, individuals must align their work with their goals and values, brainstorm for solutions, and experiment with small changes. By doing so, individuals can find meaning and fulfillment in their work, ultimately leading to a more satisfying and purposeful life.