Back in 2010, Scott Belsky asked me to give a talk at The 99% Conference. That’s when and where I delivered the 10 Ways To Be Your Own Boss talk.
Jack Dorsey followed me on stage and delivered this 15 minute talk. I sat in the audience for Jack’s talk and loved it. So I thought I’d feature it here this week. It’s four year old but as relevant today as ever.
So this is not really a feature. It’s a relaunch. But I figured I’d use this regular friday column to announce the relaunch of fredwilson.fm. I posted a few weeks ago that this was coming. And it has been live for about a week now.
Anyone can create a yourname.fm website. Here’s how:
2) set up a tumblr with that custom domain.
4) go to your soundcloud profile page, click on the share button, then the embed tab, and copy the embed code
5) make two edits to the embed code as shown below in red, then paste the code into your tumblr.
<iframe src="https://w.soundcloud.com/player/?url=https%3A//api.soundcloud.com/users/xxxxx/favorites&auto_play=false&hide_related=false&visual=true&auto_play=true" height="450" width="100%" frameborder="no" scrolling="no"></iframe>
So that’s all there is to it. I love having a private radio station. You might too.
While we are talking features, the one feature I would love to have added to this SoundCloud embed is a shuffle feature. Nothing better than shuffling through your favorite songs instead of listening in reverse chronological order.
A few years ago the senior team at Getty Images asked me to attend a strategy session they were having. I came and talked about open platforms and how they create more reach, engagement, and ultimately value. They thanked me and asked me if there was an image in their library that I wanted a print of. I chose this image of Roy Hibbert and Steph Curry when they played against each other in the NCAA Midwest Finals in 2008.
As an aside, the CEO of Getty, Jonathan Klein, who is a friend of mine, asked me “are you sure that’s the photo you want?” He mentioned that there are photos of Presidents, Generals, Movie Stars, and many major historical moments in their library. I told him I was sure. He got the photo signed by Roy and it hangs in my son’s bedroom. We love Roy and Steph. It’s a shared thing we have between us. This print remains my favorite gift I’ve ever gotten for a speaking gig.
Note that this photo is watermarked. I did a screenshot of the photo from Getty’s website. That’s what bloggers do when they want to showcase a photo they find on the web. But it is not what is ideal. What is ideal is to get some embed code from the website and post it legally and cleanly.
Well Getty Images has made exactly such a thing available for many of the photos in their library. Sadly not that one of Roy and Steph, yet.
But this one, from the same game, is now available for embedding.
All I did was find the image, click on the embed icon, grab the code, and place it here. Easy, simple, awesome.
Getty has done a big and important thing here. They have opened up their platform. This will lead to reach, engagement, and, I believe, more value for them in the future. Well done Getty.
This post will be meaningless to all of you on iOS. But for those of us on Android, read on.
At some point last fall I was prompted to and agreed to make the Hangouts app the default SMS app on my phone. That replaced the default Android SMS app which then also somehow disappeared from my phone, probably in some Android OS update.
From day one of using Hangouts as my default SMS app on Android, I have been unhappy. Hangouts is a slow and clunky mobile app. That’s the antithesis of what an SMS app should be. Its unclear how to do all sorts of things in Hangouts like find a contact and send a message. And I’m always finding myself being pushed to do a Hangout when all I want to do is send a text.
In general, mobile apps should not try to do multiple things. Less is more on mobile. Google made a big mistake trying to merge two fairly different and important features into a single app.
But the biggest problem is the load time on launch. It often takes a minute or more to launch the Hangouts app on my phone. Maybe there is something wrong with my phone (memory, storage?) but I know I am not the only one with this problem so I think the Hangouts app is a problem for many.
This morning I finally hit the tipping point. I was in a cab to LaGuardia and I saw that my daughter had sent me a text last night. I clicked on the notification and waited and waited and waited to see her message. In the midtown tunnel, I went to the play store, searched for SMS apps, picked Chomp, downloaded and installed it, and then made Chomp my default SMS app in settings.
I think its possible that I did all of that faster than Hangouts could show me my daughter’s text. But once Chomp was installed and set as default, I was shown her text instantly.
The Chomp experience is so much better than Hangouts that I quickly sent out an email to a few friends who are on Android and have told me about their frustration with Hangouts. And after flying to Boston and finding a comfortable coffee shop, I am now telling all of you.
If you are using Hangouts as your default SMS app and aren’t happy, take a few seconds to download a free alternative. Chomp is great but I am sure there are others that are also great. I promise you that you will be happier. I certainly am.
Contents. (This edition will be timely but brief).
Back to America
My latest article
Degrowth Conference on Social Equity and Ecological Sustainability
Hi, Well it’s just a matter of hours now before I board my flight that will take me back to the United States. I always find other places and cultures interesting, but four months abroad has been long enough and I’m looking forward to being back in more familiar territory, seeing friends and family, and discovering what the universe has to show me next. To begin with, I’ll be enjoying the relative calm and quiet of the Arizona desert, then looking for a more permanent place to hang my hat.
My latest article
I spent a good amount of time over the past few weeks writing an article that I was invited to submit for publication in an online journal, Transformation, published by Open Democracy. I’m pleased to announce that my article, Money, debt and the end of the growth imperative was published yesterday. You can read it here,
Upcoming Degrowth Conference on Social Equity and Ecological Sustainability. Call for papers extended to March 14th
A recent message from Birte Ewers announces that the 4th International Degrowth Conference to be held in Leipzig Sept 2-6, and that the original deadline for submissions of short papers has been extended. The deadlines for other formats have expired but deadline for “short papers” is now March 14th. The review process will be concluded by the end of April. See the conference website at http://leipzig.degrowth.org/en/http://leipzig.degrowth.org/en/ and the Call for Papers at http://leipzig.degrowth.org/en/call-for-papers/ for details.
About The Conference:
4th International Degrowth Conference on Social Equity and Ecological Sustainability – Bridging movements and research for the great transformation.
The International Degrowth Conference has reached its fourth venue. Since Paris 2008 the debate on how to move away from a growth-oriented economy towards a more sustainable society has drawn world-wide attention. The fourth international conference will take place in a country that is considered as the European engine of economic growth.
Different traditions of growth critique, such as the concept of a post-growth society stemming from the German-speaking community and the French and Southern European degrowth debate, are invited to a fruitful dialogue. The conference seeks to bring practitioners, activists and scientists together and encompasses various formats for presentations, interaction, workshops, and exchange.
The 4th conference will address following thematic threads (abstracts for short papers can be submitted to any of them):
- Organizing Society (Emancipatory politics, participation, institutions)
- Building a social and ecological economy ((Re-)productivity, commons, society-nature relations)
- Living conviviality (Buen vivir. Open knowledge. Convivial technology)
For my current journey in Southeast Asia, Malaysia (Kuala Lumpur) serves as both my entry point and exit point. Flights to and from KL tend to be cheaper even than Bangkok, and I always enjoy spending some time in Penang, which is only about a 4 ½ hour bus ride from KL Thailand is easily reached from there.
Malaysia is quite a developed country, though it still has some third world charm, as well as annoyances, like the roar of motorbikes zipping around through every available space, making it difficult and dangerous for pedestrians to cross the streets. Sidewalks, if they exist at all are usually obstructed by parked motorbikes, or food stalls, or even workshops that flow out into the public spaces.
One interesting thing about Malaysia is language. Almost everyone speaks some English and signage is usually in both English and Bahasa Melayu, or Malay language, which derives many words from English. Malays have developed what seems to me to be a very reasonable pattern of phonetic spelling.
Here are a few familiar English words with their phonetic Malay spelling, which I think we should adopt.
My pictures from my November visit to Penang
Pictures from my February/March visit to Penang and Kuala Lumpur have not yet been uploaded.
Joke of the month
Certainly not original, but here it is; some of you may appreciate it.
You know you’re old when you and your teeth no longer sleep together.
May you enjoy this season when life springs anew,
I’ve touched on this subject before. It is one the “three things you must have in a venture investment“.
The “pro-rata right” is the right to continue to participate in future rounds so that you can maintain your ownership. Let’s make it concrete with an example. You invest $50k in a seed round at a $5mm cap and own 1% of the company. The next round is a $3mm round at $9mm pre, $12mm post. If you don’t participate, you will be diluted 25% and will then own 0.75% of the company. On the other hand, if you buy 1% of the round, a $30k investment, you will continue to own 1% of the company. Your “pro-rata right” in this situation is a $30k allocation in the next round.
I think this is the single most important term anyone can negotiate for in a venture capital investment. The other two in the post I linked to above are the liquidation preference, which helps on the downside but not the upside, and the right to a board seat, which is important to some investors (USV is one of them) but not to all of them. The pro-rata right helps on the upside, which is where you make all of your money in venture deals, and should be important to all investors.
The pro-rata right is something that is not typically offered in a note with cap structure in seed deals. When The Gotham Gal started investing in these kind of deals we had a long talk about it. I was negative on notes and she was positive on them. She convinced me that notes with reasonable caps are OK, but I convinced her to negotiate for a pro-rata right. She gets that on all of her deals because she walks without it. And that is just one of the many reasons I love The Gotham Gal.
I was discussing a Series A round with some founders yesterday. We talked about what they should do with their seed investors. I encouraged them to offer the seed investors the right to participate in the round. I don’t know if their seed investors have the right or not. But regardless, I feel that the founders owe it to them because their seed investors were there for them before anyone else. It just feels like the right thing to do to me.
The meta point I have come to understand about early stage investing is that a small portion of your investments produce all of the returns. In those investments, you want to own as much as you can. It’s hard to own more than your initial stake, particularly as an angel investor. But it should not be hard to maintain your initial stake. You should reserve funds to do this, you should negotiate for a pro-rata right, and you should exercise your pro-rata right when you feel like the investment is doing well.Related articles
- Why I Don’t Ask “Is This a Billion Dollar Business” Before I Invest
- 20 Years of Angel Investing…
- Is @AngelList Syndicates Really Such a Big Deal?
The folks in Buffalo NY are serious. Last year I went up to Buffalo to visit a new business incubator and was impressed by the entrepreneurial talent and community engagement I saw. But they aren’t stopping there.
They have launched 43North, which is the largest (in terms of prizes) business plan competition in history. Here are the details:
With $5 million in cash prizes, including a top award of $1 million, six $500,000 awards and four $250,000 awards, 43North is setting out to turn the best new business ideas from around the globe into reality.
Winners also receive free incubator space for a year, guidance from mentors related to their field and access to other exciting incentive programs.
43North is open to applicants in any industry, with the exception of retail and hospitality, and winners agree to operate their business in the Buffalo, New York for a minimum of one year.
The competition includes three rounds of judging:
1. Feb 5, 2014 to May 31, 2014: 43North accepts applications via 43North.org – apply here.
2. Sept 15, 2014 to Sept 20, 2014: Semifinalists present their plans via webinar
3. Oct 27, 2014 to Oct 31, 2014: Finalists present their plans during a weeklong series of events in Buffalo, NY
This ambitious initiative is part of New York State Governor Andrew Cuomo’s historic pledge of $1 billion in state funding to ignite economic growth in the Buffalo, New York region.
I know the people behind this effort, Jordan Levy and Ron Schreiber. They are serial entrepreneurs and venture capitalist and are the real deal. The mentorship and coaching part of this program will be as important as the money. But getting $1mm for free to start your business isn’t a bad deal either.
We omitted one election from our set, Turkey's August presidential election:
turkey - incumbent party lose - 75.1%
On Friday, Berkshire Hathaway published their annual report. I always like to read the shareholder letter that fronts the report. It is available here.
The Gotham Gal and I are not, and have never been, shareholders of Berkshire Hathaway. I guess that is a mistake but we’ve done alright anyway. You don’t have to be a shareholder of Berkshire Hathaway to benefit financially from the brilliance of their managers, Warren Buffet and Charlie Munger. I look up to both of them and have internalized as much of their thinking as I can. Reading the annual shareholder letters is a good way to get inside their heads.
In this year’s letter Warren tells the story of two real estate purchases he made in 1986 and 1993. One is a Nebraska farm and one is piece of NYC real estate in Greenwich Village. Here’s how he ends each story.
The Farm – I still know nothing about farming and recently made just my second visit to the farm.
The NYC Real Estate – I’ve yet to view the property.
But in each case, he went through an analysis of the earning power of the asset, concluded that it was much higher than current performance, and further concluded that it would yield an acceptable return on the purchase price on current performance.
Here is what Warren says about those two investments and the “fundamentals of investing”:
- You don’t need to be an expert in order to achieve satisfactory investment returns. But if you aren’t, you must recognize your limitations and follow a course certain to work reasonably well. Keep things simple and don’t swing for the fences. When promised quick profits, respond with a quick “no.”
- Focus on the future productivity of the asset you are considering. If you don’t feel comfortable making a rough estimate of the asset’s future earnings, just forget it and move on. No one has the ability to evaluate every investment possibility. But omniscience isn’t necessary; you only need to understand the actions you undertake.
- If you instead focus on the prospective price change of a contemplated purchase, you are speculating. There is nothing improper about that. I know, however, that I am unable to speculate successfully, and I am skeptical of those who claim sustained success at doing so. Half of all coin-flippers will win their first toss; none of those winners has an expectation of profit if he continues to play the game. And the fact that a given asset has appreciated in the recent past is never a reason to buy it.
- With my two small investments, I thought only of what the properties would produce and cared not at all about their daily valuations. Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard. If you can enjoy Saturdays and Sundays without looking at stock prices, give it a try on weekdays.
- Forming macro opinions or listening to the macro or market predictions of others is a waste of time. Indeed, it is dangerous because it may blur your vision of the facts that are truly important. (When I hear TV commentators glibly opine on what the market will do next, I am reminded of Mickey Mantle’s scathing comment: “You don’t know how easy this game is until you get into that broadcasting booth.”)
- My two purchases were made in 1986 and 1993. What the economy, interest rates, or the stock market might do in the years immediately following – 1987 and 1994 – was of no importance to me in making those investments. I can’t remember what the headlines or pundits were saying at the time. Whatever the chatter, corn would keep growing in Nebraska and students would flock to NYU.
I don’t agree with all of those points, particularly the argument against macro thinking. I use macro thinking to find assets that will perform well in the future and avoid assets that will underperform in the future. But the basic idea that what matters most is the asking price of the asset and its future earnings power is something that I totally and completely believe in and I’ve learned that over and over and over from reading these letters over the years.
The Berkshire Hathaway Annual Report Letter is a gift to investors and if you are one, I would encourage you to read them. You can start with this year’s version.
- The 99 Investor Problem
- Silicon Valley is The New Wall Street…and Andreesen Horowitz (a16z)
- I have written a fair bit about inflation in the past, starting with a post about inflation versus…
- Old vs. New and The Debate About Bitcoin
- How I use Mint, Personal Capital, and Wealthfront to Manage my Finances
Here are our latest election predictions.
A few things to note. Costa Rica and el Salvador are runoffs. We have found no polls for the Costa Rica runoff, so our prediction is based on no polls available. If you know of surveys, please somehow convey that to us. This flips the prediction from pre-runoff, where surveys showed the incumbent leading.
I'd also note that we provide a prediction for Guinea Bissau, but we have little faith in our model's predictions for transitional elections.
So, onto our predictions:
costa rica - incumbent party lose - 70.1% (No polls found yet for the runoff, estimate made coding no polls available.)
el salvador - incumbent party win - 96.9% (All polls showing incumbent party winning, some by a substantial margin.)
slovakia - incumbent party lose - 90.3%
guinea bissau - incumbent party win - 79.1% (Transitional election, this prediction should be discarded since there really is no incumbent party - based primarily on democracy score.)
macedonia - incumbent party win - 68.9% (Still waiting for incumbent coalition to decide on candidate, which could cause earlier elections in April...need to keep a close eye on this.)
afghanistan - incumbent party win - 55.9% (Still a transitional election.)
algeria - incumbent party win - 98.9%
south africa - incumbent party win - 98.3%
panama - incumbent party win - 98.9%
lithuania - incumbent party win - 93.8%
malawi - incumbent party lose - 55.5%
colombia - incumbent party win - 97.5%
indonesia - incumbent party lose - 77.9%
Ref: C1, DM1, and DP9
My partner Brad and our colleague Nick have been advising some folks in Iceland on economic development and how the Internet and networks could be the key to giving their economy a big push. They have been doing that for several years now.
Last March Brad went to Iceland and gave a talk to a bunch of policy makers there. It was put up on YouTube recently and I am making it the video of the week this week. In this talk Brad lays out a vision of what the Icelandic economy look like in ten years with the right policy choices. He also explains why he and the rest of USV is interested in that (hint: jurisdictional competition).
Some of you may have noticed that Disqus rolled out a feature for publishers/bloggers sometime in the past ten days. It is called Featured Comment and it allows me to feature a comment above the comment box. I’ve done it once or twice and Daniel did it once on my blog without me knowing as a way to roll it out here.
This is a feature I’ve wanted for a long long time. There are awesome comments here every day. The best you can do is get upvoted to the top of the thread. Now you can get some more recognition by having it featured. I would love it if a blogger could opt to have the featured comment get onto the main page and above the comments link. That would be even more recognition.
So we are going to have some fun with this feature today. I can feature and un-feature a comment. So I will start doing that today as the comments roll in. I don’t have a ton of free time on my calendar today but I plan to try to feature a few of the best comments for a few hours at a time throughout the day. Feel free to comment about anything you want. This should be fun.
What follows is a letter from me to the Senator.
Bitcoin is a powerful new technology platform that, like the Internet itself, is not controlled by anyone or any company. It is a globally distributed network of computers that allow financial transactions to flow seamlessly and at a much greater efficiency than current methods. A bitcoin is the store of value in the system and it acts a bit like a currency or a commodity. This store of value is actively traded for fiat currency at a number of exchanges around the world.
Bitcoin is already regulated in the US and it is becoming more regulated every day. And the regulatory environment in the US has dampened the amount of innovation around Bitcoin that has developed here in the US. All the major Bitcoin exchanges have been built outside of the US and a significant amount of the venture capital investment in the Bitcoin ecosystem is happening outside of the US. This is a direct response to the stricter regulatory oversight and requirements here in the US versus other countries.
The volatility of Bitcoin relative to fiat currencies should be expected in a nascent and emerging technology. What is amazing, however, is its resiliency in the face of massive scrutiny, company failures, fraud, theft, and a host of other challenges it faces as it becomes mainstream and mature. The value of a Bitcoin at this stage of its development should move up and down more like a hot technology stock than a stable currency. In time, as Bitcoin’s market value grows and transactional activity and liquidity develops, the value will stabilize and act more like a traditional currency.
When something as new and as different as Bitcoin emerges, it is tempting to want to “put the Genie back into the bottle” and protect ourselves from it. But thankfully the US did not do that with the Internet. The impact of the commercial Internet on the US economy and our society as a whole has been massive and overwhelmingly positive over the past twenty years. We should approach Bitcoin in exactly the same way and if we do, I expect the benefits we will see will be equally important, impactful, and beneficial to our economy and our society.
Now that AVC has moved from Typepad to WordPress and been cleaned up (thanks again Nathan), it is time to turn my attention to another of my web properties that has been languishing, fredwilson.fm. Here is a chart of the fredwilson.fm audience over the past four years:
Sometime in the past year, the streampad player that powers fredwilson.fm broke on the soundcloud embeds in my tumblr and the whole thing stopped updating. You can still get an audio stream there, but it is the same one time after time after time. No wonder hardly anyone goes there anymore.
But I have a plan. I’ve moved most of my audio listening to SoundCloud in the past few years and I’ve built up a really great feed of liked tracks there. So I am now going to make my SoundCloud likes the basis for fredwilson.fm. I should be able to get it back up and running in a few days.
Until then, here’s an embed of my SoundCloud liked tracks for your listening pleasure. It will soon be available all the time on fredwilson.fm.
Rumors are swirling that Mt Gox is in trouble. The top three stories on Coindesk right now are about Mt Gox.
If the rumors are true, it’s a sad day for the Bitcoin sector as Mt Gox was the first Bitcoin company I transacted with and probably was for many of us.
But the wonderful thing about a globally distributed financial network is that if one of the nodes goes down, it doesn’t take the system down. Bitcoin’s architecture is similar to the Internet’s architecture. There is no centralized control point. No single point of failure.
Our portfolio company Coinbase and a bunch of the other leading platforms in the Bitcoin sector put out a joint statement last night. You can read it on the Coinbase blog. Here is the critical paragraph of the statement:
Bitcoin operators, whether they be exchanges, wallet services or payment providers, play a critical custodial role over the bitcoin they hold as assets for their customers. Acting as a custodian should require a high-bar, including appropriate security safeguards that are independently audited and tested on a regular basis, adequate balance sheets and reserves as commercial entities, transparent and accountable customer disclosures, and clear policies to not use customer assets for proprietary trading or for margin loans in leveraged trading.
There is a lot of venture capital being invested in the Bitcoin sector right now. Much of that investment is going into the infrastructure, processes, and technology to provide the kind of safeguards that are mentioned in that paragraph. We are witnessing the maturation of a sector and part of that will inevitably be failures, crashes, and other messes. Almost every technology that I’ve watched come into a mass adoption has gone through these sorts of growing pains. One big difference is that in addition to technology, we are also talking about people’s money when we talk about Bitcoin. To me, that doesn’t change the discussion and the implications, but it sure does amplify the emotions around it.
Full disclosure: I bought a little Bitcoin today. Not much. But I always feel good buying when there is blood in the streets in any market. It is my favorite time to buy.
In celebration of the return of my avatar to the front page of AVC (and now integrated into the AVC logo), I thought I’d post about online identity and brand today.
I really like this slide from Disqus‘ presentation materials.
Obviously any slide with Fake Grimlock in it is a good slide. But beyond that, the idea that all three of these types of people can co-exist in an online community is important. I would argue that a healthy online community will, by definition, have all three types in it.
Pseudonyms like Fake Grimlock most obviously lead to the use of an avatar. Real names often come with a photo of the person. But I’ve always liked the idea of a real name (I am fredwilson on almost every service out there) plus an avatar. I think it builds brand in a way that a name and a photo cannot.
Like most things, I came to all of this without a lot of advance thinking. I was an early user of AOL and went with fredwilson for my username there. I still maintain firstname.lastname@example.org for some reason, but I never check my mail there. And when the web came along, I started using fredwilson everywhere. I’ve continued to do that and as long as I can get to a service early, I can get that username. It’s an incentive to get to services early which can be an advantage in my business.
The avatar was also an unplanned thing. I’ve posted the story of it here before and you can go read it if you’d like. But over time, I just started using it everywhere. And I do mean everywhere. Including LinkedIn.
The combination of my name and my avatar is now my online identity and brand. It could, of course, be faked. And Twitter’s verified accounts are a nice way to deal with that sort of thing. But when you come across a comment, a profile, or some other object online with my username and my avatar next to it, you can pretty much assume that its me. And that’s a really good thing. Because systems need some sort of identity to flourish over the long term. And users benefit from the brand they can build up around their identity over time. The two go hand in hand and work together to make a large global distributed system like the Internet work better for everyone.
Andy posted this fascinating Playboy interview with Nick Denton on usv.com yesterday. I read it this morning over a Cortado at Kava. I loved every bit of it. Nick is opinionated, intelligent, and interesting.
Here is one part of the interview that got me thinking.
PLAYBOY: What will be the life-changing or society-changing technologies that we’re just starting to see now?
DENTON: The internet is it for this century, maybe the next one too. People ask what comes next too quickly. To the extent there is some kind of message in the valuation that the market has given Twitter, it is that communication, information and media are at the heart of this phase, this cycle, and it’s a long, long cycle that could last 50 or 100 years. When you have an innovation as profound as the networking of sentient beings.… Those delusional futurists who talked about Gaia, the planetwide intelligence? They were spot-on. It’s totally happening, and everything else comes out of that.
PLAYBOY: By “everything else,” do you mean wearable computing, self-driving cars and that stuff?
DENTON: Who gives a fuck about wearable computing? That’s just a detail. I mean improvement in biotech, curing cancer, efficient travel into orbit, better device storage, solving carbon emissions. All these other problems will be solved by the internet by harnessing the collective intelligence. Everything else will fall out with that.
PLAYBOY: That definitely sounds utopian. To be clear, you just said the internet is going to solve global warming, correct?
DENTON: Yeah. Intelligence connected to human beings will achieve rates of technological progress that would have been impossible in previous eras. Of course we’ll solve problems more quickly.
I wake up most mornings thinking “what comes next?”. That is the business we are in. We’ve gotten it more or less right on social networking, mobile, crowdfunding, and maybe bitcoin.
But, as Nick points out, these are not the “next things”. These are just the ongoing evolution of the Internet and all that it opens up in terms of innovation. And Nick goes on to suggest that the way our society will solve cancer, space travel, and environmental issues is “intelligence connected to human beings”. Collective intelligence at work. That’s a big assertion but he may well be right.
At USV, we don’t invest in health care, but we are certainly, and increasingly, interested in the way networked humans can impact health care. We don’t invest in clean tech either. But we are certainly, and increasingly, interested in the way networked humans can impact the environment.
I hope Nick is right that “the Internet is it for this century, and maybe the next one too”. That means our investment strategy has a lot of legs.Related articles
- The Core Dilemma Of The Social Web, Today
- Why Vertical Incubators Are More Interesting to Investors
- The new reality of venture capital
- PR for Startups: Avoiding crickets after the Ta-Da!
- How To Predict The Future