Everyday, we land on the internet without a map. Instead, search is the dominant wayfinding paradigm. It is the information equivalent of exploring the local area at ground level. A search is a hypothesis, an instance of trial and error. With enough searches, we can usually get where we're going. However, we lack the overall context of how... See more
This is what people don’t understand about visionaries: They don’t need to predict the future. They learn to snatch it out of the folds of time and wear it around their bodies like a flowing cloak
My point in sharing all of this is that sometimes I feel like we get too caught up in the words, and forget to disregard them. Especially (in the context of this essay) as builders of new technology products.“How will I describe this to an investor, or at a dinner party with friends?”"What’s the one-liner that describes why this will be... See more
Correct attribution in Web3 isn’t some horrible intrusion of skeumorphic Web 2 machinery, it’s a way to correctly credit a digital asset (and ultimately its owner) with the revenue they produced, in whatever downstream form. It’s the causal link that joins a human interacting with virtual goods and the very real revenue they eventually generate.
The best example of this alternative product is Indie.VC, run by Bryce Roberts. Over the course of 6 years, Indie invested in 40 companies. It held the two key components of limited fund size and gave equity optionality through redemption clauses or equity buybacks. The results are encouraging, with a 51% IRR and 4.3x TVPI, while 87% of the... See more
For example, say you’re building a product for a niche market worth “only” $50 million. Who will invest in you?- VCs won’t touch you because the math doesn’t work out — they need investments that have a shot at returning the portfolio.- Banks won’t touch you because they only know how to underwrite going concerns — businesses with operating... See more
The second path is to create an idea, mechanism, feature, or whatever that is so novel and unique that it survives and eventually sifts down on the back of another product, even if the company that created it fails.