Sarah Drinkwater

Why does it matter? Everything is falling apart. Terra collapsed largely thanks to its token design. Projects that attracted millions or billions of dollars with the promise of absurd APYs are learning the truth of the old adage, “Easy come, easy go.” The regulators are coming. Tokens that were worth a lot of fiat a couple weeks ago are worth a lot... See more

When I was at Index we would include two sections in our memos that were popularized by Larry Summers. We would write about a company's "pre-parade" and "pre-mortem." Not only a "dream the dream" scenario, but a "dream the nightmare."

First, most emerging firms raise small funds. Smaller funds generally outperform, as they can participate meaningfully in early rounds and a single outlier has the potential to generate strong fund-level performance, even if the fund is only able to garner modest ownership.

We’re also seeing a mental health renaissance in reaction to the Millennial and Gen Z mental health crisis. Companies like Headway, Real, and Pace are building better ways to access therapy and to find community.

Productizing venture means taking everything that venture capitalists do — from sourcing companies to evaluating companies to adding value to founders — and using software or networks to do it better.