I found myself dreaming about designs that might satisfy my requirements, while also supporting new interactions, new ways of relating, new aesthetics. At the same time, I read a ton about the early days of the internet. I devoured oral histories; I dug into old protocols.
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.