Bridge Loans

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When fundraising gets tougher for startups, the existing investors (insiders) will often provide a bridge loan to the company to extend the runway for getting another round done. There is more of this sort of thing happening in today’s fundraising market and I thought I’d share some of the...

The Partnership

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I have worked in three venture capital firms in the thirty-six years I have been doing venture capital investing. They have all been small partnerships, between three and seven investing partners, where there is little to no hierarchy amount the partners. There are many models out there for...

The Gillibrand Lummis Bill

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New York Senator Gillibrand and Wyoming Senator Lummis have teamed up to propose a bi-partisan bill that would shift much of the regulatory oversight of crypto assets from the SEC to the CFTC, acknowledging that these tokens are much more like commodities than securities. The details of the...

Gotham Gives

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Gotham Gives is a public charity that the Gotham Gal and I started one year ago to complement the family foundation that we have been using to make philanthropic gifts for over two decades. A public charity allows us to raise capital from others in addition to our family’s philanthropic...

I blogged about the $1k Project For Ukraine a couple of months ago. Since then over 5,000 families in Ukraine have gotten a $1k gift, no strings attached, to help them survive during this crisis. That is $5mm of direct aid to families in Ukraine. Yesterday, Stewart Butterfield, the founder of...

The Founder Resolve

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Investing in founder-led businesses is comforting to me. They have the ability to see the forest through the trees and do what is necessary to evolve the business. Two great examples of this are Microsoft in the mid 90s and Facebook a decade ago. Microsoft had spent more than a decade...

The Founder Resolve

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Investing in founder-led businesses is comforting to me. They have the ability to see the forest through the trees and do what is necessary to evolve the business. Two great examples of this are Microsoft in the mid 90s and Facebook a decade ago. Microsoft had spent more than a decade...

Some Thoughts On Twitter

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When I read the news a few weeks ago that Elon Musk had offered to buy Twitter, I wrote this: Twitter is too important to be owned and controlled by a single person. The opposite should be happening. Twitter should be decentralized as a protocol that powers an ecosystem of communication...

It is Earth Day, a day to celebrate our planet and rededicate ourselves to saving it. I plan to walk and ride my bike, avoid cars, and enjoy being out and about in NYC today. But I’d also like to talk about something that is bothering me. The New York State Assembly and Senate are working...

Funding Friday: Codrone

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I love using robotics to teach kids to code. A K12 teacher told me many years ago, “when the robot doesn’t do what you told it to do, you know your code is wrong and you need to fix it.” Robotics brings code to life for kids and that’s a great thing. So when I saw this Kickstarter...

A Return To Fundamentals

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I wrote a fair bit last year about the disconnect between how companies were being valued and the fundamentals of those businesses. It seemed to me that many companies, from the founders, to the leadership teams, and the rank and file employees got more focused on raising capital and valuations...

A friend sent me this Kickstarter project which is about a public art project highlighting three languages that are at risk of extinction. I backed it and I think you might want to as well. You can do so here. The project ends this weekend so if you want to back it, do so now. USV TEAM...

A Blistering Pace

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I wrote about pacing a few years ago. I am a fan of a steady pace, not too fast, not too slow. Sometimes the opportunity set forces you to go faster. As I wrote then: I don’t think a VC firm should manage to a pacing number. It should manage to the opportunity set that it sees. In the last...

A Blistering Pace

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I wrote about pacing a few years ago. I am a fan of a steady pace, not too fast, not too slow. Sometimes the opportunity set forces you to go faster. As I wrote then: I don’t think a VC firm should manage to a pacing number. It should manage to the opportunity set that it sees. In the last...

NFPs

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Early in my career, I was taught that any team member was replaceable and that as long as you had sufficient time to find a suitable replacement, you would be fine. I have operated on that basis since then, imparted that wisdom to the founders and teams that I work with, and have always advocated...

Get Paid In Crypto

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Coinbase launched the first in a series of payroll offerings: Proud of the team for continuing to roll out new product innovations at a rapid pace. Our US customers can now deposit a portion of their paycheck into @Coinbase as crypto or USD. Another great way to keep growing your...

On Covid

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Two years ago this weekend, the Gotham Gal and I were in Park City at the annual Sundance Film Festival with another couple we have been great friends with for thirty years. On Monday morning we came down to breakfast and our friends announced they were flying back to NYC a few days early. Our...

On Covid

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Two years ago this weekend, the Gotham Gal and I were in Park City at the annual Sundance Film Festival with another couple we have been great friends with for thirty years. On Monday morning we came down to breakfast and our friends announced they were flying back to NYC a few days early. Our...

New Leadership At Tech:NYC

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Six years ago this month Julie Samuels got together with a group of technology leaders in NYC and we decided to form an industry group for the growing tech sector in NYC. I agreed to co-chair the organization and have been in the chair role since then. We called it Tech:NYC and I first wrote about...

Last month our portfolio company Kickstarter announced the creation of a protocol organization that will develop a web3 protocol for the crowdfunding of creative projects. They are now assembling a protocol team and are talking to candidates to lead that effort. The protocol lead role is an...

The Selloff

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The stock and crypto markets have started off the year in selloff mode, with the Nasdaq down almost 5% this week and the big crypto assets down almost 10% this week. But this selloff has been going on for a lot longer than one week. It has been going on since early November when the Nasdaq peaked...

So last year I made a bunch of predictions that with one exception were kind of obvious. I don’t want to do that again, so I am going to list five things that I think will happen this year that most people would not likely agree with. 1/ As the pandemic evolves into an endemic in the first...

What Happened In 2021

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As is my custom here at AVC, I like to end the year looking back and start the year looking forward. This post will be the look back and I started by revisiting my look forward into 2021 that I wrote on New Year’s Day 2021. In my typical optimist fashion, I was dead wrong about how quickly...

Why Web3?

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Over the last month, there has been a ton of debate and conversation about web2 vs web3 with many leading voices raising doubts about web3. Debate and doubt are healthy. And web3 enthusiasts, particularly on Twitter, remind me of missionaries trying to recruit the unwashed to their belief system....

The Pull Forward

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I saw two charts last week that showed the same thing: This chart was in the deck I shared here last week called Consumer Trends 2022. It shows that after a big lift in 2020 and a bit of a lull in 2021, the e-commerce trendline is back to its old baseline. This is our portfolio...

Consumer Trends 2022

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My friends at The New Consumer and Coefficient Capital have published their annual consumer survey. There are many interesting slides in it, none more than this one. I guess that explains this chart: But back to the consumer survey, there are lots of interesting slides in it and you...

Getting Together In Person

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After skipping a year last year, USV held its annual team party last night. It has felt great getting back to getting together with friends, family, and co-workers this holiday season. It has meant a lot of rapid testing for me, all negative thankfully, including one this morning. We...

The Pull Forward

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I saw two charts last week that showed the same thing: This chart was in the deck I shared here last week called Consumer Trends 2022. It shows that after a big lift in 2020 and a bit of a lull in 2021, the e-commerce trendline is back to its old baseline. This is our portfolio...

Consumer Trends 2022

Discuss
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My friends at The New Consumer and Coefficient Capital have published their annual consumer survey. There are many interesting slides in it, none more than this one. I guess that explains this chart: But back to the consumer survey, there are lots of interesting slides in it and you...

The second week of December every year is Computer Science Education Week. It is a week to celebrate efforts to get computer science education into the K12 system around the world, and it is also a week in which schools do events, like The Hour of Code, to encourage students and teachers to get...