Tag: Startups

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Community Culture Politics

Day 1033 and Agency Explosion

I spent my entire day at The Network State conference in Amsterdam. I was impressed by just how many competing visions people had for how we might self organize into a modern sovereign societies.

Naturally people who aren’t sold on a traditional geographic nation state, as a philosophical or practical matter, are a very diverse lot. And most of them are some flavor of dissident. You don’t go looking to create a new state if you are happy with the current regimes. By the looks of the crowd, a lot of people are disappointed in their elites.

So diverse was the content that you could probably find both religious fascist reactionaries and collectivist post-rational atheists on the same floor.

You can find all of the content online and I would encourage you to watch it. You won’t agree with everyone (lord knows I didn’t) but you will see competing visions for how law, currency, education and information sharing can be structured. You will likely find arguments that strike you as morally repugnant. And probably a few that have you clapping in agreement.

It was actually a bit refreshing to see people take firm stances on their values and their limits. I’m not always thrilled to see where some people would place my personal rights (women’s rights somehow remains a hotly contested space) but the “grey tribe” crypto libertarians do their level best to accommodate everyone at the protocol level. Sometimes people you dislike use common infrastructure. Welcome to civilization.

What I saw, as Brook from Vibecamp put it, was an explosion of agency. The people gathered together believed that the future and the spaces they inhabit can be negotiated without intermediaries. Everyone believed they had agency in forming their own network states.

That’s a pretty revolutionary stance. I’m not surprised to find that we don’t all agree on how the revolution will play out. But it’s nice to see that people believe they can build a better a better world with the tools they have available to them.

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Travel

Day 1027 and Fuck It We Ball

One of my founder friends Anton (his startup Chroma is a chaotic.capital portfolio company) has a slogan I find myself referencing in times of indecision.

Fuck it we ball

I’m struggling a little in Tallinn and was considering upending my last week or two on the road here by heading to Amsterdam to attend Balaji’s Network State Conference.

It required some intensive travel logistics but as the timing overlapped a few other conferences in Amsterdam I thought “fuck it we ball!”

And I’m glad I did as with a little help from my masterful travel agent (my husband) I was able to reroute myself to Amsterdam from October 29 through November 3rd. If you are in town for various events like the Urbit or Solana conferences let me know. I’d love to see you!

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Emotional Work Travel

Day 1026 and Failure Modes

I’m not sure my current traveling is yielding the success I’d hoped. A bumpy road of geopolitical chaos, physical stress and emotional work has made my time in Tallinn harder than anticipated.

I don’t want to call the trip a failure as I doubt anyone is paying enough attention but me to notice. I didn’t get to attend as many meetings and events as I’d hoped and I feel guilty about it.

But I am noticing the challenge of doing work as a digital nomad while also coping with emotional family obligations and responsibilities.

I’m trying to decide what constitutes a failure mode for me. Am I doing what’s best for the longer term goals I’ve set for myself? And do I know where must I set painful boundaries?

I struggle mightily to be separated from family and friends. But I am also coping with the new reality of closed borders, impossible visas, and challenges to uniting everyone in my extended chosen family unit. Many people can’t get to America anymore.

It’s on my mind as I am considering rearranging some of my time in Estonia to go to the Netherlands for the Network State conference next Monday. It’s exhausting to be on the road but I also firmly believe the network state will be an emerging organizer for populations that aren’t well served by their current geographical state.

That’s ironically why I’m in Estonia in the first place. It is the most progressive of the nation states with its e-residency program and I’m excited to do more business here as it’s welcoming to all who can make a contribution.

And yet I feel like I’m not doing all that I’d hoped while I’m here. There are too many directions to go in and no good choices. I long to be more specific about some of them but the salient point is that I have freedom of movement that many others do not. And that’s the failure mode that undermines us all.

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Startups Travel

Day 1024 and Rate of Change

I had to slow down for two weeks to balance out my work, my circumstances, world events and my emotions. I always find myself disappointed at slowing down. There is a certain mood taking a hold in my circles. A certain “extropian enthusiasm” has taken root.

And I find myself looking to go faster. I see the need for momentum. I struggle to stumble at the pace I keep now. My heart variability chart, which shows a kind of adaptability stress, is jerky with dips and rises. But I am also certain I’m managing better.

Have you ever felt like it was easier to lean into more? That sometimes things feel smoother when they are faster. Control remains an illusion so why not let it go.

I am thinking of going to Amsterdam for the Network State conference at the end of the month. The flight from Tallinn isn’t too bad and I’m a believer in the need to build systems. I owe much to supranational connections of shared values. And I’d like to us to pursue financial and contractual systems that connect us globally. The state should not be a limiting factor for progress.

And so I am thinking of my own rate of change. What can I sustain in my own daily life and circumstances and how does it stack against the increased rate of change of a future that is arriving fast? I like to think I’ll meet the moment but I’m certain I’ll be humbled by its arrival.

Categories
Internet Culture Politics

Day 1011 and The Same Timezone

My circadian rhythm has succumbed to the shock of the current crisis. I’m currently on the same time zone as Israel as I’m in Tallinn in Estonia. It’s been a windy weekend with a record breaking wind storm so folks have been advised to stay inside.

That means I’ve been online watching a war breakout with no news delay or influencer filters. There is no defining set of news narratives. Twitter is broken but it’s still largely moved by the enormous traffic of the American dominance on its algorithm. Stories build but American news can whipsaw a single image into our consciousness.

Except there is no one to trust on the platform. The old verification system of the blue check didn’t provide much except that if someone said they worked confidence that the source. It was not a great system. But now there is no system.

It doesn’t seem as if there is a functional trust and safety team at Twitter. So a lot of people have seen horrors that has previously been buffed away by content warnings and nerfings. It’s a good thing and a bad thing.

Keep in mind “trust and safety” is gone might be a fancy way of saying none of the intelligence services have any natural dominance, none of the legacy news institutions are caught up to internet OSINT and you will see things.

And I have. By the time something hits the American audience I’ve had almost an entire work day with the information you are just seeing. And it’s been horrifying. Because it is. And being on the same time zone really lays bare just how much narrative fog permeates war in a crumbling corporate internet.

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Startups

Day 1006 and Startup Towns

I was born in the startup Fertile Crescent of Silicon Valley. But I grew up outside of one of the many ecosystem towns. Boulder Colorado always took pride in not only its technical roots in aerospace and defense, but in its new software startups as well.

I admire people that build out a startup ecosystem. Understanding that a certain environment of agency breeds good outcomes. Maybe it’s a kind of boom town mentality in the good years. But in any year it’s good to be on the team that believes in the future. It feels as if people are pulling in the same direction.

I get the sense that Tallinn as a city and Estonia in general as a country believe in a better future. I can’t tell you how much I enjoy seeing a city with a lot of construction. Offices also appear to be full but there is also housing in the city core. Everyone seems to have kids. I’ve never seen more first graders in a city.

The gentleman I met today said that in the future every country will be competing for every global citizen. I think that insight is at the heart of believing in a better future. You have to believe that if you are talented that countries will rightly compete to have you as its citizen. The frontier of the future will be found in finding the optimistic folks who believe that their efforts will make their chosen place better.

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Finance Internet Culture

Day 1001 and Circumstances Change, People Do Not

“The last sustainable edge in markets is arbitraging human nature.”

I had the good fortune to spend an hour and a half with an iconic Wall Street investor last week. I was invited to be a guest on Jim O’Shaughessy’s podcast Infinite Loops. I felt like the luckiest woman in the world.

I’m blessed to have Jim as one of my “Twitter mutuals” where I’ve come to appreciate his endless curiosity, deep empathy and kind friendship for the players of the “infinite game” of life. Plus he’s got the strongest gif game in the business. You should follow him if you don’t already.

I’ve been privileged to work with Jim and the OSV team as one of my LPs in chaotic.capital. Being entrusted with capital from some of finest minds in investing has been as intimidating as it is inspiring.

My fund is an early stage pre-seed venture fund that backs weirdos. Our thesis is simple. The world is increasingly complex, chaotic if you will, and only the most agile will win. We look for those that have the agency to adapt to the one true constant; change. Circumstances changed by the moment but humans remain reassuringly the same.

Obviously it’s hard to imagine a better LP than OSV for chaotic.capital. We are deeply aligned in our thinking on agency, agility, and adaptability. As much as I’d love to prattle on here, I’d recommend you check out the very wide ranging conversations between Jim and I. We cover a lot of ground practically and philosophically. I hope you enjoy it.

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Biohacking Medical Startups

Day 971 and Patients Rights With Artificial Intelligence

If you are working in artificial intelligence or medicine I’d like to pleased my case to you. Id just like to pass along a note.

The current “responsible” safety stance is that we should not have AI agents dispense healthcare advice as if they had the knowledge of a doctor. I think this is safetyism and rob’s sick people of their own agency

I have very complicated healthcare needs and have experienced the range of how human doctors fail. The failure case is almost always in the presumption that you will fall within a median result.

Now for most people this is obviously true. They are more likely to be the average case. And we should all be concerned that people without basic numerate skills may misinterpret a risk. Whether it’s our collective responsibility to set limits to project regular people is not a solved problem.

But for the complex informed patient knows they are not average? The real outliers. Giving them access to more granular data let’s them accelerate their own care.

It’s a persistent issue of paternalism in medicine to assume the doctor knows best and the presumption that the patient is either stupid, lying, or hysterical is the norm. It’s also somewhat gendered in my experience.

I now regularly work with my doctors using an LLM precisely so we can avoid these failure cases where I am treated as an average statistic in a guessing game. I’m a patient not a customer after all. I decided my best interest.

A strict regulatory framework constricts access without solving any of the wider issues of access to care for those outside of norms. Artificial intelligence has the capacity to save lives and improve quality of life for countless difficult patients. It’s a social good and probably a financial one too.

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Community Startups

Day 967 and Good Moods

Everyone in my social circle was in a terrific mood yesterday. A small company that was widely supported by angels in my ecosystem was acquired by a larger startup that we all like. Happy investors that we were, Alex and I read the cap table over dinner and celebrated each co-investor that we liked.

It was a jubilant moment across my group chats in a darker wider climate for startups. The federal reserve’s inflation fight has meant tighter dollars. And that means less funding for early stage companies at lower valuations.

The focus has been good for the industry. A reminder that we can’t spend our way to innovation. We’ve relied on bigger companies, weaker talent, and unsustainable growth policies while the cash spigot was on.

I enjoyed the win. I’m happy for the founder and the team who will be going to such a great company. I’m happy a lot of investors got a win. But I know that the good mood will have to sustain us through some rough patches. So it’s good we are all banding together and the wins are shared.

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Finance Startups

Day 962 and Milestones

I’ve noticed an distinct uptick in pre-seed & seed startup founders looking to raise smaller rounds. If you think this post is about you, don’t fret I’m into the double digits with examples just this past month. Smaller rounds on reasonably capped SAFE notes are on everyone’s mind.

My account on Twitter AlmostMedia

While not everyone I’ve spoken to has fully thought through what it means to raise less, the market is a muse. And she is always worth listening too. Founders are hearing that raising a round must tied to product milestones. That it is good to raise what is needed to show proof that your idea has demand. In some cases the milestones are proof that your technology or product can be made at all.

When I first got started as a founder a million to 1.5m raise capped at 6m was considered a big and well funded seed round. It was more typical that the pre-seed and angel rounds were done in the half million range and capped at 3m or so if you were dealing with sophisticated angels. The industry was smaller.

It’s fascinating to see that we’ve stepped back to valuations and round sizes from ten to fifteen years ago. The markets have indeed shifted.

But what really got my attention is the undercurrent of planning and go to market strategy work being demanded again. We’d lost some of those expectations during the fervor of the zero percent interest years. Capital has a cost. We’d forgotten that.

Gary Tan summed it up best in response to my original Tweet.

Founders should raise whatever they think is right for their stage and what they want to prove. The pro for less is more discipline. The con is you run out of money and you die.
The rest is overoptimization about dilution which is not the high order bit.

If you are a founder in this market you must know what you want to do, how much it will cost and how long it will take you to get to the first step of milestones that proves you’ve got something of value. Everything else is noise.