Tag: Venture Capital

Categories
Aesthetics Culture

Day 1345 and Class Consciousness

I have written about classism, class anxiety, and class status as part of my interest in how we form group identities. Searching just for the world “class” turns up 504 mentions on this blog.

That seems like a lot but I’d argue that no other identity marker (even race & gender) determines quite so much about your life and trajectory as your class. Yes, even in America. Perhaps especially so in America. If you aren’t read up on the topic I recommend Paul Fussel’s Class: A Guide Through America’s Status System.

Yesterday I happened to be sitting next to a trio of twenty somethings during transit. After glancing at their outfits and listening to their animated discussions, it seemed clear they were either upper class or professional management class. Being both curious and nosy (and having no way out of listening in) I rudely but playfully asked:

Ok I’ve got to ask, are you business school classmates or cosplaying as extras from Industry?

This intrusive question seemed to amuse them and we fell into a long conversation. It turns out they had in fact become friends while getting their MBA from a top European business school. I didn’t inquire into their private family lives obviously but I’d guess that means I was right about both class buckets.

We had a chat about hoe business school was the best decision they could have ever made for their social lives in particular. The class work was fine but it was the friendships that made it worthwhile. Business schools provide an entirely different sort of class experience if catch my drift.

I found it quite pleasant to be in a random IRL social situation where discussion ranged from Biden’s opposition to the US Steel acquisition to the implications of Paul Graham’s Founder Mode essay for the professional management class. Usually that requires Twitter or a Bloomberg podcast (they were fans of Odd Lots).

Naturally this begs the question as to how much I am aware of my own class consciousness and how much I do or don’t fit into my own class (having made the journey through multiple classes).

Do people prefer to socialize within their own classes? I found it relaxing to discuss some class coded topics without fear of looking like a privileged asshole.

Which isn’t to say I think of myself primarily in class terms. Last weekend I attended a gathering of friends & internet mutuals with significant class diversity including lower, working, middle and full on class-opt outs. It was there I realized I was the only person I knew who ever publicly discusses cross-class relationships. This despite cross-class relationships being a significant factor in upward mobility.

I assume it’s as normal as any other kind of cross-identity relationship but now I’m not so sure. Do you socialize outside your own class? Do you even think about it? And most amusingly, is it déclassé to discuss one’s class?

Categories
Startups

Day 1334 and Heads Down

I had a couple days of flare in my autoimmune condition that had struggling last week. Down time in bed, especially when you are in pain, can be a bit dangerous when the news cycle is popping off. Pain and American politics are a terrible combination.

I do pay attention to politics alas as I am involved in a number of issues (#FreedomToCompute, regulatory reform, and housing) so it’s easy to over do it with being extremely online. My nervous system doesn’t need any additional stimulation.

I was relieved to be back on my feet today as it felt good to be heads down at work. I’m excited about how my seed investing has been going over the past few years and I’m taking the next steps to evolve the fund. I’m so optimistic about what can be achieved. Founders are particularly motivated to build. Ingenuity sparks when things are darkest.

Categories
Community Startups

Day 1321 and Credit Where Credit Is Due

I can’t get into the details but I learned today that there is an internal metric at an institution based around work I was personally responsible for achieving.

Literally none of the credit has accrued to me because ultimately the thing didn’t really work but the downstream effects of the social credibility I brought really benefit someone I am not sure I’d have wanted to benefit. If I’d had a choice which I very much didn’t. Sometimes your social capital accrues to people you don’t even like.

I like having social capital to spare but I didn’t realize that someone was profiting off of it to such an intense degree till today. Power laws rule everything around me and it’s actually good. Just funny how little credit you month get for something and how much it might benefit someone else.

I don’t even know if I can even politely point it out simply because it’s déclassé to do so. I’ll have to enjoy the the little irony on my own. And believe me I am. Maybe it gets shared in a small circle of folks for whom making money for jerks it’s a fact of life. But I’ll take the credit privately.

Categories
Emotional Work Startups

Day 1320 and Being “You-er”

You may recall the old aphorism about marriage. Men and women have very different goals for the institution and how it will or won’t change them.

“Men marry women with the hope they will never change. Women marry men with the hope they will change. Invariably they are both disappointed”

I don’t recall having any ambitions for changing my husband when we got married ten years ago. I thought quite highly of him when we got married. I still do.

The irony is that we have both changed significantly not because of any goal the other has for each other but because of the work we do together. Fast growing startups simply demand so much emotional change from their people.

A recent piece in the New York Times discussed how coaching has become the hack that drove emotional chances

Venture-backed startups simply must scale faster than all but the rarest of human beings can acquire emotional intelligence. As a result, startup founders and chief executives, many of whom are trained not in management but in software engineering, face extraordinary risk of coming unglued in ways that vaporize immense amounts of capital.

How Coaching Became Silicon Valley’s Hack for Therapy

Acquiring emotional intelligence quickly becomes a “do or die” skill in startups. And most of us do die. Ego death in mediation like jhanna are within reach because failure and rebirth are such common experiences for the technologists that build quickly moving companies.

Both my husband Alex and I have done family systems therapy as well as multiple forms of professional and personal coaching. If Alex didn’t want change from me as his wife then he is surely disappointed. As his wife if I wanted change from him I very much did get it.

Neither one of us is disappointed, aphorisms aside. If anything, as we’ve done more work to acquire the emotional intelligence required of us to growth and thrive in our work, we’ve become more ourselves.

There is a real joy in becoming “you-er” as essential personality, skills and ambitions become clearer. It’s well worth investing in therapy and coaching to become yourself. Being “you-er” is quite freeing. It’s hard to be disappointed by that outcome.

Categories
Biohacking Internet Culture Startups

Day 1297 and Crypto Libertarians in the Age of Cyperpunk Anarcho-Tyranny

We are living in the past’s version of the future. The Cyperpunk I read in my youth is now the stuff of my daily life. It’s not as sleek as in fiction but it’s hard not to feel like it’s William Gibson’s world and I’m just living it.

The clubs looked a little sleazier as we escaped the aughts but we had a renaissance in technical tools for producing culture. Digital music and multimedia have exploded entire social media economies. Could Vernor Vinge be right and our economies will turn to creating data to train for the singularity?

We are only now getting Idoru but we are veering towards Burning Chrome. Half the anime avatars in accelerationist e/acc chats are wearing Mirror Shades and everyone watches for crypto rugs. But we are getting our Mt Gox Bitcoin back right?

What about borderless corporate worlds and mass scale surveillance identity? That’s here too. When William Gibson wrote “Disneyland with the Death Penalty” I wonder if he knew it would be the nexus of the network state debate?

I can turn on club kid techno from 2002 and look at a reality in 2024 and its aesthetic is pretty close to the details Jonny Mnemonic. A global pandemic that affects the nervous system of those infected which was accidentally released from a lab.

Johnny Mnemonic movie poster.

We’ve even got the LoTeks in a Luddite rebellion against a world connected by dubiously transparent artificial intelligence owned by actual Zaibatsu multinationals with more power than nation states. Fact and fiction spinning hyperstition better than Nick Land ever dreamed.

The vulnerability of our entire world to our digital networks was made dramatically apparent yesterday when Crowdstrike took a hot knife through the butter of corporate infrastructure and left us with blue screens of death.

It’s not real but it could be

Snowcrash and Crash Override? It’s better. We got amazing memes and elaborate fakes of the Blue Screen of Death. It actually did suck for airlines and banks because regulatory capture is the stuff of systemic risk.

And lest you think we’ve got no biohacking in this Cyperpunk world after the pandemic we have a renaissance in systemic & holistic approaches to medicine. Suddenly everyone is aware of the risk in agribusiness. Seed oils is normie stuff. Instead of turning Luddite the Danish invented advance metabolic medicine to cope. Everyone is on GLP-1 agonists.

Mix in the rise of nicotine and THC and you’ve got a national post prohibition bloom of folklore cures whose research has been suppressed by pharmaceutical companies and regulatory bodies alike. Conspiracy? Maybe but just the sludge of industry.

When I look at my own work I see the future arriving. We fund decentralized compute and marketplaces for inferences. We fund open source database software. We fund multi-sigs for hyper transactional blockchains. We fund nuclear fission that pulls its materials the sky.

And in that all of the is our founders are global citizens who have to manage anarcho-tyrannical borders with visas controlled by incompetent governments and live through the geopolitics of wars fought with drones and propaganda. The future is already here. It’s actually pretty cool. Just watch out for nervous system tics.

Categories
Finance Startups

Day 1286 and Halfway There, Living 2024 On A Prayer

An estimated 50% of the global population is participating in elections across 60 countries. That includes as supra-national entities like the European Union holding major elections. Naturally this made anyone who has to do any type of planning anxious.  

Concerns about access to compute and adequate energy, overbearing and inconsistent regulatory regimes impacting exits, growth and liquidity events, and the post-ZIRP monetary policy driving up cost of capital have been in the foreground of startup communities.

I see this reflected in my H1 investments. Access to energy, access to compute, and decentralization of both compute & energy are directionally the major trends that I believe will matter over the next decade. 

CapEx concerns and hyperscaling may grip the Magnificent 7 and worry analysts at Goldman Sachs but I’d encourage students of economic history to look to Carlotta Perez and her theory of deployment in previous economic innovation cycles for a more nuanced take. I think simple reads of over-investment are for suckers. 

From where we stand, capital serves the founders who make things of real value. That takes time. Regular builders have simpler needs while they do it: the freedom to make what they want with readily accessible tools without interference. 

We originated #FreedomToCompute as a tagline that shows our values. Not only has it driven me deal flow, but the coalition of e/acc, crypto, and El Segundo hardware/deep tech autists even changed a political party’s platform.

I’ll admit that I was surprised by the Republican Party’s adoption of innovation in crypto, artificial intelligence, and space as a core policy plank. They must really be courting startups as a constituency but I’m happy to have as many as possible aligned with us.

Science and progress are values traditionally associated with liberalism’s left leaning parties, but it seems the axis of “the best is yet to come”  is a wide coalition. My heuristics have thusly been updated so we can remain up and to the right. 

Anna Gat’s Axis of Hope

Categories
Culture Startups

Day 1278 and Follow On

I’d like to think I’ve got a talent for understanding how hype and momentum are built.

I learned this skill set by doing. I picked it up simply by being a cool kid working in the trenches of the business of style.

How does hype turn into capital? Well it’s complicated. Consider two significant trends from my youth. Was Indie Sleeze a real cultural moment or manufactured? Did we get taken in by the HypeBeast? Ask Glenn Youngkin in his Caryle Group era about his Supreme investment. Get Gavin McInnes and James Jebbia to go a couple rounds about their relative wealth. and come back to me. Still unsure? Ask Barbara Kruger about the clusterfuck of uncool jokers.

The original culture and the commodification of the culture is a spectrum and the Tommy Hilfiger Event Horizon is infinite. Who makes culture, who money and who only brings money can be challenging to calculate.

The thing about cool, it’s sine qua non, is that it grapples at every stage of its existence with its own validity. Cool thrives as a grounding process to what’s actually happening in reality.

Cool is a relational experience between someone or something authentically popular amongst a group that relates well with each other.

And that relational power is validated by some wider need in the world for their belief, innovation, art, product or philosophy. Sometimes this can be quite irrational surely but consensus is hard to come by. One of the classic essays in validation of cool is geeks, mops and sociopaths in subculture evolution.

The validation of something “cool” eventually reaches a point of opportunistic acceptance by those merely into a thing for the capital. Sometimes it’s social and sometimes literal currency.

These so called “sociopaths” who follow the momentum often do not realize that they are just in it to capitalize on cool. I don’t want to suggest anyone in a thing for money or cachet is a sociopath just that incentives for status are significant drivers for people.

Often we need the people in it for the money. It’s wonderful that angel investing exists and momentum investors have perfectly rational incentives. Sometimes you will even see significant self awareness about this. If you put resources into a community and don’t cause trouble you are often welcome.

Now you can refer to this type in startup investing as dumb money. The follow-on capital that is riding on the work of others who authentically believed before a thing was cool is a necessary part of the ecosystem.

I don’t at all mind when someone is a follower. You can be “a cringe follower late adopter” or whatever terminology we are now using to describe laggards in the adoption curve.


 Everett Rogers in his book Diffusion of Innovations

Unless you are a pain in the ass, actively predatory, or making your contribution more trouble than it’s worth, you should go ahead and lend your support if you can take the risk.

Don’t take it personally when hipsters sneer. They may have been earlier than you but it’s fine to back winners. Just don’t expect the founders to give you special dispensation for getting on board when it was safe to do so. It’s right that the alpha premium applies. I personally love it when not only am I right but I got paid more for the privilege.

Categories
Startups

Day 1257 and Other People’s Labor

I am laying prone in bed hopped up on DayQuil and the good codeine cough medication. I have Covid and apparently this bout will be no picnic.

Being sick can feel vulnerable. I imagine to most eyes I am economically and socially unproductive in this condition. I am not able to labor.

When I am sick I am grateful I get to be capital. I feel capitalism should appeal anyone with a disability (as I do) simply because comparative advantage allows us to exist without being at of the mercy of the state. Illness being disabling doesn’t mean low productivity.

My ability to be capital relies on the comparative advantage of specializing in startup kinda of startups. Practically it means I got to play a part in helping further the labor of others looking build a company.

Today was a big day on that front for me. One of my investments (humble brag I was their first commitment) Squads announced their Series A today.

They have come a long way since when I wrote about them on day 301 to where they are today on day 1257. A lot happened between fall of 2021 and Summer 2024. Now they are the market leading multi-sig wallet on Solana thanks to their Squads protocol.

They began with a vision of DAO tooling and ended up simply dominating code Solana primitives. They are doing the work of developing smart account technology and products that make it easier for businesses and individuals to securely manage and own digital assets. And they continue to make crucial tooling like Fuse.

For all the mania of meme coins and tokens, we can forget it’s real companies making real infrastructure.

These things have to be built for grander vision to exist in crypto and Squads has clearly been the team to do it. They have worked relentlessly shipping tools people want to use and build with.

When first met their CEO Stepan in Twitter DMs I had the privilege of seeing their early days upfront. There was never a moment that they were not listening to the market and adapting. I spent much of the summer of 2021 on DAOs because of their influence.

Everyone on the team practically wanted to do the work of building out what was needed for us to transact and govern in a trustless environment as individuals and as groups. I was inspired by their commitment to execution.

I am just a small part of their journey. But being able to provide the kind of specialized capital that could understand what they wanted to build from the start is a huge source of pride for me. Without early stage oddity investors like me it would take just a little longer for the entrepreneurs like Stepan, Deni and Sean to get to market. And the market deserves a company like Squads. Their hard labor built something of value.

Categories
Startups

Day 1255 and Venture Nurture

I sometimes wonder why venture capital hasn’t coded more feminine. The cynic in me say because it makes money and money accords status. Where there is status there are men competing for it. Which is a good thing in my book.

I just happen to find the kind of investing I do to be so feminine in character. I’d never really thought of my gender when I got into startups simply because I was a founder with a problem and technology solved it for me. I was a nerd about a few very specific things and the market agreed with me.

But now as the wider world has forced me reconsider gender and how my identity gets used by others in how I do business. And I do see that I approach my investing in traditionally feminine terms. I wasn’t that kind of founder. But I am that kind of investor. 

I nurture. I love finding a weirdo working on something in a weird corner of the internet. Nothing makes me happier than telegraphing out that I am weird and getting back other weirdos. I like to listen. I like to learn. I don’t mind unpolished or outlandish or even absolutely crazy. My best deals all started in DMs

Nerds aren’t a polished people. They may lack all kinds of social graces. They will often not care about anything but the thing they are obsessing over. And I happen to find this to be a good thing.

Not everyone agrees that we should work with their lack of graces. Ruxandra Teslo discussed how weird nerds are being pushed from institutions like academia.

Weird Nerds are being driven out of academia by the so-called Failed Corporatist phenotype”

Ruxandra Teslo

I am just absolutely here for the weird nerds. They are my tribe and I see it as part of my path to help bring more of them up behind me. To nurture is a feminine virtue. I am happy to bring it to my founders. They should all feel safe coming to me because they know that I am one of them and my goal is to see them thrive.

Categories
Startups

Day 1254 and Zipppp

I hadn’t expected to have a busy day. I’m really not enjoying having Covid. It’s an inconvenience and it sucks.

But suddenly I was getting all good news from all sides. A startup with a round. Another founder preparing to go out for an enviable raise with exceptional traction. An SPV for a round everyone wants in on. A colleague who had been thinking of taking action on a thesis is going to run an experiment. It’s just all very much my investments and my ecosystem thriving.

I felt like I was in William Gibson’s Jackpot. Incredible things are happening across so many industries and the world is an absolutely chaotic mess. It’s nothing but wars, gerontocracy and resource constraints out there. But here we are working.

Chaos pulls acceleration out of us because we must solve the problems in front of us. War and geopolitical turmoil and climate change require us to shoulder more.

We have real engineering challenges in compute, nuclear, decentralized systems, artificial intelligence and open source to solve to get to meaningful breakthroughs.

The problems are not easy. But our tools are getting better and the compounding effect of this renaissance in intelligence is that we might be able to build for bigger things.

Doomerism wants to focus on how bad things are. And I am the last person to disabuse you of a realistic model of what we are up against. I live off grid in Montana, I own crypto and I like my freedoms.

Humans are resourceful. Given ingenuity and incentive incredible talent has the will to say that I will take on this piece of the future for all of us.

It’s such a privilege to be woven into the ecosystem that is getting us through the Jackpot. And dare I say maybe the application of our ingenuity gets a better result and we can improve on Gibson.

The fictional “jackpot” described in the novels is an “androgenic, systemic, multiplex” cluster of environmental, medical and economic crises that begins to emerge in the present day and eventually reduces world population by 80 percent over the second half of the 21st century

The Jackpot Trilogy.

Maybe we can improve on these numbers. We’ve got the doomer version in our imaginations so now we can find a solution. Life, as Jeff Goldblum reminds us in Jurassic Park, finds a way.