We can make society safe by balancing decentralized innovation with society-wide coordination. VC has a major role to play here, but in closer coordination with state actors. More on this coming soon.
VC optimism makes sense in the long run...if there is a long run. Investing rule one is "avoid ruin," and VC optimism flourishes when the risk of ruin is small relative to unlimited upside. Pessimism makes more sense as society becomes less safe.
A big mistake founders make is thinking that the purpose of a deck is to get people to invest.
The truth is that whoever is reading your deck is likely distracted/not interested. Your job is to stand out, and make them excited.
Lesson #7: Choose equity in yourself over the security of an established brand.
The establishment is overrated.
Choose upside in yourself.
You’ll attract like minded people.
People that want to be pushed and leave their imprint on the world vs. being cogs in a machine.
VC speeds up this system by helping founders survive with their learnings and fitness intact--in part by giving them the capital they need to stay alive, and in part by helping them adopt the best features of other successful adaptations.
VC is the business world’s most efficient proxy for evolution through natural selection. It’s a powerful means by which our society improves itself through innovation.
VC creates the conditions where a host of startups can be conceived. Startups create progress by making bold, creative guesses about the future state of the world. Those guesses are culled by a trial and error system through which a small subset of mutations spread and evolve.
But at its best, America is a place where an immigrant’s son can become the richest guy in the world—and where that same guy uses his wealth to reinvigorate journalists who tirelessly critique the weaknesses of the powerful so that the entire spectrum can improve…