All-In-Podcast

State of Venture Capital, plus Fans’ Questions on Longevity, Decentralization & Quantum Computing (E26) | All-In with Chamath, Jason, Sacks & Friedberg

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Key Takeaways

  • Unless you have a great idea in your 20s, it might be better to start a company in your 30s
    • Generally, the older you are, the more prepared you’ll be
  • The ability to continuously learn is one of the greatest predictors of entrepreneurial success
  • It’s incredibly valuable in the early stage to align yourself with someone who knows your market
    • This partnership is worth diluting your equity
  • There’s no need for diluting yourself with middle rounds to finance your growth
    • Clearbanc and Pipe are two ways to non-dilutively finance your company
  • Equity crowdfunding is democratizing startup investing
  • Aging is a biological process, that theoretically we can stop and potentially reverse
    • There are several things you can do to turn on these genes and slow aging
      • Fasting
      • Exercising
      • Supplements
  • “Anything that is still in R&D phase twenty years in, need to be scrapped and rebuilt from scratch” Chamath Palihapitiya

Key Products Mentioned

Intro

State of Venture Capital

  • Founders’ demographics are changing
    • More females founders, although they are still underrepresented
    • Racial diversity is still lacking (white founders make up 77% of deal activity)
    • The average age of tech founder now is 42
  • VCs Demographics
    • Female decision-makers increased by 2X
    • 80% of venture firms still don’t have a black investor
  • There are more startups than ever
    • The average quality of startups has gone down
    • The average quality of funded startups has increased
      • Many more options to pick from
  • Rising importance of investors’ personal brands
    • “Founders don’t want to raise money from institutions as much anymore. They want to raise money from individuals” tweet by Erik Torenberg
  • The average deal size is up 3X over the last 10 years
    • In late-stage, the round size is up by 5x
  • Exits are up by 6.75X over the last 10 years
  • Equity crowdfunding is democratizing startup investing
  • Chamath put together a deck summarizing more trends in VC

Starting a Company Today Without Diluting Yourself

  • Unless you have a great idea in your 20s, it might be better to start a company in your 30s
    • Generally, the older you are, the more prepared you’ll be
  • The ability to continuously learn is one of the greatest predictors of entrepreneurial success
  • In the 1990s, it was much harder to get into entrepreneurship
    • Information is more accessible now
    • There are a lot more incubators and accelerators
    • The internet makes it easier to network
  • It’s incredibly valuable in the early stage to align yourself with someone who knows your market
    • This partnership is worth diluting your equity
  • There’s no need for diluting yourself with middle rounds to finance your growth
    • There should be clever ways to non-dilutively finance your company
    • If you found product-market fit, you shouldn’t be diluting your stock

Longevity & Biohacking

  • David Friedberg recommends the book Lifespan: Why We Age―and Why We Don’t Have To by David Sinclair
  • Aging is a biological process, that theoretically we can stop and potentially reverse
  • Cells can be either in repair mode or growth mode
    • Can you get the gene to switch on the cells into repair mode?
      • If you do, cells last longer and so does the organism
  • There are several things you can do to turn on these genes and slow aging
  • Chamath’s longevity regime
    • Diet, workout, good sleep
    • Supplements
      • 20mgs of statins
      • Metformin
      • Vitamin D and other general supplements
    • Periodic scans with PreNuvo
      • Head to toe MRI scans with no radiations
      • Looks at your entire body to spot potential issues early on
      • They are using machine learning to better identify anomalies
    • Every five years he does a Heartflow test
      • It allows him to spot any calcium build up and know the state of his arteries
      • It’s important because once you have calcium in your heart, it doubles every year, increasing chances of heart disease

Decentralization, Separation of Currency & State

  • Bitcoin’s price has been going up as institutional investors are starting to buy it
  • Bitcoin is the first digital asset that  you can’t create infinite copies of
    • This is where its value lies
    • The day someone figures out how to counterfeit Bitcoin, it will be worthless
      • People have been trying for 10 years, but no one has figured it out
  • One of the most important changes in history was the separation of Church and State
    • Crypto is introducing the idea of separation of Currency & State
    • Bitcoin is a currency that everyone “believes” in and no government can control
      • It is often considered as the bubble that never ends
      • As more people believe in its value, it grows
  • Some countries (India, China) are fighting it and looking to ban it
  • Crypto won’t necessarily remove the state’s ability to tax
    • Many assets will be written on a ledger to get tracked and monetized
      • Your house, jewelry, art, career, and other assets will all be financialized
    • Transactions stay on the ledger forever and one of the parties has to exchange and declare the Bitcoin eventually

Quantum Computing

  • Quantum computing has been discussed as having the potential to crack Bitcoin’s hashing function
    • This would counterfeit the ledger
    • Given the current state of quantum computing, there’s less than a 5% chance that this would happen before 2040
    • There are already people working on the next frontier of cryptography that would account for quantum computers
  • In this decade, quantum computing is expected to generate breakthroughs in the ways atoms and molecules interact with each other
    • Example applications
      • Taking nitrogen from the atmosphere and using it as fertilizer
      • Finding proteins with specific functions on our body
  • D-Wave has been working on quantum computing since 1999
  • Chamath and David see quantum computing as too early to be an attractive investment
    • It is too far from being commercialized and requires huge capital
    • It’s a good example of how the government can play an important role in investing in technologies with no immediate returns
      • Like the Manhattan project or Nasa
    • Ten years ago though, investors also saw AI as too early to be commercializeable
  • “Anything that is still in R&D phase twenty years in, need to be scrapped and rebuilt from scratch” Chamath Palihapitiya
    • Everything’s changed and you need, young, naive people to find new solutions
All-In Podcast : , , ,
Notes By Giorgio Parlato

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