Why Chatbots Could Create a Trillion Dollars of Economic Value

Over the last several weeks, we’ve reached peak AI/Bot mania. Most of the conversation has centered around Chatbots and the potential emergence of a new platform/distribution layer. If you’ve been mostly ignoring the press, some good reads are: Chat bots, conversation, and AI as an interface The Complete Beginner’s Guide to Chatbots A Charge of […]

The Power of Data Network Effects

In the furiously competitive world of tech startups, where good entrepreneurs tend to think of comparable ideas around the same time and “hot spaces” get crowded quickly with well-funded hopefuls, competitive moats matter more than ever.  Ideally, as your startup scales, you want to not only be able to defend yourself against competitors, but actually … Continue reading The Power of Data Network Effects

Playing “fake VC” (or the portfolio approach to getting a job in venture capital)

How does one get a VC job? Method 1:  Start a tech company, drive it a multi-billion dollar success. Drop a few bon mots on Twitter to your robust group of followers, make visionary statements during your TechCrunch Disrupt fireside chat, and build a reputation as a helpful mentor to entrepreneurs.  Then wait by your phone as … Continue reading Playing “fake VC” (or the portfolio approach to getting a job in venture capital)

Sketchfab and the democratization of 3D content

We’re about to see a lot more 3D content in our digital lives.  Various trends, some years in the making, are now intersecting to make this a near-term reality. On the production side, 3D has of course existed for many years – this has been, in particular, the world of Computer Aided Design (CAD), which originated in part from MIT’s Sketchpad project in the early sixties.  In one form or another, 3D has been used as a professional format across many industries, such as architecture, engineering, construction, and entertainment. Creation of 3D content (even for consumer-facing products like gaming) has remained largely the province of a comparatively small group of specialized professionals. This is no longer the case. We are witnessing today a significant evolution towards 3D content being democratized and accessible to a much wider audience, both on the production and consumption side. For 3D production, a
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Hardware Startups: The VC Perspective

Among all the excitement for the Internet of Things and the resurgence of hardware as an investable category, venture capitalists, many of whom new to the space, have been re-discovering the opportunities and challenges of working alongside entrepreneurs to build hardware companies.  Below are the slides that David Rogg and I prepared for the recent Connected Conference, a great global event held in Paris.  They’re a good snapshot of how someone like me thinks about the hardware space, mid-2015.    

The “Straight to A” Round

The venture financing path has evolved incredibly fast over the last 18 months. In this very busy financing market, what used to be a reasonably well understood progression from a seed round to a Series A to a Series B, etc. has now morphed into a more complex nomenclature of pre-seeds ($500k or less), crowdfunding rounds (especially for hardware), seeds ($1M-$2M, 6-9 months after the pre-seed), seed primes (an extra $1M or so, 12-18 months after the seed), Series A (now routinely $10-$12M in size, occasionally up to $15M), Series A-1, Series B, C, D, E, F etc. (as companies remain private longer).

The latest entrant in this rapidly evolving nomenclature seems to be what I’d call the “Straight to A” round, where the founders skip the seed stage altogether and raise directly a $5M-$10M Series A, often before building anything, sometimes even before incorporating a company. I had seen

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