Brad Feld

To all #founders and #entrepreneurs out there, our intro meetings are conversational and easy going. Feel free to message me to setup a call. Learn what Pioneera Ventures can do for you!

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Digital assets are meant to be used. Not hoarded. Not endlessly flipped in pursuit of speculative riches. They’re to be used—for the unique purposes for which they were designed. That’s why Ayre Group is the world’s largest venture capital investor in Metanet apps. What is Metanet? Metanet represents the vision of a better, more inclusive and dynamic internet, an economically integrated online system that enables cost-effective, instant micropayments. Metanet will restore the original promise of a peer-to-peer internet model. Silicon Valley giants hijacked the original internet model by forcing all traffic through their centralized (and proprietary) hubs. Metanet will undo this sabotage. Metanet will bring a global democratization of access to data and services. Creators will be able to engage in an economically feasible direct-to-consumer model—no middlemen—allowing them to succeed on their merits, unconstrained by bureaucracy. Metanet will upend cross-border transactions by eliminating intermediaries. Remittances will be cheaper and more secure, as Metanet’s decentralized nature will enhance trust in digital transactions and offer greater control over personal data. Metanet is the marriage of IPv6, AI and the BSV Blockchain. IPv6 is bringing an exponential rise in the number of IP addresses, with a similar rise in the number of unique devices connected to the internet, including an army of Internet of Things (IoT) devices. All of these devices are talking to each other, many of them autonomously. AI’s assistance will be required as a traffic cop, helping to ensure that all these digital messages arrive where and when they should. The final piece of Metanet’s puzzle is BSV. BSV can process a huge volume of transactions swiftly and securely, at a cost measured in fractions of a cent, allowing the monetization of every piece of online data. BSV is the base value transfer token of the future internet. Developers can build with confidence on BSV. BSV is legally-and regulatory-compliant, with a locked protocol that traces its unbroken lineage to Bitcoin’s Genesis block, so what’s built today won’t be undone by unnecessary protocol tinkering. Metanet’s potential is too great to ignore. Learn more about how AI, IPv6 and BSV—the only public proof-of-work enterprise blockchain that can scale to make Metanet a reality—are building the internet of the future. https://lnkd.in/gxFM_jrW

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The #printing #press, as #generative #tech, actually created a #market. It created the ability to use it; utility out of nothing de novo, like #magic. More Here: https://lnkd.in/gA9VxNC5

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Exciting news! We just sent out the inaugural newsletter for Future Frontier Capital, our pre-seed venture fund backing frontier tech startups. As I hit "send," I realized how launching FFC parallels the path of the founders we support. Starting FFC has required the same passion, perseverance, and self-belief that drive entrepreneurs. Just like a startup, getting a VC fund off the ground demands relentless hustle—building the brand, perfecting the pitch, and networking tirelessly. There are constant challenges that test your resolve and endless hours of unglamorous work behind the scenes. And perhaps most daunting - the self-doubt, wondering if you're crazy for attempting something so bold. Pushing through that negative self-talk requires unshakable faith in your mission. Raising this VC fund reminds me of starting our IP strategy and patent analytics firm two decades ago. It’s a powerful reminder of the perseverance, creativity, and resilience needed to turn an ambitious idea into reality. This experience makes us more empathetic partners, ready to support the founders we back. Our work is just beginning, and this inaugural newsletter underscores our commitment to supporting frontier tech startups every step of the way. #startups #VentureCapital #EmergingManagers #Entrepreneurship #InnovationMindSet

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🌱 For pre-seed/seed founders 🌱 The early stage vc markets have changed drastically -- but many founders don't truly understand how or how much things have shifted until its too late or they are deep into the fundraising process already. This recent Allocate pod lifts the veil on the pre-seed/seed 2024 markets. SO MANY GEMS are packed 💎 into the first 20 min, I had to listen twice. Key takeaways from pre-seed VCs I'm a big fan of Jenny Fielding of Everywhere Ventures, Kirby Winfield at Ascend (PNW represent!) & Nate Williams. 💎 The market in one word: 'turbulent' 💎 Fundraising bi-furcation; 2X founder building in AI (rounds take weeks) vs All Others (rounds take up to 6 months). 💎 "Leading VCs" (ie. first check in) are putting in a TON of work - building conviction & then helping founders fill the round. 💎 Up to 5 rounds pre-A; need lower early valuations to enable step ups 💎 Pre-seed entry valuations have corrected to $5-8M 💎 Round sizes have increased at pre-seed & seed for extended runway Many more insights in the full pod here: https://lnkd.in/gYf-DMr6 #venturecapital #preseed

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If you missed SEED CRUST: State of the Seed Venture Market event last week, you can download the report and watch the recording. Here's what I expect to see in the coming year as it relates to Seed *phase* venture capital: 🐖 The "pig in the pipe" (the exit backlog) will clear this year, which is great for late stage, but it won't be felt at Seed until next year. 🔁 Which means more of the same this year for Seed: more shut downs 😢, more extension rounds 🌉, more pressure on founders to stretch their existing capital 💸. It also means the bifurcation at Seed will continue through this year. 💫 3-Round Seed is the new normal. Pre-Seed, Seed, Seed 2, call it what you will, Series A isn't coming back down to $20-30m valuations. Mind your dilution to make that work. 📈 Seed 2 valuations will continue to go up over the next year, covering territory in the $20-30m post range that used to be a small Series A. 📉 But there will be less capital available in the Seed phase than in the last three years, and less of that will be deployed into first checks. How did we end up here? Here's the full story: https://lnkd.in/gwuGVSii What do you think? What would you add to this? Check out the recording to hear the full presentation and get Peter Walker's take on it, too. (Thanks for coming Peter!) #venturecapital #vc #fundraising #seed #startups

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Liquidity or exit planning is often taboo leading to many companies being ill prepared. Successful outcomes are years in the making - they start and end with proactive prep (e.g. getting your house in order, developing strong relationships with strategic partners, potential investors and advisors). With Scott Colvin & Paul Perrett we lay out some key actions you should embed now that can set you up for exit success and also make you a better run business today Big thanks to Bree Fedele 🖋

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Last month, Uncork Capital celebrated its 20th anniversary with a jubilant gathering attended by 420 guests, marking two decades of success in the venture capital realm. Over the years, the firm, alongside industry peers like First Round Capital and Felicis, has witnessed remarkable growth, now managing billions of dollars in assets. This expansion reflects the flourishing landscape of venture capital, with the industry experiencing exponential growth in investment. Moreover, positive shifts in VC norms, such as the evolving attitudes towards board seats, underscore a commitment to providing tailored support to startups, enhancing their growth prospects. Amidst discussions surrounding sectors like AI, optimism prevails, emphasizing a steadfast dedication to investing in innovative ventures with lasting impact. Read More Here: https://lnkd.in/efN6-Spd Branded Hospitality Ventures Jeff Clavier Susan Liu Ashley Cravens Tripp Jones Sarah Du Andy McLoughlin Amy Saper #innovation #technology #management #venturecapital #startup

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While not always true, but mostly true. Capital formation at scale can drive major shifts in industry. We are seeing it with VC and AI. We have seen it with PE and AEC. What I am starting to see is capital formation to truly disrupt the AEC. Why? Massive Market Slow adoption/digital transformation. Outdated business practices that may or may not align with the clients goals. It is a bit of a perfect storm. You can bet against capital allocators. But the forcing function of large amounts of capital entering any market will have a resounding effect. Stay tuned…

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If you're doing small scale bitcoin mining, and want to hitch a ride on a Maserati, this post if for you. It's also for you if you're interested in my research-based assessment of where I see the future of Bitcoin mining going. First, what do big bitcoin mining companies have that smaller ones usually lack? - access to capital markets,  - networks and  - bulk purchasing power and - process/technical innovation. But what do small bitcoin mining companies, that is scarcer for big companies?  - Geographically dispersed sites - local jurisdictional knowledge, - direct relationships with power providers,  - domain knowledge, eg: niche energy-harvesting applications So it makes sense to cooperate, as Marathon and Nodalpower recently discovered when they combined their relative strengths to move each company ahead in a way they could not have easily achieved alone. Each partnership like this also helps the whole Bitcoin ecosystem - get more geographically decentralized - Change its narrative around bitcoin and the environment (these projects are almost always renewable) Outside the bitcoin ecosystem, large companies normally thinks they can do it all themselves. In bitcoin tho, everyone thinks like a startup disrupter As such, larger Bitcoin mining companies cooperate with other large companies that another industry would deem a competitor; small companies that another industry would deem irrelevant. There are already many more of these collaborations in the wings, and its my mission to help more of these types of collaborations get off the ground. If you’re a small mining company, reach out, and I'll see if you could be solving some problems for a bigger player, while gaining access to some of their valuable resources. And well done again to NodalPower and MARA for providing a solid example of how this type of collaboration can work

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Great episode for early stage VC's and capital allocators to check out. https://lnkd.in/ekz7JHJd #vc #fundraising #venturecapital

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Many of you know that #observability has been a passion of mine. If you are a startup struggling with monitoring, join Johnny D. and Zihao Zhang from Zeet for a monitoring workshop.

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Here’s a question investors are often asked: When evaluating early stage companies, how much time do you spend on due diligence around future exits? It’s not surprising we hear this question a lot. Also not surprising: it’s got a wide range of answers depending on the firm. Some don’t spend much time here at all. Others make it a point to put meaningful time in as part of their process. Our current thinking: take the time to do the work on public market comps. At Alpaca VC, we spend significant time understanding how public market investors will  realistically value a business based on margin profile, product, business model & TAM. In short, we want to know: how will this company be valued at scale when we get taken out? Yes, we can acknowledge that the journey toward exit is a windy road and that there may be pivots along the way, but there are still public market companies that have a business model similar to the early stage company you're evaluating. And you can always look at gross profit multiples if you think the margin profile will change over time. So we still do the work on the comps. Quantitative metrics we look at when making the comparison to public market comps include EBITDA multiple, revenue multiple, Gross Profit multiple or all of the above. As part of this process, it’s also important to factor in the public market company’s year-over-year revenue growth as this will also significantly impact the multiple it trades at. Simple example: if you have two public market companies with similar business models and similar margin profiles, but one's growing 100% year over year, and one's growing 50% year over year, then obviously the DCF (discounted cash flow) analysis is going to spit out a very different valuation for the one that's growing faster. Why this matters: When you take all of that information into account as you evaluate an early stage business, you can begin to create a realistic picture of how this company will be valued in the public markets at exit - or how an acquirer will value the company for an acquisition. Strategic acquirers may, of course, pay a premium, but we won’t underwrite for that. This allows us, for example, to form conviction around valuation based on revenue and gross profit predictions. If we think they can do $100M of revenue five years from now, we use this diligence process to form a thesis about whether the characteristics above (product, margin, business model, etc.) will cause the company to be valued at $200M vs. $500M vs. $1B at exit. Curious how other early stage investors think about underwriting an exit and how much time they’re spending on public market comps even though these companies are in their infancy.

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I 💯agree with Oz Merchant on this topic. Some folks advise founders to pitch very selectively and 'pick your pitch' - you get one shot, choose it wisely? I'm 180 degrees opposite of that - be a promiscuous pitcher! - ABP - ALWAYS BE PITCHING. Because your pitch gets better with every no, take that feedback, learn, iterate. Right now it's taking 50-100 no's for Triangle co's to get funding, it's still tough out there, so get through the no's fast to get to a yes. Check out the event - also go see others pitch, it all helps you get better - pitching is like PMF - lots of iteration, tons of grinding to get through to the other side.

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What do you do when a radical new technology puts your main product right in the crosshairs of disruption? Listen to David Okuniev — co-founder of Typeform | Ask awesomely — discuss the challenges of innovation within existing structures. David shared a game-changing insight: Radical innovation is really, really difficult to do inside your own product. He emphasized the need to break free from the constraints of familiarity and embrace change from outside the box. Henrik Werdelin and I have both seen our fair share of this in our respective careers. What struck us most was how David leveraged structure to overcome the innovator’s dilemma. By creating a culture of experimentation and providing space for bold ideas, he propelled Typeform beyond incremental improvements. What other hacks have you seen or employed to help your organization overcome the innovator’s dilemma? Share your stories below! 👇 And if you want to dive deeper into our conversation, click the link in the comments to catch the full podcast episode!

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"I think what AI represents is a complete fundamental reset of what the user experience should be for a business application." Brett Queener Partner at Bonfire Ventures 🔥 talks AI and user experience. #venturebacked #vcbacked #venturecapital #leadership #ceo #founder #operatingsystem #peakOS #ai #artificialintelligence

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Ever wondered how VC investors figure out who gets paid and how much when a startup hits it big? Dive into Verb Ventures' latest VC Blueprint on the Waterfall Model to get the scoop — and check out our model template inside!🌊 From senior VCs to the folks in the trenches, find out how money flows when an exit goes down. Whether you're dabbling in investments or running your startup, this breakdown is a must-read to keep your finance game strong!💸 https://lnkd.in/e-UaBVHY

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I had a lot of fun recording a podcast episode with Shiva Singh Sangwan. We discussed the evolution of Humba Ventures & Susa Ventures; tips for raising and building a fund; how to improve investment sourcing & picking; the role of luck in investing, and so on. https://lnkd.in/eiqsStej

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