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Social Capital Annual Letter 2019
In the past, there have been many attempts at disrupting venture capital:
- The proliferation of angel investors (AngelList, 2010)
- Enactment and regulation of equity crowdfunding (Jobs Act, 2012)
- Cryptonative crowdfunding via token sales (2013)
Medium • Unbundling the unit economics of venture capital via DAOs
VCs focus more on thought leadership than ever before, because their access to capital is less valuable than their social capital. Dave Portnoy can become one of the biggest names in finance, raise tens of millions for businesses hurt by the pandemic and move stock prices without having billions under management or a long investing track record let... See more
Tal Shachar • Creators Eating the World
Lavishly funded by venture capital, startup brands are in the position to undercut incumbents on price and service, all the while being unprofitable. The result is that money-losing companies can go on undercutting competition far longer than before.