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patio11's profile
Patrick McKenzie
Patrick McKenzie
Patrick McKenzie
@patio11

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Patrick McKenzie

@patio11

I work for the Internet, at @stripe, mostly on accelerating startups. Opinions here are my own.

東京都 Tokyo
kalzumeus.com
Joined February 2009

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    1. Patrick McKenzie‏ @patio11 3 Mar 2019
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      Somebody is going to eventually do the math on how much money is sloshing around the tech industry in regular employees’ pockets and build something absolutely mammoth on top of it. My bet is that it will be weird and boring at the same time.

      14 replies 17 retweets 187 likes
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    2. Patrick McKenzie‏ @patio11 3 Mar 2019
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      Weird in that, by the standards of traditional finance, it will look very undisciplined. Boring in that it will probably have a compliance department and fairly pedestrian structure; more like a VC fund than anything the crypto crowd dreams of.

      1 reply 1 retweet 34 likes
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      Patrick McKenzie‏ @patio11 3 Mar 2019
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      It’s just going to be the first VC fund with 10k LPs who’ve each written a check for $50k that they don’t really have a hurdle rate for because they don’t know what a hurdle rate is.

      7:57 AM - 3 Mar 2019
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      8 replies 2 retweets 72 likes
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        2. Patrick McKenzie‏ @patio11 3 Mar 2019
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          The magic here isn’t just the money, it will be that the customer (investor? But very consumer-like behavior) network is hyperdense, online functionally 100% of the time, and routinely introduced to other people in similar circumstances by the day to day operations of employer.

          3 replies 0 retweets 34 likes
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        3. Patrick McKenzie‏ @patio11 3 Mar 2019
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          Work Slacks are going to be like “Oh geez take it off this channel; it’s like Bitcoin all over again.”

          2 replies 0 retweets 26 likes
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        4. End of conversation
        1. New conversation
        2. Joe Sinkwitz‏ @CygnusSEO 3 Mar 2019
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          Replying to @patio11

          I think that is somewhat what @Jason is trying to do with the angel syndicates -- in your view, are you think it'll be geared towards rank and file tech employees looking for alt investments vs focusing on people that actively want to be angels?

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 3 Mar 2019
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          Replying to @CygnusSEO @Jason

          I think it will tap into the thing people want to get out of being angel investing, but probably be pretty orthogonal to it. Many people who’d never do angel investing will write checks.

          2 replies 0 retweets 2 likes
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        2. Paul Katsen‏ @pavtalk 3 Mar 2019
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          Replying to @patio11

          Like a large Angellist syndicate?

          1 reply 0 retweets 0 likes
        3. Patrick McKenzie‏ @patio11 3 Mar 2019
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          Replying to @pavtalk

          If I guessed it would owe heavily to the AngelList DNA (either by them or alums or slavishly inspired folks) but probably not a syndicate per se. The product people will want is the cachet of angel investing without the work, and even syndicates are work.

          1 reply 0 retweets 2 likes
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        2. Eric Jang  🇺🇸 🇹🇼‏ @ericjang11 3 Mar 2019
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          Replying to @patio11

          Are there special legal structures required for having 10k LPs?

          1 reply 0 retweets 2 likes
        3. Paul Katsen‏ @pavtalk 3 Mar 2019
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          Replying to @ericjang11 @patio11

          Reg A, Reg D I believe

          0 replies 0 retweets 2 likes
        4. End of conversation
        1. stoey‏ @_stoey 3 Mar 2019
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          Replying to @patio11

          A VC fund of tech employees that funded companies with a push to treat employees better wrt their equity would be interesting. "They've invented a union" but being external and trying to move things on the funding end would be an interesting dynamic. Like YC pushed for founders.

          0 replies 0 retweets 1 like
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        2. Jacob Krall  🐴 🚋 🚋 🚋 💨‏ @InPermutation 3 Mar 2019
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          Replying to @patio11

          isn’t this just a hedge fund, for which one must be an accredited investor?

          2 replies 0 retweets 0 likes
        3. Jacob Krall  🐴 🚋 🚋 🚋 💨‏ @InPermutation 3 Mar 2019
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          Replying to @InPermutation @patio11

          private equity fund*, i mean

          0 replies 0 retweets 0 likes
        4. End of conversation

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