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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 Jan 22
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      Patrick McKenzie Retweeted Harvey Multani

      Coming soon to many seed rounds and Series A near you, and also likely to much of the bootstrapping community: cap tables where literally all of the money comes from software people, not traditional sources (VC funds with non-tech LPs).https://twitter.com/HarveyMultani/status/1220022148636516362 …

      Patrick McKenzie added,

      Harvey Multani @HarveyMultani
      Related to @patio11 earlier thread about how software companies will be owned by software people. “I didn’t even know that individuals could put in that much money,” she says of their multi-million-dollar checks” https://twitter.com/collinmathilde/status/1220020927255080960 …
      Show this thread
      5 replies 24 retweets 156 likes
      Show this thread
    2. Patrick McKenzie‏ @patio11 Jan 22
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      Why? A confluence of reasons: The *money* has always been fungible, but the *networks* are increasingly weighted less to “I, a financial services provider, am tight with the firms you’ll raise your next round from” and more “Of course I can pick up a phone and call Google.”

      1 reply 2 retweets 29 likes
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    3. Patrick McKenzie‏ @patio11 Jan 22
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      Bluntly, the community can afford it. Napkin math how many accredited investors get how much direct deposited every single payday from AppAmaGooBookSoft alone. 5% of 20% of that is seed rounds for N startups.

      1 reply 1 retweet 22 likes
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    4. Patrick McKenzie‏ @patio11 Jan 22
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      Angel investing continues to be seen as heavily prosocial in the tech community, and it is a status marker in both directions.

      2 replies 0 retweets 27 likes
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    5. Patrick McKenzie‏ @patio11 Jan 22
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      Any rotation away from the SFBA disadvantages firms who don’t want to have to explain to their LPs “Actually we never strictly speaking met this founder we gave $5M of your money to.” and advantages people who can say “Would I spend $50k after Zoom call? Why would that be odd?”

      1 reply 1 retweet 22 likes
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    6. Patrick McKenzie‏ @patio11 Jan 22
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      Tech people get substantial non-pecuniary advantages from investing which traditional investors don’t capture. It can be totally rational to invest in such a way you lose money.

      1 reply 1 retweet 28 likes
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    7. Patrick McKenzie‏ @patio11 Jan 22
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      That is probably *deeply* controversial, but here’s a sketch of the intuition: In 1970, you could reasonably join a golf course hoping to meet other people who played golf for career purposes. Golf balls never return capital.

      2 replies 2 retweets 32 likes
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    8. Peter Clay‏ @eyebrowsofpower Jan 22
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      Replying to @patio11

      This does imply that the set of people granted capital through this route will become less diverse and more geographically concentrated; another literal old boy's club controlling who gets rich next.

      1 reply 0 retweets 0 likes
      Patrick McKenzie‏ @patio11 Jan 22
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      Replying to @eyebrowsofpower

      It likely implies the exact opposite of that, because software people (while they do have concentrations) are substantially more geographically dispersed than VC firms. Similarly: if you think software people are older than VC GPs on average, you’re almost certainly not right.

      9:23 AM - 22 Jan 2020
      0 replies 0 retweets 0 likes

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