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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. David Deutsch‏ @DavidDeutschOxf Jan 29
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      David Deutsch Retweeted Mason  💦 👏 +  😷 +  🏃‍♂️ ✂️

      Yet instead of doing what would be fun, and thereby maybe solving stuff, people do what they're told they 'must', or what they think they 'should'.https://twitter.com/webdevMason/status/1222631434235473920 …

      David Deutsch added,

      Mason  💦 👏 +  😷 +  🏃‍♂️ ✂️ @webdevMason
      There's just a whole lot of work to be done concerning utterly fascinating natural phenomena and novel technologies. For the right people, it's going to be so FUN! And *everyone* is looking for promising projects to fund — moonshots too. A new Bell Labs could rise out of this
      Show this thread
      6 replies 16 retweets 103 likes
    2. michael_nielsen‏ @michael_nielsen Jan 29
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      Replying to @DavidDeutschOxf

      Was reflecting on a related thought earlier: my income over the years has typically been anti-correlated with the social value of whatever I'm doing. (There are exceptions). I don't think this is unusual at all: the labor market for creative work seems mindbogglingly inefficient

      3 replies 3 retweets 51 likes
    3. michael_nielsen‏ @michael_nielsen Jan 29
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      Replying to @michael_nielsen @DavidDeutschOxf

      This seems intrinsic: the greatest creative opportunity lies where institutions (inc. the labor market) fears to tread. To some extent they're valuable opportunities _because_ institutions won't operate there.

      1 reply 3 retweets 23 likes
    4. michael_nielsen‏ @michael_nielsen Jan 29
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      Replying to @michael_nielsen @DavidDeutschOxf

      I call this Groucho's law: you should never work on any project for which can get funding. Tongue-in-cheek, but there's a grain of truth to it: the easier funding is to get, the more likely something like it would have happened anyway.

      1 reply 12 retweets 59 likes
    5. michael_nielsen‏ @michael_nielsen Jan 29
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      Replying to @michael_nielsen @DavidDeutschOxf

      Hmm, flipping that about: if you want to be a useful funder, maybe you should never fund a project that anyone else in the world would fund. Which sounds nuts, but has the benefit you're sure any impact was additional.

      8 replies 4 retweets 40 likes
    6. Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @michael_nielsen @DavidDeutschOxf

      A thing I feel moderately strongly about and hope to experiment with eventually: the first $X for some X which funders broadly consider is not just too low to matter but too low for them to even *contemplate a funding decision* would unblock stupendous amounts of value.

      5 replies 1 retweet 18 likes
    7. Catherine Olsson‏ @catherineols Jan 29
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      Replying to @patio11 @michael_nielsen @DavidDeutschOxf

      can you rephrase? not sure I'm following (syntactically)

      1 reply 0 retweets 3 likes
      Patrick McKenzie‏ @patio11 Jan 29
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      Replying to @catherineols @michael_nielsen @DavidDeutschOxf

      Can I use a specific example to make it a bit more concrete? Consider a Series A round in venture funding. It might be for about $5 million these days. The cost of evaluation for a successfully closed round is north of $100k when you account for time of the relevant people.

      6:29 PM - 29 Jan 2020
      • 6 Likes
      • Peter Hatch Carl Vitullo michael_nielsen daniel Aneel ☕️ Catherine Olsson
      1 reply 0 retweets 6 likes
        1. New conversation
        2. Patrick McKenzie‏ @patio11 Jan 29
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          Replying to @patio11 @catherineols and

          It feels plausible to me that you can unlock a lot of good with substantially less than $100k, but the structure that can produce a Series A round can't even contemplate that opportunity. Argument applies to other fields than technology companies and other funding options.

          3 replies 0 retweets 16 likes
        3. Patrick McKenzie‏ @patio11 Jan 29
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          Replying to @patio11 @catherineols and

          I think, even within fields that have high-dollar funding available and assumed to be on the happy path, that there is likely substantial value unlocked by low dollar checks. In fact, I think the lower bound for impactful funding and marginal returns to it are likely *shocking.*

          7 replies 1 retweet 14 likes
        4. 6 more replies

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