The point is probably “Large enough to tap pools of capital which are effectively limitless when compared to the VC industry.” That number presumably comes down over time as the rest of the world figures out what to make of this whole software thing and/or gets access brokered.
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So if you’re non-software money plausibly “I’m too small and my return requirements are too high to compete with late stage money. I’m too dumb/disconnected to compete with similarly priced tech money early. So either I bet on tech people tapping me for additional leverage...”
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“... or I need to maybe start investing somewhere where all the people I want to invest in can’t fund a Series A in 48 hours from their cell phone.”
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I also think, mostly unrelatedly, that exactly the same social dynamics which cause a syndicate to be possible in an alumni group could cause some other cause needing funding to go substantially viral through an alumni group (and cross networks because alumni do, too).
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Not sure what that will be. A plausible argument exists that Bitcoin basically was it in the pre-2013 timeframe.
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End of conversation
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What seems new this cycle are the few deals at the later stage that cut out institutional capital. But software money needs to diversify itself and it only takes one connected team to make outsider LP $$$ relevant so external LPs will remain part of the system indefinitely.
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Is it that easy?
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