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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 Feb 19
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      A fun innovation in financial engineering I saw recently and thought was worth sharing: I am an extremely tiny angel investor, which means I periodically send small checks to startups in return for an equity investment. This has historically been very toilsome for all parties.

      34 replies 158 retweets 1,245 likes
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    2. Martin Amps‏ @MartinAmps Feb 19
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      Replying to @patio11

      What’re your thoughts on Wefunder, is this close?

      1 reply 1 retweet 2 likes
    3. Patrick McKenzie‏ @patio11 Feb 19
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      Replying to @MartinAmps

      Crowdfunding platforms deal with a bit of adverse selection problem; this brings similar operational efficiency to deals which someone in my position should certainly hope would be attractive to savvy professional investors. Notably, this method relies on accredited investors.

      3 replies 1 retweet 13 likes
    4. Patrick McKenzie‏ @patio11 Feb 19
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      Replying to @patio11 @MartinAmps

      The adverse selection problem, in a nutshell: the companies which have the highest ex-ante likelihood of the best returns generally have oversubscribed rounds from investors who have some non-pecuniary to take their money. Crowdfunding would kick them out to take random money.

      1 reply 1 retweet 5 likes
    5. Patrick McKenzie‏ @patio11 Feb 19
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      Replying to @patio11 @MartinAmps

      So crowdfunding platforms structurally mostly list deals which sophisticated investors did not crowd into. There's a thesis you can make here that professional investors are so bad at their only job that crowdfunders actually get the good deals. That thesis sounds implausible.

      3 replies 1 retweet 8 likes
      Patrick McKenzie‏ @patio11 Feb 19
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      Replying to @patio11 @MartinAmps

      The bet I am making here is, effectively, "A startup founder could tell a sophisticated VC that they're getting slightly less allocation in an oversubscribed round to get me on their cap table, and the VC would reply 'OK, that makes sense, conceivably there is some value there.'"

      8:50 AM - 19 Feb 2020
      • 7 Likes
      • Lachlan Priest Chris Lee Jo 𐀀𐀞𐀂𐀴𐀍 OinkAndStuff sameer shahid Abhishek Rajurkar
      2 replies 0 retweets 7 likes
        1. Martin Amps‏ @MartinAmps Feb 19
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          Replying to @patio11

          That makes a lot of sense from the VC’s POV, but what if sufficient capital was available from crowd funding is the CEO less incentivized to give up a board seat? Do you think we could see an inflection point there?

          0 replies 1 retweet 4 likes
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        1. Peter Thomson‏ @PeterJThomson Feb 19
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          Replying to @patio11 @MartinAmps

          Same thing in an IPO. The underwriter is willing to take the whole float but the company may want to carve out a small allocation for smaller or strategic investors.

          0 replies 0 retweets 0 likes
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