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🧐 what’s the Return on Community Effects?
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Just a couple years ago, so many VCs told me that @weareangelcity was a bad investment, that sports teams weren't viable, but if you don't understand how Community works (and how powerful it is — especially in Web3), you're gonna have a bad time investing this decade. twitter.com/PeterMcCormack…
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I think this is a feel-good thesis. Community is secondary. Without a primary tech innovation driving things you can still get decent returns and a solid business but the interestingness is capped in a certain sense. Community effects are fundamentally downstream. Applied tech.
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In fact I’d bet the other way. The world is starved of hard tech and the community effects of hard tech aren’t predictable or controllable for a few years. Web3 hard tech is extra weird and nobody has good enough intuitions yet to drive sports team level applications.
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Web1/Web2 were simpler, more intuitive technologies, and even there it took a long time to see community effects and bet. Given who is arguing this thesis: Reddit was founded in 2005, took about 5 years to really gel, and is primarily a pre-Web1 community pattern (Usenet-ish)