Pan Am/Golden Age of VC is over. Token sales = Southwest. No assigned seats, no biz class, point-to-point only, here are your peanuts.
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IPOs/public markets=international flights: the stage gate involves both regulatory boundaries and higher capitalization levels.
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In this analogy, market is segmented by the length of the maximum route in miles = upper end of the capitalization stage (seed, A-D, public)
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who would be aeroflot, airindia?
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Easy... government sponsored innovation hubs/SEZs etc
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what about folks like non-profit Kairos? Aim seems less about "capital", more decentralized "connectivity". https://www.wired.com/story/the-ace-networker-will-connect-you-now/ …
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I don't think it's meaningful to include social capital plays in this scheme. Hard capital has dynamics of its own.
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Lemme try a weirder analogy. Block mining is stellar nucleosynthesis of iron and nickel. An ICO is supernova nucleosynthesis of platinum.
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Bitcoin and Ethereum get mined slow and steady. Every star in the sky, the light you see is hydrogen burning into iron ash.
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