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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...Let's develop this analogy. Kickstarter, Angellist, YC, Techstars etc are like regional airlines. Growth VCs are hub-and-spoke domestic
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IPOs/public markets=international flights: the stage gate involves both regulatory boundaries and higher capitalization levels.
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The interesting thing about token sale model is that it breaks financial scale segments. Token sales have spanned seed to B/C level raises
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Perhaps the "hop" corresponds to a distinct investor class that can supply ~2m. You get to say 10-30m in 5-15 "capital hops"
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Just like Southwest has does hub-spoke scale distances via shorter point-to-point hops.
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