back to basics > operating leverage

i've liked thinking about businesses in terms operating leverage since i started looking at internet companies seven years ago. why? it's a great framework for both founders and investors to think about profitability, scalability, and the stage of maturation of a business. it's also just a neat concept. operating leverage…

how many bitcoins does a nasdaq cost?

OK. You'll have to forgive me. This one is really because I was just curious of what the chart looks like. Why? I'm not sure. It's certainly not a fundamental analysis of anything, and I would be wrong to say you should read well, anything, into it. On the other…

how german policymakers are hurting berlin's startups

this post first appeared as an article on venturebeat on july 1, 2018. for more thoughts on employee equity, go to equity.balderton.com You can hardly go a day without seeing an article heralding the prodigal rise of Berlin’s startup scene. It is true that Berlin has tremendous…

JOMO and smartphone intent destruction

i thought i'd flag a new piece of research done by the android UX research team (summarized in this blog post) essentially the gist is that even google is coming around to the idea that smartphone / mobile addiction is a problem and they are studying the different approaches people are…

product market fit

Copyright Bill Watterson a lot of people smarter than me have written a lot of intelligent things about product market fit. i still get asked the question by entrepreneurs of how i would define it so i thought i'd lay down a summary of my thoughts here. creative, but largely…

prioritizing progression over perpetuation

over the years i've developed and refined a really simple framework for prioritization that i wanted to share. whether it's an athletic pursuit, house chores, or your work, you can bucket every task into either 'progress' or 'perpetuation'. depending on how satisfied with where you are today vs. where you…

the proverbs of john heywood - 1546

when you learn Mandarin one of the most delightful aspects of the language is learning chengyu. Chengyu are idioms, typically of four characters, with rich (and convoluted) stories behind them. Today, Chinese often use them in day-to-day contexts as sort of common-sense teachings or even just throwaway expressions. In English,…

three theses

ACINQ Lightning Implementation Live on their Testnet https://explorer.acinq.co/#/ One of the unusual things about looking at promising crypto projects focused on decentralization is that many are already well capitalized. As an investor it means that conversations are quite balanced and you have to spend as much time…

quantifying the decentralized ecosystem

what's the most overvalued token relative to it's open source traction? with the rise of token sales as a new funding paradigm, we've seen a really healthy dissemination of frameworks for token valuation (like this one from Chris Burniske, or a more elementary checklist from Fred Wilson). many of these…

our investment into luno

a central challenge facing venture capitalists today is the decentralization of tomorrow's internet. while many won't admit it, venture capitalists often need centralization to create companies at the scale that deliver outsized returns to their investors. if the internet becomes decentralized, where will those returns be generated? we've been thinking…