19 Burst results for "Union Square Ventures"

How AI Will Impact the Future of Jobs and Work

HumAIn Podcast

01:39 min | 3 months ago

How AI Will Impact the Future of Jobs and Work

"Back listeners. The humane podcast today. We are continuing to talk about the future of work whether work as the new normal with his work in the post pandemic world and work continues to expand. I'm pleased today to have on the show. Jeff wald who's the founder of work market and. We have some great history together being involved with some of the same company so jeff. Thanks so much for joining us on show david. Thanks so much for having me. I am really looking forward to this conversation today because as we look forward to the future of work in the world. There's so much to talk about. And our shared history is with adp the payroll company which has done break things around payment providers and keeping companies afloat during the pandemic actually for the day to day operations. But before we move into those hot topics and and the future. Let's start with the history. What is work markets. And what is some of the exciting work that you've been doing in this space. So work market is enterprise off. Further enables companies to organize manage and pay their freelance workforce. So we built by far the largest enterprise software platform for the on demand economy not a marketplace where consumers can go but just the software that helps companies to manage that very important and growing part of their workforce. We found the company. Two thousand and ten we raised one hundred million from softbank in union square ventures and a few others and three years ago. We were lucky enough to find a great partner to continue the growth of the company and eighty p as adp purchase work market.

Jeff Wald ADP Jeff David Union Square Ventures Softbank
"union square ventures" Discussed on IT Visionaries

IT Visionaries

03:30 min | 11 months ago

"union square ventures" Discussed on IT Visionaries

"And we are serving this mission in a variety of ways we had the ninety. Nine new, which is an event series in a blog that really focused on creatives executing on their ideas were assist just sort of coming up with more ideas, which is pretty easy for creatives to do. We also had the action method, which was a daily task manager for creative professionals, and then the behalf network, which was the platform to showcase in discover creative work. So we really were serving this mission in a variety of ways and over a course of. Many years in bootstrap fashion years. Later, we ended up raising venture capital from Union Square ventures, and you know the adobe relationship actually transpired quickly after that capital raise. So we'd always had a relationship with adobe in thinking about sort of a stars align acquirer when you're building a start up and sort of perfect match adobe was that for us and we were making the decision to sell the business to adobe and just sort of thinking about this team that we put together this mission that we were serving and coming in as a partner allowed. US to continue to serve the mission in just at a greater scale, an impact to the creative community. So it was a no brainer, and if you think about where adobe was when we were acquired, they were one of the early pioneers making the transition from a box software company to a subscription business, and we were there at that specific inflection point in their business and we were a natural fit..

adobe partner Union Square ventures
Being a Blockchain CEO in 2020 with Algorand CEO Steve Kokinos

Messari's Unqualified Opinions

07:12 min | 1 year ago

Being a Blockchain CEO in 2020 with Algorand CEO Steve Kokinos

"Everyone welcome back happy new year. This is Brian Circus at two. Bit Idiots for our first edition of Missouri's unqualified opinions new decade. And I'm excited to have Steve Kookiness. Who is the CEO? At ALGA rant. UP IN BOSTON We realized too late that he's actually going to be in town in just a couple of hours but that were still doing this remotely because such such such as like but you should notice new and improved equipments in sound quality. These things coming out of my ears Ashaninka Ashaninka will but easier to hear without much of a den and certainly be a marked improvement from twenty nineteen version of qualified opinion so Dive into of course but For starters See if you know. I always like to dig into the origin story of the people that were speaking with Before we get too deep into the weeds out rand and her answer twenty twenty. How did you fall down the rabbit hole and get sucked in with with this crew? Yeah and by the way. Thanks for having me happier. So in terms of In terms of Crypto I I insertive had an interesting enter to which is. I'M A serial entrepreneur by By trade and was giving a fundraising talk at ABC's events in Boston a couple of years ago. So I think this is assertively sixteen and it was all sort of normal stuff but a guy in the corner sort of spoke up at the end and said well I have surveys slightly different problem about money have issued this cryptocurrency e end have blockchain that we've created in applications around it and we're thinking we'll just sell some tokens to fund our business and I started like. Wow that's that's interesting. You're staying in had been introduced to Bitcoin Over the few years before I had some friends who are doing mining and and are really passionate about but it just never really had a lot of time but I kind of sort of my eyes opened at the idea that you know could represented differently of of funding and and kind of thinking about How businesses evolve and from there Really dove in was doing with pillar which is Boston. BCC that's one of Belgrade's investors and also union square ventures And I was introduced to several folks in the community Sort of hobbyists mining with my kids and just basement of my house. Just learn about different parts of the tech but I think what really struck me was. I started my first business in the mid nineties in the early days of the Internet and I was a very dynamic time had a lot of libertarians in underpinnings very anti commercial and really about decentralisation that was Asian at tech ironically which doesn't necessarily seem that way now I'm was also just very vibrant community out. A lot of people were really fascinated by the tech in the Philisophical underpinnings of what could happen and it was the first time I had seen anything in twenty years since that really had some of the same feel to it And and so you know more and more as I again just found the space to be fascinating and there's so many different elements to it. So it's it's been it's been an adventure for sharp. How so How did you get excited about the algorithm project in particular because One of the common themes that. I think you're quite quite a bit about this year is a quote unquote eath killers or like new and improved versions of x blockchain at an unusually. It's around around optimizing for new feature or or a new use case were some of these teams are trying to develop a wedge and make sure that they're able elect to penetrate the market and Siphon off some of the developer interest ecosystem interest from from different existing blockchain's That's a tough sell right. But but how do you see Iran position as as unique in this regard income. What's the path to success or moving up the ranks? That's all Oh yeah. So what Ella loamy kind of hit the first one I part I in that I think sort of this discussion about how sort of the cryptovest base needs to evolve twelve. I think is a really important important area. I was introduced to Silvio Through pillar and and Union Square And really fascinated me about him. Was that one of the observations I had about the space is that a lot of the tech is derivative tech. Came before it But what it really felt like there needed to be a big step like a big leap and I think using the Internet analogy again. The blockchain space felt like you know the Internet when people were still using using dialup modems. And you know there needed to be Bigger Highways Belton and better better sort of fundamental tech. And what really found found. was that Silvio Ed along with really a group of researchers here reimagined attack from the ground up and to me. That felt like it could good if you if you kind of fast forward. A couple of decades Could have the same impact of something like a google. I think really there's is kind of an inflection point I think in the market that sort of leads to to what you were suggesting about a theory I over here. We're not necessarily all that worried about being in the theorem killer. I think the space has room for multiple players. I think also our point of view is that there's GonNa be multiple chains that ultimately can focus on different areas areas One of the things that we are very focused on though is if you look at the developer community on there's about twenty million developers world less than one hundred thousand of them are building building building boxing applications every day and the other nineteen point. Nine million are the more likely place. Just statistically where the killer APPs are gonNA come from and so really making it simple oh for for those people to engage with think is incredibly important and so I think if you look at kind of the way we focused our energy it's one really softbank onto the hard fundamental computer science problems and billing platform that can be used at scale and the has Good underlying mental properties for people who are issuing financial assets. That's an transacting with each other and anyway but then the second part is making it really simple for people to get their work done In example that is is Part of outgrown two point. Oh we released -til which is a smart contract language and a lot of interesting possibilities there but what I think is Exact excellent example. Something that's even more interesting. Is We have a python interface so that anybody who writes a python script can automatically GLI compiled into its yield script without having to ever learn anything about our smart contract language. I think that's where we need to get is really take some inspiration from places like stripe and make it really easy for people to add. Decentralized elements blockchain elements to their applications without needing to learn all the underlying technical details of course online the

Boston Silvio Ed Developer Ashaninka Ashaninka Steve Kookiness Missouri Brian Circus CEO Alga Belgrade Bigger Highways Belton Google Iran ABC Union Square Softbank Ella
"union square ventures" Discussed on This Week in Startups

This Week in Startups

04:23 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"Dot org. If you want to go, do it, you can you go here. And then yeah, I don't have one. Right. So I think Kripo is that layer crypto opens up a whole lot more flexibility in terms of the way you create incentives around the protocol. And I think we're very early. I didn't. I think it will take a long time before we see the real fruits of that. But I've got a lot of. Contrition conviction even more than tuition conviction. Yeah. I'm on the intuition phase. I'm not up to. Not to conviction yet. Also one way to arrive at conviction is to think about the alternatives. So we we started this conversation talking about market power dominant players consolidation and the impact that's having uninnovative and opportunity in the investment in opportunity for investment. I don't think that's a pretty picture. And so this is why it's gotten religious. Yeah. So a term people have conviction beyond financial, you know, financial reward. Right. The the people who are in it. This is what I found. So compelling about the original bitcoin people when I had them on in two thousand nine two thousand ten on this podcast is that they were just thinking not like founders, I had met in other places. They were thinking about you know, what is the ramification of somebody in Venezuela who has to deal with, you know, currency being devalued like in. How do you get your money out of China? If you're a dissident, you know, I'm sorry. What are we talking about here? You know? How do you deal with central banks that are printing more money? And I'm like are they printing more money? I guess they are okay. Yeah. This is like a really interesting grant actually away from seeing those impacts, but we're not nearly that far away from seeing, you know, the opportunity to invest time and energy as a developer in creating value on top of a platform that can't be evil that that can't ultimately take your legs out from under you sued ads. That's where a lot of people are are working today. Love. All right, listen. You're smart Brad sitting with you. It's got my brain like. In overdrive right now. She's like, oh God, I'm on like eighth HR processing eight threads concurrently right now. My multiprocessing is like this. What's the great thing about having a great conversation pockets? I was explained this is something that I was like oh my God. You do a lot of podcast one hundred years. You know, every time I get out of that podcast. I have fifty more ideas. I like racing to get my most skin racing to write things down of like all the different ideas today. This was a highlight for my week. So I really appreciate you doing it. If you have a great company protocols be matched. The these best way to get in front of any venture capital of my experiences to go through one of their. Previous investments or Email them and have a product you ever get an Email me with the person rarely rarely these days. It's I think that's a tough way out tell you the single worst thing to do is Email all five at the same time. Yes, he's as always grant everybody looks at each other. And goes, I don't know who's gonna answer this so much better to look to figure out what the firms doing then within the firm the partners are doing make sure, you know, which partner is working on the thing that and then and then as you say if you can find a warm introduction from entrepreneur they worked with before that's a much better way in. Yeah. For sure I still respond to the mills coming in good for you. Well, I haven't accelerator so we actually have a vehicle for it. But when you're at the level, you're at I mean, the Email box must be going bonkers. But you know, there if if if I see. Email that we've had this conversation about what my interest is if somebody, you know, zeroes in on the re what timbers Lee calls, the redesignation the web, and has a credible mechanism for participating in that then the probably respond to that. Yeah. All right. We'll see you all next time. Thanks a lot. Brad. We'll see all next time on this being silenced by..

Brad partner Kripo Venezuela China Lee developer one hundred years
"union square ventures" Discussed on This Week in Startups

This Week in Startups

04:43 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"But if you think about it, you've got drivers and passengers and shareholders, and you're gonna divide the pie between them if you've valued business at you know, I don't know whether you wanna use seventy or fifty or whatever number you wanna use for Uber. And you think about anybody that comes in at that price is looking for three x maybe. And then look and think about the earnings that you'd have to produce in order to deliver a three x. Yep. Shareholders are gonna take a lot out of that pie. So this is the Bill early comment about raker rant or whatever. And I think that that's gonna open them up to competition to skinnier protocols that mediate the relationship between drivers and pass. Injures without as much rent extraction. And allow the creators. Are you? I've been set you are heard talk about it like in a white paper. But the concept here would be and it can be for Airbnb as well if they're taking ten percent or somebody's taking twenty percent hang gonna create a crypto currency. You guys trade your, you know, whatever, you know, air air coins. So whenever they get called or Uber coins ridesharing coins, and we own ten percent of the coins. You guys do what you want with the rest, and that's it where you taking. So what's really cool about the model? Is that is that that drivers in? This example, would have a token or a currency in their cash. Register in the passengers would have it in their wallet. So in order to participate in the market, you'd have to own some of this currency, and as more and more people came into the market, the creators evalu-, the creators and consumers of that Baillieu would actually participate in the appreciation that doesn't happen in a shareholder driven. Oh, something we all wanted to do. I remember talking earlier onto the team at Uber and another RBM T V team looked at this and EBay team looked at it back in the day, which. Give remember that were they giving stock to the Boston brewery. Yeah. Well, they did that. But they also gave it to their customers. Right. They put Cirta basically applications in six. Oh, wow. So brilliant that was some Harvard MBA. I don't Ahrvard MBA's. Like, I got an idea. Let's put stocks tickets anyway inside of. Listen, trusted brands that broaden access to knowledge capital and wellbeing by leveraging networked platforms and protocols. That's a lot of words. But I actually understand it. Congratulations. How many people worked on that? You got four partners their partners. We have five partners. Yeah. Trusted brands. We get that broaden access. Get more people involved opening the pie. To knowledge. Okay. -cation information. Okay. Got it Twitter tumbler, all those or education capital. Okay. That's interesting finance bitcoin all that kind of stuff and wellbeing. Well, what is that about? Well, being all of a sudden you guys care about wellbeing explaining never used to care about what was going on writing capitalist or carrying about wellbeing. So. I think one of the least efficient markets on the planet is healthcare. Why? So look I first of all have to say that I am not the healthcare person in the partnership. I've, you know, I think Andy's done most of that work Rebecca's done some of that work. And but I think that the basic idea is if you if you look at the way in which as more and more people got comfortable and transacting online, and as a generation that grew up on the internet came of age and started becoming major purchasers of services. They kind of expected that consumer experience and they're not getting that consumer experience out of healthcare. On the phone. We'll give you an appointment at three weeks. Right. And so I think the theory is that, you know, if you if you think about the way in which these e commerce sites have simplified for huge parts of the population the purchase of everything from razors to dresses. We haven't seen that healthcare yet. Now healthcare is regulated marketplace, it's a much tougher marketplace to crack, there's a lot of entrenched interests. So the question how do you work around the edges? How do you find the pieces that lend themselves well to being delivered to phone, and you know, we're in a couple of pretty neat projects that are nourished is one. Modern fertility. But we have one com dot com. Meditation up, just like consumers actually paying for and buying their.

Harvard MBA Airbnb EBay Boston brewery Twitter Cirta Baillieu Andy Rebecca ten percent twenty percent three weeks
"union square ventures" Discussed on This Week in Startups

This Week in Startups

02:38 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"It's incredible software. It's going to help your company grow. And that's what it's all about. Okay. Let's get back to this podcast. Welcome back to this week in sort of some your host Jason Cal Canas, my guess today. None other Brad Burnham from union square ventures founded in two thousand through my good friend. Fred wilson. And what a what an amazing run at sea. Tumbler foursquare stripe. Don't see Kickstarter on this list. What's going on my research from you guys are also in Kickstarter? That's kind of a quixotic one. They never want IPO. They wanna run the business forever. They have lower margin business or pretty generous charge. Five percent. Can you ever get your return on that? Or is it gonna be dividends? If they refused to go public forever. Yeah. I think that that is the answer that they will dividend out a return for us and. And I, you know, I think it's actually you mentioned earlier when we're talking about crypto is you know, is crypto a good place for venture capitalists in there's a bunch of the same pressures in the crypto world. So I think of kickstarts having trained us to work with nurse that want to be in it for the long run wanna be relatively careful about the rents that they extract out of their network and wanna create you know, sort of sustainable value over time. It's not I don't think of it as their problem to figure out how to deliver a return on that. I think that's our problem. Yeah. The rake is I know Bill early talks about this a lot like if you take too much rake you could see what happened today. I think discord that gaming chat service is gonna deliver games. But there are going to deliver it ninety ten ninety percent of the revenue for the publisher. So anybody else was taking thirty percent of their app store? Okay. Now, maybe the the new Vegas ten percent. So I think the way they say that in the businesses your margin is my op. Opportunity. How do you feel about that? Then when a Kickstarter how do you explain that to them when they're like Kickstarter, it's done like three billion dollars. Oh, my God has gone through that platform. And when are we going to get our billion? So that is part of what you do. Right. You're like a proxy for the LP's who -absolutely and the and the founders, absolutely. Innovation always by definition, fines efficiencies and allows for the delivery of service at lower prices. And and you know, so I think the business venture capitalists cannibalizing itself..

Jason Cal Canas Fred wilson foursquare Brad Burnham union square ventures Vegas Bill publisher ninety ten ninety percent three billion dollars thirty percent Five percent ten percent
"union square ventures" Discussed on This Week in Startups

This Week in Startups

02:02 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"Nineteen ninety nine IPO's ninety eight ninety nine two thousand nine P happened in ninety three ninety four when we're talking about the information superhighway, bingo, listen, you talk about and not now you end up with a bunch of companies that have a hundred million dollars. So there's no web so rouser yet. Right. And so you and. Then then what? So you know, you actually see some of these well endowed crypto projects actually investing in the infrastructure, actually in style making investments in the infrastructure, which I think is great. But yeah. So is there a role for venture capitals? You know, we spent a lot of time thinking about how we can be helpful to the companies that we work with and a lot of it is just pattern recognition, and and networks, and, you know, connecting people with you know, ideas or people or whatever, and they still need that. Yeah. Even if the money seems to be free. But by the way, I don't think the money's still free. No, no this. This was like some Mirage. I tried to explain this to some founders who lamenting like that. They didn't get the hundred million dollar Masayoshi sun check, or they didn't get the two hundred million dollar. I see out, and I you know in life. You can see weird behaviors hap-. Even that are the outliers. And then you think that the outlier is something that you're entitled to that would be like me waking up and being like I bought a lottery ticket in I didn't win. But I know somebody who won the lottery is that's not you have to understand fundamentally you're still in a lottery like. Just because some big huge. Well, like mossy issues on comes in and puts a hundred million dollars into a couple of companies doesn't mean that that's the new standard. He's doing something different. That hasn't been done before. What do you think of that impact? You guys have been in business with Masayoshi sun before. As a matter of fact, I knew Masa when Fred was investing with SoftBank..

Masayoshi Masa SoftBank Fred hundred million dollars two hundred million dollar hundred million dollar
"union square ventures" Discussed on This Week in Startups

This Week in Startups

03:45 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"That are limiting innovation so personal experiences. You know, we were investors in Twitter and early on Twitter was an open API, remember. And so we had Tweety and tweet Dak and all those things. So you have these winter didn't have its own I o s rendering out. Right. And so you have people building applications on top of open database, but when Twitter figured out that gosh, we need a business model in the business ball's gonna be advertising. So we have to we have to you know, control the. The way in which are content is being displayed all of a sudden it didn't work. And so what they do. They basically cut off all those evaluators. So the reason trust listening is important isn't about, you know, not trusting a state, it's about not trusting platform. So you, you know, I think that if you believe, you know, there are no developers who are going to build on top of a closed platform today. Naively right. They've seen it too many times. I mean, you also had this with zinc, and Pinkus and watching what happened with him in soccer, and they were friends or so he thought maybe, but they were they knew each other. Well, he negotiated the deals personally with Mark Zuckerberg to be on the platform. Yeah. So I I mean, I don't think you know. I mean, so yes, it it's, you know, it's an incredible luxury as dominant platform to be able to watch the innovation that takes place on top of the platform shoes. How and when you're going to incorporate that in innovation into your revenue streams, and but I don't think there's anything wrong with that. I just think that I mean that is the way capitalism works capitalist. Sure. But I think that that creates the opportunity for the next turn of the wheel the next wave of innovation. And I think that I have a great deal of faith in entrepreneur and in engineers and innovators, generally. And I think they will go to at this point having watched this movie too many times, they're they're going to go to a platform that they know can't be evil. Yeah. They're not going to buy into building for Facebook for the seventh time and that have soccer. Brooke pull the ball away like Lucy with Charlie Brown and wind up on your back again. Like now, my understanding is Facebook wants to get developers to start doing things with them again. And it's like really again, you're going to try to fool me once when we twice for the seventeenth time. Like, you screwed every business partner who ever had internally and externally at Facebook. And now, you think people are going to buy. No. So is that distributed? Nobody owns that. We're all gonna vote based on our hash power, whatever that makes. Black of experimentation a lot of how these things are governed. And even whether they need to be governed. There's there's there's a governance mechanism called forking that works, but it's it's painful and expensive. There will there's a lot of people working on much more elegant, governance mechanisms. But it's basically, you know, the one I think the ideal implementation of a Blockchain's gonna be one where governance is actually relatively limited people can trust it because the architectures trustable. It is one thing about the bitcoin protocol that we have to sort of tip. Our hats to that were sitting here in your ten or whatever it is. And it's still rocking and solid. And yes, sure it would to nineteen and back down to three thousand putting that aside. It hasn't been hacked yet. It's obviously by the way landed but the hasn't been hacked the price movement. You know, that's that's certainly not bitcoin fold, right? It hasn't been hacked. It's a it's a really impressive. Architecture. It's really impressive design..

Twitter Facebook Pinkus soccer Dak Charlie Brown Mark Zuckerberg partner Brooke Lucy
"union square ventures" Discussed on This Week in Startups

This Week in Startups

02:06 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"Do with sizes trust such a mind blowing laudable and or important innovation. 'cause I know that you believe that maybe some other people believe it less, but what is it because that seems to be the core of the people who came to it. They want. It something that had this different trust model rather than trust in the government. Well, I don't I mean, we could talk about or mortaring policy, you know, whether or not it's monetary policy. I think that crypto so much more important than currency or than monetary policy. I think it's a it's a model for developing applications in a much more decentralized way that allow for much greater participation at the edges of that innovation that platform so Galway back to since we're having fun going back here. Go away back to Microsoft and think about the world that existed in the mid nineties. There was probably twenty five hundred P software is fees. Independent software vendors producing word processors, and spreadsheets and everything else. One of twelve different word processors in the eighties by the end of the nineties. There was one. Yeah. Right. Oh, my word perfect. Think about. How that happened? Right. You had a platform that enabled all of this innovation on top of it. But had the luxury of being able to sit there and look at the innovation that was taking place on top of it. You mentioned Facebook in a similar vein. And then deciding what they wanted to internalize and over the years, everything got sucked down into either the office, suite or the operating system and so. That actually again paradoxically was good for consumers why? Because it standardized the interfaces it standardize the experience at made it more accessible to more people interoperability like us have a word, doc. I have a word perfect. We don't have to buy therapy software to translate it. So it was good for consumers. It was bad for innovation. Yeah. You know? And so we're in a similar place right now at the applications layer of the web where you have these dominant players.

Facebook Galway Microsoft
"union square ventures" Discussed on This Week in Startups

This Week in Startups

03:43 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"Get on their try them out this lots of beautiful new extensions. And of course, all those great, customizable, templates one thing people don't know is that swears face some people don't know put in incredible ecommerce functionality and sell stuff opened up a store. No biggie deal back to the program. Welcome back. My guest today Brad Burnham, and we're talking about the state of the big four and historically antitrust market forces. Now, we're here we're looking at crypto. Looking at Facebook being super powerful. Facebook seems to be the one directly in the crosshairs. Yeah. I think they're directly in the crosshairs in part because it be you know, politicians are very sensitive to things that affect politics. And so I think that's probably the reason that that face that Facebook is, you know, being called down to Washington. But you know, I think that that look at Amazon if you're a manufacturer paper towels, and you know, you're shipping a lot of paper towels through Amazon today, and Emma, Zahn, decide paper towels. I can have those made in China for less than you know, I'm paying I can pick up Amazon basic towels here, we got here you go. Yeah. And so I think, you know, being able to direct demand to any supplier that you can ago she ate with and then even to yourself that I think that's an incredibly powerful position. And I guess they're counter is well, we only have the small percentage of overall commerce. Therefore, it's not a big deal. And it's in the best interest of consumers because we're lowering prices. Yeah. I think you could make that argument with Google. And with apple you know, I mean a lot of these Facebook is free, right? So. So apple are not getting free can't make with apple right prices. Keep going up. It says a sidebar that Napa has been able to raise the price of the iphone like one hundred dollars every eighteen months, and they're just boiling us, look frogs. Yes, I'm not sure you Android or apple. I'm actually Android you always Android or did you always been Android? I have you know, I grew up, you know, at a working with bell labs working with Unix believing in open source believing open systems believing that open systems create, you know, emergent decentralised bottom-up innovation of huge conviction that that's the best kind of innovation. And so I've always wanted to work with the most open systems, neither the systems are particularly open, but Android a little bit more open than apple you know, you could actually make the argument may not, you know, there are things about the openness in this world that, you know, end up being somewhat problematic, but I still Lara's in hacks and all the stuff. Yeah. I'd still rather be in an open system. I think that I think you have a faster pace of innovation. I mean, the new pixel phone seems like there are just slightly better than the IRS devices. I don't know I've never actually compared the let's get into crypto. You guys were very early coin base win. I Don couple years back eight more than a couple of years we've painted for while and you got early conviction around crypto at because you believe in open source bottom up, and this is as open source bottom up as it's ever been in the history of mankind. These were anonymous white papers with nobody in charge consensus building for how the system runs. How does it? Venture capitalists capitalize on a system written by a pseudonym..

apple Facebook Amazon Zahn Brad Burnham Google bell labs China Napa IRS Washington Emma Lara one hundred dollars eighteen months
"union square ventures" Discussed on This Week in Startups

This Week in Startups

04:54 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"We've pioneered a a market an opportunity space technology only to find that when one of these larger players enters that market. It's really hard to compete. They have huge advantages in terms of distribution. I mean, if you're in if you're face comes to mind with stealing stories right out from under Snapchat. Sure. Or, you know. Well, it's not I mean, I think it's not no copy pixel by pixel like three swing set that I felt that was low. You know, I I mean, I think it's a I think that it's, you know, unfortunately, it's the way our market is structured, it's their responsibility to their shareholders to take advantage of the opportunities that they have to return as much as they can to their shareholders. We have is doing hopping like that like wholesale copying. Okay. So common. I'm not gonna I'm not gonna act. I don't think it's a bigger problem. I think it's a it's a market structure problem. And I think that I think you're going to actually see increasing calls you're already seeing you know antitrust case against apple in the app store. You're gonna see more of these obviously, there's a lot of conversation. Among policymakers about are these institutions too strong to powerful reshaping the market. How do you think about that? I'm curious. So the answer is I think they are. But I think they got their legitimately. And I think that my experience of policy makers attempting to change the structure of markets historically has been pretty bad. So you can think of an IBM anti trust case that scene dismissed the Microsoft antitrust case that really didn't have an impact. And so other than PR. Probably driving the world's greatest entrepreneur at the time. Bill Gates out of the business from just making him. So hated globally that he just was like enough. I think he left because the joy got pulled out of the business during that antitrust that's possible. That's my theory is that we came so arduous to be. So hated the depositions and everybody saying you have too much power. If you don't want me here. I'm just going to go give all my money away and solve other problems. Yeah. I mean, I'm not gonna speculate on his motivation. But I think the more interesting thing to talk about is what actually did happen. Why we don't think about Microsoft as dominant incumbent today? Why not what what happened? What changed and it wasn't? Okay. You could argue that forcing Microsoft to unbundle the Brown browser, you know, allowed the internet to emerge. So that may have been a single policy move that they got right? But, you know, the, I don't think that the, you know, the address case that dragged out over ten years alternately really changed the structure of the market. What changed the structure of the market was the emergence of the internet. Yeah. And that became that led to a shift in venue, if you will from from the desktop to the web, and when we moved processing to the web, and we started to create a set of consumer services that were delivered from the web to to relatively, you know, simple browser all the action was on the service. I'd and so if I'm building an app on the server, I'm not gonna use it binary operating system. I can't control my destiny. I can't control. I can't make changes I'm gonna use. No, I'm gonna use a open source operating system. Right. So links became the dominant operating system on the browser side. Microsoft couldn't open source windows couldn't compete directly for that business based marketplace's stronger, and it may. Have thrown the king. Who knows I'm speculating, but I'd argue the same thing happened with them. You know, if you think about what happened with IBM they were paying playing catch up in the PC world, and they did it by outsourcing all the components, and that had a defacto effect of creating these standard interfaces between the components, and all of a sudden, it was possible to create a PC for anyone to create a PC, and they they outsource operating system from Microsoft, and that is what? And then that also ended up in a shift in venue because we went from time sharing on the on the mainframe, distributed computing on the PC and it was market forces again market forces. Yeah. So we look at this Facebook situation before the break you mentioned crypto. All right when we get back from this quick break. We'll talk about crypto on this week in startups. Now, I'm gonna tell you all about squarespace, which is love you need to turn your new idea into a website, blog, or publish content. You could sell products and services of all kinds and promote your physical or online business with squarespace even announce an event or.

Microsoft Bill Gates IBM squarespace Snapchat Facebook apple ten years
"union square ventures" Discussed on This Week in Startups

This Week in Startups

04:38 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"They needed the cash flow, but they're willing to give him warrants sprint funded most of the build out of their network by taking warrants in the startup companies that they really enabled by implementing their technology in the network and eighteen could've done the same thing. But didn't. So the point is that that it's you know, when you're trying to create the synergies in corporate venture capital world, the incentives are all misaligned. There's generally no way for a senior executive Inc to get credit for creating balance she appreciation, but they're usually measured on Hiba. So it's. Tough. It's tough. It's tough combination of incentives. It also seems really difficult to give this group of executives twenty percent of whatever the Rothe of the investments are when this other group is getting you know, some other compensation, and then what happens if they hit something like Twitter where you wind up throwing off a billion the twenty percent once being a billion dollars or something like this really throw people for a loop like the CEO's like I hired you, folks. And now you're getting that. So most of those corporate ones don't give twenty percent carry. They give people salaries, I think that's true. Some of them have phantom Kerry program. Gary we actually had an interesting we had we were an independent venture capital partnership at AT with Seoul, limited partner, part of the reason for that is that I had earlier been working with a team out of bell labs and spun it out. Out and was very insistent on having real minority equity rights. I knew that AT would own a majority of that entity because the technology, but I wanted to equity rights because I didn't want the possibility of AT and T shutting down or you know, I wanted to be able to have a real run and in order to get that done and had to go through the board at eighteen this tiny little I mean, we're talking about a company that may be had a annual burn of, you know, million bucks. And so getting it spun out was a pain. But the guy who did it was a guy named Bob cabiner who was the CFO at the time. And it took him so much energy to push that through said, I never want to do this again. So I'm gonna create a venture capital group. That can sponsor these spinouts critic structure, and I'm gonna get out of loop. But what happened was the he decided based on. The experience of, you know, getting a real, you know, Delaware corporation real sequel positioning to take external equity going through that whole process. He said, well, I'm gonna create a venture capital group that looks like a venture capital Rupe? So we were actually independent venture capital group. We had a FINA Kerry, and we made all of our on investment decisions. And I think that worked really well for eighteen ventures back in the nineties. It was created ninety two and it ran through ninety nine during that time we put about three three hundred fifty million to work and returned about billion to. But as you say toward the end of that there's series of management changes at AT and T, and they start looking at that and saying, well, wait a minute wait economics are really pretty good. And maybe we should do that ourselves. So they took the billion to and they k-, and you know, when when they took over the activity took it over in about ninety nine and decided that they wanted to do. Significant investments not these three to five million dollar investments. But we're eighteen we wanna move the needle. So they went long in late ninety nine with billion to didn't work out. Very well, timing super important, isn't it? I do think it's important. I think that I think there are technology cycles. I think that those there are there are times when there is really great opportunity in the venture business in their times. When it's really tough. I actually think we're in a time that's pretty tough, particularly if you're trying to do consumer facing web services, and why is it tough? I think we are living in a world of very rapid consolidation around very dominant network effects and that would be Google apple Facebook, Amazon. These are great companies. I have a great deal respect for them. But they have normal advantages relative to startups, and you know, we've seen a number of examples where?.

AT Bob cabiner FINA Kerry senior executive Inc Twitter Delaware Gary bell labs Seoul Google CEO CFO Rupe partner Facebook Amazon twenty percent
"union square ventures" Discussed on This Week in Startups

This Week in Startups

04:18 min | 2 years ago

"union square ventures" Discussed on This Week in Startups

"Yeah. Let's get back to our knitting. Right. And so that left the field open for new firms that really had conviction about the internet in about the obligations layer. And I think we were one of those firms. Yeah. And that's when companies like Twitter two thousand five period. Uber two thousand nine little bit later face. I would distinct. Facebook was their Twitter. Was there Hooper? I think came on along a little later Guber was, you know, going after something a little bit different. The, you know, the options, I think about certainly the ones that you know, we were investors in in thousand seven there. We did in the space of six months, we did tumbler Twitter Zing and indeed in the space if about six months, and so and none of those were all that competitive. I mean tumbler we did with spark and Twitter. We're the only investor in the first round because everybody else had said, you know, if you get a deal with the carrier to pay for the SMS minutes and give you a business model, then we'll look at it. But nobody felt good about hilarious. I remember talking to him, and he was picking between sequoia and union square ventures, and he was asking me to handicap between the two firms, and of course, Fred is one of my oldest friends. Friends of New York, and I was a sequoia CEO at the time. So I was like well Fred's gonna put a lot of work in like, he's the hardest working guy and then sequoias legacy company. I mean, you couldn't possibly do worse, but sequoia didn't pull the trigger a thirty million dollar valuation. You guys put in ten for third or something like that? So thirty or forty million post me, oh, it was less than that. And we put in less than that. But we owned about the amount that we would if we'd done it at the numbers that you said. Yeah. So it was. Yeah. It was like for twenty percent or something like that. That is that your biggest of your whole career as you point out. I mean, Fred and I worked on that together. But that was really Fred Steele. I'd say the, you know, in terms of returns, one of the biggest hits would be indeed people don't think of that as as a big deal, but that company took five million in primary capital. And then sold you know as a unicorn. So so the only five million. Yeah. Prime ultimately, they did some secondary. But in terms of operating capital, they took five million and they sold for over a billion. Yep. Wow. That's incredible to what do you tribute that type of? Efficiency so two things one they had a very strong founding team. They combination of Ronnie Kahan and Paul Foerster. Ronnie was that tech lead in the product genius. And he built a great technology team in Austin tech in Austin, Texas and Paul was one of those really driven and almost ruthless entrepreneurs. When it comes to the efficiency with which they build the business and the other things so great founding team and the and that worked very well together. The other thing is that they were actually doing something pretty simple and the business model had been pioneered by Google is paid search, but it was paid search and a very special specialized niche that wasn't being well served by the dominant. Search engines employment ads were often buried underneath essentially databases. So you had to actually tease out all the data. Rather than in the I call it the dark web back then, but it's not that dark of a web. Anyway, you had to scrape it in normalize it in right? So so Google didn't really do a good job of that finding all of the opportunities and displaying them in a in an easily consumable way, but they did a great job of defining business model. So they just basically used that business model and anew corpus of data. We get back from this quick break. I want to talk to you about crypto huge. And you guys were so early to that like mega early. You guys got involved in theory umn before launched. No, we and we haven't really been involved in theory..

Fred Steele Twitter sequoia Ronnie Kahan Google Paul Foerster Facebook Austin Hooper Guber New York CEO Texas six months thirty million dollar twenty percent
"union square ventures" Discussed on Venture Stories

Venture Stories

02:43 min | 3 years ago

"union square ventures" Discussed on Venture Stories

"I would consider that analogous to union union square ventures for intrusion or awards or sequoia allocating to various crypto hedge funds across the board. You know as foreign ownership was started to open up a, you saw a lot of the same issues that you see in crypto currencies where the markets were very small relative to. US equity markets. They were highly illiquid. They had high concentration of or ownership they were largely, and so there was not a lot of quantitative trading going on markets mortgage were almost entirely driven by sort of new slow in other catalysts on just like you're seeing in the crypto currency space. Many many, many issuers were very dubious quality. And most of those companies actually got washed out or no longer exists. If you want an interesting historical perspective on specifically that phenomenon, very excellent documentary called China hustle on many of the low quality construction companies, etcetera that were being listed, you know, coming out of some of these Asian countries. And so you know, as we started to see development of the Asian markets on, you started to see ETF offerings. Countrywide ETF's start to come out, you know, which was one way for equity investors to get exposure as these as many of these. Sorted to grow. You actually started to see participation directly from wardrobes to shown vespers in the US. I think that we're on along the development of capital markets. This is where we are in the cycle where you know we're seeing many ETF puzzles wild, the one on the looming rice in his the Vanak COE bitcoin spotty, which I would say is likely is unlikely to get approval. I think it will likely to push, but you know, you're seeing a number of ETF Rolex file income to attempt to come to market. You're starting to see widespread, especially amongst institutional investors and capital allocators of all different sizes about seeing for currencies as a new merchant market or as a new asset class. You're starting to see allocation across two funds on in your starting to see actual larger institutional investors go to their obese and say, is there a way that we. Own this directly on an and so direct ownership is opening up war. And so I think that we're right in that sort of phase of the development of the capital markets. The real inflows, I think are yet to come. The next wave of employers I think is still waiting very much on more products coming to market on more financial products that is more.

US sequoia Countrywide China
"union square ventures" Discussed on Unchained

Unchained

02:02 min | 3 years ago

"union square ventures" Discussed on Unchained

"That's right i started working for the government of the dominican republic in early twenty thirteen after shutting down a payments company and i was hired to start a department called digital economy department at the ministry of industry and commerce and one of our mandates was to work on payments system reform policies and and infrastructure and through that work i did some traveling around latin american and got to know a little bit about the political environment surrounding payments and in different countries in latin america and became really frustrated with the inability of governments to really coordinate their efforts and create a unified financial system in the in the region and then i started looking for a technology solution to that problem and that's how i discovered bitcoin how did you transition from that to becoming an analyst at union square ventures which is what your next gig liz so that was that was a interesting and a little bit random transition i had known not known the us team directly but they used to have a website that was a little bit like hacker news a little bit like a forum that i that i would frequent and it was a small community so there were a lot of other people on that community so it was easy to stand out and after about a year of working at the government us v opened up its analysts position which is a two year position usually and i applied and what's interesting about it is that there is in the plication processes basically two videos and something that you right and the two videos was one around what drives you and the other was around what services outdoor inspire you and i was driven i said that i was driven by services that help or allow more people to make more money and then in the service that i picked i actually picked telegram because they.

latin america analyst union square ventures liz us two year
"union square ventures" Discussed on Venture Stories

Venture Stories

02:02 min | 3 years ago

"union square ventures" Discussed on Venture Stories

"Technology gets go through the regulation and the heart and it takes time antics capital the problem is is jewell yes with hard but you can do it until you get to this point where you're going to rest big round and what you've kind of proven is you can do something that's hard but it's doable of you having created a lotta modes around you that are i think sustainable and differentiated over time so i'm waiting to understand in some of these verticalised insurance blazed what's going to create a lot of differentiation in modes to the business the things that have excited me here now romney did his investment a company called cover david grandma state job i think karazija was awesome and they've done a fantastic job on acquisition side every time of diligence insurance with traditional industry players who are likely big mna players here and i think than tech is finding that way where the people disrupting the traditional players often wind up having to interface with those players and often solve them and i think in insurance they always say the best ones are going to be able to acquire customers in a differentiated way and so i'm looking for insurance yahya i i the gover you had that the only thing that i've i've touched and the it was mostly founder bad yeah i have known grand from his previous company that he had sold to shop if i always thought he was he anatomy are stars wealth management leg while the front two usb recently made a bat that i'm very excited about but has not yet an anna's face that involves wealth management for a massive it's interesting when he joined a new firm or spending most of your time just like you know inhaling the history of all of its companies are crazy i as you know when you're at fire five years unesco portfolio inside out in all the nuances founders y'all untold vein you just know the history and you go to a new place unused fbi has seven d plus portfolio.

romney karazija anna fbi david grandma founder five years
"union square ventures" Discussed on Venture Stories

Venture Stories

02:02 min | 3 years ago

"union square ventures" Discussed on Venture Stories

"But their mark for a lot of consumers by fear of distrust confusion and when when you see those brands that have been around a long time our clunky have a hard time innovating also are marked by those emotional tendencies i think you have huge opportunity to build new brand that can create peace of mind alignment transparency and really get near in that way may also thank our there's a lot of opportunity infant tack and this is something that you associate in spending by a lifetime ban to create products for a mass market banks have traditionally been built around business models that are targeted to the top of the pyramid because they're a un businesses generally remake money on your customers and that's a model of a batch end that's worked well for them but i love this idea that technology can not only access for customers at different places in a few moments but also make those customers valuable enough to be worth really building for and that can happen here because there is a lot of us customers and if you bill in services where you've got leverage on them because you don't have huge retail bank chains so much overhead of the traditional jusen's year you can really built special things inc on that customer base is why i am excited about that category would reasonable to use geezers or product through companies that are doing things for that i mean acorns there's one in your called stash this idea of making savings easy in excess of all at scale that's really actually ineffective business model even a robin hood opening up investing products to a larger audience you is have you done anything insurance looked a law insurance usb to cover wallet which is applied insurance on the consumer's past side as such as back quite a lot of thaiminal authority says mons looking insurance and here's obscures curious of your thoughts here here's my robin insurance getting an insurance company off the ground is heart right because it's regulate at built.

insurance company
"union square ventures" Discussed on Recode Decode

Recode Decode

01:47 min | 3 years ago

"union square ventures" Discussed on Recode Decode

"In from union square ventures in new york and he gets it and even some of the mall kind of what you might think of as adolescent silicon valley touch they're beginning to embrace the idea of guaranteed minimum income get this an interesting question okay the next one surveillance capitalism someone at well is now unfortunately don't mind someone else came up with it the surveillance capitalism which is the product of the dominant business model in silicon valley which is give away the product to watch everyone and what they're doing right google and facebook up a class attica israel living so the way to challenge this i think is through innovation i mean much of your audience will be entrepreneurs the real opportunity today is not to regulate free one but an innovative one i use the example for example if the car industry in the 1950s the american car industry dominated the world they they had enormous market share twenty years later the american car industry it collapsed because they produced cars which were death traps ralph nader expose this and you saw the rise of the german car industry which was predicated on safety i think we're at a similar time in the digital economy i think consumers are will and are coming round to the recognition that this business model is not in their interest right and what we need are entrepreneurs to come up with new ideas that have some examples of companies trying to pioneer and it's hard but trying to pioneer new business models attendant on got online a scene of attack yeah which are but also armed predicated on big data right so they will give you our stuff for free you give us your data with more and more about you and you know your your facebook people will say well it's not really like that but the israeli light that we need.

new york google attica car industry facebook ralph nader twenty years
"union square ventures" Discussed on Invest Like the Best

Invest Like the Best

02:02 min | 4 years ago

"union square ventures" Discussed on Invest Like the Best

"Things are slowly introduced at i dna overtime and as a result you try bunch of different subtypes of that organism over time some work really well they live on they continued evolve some die of this constantly adapted behavior in these things become stronger and stronger and the obstacle of all with their environment to so it's not just in isolation and that's what's really exciting about these watching this protocols is not only can anyone create them more access them but they evolve just like organisms in the same way where anyone can forked them you know analogous to a sort of a mutation in the dna and as a result you get to try all these different subtypes of one general idea quite quickly and it turns out that since since blockchain's are software they tend to operate more at the speed of software than the millions and millions of years we've needed for evolution of organic organisms one may be practical way to think about this is i think that through blockchain's we will be able to try y hundreds if not thousands of times more types of economic and governance systems than we have in the last hundred years of the quote unquote real world there's a guy brad burnham who cofounded union square ventures who said something to be once that is really stuck with me which is basically that market structure is the highest point of leverage that he can think of in other words the way in which the market is constructed really determines all of the behavior that emerges out of it for example if we look out the window here how much of the world looks the way a does because we live in a capitalist and day in the current form we have democratic government and society i would argue a very very large percentage of it right to the bill of rights is what are the first incentive structures and.

blockchain brad burnham union square ventures hundred years