Cash on Cash vs IRR

The two most used measures of a venture fund’s performance are the “cash on cash” return and the “internal rate of return” (IRR). One measures how much an investor got back divided by how much they put in (cash/cash). The other measures what the effective rate of return is on the … | Continue reading


@avc.com | 22 hours ago

100% Solar Match

Rocky Mountain Power emailed me last week and offered us a “100% Solar Match” which means that we can “match” all of our energy consumption in our home in Utah with power from their 20 megawatt solar plant in Holden Utah. This doesn’t mean our home will be now be operating with e … | Continue reading


@avc.com | 1 day ago

Funding Friday: Patron Hunt

I’m going with something a bit different today on Funding Friday. Longtime AVC reader Kirsten Lambertsen has created an email newsletter featuring creators and their projects across many different creator platforms. It is called Patron Hunt. It looks like this: I just signed up a … | Continue reading


@avc.com | 4 days ago

Fred Wilson: Stablecoins vs. CBDC's

I have written about stablecoins in the past. I think they are a very important part of the crypto asset landscape. Two of the top ten crypto assets by market cap are stablecoins, Tether ($62bn) and USDC ($27bn). You don’t buy these assets to generate gains because they are price … | Continue reading


@avc.com | 5 days ago

Stablecoins vs CBDCs

I have written about stablecoins in the past. I think they are a very important part of the crypto asset landscape. Two of the top ten crypto assets by market cap are stablecoins, Tether ($62bn) and USDC ($27bn). You don’t buy these assets to generate gains because they are price … | Continue reading


@avc.com | 5 days ago

The Bad Marriage Problem

Over the last 18 months, the early-stage financing market has seen dramatic changes characterized by these three things: A shift from in-person fundraising to virtual fundraising A reduction in financing process timelines from months to weeks A continued increase in the amount of … | Continue reading


@avc.com | 6 days ago

News Items

This morning I was sitting outside of my coffee shop, sipping on a cortado and reading the news on my phone while the NY Times, which I buy for The Gotham Gal every morning, sat folded up next to me. I gave up on mainstream news media two decades ago and have been relying on […] | Continue reading


@avc.com | 7 days ago

The Bad Marriage Problem (In Startups)

Over the last 18 months, the early-stage financing market has seen dramatic changes characterized by these three things: A shift from in-person fundraising to virtual fundraising A reduction in financing process timelines from months to weeks A continued increase in the amount of … | Continue reading


@avc.com | 8 days ago

The Bad Marriage Problem

Over the last 18 months, the early-stage financing market has seen dramatic changes characterized by these three things: A shift from in-person fundraising to virtual fundraising A reduction in financing process timelines from months to weeks A continued increase in the amount of … | Continue reading


@avc.com | 8 days ago

Funding Friday: Ethereum: The Infinite Garden

ETHEREUM: THE INFINITE GARDEN is a “feature-length documentary film that explores the innovative real-world applications of the Ethereum blockchain, the die-hard community of enthusiasts and developers, and its creator, Vitalik Buterin, whose vision for the internet has the poten … | Continue reading


@avc.com | 11 days ago

Help one SME if you can

There are many stories of chefs, bakers, etc cooking from their homes and apartments during the pandemic and now turning that activity into permanent businesses with storefront leases. I’ve backed quite a few projects like this on Kickstarter and found a great one today. L’Appart … | Continue reading


@avc.com | 12 days ago

From The Lab To Your Home

My family has a history of irregular heartbeats, from PVCs to AFIBs. So when I saw my cardiologist recently, I asked him how I could track my beats. I have worn a Holter Monitor a few times and did not want to do that again unless it was absolutely necessary. He pointed me to thi … | Continue reading


@avc.com | 14 days ago

Fred Wilson: The Walkaway Move

The Gotham Gal and I are watching Succession after being told by so many friends and family members that we had to see it. We are in season two and last night we watched an episode where Logan Roy tries to acquire a family-owned media business. The selling family, led by the moth … | Continue reading


@avc.com | 15 days ago

The Walk Away Move

The Gotham Gal and I are watching Succession after being told by so many friends and family members that we had to see it. We are in season two and last night we watched an episode where Logan Roy tries to acquire a family-owned media business. The selling family, led by the moth … | Continue reading


@avc.com | 15 days ago

Funding Friday: L’Appartement 4F

There are many stories of chefs, bakers, etc cooking from their homes and apartments during the pandemic and now turning that activity into permanent businesses with storefront leases. I’ve backed quite a few projects like this on Kickstarter and found a great one today. L’Appart … | Continue reading


@avc.com | 18 days ago

Betting On The Price Of Carbon

My partner Albert shared this article yesterday which suggests that the price of carbon will have to reach $150/ton by 2030 in order to create the conditions for the world to get to zero carbon by 2050. The current price of a ton of carbon on the EU’s Emission Trading System is a … | Continue reading


@avc.com | 20 days ago

First Friends

My friend Gary Ginsberg’s book, First Friends, is out today. Gary gave me an advance copy a few weeks ago and I have been reading it. First Friends is a book about US Presidents and their best friends who influenced them in the office. The book starts with Thomas Jefferson and Ja … | Continue reading


@avc.com | 21 days ago

Funding Friday: Biscuit

I am a fan of wireless charging for my various devices and I am glad that there is a standard, called Qi, for wireless charging that many manufacturers support. This means you don’t need to buy your wireless charging device from Apple or Google, you can buy it from any manufactur … | Continue reading


@avc.com | 25 days ago

Anti-Fragile Systems

The Internet was developed by the US Defense Department to create a network that was capable of surviving a military attack. They accomplished that with a design where no part of the system was central to its operation. You can take out any part of the Internet and it will still … | Continue reading


@avc.com | 27 days ago

Anti-fragile Systems

The Internet was developed by the US Defense Department to create a network that was capable of surviving a military attack. They accomplished that with a design where no part of the system was central to its operation. You can take out any part of the Internet and it will still … | Continue reading


@avc.com | 27 days ago

Short and Sweet

This should be obvious to AVC readers but I am a fan of short and sweet. Why take two pages to say something you can say in one page? Why take two paragraphs to say something you can say in one paragraph? This letter to potential investors from the CEO in the Duolingo S-1, which … | Continue reading


@avc.com | 28 days ago

Regulating Software

I understand that regulators and elected officials need to raise concerns about new technologies and their impact on society. It is their job or at least part of their job. But I am also dismayed regularly by how poorly many elected officials and regulators understand the technol … | Continue reading


@avc.com | 29 days ago

AVC Infrastructure

A reader asked me if I had ever written about the infrastructure I use to run AVC. We both searched the archives and could not find a post on that topic. So here it is: 1/ Content Management System – WordPress – I use the open source software version of WordPress to write these p … | Continue reading


@avc.com | 29 days ago

Regulating Software

I understand that regulators and elected officials need to raise concerns about new technologies and their impact on society. It is their job or at least part of their job. But I am also dismayed regularly by how poorly many elected officials and regulators understand the technol … | Continue reading


@avc.com | 1 month ago

Analog Summer

It is officially summer now and with adult vaccination rates passing 70% in many parts of the US, people are out and about. I’ve heard the term “analog summer” used to describe this moment. If the past 15 months have been a digital lockdown, then the next three months are going t … | Continue reading


@avc.com | 1 month ago

Funding Friday: Naperville Bakery

My friend Kirk backed this project earlier this week and I got a notification and checked it out and backed it immediately. I like everything about this project. Finding opportunities for people with special needs to work productively and happily is such a great thing to do. Emai … | Continue reading


@avc.com | 1 month ago

Pier 76

For as long as I can remember, Pier 76 on the west side of Manhattan has been home to the west side tow pound. Some of my worst moments as a NYC resident have been there retrieving a car or a scooter, something I’ve done more than I want to remember. It was pure misery […] | Continue reading


@avc.com | 1 month ago

ENS

ENS stands for Ethereum Name Service and it is a decentralized domain name system built on the Ethereum blockchain. You can get domains with the .eth extension by going here, connecting a wallet, and searching and purchasing a domain. I have purchased fredwilson.eth and avc.eth a … | Continue reading


@avc.com | 1 month ago

Early Voting

NYC has a primary next week (June 22nd) in which parties will pick their nominees for Mayor, City Council races, Borough President races, and Manhattan will pick candidates for Attorney General. Because NYC is overwhelmingly Democratic, the primary is the main event. Most of the … | Continue reading


@avc.com | 1 month ago

Meme Investing

I remember when a friend of mine told me five or six years ago that he had bought some Dogecoin. I thought “what is he doing?” and dismissed it as something silly and or crazy. Dogecoin was initially introduced in late 2013 and 7 1/2 years later it has amassed a market cap of $43 … | Continue reading


@avc.com | 1 month ago

Funding Friday: The Wireframe Deck

I just backed this project. I love the idea of a simple deck of cards that can let anyone or any group design a website without any software or device. So many times, I have known pretty much what I want for a website for a project, an event, a new business, or whatever, but […] | Continue reading


@avc.com | 1 month ago

Startup CXO

On Monday, a copy of Startup CXO, my friend Matt Blumberg’s new book, arrived at the USV office. I picked it up to take a quick look and thought “this a heavy book!” So I texted Matt, congratulated him on getting the book out, and then asked why it was so heavy. He replied “becau … | Continue reading


@avc.com | 1 month ago

Digital Asset Mining In New York State

Digital Asset Mining is shorthand for “proof of work consensus validation of public blockchain infrastructure”. Thankfully we have the shorthand. But it is important to understand what digital asset mining is. Public blockchains, like Bitcoin and Ethereum, store data securely but … | Continue reading


@avc.com | 1 month ago

Community Solar

We had a situation recently where a rooftop solar project on a building we own became too expensive (because of NYC Fire Department requirements) and it no longer made economic sense to do the installation. And yet we want to avail ourselves of solar energy to benefit from the ec … | Continue reading


@avc.com | 1 month ago

The Globalization of Venture Capital Investing

I’ve written a bunch about the globalization of the startup economy. You can start and build a tech company almost anywhere these days. That has been true for at least the last decade. But until very recently, raising capital for your startup was significantly easier if it was lo … | Continue reading


@avc.com | 1 month ago

Funding Friday: Terra

I backed this project last week and think the idea is really great. You put a Terra device outside where you hear the sounds of birds in nature and you can then listen to those sounds indoors. There are also features that let you identify the species of birds and track their migr … | Continue reading


@avc.com | 1 month ago

Scaling Ethereum

One of the biggest challenges for developers building on Ethereum’s market leading smart contract platform/blockchain are the high fees and slow transactions. These issues arise from the fact that the Ethereum blockchain’s current architecture is not particularly scalable. The Et … | Continue reading


@avc.com | 1 month ago

The Globalization Of Venture Capital Investing

I’ve written a bunch about the globalization of the startup economy. You can start and build a tech company almost anywhere these days. That has been true for at least the last decade. But until very recently, raising capital for your startup was significantly easier if it was lo … | Continue reading


@avc.com | 1 month ago

Funding Friday: The Dirt Newsletter

So this is pretty cool. Dirt is a daily newsletter about the entertainment industry. The folks behind Dirt are funding it with a crowdfunding campaign on Mirror using NFTs. There are three Dirt NFTs you can buy, a single edition called Rainbow Wave, an edition of 30 called Pearl … | Continue reading


@avc.com | 2 months ago

Grit, Resilience and Determination

I am returning to a topic that I have talked a lot about on this blog. A number of years ago at our annual CEO Summit, we had Angela Duckworth speak to our portfolio about Grit, the topic of her excellent book on the subject. In Angela’s research, she determined that the single g … | Continue reading


@avc.com | 2 months ago

Changing Things Up

I am working on a new weekday routine the goal of which is to give me more time to read, think, and meet in person and less zoom meetings and phone calls. I am also mixing up my morning routine and attempting to sleep and work out longer. The net of all that is I […] | Continue reading


@avc.com | 2 months ago

Winning at Fifty

I was rooting for Phil Mickelson all weekend to win the PGA at age 50. I’ve watched Phil for thirty years and I’ve seen all of the highs and lows and there have been many. He plays the game of golf with a level of creativity that can often lead to problems. He is a […] | Continue reading


@avc.com | 2 months ago

Funding Friday: Storied Hats

If I am going to be outside much, I need to wear a hat to keep the sun off my face. My light skin doesn’t react well to the sun. I like baseball-style hats, but I don’t like wearing logos. So this Kickstarter project got my attention. Fun stylish hats without logos, made with sus … | Continue reading


@avc.com | 2 months ago

Decentralized Media

Back in the early 2000s, it was exciting to blog and use social networks to create our own media and move away from the traditional media outlets. That was the pull that got me into blogging and got me investing in Twitter. It was a powerful feeling. But a decade and a half later … | Continue reading


@avc.com | 2 months ago

Decentralized Media

Back in the early 2000s, it was exciting to blog and use social networks to create our own media and move away from the traditional media outlets. That was the pull that got me into blogging and got me investing in Twitter. It was a powerful feeling. But a decade and a half later … | Continue reading


@avc.com | 2 months ago

Putting Carbon Back in the Ground

As USV is now about six months into investing our first climate fund, I am starting to see more clearly what climate investing is all about and my partner Albert said something in a team meeting earlier this week that really stuck with me. I did not write it down but it was somet … | Continue reading


@avc.com | 2 months ago

Putting Carbon Back In The Ground

As USV is now about six months into investing our first climate fund, I am starting to see more clearly what climate investing is all about and my partner Albert said something in a team meeting earlier this week that really stuck with me. I did not write it down but it was somet … | Continue reading


@avc.com | 2 months ago

The Coinbase Wallet Browser Extension

Coinbase shipped an important piece of its wallet product portfolio yesterday, the Coinbase Wallet Browser Extension. You can download the chrome extension here. If you want to use DeFi apps, buy and collect NFTs, or do anything that requires a crypto wallet in your browser, then … | Continue reading


@avc.com | 2 months ago