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We like to "zig" when others "zag" ;)

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Web3 was a joke, except for PayStand?

10/2/2023

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From 2017-2020, "crypto" mania spread across the world, and from 2020-2023 Covid19 did the same...  Somewhere in the middle of all that craziness, Web3 emerged as the new buzzword and the promise of a brighter future based on the conglomeration of technologies that were the last gasps of Web2 and the wreckages of "crypto-kitties-bullshit" looking for problems to solve (instead of the other way around).

We spent a lot of time and energy meeting entrepreneurs conviced that web3 was the path to fast-riches, and thankfully we passed on all of those fleeting glimmers of shimmering fools.  Today, we look back on that entire category of companies and the best one that stands out, as being one of the few real businesses with impressive EBITDA potential is PAYSTAND (https://www.paystand.com/).  Kudos to Jeremy Almond and Mark Hassin for building a real rhinoceros, and gracias for the opportunity to be a shareholder and business partner along the way!
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Why did they call it a $@Fe?

8/23/2023

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A decade ago (during the last real rhinoceros start-up boom), YC pioneered a new legal instrument called the "SAFE", and it was a much needed innovation.  Unlike convertible debt notes which required more legal overhead and were never really intended to be "paid back" to early stage technology investors, the SAFE documents made it much simpler and faster for smart entrepreneurs to close investors and find a
"happy" balance of speed and capital efficient dilution optimization.  The "post-money" SAFE revisions made further improvements to the documents, making it clearer and more predictable for founders to know approximately how much equity dilution they were incurring *instead of kicking that can down the road to the next priced round and often being completely surprised to see huge sliced of P1E being carried away by investors who turned out to be "NO-OPs" or simply dead weight to carry into the future.

In partnership with www.CapTableCoalition.com and building upon the inspirational work of Alejandro Querrero , we are proud to support the Diversity Rider as an addendum to the term sheets for the companies we support, with the partners we trust, and for the benefit of society.

​Contact us to learn more!
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Where have all the Rh!nos G0Ne?

8/16/2023

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We only focus on businesses with real "rhinoceros" potential because "unicorns" are: a) rarely attractive long-term businesses, b) often overhyped, and c) too sensitive to survive sustained periods of intense stress, heat, or prolonged drought, and d) cannot swim nor surf nor navigate through the riptides of real entrepreneurship. ​
$Billions of $USD and RMB and crypto-currencies have been sloshing around for the past decade, artificially inflating the value and the egos of most "players" involved...  But for all of the hoopla around all of the "unicorns", reality is starting to set in: money is not free, building enduring + gravity defying businesses is excruciatingly difficult, and entrepreneurship is NOT for the faint of heart.

​

Most of us have lived through mutiple "booms and busts" : economic cycles where greed dominated fear, and companies that suffered major indigestion from eating more than they could digest (via unachievable product roadmaps, preferred stock overhangs, or simply cultures that shattered under the weight of "blitzcaling")...  And once you've seen enough companies squander the infinitesimal window of opportunity to succeed, you start to realize that most of the "unicorns" stampeding around in circles are nothing more than fragile + sad donkeys with fake horns adorning their heads, christened into make believe fantasy creatures by the vulture capitalists that were hoping to hit a "grand slam" in the "major leagues" when they should have been working at a real job for a few more years before attempting to pursue the "art" of company building with real artists + technical ninjas.

So, where did all the Rhinoceros Entrepreneurs go?  The TLDR; answer that makes us wake up every morning, fired up to spend every minute of the day working, is the belief and the hope that enough baby rhinos will survive the winter and help make the world a better place.

God bless ya'll, and Pura vida.
​
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