Posts in Start Ups

The Darker The Market The More It Needs Sunlight

There are a lot of nooks and crannies in capital markets.  Exchanges only trade the big ones.  I think it’s important to note that matching trades is super simple.  You can go out and buy a crude automated trading system …

Is This A Market Melt Down?

Short answer if you don’t want to read the rest of this is, no this is not a meltdown.  It’s not a correction either.  For newbies, meltdowns look like this.  If you believe this is a market meltdown, then perhaps …

The Hard Thing About Small Funds

One of the most difficult things about being in a small fund is how much capital to allocate to an investment.  Many funds put the exact same amount in each deal.  That doesn’t seem right to me because the valuations …

Vietnam Fin Tech Challenge

Nguyen Thu Nga is a Chicago Boothie.  She runs the Innovation Hub in Hanoi.  She sent me a link to a fin-tech innovation challenge they are hosting.  Fin Tech is something that scales across borders.  The problems with scaling generally are …

Still Struggling With ICO Accounting

There is precious little information on ICO accounting out there.  I blogged about it recently here.  It is a big issue.  Tax consequences can be huge.  The cleanest path to an ICO is not to make the token that is …

Basic Economics and Basic Business

One of my favorite lines is from Professor Paul Magelli.  He said, “If you don’t make a profit, it’s not a business it’s a hobby.”  Another friend, Jeff Minch, who writes at The Musings of The Big Red Car will …

There Is One Bear Market

With the continuous record highs being set in the stock market and crypto market people might wonder where to find a bear.  Tim Knight at Slope of Hope might be the last bear left on the planet.  The rest have …

2018 Something Has to Happen

In 2018, something useful has to happen in the crypto space.  So far, it’s all been speculation.  Buy low and sell high has been done.  It’s not original.  Crypto needs to execute on its promise of being a decentralized system …

Create An Endowment Effect

Professor Richard Thaler just gave his Nobel lecture.  He is a pioneer in behavioural economics.  Often times, behavioural economics flies in the face of classical economics.  However, there are some pieces of behavioural economics that are really interesting to think …

The Net Neut

This week, the FCC rolled back the Obama regulations on “net neutrality”.  The deeper we get into the 21st Century, the more different pieces of legislation proposed by both parties start to resemble Ayn Rand’s descriptions in Atlas Shrugged. Net …

The Common Mistake

One commonality I see in a lot of seed stage companies is a mistake immediately after closing fundraising.  I have heard and read it from other VCs as well so I suppose it’s not new.  However, it’s something that cannot …

The Free Market In Bitcoin

Free markets are a rarity today.  I mean truly free markets.  The stock and commodity markets are about as close as you get.  If you haven’t read Professor John Cochrane’s blog post about The Hard Road to Free Markets you …

Early Stage Financings Drop

When I read the Techcrunch article on the early stage finance drop it resonated with me. It is where we invest in as a fund, and it’s what HPA did when I co-founded it way back in 2007.  Virtually all of …

Focus At The Beginning

Yesterday I had a conversation with Rajiv Nathan.  He is a marketing consultant and does a lot of work with startups.  It would be worth your time to reach out to him if you are thinking about marketing. We talked …

Should Platforms Like Google And Facebook Be Regulated?

If you don’t know who economist George Stigler is, you should. He received a Nobel Prize for proving the concept of “regulatory capture”. We see it again and again and again in all industries. Finance is where some of the …

Avoid The Perception, or Temptation of Any Impropriety. Get Deskpass!

The tally of sexual harassment offenders that have been outed in the past few months is too long to name.  High profile journalists, venture capitalists, businessmen, and politicians all have been implicated.  I am sort of surprised we haven’t seen anything …