American - Businessman | -
Along the way, I learned the key to launching a company. It's all about storytelling.
Gil Penchina
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It's clear to me now that Ethereum is the new currency of the Internet. It's way ahead of where Paypal was in its day, and it's much more exciting to its customers than Paypal ever was.
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Ethereum is enabling a new form of financing in ICOs that is like a massive gravitational pull - dragging every entrepreneur with a sense for opportunity into its blackhole-level gravity.
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When I first started as an angel investor, I was excited to start investing in startups - but I didn't know much. I couldn't tell the good ones from the bad; I didn't understand all these venture capital terms, so I would invest somewhat blindly.
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Any ICO going forward that doesn't use a 'Ticketmaster-style' queueing engine is clearly trying to ruin the ecosystem.
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When I participate in a Series A deal with VCs, entrepreneur-friendly terms go out the window. VCs remain attached to age-old traditional industry terms. 'Ratchet,' 'carry,' 'vetoes' - you name it.
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While seed deals have gotten easy, Series A negotiations still often feel like the death of 1,000 cuts.
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Startups are all about breaking the rules and changing the 'natural order' of things. So let's do that for Series A terms.
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All I do is talk to people, email people, take meetings with people, and do interviews. Then I work at maintaining relationships with my investors because the trust people place in me is my business model.
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You're under tremendous pressure, and everyone needs you to be perfect all the time, and that often creates a perverse incentive to not tell the truth. Please remember - when you get caught not telling the truth, it's over.
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I was one of the early folks at eBay, and by 1999, it was completely overrun by consultants from McKinsey, Bain, and BCG. It went from being a cool, fun startup to an MBA factory.
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There are lot of ways people get non-economic payback - learning, networking, and relationships. These drive most angels more than the money.
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