Category Archives: Apprentice VC

Bessemer

I am enjoying this new Q & A part of Term Sheet.

http://fortune.com/2017/09/27/bessemer-byron-deeter-elon-musk/

Some interesting sections…

Crypto:

What are your thoughts on the future of cryptocurrency and the blockchain as it relates to venture capital?

I struggle with two diametrically opposed positions on this. On the one hand, I absolutely love the innovation that the blockchain is bringing and see a lot of need for financial industry innovation and removing friction from that ecosystem. On the other hand, I believe that Bitcoin and Ethereum are wildly overvalued relative to any notion of what is value. I do fear and suspect that a lot of the short-term price escalation is driven by speculation and/or improper uses for things like money laundering.

Cloud:

What’s going on in the cloud space right now that you think Term Sheet readers should know about?

The massive replatforming of software continues, and cloud is that next evolution. We are doubling down in every way on the space now and absolutely believe that the trend is ripping through the software ecosystem.

It’s created a number of related trends where cloud is the enabler for enterprise mobile, and this notion that mobile workers can get access to great software products is now taking hold. We went from clunky heavy software, to a browser interface with cloud, to your phone with mobile. The next iteration will actually have the interface disappear, and you will interact with software much more naturally. The pace of innovation is accelerating, and each of these cycles is compressing.

Anti-Portfolio:

You often point to a section on your website entirely dedicated to your biggest misses called, The Anti-Portfolio. Why does Bessemer showcase winning investments the firm decided to pass on?

We’ve had people call and notify us that our website’s been hacked: “Oh my God, someone put up an anti-portfolio on your page. You guys should know so you can take it down.” It’s hilarious, and I tell them, “Guys, just step back. You can’t take yourselves this seriously. Can you not enjoy a little bit of humor?”

We need to be able to make fun of ourselves. As good as we can be in this business, we still wake up every day and read articles of great companies that we missed or didn’t quite understand, and they materialized. We hope every entrepreneur we meet with ends up on one of two pages on our website — either the portfolio or the anti-portfolio. And we’re sincerely happy for their success either way. It’s not a zero-sum game. The spirit of the anti-portfolio is to acknowledge that even the best investors screw up all the time.

This is something we tracking internally over at SeedPlus.

DRM is a pain but needed

Coming from the OTT world I can lament the use of DRM like everyone else but I can also tell you that without out – people will steal every bit of video they can. What else can one do about it then to try and protect it. Without DRM built into browsers the video companies with either push a plugin at you or use some other non-stamdard methods which just makes life harder on everyone.

I am with Gruber on this one – EFF is being kind of silly :: https://daringfireball.net/linked/2017/09/18/eff-w3c-drm