Upfront Ventures surveys VC firms every year to gauge their views on technology markets. This year we asked people their views about cryptocurrencies & blockchain.
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
Every year Upfront Ventures surveys our peer group for their sentiment on the fund raising environment, burn rates, areas of technology interest and the year ahead. This report summarizes the views as of January 2017.
The latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
The Changing Structure of the Venture Capital IndustryMark Suster
I presented this deck at the 2014 PreMoney Conference. I wrote a blog post here that goes into more detail: http://bit.ly/ChangingVC
The video of the presentation I gave is here: http://youtu.be/5MClCBUjbbE
The VC industry is changing. The press has focused on the wrong story - crowd funding. The bigger story is the shift from public financing to private financing and the bifurcation of the venture industry. This presentation examines the case.
The seed stage of the venture capital industry went through a boom cycle from 2006-2014 but has lately seen a sharp decline. What's happening? Is it temporary or are their structural problems? This deck answers that question.
Every year Upfront Ventures surveys our peer group for their sentiment on the fund raising environment, burn rates, areas of technology interest and the year ahead. This report summarizes the views as of January 2017.
The latest collection of things we (Atomico) found interesting and important in tech and VC land, but that didn’t necessarily get the attention they deserve. We think of them as our hidden little gems. We’ll add to the collection over time, so bookmark the page and keep coming back for updates or to dig into the archive.
The Changing Structure of the Venture Capital IndustryMark Suster
I presented this deck at the 2014 PreMoney Conference. I wrote a blog post here that goes into more detail: http://bit.ly/ChangingVC
The video of the presentation I gave is here: http://youtu.be/5MClCBUjbbE
The VC industry is changing. The press has focused on the wrong story - crowd funding. The bigger story is the shift from public financing to private financing and the bifurcation of the venture industry. This presentation examines the case.
Fundstrat Bitcoin & Blockchain presentation for Upfront SummitMark Suster
An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
Details the rise, fall and rise of the venture capital industry in the USA, the consequent implications on the environment Asia finds itself in, with the opportunity presenting itself.
Eric Jackson's presentation to Yahoo outlining his plan to slash the company’s workforce by 75%, replace Marissa Mayer with an operations-focused CEO and bring in a strategic partner to help navigate the tax issues surrounding its Asian assets.
Source: http://www.wsj.com/public/resources/documents/yahoopresentation.pdf
...how quickly venture backed
technology companies market capitalization changed (grew) and whether there had
been a change in the “Time To Market Cap” during different periods of history. November 2014
0507 057 01 98 * Adana Klima Montaj Servisleri, Adana Klima Montaj Servisi, Adana Klima Montaj Servisleri, Arçelik Klima Montaj Servisi Adana, Beko Klima Montaj Servisi Adana, Demirdöküm Klima Montaj Servisi Adana, Vestel Klima Montaj Servisi Adana, Aeg Klima Montaj Servisi Adana, Bosch Klima Montaj Servisi Adana, Ariston Klima Montaj Servisi Adana, Samsung Klima Montaj Servisi Adana, Siemens Klima Montaj Servisi Adana, Profilo Klima Montaj Servisi Adana, Fujitsu Klima Montaj Servisi Adana, Baymak Klima Montaj Servisi Adana, Sharp Klima Montaj Servisi Adana, Mitsubishi Klima Montaj Servisi Adana, Alaska Klima Montaj Servisi Adana, Aura Klima Montaj Servisi Adana, Adana Çukurova Klima Montaj Servisleri, Adana Yüreğir Klima Montaj Servisleri
Global Technology Trends & Startup Hubs 2015Bernard Moon
Provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
CH&Co and COQONUT are proud to publish the first Crypto-Investor Observatory to understand better crypto-investors: how many are they, who are they, why do they invest
This a Joint study by CH&Co, consulting company specialized in Financial Services and COQONUT, the reliable data driven compass for the Crypto-World.
Investing in Cryptocurrencies and Token Offerings - a how to guideGenson Glier
In this workshop with BlockToken, they discuss how to invest in cryptocurrencies, what due diligence you should complete before investing and various types of investments as well as current market trends.
*this is not financial advice, please be aware of any risks when investing and consult your financial advisors beforehand.
Fundstrat Bitcoin & Blockchain presentation for Upfront SummitMark Suster
An equity analyst case for the value in cryptocurrencies. Thomas Lee of Fundstrat was lead equity researcher for JP Morgan before founding Fundstrat. He takes a market approach to valuing Bitcoin and other cryptocurrencies. Here is his presentation for the #UpfrontSummit 2018.
Details the rise, fall and rise of the venture capital industry in the USA, the consequent implications on the environment Asia finds itself in, with the opportunity presenting itself.
Eric Jackson's presentation to Yahoo outlining his plan to slash the company’s workforce by 75%, replace Marissa Mayer with an operations-focused CEO and bring in a strategic partner to help navigate the tax issues surrounding its Asian assets.
Source: http://www.wsj.com/public/resources/documents/yahoopresentation.pdf
...how quickly venture backed
technology companies market capitalization changed (grew) and whether there had
been a change in the “Time To Market Cap” during different periods of history. November 2014
0507 057 01 98 * Adana Klima Montaj Servisleri, Adana Klima Montaj Servisi, Adana Klima Montaj Servisleri, Arçelik Klima Montaj Servisi Adana, Beko Klima Montaj Servisi Adana, Demirdöküm Klima Montaj Servisi Adana, Vestel Klima Montaj Servisi Adana, Aeg Klima Montaj Servisi Adana, Bosch Klima Montaj Servisi Adana, Ariston Klima Montaj Servisi Adana, Samsung Klima Montaj Servisi Adana, Siemens Klima Montaj Servisi Adana, Profilo Klima Montaj Servisi Adana, Fujitsu Klima Montaj Servisi Adana, Baymak Klima Montaj Servisi Adana, Sharp Klima Montaj Servisi Adana, Mitsubishi Klima Montaj Servisi Adana, Alaska Klima Montaj Servisi Adana, Aura Klima Montaj Servisi Adana, Adana Çukurova Klima Montaj Servisleri, Adana Yüreğir Klima Montaj Servisleri
Global Technology Trends & Startup Hubs 2015Bernard Moon
Provides an overview of general technology trends, global venture capital trends, and startup trends around the world. Snapshots of the top 10 startup hubs in the world: Silicon Valley, NYC, London, Stockholm, Berlin, Tel Aviv, Beijing, Seoul, Boston, and Los Angeles.
A look at the Venture Capital industry heading into 2020. Some have questioned whether the industry has a future. This deck does a detailed look at where the industry is and why the future of VC still looks bright.
CH&Co and COQONUT are proud to publish the first Crypto-Investor Observatory to understand better crypto-investors: how many are they, who are they, why do they invest
This a Joint study by CH&Co, consulting company specialized in Financial Services and COQONUT, the reliable data driven compass for the Crypto-World.
Investing in Cryptocurrencies and Token Offerings - a how to guideGenson Glier
In this workshop with BlockToken, they discuss how to invest in cryptocurrencies, what due diligence you should complete before investing and various types of investments as well as current market trends.
*this is not financial advice, please be aware of any risks when investing and consult your financial advisors beforehand.
Institutional Staking A Catalyst for Mainstream Crypto Adoption - PPT .pdfDexponent
With headlines filling up with stories of skyrocketing valuations, groundbreaking technologies, and many many regulatory developments it is obvious that we are in the beginning of a new era. Even institutions that once held a skeptical stance, as they now eagerly extend their open arms to embrace this digital revolution.
The total amount of staked ETH currently stands at $41.5 billion, representing 46% of the total staked assets across all blockchains. We can definitely say that staking is poised to play a pivotal role in shaping the future of the industry.
Beyond its immediate benefits for institutional investors, staking has the potential to catalyze mainstream adoption and fundamentally alter the dynamics of the broader crypto ecosystem.
In this blog post, we will explore how staking has emerged as a compelling and low-risk entry point for institutions looking to dip their toes into the cryptocurrency market.
Ethereum Sentiment Research Spotlight StudyCoinDesk
CoinDesk’s Ethereum Sentiment Research Spotlight Study is our inaugural research coverage of Ethereum. It takes a deeper dive into the past few months for the Ethereum and polled 240+ startup execs and enterprise blockchain leads to assess the impact of the DAO hack and subsequent hard fork.
You'll be able to read analysis of the key trends in this article: http://coindesk.com/coindesk-research-spotlight-study-q3-ethereum-hard-fork
To read the full Q3 2016 State of Blockchain report, please go here:
http://www.coindesk.com/research/state-of-blockchain-q3-2016/
We'd appreciate feedback on our research:
https://www.surveymonkey.co.uk/r/6W6WHST
Blockchain technology will make only a little difference until the value and information represented on this technology ultimately move between parties for the purpose of commerce or *real utility*. True blockchain solutions need to be implemented by big commercial houses, for the 'mass adoption' to occur. Implementation of blockchain only to a limited degree won't make any difference in the world. We must need to understand the common issues faced by crypto holders in order to address this 'adoption' problem. The data provided in this report is taken from a 3 months long(Dec 2018 - Feb 2019) survey conducted by FIO - the Foundation for Interwallet Operability. Over 200 crypto holders actively participated in this survey.
Stanley Bae believes that the concept of PoR has won traction in recent months, with a few suggesting that it could update conventional audits altogether. By supplying actual-time visibility into reserves, PoR complements trust and decreases the hazard of fraud. However, it’s crucial to note that POR isn’t a one-length-suits-all solution and should carry different safety features.
Over the last decade, the first wave of fintech has mostly resulted in sustaining innovations within the financial services industry. This presentation explores the next three waves of disruption that are set to revolutionise the economy, from the modularisation of the fintech stack to global consumer platforms extending into finance to the potential of blockchain and Web 3.0.
Invest in Practical Applications of BlockchainInvestingTips
Looking forward, investors may wish to invest in practical applications of blockchain instead of speculating on the values of cryptocurrencies.
https://youtu.be/DIqJy5b40QY
Initially billed as a medium of exchange by its founder- Saitoshi Nakamoto, bitcoin has risen exponentially in value- from a low of $0.17 in December 2010 to a historic high of $19,498.63 in December 2017- a rise of 11.47 million % (not a typo) in 7 years. Due to this very high valuation, bitcoin has lost any functionality as a medium of exchange (to replace or rival fiat currency) and is increasingly being viewed instead as a store of value. It has earned the title- ‘digital gold’.
A processor (CPU) is the logic circuitry that responds to and processes the basic instructions that drive a computer. The CPU is seen as the main and most crucial integrated circuitry (IC) chip in a computer, as it is responsible for interpreting most of computers commands. CPUs will perform most basic arithmetic, logic and I/O operations, as well as allocate commands for other chips and components running in a computer.
What’s on the Horizon for Cryptocurrencies?BitBayMarket
Our lives have become connected with the digital world in many ways. Those of us that lived through the advent of personal computing, the internet, or cellular phones know how these technological advancements have changed our lives forever. Blockchain technology, the underlying architecture behind cryptocurrencies is quickly changing the way we do business.
Simple Token - V5.7 (Older version) -- Follow link below for Version 7.0 for ICOOST | Open Simple Token
PLEASE NOTE:
This is an older version. The latest version of this deck can be found here: https://www.slideshare.net/fabulis/simple-token-v70-project-deck-for-14-november-2017-ico
Simple Token is the bridge between crypto-currencies and mainstream consumer apps.
Any app can launch branded tokens on open scalable side-chains, powered by Simple Token, a protocol for consumer-app tokenization and an ERC-20 utility token.
We will launch Simple Token on 1 November, 2017, to empower the ecosystem and finance further development of the protocols and platform.
Blockchain Outlook - Shaping Tomorrow - Trend AlertKerry Richardson
Machine learning, biotechnology and blockchain technology will change the world in the coming decades, making it an ever safer, more rational and business-friendly place.
Etude du Business Model de Number26 / N26 par le cabinet Onopia, spécialiste de l'innovation de business model, de l'expérience client, du design thinking. www.onopia.com
This is an older version. The latest version of this deck can be found here: https://www.slideshare.net/fabulis/simple-token-v70-project-deck-for-14-november-2017-ico
Simple Token is the bridge between crypto-currencies and mainstream consumer apps.
Any app can launch branded tokens on open scalable side-chains, powered by Simple Token, a protocol for consumer-app tokenization and an ERC-20 utility token.
We will launch Simple Token on 1 November, 2017, to empower the ecosystem and finance further development of the protocols and platform.
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If you want to understand how decisions are made at a VC firm it is important to understand the staff who work there. Here is a guide but you can also read more at this blog post: https://bothsidesofthetable.com/how-to-improve-your-odds-of-getting-to-yes-with-a-vc-land-and-expand-b46a0a102a07
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2. 2
Quick overview of respondents
Angel
Seed
VC (mostly A)
VC (mostly B/C)
VC (late stage)
PE
Corporate 7%
2%
5%
9%
39%
36%
2% Personal Money
$1-20M
$20-100M
$100-300M
$300-999M
$1B+
Evergreen 5%
9%
25%
26%
21%
12%
1% Bay Area
So Cal
New York
Boston
Other US
Europe
Asia
Rest of World 1%
1%
2%
7%
1%
19%
24%
46%
0-3 yrs
3-6 yrs
6-10 yrs
10-15 yrs
15+ yrs 33%
23%
23%
17%
4%
Investor Type Fund Size Location Years as an Investor
3. 3
The vast majority of investors view blockchain as a major innovation, while a
few admit to not knowing the category well enough to predict
Which of the following best describes your personal views about
blockchain?
n = 191
21.9%
59.16%
8.38%
0%
10.47%
Blockchains are enabling the next generation infrastructure of the
Internet and will fundamentally disrupt how many industries
operate. This is the biggest technology disruption since mobile
Blockchains are an interesting area of innovation and will help
create some great new market opportunities for investors but
may not be as big as today’s hype
It’s just a new form of database. This market is completely
overhyped. It will work in some instances but not many
I fundamentally don’t believe in blockchain technologies. They
are slow, complex to manage, energy-intensive and inefficient
I don’t understand enough about blockchain to have an informed
opinion on this question
4. 4
Half the investors we surveyed have not yet invested in any blockchain-
related startups - and those who have are proceeding carefully.
How many blockchain companies have you backed in your fund?
0 1-4 4-10 More than 10
1%
6%
42%
50%
n = 177
5. 5
Even investors active in the blockchain space are ensuring their recent deal
volume isn’t overly concentrated on the blockchain.
Among investors with at least 1 blockchain investment, what %
of your deals in the past year have been blockchain-related?
0% Up to 20% 20-50% More than 50%
2%2%
68%
28%
n = 89
6. 6
Most investors don’t have a dedicated blockchain-focused partner at their fund.
Do you have a partner who is dedicating all of his or her investment activities to blockchain / cryptocurrencies?
Yes No
83%
17%
n = 177
7. 7
All respondents see some potential in the blockchain, with 90% moderately or
highly optimistic of its long-term impact.
24%
66%
10%
0%I fundamentally don’t believe in
blockchain technologies
This market is completely overhyped. It
will work in some instances but not many
Interesting area of innovation that will
create some great market opportunities,
but may not be as big as today’s hype
This is the biggest tech disruption since
mobile and will enable the next generation
infrastructure of the internet
Which of the following best reflects your personal views on the blockchain?
8. 8
Even among funds with existing blockchain plays, most investors have
focused on equity investments rather than token offerings.
Has your firm invested capital in a cryptocurrency / token (vs. solely equity in the company)?
7%
14%
24%
55%
n = 87, reflecting only investors whose funds have made at least blockchain investment
No We have done one
investment to learn
We have experimented
with a few
We have done several and
imagine this will be a continued
source of investment
9. 9
40% of investors in the equity of a blockchain company have seen the
company issue tokens following their initial equity investment.
Has your firm invested in a company that issued tokens after you’d already invested in the startup?
Yes No
60%
40%
n = 87, reflecting only investors whose funds have made at least blockchain investment
10. 10
Most funds are approaching token offerings with caution, but 50% of
respondents expressed at least some enthusiasm about their potential.
What statement best describes your firm’s position on
cryptocurrency / token offerings as a fund-raising mechanism?
n = 175
6%
44%
35%
15%
We’re against it - we only want to
own company equity
We are taking a wait-and-see
approach but are skeptical
We are taking a wait-and-see approach but
are enthusiastic; need to do more homework
before deploying too much capital
We are embracing tokens as an important
investment mechanism
11. 11
Investors’ personal views on the value of token offerings to VCs maps to their
funds’ perspectives; 44% are optimistic while 56% have reservations.
What statement best describes your personal view on
cryptocurrencies / tokens?
n = 174
2%
42%
38%
18%
I’m pretty skeptical that it is a healthy investment
for a VC and doubt I would invest in any
It’s interesting but the potential volatility is
too high and makes me doubt I would invest
It’s interesting - I believe that more value will
accrue to protocols vs. software companies
and am also attracted to earlier liquidity
The old model of VC will die - this will
become the single best way for a VC to
deploy money
12. 12
Investors are deeply skeptical of ICOs as a fundraising mechanism, with nearly
1/5th of investors believing they are effectively a scam.
Which statement best describes your view on ICOs?
n = 150, 20 respondents opted out
1%
23%
58%
18%
ICOs are a scam; in the long-run, market skepticism and
regulatory oversight will cause the ICO market to collapse
I’m pretty skeptical - they may be effective in
niche situations but aren’t the best way for most
founders to raise capital
The liquidity of ICOs is a good trend because it will let
investors shorten timeframes to return capital; they
won’t replace VC but are a good supplement
ICOs will revolutionize capital formation; between
higher liquidity, crowd-sourced nature, and ease of
raise, ICOs will be a permanent fixture
13. 13
Funds with at least one blockchain investment are more likely to have changed
their standard protective provisions to prohibit/restrict token-based financing.
Have you amended your protective provisions to limit token-based financing transactions?
Yes No
96%
4%
n = 85
Yes No
80%
20%
Funds with no
blockchain investments
Funds with 1+
blockchain investments
n = 87
14. 14
Funds with at least one blockchain investment are also more likely to have
sought formal LP approval to enable direct token investment.
Have you amended your LPA or sought approval to allow investments in tokens?
Yes No
90%
10%
n = 85
Yes No
65%
35%
Funds with no
blockchain investments
Funds with 1+
blockchain investments
n = 87
15. 15
Investors are optimistic about the future of Bitcoin with 62% believing it will
be a significant store of value or currency in the long-run.
What statement best describes your personal view on Bitcoin?
n = 146, excludes 23 respondents who opted out
7%
55%
27%
12%
BTC won’t play a major role in the future due to
combination of gov. crackdowns, tech limitations, or
lack of general public interest
BTC has interesting reasons to exist, but is likely
to be a niche asset / commodity in the long run
BTC will be a significant global ‘store of value’ that
may someday rival gold, but is not likely to be a
significant 'transfer of value,’ payment currency
BTC will fundamentally disrupt the financial
services industry and may someday rival
national fiat currencies
16. 16
Investors are less bullish on Bitcoin’s current price with 57% expecting a
significant correction or reduction to $0.
How do you feel about Bitcoin’s price today?
n = 144, excludes 26 respondents who opted out
16%
27%
52%
5%BTC is a Ponzi scheme and will go to zero
BTC has some value but is grossly overvalued
today and will see a massive price correction
BTC’s price seems rational given the huge increase in
awareness of the asset and number of new people
opening wallets
BTC has a long way to go as it climbs to higher
prices. HODL!
17. 17
26% of investors see massive long-term potential in Ethereum, but the
majority are skeptical.
Which statement best describes your views on Ether / Ethereum?
n = 125, excludes 44 respondents who opted out
26%
61%
13%
ETH is overrated and is driving today’s unsustainable mania
of ICOs and token offerings; when losses eventually mount
from token collapses, ETH may crash too
ETH has proven useful in token offerings and in
creating the concept of smart contracts, but I’m not
convinced it will be a dominant global standard
ETH will be a long-term sustainable currency that will
play a role in enabling the development of internet
infrastructure and payments
18. 18
Most investors see a long-term role for both BTC and ETH, but 1/3 of
respondents believe ETH will significantly surpass BTC in the long-run.
What is your belief about Bitcoin vs. Ethereum?
n = 117, excludes 52 respondents who opted out
33%
12%
55%
Both BTC and ETH have an interesting and important role to
play in the future of global currencies and commerce
BTC will be a superior, more valuable asset than ETH
because it has greater market recognition and a simpler
use case as an alternative to gold
ETH will emerge as a much stronger platform than BTC due
to better governance, ability to adapt algorithms, broader
use-cases, and more developers flocking to the platform
Both will win
BTC will win
ETH will win