#Crypto42 Token Summit VC vs ICO (Marcel van der Heijden; Speedinvest)

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The document discusses perspectives on investing in initial coin offerings (ICOs) versus venture capital (VC) investing from the point of view of retail investors, VCs, and startups. For retail investors, ICOs provide easy access but come with information and volatility risks, while VC investing has complexity but more control. For VCs, ICOs present a new opportunity but challenge traditional processes and regulations. For startups, ICOs offer more funding flexibility but come with valuation and investor relations challenges compared to traditional VC funding. In conclusion, the crypto space currently involves many experiments that may fail but could create significant future value for survivors.

Economy & Finance

Speedinvest Vienna | Silicon Valley | Munich
VC vs ICO
Perspectives
Marcel van der Heijden
Partner, Speedinvest
marcel@speedinvest.com

Speedinvest Vienna | Silicon Valley | Munich | |
• Recovering scientist/technologist and startup founder
• Background in mobile telco and enterprise software
• Crypto retail investor
• Venture Capital investor with a “Crypto-curious” fund
About me

Speedinvest Vienna | Silicon Valley | Munich
Investment
Perspectives
Retail Investors
VCs
Startups
New Funds

Speedinvest Vienna | Silicon Valley | Munich
Retail Investors

Speedinvest Vienna | Silicon Valley | Munich
In ICOs
+ Easy to find
+ Easy to get in/out (?)
+ No legals (protection, regulations?)
- Information
- Volatility
In Startups
- Hard to find and evaluate
- Legal complexity
- Hard to get in/out
+ Crowd investing platforms
+ (VC Funds)
Retail Investing

Speedinvest Vienna | Silicon Valley | Munich
VC Investing

Speedinvest Vienna | Silicon Valley | Munich
In Startups
+ Known asset class, established
practices
+ Information and (some) control
- Hard to get out (exit)
- Relies on few outsized return
In ICOs
+ Once in a lifetime fundamental opp.
+ Returns and Liquidity (crypto trading?)
- Internal: Mandate and processes
- Control/Regulatory/Fiduciary
Obligations
- How does value accrue (tokens/equity)
VC Investing

Speedinvest Vienna | Silicon Valley | Munich
Startups

Speedinvest Vienna | Silicon Valley | Munich
VC
+ Known investment method
+ Relationship
- Time consuming, costly
- Loss of autonomy
ICO
+ “money for nothing …”
+ No loss of control/equity
- Valuation/volatility/investor relations
- Regulatory
Startup
Fundraising

Speedinvest Vienna | Silicon Valley | Munich
New Funds
P
a
4
/

Speedinvest Vienna | Silicon Valley | Munich
Crypto Funds
+ Information (investor relations)
+ Professionally Managed
+ Easy in/out
- Nascent fund type
- Regulatory
ICO’ed (VC)
Fund+ LP: Easy to get in/out
- LP: Valuation/Volatility/Information
- Fund: Investor management
New Funds

Speedinvest Vienna | Silicon Valley | Munich
Bottom Line

Speedinvest Vienna | Silicon Valley | Munich
Bottom Line
Learn to Love the Bomb
• Cambrian explosion of technology, use cases, business
models, investment/fundraising methods and
opportunities
• Many experiments will fail – investors will lose money
• The survivors can become once in a generation value
creators

Speedinvest Vienna | Silicon Valley | Munich
Thank You
Marcel van der Heijden
Partner, Speedinvest
marcel@speedinvest.com

Speedinvest Vienna | Silicon Valley | Munich
Backup

Speedinvest Vienna | Silicon Valley | Munich
Status Quo
+ Known investment method
+ LP: Information (investor relations)
+ LP: Control
+ LP: Crowd investing platforms
- LP: Hard to get in/out (no liquidity)
Tokenized
Funds+ LP: Easy to get in/out
- LP: Token and tokenecomics (?)
- LP: Valuation/Volatility
- Fund: Investor management
VC Funds
(and LP investors)

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