This document summarizes a presentation given by Venkatesh Rao on whether investors matter for innovation. Some key points made:
- Investors play an indispensable role in financing innovation according to Schumpeter's definition of capitalism.
- There are different types of "smart money" and "dumb money" that matter at different times, places, and industries.
- For true venture capital markets to exist, certain necessary conditions around market access, rule of law, available talent, and support systems must be present.
- Local innovation may be more important than previously thought due to the geographic constraints of talent, markets, and knowledge spill overs.
- Best practices in venture capital are openly discussed in
A public version of the slides for a corporate OODA loop workshop I've delivered multiple times over the years. The very first version of this was delivered as an informal talk at the Boyd and Beyond conference at Quantico in 2012.
A public version of the slides for a corporate OODA loop workshop I've delivered multiple times over the years. The very first version of this was delivered as an informal talk at the Boyd and Beyond conference at Quantico in 2012.
Excerpts and paraphrasing of the most interesting concepts presented in Nassim Taleb's book Antifragile. Whereas this slideshow may give something of an overview of the book, I wholeheartedly recommend reading it in its entirety.
Moonshot thinking aims for a 10x improvement over what currently exists, instead of a mere 10% gain. It address a huge problem, proposes a radical solution, and uses breakthrough technology to make it happen.
Team Quantum - 2022 Technology, Innovation & Great Power CompetitionStanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, Quantum
Moonshot Thinking. How to disrupt your industry and beat the competition. Inspired by Google X and Peter Diamandis.
Moonshot thinking is shooting for the moon. Moonshots live in the gray area between audacious projects and pure science fiction; they are 10X improvement, not 10%.
How top-tier companies disintegrate, rapidly altered his intended trajectory. Collins knows a good idea when it latches its hooks into his mind. He’s the author of one of the most referenced and celebrated business “must-reads” of the last 30 years, Good to Great. If that book chronicled the arduous trek to the zenith of the business world, How the Mighty Fall stands on the shadowy side of the mountain, where businesses tumble down at varying rates of speed and terror.
The strange coincidence concerning Collins’ book is that its creation occurred largely before the 2008 global economic apocalypse. Fearing accusations of an attempt to capitalize on the current financial crisis, Collins is quick to assert that How the Mighty Fall is not about Wall Street, nor are its observations confined to the latter half of this decade.
Dark Matter - - the dark matter of the internet is open, social, peer-to-peer...Michael Edson
Keynote for Europeana Creative, Kulturstyrelsen - Danish Agency for Culture, Internet Librarian International (London), Southeastern Museum Conference (USA), Library of Congress Reference Forum, St. John's University Library Forum, University of Oklahoma Digital Humanities Presidential Lecture, Smith Leadership Symposium (Balboa Park, USA)...
The Dark Matter of the Internet - - the dark matter of the internet is open, social, peer-to-peer and read write...and it's the future of libraries, museums, archives, and institutions of all kinds.
Also see the essay on which this talk is based: Dark Matter - - https://medium.com/@mpedson/dark-matter-a6c7430d84d1
And a video of me presenting these slides at the 2014 Southeastern Museums Conference (USA): http://youtu.be/-tdLD5rdRTQ
A presentation given on how to move your company/department from good to great. Borrows heavily from the theory of Jim Collins.
If you're looking for great tools to implement Good to Great in your organisation take a look at - http://fiverr.com/expatpat/show-you-great-tools-to-run-your-startup-or-sme
If you want to build a better future, you must believe in secrets.
The great secret of our time is that there are still uncharted frontiers to explore and new inventions to create. In Zero to One, legendary entrepreneur and investor Peter Thiel shows how we can find singular ways to create those new things.
Thiel begins with the contrarian premise that we live in an age of technological stagnation, even if we’re too distracted by shiny mobile devices to notice. Information technology has improved rapidly, but there is no reason why progress should be limited to computers or Silicon Valley. Progress can be achieved in any industry or area of business. It comes from the most important skill that every leader must master: learning to think for yourself…
Zero to One presents at once an optimistic view of the future of progress in America and a new way of thinking about innovation: it starts by learning to ask the questions that lead you to find value in unexpected places.
Multi products Scrum teams at scale meetup Xebia 5 november 2019Irene de Kok
What to do when you have more products than Scrum teams? With multiple products and a few Scrum teams. During the Meetup we gave a very brief overview of Agile Scaling Frameworks Less SAFe Spotify Nexus Scrum @ Scale. See the slidedeck for recommended training on any of these. Next, as a community we came to the conclusion that it's actually not only a bad thing to have multiple products in one team. The blog Multi Products Scrum teams at Scale you can read our conclusions about If you have Multiple products per Scrum team, what could be advantages and disadvantages for the Scrum team, the Organization and the Customer?
Read more in the blog https://xebia.com/blog/multiple-products-scrum-teams-how-do-you-deal-with-that/
Or gain deep knowledge with Scaling Frameworks trainings; an overview training or a specific framework: either Less - Nexus - Scaled Scrum - or - SAFe
https://xebia.com/academy/en/training/agile-scaling-frameworks-overview
Organize for Complexity, part I+II - Special Edition PaperNiels Pflaeging
The future of the Organization.
Special Edition of the BetaCodex Network´s white papers on Organizing for Complexity - two papers in one! Illustrations by Pia Steinmann
Zero to one by Peter Thiel, Resume of book graphs Stefania DRUGA
Today I started and finished "Zero to One: Notes on startups, or How to Build the Future" by Peter Thiel and Blake Masters.
As the book is very well structures and has several schematics and graphs I took a a couple of notes which I decided to share here and on my blog in order to invite people to comment on them.
This summary reflects the main points that were interesting for me and should not be seen as a complete summary of the book.
Excerpts and paraphrasing of the most interesting concepts presented in Nassim Taleb's book Antifragile. Whereas this slideshow may give something of an overview of the book, I wholeheartedly recommend reading it in its entirety.
Moonshot thinking aims for a 10x improvement over what currently exists, instead of a mere 10% gain. It address a huge problem, proposes a radical solution, and uses breakthrough technology to make it happen.
Team Quantum - 2022 Technology, Innovation & Great Power CompetitionStanford University
Technology Innovation and Great Power Competition,TIGPC, Gordian knot Center, DIME-FIL, department of defense, dod, intlpol 340, joe felter, ms&e296, raj shah, stanford, Steve blank, AI, ML, AI/ML, china, Quantum
Moonshot Thinking. How to disrupt your industry and beat the competition. Inspired by Google X and Peter Diamandis.
Moonshot thinking is shooting for the moon. Moonshots live in the gray area between audacious projects and pure science fiction; they are 10X improvement, not 10%.
How top-tier companies disintegrate, rapidly altered his intended trajectory. Collins knows a good idea when it latches its hooks into his mind. He’s the author of one of the most referenced and celebrated business “must-reads” of the last 30 years, Good to Great. If that book chronicled the arduous trek to the zenith of the business world, How the Mighty Fall stands on the shadowy side of the mountain, where businesses tumble down at varying rates of speed and terror.
The strange coincidence concerning Collins’ book is that its creation occurred largely before the 2008 global economic apocalypse. Fearing accusations of an attempt to capitalize on the current financial crisis, Collins is quick to assert that How the Mighty Fall is not about Wall Street, nor are its observations confined to the latter half of this decade.
Dark Matter - - the dark matter of the internet is open, social, peer-to-peer...Michael Edson
Keynote for Europeana Creative, Kulturstyrelsen - Danish Agency for Culture, Internet Librarian International (London), Southeastern Museum Conference (USA), Library of Congress Reference Forum, St. John's University Library Forum, University of Oklahoma Digital Humanities Presidential Lecture, Smith Leadership Symposium (Balboa Park, USA)...
The Dark Matter of the Internet - - the dark matter of the internet is open, social, peer-to-peer and read write...and it's the future of libraries, museums, archives, and institutions of all kinds.
Also see the essay on which this talk is based: Dark Matter - - https://medium.com/@mpedson/dark-matter-a6c7430d84d1
And a video of me presenting these slides at the 2014 Southeastern Museums Conference (USA): http://youtu.be/-tdLD5rdRTQ
A presentation given on how to move your company/department from good to great. Borrows heavily from the theory of Jim Collins.
If you're looking for great tools to implement Good to Great in your organisation take a look at - http://fiverr.com/expatpat/show-you-great-tools-to-run-your-startup-or-sme
If you want to build a better future, you must believe in secrets.
The great secret of our time is that there are still uncharted frontiers to explore and new inventions to create. In Zero to One, legendary entrepreneur and investor Peter Thiel shows how we can find singular ways to create those new things.
Thiel begins with the contrarian premise that we live in an age of technological stagnation, even if we’re too distracted by shiny mobile devices to notice. Information technology has improved rapidly, but there is no reason why progress should be limited to computers or Silicon Valley. Progress can be achieved in any industry or area of business. It comes from the most important skill that every leader must master: learning to think for yourself…
Zero to One presents at once an optimistic view of the future of progress in America and a new way of thinking about innovation: it starts by learning to ask the questions that lead you to find value in unexpected places.
Multi products Scrum teams at scale meetup Xebia 5 november 2019Irene de Kok
What to do when you have more products than Scrum teams? With multiple products and a few Scrum teams. During the Meetup we gave a very brief overview of Agile Scaling Frameworks Less SAFe Spotify Nexus Scrum @ Scale. See the slidedeck for recommended training on any of these. Next, as a community we came to the conclusion that it's actually not only a bad thing to have multiple products in one team. The blog Multi Products Scrum teams at Scale you can read our conclusions about If you have Multiple products per Scrum team, what could be advantages and disadvantages for the Scrum team, the Organization and the Customer?
Read more in the blog https://xebia.com/blog/multiple-products-scrum-teams-how-do-you-deal-with-that/
Or gain deep knowledge with Scaling Frameworks trainings; an overview training or a specific framework: either Less - Nexus - Scaled Scrum - or - SAFe
https://xebia.com/academy/en/training/agile-scaling-frameworks-overview
Organize for Complexity, part I+II - Special Edition PaperNiels Pflaeging
The future of the Organization.
Special Edition of the BetaCodex Network´s white papers on Organizing for Complexity - two papers in one! Illustrations by Pia Steinmann
Zero to one by Peter Thiel, Resume of book graphs Stefania DRUGA
Today I started and finished "Zero to One: Notes on startups, or How to Build the Future" by Peter Thiel and Blake Masters.
As the book is very well structures and has several schematics and graphs I took a a couple of notes which I decided to share here and on my blog in order to invite people to comment on them.
This summary reflects the main points that were interesting for me and should not be seen as a complete summary of the book.
JP Maroney shares an alternative investment strategy called Digital Marketing Arbitrage to individual investors in a presentation called "Digital Black Gold: How to earn double-digit returns in a single-digit economy."
Back in 2018, I have been reading books and research studies related to the Technology world and found many thought provoking ideas that can be translated into game changers for the many industries.
Therefore, I would like to share an executive summary of a book called The Third Wave, written by Steve Case - former CEO and Chairman of AOL, with anyone whom may be interested in this subject.
The book highlights 3 main areas to develop for entrepreneurs and what they need to do differently in a Third Wave company to succeed.
Bankings Biggest Problem: The Millennial Generation (Updated)George Samuel Samman
Millennials are the fastest growing demographic worldwide and they have unique characteristics which companies must tap into if they want to succeed in the coming decades. Fintech is seizing this opportunity and the banks are failing. There is a major opportunity here for those who win the millennials and the underbanked globally.
Grow VC & The Soho Loft - Crowdfunding and Capital CreationGrow VC Group
The Soho Loft, TSL, is organizing a capital market and crowdfunding conference in Los Angeles on March 13 and 14. In this remarkable moment in history, the U.S. regulatory environment, its capital markets and the innovation that drives those markets are simultaneously on the threshold of dramatic change.
Grow VC is participating in the event panel, and Grow VC’s Co-founder Jouko Ahvenainen is speaking in the event. His presentation “Models and approach to building the new sustainable finance sector” illustrates new models for developing the finance and funding markets, and make them more effective, transparent and democratic.
The world economy is change. The model of the 20th century corporation need to be adapted toward a 21st century model: flat, connected, focused on innovation, collaborative, global.
David Germano is the vice president of content marketing and managing director of Magnetic Content Studios, a division of Cincinnati-based Empower MediaMarketing, focused on sustained content marketing. For more than 15 years Germano has helped brands develop and operationalize content marketing strategies that drive meaningful audience engagement.
Germano joined Empower MediaMarketing and launched the content studios in 2011 directly from his previous role as the general manager of ManoftheHouse.com, a joint venture between BBDO’s Proximity and Procter & Gamble Entertainment.
An early adopter of content marketing, Germano has helped numerous brand marketers develop content marketing strategies that help brands sustain marketing innovation and deliver business results.
Once Upon a Time...
...Investing was fairly simple. You identified a company in the United States with solid management, a good product, rapidly growing sales, a storehouse of cash, and competitive advantages... and you bought that company’s stock and sat back to wait. With just a little bit of luck and a growing economy, it rose in price, giving you a profit for your efforts.
To quote Archie Bunker, “Those were the days...”
But those days are gone – and they are not coming back.
Today, companies with the highest-flying returns operate all around the globe. And thanks to unprecedented central bank meddling, trillions in derivatives, a complete loss of faith in Washington, global electronic markets, and high-frequency trading systems, years of buy-and-hold gains can be wiped out in seconds. Read more at http://Blogging.withDrDavid.tv
Osisko Development - Investor Presentation - June 24
Do Investors Matter?
1. Do Investors Matter?
Latin American Venture Forum
Bucarmanga, Colombia, April 14, 2016
Venkatesh Rao, Ribbonfarm Consulting
@vgr ribbonfarm.com breakingsmart.com
2. 2
“In Schumpeter’s basic definition of capitalism…
entrepreneur and lender are two sides of the
innovation coin…The accent has almost invariably
been on the entrepreneur to the neglect of the
financial agent, no matter how obviously
indispensable this agent may be to the innovation.”
Carlota Perez, “Finance and Technical Change: A Neo-Schumpeterian
Perspective” (quoted in William Janeway, Doing Capitalism in the Innovation
Economy)
3. 3
Okay, so you’re trying to stay honest… (source: http://lavca.org)
Your best: 74 Weakest comparison: 78
6. 6
So do investors matter? [to innovation]
• Wall Street: Nobody beats S&P consistently
• SV in the past: “Legendary” investors win for 20 years
• SV in the future: Kickstarter, JOBS act, China in
AngelList… who the hell knows?
WHICH Investors matter?
WHEN? WHERE? HOW? WHY?
Are you one of them, HERE and NOW?
Are you SMART MONEY or DUMB MONEY?
7. 7
Four Features of a true VC markets
1. VC returns depend on the state of the IPO market
2. Returns are (VERY) HIGHLY skewed
3. Individual fund managers can have persistent
returns
4. Only 1-2 sectors are “VC fundable” at a time
Point 3 is NOT true of mainstream fund managers
8. 8
“As expected, the returns are highly concentrated: about ~6% of investments
representing 4.5% of dollars invested generated ~60% of the total returns. Let’s
dig into the data a little more to see what separates good VC funds from bad VC
funds…”
http://cdixon.org/2015/06/07/the-babe-ruth-effect-in-venture-capital/
9. 9
“The home runs for good funds are around 20x, but the home runs for great funds are almost
70x. As Bill Gurley says: “Venture capital is not even a home run business. It’s a grand slam
business.”
http://cdixon.org/2015/06/07/the-babe-ruth-effect-in-venture-capital/
10. 10
Why?
1. Missing the “Grand Slam” deal is a serious mistake that matters more
than having low error rate with low-multiple (<10x) opportunities
2. Grand Slam companies and alumni create and dominate ecosystems
for decades (just like supernovas create heavy elements for life)
3. Grand slams create enormous social network capital — and winning
VCs are at the center of it
4. They can make big things happen for newer portfolio companies with
single phone calls
5. Winning funds get first pick of dealflow, everybody else gets deals
they don’t take, so have to live off Top 5 mistakes
6. Unlike Wall Street, VC fund managers can actively use results of one
winning fund to increase chances of next “crop”
12. 12
Type
Pure
Example
Vehicle
Risk
Type
Created
value
(societal)
Captured
Value
(investors)
“Smarts”
Needed
Hedge Funds Subprime CDS
Unique
instruments
Technical,
agency,
capture
Clear out
economic
deadwood
Big piles of
capital
Global macro
env; market-
technical
Mainstream Index funds
Broad-based
portfolios
Global
downturns
Societal
stability
Individual
prosperity for
all
Gauging
health of
nations
PE Dell
Mature
company dying
faster than
market
Overwhelming
operational
cancer
Save jobs,
reduce
volatility
Bounded
upside
harvesting
Turnaround
competence
Venture Facebook
Growth
startups
“Missing the
big one”
Spillover new
wealth
creation 90%
Big company,
“creative
monopoly”
How to build a
big business
Angel
Ron Conway,
Dave McClure
Individuals
Immature
growth market
Talent,
knowledge
liquidity
Small-multiple
exits
Local
ecosystem
knowledge
Corporate
R&D
Transistor
iPhone,
Hololens
Upstream Labs
“Fumbling the
Future”
Business
model
renewal
New LOBs
“Self-
disruption”
Government
R&D
Radar Defense Labs
Theft by
Political Rival
National
Strength
National
Secret
Political
wisdom
Academic
R&D
Number theory Universities
Low scientific
culture
Commons
Knowledge
Cream of
immigration
Philosophy of
science and
technology
Types of Smart Money in a Full-Stack EconomyInnovationEconomy
14. 14
Is imitation closer to PE or VC?
Baidu vs. Google
Alibaba vs. Amazon
Ryan Air vs. Southwest
ARM versus Intel
WeChat vs. WhatsApp
Good question. The most important question for non-US
geographies
15. 15
1. The costs of imitation are 60-75% the costs of
innovation
2. Time-to-imitate is dropping…
1. Early 19th century: ~100 years.
2. Between 1877-1930, Average “time to
imitation” dropped to 23.1 years.
3. 1930-39: Dropped to 9.6 years
4. 1950s: ~2 years.
5. Now: 12-18 months
3. Pioneers who create new markets generally
end up with around 7% of the markets they
create. The copycats get the rest.
Data from Oded Shenker, Copycats
What about imitation? A bit of both VC and PE…
16. 16
“Smart Money” = CASH + CONTROL
Kinetic Energy
KNOW-HOW of CAPITAL DEPLOYMENT
• RIGHT SCALE…
• RIGHT SPEED…
• RIGHT KNOWLEDGE..
• RIGHT INSTRUMENTATION
Potential Energy
Exists in SUFFICIENT
CONCENTRATION
In SUFFICIENTLY LIQUID FORM
(“Low entropy cash”)
17. 17
DUMB MONEY ECONOMY
No successes to create wealth
Nobody learns anything from failure
Vanity “angels” dominate the system
Static/decaying ecosystem
Wealth gets locked up in low-entropy,
illiquid, degrading forms
Low-Grade Cash High-Grade Cash
Effective Control
Weak Control
SMART MONEY ECONOMY
Investors WORK HARD
Create more value than they capture
High liquidity of talent and know-how
Work to strengthen commons
Make ecosystem smarter
“Giving back” is a norm
Protected from crony capitalist sectors
INNOVATION THEATER
Lots of sincere people…
working hard on the wrong things…
at too small a scale…
with too little liquidity in key variables
lots of coworking spaces, hackathons
lots of brain drain, few actual companies
best case: feeder for a bigger market
EXTRACTIVE ECONOMY
Fraud, crime returns > Innovation returns
Low trust, high bureaucracy
“Curse of resources”, “Dutch Disease”
Weak property rights
Elites and “connected people” dominate
Smart outsiders not welcomed
18. 18
“Smart Money”
MONEY is not the problem
Trillions in capital already seeking returns. Trillions more
in distressed assets waiting for redeployment
SMARTS is the problem
How do you deploy capital RAPIDLY and AT
SCALE?
Can you deploy $250mm+ in <4 years?
See: http://avc.com/2009/04/the-venture-capital-math-problem/
19. 19
Four Noble Truths of Global Innovation Economy
1. Productivity gains account for 80% of economic growth (Solow)
2. Most countries rely on foreign sources of technology for 90% or
more of productivity gains. Only the US shows the reverse
pattern
3. An increase in cross-border spill-over by 10% would
overshadow domestic [R&D] for all but 3 countries: US, Japan
and China.
4. Large companies are more globalized than markets in general.
In 2008, the world’s largest 100 companies had 60% of their
assets outside home markets. 40% of US imports are internal to
MNCs
(Data from Pankaj Ghemawat, World 3.0)
20. 20
• Null Hypothesis for ENTREPRENEURS: Learn
English, emigrate to the US. Hard enough to build a
great company in IDEAL conditions, why take on extra
burden?
• Null Hypothesis for GOVERNMENTS: Give up on
startups. Just increase knowledge spillover by 10% by
attracting right kind of MNCs with market access,
require local participation, IP sharing (China)
• Null Hypothesis for INVESTORS: Unless you can
access the top 5 VC funds in Silicon Valley, you
probably cannot beat the S&P
21. 21
Maybe “Create a Local Startup Scene” is a
Bullshit Political Conceit?
Like building a big skyscraper?
Or *cough* hosting the Olympics?
22. 22
Four Alt-Noble Truths of Global Innovation Economy
1. VC is a HIGHLY LOCAL business: Only 15-20% of venture
capital investment is outside the home country.
2. Local innovation is cheaper: In the G7, $1 of foreign R&D is
worth 74c of domestic R&D at distances less than 2000 km, 37c
at distances between 2000-7000 km and 5c at larger distances
3. Talent is geographically illiquid: First generation immigration is
only 3% of the world’s population. 90% of people will never leave
their home country. 60% of immigration is from developing world
to developing world, 37% is from developing world to developed
world, 3% is from developed to developing world
4. Silicon Valley is bandwidth constrained, BUT Telepresence is
getting better and better and better…
(Data from Pankaj Ghemawat, World 3.0)
23. 23
1. Alternative Hypothesis for ENTREPRENEURS:
Find the smartest local money, smartest global
knowledge, work where developed world is
constrained
2. Alternative Hypothesis for GOVERNMENTS: Make
high-skill developed-to-developing immigration/
circulation easier, create REGULATORY ARBITRAGE
opportunities, put as much GDP as you can into low-
cap-ex basic R&D and wait 20 years
3. Alternative Hypothesis for INVESTORS: Where US-
based startups struggle to globalize LEARN TO
COPY and don’t get hung up on VC vs. PE vs.
“Originality” pride (not-invented-here syndrome)
24. 24
Necessary Conditions for True VC Markets
1. Unencumbered access to big-enough markets
2. Modern state, rule of law, accountable government
3. Enough smart money to scale companies rapidly
4. Large, liquid talent base to scale rapidly (~ 500 engineers
in 1 year) <— KILLER CONDITION
5. Enough “graduated entrepreneurs” for scouting, angel funding,
deal-sourcing, mentorship needs
6. Enough “capacitance” in system (university labs, big
corporations) for renewable talent lifecycle
7. Supply chain from a network of 2nd tier hubs that can seed but
not scale investments
8. Steady pipeline of upstream research coming from government
R&D
25. 25
So… do investors matter?
Up to you…
Do you WANT to matter?
Or do you want to PRETEND to matter?
26. 26
Don’t be a Scenester…
Wantrapreneur: Somebody who dresses, acts, talks
like an entrepreneur but isn’t building anything
meaningful
Wantainvester: Somebody who has money in
meaningful concentrations (High-Grade Cash), but
isn’t willing to put in the hard work required to make it
SMART money (Weak Control)
28. 28
Best Practices in VC… LIVE on blogs/twitter
1. Fred Wilson avc.com
2. Chris Dixon cdixon.org
3. Paul Graham http://paulgraham.com/articles.html
4. Sam Altman http://blog.samaltman.com/
5. Dave McClure https://500hats.com/
6. Ben Horowitz bhorowitz.com @bhorowitz
7. Marc Andreessen blog.pmarca.com
8. Good podcasts a16z.com
9. Mark Suster (Los Angeles) bothsidesofthetable.com
10. Brad Feld (Boulder) feld.com
11. Chris DeVore (Seattle) crashdev.com
12. Good roundup+posts: Mattermark newsletter
30. 30
This is just the tip of the iceberg
1. Entire VC blogging scene has emerged since 2000
2. Highly open, wisdom-sharing investor culture
3. Opposite culture from Wall St… use it, add to it
4. Regional and sector-level blogs
5. Plenty of coverage in interviews, video chats
6. Several good books on every stage of investment
31. 31
Thanks to…
Marc Andreessen, Chris Dixon, Chris DeVore, Luke
Blackburn, Skinner Layne, Balaji Srinivasan, Bryan
Johnson… many more
And LAVF sponsors
Bancoldex, the Colombian development bank
Inter-American Development Bank
Bavaria Foundation