Naval Ravikant

Naval Ravikant quotes on venture capital

Indian-American entrepreneur and investor. He is the co-founder, chairman, and former CEO of AngelList.

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1

The most valuable startup of the last decade didn’t raise money, didn’t have employees, gave away the cap table, and let anyone invest.

2

After just five years, the Crypto Financial System offers fundraising, trading, lending, derivatives, payments, contracts, insurance. Its solutions are trustless, global, extensible, and 24/7. This is the power of being able to program money without permission.

3

There’s no investment where money works as hard as it does in a tech startup. Driven founders, leveraged with code, capital, media, and intellect, sweating every dollar spent. An enlightened society would educate investors, not restrict them.

4

Startups don’t need capital - they need signal.

5

Large companies don’t actually have a resource advantage over startups. Venture financing has become very efficient and a startup that cracks distribution will attract all the talent and money that it needs.

6

There's a 1999-style crypto bubble forming that's going to tempt every startup to sell coins to the crowd instead of selling shares to VCs.

7

Seed is the new Series A. ICO is the new Series B.

8

VCs, universities, and accelerators provide more value from filtering and credentialing than they do from educating and advising.

9

The crypto startups are showing that the last barrier to distributed startups is the geographic concentration of venture capital.

10

VCs: "Too many angels!" | Angels: "Too many incubators!" | Incubators: "Too many companies!" | Entrepreneurs: "Too little of Everything."

11

Companies with predictable, recurring revenue can skip highly dilutive traditional venture rounds. From seed / development round, to debt against recurring revenue, to growth / secondary round.

12

After ICO market corrects, future raises will require independent research and smart-contract based governance of funds by token holders.

13

Value is seeping out of the venture business and into public blockchains where, ironically, individuals can play but VC funds cannot.

14

The VC arbitrage - get access to private, illiquid tech innovations and ride them to IPO. Blockchains are public & liquid from the start.

15

Being an experienced angel investor is like knowing one of the six winning lottery numbers in advance.

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