Ian Lee, co-founder of Syndicate, discusses raising a venture fund and making investing more accessible through decentralized platforms. He shares insights on his diverse career background, Syndicate's recent $20 million funding round, and the importance of strategic fundraising. The podcast explores the evolution of venture capital, building the right team for success, and the challenges of legal structures in the industry.
Syndicate aims to democratize investing through cost reduction and leveraging blockchain infrastructure.
Ian Lee emphasizes attracting investors who align with vision, not convincing skeptics, for successful fundraising.
Building a diverse yet unified team with specialized roles is crucial for venture capital success.
Deep dives
Founding Syndicate and Democratizing Investing
Syndicate, a decentralized investing protocol co-founded by Ian Lee, aims to increase accessibility to investing by lowering costs and leveraging blockchain and Dow infrastructure. By reducing costs significantly, Syndicate allows investment clubs to operate online at minimal expenses compared to traditional setup costs. This transformation aims to democratize investing, making it accessible to a wider range of participants especially in the web three space.
Lessons in Fundraising and Building Innovative Initiatives
Ian Lee shares insights on fundraising based on his experiences, emphasizing the importance of finding investors who share the same beliefs and vision. He highlights the significance of focusing on attracting those who already align with the investment thesis, rather than trying to convince skeptics. Ian's approach emphasizes building momentum with like-minded investors, a strategy that led to Syndicate's successful $20 million fund raise.
Team Building in Venture Capital and Implementing Unique Strategies
Team building in venture capital involves finding individuals with diverse skill sets but united by shared values and visions. Ian stresses the importance of balancing generic operational roles like reporting and finance with specialized roles aligned with the fund's specific strategy. Syndicate's team mix includes experts in product design, technology, economics, and game theory to effectively execute their innovative investment approach.
Building the Right Team and Strategic Approach for Venture Success
Success in venture capital lies in strategically building an effective team and avoiding over-hiring in specialized areas that might become redundant. The key is to strike a balance by hiring just enough to support the fund's success without unnecessary redundancies. Emerging fund managers, especially those with micro funds, are exploring creative approaches like utilizing advisor networks or scout networks to enhance expertise and deal flow.
Product-Oriented Approach in Venture Capital and Authenticity in Investment
Venture capital is evolving towards a more product-oriented mindset where success is seen as akin to building a minimal viable product that can scale gradually. The importance of authenticity in investment lies in pursuing ventures aligned with one's passion and expertise rather than following trends. Choosing ventures based on genuine interest and commitment to the work leads to more impactful and successful outcomes in the long run.
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Description: This second episode in our final category of fund types, what we are calling peripheral funds, we interview Ian Lee, the co-founder of Syndicate a decentralized investing protocol and social network, the main purpose of this structure is to make investing more accessible to the masses mainly through cost reduction and infrastructure enablement.
In 2021 Syndicate raised $20million let by A16z, other investors included Snoop Dog and Ashton Kutcher. Prior to Syndicate, Ian had an illustrious career across a range of different sectors and roles from automotive to heading up the Crypto division at Citi Bank. It is clear from this episode that Ian is someone that can drive forward new and innovative initiatives and shape them into brilliant success stories, Ian gives a great rendition of some of the learnings he took away from raising multiple different fund types, creating collaborative work structures within large corporations and forming early teams.
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