Alexis Ohanian, co-founder of Reddit and founder of Seven Seven Six, shares his incredible journey in the tech and venture capital worlds. He dives into how Seven Seven Six leverages technology to enhance accountability and support for founders. The importance of transparency in investment tracking is a key topic, as is the integration of software solutions that revolutionize venture practices. Alexis also paints a vision for building community infrastructure that fosters collaboration among creators and emphasizes the future of mentorship and innovation in venture capital.
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question_answer ANECDOTE
776 Origin Story
Alexis Ohanian co-founded Reddit and Initialized Capital, then launched 776 after leaving Initialized.
He returned to Reddit in 2014 as chairman to lead a turnaround, growing revenue significantly.
insights INSIGHT
776's Tech-Forward Approach
776 operates as a "tech company that deploys venture capital," applying tech principles to investing.
Traditional VC lacks internal metrics and accountability, unlike other industries.
volunteer_activism ADVICE
VC Software Due Diligence
When evaluating VC firms claiming to use software, ask about usage rates and importance.
Publicly display performance metrics to increase accountability and transparency, like 776 does.
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This week, we’re re-releasing Erik Torenberg’s interview with Alexis Ohanian. Alexis discusses his journey from co-founding Reddit to creating the venture firm Seven Seven Six, detailing its unique approach of using software to enhance venture capital operations and founder support, transparency, and accountability
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Alexis Ohanian co-founded Reddit in 2005, helped lead its turnaround in 2014, and started Seven Seven Six venture firm in 2020 after splitting from Initialized Capital.
Seven Seven Six operates as "a tech company that deploys venture capital," applying tech company principles to venture investing.
Traditional venture capital lacks internal metrics and accountability systems that are standard in other industries.
Cerebro is Seven Seven Six's software platform that tracks all firm activities and provides founders with direct access to the team's network.
Seven Seven Six displays real-time metrics publicly on their website, including tasks completed, pitch meetings organized, and response times to founders.
Partners' response times to founders are tracked and made visible to create accountability.
The "Amplify" feature lets founders draft social content for Seven Seven Six's high-follower channels to gain distribution.
Every employee at Seven Seven Six receives carry to align incentives across the organization.
Seven Seven Six focuses on pre-seed to Series A investments with a fund size around $400M.
The firm has never lost a term sheet despite not always offering the highest valuation.
Seven Seven Six is exploring "Agora IRL" - reimagined physical spaces for their community as an alternative to traditional co-working models.
Alexis believes many "zombie VC funds" will disappear as the industry evolves in a higher interest rate environment.
Seven Seven Six registered as an investment advisor for greater operational rigor.
Traditional accelerator models may be less relevant today as founders have more resources available than in the past.
Alexis questions the viability of extremely large early-stage funds in the current economic environment.
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