More or Less #95: OpenAI’s Social Network & Figma’s Potential IPO
44 snips
Apr 18, 2025 Joining the discussion are Ben Lerer, Managing Partner at Lerer Hippeau Ventures, a key player in shaping New York's tech scene, and Morgan Beller, General Partner at NFX and co-creator of Libra, who brings deep insights into blockchain. They tackle OpenAI's ambitious plans for a social network, the financial complexities of tech startups, and the evolving landscape of venture capital. Plus, they explore the risks of space travel and ponder: would you take a ticket to Mars?
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East Coast vs West Coast VC
- New York and Silicon Valley have distinct venture ecosystems with different market focuses.
- New York leans towards application layer companies, while Silicon Valley is infrastructure-centric.
OpenAI's Expansion Strategy
- OpenAI is acting like a billion-user consumer internet company by expanding into social and other products.
- This trajectory aligns with adding services like messaging and social networks integrated with AI.
Investment Doubts on OpenAI
- Most investors declined to invest in OpenAI’s recent round due to its huge cash burn and valuation.
- Despite doubts, OpenAI dominates the zeitgeist and may defy traditional investment patterns.