The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: Why DAOs Will Replace Venture Capital, What Existing Incumbent Venture Firms Can Do To Survive, The Biggest Challenges Facing New DAOs Today and Whether Web3 Will Bring More or Less Income Inequality

Jun 6, 2022

Ian Lee, Co-founder of Syndicate, shares his journey from being skeptical of venture capital to embracing the potential of DAOs. He discusses why he believes DAOs will eventually replace traditional VC, highlighting the challenges they face and their operational structures. Ian dives into the transformative impact of Web3 on investment models, emphasizing the need for existing firms to adapt. Additionally, he reflects on the vibrant Web3 community and the essential resources that support innovation in this evolving landscape.

47:08

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Episode guests

Ian Lee

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Episode notes

Intro

4min

Investing in Decentralization

12min

Navigating the Web3 Venture Capital Landscape

25min

Building Together: Navigating Challenges in Web3 Collaborations

2min

The Future of DAOs in Venture Capital Investment

2min

Exploring Web3 Community and Essential Venture Resources

3min

Ian Lee is the Co-Founder of Syndicate, a web3 startup that has raised over $28M from a16z, Kleiner Perkins, IDEO, and 300+ investors. Previously, Ian was Managing Partner of IDEO CoLab Ventures, a crypto venture fund backed by IDEO focused on web3, crypto, and blockchain startups. From 2017-2021, Ian led investments and helped incubate 80+ crypto startups in the areas of DeFi, NFTs, DAOs, and more. From 2014-2017, Ian was the Head of Crypto at Citigroup and Citi Ventures globally. Listen to our prior episode on DAOs with Avichal Garg here.

In Today's Episode with Ian Lee We Discuss:

1.) Ian's Entry into Tech and Crypto:

Why did Ian decide early on that he did not like being a VC?
What was it that changed his mind, showing him the impact investing can have?
What have been the most significant but non-obvious developments in crypto?

2.) Why DAOs Will Replace Venture Capital:

Why does Ian believe that DAOs will replace venture capital firms over time?
How does Ian analyze the current landscape of Web3 investing and VC?
Can existing firms layer on a Web3 Partner or Fund and win in the new Web3 landscape?
How will the next generation of Web3 native firms be structured?

3.) DAOs 101:

What really is a DAO? What is not a DAO?
How are DAOs structured? How many people are invited? Who decides who is invited?
How are decisions made within DAOs? How does this differ dependent on structure?
What are the single biggest challenges that DAOs face today in operations?

4.) Crypto is The Future of the Internet:

What does Ian mean when he says "crypto is the future of the internet"?
What does this mean for the distribution of ownership and wealth in the next generation of the internet?
Do DAOs and Web3 do more to harm or hurt income inequality today?
What are the drivers that would lead Web3 to centralize wealth even further?

Items Mentioned in Today's Episode with Ian Lee:

Ian's Fave Book: The Innovator's Dilemma: The Revolutionary Book That Will Change the Way You Do Business

Ian's Fave Web3 Resources: a16z's Crypto Canon, Jesse Walden's: The Ownership Economy 2022

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