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"Turpentine VC" | Venture Capital and Investing
E21: Reddit Founder Alexis Ohanian on Reinventing Venture with Seven Seven Six
Jan 9, 2024
Alexis Ohanian, co-founder of Reddit and Seven Seven Six, discusses how Seven Seven Six is a “tech company that deploys venture capital”, the lack of internal metrics in venture, and how he plans to reinvent venture using software. They also explore the importance of accountability, transparency, and the development of a CRM tool to improve workflow efficiency. They discuss their venture firm's focus on early stage investments, incubation of companies, and the incentivization of employees to build billion-dollar businesses. They also talk about expanding investments, potential opportunities with incubation and accelerator models, and the challenges of scaling in the venture industry.
56:28
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Quick takeaways
- Seven Seven Six is a 'tech company that deploys venture capital' and aims to reinvent venture using software.
- 776 plans to build a culture of gratitude and accountability by giving every employee a stake in the firm's success through carry.
Deep dives
The Future of 776: Differentiation and Focus on DPI
The future of 776 is shaped by its commitment to delivering outstanding returns, maintaining alignment with LPs, and focusing on the core strategy of pre-seed to series A investments. While the firm may explore additional opportunities like incubations, it intends to stay selective and consider the viability of different models in the current market. The increased size of funds and the pressure to generate returns make it challenging to scale early-stage funds to the same extent as before. The firm aims to build a culture of gratitude and accountability by ensuring that every employee has a stake in the firm's success through carry. 776 plans to stay ambitious and continue innovating within the industry, while also considering the changing dynamics and opportunities that arise.
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