All-In E26: State of Venture Capital, plus fan questions on longevity, decentralization & quantum computing
Episode 26 • 3/20/2021
Segment 1: Longevity & Health Tech
- Friedberg discusses key findings from David Sinclair's book "Lifespan", explaining how aging is treated as a disease that could potentially be reversed through gene expression
- Highlights compounds like metformin, rapamycin, and NAD+ supplements that may help with longevity
- Chamath shares his personal health regimen including:
- Preventative medication (statins, metformin)
- Regular full-body MRI scans at Prenuvo ($1500-2500)
- Heart flow tests to monitor calcium buildup
Segment 2: Decentralization & Crypto
Detailed discussion of Bitcoin and decentralization:
- Sacks frames crypto as enabling "separation of money and state", similar to separation of church and state
- Debate around government control and taxation implications
- Discussion of DeFi and potential to financialize more assets
- Challenges around anonymity vs government oversight
Segment 3: Changes in Venture Capital
Major trends identified:
- Growth of solo capitalists vs traditional VC firms
- Massive inflation in deal sizes (average round size up 3x in 10 years)
- Rise of non-dilutive financing options like Pipe and ClearBank
- Tiger Global doing a deal every 48 hours in 2021
Key statistics shared:
- Exits grew from $43B in 2010 to $290B in 2020
- Average growth stage pre-money valuation increased from $100M to $570M
- Average founder age is 42, contrary to "young tech bro" stereotype
Segment 4: Democratization of Startup Investing
- Discussion of Republic's equity crowdfunding platform
- New SEC rules allowing up to $5M raise from retail investors
- Example of Gumroad raising $5M in one day from 8,656 investors
- Novel funding models emerging like Arlan Hamilton selling 10% of Backstage Capital
The episode concludes with optimism about entrepreneurship becoming more accessible, with all four hosts agreeing to help connect deals through "wet your beak" initiative for podcast listeners with promising startups.