All-In E43: Innovative venture strategies, Zymergen's implosion, Square acquires Afterpay & more

Key discussions in this episode:

1. Zymergen's Collapse

• Company's stock dropped 80% after announcing issues with commercial product pipeline
• CEO Josh Hoffman stepped down
• Discussion of how the company raised significant capital without demonstrating product-market fit
• Analysis of impact on synthetic biology sector

2. Square's Acquisition of Afterpay

• $30B acquisition announced, primarily stock-based deal
• Discussion of Square's strategy to consolidate financial services
• Analysis of market reaction (Square's market cap increased ~25% after announcement)
• Debate about financial industry consolidation trends

3. Venture Investment Models & Diligence

• Discussion of milestone-based investing vs. narrative-driven investing
• Importance of metrics and due diligence in venture deals
• Analysis of different investment approaches between early and late stage
• Debate about self-funding rounds vs. external price setting

4. Financial Deplatforming Concerns

• Discussion of PayPal's collaboration with ADL/SPLC
• Debate about tech companies' role in financial access
• Analysis of consolidation in financial services industry

5. Innovation in Finance

• Discussion of five key financial service categories: banking, lending, trading, crypto, and insurance
• Analysis of federal banking licenses' importance
• Predictions about industry consolidation

The episode showcased significant disagreement among hosts about financial industry consolidation and tech platform power, while finding common ground on the importance of due diligence and metrics-based investing.