🔑 Key Takeaways
- Latin America's lack of innovation in ecommerce provides a unique opportunity for companies to address barriers like logistics and payments, bundle products, and expand into various categories. Rappi has already done this successfully, and the SoftBank Latin America Fund offers significant potential for entrepreneurs and investors.
- Attend conferences, read trend publications, and network with peers to gain knowledge and access remarkable opportunities, like Kevin Rose's experience at COMDEX, leading to growth and success in investment.
- Sometimes, the best opportunities come unexpectedly. Embrace your potential and don't be afraid to seek help to grow and develop your skills, even if it means stepping outside your comfort zone.
- While live television can be chaotic and challenging, it offers a unique and dynamic experience. In contrast, pre-recorded content allows for obsessive editing and can lack spontaneity. Regardless of the medium, working in a collaborative and creative environment can provide lasting relationships and a sense of fulfillment.
- Video content online allows for direct access to niche audiences without traditional distribution deals. Acquisition by larger companies can lead to growth and expansion in the digital space.
- Digg's success was driven by its ability to surface interesting content for users and its emphasis on social bookmarking. Its algorithm served as a precursor to modern machine learning.
- Digg was originally inspired by a rejected idea for Slashdot and was created by Kevin Rose and a freelance developer. Despite being credited with starting Web 2.0, Kevin admits he didn't even know what it meant at the time.
- Pursue your passion and believe in what you are building without worrying about success. The tech industry is constantly evolving, so focus on building for tomorrow, not just today.
- Investing in experiences, like attending events and technology conferences, fosters connection and genuine information sharing. Embracing new technologies, like Web 3.0, early on can lead to success in the long run. Shared experiences create lasting memories and contribute to overall personal development.
- Despite skepticism, the crypto community sees potential in innovative concepts like NFTs and DeFi projects. Investors look to support ambitious individuals like Kevin Rose, whose journey began with a single tweet. Looking back on personal and technological milestones can be enlightening.
- Educate yourself before investing in promising projects and avoid solely price-focused ones. Remain vigilant and focus on the potential long-term benefits of new technologies, while keeping yourself informed to avoid scams.
- Before investing in a new cryptocurrency project, analyze its purpose and viability, the credibility of the team behind it, and whether it's driven by genuine interest in the technology or just hype. The first true believers in a paradigm shift often reap the greatest benefits.
- NFTs offer new possibilities for art and creativity, and investors like True should support entrepreneurs in exploring these opportunities without adding needless stress and constraints.
- Kevin Rose believes that blockchain technology will transform industries, especially finance, collectibles, and gaming. He sees the crypto and Web 3.0 space splitting into two distinct worlds, with one focusing on traditional cryptocurrency and DeFi, and the other on NFTs. He will be launching a new podcast called Proof, dedicated to NFT content.
- Proof, a new NFT-focused podcast separate big names in the crypto industry from the unique and novel, highlighting not just the value of NFTs in art but generating incentives for creativity and innovation.
- Online identity holds a significant place in the gaming world, while NFTs can bring portability and new possibilities to art. Understanding the NFT ecosystem is crucial, and platforms like MoFi and Hodinkee showcase the potential of integrating content and commerce in unique ways. The NFT world might hold untold possibilities for geeky conversations with artists about programmability and beyond.
- Building trust and relationships through quality content and a reliable brand is crucial for business success. Utilizing multiple perspectives and traditional expert training can provide a valuable assessment of historic value. Connections through referrals and social media platforms like Twitter can lead to unexpected opportunities and growth.
- TrovaTrip offers customizable trips to exotic destinations for groups sharing mutual interests + AcquiredFM hosts discussions on entrepreneurship and finance.
📝 Podcast Summary
Latin America's Leapfrog Opportunity in Ecommerce
Latin America has a unique opportunity to leapfrog in ecommerce due to the lack of transformational innovations from a mostly offline world. Companies that go deep and address barriers like logistics and payments have the chance to bundle and offer various categories and products. Rappi, the largest food delivery platform in Latin America, is a prime example of a product that started with convenience and expanded into ecommerce, pharmacy, supermarket orders, and financial services like a credit card. By offering speedy delivery through micro fulfillment centers, Rappi continues to be a significant player in the region. The SoftBank Latin America Fund is also a massive opportunity for entrepreneurs and investors interested in deploying capital and exploring business opportunities in the region.
The Importance of Networking and Staying Up-to-Date in Making Investments
When it comes to making investments, it's important to come to your own conclusions. This discussion with Kevin Rose reminded us that the best way to gain knowledge and awareness is to attend conferences, read magazines and stay up-to-date with the latest trends. Even starting young can lead to remarkable opportunities, as seen from Kevin's experience attending the COMDEX convention at an early age. Furthermore, it emphasizes that with the right mindset, you can break down any barrier, like getting a fake ID to attend a computer convention. Networking with like-minded individuals, and attending tech conferences, can help you expand your horizon and meet people in the industry, leading to remarkable growth and success.
From Behind the Scenes to On-Camera: Kevin's Unexpected Journey on TechTV's The Screen Savers.
Kevin didn't apply to work at TechTV to be in front of the camera, but it was a chance that he ended up on camera. He discovered a vulnerability in Windows that led to talking about it on the show. The executive producer noticed his potential and had him come on once a week to talk about a certain tool. Though nervous, he eventually started to grow more comfortable on camera but needed help from a talent coach. Kevin became known as the 'Dark Tipper' on the show for sharing tips about the dark side of the internet. The Screen Savers was live in front of a studio audience, and the set was designed to facilitate different shots without a lot of quick set changes.
The Pros and Cons of Live Television and Podcasts
Live television can be chaotic with unexpected technical glitches and challenges, but it also provides a unique dynamic that forces people to roll with it. In contrast, with podcasts and other pre-recorded content, it's easy to obsess over it and spend too much time editing. Additionally, conducting interviews can be challenging as not all guests open up easily. Despite the challenges, working in a collaborative and creative environment can make a job feel special and provide lasting relationships. TechTV was an example of this, although it ultimately had financial challenges and was acquired by G4, which recognized the potential of its audience and talent.
The Rise and Sale of Revision3
Revision3 was started with the idea that video content was taking off online, and niche audiences were quite large. They didn't have to rely on distribution agreements with old-school television networks to get viewership, and they could measure it more accurately. The media stream with Diggnation and other ways of reaching people, along with being the founder of Digg, created a flywheel effect that gained momentum. This led to the realization that the web on the internet was a new direct way to reach consumers. Revision3 was ultimately sold to Discovery Networks for $35 million and became their digital arm. This helped Discovery Networks move into the digital space and given them a handful of folks to lead that effort.
The rise and fall of Digg - the community-driven website that paved the way for modern machine learning.
Digg was a community-driven website that allowed users to upvote articles, and was able to reach an audience as big as 38 million monthly uniques. Its success attracted big tech players like Facebook, and Digg even served as an early partner of the latter. The website's success was largely due to its ability to surface interesting content for users, as well as giving users the satisfaction of having their names mentioned on the website. Digg's algorithm, which recommended similar content to users, was a precursor to modern day machine learning. At its core, Digg was built around the idea of social bookmarking, which allowed users to bookmark articles and count the number of bookmarks on them.
The birth of Digg and its early stages
The origin story of Digg involves Kevin Rose's lunch with CmdrTaco, the founder of Slashdot. Kevin suggested to CmdrTaco to make user-submissions visible on Slashdot with an upvoting system, but CmdrTaco rejected the idea. Kevin then decided to create a similar platform himself and hired a freelance developer to create the first prototype. While some people are listed as co-founders of Digg, Kevin clarifies that they were hired at later stages of development. Despite being credited with starting Web 2.0, Kevin admits he didn't even know what it meant at the time. Jason Calacanis, who offered to buy Digg for a million dollars early on, also played a role in the early stages of the platform.
The Unexpected Success of Startups
Success in the startup world often comes unexpectedly and is rarely planned for. The founders of many of today's biggest companies were just having fun building software and hanging out with other tech enthusiasts. The term Web 2.0, which is now ubiquitous, was not even known to some of the leading figures in the field back then, and they did not envision their projects becoming as big as they did. This highlights the importance of simply pursuing your passion and building what you believe in without worrying about whether it will be successful or not. It also shows that the tech industry is constantly evolving and what is considered cutting-edge one day may become obsolete the next.
Investing in Experiences: A Wise Decision
Investing in experiences is always a wise decision as they are the best money spent. The connection and camaraderie around a new technology, such as Web 3.0, brings people together with a common purpose and genuine information sharing despite differing interpretations. The mainstream may not have embraced it yet, but the early believers see its potential and are confident in its success with time. Kevin's experience at South by Southwest, where he realized the event had become part of culture, highlights the value of shared experiences. It was a special moment for Kevin, and he was glad he invested in the experience of bringing his father out to see his success.
The Doubt and Excitement Surrounding Web 3.0
Web 3.0 is currently facing a lot of doubt similar to the initial response to Web 2.0. However, there is excitement in the crypto community for entrepreneurs, NFT artists, and DeFi projects who are building new and novel concepts. Investors seek to back ambitious people and ideas that have the potential to be massive. Kevin Rose's journey in crypto began in 2012 when he first tweeted about Bitcoin and received his first transaction through Coinbase. He also mentioned his experience with Trent Reznor's music, which was released as open-source, and how he visited Trent's house for a Digg dialogue. It's interesting to search for old emails and tweets to reflect on personal and technological milestones.
The Importance of Exploring New Technologies and Investing Wisely in Cryptocurrencies.
Kevin's experience with Bitcoin and early investments in Coinbase highlight the importance of exploring new and upcoming technologies. Despite the risk of scams and fraudulent activity, educating oneself and investing in promising projects can lead to significant benefits in the long run. However, it is crucial to avoid projects solely focused on price appreciation instead of genuine technological progress. The Foundation podcast and similar initiatives aim to provide educational content and help people avoid scams in the cryptocurrency space. The key takeaway is to remain vigilant and informed when exploring new technologies and to focus on their potential long-term benefits rather than short-term gains.
Evaluating a new cryptocurrency project requires assessing the team, use case and underlying technology, and recognizing the potential for early upside.
When evaluating a new cryptocurrency project, it's important to ask whether there is a use case that needs to be solved, if there's a credible team behind it, and if the conversation is more about making money or the underlying technology. The founders of groundbreaking consumer things have more upside than investors because they were true believers in the thing for the value of the thing, even before it had any notion of being an investment. It requires a leap of faith to become an early true believer in a new paradigm shift, but the earliest people to do so have the most upside. While some projects may start off as a joke, they may eventually evolve into something more than just hype.
The Value of NFTs as Seen by Entrepreneur and Investor Kevin Rose
NFTs provide opportunities for new genres of art and generative art which were not possible earlier, and they are not just about minting a JPEG or a GIF. Kevin Rose, an entrepreneur, investor, and someone with a strong point of view on design sensibility, understands the value of NFTs. His experiences with True, a long-term investor that backs their entrepreneurs with care, highlights the need for investors to support entrepreneurs without adding unnecessary pressures and demands. Being able to create new and exciting things and bringing awareness to other people is something that Kevin enjoys and wishes to continue doing.
Kevin Rose's transition to full-time investor and focus on blockchain-related companies
Kevin Rose transitioned from building startups to becoming a full-time investor at True Ventures. His day job involves evaluating cryptocurrency, blockchain-related companies, and NFT-related projects. His firm has deployed $75 million this year for blockchain-related startups, which is a significant chunk of the $750 million fund they have. Kevin believes that blockchain technology will change everything, especially in the financial, collectibles, and gaming industries. He also sees two worlds starting to separate in the crypto and Web 3.0 space, one focusing on traditional cryptocurrency and DeFi, and the other on NFTs. He will be launching a new podcast called Proof, which will be dedicated to NFT content.
A new NFT-focused podcast to reduce confusion and hype around NFTs.
Proof, a new NFT-focused podcast, will cover various aspects of the NFT world, from art and programming to tokens and the gaming world. Modern Finance podcast will still touch on important NFT content, but the new feed will be devoted entirely to NFTs. Kevin plans to populate the new feed with pre-existing NFT content and release new episodes every week to week-and-a-half. The intention is to separate the big names in the crypto industry, both creators and analysts, from those doing something unique and novel. By establishing a separate NFT feed, Kevin aims to reduce confusion and hype around NFTs in a rapidly evolving and sometimes scammy industry. Finally, NFTs offer value beyond the art itself, highlighting the artist's story and generating incentives for creativity and innovation.
The Importance of Online Identity and the Potential of NFTs in the Gaming and Art World.
More than 50% of gamers consider their online identity in their games to be more important than their offline identity. NFTs bring portability to art, which allows people to showcase their favorite pieces of art. The ecosystem that NFTs bring to the table is something that people need to wrap their head around, just like when canvas was first introduced for art. There is a future for MoFi in the on-chain content media as it is a unique platform where content and commerce can be integrated. Hodinkee is a successful blend of content and commerce where the editorial and commerce are kept separate. Watches and mechanical timekeeping have a geeky level that needs to be brought to the NFT world where we can talk deep with artists and learn about the programmability of the NFTs.
Importance of Building Trust and Relationships in Business Growth
Building trust takes time, and for businesses like Proof, gaining trust through in-depth editorial content and a reliable brand is crucial. Hiring editorial staff with traditional art critic training who also understand the NFT world can provide multiple perspectives, allowing for assessments of the historic value of NFTs. Entrepreneurs may find it difficult to contact firms such as True, as 90% of deals come from referrals, with Twitter DMs being a way to connect. Kevin’s addition to the suggested follow list on Twitter resulted in many followers and eventually led to meeting his wife. The growth of Twitter holds valuable lessons for today's entrepreneurs, emphasizing the importance of building relationships and taking opportunities to grow.
TrovaTrip revolutionizes group travel for like-minded adventurers + AcquiredFM invests $5M
TrovaTrip is an innovative company that enables creators to customize trips to over 100 places around the world and take groups of people on the trip together who share mutual interests. The company aims to disrupt the group travel industry and provides people with a unique opportunity to travel to exotic places with like-minded individuals. AcquiredFm just invested $5 million in TrovaTrip, and Ben and David are excited about it. They discuss taking an AcquiredFm tour to all the hotspots in Silicon Valley where the old-school entrepreneurs and VCs used to hang out. They also discuss the Fed's role in the economy in a recent episode and talk about the Beeple episode of Modern Finance. Check them out.