Valhalla Ventures co-founder dropping truth bombs:
Venture outcomes are binary. Either you back exceptional founders who 100x your fund, or you're playing for scraps.
"They were either zeros or you get your money back or you get a small multiple, but those are never the good outcomes."
Translation: In crypto VC, 2-3x returns are losses. You're hunting unicorns or you're ngmi.
The entire game is founder selection. Everything else is noise.
This is why most funds underperform. They optimize for "safe" bets that return 1-2x instead of swinging for the fences on outlier teams.
The paradox: The safest strategy in venture is backing the riskiest, most exceptional founders.
Venture outcomes are binary. Either you back exceptional founders who 100x your fund, or you're playing for scraps.
"They were either zeros or you get your money back or you get a small multiple, but those are never the good outcomes."
Translation: In crypto VC, 2-3x returns are losses. You're hunting unicorns or you're ngmi.
The entire game is founder selection. Everything else is noise.
This is why most funds underperform. They optimize for "safe" bets that return 1-2x instead of swinging for the fences on outlier teams.
The paradox: The safest strategy in venture is backing the riskiest, most exceptional founders.