Ian Lee: Why DAOs Will Replace Venture Capital; Biggest Threat to Web3 | 20VC #893

Ian Lee is the Co-Founder of Syndicate, a web3 startup that has raised over $28M from a16z, Kleiner Perkins, IDEO, and 300+ investors. Previously, Ian was Managing Partner of IDEO CoLab Ventures, a crypto venture fund backed by IDEO focused on web3, crypto, and blockchain startups. From 2017-2021, Ian led investments and helped incubate 80+ crypto startups in the areas of DeFi, NFTs, DAOs, and more. From 2014-2017, Ian was the Head of Crypto at Citigroup and Citi Ventures globally. Chapters: 0:00 How did you make your way into investing? 3:23 How did Syndicate come about? 6:25 DAOs are the future of VC 9:24 How do you determine who's allowed into your DAO? 13:01 How are DAOs different than Venture Capital? 17:10 Winners and Losers of Crypto today 21:36 Can I do a follower fund with Avichal? 21:55 Crypto is the future of the internet 30:30 Could crypto cause greater income inequality? 32:38 Greatest opportunity in crypto today 35:40 How important is storytelling? 41:34 Biggest threat to Web3 44:00 VCs' sudden fascination with Web3 46:34 Favourite book 50:35 What have you recently changed your mind on? 53:17 Hardest thing about building Syndicate 56:03 How long until a DAO invests $1 billion? In Today’s Episode with Ian Lee We Discuss: 1.) Ian’s Entry into Tech and Crypto: Why did Ian decide early on that he did not like being a VC? What was it that changed his mind, showing him the impact investing can have? What have been the most significant but non-obvious developments in crypto? 2.) Why DAOs Will Replace Venture Capital: Why does Ian believe that DAOs will replace venture capital firms over time? How does Ian analyze the current landscape of Web3 investing and VC? Can existing firms layer on a Web3 Partner or Fund and win in the new Web3 landscape? How will the next generation of Web3 native firms be structured? 3.) DAOs 101: What really is a DAO? What is not a DAO? How are DAOs structured? How many people are invited? Who decides who is invited? How are decisions made within DAOs? How does this differ dependent on structure? What are the single biggest challenges that DAOs face today in operations? 4.) Crypto is The Future of the Internet: What does Ian mean when he says “crypto is the future of the internet”? What does this mean for the distribution of ownership and wealth in the next generation of the internet? Do DAOs and Web3 do more to harm or hurt income inequality today? What are the drivers that would lead Web3 to centralize wealth even further? Items Mentioned in Today’s Episode with Ian Lee: Ian’s Fave Book: The Innovator’s Dilemma: The Revolutionary Book That Will Change the Way You Do Business Ian’s Fave Web3 Resources: a16z’s Crypto Canon, Jesse Walden’s: The Ownership Economy 2022 Why DAOs Will Replace Venture Capital, What Existing Incumbent Venture Firms Can Do To Survive, The Biggest Challenges Facing New DAOs Today and Whether Web3 Will Bring More or Less Income Inequality #IanLee #20VC #harrystebbings #cryptocurrency #dao #technology #venturecapital #web3 #investing #futuretech #decentralization

Harry StebbingshostIan Leeguest

Jun 8, 202258mWatch on YouTube ↗

EPISODE INFO

Released: June 8, 2022
Duration: 58m
Channel: The Twenty Minute VC
Watch on YouTube: ▶ Open ↗

EPISODE DESCRIPTION

Ian Lee is the Co-Founder of Syndicate, a web3 startup that has raised over $28M from a16z, Kleiner Perkins, IDEO, and 300+ investors. Previously, Ian was Managing Partner of IDEO CoLab Ventures, a crypto venture fund backed by IDEO focused on web3, crypto, and blockchain startups. From 2017-2021, Ian led investments and helped incubate 80+ crypto startups in the areas of DeFi, NFTs, DAOs, and more. From 2014-2017, Ian was the Head of Crypto at Citigroup and Citi Ventures globally. Chapters: 0:00 How did you make your way into investing? 3:23 How did Syndicate come about? 6:25 DAOs are the future of VC 9:24 How do you determine who's allowed into your DAO? 13:01 How are DAOs different than Venture Capital? 17:10 Winners and Losers of Crypto today 21:36 Can I do a follower fund with Avichal? 21:55 Crypto is the future of the internet 30:30 Could crypto cause greater income inequality? 32:38 Greatest opportunity in crypto today 35:40 How important is storytelling? 41:34 Biggest threat to Web3 44:00 VCs' sudden fascination with Web3 46:34 Favourite book 50:35 What have you recently changed your mind on? 53:17 Hardest thing about building Syndicate 56:03 How long until a DAO invests $1 billion? In Today’s Episode with Ian Lee We Discuss: 1.) Ian’s Entry into Tech and Crypto: Why did Ian decide early on that he did not like being a VC? What was it that changed his mind, showing him the impact investing can have? What have been the most significant but non-obvious developments in crypto? 2.) Why DAOs Will Replace Venture Capital: Why does Ian believe that DAOs will replace venture capital firms over time? How does Ian analyze the current landscape of Web3 investing and VC? Can existing firms layer on a Web3 Partner or Fund and win in the new Web3 landscape? How will the next generation of Web3 native firms be structured? 3.) DAOs 101: What really is a DAO? What is not a DAO? How are DAOs structured? How many people are invited? Who decides who is invited? How are decisions made within DAOs? How does this differ dependent on structure? What are the single biggest challenges that DAOs face today in operations? 4.) Crypto is The Future of the Internet: What does Ian mean when he says “crypto is the future of the internet”? What does this mean for the distribution of ownership and wealth in the next generation of the internet? Do DAOs and Web3 do more to harm or hurt income inequality today? What are the drivers that would lead Web3 to centralize wealth even further? Items Mentioned in Today’s Episode with Ian Lee: Ian’s Fave Book: The Innovator’s Dilemma: The Revolutionary Book That Will Change the Way You Do Business Ian’s Fave Web3 Resources: a16z’s Crypto Canon, Jesse Walden’s: The Ownership Economy 2022 Why DAOs Will Replace Venture Capital, What Existing Incumbent Venture Firms Can Do To Survive, The Biggest Challenges Facing New DAOs Today and Whether Web3 Will Bring More or Less Income Inequality #IanLee #20VC #harrystebbings #cryptocurrency #dao #technology #venturecapital #web3 #investing #futuretech #decentralization

SPEAKERS

Narrator
other
Harry Stebbings
host
Ian Lee
guest

EPISODE SUMMARY

In this episode of The Twenty Minute VC, featuring Narrator and Harry Stebbings, Ian Lee: Why DAOs Will Replace Venture Capital; Biggest Threat to Web3 | 20VC #893 explores ian Lee Predicts DAOs Will Transform Venture Capital and Web3 Ian Lee, co-founder of Syndicate and long-time Web3 operator, explains why he believes DAOs (decentralized autonomous organizations) are the logical next step in a decades-long shift toward more decentralized, community-based investing.

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