Jonathan Chizick

Big Company or Big Network: Which is the better partner? When you think partnerships, It’s easy to think of collaborating with companies. But have you considered partnering with a network? When I was in Austin, I struck a deal with Capital Factory. Community of 100,000 entrepreneurs. Portfolio valuation of $21 billion. This partnership opened doors to New brands, New investors, New level of growth. The takeaway? Partnering with a network doesn’t just add value— it channels it 🔮 #Networking #Innovation #Entrepreneurship

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As we explore a seed round of VC funding for Avnir, a mentor has driven into me to "interview them as much as they'll do their due diligence on you!" When I consider professional etiquette important to me (and probably every serious founder), I am reminded of what I've coached hundreds of executives on over the past two decades: "Your culture is a culmination of behaviors you're willing to tolerate!" So, here is a Top 10 List of Professional Etiquette crucial to long-term strategic relationships between VCs and founders: 1️⃣ Respect for Time—Punctuality, Efficient Communication, and Timely Feedforward are demonstrated and genuinely felt. We would both rather me invest time in building the business. 2️⃣ Transparency—Clear Expectations, Honest Feedforward, and Disclosures on conflicts of interest or resource limitations save everyone unnecessarily wasted cycles! 3️⃣ Professionalism—Politeness, Confidentiality, and Objective Evaluation allow courteous interactions, respect for proprietary information, and avoiding bias in evaluating the founder's meritocracy. 4️⃣ Empathy—Understanding the Journey and Constructive Dialogue acknowledge the uphill battle founders face while avoiding unnecessary criticism and providing supportive guidance, demonstrating a genuine interest in their vision. 5️⃣ Integrity—Fair Terms, Follow Through, and Avoiding Overpromising honor commitments during discussions, and create realistic expectations from the relationship. 6️⃣ Co-Creation—Value-adding Mindset and Team Player Attitude accelerate the founder's ability to gain traction and position the VC relationship as transformational vs. simply transactional. 7️⃣ Humility—Avoiding Arrogance, Condescension, and Open-Mindedness acknowledges that both parties have unique expertise to add and enhance the receptivity to unconventional ideas, approaches, and perspectives. 8️⃣ Listening Louder—Present, Engaged, and Clarity of Intent eliminates distractions, brings out what's not being said, and jointly crafts better questions to help uncover the unknown and the undiscovered. 9️⃣ Encouraging—Supportive Communication, Positive Reinforcement, and Inspiration help celebrate small wins and key milestone achievements. It's ideal to light a fire within the relationship rather than under anyone, which seldom lasts! 🔟 Playing the Long Game—Relationship Nurturing and Post-Investment Care establishes the runway for a lasting partnership rather than simply pitching a deck and closing a deal. After the investment decision, sustaining the relationship will determine the partnership's long-term perspective. Jason M. Lemkin, Peter Bell, Cassie Young, and Ed Sim - you exemplify world-class in the relationships you build with your founders. Did I miss anything? #VCFounderRelationship #AlignedExpectations #RelationshipsMatterMoreThanEver

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Sharing this primarily for markets outside the top 5 in VC as it's a problem I've experienced as well. One can and sometimes should criticize SV founders who have too much ambition in the way some pursue it, but a super serious problem almost everywhere else is not enough ambition, certainly to include NM. It may surprise some to hear that Seattle lacks ambition given headquarters of Microsoft, Amazon, Costco, Starbucks and others, but that's actually part of the problem--golden handcuffs and conformity, versus hungry and competitive when I grew up in WA in business in the 80s. It's also a problem with many VCs around the country now. They have become so focused on flipping to incumbents their (BT) dominance became a self-fulfilling prophecy. That's not the role of VCs -- if that's their goal they should be a CVC. NM has a similar golden handcuff problem to Seattle, but it's worse in some respects. The national labs pay really well relative to the local cost of living, so it's the career goal of thousands to spend entire careers working for the labs. In both markets the level of early stage funding is so low that it's difficult to leave big tech or labs to join a startup. And in both, the experience of big tech and labs doesn't apply well to startups. Very different world. A related challenge is SV rarely invests outside the region in would-be market leaders--most want to see those remain in CA. So we have a problem for certain, and big disconnect in the market.

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Just finished reading "The Next Giant Leap" by Space Capital - a pioneering VC investing in the emerging Space Economy. The report speaks to how SpaceX’s Starship is more than just the most powerful rocket ever built—it is poised to reshape the global space economy in profound ways. With its immense payload capacity, reusable design, and lower cost per launch, Starship will unlock entirely new industries and transform existing business models. But how should industries and businesses evolve to align with this paradigm shift? 📈 Rethinking Business Strategies & Supply Chains - For businesses, Starship represents an era of mass-production over precision engineering. This means moving away from the focus on mass efficiency toward cost-effective, redundant, and scalable production. - In terms of supply chains, this opens opportunities for new players in manufacturing, materials, and space components. The demand for off-the-shelf parts and non-aerospace suppliers will rise dramatically. 💡 New Use Cases & Opportunities   The opportunities Starship unlocks go beyond launching satellites. - In-space manufacturing of high-value products like pharmaceuticals and advanced materials that cannot be created on Earth. - Mega-constellations of satellites for global broadband, expanding on what Starlink has already begun. - In-orbit assembly and servicing, allowing for larger space structures like telescopes or even habitats to be built in orbit, radically reducing costs. - Lunar infrastructure and resource extraction will become more viable, paving the way for sustainable human presence on the Moon and, eventually, Mars. 📊 What Should Businesses Do Now?   1. Embrace Redundancy & Scale – Instead of focusing on one-off, high-cost solutions, businesses should embrace redundancy and mass production.    2. Simplify Design – With Starship’s payload capacity, there is less pressure to optimize for mass efficiency. Simplified, scalable designs will allow for faster production and iteration cycles, akin to how SpaceX rapidly tests and evolves Starship itself. 3. Develop Strategic Partnerships – Collaborating with forward-thinking space startups, suppliers, and even non-aerospace sectors will be essential to capitalize on the opportunities Starship provides. 🌌 A New Era of Innovation   Starship will democratize access to space, lowering the barriers for businesses to create and scale. The next decade will witness breakthroughs in scientific exploration, energy production, and in-space transportation that we can only begin to imagine today. #SpaceEconomy #Starship #Innovation #SupplyChain #Manufacturing #SpaceTech #Entrepreneurship #FutureOfSpace https://lnkd.in/gNdbwXdq

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DeepCast shipped a number of really cool new features recently in advance of a broad outreach push to podcast listeners. One new feature is our new Daily DeepDigest tool that sends you a concise daily email including any new episodes from the trailing 24 hours from any podcasts you Subscribe to (on DeepCast). Think daily podcast cliff notes or podcast news ticker tape, with a hint of Morning Brew various brews or PitchBook News—it's increasing information throughput when you're pressed for time. And this feature is rapidly evolving to distill other key extractions from shows you're already interested in, but also exposing you to other shows you might be unfamiliar with that also have nuggets to share—and thus increasing your aperture yet still conscious of your time. Want to go deeper on any given episode? Click the episode detail and you're off to an episode on DeepCast, where you can subsequently read a longer form distillation of that episode or go straight to the source and listen to the episode. (And podcaster friends, these pages are definitely increasing indexing and thus Google entry points to your shows!) I'm loving this feature as a user, personally. Can't wait to see what others think! #BuildingInPublic #Podcasts #AllTheWorldsInformation #HowYouWantIt

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During yesterday's LibreQoS APNIC webinar, I posed the question: won't more bandwidth solve these problems? As Herbert Wolverson said, yes, more bandwidth is good, but, still these problems remain if queueing is done incorrectly. Here's my take on why bandwidth alone is not as good as bandwidth + good queueing policies: Generally it was believed that 'data is important, so don't throw it away; hang on to it and send it later'. In practice, this has proven to be suboptimal as two issues may emerge: 1) latency increases for some flows due to heavy demand from other flows using the same bottleneck link, 2) even a single flow can have excessive latency due to aspects of typical TCP behavior (referred to bufferbloat) when the buffers grew large enough that the data being buffered was retransmitted anyway. It turns out that not all data is equally important. Active Queue Management is the art of deciding priorities, both in deciding what data to throw away, but also in allowing some later arriving data to be transmitted ahead of data in another connection that arrived before it. These problems have been studied, and good solutions have been found by using certain queueing policies in routers and switches, referred to as “fq_codel’ and “cake”. These track the different flows not by classifying the data, but by watching the behavior. Flows that send relatively little data (DNS lookups), or at a measured pace (video chat) have priority over flows that send a lot of data as quickly as possible (App and System updates, Video and ISO downloads).

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A blistering funding run has me revisiting a question I posed after Q3's VC funding data came out. Was Austin's modest $1.6B in H1 2024 signaling a slowdown or was Q3's $1B surge the real indicator? November's explosive activity gives us our answer: 💥Tricentis: $1.33B raise ($4.5B valuation) New 🦄 💥FireFly Aerospace: $175M ($2B valuation) 💥Ladder: $105M 💥Halcyon AI: $100M ($1B valuation) New 🦄 With these mega-rounds, Q4 is already approaching $2B with several weeks remaining. I am hearing about more significant rounds in the pipeline, though I don’t know whether they will announce in Dec or early '25. What a difference a quarter makes! Austin sits at ~$4B YTD, knocking at the door of 2023's $4.2B. The first half numbers now look more like timing quirks than a true slowdown. Our sector diversity (seen here in AI, Space, Bio & Health and Cybersecurity) reinforces what Peter Walker's analysis shows below; Austin's strength comes from our broad foundation & tech convergence. As Peter notes in his original post, "Austin is good in many areas, great in few." I see this as a strength, not a weakness (not implying that he was making this implication either). With ATX consistently ranking somewhere between 5th-7th in funding, and having strong momentum metrics, we have a bright future ahead. What's Next?

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Congrats to these amazing #Colorado Startups! Some fun facts: - In 2023, Colorado’s venture capital scene demonstrated resilience and growth, with $4.3 billion invested across 496 deals despite a national slowdown.  - Colorado's strong network of incubators and accelerators, including Techstars and Boomtown Innovation, provide invaluable mentorship and support, further fueling the region's growth. 1. Opopop - can't wait to try out some of your tasty popcorn flavors! 2. Flatfile - I think every business could benefit from some #data clean-up help. 3. True Anomaly - The Jackal Autonomous Orbital Vehicle (AOV) and the Mosaic intelligent operating system sound like fascinating innovations 4. Strive Health - Kidney conditions? Check them out. 5. revnt - an all-in-one video platform for coaches, webinars + courses. 6. FlightLink - Air pooling platform 7. Leafwire Media - Centralied hub for challenges facing the cannabis business and more 8. Long Play Inc - Wellness brands distributor 9. Bluestaq - data management solutions 10. Quantinuum - Quantum, computing! https://lnkd.in/g4dmXkUM

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Instacart is a market leader when it comes to leveraging AI tools to boost productivity at work. I had an amazing conversation with JJ Zhuang, Instacart’s Chief Architect, who has shepherded over 50 AI-driven initiatives to market across the org. We explored what catapulted Instacart to the forefront of AI integration, supporting radically diverse use cases across various functional areas. One striking insight (echoed by Ethan Mollick and others elsewhere) is that you often don't need specialized tools for specialized work. Frontier models like GPT-4 can seamlessly adapt to a wide range of functions and use cases. They're not just for engineers; they're incredibly versatile tools used by marketing, comms, and legal teams. From generating code to proofreading and ideation, GPT-4 empowers every department to leverage AI for enhanced productivity and innovation. By integrating LLM’s like GPT-4 into their workflows, teams can streamline processes, automate repetitive tasks, and unlock bandwidth for new creative possibilities. How can you harness the power of AI in your own work to boost productivity? Share your thoughts below 👇 Want to hear more insights from JJ? Check out the full podcast episode by clicking the link in the comments.

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The DMV area showing some traction https://lnkd.in/gxMXC8x4

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Half of LinkedIn has already weighed in on Paul Graham's recent essay Founder Mode, which criticized the approach of running large companies with "efficient managers." The discussion was sparked by Brian Chesky, who, during an event at YC, lamented that hired management nearly destroyed his company. Everyone in attendance nodded in agreement. Let’s set aside the fact that guys in Patagonia vests may not be the best sample for assessing the success of "Founder Mode." The success of some of these individuals is hard to replicate, not just in other countries, but even in the U.S. under high-interest-rate conditions. Survivorship bias in action. The key question here is: are motivation and accountability for the company’s mission the critical factors for a startup's success? In my opinion, they come second, right after the ability to continuously learn and adapt to changes in the company. For example, the founders of Instagram stepped aside at the right time (maybe unwillingly), allowing efficient managers to build the second-largest social network in the world and a huge cash cow for Meta. An efficient manager, Imran Khan, came to Snapchat from Alibaba, helping the company make a great IPO and improving a lot as a CSO. Bill Gates handed over management to one of his early employees, Steve Ballmer, who in turn passed it to Satya Nadella, allowing Microsoft to become one of the world’s largest companies. Steve Jobs long resisted the necessity of releasing the iPhone and was ultimately convinced by multiple managers, who saved the company, which at the time was relying on a single product line. My conclusion from the stories above: one must constantly learn and evolve to align with the product's tempo. If you fall short due to a lack of skills, motivation, or health, it's better to let more flexible and competent people handle these challenges. You can't blame failure in people management on an inherent flaw in the hired management system.

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Big announcement below! 👇 Let's talk about the current state of GP-LP affairs: 🤯Emerging VC managers have absolutely exploded over the past 5 years. 📈 At the same time, more and more data has surfaced that shows that emerging VC firms tend to outperform larger, established firms. 🤔 All of this has made it intriguing but tough for LPs to know where to direct their attention. 🛍 GPs frequently meet LPs at conferences who are window shopping but not committed to the asset class or emerging managers. 🧾 And both crews get overwhelmed by transactional convos. So Sydney Paige Thomas and I created Abundance. Abundance is a private, nomination-based retreat for active LPs and top emerging GPs to form new experiences together and build lasting relationships. Why Abundance? Abundance is knowing that there is more than enough for more than one to succeed. And a single win within a community is a win for the community itself. The journey of an emerging VC manager from 1st close to final close or Fund 1 to Fund 2 is (1) communal and (2) requires an abundant mindset. LPs look for structure and confidence to feel comfortable investing in early VC firms. Yet many of the feeds we scroll and conferences we attend reinforce inherent power dynamics and transactional thinking, which allows scarcity mindset to creep in for emerging GPs. Some of the best events I’ve attended have been intentionally non-transactional, e.g. Camp Hustle, Recast Summit, and other GPs’ AGMs. The fundraising success stories we see usually involve a community (usually of other GPs & LPs) coming together to support and open doors for the emerging GP. We designed Abundance to be an immersive gathering that fosters these connections. Starting tonight, ~100 GPs and LPs are descending upon Seattle for the inaugural Abundance retreat. This has been under wraps for months and I can’t wait to see it come to life! Thanks in advance to our awesome sponsors who were the earliest believers in this vision: Sydecar, Amazon Web Services (AWS), Gunderson Dettmer, & Zelda Ventures. And shoutout to my dad Ed Illig for logo design & Halle Kaplan-Allen being the first sponsor to say yes 🤩 Presented by The Council Capital & Symphonic Capital.

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Hot Take: It’s not complicated…in the #AI era what makes any given human unique is their ability to discern when NOT to deploy AI. Related point: the guy in the opening story of this Newyorker article is an idiot.

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The Rise of SPVs in AI Startup Investments Special Purpose Vehicles (#SPVs) are increasingly popular among small investors, allowing them to pool their money to invest in coveted #startups like Anthropic, Groq, OpenAI, Perplexity, and #ElonMusk's x.AI. SPVs are formed by #investors with direct access to shares of these startups, who then sell a portion of their allocation to external investors, often charging significant fees and retaining a profit share. Early backers in sought-after #AI #startups exercise their pro-rata rights, creating opportunities for SPVs to acquire shares. VCs may offer access to SPVs to existing #limitedpartner investors or use brokers to reach a broader pool of potential investors. Some SPVs are formed on top of others, leading to complex layers of investment. Shares in certain startups, like Anthropic, became available due to events like FTX's bankruptcy auction, flooding the market with shares. SPVs can be formed alongside primary fundraising rounds, allowing small investors to participate simultaneously with major investors. While SPVs provide access to otherwise inaccessible investments, they come with high risks, as backers do not receive direct information about the companies. For more information https://lnkd.in/dqxCtget #AIInvesting #StartupFinance #SPVStrategy #VentureCapital #InvestmentTrends #TechInvesting #Entrepreneurship

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How do other Austin-based tech/entrepreneur types feel about this observation? 🤔 "Being in Austin lowers my ambitions. The city doesn’t inspire me to be great like San Francisco or New York. But what I lose in ambition, I gain in focus. The city’s relative slowness makes it easy to focus." These I feel ring pretty true, however: "Austin’s laptop class is different from San Francisco’s too. For starters, it’s cool to be ambitious in Austin but uncool to be too ambitious. The grindset is frowned upon. Some of the coffee shops don’t allow computers on Sundays, and people will scoff at you for skipping weekend social events to work. Austin entrepreneurs also care more about profit than growth. The people I know aren’t in a rush to build their company. They have a life to live and an income-to-effort ratio to maintain. Slow, steady, and sustainable is the name of the game (which makes it a tough place to be a venture capitalist)." "The most successful people I know are understated because it’s not cool to flaunt your wealth here. That said, a trusted friend insists that almost 100 billionaires will move here in the next decade, and these days, I’m seeing more and more private jets at the airport. Though they’ll call Austin their home base, they’ll leave town for the summers, just as snowbirds on the East Coast migrate to Florida in the winter."

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If you’re looking for a distraction from political content this week… look no further… allow me to introduce: VC podcast content :) I was so excited to finally be on Minnie Ingersoll and TenOneTen Ventures’ LA Venture Podcast. She grew this platform massively while I was on the operating side and it was such an honor to have this be my first interview since returning to VC. Minnie and I chatted poolside in her backyard in Pasadena and covered a lot of ground: - 🚀Why I think distribution and GTM is potentially a greater early moat than product in an AI-native world - 1️⃣ Is first mover advantage still a thing?! -🕵🏽‍♂️ How I think about channel vs integrated product partnership dynamics and why most of them dont work! -💰 What is (and isn’t) exciting to me and Fika Ventures in marketplaces, supply chain, commerce enablement, and more - 🧐 Why we love investing in subject matter and domain experts at Fika more than technology experts learning new domains - 🤝 What makes our partnership and team special at Fika Ventures and how we think about working with founders - 🪢 and finally, why Pejman Nozad and I have more in common than I do with most VCs! Shout outs to friends and colleagues like Tianxiang (TX) Zhuo, John Chen, Gabriella Brignardello, Route, Michael Tam, Troy Henikoff, and more in this one. And most importantly, thanks for having me, Minnie Ingersoll!

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7 Days left! Gladly, we have over 90 VCs and Angel investors registered for MELT. Let me introduce 17 remarkable investors 👼 【💎VIP Sponsored By】 - Kyle Hudson, Founder of Stacks, Inc - Akash Saraf, Founder of ScaleGenAI - Iris Cheung , Founder of Orbiter Finance ☞ General Partner @ Black Sheep Ventures Industry: Cybersecurity, AR/VR, B2B, AI Focus Stage: Seed - Series A Investment Range: $500k - $1M 💎 Notable: Invested in 12 startups at NTT Group with 6 exits. ☞ Founding Partner @ Element14 Capital Industry: Fintech, AI, B2C, B2B, SaaS, E-commerce, Healthtech, Climate tech Focus Stage:Pre-seed - Pre-series A 💎 Notable: Exited YC company to Life360, then scaled them to $300M+ ARR with 2 IPOs !! ☞ Co-Founder and CEO @ Pario Ventures Industry: Fintech, Healthtech, Climate tech, Agtech, Spacetech, Gaming, Mobility, B2B Focus Stage: Pre-seed - Series B Investment Range: $30M - $100M 💎 Notable: Turning Pario into a $1.8B AUM ☞ Senior Principal @ Presidio Ventures Industry: SaaS, B2B, Robotics, Cybersecurity, AI Stage: Pre-series A - Series B Investment Range: $100M+ ☞ Senior Investment Director @ Sony Ventures Industry: Fintech, Web3, Cybersecurity, AI, SaaS, B2B, Mobility Stage: Seed - Series C Investment Range: $200k - $10M ☞ Principal @ Counterpart Ventures Industry: Fintech, Healthtech, Climate tech, Edtech, Proptech, Insurtech, Cybersecurity, AI, B2B, SaaS, E-commerce Stage: Seed - Series A Investment Range: $1M - $10M ☞ Principal @ Acorn Pacific Ventures Industry: Fintech, Biotech, Robotics, B2B, SaaS Stage: Seed - Series A Investment Range: $1M - $3M ☞ President @ Oridun Capital Management Industry: Proptech, Climate tech, AI Stage: Pre-seed, Seed Investment Range: $50k - $200k ☞ Managing Partner @ Aurelia Ventures Industry: B2B, SaaS, Fintech, Govtech, Cybersecurity, AI Stage: Pre-seed, Seed Investment Range: $50k - $100k ☞ Managing Partner @ Borusan Ventures Industry: Climate tech, Mobility, AI Stage: Seed - Series A Investment Range: $300k - $1M ☞ Managing Partner @ Actuate Ventures Industry: Various Stage: Pre-seed - Pre-series A Investment Range: $1M - $3M ☞ Manager @ Marubeni Corporation Industry: Healthtech, Climate tech, Retailtech, Biotech, Mobility, Robotics, Cybersecurity, B2B, SaaS, AI Stage: Pre-series A - Series D Investment Range: $500k - $10M ☞ LP @ Pioneer Fund Industry: Healthtech, Climate tech, Edtech, Agtech Stage: Pre-seed - Series A Investment Range: $50k - $100k ☞ General Manager @ Presidio Ventures Industry: Fintech, SaaS, B2B, Web3 Stage: Seed - Series B Investment Range: $1M - $3M ☞ General Partner @ Astera Ventures Industry: AI, B2C, B2B Stage: Seed, Pre-series A Investment Range: $200k - $500k ☞ Founding Partner & GP @ Actuate Ventures Industry: Biotech, Spacetech, Adtech, Robotics, Various Stage: Pre-seed Investment Range: $100k - $3M ☞ Founder & Managing Partner @ Niremia Collective Industry: Healthtech, AI, AR/VR, B2C, B2B, Various Stage: Pre-seed - Series A Investment Range: $200k - $300k

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Friends, Q2 was a quarter of progress and learning for us at HawkTower, where we invest in early-stage startups applying breakthrough computing technologies to maximize California's natural resource markets. Our focus is on technology-enabled interventions (e.g., AI-enabled geospatial radars for lithium-ion batteries in the waste stream) for critical, market-level imperatives (e.g., disaster prevention) that can drive rapid commercial adoption (e.g., placed on every recycling truck in the world). Our current investment priorities are: - Agricultural productivity and efficiency - Biomanufacturing - Labor and mobility automation - Waste stream optimization and decarbonization - Disaster prevention and management Here’s a snapshot of what we’ve been up to: Milestones and Investments: - In late April, we officially launched our fund, filing with the SEC. Yay. - By June, we completed our first fund close ahead of schedule, with backing from family offices, foundations, high-net-worth individuals, and organizations aligned with California's future. - Our portfolio now includes three early-stage investments (Farm-ng, Agriful Software, and Nexstera Tech). Strategic Partnerships: - We believe that startups operating closer to their customers and resources, especially in agriculture and biomanufacturing, have a strategic advantage. For instance, the Salinas Valley, a major agricultural hub, is less than an hour from Silicon Valley and serves as a center of thought leadership in the convergence of agriculture and AI (from Western Growers, Taylor Farms, and others). - Similarly, the North San Joaquin Valley is emerging as a biotech and agtech innovation hub, and we are proud to support BEAM Circular, a startup hub for the circular bioeconomy. Key Relationships: - Karen Warner, CEO of BEAM Circular, joined HawkTower as a strategic advisor. - Jackie Cruz, Ed. D. Cruz, Hartnell College’s VP of Advancement, advises on Salinas Valley and workforce development. - Ben Palone from Western Growers, with his technical background in agriculture, became a trusted advisor. - Matthew Hoffman from Driscoll's Global R&D team provides insights on global agriculture, product positioning, and investment strategy. - We collaborated with Monterey Bay DART for workforce development and automation in agtech. - Dominic Milano and the Milano Technical Group from Merced collaborated on key initiatives and advised us on investments. - HawkTower is participating in Santa Cruz Works's accelerator cohort as a mentor and advisor. Thank you Doug Erickson. - We published an overview of entrepreneurship across the UC system with input from across the University of California system. Moving into the fall, we remain deeply committed to supporting founders shaping California's future natural resource markets. Stay tuned and be in touch! : ) Db

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Coming soon on Aug 1: "Transformation to a Fresh Tomorrow." This is theme of our 3rd Annual Web3 Investor Day, as we welcome the innovators and investors convening in Chicago for these discussions around the next generation Internet. Our theme reflects the optimism, determination and commitment investors and innovators have solidified off the depths of the bear markets to drive success in the bull markets. Broader investor optimism suggests that fresh institutional funds into Web3 across both tokens and equity may endure.  Across adoption metrics, customer interest and developer activity, Web3 seems to have normalized. It’s refreshing to see the transformation and next evolution of Web3 and it’s refreshing to meet many of you on August 1.  And yet, even with the improved optimism from last year, there still remain open questions in the development and adoption of our next generation Internet:  1. the balance of speculative versus productive investor capital in this current cycle 2. the productive role of liquid trading capital in fostering Web3 innovation 3. the attractiveness of venture investments in follow on financings 4. the role of policy and regulation that may enhance innovation 5. the continued developer activity to improve the underlying infrastructure 6. other Web3 recovery characteristics in target customer use cases. We remain committed to navigating regulatory shifts, fostering investor optimism, and building the customer use cases for Web3.  Physical spaces enhance our innovation conversations.  In person relationships foster our collaboration.  Relationships drive breakthrough innovations.  Reach out to Rizza Torres at Decasonic if you would like to join us! #web3investorday #web3 #venturecapital

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