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The Exchange

4 EpisodesProduced by The ExchangeWebsite

The Exchange is a podcast for professional investors curious about or active in cryptocurrencies -- a significant new asset class that traditional finance institutions are now exploring. Each episode we speak with an early mover in the space from venture capital, private equity, top financial firms,… read more

45:17

#001 Venture Investing in Blockchain Cos w/ Geoff Bernstein, GP & Cofounder of Indicator Ventures

In our first episode, we sit down with venture capitalist Geoff Bernstein of Indicator Ventures, an early-stage fund that's made investments in several blockchain-powered companies, including our own. We discuss how Indicator sees blockchain technology & investment opportunities around it, how traditional equity investing compares to and interacts with ICOs, and what VCs and other equity investors should be thinking about when investing in companies that may ICO. Show notes & links below; subscribe for future episodes!

Our Host: Abbey Titcomb

Abbey is the EiR & Head of Strategy at Onward Labs, a venture studio working with founders leveraging emerging technologies to solve the world's most pressing issues. She is also an Associate at Underscore.VC, a $85M early-stage tech venture firm with a community-centric model supporting the next generation of transformative entrepreneurs. Abbey is hyper-curious and tech-obsessed, with focuses in blockchain, artificial intelligence, and consumer tech as a whole.

Show Notes

00:52 - How Geoff went from a hedge fund to VC
http://www.indicatorventures.com/

03:11 - How Indicator is more hands-on; getting companies from "fragility to stability"

04:31 - Indicator's investment thesis

07:31 - How Indicator got into blockchain
https://www.oreilly.com/library/view/blockchain-for-dummies/9781119365594/
https://unikrn.com/

11:52 - "wrinkle in the governance" challenge of companies that previously raised funding via equity rounds now offering ICOs

16:08 - How Indicator's LPs felt about a portfolio company's ICO, Indicator's advisement to LPs

18:30 - Indicator's investment in Caplinked, which will be ICOing
https://www.caplinked.com/

19:30 - Caplinked's thesis around security-backed tokens

22:40 - For ICOs, importance of the type of people you're offering to

25:07 - Geoff's advice to entrepreneurs to "pick a path" - ICO or equity investors; why the two don't mix right now, but, how they could in the future.

28:21 - What requirements Geoff thinks should be in place for companies that want to offer an ICO but have existing equity investors.

30:41 - Nerding out on the mechanics of venture fund interactions from ICOs - returns, taxes, etc.

32:16 - Indicator's investment targets in blockchain companies going forward
https://www.everbloom.co/
https://www.noblebankint.com/

34:59 - What's needed for VCs / traditional equity investors to invest in crypto

42:45 - How Indicator plans to stay relevant / the future of VCs vs ICOs

Thanks for listening! Subscribe for future episodes.

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