Having A Foot In Both Camps
At our annual CEO Summit, which took place last week, we kick things off going around the room with each attendee (there are over seventy at this point) mentioning something they are struggling with right now.
When it got to my turn, I said that I am struggling to be “all in” on crypto and also “all in” on my current portfolio companies.
A few of my current portfolio companies are in the crypto space, which makes it easier. We have been investing in crypto since 2012.
But most are traditional internet-based businesses that use subscriptions, advertising, and/or commerce to monetize.
I am very happy with the progress of these portfolio companies and am very engaged with them, their teams, their strategies, and their businesses.
My portfolio has not been in this good shape in I don’t know how long and I am quite enjoying my work with these companies.
As I said to the assembled CEOs, I am not going to show up at a board meeting for these companies and suggest they scrap their existing business models and launch a token and an ICO.
So it means that I have to have a foot in both camps.
One in traditional internet businesses and business models.
And one in crypto, which is re-writing most of the rules that these traditional businesses operate under.
It can be challenging.
Most of the reading and research I am doing is in crypto.
Most of the new pitches I take are in crypto.
But most of the board meetings and one on ones and other portfolio company engagement is around traditional businesses.
I am trying to keep the two mindsets separate in my brain right now.
Maybe there is a time that they come together.
I don’t think that time is now.