Tuesday, January 29, 2013

Investment Theses

I made a small addition to my blog template today. I put my current investments on my sidebar with links to each website and the original blog posts announcing each investment.

The picture above is a screenshot of this sidebar. I couldn’t embed the HTML cleanly in the post, so just clickthrough to my blog if you want to go through each one.

It’s crazy to go back and look at the original investment theses for now successful (or unsuccessful) investments. For example back when USV first invested in Tumblr — it was not my investment (Brad led the deal) — I wrote a post announcing the Tumblr investment and summarizing the thesis.

Some parts of the Tumblr investment thesis were spot-on and still true today:

[I]n the past 18 months I have been blogging, I’ve been surprised by how cumbersome writing a post can be. Expressing yourself on the internet should be simpler. The tightly defined conventions and formality involved in maintaining and posting to a blog often get in the way of raw expression.

Other parts of the thesis sound silly in retrospect. For example, the complete lack of any mention of Tumblr’s network effect, or the social network in the dashboard that ultimately emerged and built so much enterprise value.

I love being both right and wrong in public. The magic of that thesis post is that it’s frozen in time, and the Internet never forgets. I have to live with what I wrote (really, WE wrote… it was collectively edited by the USV team) and hopefully remain intellectually honest to what I said.

That’s why I’m adding this sidebar to my blog. To collect all my original investment announcement posts. ¬†Going forward I’ll try to include more of my investment thesis in each one (right now, some of them just describe the service), and hopefully I’ll have a great collection I can look back upon in the future, likely humbly.


  1. christinacaci said: i love this idea.
  2. thegongshow posted this