- Compound Bets
- 🟣 I WAS WRONG about Tokens (+ what I learned)
🟣 I WAS WRONG about Tokens (+ what I learned)
the thought process of exiting my company
Hey I’m Matt, and welcome to my monthly newsletter on my journey building my startup - directly to your inbox 📬
🚀 TLDR (for this month);
Personal Update (March + April)
Raising Capital -> Strategic Exit
My Favourite Things This Month
Top Reads This Month (worth your time)
What's Next For Me
🆕 Personal Updates
It's now Mid-May!
I skipped the April update (mostly cause I was focusing on exams), but I'm excited to dive into too cool things I've up to recently!
Did a Y Combinator interview, finished my Envision Founder Cohort, partnered with Curious Cardinals (Forbes 30 Company), been binging The Drop Out w/ Inner Circle, participated in a pitch competition at Visible Hands, joined Republic as a venture fellow, did a pre-mint for the Dolce&Gabbana, and created an investment thesis around the tokenization of startups.
Right, let’s get to it - time for this months roundup 🚀
🧩 Raising Pre-Seed -> To Strategic Exit
This past couple weeks made the exciting decision to go for a strategic exit with my web3 company.
We had a pre-seed of with some of my dream venture capitalists and angels, but before taking in much more capital we decided to truly evaluate the market.
I chatted with Sunita Rao who was previously head of tokenization and crypto at Republic and we had a deep dive on the current token market. We ultimately came up with the 3 main stages we believe the token market is headed:
1) Token Investment in Companies (Republic is leading this charge and democratizing access to wealth)
2) Token Investment in Organizations (Multiple DAO tooling options here)
3) Token Investment in People/Creators (We were leading this charge)
I believe it was summed up perfectly with one line:
"You're building the equivalence of Virtual Reality in 2012, it's genius but the market just isn't there (yet)."
I also had a chat with my investors, and it was super heartwarming to hear that they would invest the same amount of capital in whatever I build next. Especially in pre-seed stage, it's truly betting on the founders succeeding instead of the main startup idea.❣️
I learned more this past year building a true startup, raising capital, building the team, etc. than I ever could have otherwise. The startup gave me a reason to break into the web3 space, and x1000 my network in the tech world.
Planning on taking (at least) a 9-11 month hiatus from building another impactful startup, and currently working on some smaller projects, and working on some new aspects of myself (will update monthly on this newsletter).
🦄 Sponsor S/O: Collective (Get Hired in Web3)
Everyone is currently looking into breaking into the web3 space.
With Collective (talent matching network), it makes it 10x easier for top companies and talent in web3 to connect.
Being built by my friend Ryan Haraki, this is a very promising web3 project, and it takes less than 1 minute to get started!
hiring in web3 is broken, and we're here to fix that
teasers coming soon
— Collective | Hiring for Web3 (@collectiveHQ_)
May 13, 2022
💠 My Favourite Things This Month
🎬 YouTube Video - 10 Years of Coding Everything I've Done - a great motivator for those getting into the development space. It gives a great overview (+ motivation) towards getting into coding and building projects
🎧 Audiobook - Bad Blood - in complement to watching the HBO Series The DropOut, I wanted to do some additional research about Theranos. This gave me a great in depth analysis on the the entire Theranos story and startup crime
📬 Tweet of the Week
At this point, the most important thing is leaving a legacy
— Matt Espinoza ♢ (@MattEspoz)
May 3, 2022
Super excited to join the ZFellows May Cohort (by @cory) 🥳
Met the cohort members today and was mind-blown🤯For the next 1 week, I will learn alongside a global group of folks from top companies & colleges and work on my ideas
Big thanks to @Mat@MattEspoz the interview tips 🙏
— Harsh Agrawal | itsharshag.eth (@itsharshag)
May 15, 2022
🛠 Ending Remarks + What's Next?
That's it for this month!
For those curious, after exiting my web3 company, I'm currently building projects on buildspace, completing a full-stack course, teaching web3 at Curious Cardinals, and just really focusing on building stuff
Thank you to everyone that’s been a part of my life and with me on my journey (especially the investors!)
If you made it this far, hit REPLY and tell me what you thought of this newsletter. Was this 🚀 or 🗑. I read every response 🤩
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Until next month,
Matt | @mattespoz 👨🏻💻