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LA Blockchain Summit
October 13, 2021, Los Angeles, CA, USA
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Investing in Sustainability, Inclusivity, and Diversity
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About the talk


About speakers

Aly Madhavji
Managing Partner at Blockchain Founders Fund
Andy Tang
Partner at Draper Associates
Matthew Friedel
Angel Investor & Co-Founder at Milwaukee Venture Partners
Jesse Draper
General Partner at Halogen Ventures
Neha Mehta
Founder at FemTech Partners
Kendra Ragatz
Partner at Acrew Capital

Aly Madhavji 穆亚霖 is the Managing Partner at Blockchain Founders Fund which invests in and venture builds top-tier startups. He is a Limited Partner on Loyal VC and Draper Goren Holm. Aly consults organizations on emerging technologies such as INSEAD and the UN on solutions to help alleviate poverty. He is a Senior Blockchain Fellow at INSEAD and was recognized as a “Blockchain 100” Global Leader by Lattice80. He is an internationally acclaimed author, publishing three books and a monthly columnist for the leading blockchain magazine. Aly serves as a board member of CryptoStar Corp. (TSXV: CSTR), Mechanical Technology Incorporated (NASDAQ: MKTY) and has served on various advisory boards including the University of Toronto’s Governing Council, which manages a $2.5B budget. He is a mentor with Chinaccelerator, an elite accelerator program operated by the venture fund SOSV with $855M+ AUM and the Mobile Only Accelerator (MOX). Aly holds a Master of Global Affairs as a Schwarzman Scholar from Tsinghua University (清华大学), a Master of Business Administration from INSEAD (Singapore and France), and a Bachelor of Commerce with Distinction from the University of Toronto.

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Andrew Tang is a partner at Draper DragonFund and Draper Associates, investing in early-stage technology companies and assisting with their business development, particularly international market entry strategy and partnerships. He also serves as CEO of Draper University, which is an incubator and entrepreneurship education program located in Silicon Valley. In his spare time, he teaches finance and fundraising classes to student entrepreneurs. Tang has over 20 years of operating, research and development, investment banking and investing experience in the high-tech space. He co founded Draper DragonFund in 2006 to focus on cross-border investing. He has led and managed investments in companies such as VeChain, Ledger, CloudMedx, Yeepay, Jin Jing Electric Motors, Alto Beam, Vicarious Artificial Intelligence, Broadbus (MOT), to name a few. Prior to starting his fund, he was a partner and member of the investment committee at ABB Technologies Ventures and Infineon Ventures. Prior to that, he was an investment banker with Credit Suisse First Boston’s technology group in Palo Alto, where he worked on the Magma IPO (SNPS) and Cyras (CIEN) acquisition. Before joining Credit Suisse, Tang was a senior engineer and marketing manager at Intel and was responsible for chip design and market enabling for Pentium and Itanium processors.

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Angel Investor, Educator, Entrepreneur, and Full Stack developer was specialization in (AI) artificial intelligence and Machine Learning, Blockchain, Mobile app development iOS and android, content management systems including WordPress, and responsive web design. Co-Founder – Disruptive Technologies Lab UWM a platform for us to conduct research, create new courses, and educate and work with our strategic partners in the business community (Artificial Intelligence – AI, Blockchain, and Internet of Things – IoT.)

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Jesse Draper is a mother of 2 boys, founding partner of Halogen Ventures as well as creator and host of Emmy nominated television series, The Valley Girl Show. Draper is a 4th generation venture capitalist focused on early stage investing in consumer technology companies led by female and co-ed teams. Among her 55 portfolio companies, are the Skimm, Glamsquad, Carbon38, HopSkipDrive, The Flex Company, Eloquii (recently sold to Walmart) and This is L (sold to P&G). She stars on SET’s television series Meet the Draper’s currently in it’s second season. Draper was listed by Marie Claire magazine as one of the ‘50 Most Connected Women in America’. Draper has been a contributor to Marie Claire, Mashable, Forbes, and is a regular investor and tech personality on shows including TLC’s Girl Starter, The Katie Couric Show, Fox’s Good Day LA, CNBC’s Who Wants to Be the Next Millionaire Inventor? & Freeform’s Startup U. She proudly sits on the board of directors of Blue Fever, Carbon38, Preemadonna (creator of the Nailbot) and the non-profit board Bizworld and Project Glimmer. Draper supports the Parkinson’s Institute and is very involved with growing UCLA’s female entrepreneurship community.

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Neha is featured in FinTech 50, 2019 and 2020, Asia's 50 Most Influential Women in Renewable Energy, 2020, and "Global Future Fintech Leader" Award at the Fintech Festival Abu Dhabi 2020. Neha is a legal and finance professional with 15 years of experience in Asia and Europe. She holds a double degree in Law and Commerce from the University of Delhi and attended King’s College, London on Chevening Fellowship. A proud recipient of the British Chamber of Commerce 21st Annual Business Award for the UK Impact in Singapore 2020, FemTech Partners has been highly involved in bringing the UK and Singapore FinTech ecosystems together under the effective leadership of the founder Ms Neha Mehta. Neha is listed in the inaugural Singapore 100 Women in Tech. She says – "As a strong advocate of supporting women fintech entrepreneurs, being a part of inaugural Singapore's 100 Women in Tech List is especially meaningful for me. Inspiring other women to enter the tech industry has always been at the heart of what I do, and I am honoured to be able to do so through this initiative." Neha is a recipient of Stri Shakti Award’ 21. Neha is also a recipient of the Globant ‘Digital Disruptors’ Award in 2021, for bringing about a change in the way transactions are carried out while using technology to her disposal in the regions of SEA. Neha is The FinTech Team Lead for The Economic Reform Programme, SEA, FDCO.

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Amazing insights bathroom. Ready to divest panel now. It's okay about investing in sustainability inclusivity. And of course Dr. St. Jacob Dragon, not afraid of men walking back to Partners in Draper from her goal and branches Capital Chrysler conversation. Enjoy. All right into our panel at La blockchain Summit our topic as mentioned, for this session is investing in sustainability, inclusivity and diversity, that there are a lot of critical and unanswered questions that. I'm sure our audience here has for our panel. And we're going to try to

explore and provide answers to those questions. It's great to have so many friends and audience members turned in from all around the world. I'll be your moderator for this session. My name is Ali. Madhavji. I am the managing partner at blockchain Founders find which invest in and Venture builds top-tier startups, and consult organization. Such as the United Nations. I serve on the board of to public companies in the blockchain space, one is crypto star, which is a Toronto, Stock Exchange, Venture company, and the other is mechanical Technologies. A nasdaq-listed company and they serve as

a senior blockchain fellow at insead, but more importantly, we have a phenomenal panel here with us today. First off, we have Andrew Tang. Who is he managing director at Draper going home? Matthew friddell, co-founder at Milwaukee. Venture Partners, a female lead engine, Angel Network, Jesse Draper, the founding partner at halogen Ventures. Nejo Maita, CEO and founder at femtech partners and Kendra Reagan. Partner is a true Capital, but let's jump into it. Let's start with the elephant in the room.

Many people think of Bitcoin and often times, their categorizing mining as wasteful bad for the environment and not sustainable. It's not too widely, known to the public. And I'm sure the majority of our audience would like to know, I can blockchain really be used for good and what about Bitcoin? So Andrew, let's start off with you. What are your thoughts on this? Yeah, I think it said should have been very interesting. Superficial look at lock chain in the power mining. If you look at the number of Block Chain projects, compared to the number of

banks in the world, you know, it's an order of magnitude and if you look at the number of mining rigs, you said mining computers versus the number of mainframes the financial institutions used in the world. So really we're talking about then it's a very efficient way to conduct financial services using much fewer number of computers and CPUs. And in fact, if you look at the Bitcoin in some of these earlier Technologies, since then we have had a lot of proof of stake watching is now being brought online and doesn't

even require that much mining. So I'm actually thinking even at the proof of work. It's an improvement from existing. Show Services infrastructure in the morning, take it to proof of stake, a misunderstood observation. Thank you, honey for that. Kendra. What are some of those misconceptions around blockchain itself and its applications for for doing good in the world? You know, I think importantly, the blockchain has the ability to do quite a bit of good in the world. That is very important for just a broader

Society. Number one provides a lot more transparent transparency in all sorts of Industries. And that's good for everyone. And also takes out a lot of costly, middlemen making things, you know, far more accessible to people. And then I would say, you know, what are firm. We do a lot of fintech traditional fintech investing as well. And one of the things that this does is really provides more financial inclusion. So if you look at the numbers of, let's say black or Latin X investors in crypto. It's far greater than other traditional asset classes in that

it is more accessible and it's also, you know, There's far more attractive opportunities for many people who feel that traditional investing opportunities have either excluded or even exploited them. So I think there's a lot of opportunity and a lot of really positive elements of blockchain. Fantastic and Matthew, you know as a seasoned executive, you know, what are some things that you're looking out from, you know, a Milwaukee, you know, Venture Partners perspective on where blockchain can help solve Global challenges. And so

one of the other hats that I where is I teach at the University and when I tell my students is that, I think that the real exciting opportunities coming down the pipe or and unblock. Seeing what I call 3.0 anything that is heavily regulated where there's a, you know, a third-party intermediary that can be you know, eliminated or move to the side is a candidate. So on the government runs a digital identities Healthcare, you know, anything that requires some level of bureaucracy, I think is a candidate for, you know, these applications that are going to be coming down,

the down the pipe and what's interesting is that I think people have a misconception one about cryptocurrency but also about What black cheated is in its nature and if you think about a tried to describe the internet to somebody in the early 90s, right? It's hard to do. But we got these platforms that came down the the the channel and then now they're part of our daily life. I'm in crypto is a part of our daily lives. And soon, you know, blockchain application 3.0 which alleviate some of that bureaucracy are are going to be in the mainstream and and just make our lives better.

Absolutely. And Jesse to corporates our governments, you know, see the sort of potential with blockchain that were talking about your you know, what are some of the major hesitations they still have on the technology that you're seeing from say your portfolio. You know, there was actually a really great article in the New York Times a couple of days ago, saying how at first, the government and the banks were really repelling blockchain and Bitcoin. And so, you know, all sorts of crap Joe. And now they're starting to embrace it. I think

especially with the launch of each. Yes, and then, you know, all of these other, you know, I'm very excited about slow right now and all these other types of crib do something. I would like to say though is as a female and I invest. How did Ventures, we invest in women? We have 70 Park and the founding team. We don't discriminate. We have three mail CEOs and like, take that. But I'd like to say it's recently. I almost wanted to just sell everything. I wanted to sell all of my B playing in my crypto and it was because I had retweeted

something that someone had been tweeting online that said, hey, let's Try and get Bitcoin to 69 420 and I retweeted it thinking. Yeah, I want it to go higher to like we're all excited about it. We can drink like, you know, make this Market go the way we want when we're big, passionate Bitcoin, crypto holders and John and that is disgusting. What I didn't realize was 69 420 with a whole bunch of men hoping that it would get to 69,000 because it's a sexual position and 4:20 because

obviously of, you know, pot at a national marijuana day and I think that that is a problem. I'd encourage more women to get into crypto. It's a real opportunity and I think that the Bro culture in crypto really needs to change and so that's something that I'm frustrated with today. I understand we attach ourselves to these different numbers, but as a female in business and technology who's excited about Chris, All of you men holding this crypto, please. Don't tie it too sexual positions. That's disgusting and but I think there's so many opportunities to

when it's it's the democratization of wealth as well. You know, as of d.c. I have to find Rays from these fund of funds and endowments that are managed by about 20 advisors. There's like 20 advisors who controlled the majority of the billions and trillions of dollars of wealth in the world. So that means 20 organizations making those decisions for Venture Capital. What I'm really excited about is how this will completely diversify. Well in general, different people will have access

to different types of capital and be able to invest in different opportunities that they were never able to do that before and less of these organizations that control them. Wealth will be in control. That is definitely, you know, believe that you know, what, the distribution of wealth is going to create a lot more opportunity. I think we're already starting to see that with with crypto. I do want to dive deeper in a moment into some of the things that you mentioned including, you know female lead companies going to come back to that

in a second. I think this is a really important topic, you know, where we're actually LP is in in Draper gone home, but also another fund called Loyal BC and we got 39%, female Founders, and and growing. And so it is definitely a focus that, that we have on some of the things that we do. And I think it's starting to grow, you know, throughout the industry, you know, I think from this first piece, you know, we heard a little bit about, you know, some of the misconceptions around Bitcoin and sustainability, know where blocks in can start being

used, you know, more responsibly. I talked to solve Global challenges, but I do want to dive deeper into this inclusive in diversity, piso in the traditional World. There are a lot of talk with a lot of diversity in, you know, in the investment world, you know, including under-represented Founders and different categories. Such as gender race religion, sexual preferences Kendra. I want to, I want to start with you. How does a crew Capital approved, approach, inclusivity and diversity in your investment thesis?

Great question, the first of all, where a very diverse team. So, 90% of our investing team is a woman or person of color. So it's her or to who we are. And as a result. We also have different networks, which me would argue has enabled us to generate above-average returns. We think of that is being really positive. By the way. We also at multi-generational, which that's a separate subject. But we also believe is really powerful in terms of our investing, a much

higher percentage of the first Founders in our portfolio than average. The other thing that we do is we really bringing our networks in terms of both, an advisory and inboard rolls. And also as people seek to diversify and fill out their executive team. And as we all know, I think now it's widely accepted that diversity drives better outcomes. So, you know, we really found a lot of reception from our founding team. Some of whom are not divorced but want to add more diverse members and they're really grateful to partner with us. And then more recently, we

raised our first rest age spot where we primarily been early-stage investors, and because we were continuously asked for more diverse representation. We've added a new sort of focus, both back to Jesse's point about democratizing some asset classes. We invited reversed Executives to invest in Argo state, fund alongside our institutions. And what that's done. Is also created an incredible pool excellence in perspective for a portfolio companies. So I think original question was actually how do we look at it from our thesis driven approach,

you know, we look at our investments as we were. With anything. I just think that we ask different questions and the average VC firm. And so we therefore have more diversity in our portfolio. A few really key points. I would have emphasized here. Right? So, you know, I think there's the thesis perspective but there's all of these building blocks and all of us infrastructure that you're putting around around it, right? So that that Advisory board that you mentioned here. We talked a little bit about it before the call as well. You don't having, you know, diverse

expertise or diverse. Advisors. I can come in and meant for your Founders country, serve on their boards. I think also start to, to create more of that ecosystem of diversity, of thought, and make it to you. No more natural and in organization, Andrew in Draper Dragon, what are some of the challenges and barriers that, you know, we need to stall a further inclusive in diversity in the investment world. And what are some of the things that Draper dragons? Yeah, and clearly, you know, I reflect upon even just my engineering school days. You look around

clearly. It's not a true representation of what class looks like that. You know that Sir, Mix when you take that to the business world to the tech World. It has changed very little. So even though, you know, we are from the drapery ecosystem perspective. We always have this goal to try to do really diversify our company. We do realize there's more deep-rooted challenge. I'm so we got to go back to the education. That's why we have to agree University within the pl

assistant. We really try to go back earlier in the, the value chain and see if we can talk to more young people and then courage them could going into a norcia poor venture capital. Or text and I'm happy to report. We have already contributed eversity been around since 2012 graduates and we have about 30% women going through the program. I know it's still not up to par. But I tell you that number is much higher than my engineering class undergrad and graduate school. I mean, I

think, I think for the Venture where all that mean I've seen data, you know, 2% of of traditional, you know, finds her or female light right Investments. And so, you know, it has been growing but but much too slowly and, and, and we need to be doing better. I think that the things that you don't Draper University, you doing, you know, just to give her medicine with college. And I think there are phenomenal, the industry, Matthew at Milwaukee, Venture Partners. You guys are very early stage, right? As you're coming in at sort of the ground. You don't

kick. Can you tell us about what you're looking for, you know, from A diversity perspective. How do you guys value this? And what are some of the challenges that you see, you know, maybe Downstream? If you look at how to your company sign go get funded meal. After that. We look at not only did the deal in the opportunity. But, you know, the first criteria that we look at us is the the team itself, the founders in there. And you know, there's an analogous relation statement saying sometimes you bet on the jockey and I think Kendra alluded to it. There's been tons of research that it said

The more diverse you have on your team, the more successful you are. So we look for, you know, not only diversity in terms of backgrounds and perspectives, and things like that. But we also look for, you know, passion and genuineness in being able to deliver that goes being and, you know, lifetime option or myself. It's those those points can be challenging. But if you have that passion, if you have that Integrity, if you have a customer-focused know, these are the characteristics that we hold very strong and that in the type of deals that we we are looking at. And then, just

one more point, you know. So, again, we're female lead or an angel not work. So, were all individual accredited investors were not a fun. So I would love to say that there's a Magic Bullet that we can have to add more diversity. But what we've done is had a very open book. Open Group Policy so you can come in and you can come to where our dinner, M. Where was Valley waiting? And then see, how kind of the sausages being made and kind of breaking down. Some of the barriers that are associated with, you know, these type of Investments. I've seen know that that makes a lot of sense. Maybe

you can drive a little bit deeper into it. You know what you mean by by female lead as part of that Angel Network, you know, I understand that is probably several different layers to look at, right? There's going to be in best investor group being sort of diverse. There's you know, what country was mentioning as well, with some of that advisor and infrastructure that can go and support the company's. There's a portfolio companies themselves as I can be diverse, and then there's probably even their customers that could be diverse if you're if you're targeting for the different markets,

right? And so, you know, what areas of that are you looking at Matthew? Yes, this is specifically to El Monte Venture Partners the way that we structure. It is where we're a nonprofit, volunteer-based organization. So our leader of Karen Plunkett is the managing director and then I said, she's on the board as well with that. So, you know, that kind of drives the Viewpoint that we look at in terms of our, you know, for folio company. Do it stems from a culture that were creating inside of an organization to be inclusive. Wanting to not only add additional accredited

investors to our group. But also, what is the what did the founders look like? What are their Vision? You know, what is there? What is their mentality? What are their morals? You know that all drives are so if we see a deal, that's really great, but it doesn't align with our values. We will probably pass on that. They said that Jesse, go ahead. I think like I'd be interested here, you know, your thoughts on you know aspects where you know, how Legends getting involved but even is there things that you're also doing a facilitator improve diversity. Inclusive be within the

portfolio companies themselves. When I was only interviewing man in Tech and I made this initiative to interview 50% women intact because I just didn't see. I just was like, how am I only interviewing men here? We need to increase the amount of women in technology. And in order to do that. We need media exposure on these women. And I got inundated. I call it like that, that woman signal. It was like I had sent out this crazy signal for women and what we've learned over the years

by investing in these incredible. Women is worth seeing thousands and thousands of deals and we made over 50. Percent over 50% of our Founders are on minorities of some sort. And we have, we think of diversity of age race and gender in every investment we make because we know that those things will create stronger businesses over all the data is there and you want people with different backgrounds and different cultures and different, you know, just different experiences, bringing those things to the table and we do have

one of our mail CEOs, who I actually sit on the board of this company. When I invested I said, hey, you know, I don't see a lot of women here. I think we need more women here, and he has taken that to heart and they now have over 50%, female employees. They're thinking about women at the board level all the way down on something. I'd also stay for the Venture funds and any kind of find out there. Now is ilpa, which is sort of like the standard fund-of-funds gigantic hundred-page deal memo that you. It's allowed a huge, huge section now on

ESG, and it's really, really important that you're looking at. Yes. Steve from the at the board level at the founder level at the employee level, as well on because they're starting to make sure the entire organization versus just, you know, putting women and diversity on boards. They want to make sure that you are you no walking the walk all the way through. And so, but I think that's a really good thing. You know, I think the companies will be stronger overall. I agree. Like I I think that, you

know, that you don't help somebody better faster stronger know what? I open it up a little bit and dive a little bit deeper into this topic, right? Because at first, we were talking about, you know, a little bit more on the investment thesis investment process, like that for the aspects, where you're looking at, diversity, sustainability inclusivity, but what about post-investment support? So, what sorts of things in Jessie started to touch on this bit, what are some of the sorts of things that, you know, Kendra and the Matthew you guys are doing with your purple hornies after you've

invested, you know on some of these topics I'm I'm happy to start nothing and just be, by the way. I love what you're doing and super grateful for everything you are doing, you know, I think there's one another element of diversity that I think is becoming more and more important in our Founders naturally. Do this, which is diversity on your cat table. So I'm to go to the more broadly. I think there are varying figures but the 71.3 trillion dollars of assets managed in the US. I think the number is something like

98.3% is managed by Fun done, by white men. So and I think the ownership percentage of something like 25% So that number could certainly be sliced and diced and all of the ways. I think no one would argue that is good for us for the long-term. So, we were seeing some of our Founders go out and create STDs, and we are seeing our female Founders Day. We love working with you, a crew. You guys are diverse. You get our story. You understand the pain point from the female consumer, or from the services perspective, you

help us with our team. We want to make sure I'll just tell you that we're creating is, you know, is really benefiting a broad group of shareholders. We really want to make sure that we're being very inclusive and wealth ownership opportunities. So, you know, that's a capital fund is just really expanding well, generating opportunities in our team's love that. In terms of very specifically with diversity. We've done a number of things. We will do workshops on how to promote and support risk-taking.

That's actually something that women tend to have a harder time to do doing and cultures as well as underrepresented minorities. Also, just Promoting more inclusivity and also just we work really hard in terms of trying to make executive connections and then also customer connection a company. So there's a whole, you know, a list of things we do. And I know nowadays Adventure at 1 works really hard to be a good partner to their companies, but I think having a diverse team we can bring a really unique sort of

value to our portfolio companies. Are we like to help you too? We're seeing a lot of that Kendra's while we just did an SP V with a company. That's much later stage than we typically do. And the CEO was sort of like yeah, we're going to go public. It's going to be great. We're going to make a lot of people, a lot of money and we want to make sure we get in. We have this allocation for specifically women and POC because we wanted me to spend a lot of money and I'm seeing that more and more. And it's it's such a cool thing. That's how they're thinking about. It. It is. It's

really important. It's Andy Matthew. Just a one of the things we do with our post-investment support. So the drapery ecosystem, we have over a thousand other companies. So one of the biggest value that we provide in some ways is to kind of not bother the founder, but yet let the fully companies get to know each other and most recently. I've reserved a very interesting observation. I'm so we invest in Ledger, but, you know, it's the deleting Hardware wallet company in the

base in France. So On the Border, Ashley Chief diversity, diversity officer, and they're they're governed by the French loll. You got to have a certain amount of diversity. So, my first reaction is an American was, oh my God, more regulation. I don't like it. When I learned about that was the regulation itself, may be an overhead, but the concept That's actually really good Cyber City and have a person on the board who's in charge of the diversity. Right? It's no different from having an audit, you know, chair and finance chair.

We have a person who is supposed to look at diversity. What a Dutch earlier. That is awesome technology, but very unusual user interface. I mean to buy nftl consumer. So so that is what we try to do to bring to our American early-stage startups. You don't need a diversity officer. You don't need it before. But that is, that should be a one of the checkbox in the wee. Wee. Would raid the CEO on and initially may seem like burdensome, but you'll realize of wisdom when you hire the right people and they help you improve your username face and you get a lot more users. You become a unicorn,

everybody's happy. 100% at Matthew. Give any thoughts on, you know, post-investment support a blanket statement. I think most companies, you know, they're they're coming to you for funds, right? But I would argue that the more value, we bring us through our networks and we are seeing, you know, some pretty early companies that are struggling on a couple different fronts. So we try and use our networks to help them whether it's on the sales side, whether it's on the logistics side, whether it's on, you know, whatever it is to, our

network is always available to those post-investment on North and I would argue that's equally as important as the funding of though, you know, that's necessary. But we were, you only want to be make those entrepreneur successful given all the diverse background that we have in our experiences. Actually actually is in our philosophy at blockchain found her son. We actually believe that the capitals at an early stage that she has smaller part of the puzzle, and we actually work with her company's every single week on strategy, product-market fit, ceiling Revenue, scaling users. And then

making sure we got a plan to ensure that the company's her or well-capitalized and, and that's been, you know, working incredibly well and we've been forced into, you know, number of major companies in the Box in space person, and how that includes, you know, diversity of, you know, diversity and inclusivity and sustainability, but even that post Investments to support peace, but let's look 10 years into the future, Jesse. We're going to, we're going to start with you. You're going to have to share with us, your crystal ball on the

future, Howell, venture-capital. Look at, you know, from this. Perspective, are we going to have you do a quality or what? Is it going to look like? Oh gosh, and I'm like, well, we're at the blockchain summit. So, I better type Platinum, right? I think it's changing. I mean, to Kendra's point. We're seeing a lot more spvs. Our investors are a lot more excited about STDs and investing in the next funds on. Everyone wants to be an investor. So I think something needs to change and will change and I actually think black team will be an enormous part of that, you know, boxing is going to

change the future of Finance forever and I look forward to being able to collect LPS investment in Bitcoin. And in differentiated on digital currencies. I think I'll be really interesting so I can't wait. Fantastic. And Andrew at what? What are some key factors? We need to solve to better ensure equality, inclusivity over the next five to 10 years. So I think, in a way things are happening, but I think part of the challenge for diversity and inclusivity, the passengers, lack of awareness, but with information, so readily available stats or just kind of

in our face. So we understand and I feel like the crowd is going to lead the charge and say this is not going to make it, right? And I think it's going to, it's going to just happen. Naturally. I started investing 20 years ago and our Playbook was, let's go to AT&T Bell, labs, and invest in a couple phds and then give him a little bit of money and then they created this prototype we sell to Cisco for you know, the billing. Dollars and initiative graduated to nail. This is follow Stanford. GSB, grass is fun them and then have them create a company and

sell it to. Now, you see what the blockchain project, I mean, forget Bell Labs were capable Engineers him from all walks of life, anywhere from the world. They may not for all we know, they may not even have college graduate degrees, or sometimes even in yet. I have a real photo is the Avatar people investing in and they are creating awesome products, changing the world. So I think this is not happening, and I think our job is to really just embrace it and when you see these situations that almost looks a little bit different and makes you uncomfortable.

You want to ask a question. Hey, maybe. Do you want to give this opportunity a chance? Even though it looks very different from what you're used to because the world is changing for. Those are those of us who are in position to, to pull trigger and investing something that you want to be more open, mind and say this looks different from the other movies I've seen, but I think the movie The Narrative is changing. I want to, I want to actually dive deeper until I couldn't. That's right, you know, quiet quite interesting. I mean, in terms of, you know, Kendra Jesse Matthew, you know,

geography of investment, you know, as a way of diversity, you mean in the boxing spaces, you know, pretty much expanded, you know, globally team. Some of them are or launching products globally under a wine, or having globally and a wine. How do you how do you think about that? How does that reflect in your purpose, with geography perspective? And, and how do you foresee that changing? Hasn't covid helped to improve the way that we work together. I mean, so we are now an environment where we can work. Virtually. Somebody can be in Singapore. Somebody can be in the Coast or somebody can be in

Europe and allows us to coordinate much more effectively. I mean not to say that there is many positives out of the pandemic but our ability to be able to collaborate and work in a virtual environment. I think it's been improved and that is helping, you know, some of these companies be, you know, not just centralized in one specific area. Absolutely Kendra, Jesse Thoughts with that. I want to just go back to one may be playing on, from from Andy's coming. So that were great as well, is the first of all agreed things are

Global. We have found hers from all over the world and we tended to be historically a little more US base. So the pandemic, I definitely think is made Us Racine for better. And For Worse. Mostly for better, that we really are the global economy in many ways. I'm really polish over the next 10 years. I'm sorry, that sort of backtrack for 1 minute on from A diversity, and inclusion perspective, because what I see changing and black chain is a lot of the Navy. Let's say the form factor and the consumerization in the comfort. And so now that you can buy fractional Bitcoin

now that you're going to be able to shop with crypto. I think you're going to see far more women. An underrepresented minorities moving to this platform because you don't have to open up an account from a traditional institution. That might be kind of scary. And so really, I'm really bullish and I'm and I'm very positive in terms of my Outlook that this will bring more gender and racial Purity. And I think there's even a little more racial Purity now into the sort of the just a crypto asset class. And then also, I'd say the, you know, the pain. Mike has gotten people very all

sorts of people, very comfortable, from an age gender race perspective of being online, natively online and some more comfortable with a lot of those sign up and security issues. So I'm really looking forward to this being a powerful tool to have more inclusive, eating. Absolutely. I mean, Jesse do. Do you have some thoughts on geography investment? Are you guys close to go and sort of your mandate? You know, how do you foresee that changing as well? Over time? We do have some Founders from all over the world, but we are primarily domestic in the United States. I

think it has helped us. We've made quite a few Investments virtually. I still do. You know, now that people are opening things are opening back up, but I think we still do want to meet some people. We've seen some potential fraud issues and things like there's a lot more concerns around. Do you know how you do knock knock jokes with diligent when you're only living in an online world. So I do think I want to maintain the human connection. Somehow we started say. Oh, okay, you found her. Like, we just made this rule. Like new Founders. Someone needs to go meet them.

And I think that's not important. Are all day long. I'm and I think you wanted me to be in some form of interaction human-to-human, but we've gotten a lot more done. We're more efficient, less travel costs. Our company. It's still the same. It's been pretty incredible that way, but I do think that we need to remember you live in a human where all our side, I parked in front of you, got companies across six continents. We do a lot of these digitally is, I'm sure you know, many, many of us do now and receive that actually, you know, container create opportunities as well in in Emerging Markets,

right? And and it's been fascinating to see that sort of development and grow. I am curious though how you're thinking and if you're mandated of allow that you've got this whole movement of Dow's that, you know, that started. But, you know, you can see it picking up a lot more over the next five to 10 years. You've got topics like privacy. I wish you know are very big and in the blockchain space. It's been interesting because from our side, we've seen a lot of investment that you don't even know who the team. It's it's it's actually because they're so big on privacy, you get some

avatars and you don't do video calls. Without you do audio calls about the Avatar, you can go into and you can meet the Avatar and spend some time with yes, but I would suggest final step like meet them in person and maybe it's not like you just don't know. Maybe there's some great engineer who's Pat somewhere that virtual world relationship still matter. We we like to meet the founders. We'd like to talk with them. We'd like to understand their Background on with you, Jesse? Not to say that we couldn't get to a spot where you do virtual deals but relationships matter.

Second life, people were buying real estate in Second Life, you know, I think that already exist people are comfortable doing that but I think for us when we do a deal yet just make sure you can go as far as diligence and you know, but committing, you know, as long as then the final tablets with meeting with Kendra and more. And I spent our privacy Investments, where, where you might not even have a typical Equity structure. You might not know the team. Like what? What did I look like for you? I'll start. Wait wait, wait, we also like

to look at that, meet the team in covid real person, but we typically had some sort of s relationship where, you know, we can do some very thorough reference checks with books that we know we would have worked with them. So I trust is Silky obviously have a fiduciary responsibility to our investors, that we know, you know who were investing in. So at least it, if we're not, we're not quite there yet. Yeah, it's a receipt fund institutional seed Fund in 20 years ago. When I found her term paper

realized in order to do seed busy. You got to really have that, you know, that in person connection, local knowledge. So he created to prevent your network. So we are actually part of them around the world. So far, local Stephen's, it's gets done locally, by the way. So, the core fund the US fund, we would then participate in Syria along with them. So, that's kind of how we get around and I think it's his worked out great and I do want to address that the second life. I'm just a

new world where I think we're sitting the second generation of Of the stochastic, a life remembers when people are getting real jobs in the in the metaverse and earning income. I feel like this time is little bit different. Yeah, I'm not proposing. We all just put on our headsets and call it a day and be part of the Matrix. But I do think this, this next generation of gamers are spending more time in the metaverse, because now, they actually have a job. I can order

for the parents, if they hate you, no, get off the game and go do something productive, but then, when in fact, the job is in the. And then, if your jobs in the metaverse, you may start consuming in the metaverse and that new economy. It's the kind of fascinating. There's no H-1B involved. You work cross-border. So suddenly, This Is A Whole, New World. No, it. And I want to talk about this right now. We're actually the first first tracks into splinterlands, which is one of the two largest games in the Box in Industry alongside a taxi. And you know, we're hearing incredible stories,

life-changing show it everyday and in villages and communities and was actually a NASDAQ and, and Motley Fool article that came out a couple of days ago that said, don't put in $10 and the game to start and it's worth $17,000 now in, in, in such a short period and it's, it's incredible to see, you know, the entire economy that's being built at this me work. They're doing 1.3 million daily rentals of items. That mean it's it's it's quite incredible to start seeing how this is transforming, you know, communities making it more effective to be, you know, investing your time into

something like this into a game where their shared economics versus know being a taxi driver work in a grocery store, these sorts of things. I am so then they should log onto the blockchain and play to earn model. I'm a firm believer in intelligence and talent is evenly distributed across all people but it is not. So I do think watching being a decentralized technology is one of the best tools to democratize access and really, you know, open. You know, even the playing field for, everybody

know. I'm just saying Andy, that's one of the most interesting things I've heard and to think about I know that you guys have had trouble for years trying to get people Visas so that they could work. I mean this really changes, the changes the world and so many more ways than I even thought about I think that's also covers that for the last layer that we talked about which is actually eat the portfolio. Companies customers and you know creating opportunity diversity access is on the put it you know, what is has been incredible. I've just given given the time we've got to wrap up. I'm sure we

could go a lot more and pick your brains more. We're going to have to do that. Another time. This has been a very insightful discussion from our incredible panel. I can foresee say, I've learned a lot and I'm sure audience will agree as well. I've encouraged by, you know, the transformation in the Venture Capital industry. No leading to more diversity as we heard here, inclusivity and sustainability and it is here to stay and only going to accelerate. And so there's many other incredible presentations and panel from experts all around the world remaining today. And tomorrow

at the LA blockchain Summit, what better time to learn from these experts from the comfort of your own home. Be sure to check the Not as I know. I will thank you again for incredible, panelist for making the time here to share your insights.

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