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Fred Wilson, USV // Data Driven NYC #18 // Sep 2013 (interviewed by Matt Turck)
65 segments available
A fireside chat with Fred Wilson of Union Square Ventures, interviewed by Matt Turck of FirstMark Capital. Talk about the business of data, how startups can use data for differentiation and competitive advantage, and the importance of data-driven businesses to the NYC startup ecosystem. Find out more about Data Driven NYC at http://datadrivennyc.com and FirstMark Capital at http://firstmarkcap.com.
Segments Timeline
Celebrating a Decade of Blogging
Fred Wilson reflects on the 10-year anniversary of his blog, discussing the early mornings spent writing and the milestones achieved in the venture capital space. He highlights significant exits, including the sale of Indeed.com, showcasing the success of his investments and the excitement surrounding recent developments in the tech industry.
"Very cool. Welcome, Fred. But how come I get this and you get that? Uh because uh that's what I get as a uh organizer so I can shut people off. Um the uh you know welcome. It's awesome to have you. Ve..."
Celebrating a Decade of Blogging
Fred Wilson reflects on the 10-year anniversary of his blog, discussing the dedication it took to write consistently over the years. He shares insights on the milestones achieved during this period, including significant exits and the evolution of his thoughts on data-driven businesses.
"Very cool. Welcome, Fred. But how come I get this and you get that? Uh because uh that's what I get as a uh organizer so I can shut people off. Um the uh you know welcome. It's awesome to have you. Ve..."
Celebrating a Decade of Blogging
Fred Wilson reflects on the 10-year anniversary of his blog, discussing the early mornings spent writing and the milestones achieved in the venture capital space. He highlights the significance of consistent content creation and its impact on his career.
"Very cool. Welcome, Fred. But how come I get this and you get that? Uh because uh that's what I get as a uh organizer so I can shut people off. Um the uh you know welcome. It's awesome to have you. Ve..."
Exciting Exits and Investments
In this segment, Fred shares insights on recent successful exits, including the sale of Indeed.com, where USV invested $2.5 million, leading to a $1.4 billion sale. He emphasizes the importance of recognizing valuable investments in the venture capital landscape.
"early morning writing at 5:00 a.m. Exactly. 10 years of it. Do I do I am I showing the signs of it? Actually not the cream works wonder. Exactly. Um, and you know, some interesting exits. I guess we w..."
The Importance of Proprietary Data
Wilson emphasizes the necessity of owning data for creating a defensible business advantage. He explains that relying on external data sources is risky, as they can be shared with competitors. He discusses how proprietary data assets are crucial for startups to maintain a competitive edge in the market.
"transaction that nobody really likes to talk about, um, which is maybe one of the companies that we're most proud of being involved with is a company called indeed.com that got sold last year in aroun..."
Exciting Exits and Investments
In this segment, Fred Wilson talks about notable exits in his investment portfolio, including the sale of Indeed.com for $1.4 billion. He emphasizes the importance of being involved with companies that achieve significant milestones and the excitement that comes with successful investments.
"early morning writing at 5:00 a.m. Exactly. 10 years of it. Do I do I am I showing the signs of it? Actually not the cream works wonder. Exactly. Um, and you know, some interesting exits. I guess we w..."
Evolution of Data-Driven Strategies
In this segment, Fred Wilson discusses the evolution of his investment thesis from focusing solely on proprietary data to recognizing the importance of network effects. He uses examples like Twitter and Google to illustrate how large networks generate valuable data that enhances their services and creates insurmountable advantages.
"going to talk uh about data related topics. Um, and so the way it's going to work, so you and I are going to chat for a little while, but u, you know, this is very much a community event. So the whole..."
The Importance of Data in Startups
Fred Wilson introduces the theme of the discussion, focusing on data-driven topics. He emphasizes the need for startups to leverage proprietary data assets for competitive advantage and discusses the evolution of his firm's investment thesis towards data and network effects.
"transaction that nobody really likes to talk about, um, which is maybe one of the companies that we're most proud of being involved with is a company called indeed.com that got sold last year in aroun..."
The Importance of Data in Startups
Fred introduces the theme of the discussion, focusing on data-driven topics relevant to startups. He sets the stage for a community-driven conversation about leveraging data for competitive advantage in the NYC startup ecosystem.
"transaction that nobody really likes to talk about, um, which is maybe one of the companies that we're most proud of being involved with is a company called indeed.com that got sold last year in aroun..."
Defensibility Through Proprietary Data
Wilson explains the concept of defensibility in business, arguing that owning your data is crucial for creating a sustainable competitive advantage. He discusses how relying on external data sources can lead to vulnerabilities and the importance of building valuable data sets within a company's ecosystem.
"Um, so this is datadriven NYC. So, we're going to talk uh about data related topics. Um, and so the way it's going to work, so you and I are going to chat for a little while, but u, you know, this is ..."
Defensibility Through Proprietary Data
Fred discusses the evolution of USV's investment thesis, emphasizing the need for startups to possess proprietary data assets for defensibility. He explains that relying on external data sources lacks sustainability and can lead to vulnerabilities.
"you know your former colleague Renault is killing it. Yeah. And I'm really So my former colleague is a CEO and founder of a company called Lending Club, which uh Fred is an investor in. Yeah. And they..."
Defensibility Through Data and Networks
Wilson shares a hypothetical story about three entrepreneurs who create an enterprise software company. He illustrates the challenges of maintaining a defensible position in the market when competitors can easily replicate software. He argues that the intersection of software and proprietary data is key to building a sustainable business.
"is defensibility around your own data. If you're getting data from somebody else, it's not defensible because they can give it to somebody else as well. And even if you have an exclusive contract with..."
The Role of Open Source in Data Networks
Fred Wilson discusses the potential of open-source software to create network advantages. He expresses his belief that open-source communities can foster strong data networks, although he admits he lacks a definitive argument to support this view. He emphasizes the importance of building proprietary data systems within platforms.
"that but that data exists because they have this massive network of people who are contributing to their system and I would even argue argue that Google benefits from network effects and and and and t..."
Network Effects and Data Assets
In this segment, Fred Wilson elaborates on the significance of network effects in enhancing data assets. He uses examples like Twitter and Google to illustrate how large networks contribute to the value of data and create insurmountable advantages for businesses that effectively leverage them.
"is defensibility around your own data. If you're getting data from somebody else, it's not defensible because they can give it to somebody else as well. And even if you have an exclusive contract with..."
Network Effects and Data Assets
In this segment, Fred elaborates on the significance of network effects in building defensible data assets. He uses examples like Twitter and Google to illustrate how large networks create valuable data that enhances their services and strengthens their market position.
"was very consistent. Uh so so you had um the initial thesis for the firm or part of it seemed to be very much around this concept of having a defensible advantage that was based on a proprietary uh da..."
Building Proprietary Data Networks
In this segment, Wilson shares insights from his portfolio company, Edmodo, which provides free software for teachers. He explains how Edmodo has built a massive user base by allowing teachers to connect and share resources, creating valuable data that remains within the platform, thus establishing a strong network effect.
"project to create a a version of this software and all of a sudden everybody moves to the open-source uh software and both companies are screwed. Um and and to me that shows the problem of thinking th..."
The Intersection of Software and Data
Wilson shares a hypothetical story about entrepreneurs in the software space, highlighting the challenges of building defensible businesses solely on software. He emphasizes the need for a strong data component that fosters user retention and creates barriers to competition.
"maybe a um uh you know getting smarter about what it was that we really wanted to to seek. But the story I like to tell um around softwarebased businesses um and and the power of the data asset is um ..."
The Intersection of Software and Data
Fred narrates a hypothetical story about three entrepreneurs and the challenges they face in the software industry. He argues that defensibility comes from the intersection of software and proprietary data, highlighting the risks of relying solely on software for competitive advantage.
"maybe a um uh you know getting smarter about what it was that we really wanted to to seek. But the story I like to tell um around softwarebased businesses um and and the power of the data asset is um ..."
Open Source as a Data Network
Fred Wilson discusses the role of open-source communities in creating network advantages for software. He expresses his belief that open-source can foster unique data networks, although he admits he lacks a definitive argument to support this view.
"then you'd have defensibility. So it's the intersection between software and data in and importantly data that exists inside your system that doesn't come from outside your system that we look for uh ..."
Challenges of Data Aggregation
Wilson discusses the challenges of building a business on aggregated data. He highlights that while companies like Bloomberg have succeeded in this space, the key to long-term success lies in creating proprietary data that remains within the platform. He warns that without developing unique data assets, competitors can easily undermine an aggregator's advantage.
"company in our portfolio called Ed Modto which is a real um uh phenomena and what they did was uh was two two guys who worked in just IT group inside a school system and the teachers were complaining ..."
Building Data Networks in Education
Fred shares the success story of Edmodo, a platform that connects teachers and allows them to share resources for free. He emphasizes how the data generated within the platform creates network effects that enhance its value and user retention.
"data in and importantly data that exists inside your system that doesn't come from outside your system that we look for uh in defensibility. So is open source a data network? You you've you've spoken ..."
The Value of Data-Driven Services
Wilson critiques the common startup pitch of selling user data, advocating instead for the development of services that utilize data to create value. He cites Facebook's advertising model as a prime example of how platforms can monetize data without directly selling it, suggesting that similar models can be applied across various industries.
"Uh, so, you know, I see and I'm sure you see tons more, you know, companies that come into VC firms to pitch and the the pitch goes somewhere like this. You know, we're building this great consumer pr..."
The Role of Aggregation in Data Businesses
Fred discusses the challenges of building a business on aggregated data, using Bloomberg as an example. He explains that while aggregation can provide initial advantages, creating proprietary data networks is essential for long-term success and defensibility.
"here in the United States. Um, and what's amazing about it is that uh they don't charge for the software. Um, this is uh replacing uh systems like Blackboard that cost, you know, hundreds of thousands..."
Building Proprietary Data Networks
In this segment, Wilson reflects on the importance of building proprietary data networks within businesses. He uses the example of Edmodo, a free platform for teachers, to illustrate how creating a community around shared data can lead to significant network effects and user retention.
"here in the United States. Um, and what's amazing about it is that uh they don't charge for the software. Um, this is uh replacing uh systems like Blackboard that cost, you know, hundreds of thousands..."
The Future of Consumer Data Products
Fred Wilson concludes this segment by discussing the common pitches he encounters from startups aiming to build consumer products that leverage data. He highlights the potential for these products to create massive networks and the importance of understanding how to monetize the data collected.
"by being a good aggregator. Um but um once you take the second step, it could be very hard to beat you. Interesting. Uh, so, you know, I see and I'm sure you see tons more, you know, companies that co..."
Pitching Data-Driven Consumer Products
In this closing segment, Fred reflects on common pitches he encounters from startups aiming to build consumer products that leverage data. He highlights the importance of having a clear strategy for turning user data into valuable insights for potential investors.
"by being a good aggregator. Um but um once you take the second step, it could be very hard to beat you. Interesting. Uh, so, you know, I see and I'm sure you see tons more, you know, companies that co..."
AI and Machine Learning Inflection Point
Fred Wilson discusses the recent advancements in artificial intelligence and machine learning, noting that we are at an inflection point where the potential of AI is finally being realized. He attributes this progress to the availability of massive data sets and significant investments from major companies, which are now yielding visible returns.
"So, you know, I fully realize this not your investment thesis, but any thoughts on on big data in general, right? This getting, you know, tons of hype, uh lots of exciting things, lots of smoking mirr..."
Twitter's Role in Big Data
In this segment, Wilson highlights Twitter's significant contribution to the big data ecosystem through its open-source initiatives. He contrasts Twitter's public data model with Facebook's private approach, discussing how these differences shape the data landscape and the opportunities for businesses leveraging social media data.
"um, uh, we're seeing self-driving cars come because Google was able to amass you know, all these data sets that were required to essentially, uh, make it so that you can have self-driving car and all,..."
Investing in Big Data
Wilson discusses his investment philosophy regarding big data and its applications. He emphasizes the importance of investing in companies that leverage their own data sets for machine learning rather than those that provide tools for the big data industry. This segment underscores the strategic approach to harnessing data for business growth.
"So, you know, I fully realize this not your investment thesis, but any thoughts on on big data in general, right? This getting, you know, tons of hype, uh lots of exciting things, lots of smoking mirr..."
Investing in Big Data and Healthcare
In this segment, Wilson expresses his interest in the intersection of big data and healthcare. He discusses the potential for big data to revolutionize the healthcare industry and mentions that his firm is preparing to make its first investment in this area, highlighting the challenges and regulatory hurdles that come with it.
"So, you know, I fully realize this not your investment thesis, but any thoughts on on big data in general, right? This getting, you know, tons of hype, uh lots of exciting things, lots of smoking mirr..."
The Data Hacking Movement
Wilson explores the concept of a data hacking movement, drawing parallels to communities around 3D printing and software development. He expresses a desire to see more individual data hackers emerge and questions where these communities exist, emphasizing the need for platforms where they can share their visualizations and algorithms.
"interesting things so I you know I I don't um I'm not uh we are not investors in uh companies that are providing the um pitchforks and shovels uh for the big data business and by the way I think that'..."
Investing in Big Data and Healthcare
Wilson expresses his interest in the intersection of big data and healthcare, revealing plans for an upcoming investment in this area. He acknowledges the potential of big data to transform healthcare while also recognizing the regulatory challenges that make it a complex field for new entrants.
"two companies. So the other big trend with big data which is very related to big data is a whole uh you know internet of things but also quantified self and all the things that contributes you know ev..."
Twitter vs. Facebook: Data Dynamics
In this segment, Wilson contrasts Twitter and Facebook's approaches to data sharing and user engagement. He highlights the differences in their data accessibility and user interaction models, explaining how these factors influence their respective ecosystems. This discussion sheds light on the broader implications of data privacy and openness in social media.
"interesting things so I you know I I don't um I'm not uh we are not investors in uh companies that are providing the um pitchforks and shovels uh for the big data business and by the way I think that'..."
The DIY Data Science Movement
Fred Wilson reflects on the concept of DIY data science and the lack of a cohesive community for data enthusiasts. He shares his desire to see more grassroots data hacking initiatives, similar to those seen with City Bike in New York, and questions where such communities can thrive and share their work.
"it's taken us a while to and education. I think it took us a while to figure how to navigate that for similar reasons. You had um an interesting post on um I think you call it DIY data science. Nothin..."
New York's Data Science Ecosystem
Wilson discusses New York's unique position in the data science landscape, attributing its expertise to the longstanding presence of quantitative finance. He believes that as data science expands into various industries, New York will continue to be a significant player, leveraging its talent pool and historical context in finance.
"two companies. So the other big trend with big data which is very related to big data is a whole uh you know internet of things but also quantified self and all the things that contributes you know ev..."
Big Data in Healthcare
Fred Wilson expresses his interest in the intersection of big data and healthcare. He discusses the potential for big data to revolutionize the healthcare industry while acknowledging the regulatory challenges. This segment outlines Wilson's strategic focus on investing in healthcare data solutions as a promising area for growth.
"with big data which is very related to big data is a whole uh you know internet of things but also quantified self and all the things that contributes you know even more data to the system. Are you ar..."
The DIY Data Science Movement
Wilson reflects on the concept of DIY data science and the need for a community around data visualization and sharing. He shares his observations on the lack of platforms for individuals to showcase their data projects, drawing parallels to other hacker communities. This segment highlights the potential for grassroots innovation in data science.
"it's taken us a while to and education. I think it took us a while to figure how to navigate that for similar reasons. You had um an interesting post on um I think you call it DIY data science. Nothin..."
New York's Data-Driven Future
In this concluding segment, Wilson discusses New York's unique position in the data-driven landscape, citing the city's historical expertise in financial services as a foundation for future growth in data science. He emphasizes the talent pool in New York and its potential to lead in applying data science across various industries.
"mean, do do you there's so much that's happening in the data world specifically in New York, and you've been, you know, arguably the central figure of the New York tech ecosystem for for a while now. ..."
The Future of Data-Driven Startups
In this concluding segment, Wilson reflects on the evolving landscape of data-driven startups in New York. He acknowledges the growing interest from venture capitalists in teams that can effectively utilize data, hinting at the potential for a new wave of innovation driven by data science and analytics.
"it's taken us a while to and education. I think it took us a while to figure how to navigate that for similar reasons. You had um an interesting post on um I think you call it DIY data science. Nothin..."
Building Startups: The Ideal Team Composition
In this segment, Wilson shares insights on the ideal team composition for startups, emphasizing the importance of having a developer, a business person, and a designer. He argues that while data scientists are crucial for big data companies, consumer internet startups should focus on creating simple, user-friendly products first.
"Great. And just to be on that point in one last question from me and then we'll open up. Do we do we have the mics lined up? Who's holding the mic? Um okay could um just anecdotically to to that point..."
Building Startups: The Ideal Team Composition
In this segment, Wilson shares insights on the ideal team composition for startups, emphasizing the importance of having a developer, a designer, and a business leader. He argues that while data scientists are crucial for big data companies, consumer internet startups should focus on creating user-friendly products first.
"Great. And just to be on that point in one last question from me and then we'll open up. Do we do we have the mics lined up? Who's holding the mic? Um okay could um just anecdotically to to that point..."
New York's Data-Driven Future
In this concluding segment, Wilson discusses New York's unique position in the data-driven landscape, citing the city's historical ties to financial services and emerging tech talent. He emphasizes the potential for New York to lead in data science applications across various industries, reinforcing the city's role in the evolving tech ecosystem.
"mean, do do you there's so much that's happening in the data world specifically in New York, and you've been, you know, arguably the central figure of the New York tech ecosystem for for a while now. ..."
Investing in Data-Driven Startups
Wilson explains how Union Square Ventures evaluates startups for investment, focusing on user engagement as a key indicator of potential data generation. He discusses the challenges of predicting a startup's success and the importance of having a large user base to create valuable data.
"company? Because I can't do any of those jobs anymore. That's the benefit of being a VCR and you tell people what to do. Um, great. Any questions? So, if you could please start with your name and comp..."
Investing in Big Data: A Cautious Approach
Wilson addresses the topic of investing in big data companies, expressing his reluctance to engage with sectors like defense and gambling. He emphasizes the need for ethical considerations in investment decisions and shares his perspective on the types of companies he prefers to support.
"company? Because I can't do any of those jobs anymore. That's the benefit of being a VCR and you tell people what to do. Um, great. Any questions? So, if you could please start with your name and comp..."
Investing in Startups: The User Factor
Wilson explains his investment strategy, focusing on the importance of user engagement in startups. He highlights that a startup must have a large user base to generate valuable data, which is essential for effective data science. He acknowledges the challenges of predicting a startup's success but emphasizes the need for substantial user adoption.
"Well, if they're if they're if they're big data companies, absolutely, but not consumer internet companies. So, it's not part of the But and I don't necessarily think it should be, right? I mean the f..."
The Role of Institutional Investors in Peer-to-Peer Lending
Fred Wilson addresses the impact of institutional investors on platforms like Lending Club, discussing the balance between institutional and individual investors. He emphasizes the importance of maintaining a level playing field for all lenders to ensure the integrity of peer-to-peer lending markets.
"could argue that that's exactly what MongoDB is um we we have started to have a thesis around platforms that developers build on top of um Twilio um uh SIF science um Firebase and MongoDB. So we we do..."
The Importance of User Base in Startups
Fred Wilson explains how the potential for a startup to create valuable data is closely tied to its user base. He discusses the significance of having a large number of users to generate meaningful data, which is essential for effective data science applications.
"in companies that are bringing technologies to market. Even though one could argue that that's exactly what MongoDB is um we we have started to have a thesis around platforms that developers build on ..."
The Role of Institutional Investors
In this discussion, Wilson addresses the impact of institutional investors on platforms like Lending Club. He argues that while institutional money can enhance efficiency, it's crucial to maintain a level playing field for small investors. He reflects on the grassroots nature of successful networks and warns against relying solely on institutional funding.
"have any big investments or you planning to invest in like in defense industries for big data? Because defense industry and the government is using a lot of big data products for Yeah, of course the g..."
Peer-to-Peer Lending: Balancing Institutional and Individual Investors
In this segment, Wilson reflects on the evolution of peer-to-peer lending platforms like Lending Club. He discusses the balance between institutional investors and individual lenders, emphasizing the importance of maintaining a level playing field for all participants in the lending market.
"users. And how do you know that it's going to get? We don't. It's it's it's it's just, you know, there's some, you know, you there's some you can use a product, you can feel it, you can get a sense of..."
Investing in Developer Platforms
Wilson shares his investment focus on platforms that developers can build upon, such as Twilio and MongoDB. He clarifies that while he sees value in data science infrastructure tools, his firm is not currently investing in those areas. He emphasizes the importance of understanding how these technologies fit into the broader market landscape.
"in companies that are bringing technologies to market. Even though one could argue that that's exactly what MongoDB is um we we have started to have a thesis around platforms that developers build on ..."
Healthcare and Big Data Opportunities
In this segment, Wilson explores the potential of big data in healthcare, discussing various areas such as diagnosis, preventive care, and community health. He draws parallels with the education sector, advocating for direct engagement with patients rather than trying to improve existing healthcare infrastructures.
"no. Uh hi, I'm an internet estimates right now, but I'm actually a student at NYU doing finance and I was wondering how do you when you go out and try invest in a startup, right? How do you anticipate..."
Identifying High-Potential Startups
In this segment, Wilson discusses how his firm evaluates startups for investment. He stresses the significance of user growth and the type of data generated, noting that certain data types hold more value. He acknowledges the unpredictability of startup success but emphasizes the need for a substantial user base to facilitate meaningful data science.
"around how that fits into the world the way we see it. So the answer to that is no. Uh hi, I'm an internet estimates right now, but I'm actually a student at NYU doing finance and I was wondering how ..."
Healthcare and Big Data: Opportunities Ahead
Wilson shares his thoughts on the intersection of healthcare and big data, highlighting various areas of interest such as diagnosis, preventive care, and community health. He draws parallels with the education sector, advocating for direct engagement with patients rather than trying to improve existing healthcare infrastructures.
"a bad thing. Uh, and I really haven't thought a lot about it. I certainly haven't discussed it to the Lending Club team and I don't know what they're doing if anything to ensure that that doesn't happ..."
Bitcoin: The Future of Payments
Fred Wilson shares his obsession with Bitcoin, emphasizing its potential to revolutionize the payments landscape. He discusses the lack of a native payments protocol on the internet and how Bitcoin's blockchain technology offers a decentralized solution. This segment highlights the opportunities for entrepreneurs to innovate in the payments space using Bitcoin.
"honken bureaucratic institutions in healthcare. Uh I'm Wayne. I'm an independent consultant. I'd be uh interested to know if you think there's anything going on now um in payments in particular um soc..."
Bitcoin: The Future of Payments
Fred Wilson shares his obsession with Bitcoin, emphasizing its potential to revolutionize the payments landscape. He discusses the lack of a native payments protocol on the internet and how Bitcoin's blockchain technology offers a decentralized solution. This segment highlights the opportunities for entrepreneurs to innovate in the payments space using Bitcoin.
"honken bureaucratic institutions in healthcare. Uh I'm Wayne. I'm an independent consultant. I'd be uh interested to know if you think there's anything going on now um in payments in particular um soc..."
The Importance of Grassroots Growth
Wilson reflects on the importance of grassroots growth in successful networks, using examples like Lending Club and Kickstarter. He argues that platforms should start with individual users before attracting institutional investors, as this fosters a more organic and sustainable growth trajectory.
"users. And how do you know that it's going to get? We don't. It's it's it's it's just, you know, there's some, you know, you there's some you can use a product, you can feel it, you can get a sense of..."
Radical Transparency in Healthcare
Fred Wilson advocates for radical transparency in healthcare, suggesting that open access to patient data could lead to better outcomes and accountability. He argues that transparency would help prevent mistakes and improve trust in the healthcare system, drawing a parallel to the need for oversight in other sectors.
"it. Margaretos, I'm an independent right now looking for my next big thing. Bitcoin, I promise you. Uh you you mentioned you mentioned health and we all read the newspapers and some of us have been pa..."
Radical Transparency in Healthcare
Fred Wilson advocates for radical transparency in healthcare, suggesting that open access to patient data could improve accountability and safety. He argues that transparency would allow for self-policing within the healthcare system, ultimately leading to better outcomes for patients. This segment raises important questions about privacy and the potential benefits of openness in medical practices.
"it. Margaretos, I'm an independent right now looking for my next big thing. Bitcoin, I promise you. Uh you you mentioned you mentioned health and we all read the newspapers and some of us have been pa..."
Big Data in Healthcare
In this segment, Wilson explores the potential of big data in healthcare, discussing various areas such as diagnosis, preventive care, and community health. He draws parallels with the education sector, advocating for direct engagement with patients rather than trying to improve existing healthcare infrastructures.
"a bad thing. Uh, and I really haven't thought a lot about it. I certainly haven't discussed it to the Lending Club team and I don't know what they're doing if anything to ensure that that doesn't happ..."
What Investors Look for in Startups
In this concluding segment, Fred Wilson outlines what he values in startups seeking investment. He emphasizes the importance of user engagement and the value provided by the product, rather than just the business model. Wilson stresses that a strong team and genuine user interest are key indicators of a startup's potential for success.
"feeling. More spying in hospitals. Yeah. Yes., Absolutely., All right., We, have, time for uh one last because I promised I would get you out of the door by 7. Good. Hey Fred. Hey. Uh my name is Matt...."
Disrupting Healthcare: Focus on Patients
In this segment, Fred Wilson draws parallels between healthcare and education, advocating for a direct approach to serving patients and doctors rather than traditional institutions. He believes that innovation in healthcare should prioritize the needs of individuals over bureaucratic systems, similar to successful strategies in the education sector. This perspective encourages entrepreneurs to rethink their approach to healthcare solutions.
"I just don't think that's that easy to do. I think I'm Thank you. My name is Victor Capola. I work for WebMD. You mentioned healthcare. Um what aspect of healthcare do you see um uh taking off in big ..."
What Investors Look for in Startups
In this concluding segment, Fred Wilson outlines what he considers essential for startups seeking investment. He emphasizes the importance of user engagement and the value that products provide to customers, rather than just focusing on business models. Wilson stresses that a strong team and genuine user interest are key indicators of a startup's potential for success.
"feeling. More spying in hospitals. Yeah. Yes., Absolutely., All right., We, have, time for uh one last because I promised I would get you out of the door by 7. Good. Hey Fred. Hey. Uh my name is Matt...."
Bitcoin: The Future of Payments
Fred Wilson shares his obsession with Bitcoin, emphasizing its potential to revolutionize the payments landscape. He discusses the lack of a native payments protocol on the internet and how Bitcoin's blockchain technology offers a decentralized solution. This segment highlights the opportunities for entrepreneurs to innovate in payment systems using Bitcoin, moving beyond traditional banking methods.
"honken bureaucratic institutions in healthcare. Uh I'm Wayne. I'm an independent consultant. I'd be uh interested to know if you think there's anything going on now um in payments in particular um soc..."
Radical Transparency in Healthcare
Fred Wilson advocates for radical transparency in healthcare, suggesting that open access to patient data could lead to better outcomes and accountability. He argues that transparency would allow for self-policing within the healthcare system, ultimately benefiting patients. This segment raises important questions about privacy versus the need for accountability in medical practices.
"it. Margaretos, I'm an independent right now looking for my next big thing. Bitcoin, I promise you. Uh you you mentioned you mentioned health and we all read the newspapers and some of us have been pa..."
What Investors Look for in Startups
In this closing segment, Fred Wilson outlines what he considers essential for startups seeking investment. He emphasizes the importance of user engagement and the value provided by the product over the business model itself. Wilson stresses that a strong team and a product that genuinely improves users' lives are critical factors for attracting investment in the competitive landscape of big data startups.
"feeling. More spying in hospitals. Yeah. Yes., Absolutely., All right., We, have, time for uh one last because I promised I would get you out of the door by 7. Good. Hey Fred. Hey. Uh my name is Matt...."