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Crypto investors, aspiring VCs, and founders interested in early-stage venture capital strategies.
TL;DR
David Gan, an early investor in Polkadot and other crypto projects, discusses his transition from investment banking to founding Inception Capital. He explains the firm's dual strategy of direct early-stage investments and investing in emerging fund managers, emphasizing founder-market fit and portfolio concentration over time.
In This Video
- 00:00Introduction to Colo Podcast Guest
The podcast welcomes David Gan, an investor with early involvement in numerous crypto projects.
- 00:31Inception Capital's Early Stage Strategy
David explains their focus on supporting founders from the project's inception and leveraging extensive networks.
- 01:16David's Career Path and Fund Genesis
From investment banking and startups to crypto VC, David details his journey to founding Inception Capital.
- 03:31Evolution from OP Capital to Inception
The name change facilitated banking access and clarified their broad crypto-adjacent investment thesis.
- 05:22Inception Ventures and Fund of Funds
David outlines the roles of their venture fund and fund of funds, mirroring his past strategies.
- 07:38Portfolio Concentration Strategy
Funds become more concentrated over time, starting with smaller checks and building conviction.
- 08:41Founder-Market Fit Emphasis
They prioritize founders with relevant skills for new verticals and ensure a synergistic partnership.
Questions & Answers
How did David Gan get into crypto projects so early?
David Gan got into crypto projects early by focusing on the inception of founding, working with founders at the idea stage, and leveraging his 10+ years of industry experience and vast founder networks in Asia and the US.
Why did David Gan leave Morgan Stanley and start his own fund?
David Gan left investment banking at Morgan Stanley to start his own startup in social networking, which he sold, before moving into venture capital and investing in crypto in 2016.
What is Inception Capital and what do they do?
Inception Capital invests in early-stage crypto projects at their inception, providing hands-on support. They also launch funds of funds that invest in emerging managers.
Why did OP Capital change its name to Inception Capital?
The name changed to Inception Capital to improve access to US institutional banking and custody services, as 'crypto' in the name made it difficult. It also aimed to avoid confusion with other projects and better reflect their early-stage investment focus.
What is the difference between Inception Ventures and Fund of Funds?
Inception Ventures focuses on early-stage pre-seed and seed investments, often leading with high conviction. The Fund of Funds invests in emerging managers, helping them scale and providing deal flow access.
What characteristics does Inception Capital look for in founders?
Inception Capital prioritizes founder-market fit over product-market fit, seeking founders with relevant skill sets for new verticals. They also look for founders who are a good fit for the fund, not just seeking capital.
Key Terms
- Inception Capital — A venture capital firm that invests in early-stage crypto projects and emerging fund managers.
- Fund of Funds — An investment vehicle that invests in other investment funds rather than directly in securities.
- Founder-Market Fit — The alignment between a founder's skills and experience and the market they are targeting.