Thesis
What we look for.
Deliberately broad for now. The point at this stage is to develop judgment across many kinds of companies, not to narrow early and miss what matters.
Areas of interest
- ConsumerBrands and products people choose with their own money, where taste and trust decide the outcome.
- MarketplacesNetworks that make a fragmented market easier to buy from and sell into.
- CommerceThe infrastructure and new formats behind how things get sold.
- Consumer technologySoftware people use every day, not just at work.
- Unusual distributionBrands with a community, a channel or a format that competitors cannot easily copy.
- Changing behaviorProducts that change what people do, not just what they buy.
Principles
How we think about it.
- Early > obvious.By the time a company is obvious, the interesting part is over. We would rather be early and sometimes wrong.
- Founder obsession matters.The founders who cannot stop thinking about the problem tend to outlast the ones who picked it.
- Distribution can be a moat.A product can be copied. A community, a channel or a place on the shelf is much harder to take.
- Small markets can become large.Many large categories looked like niches at the start. We try not to dismiss a market for being small today.
- Behavior creates opportunity.When how people live changes, whole categories open up. We watch for the change before the category.