Year in Review | 2021's Impact on Entrepreneurship (Audio) | Summary and Q&A

TL;DR

Greylock investors and specialists share their thoughts on topics ranging from the companies they're excited about to their reflections on the past year and predictions for the future.

Key Insights

• 👨‍💻 OpenAI's Codex and Microsoft's co-pilot are predicted to amplify the work of developers and further drive AI models for coding.
• 🧑‍💻 The intersections between different technologies, such as web 3.0, NFTs, and cryptocurrencies, are blurring, signaling a shift in the tech landscape.
• 🧑‍💻 The creative economy and the potential of NFT marketplaces are a source of great interest for investors and technologists.
• 💦 The pandemic has accelerated the adoption of virtual technologies and remote work, leading to a permanent change in the way we work and collaborate.
• 🕸️ Web 3.0 and blockchain technology have the potential to revolutionize various industries, including finance, gaming, and media.
• 🧑‍🏭 Talent acquisition and community-building are crucial factors in the success of startups, and founders should prioritize both quality and fit when hiring.
• 👾 The increasing interest in cryptocurrencies and the entrance of regulators into the space indicate the growing importance of crypto in mainstream conversations.

Transcript

hi everyone welcome to gray matter the podcast from greylock where we share stories from company builders and business leaders i'm heather mack head of editorial at greylock today we're sharing our thoughts on the past year and looking forward to the next greylock investors and specialists provide thoughts on topics ranging from the companies and t... Read More

Questions & Answers

Q: What are some of the technologies that Greylock investors and specialists are excited about for the coming year?

Greylock experts are particularly enthusiastic about AI models for coding, NFTs, web 3.0, decentralized finance, and blockchain technology. They see potential for these technologies to revolutionize various industries and create new opportunities for innovation.

Q: How do Greylock investors and specialists view the role of technology in addressing global challenges like climate change and healthcare?

Greylock experts believe that technology can play a significant role in solving major world problems. They highlight the potential of cheap energy, carbon capture, geoengineering, mRNA genetics, precision medicine, software, and artificial intelligence in addressing issues like climate change, health, and education.

Q: What are the reflections of Greylock investors and specialists on the past year and their predictions for the future?

Greylock experts express regret about missing out on opportunities in the NFT space but are excited about the growing potential of NFT marketplaces and their impact on the creative economy. They emphasize the importance of shaping a utopian future through technology and maintain a sense of techno-optimism despite challenges. Additionally, they anticipate increased entrepreneurial activity in the web 3.0 and blockchain space in the coming years.

Q: What are some areas of focus for Greylock specialists in 2022 and beyond?

Greylock specialists plan to focus on web 3.0, NFTs, cryptocurrencies, artificial intelligence, crypto infrastructure, communities, B2B fintech, and customer engagement in the upcoming years. They aim to explore the potential of emerging technologies and amplify the positive impact of innovation in various domains.

Summary

In this video, Greylock investors and specialists discuss their insights and predictions for the past year and the upcoming year. They cover a wide range of topics, including AI models for coding, the potential of web3 and NFTs, the growth of the crypto industry, the importance of communities in enterprise companies, the blurring of boundaries between different technologies, and the impact of the pandemic on work and travel. They also share their personal learnings, hopes, and interests outside of the VC and startup world.

Questions & Answers

Q: What is Reed Hoffman's prediction for openai's codex and Microsoft's co-pilot?

In 2022, Reed Hoffman predicts that openai's codex and Microsoft's co-pilot will be visibly on the path to amplifying potentially every developer. He believes that these large-scale AI models for language will generalize to coding, providing developers with powerful tools for their work.

Q: What gives Reed Hoffman hope for the future?

Reed Hoffman finds hope in how technology can solve major world problems. He mentions climate change and the potential for cheap energy, carbon capture, and geoengineering to make a positive impact. He also highlights the possibilities in health and disease through mRNA genetics and precision medicine, as well as education through software and artificial intelligence. Additionally, he sees potential in solving supply chain and grid problems through autonomous vehicles.

Q: What regrets does Reed Hoffman have from past years?

One of Reed Hoffman's regrets or FOMO (fear of missing out) is regarding NFTs (non-fungible tokens). He mentioned giving a speech in 2014 about the potential of cryptocurrencies derived from Bitcoin and wrote an article on the same theme in 2015. He finds the creativity palette of NFTs appealing and is interested in exploring how they can be evolved into a pallet for the creative economy and creators.

Q: What is Reed Hoffman's focus for 2022?

In 2022, Reed Hoffman plans to focus on both web3 and NFTs, as well as a new infrastructure of an open internet of value and artificial intelligence. He sees significant development potential in each area separately, but also believes that there will be occasional intersections between web3 and AI.

Q: What theme song represents Reed Hoffman's experience in 2021?

Reed Hoffman's theme song for 2021 is Eminem's "8 Mile." He explains that the song captures the fact of having a moment and a choice to make a difference. It represents the acceleration of creating the future with technology and the opportunities it enables.

Q: What is Christine Kim's focus in her role at Greylock?

Christine Kim is focused on investing in crypto, web3, and the decentralized web as part of her role at Greylock. She has observed rapid changes in these areas and mentions the growth in categories such as NFTs, play-to-earn gaming, DAOs, and social tokens. She believes we are at a point where people are recognizing the wide applications of crypto, from music to gaming and collectibles.

Q: What areas is Christine Kim excited about for 2022 in the crypto space?

Christine Kim is excited about several areas for 2022. She expects continued enthusiasm for NFTs and collectibles, as well as new gaming projects. She believes we are just at the beginning of the DAO era and sees a lot of vibrancy and passion within these communities. She also highlights the importance of onboarding the next 1 billion users onto crypto and is excited about education, onboarding, and frictionless experiences to help mainstream users adopt crypto.

Q: What progress has the crypto industry made in 2021 according to Christine Kim?

Christine Kim mentions the growth and maturation of the crypto industry in 2021. She highlights the milestone of Coinbase going public and the increasing number of growth investing opportunities as the sector matures. However, she also acknowledges that it is still early in the industry, comparing it to the early internet, mobile, or cloud eras. There are still many opportunities for growth, scalability, security, insurance, and development operations.

Q: What aspect of web3 interests Christine Kim the most?

Christine Kim is interested in the application and user interface layer of web3. She believes that after building foundational infrastructure like Ethereum, mining, exchanges, and wallets, there is now an opportunity for exciting developments at the application level. As an investor, she is excited about the potential of creating better user experiences and the opportunities for building new companies in this space.

Q: What has been the focus of Corinne Riley in 2021?

Corinne Riley has been focused on community building in 2021, both in personal and professional lives. She sees the importance of communities in both personal relationships and in building valuable businesses. She highlights the rise of roles like Head of Community and Chief Community Officer and mentions that Greylock is investing in companies that prioritize the role of community as a competitive advantage.

Q: What areas does Corinne Riley plan to focus on in 2022?

In 2022, Corinne Riley plans to continue focusing on two areas. First, she will continue her focus on B2B fintech and the flow of funds. She sees significant innovation in payments technology, banking infrastructure, and embedded lending. Second, she plans to focus on improving customer engagement cycles in enterprise products. She believes that the way we sell and engage with enterprise products is evolving, and there is an opportunity to build a modern customer engagement stock around this change.

Q: How does David Thacker view the blurring of boundaries between different technologies?

David Thacker notices a trend of blurring boundaries between different technologies, such as crypto and NFTs. He believes that these technologies will increasingly intertwine and that we will see the blurring of lines between consumer software, enterprise software, and other technologies. He sees this blurring as a sign that these areas are much bigger and connected than previously thought.

Q: What makes David Thacker hopeful for the future?

David Thacker finds hope in the ambitions and optimism of the entrepreneurs he meets. He believes that today's entrepreneurs are taking on big problems and have inspiring visions to make the world a better place. He is impressed by their ability to build and innovate, despite the challenges that come their way. He sees the progress made during the pandemic and the quality of the entrepreneurs' ideas as reasons for hope and optimism about the future.

Q: What area does David Thacker plan to spend more time learning about in 2022?

In 2022, David Thacker plans to spend more time learning about networks of people. He is fascinated by the tools and technologies that allow people to come together, create, communicate, and collaborate more effectively. He sees the power of networks in helping people accomplish their goals and wants to explore this area further.

Q: What travel plans does David Thacker have once pandemic restrictions are lifted?

David Thacker plans to go on a road trip food tour of the American South, transiting from Atlanta to New Orleans through Nashville, Memphis, and everywhere in between. He enjoys exploring different places and experiencing the local culture and food.

Q: What did Elisa Schreiber learn in 2021?

In 2021, Elisa Schreiber learned how to buy an NFT. She became interested in a project and decided to participate in the NFT space. She finds the world of web3 and NFTs exciting and sees it as the next tectonic shift in technology.

Q: What does Elisa Schreiber predict for web3 in 2022?

Elisa Schreiber predicts that web3 will accelerate in 2022. She believes that there will be a reduction in friction associated with participating in web3, making it easier and more accessible to build, create, transact, and participate. She sees this as a positive development for the growth and adoption of web3.

Q: What gives Elisa Schreiber hope for the future?

Elisa Schreiber finds hope in the progress made with the COVID-19 vaccine. She mentions how, in just 24 months, more than half the world's population has received at least one dose of the vaccine. She sees the vaccine as a representation of the best of humanity. While there is still a long way to go in ending the pandemic, the progress made so far gives her hope for a better future.

Q: What was the focus of Glenn Evans in 2021?

Glenn Evans, who focuses on recruiting and talent at Greylock, emphasizes the importance of quality and fit when hiring for a team. He learned that quality should never be ignored in favor of just finding someone quickly, and that fit from a motivation and skills standpoint is crucial for success.

Q: What is Seth Rosenberg's prediction for cryptography in 2022?

Seth Rosenberg predicts that cryptography will begin to enter household conversations in 2022 as it becomes more intertwined with our daily lives. He humorously mentions that he is waiting for the day when his mom asks him whether she should invest in cryptocurrencies.

Q: What makes Seth Rosenberg hopeful for the future?

Seth Rosenberg finds hope in the fact that there has never been a better time for creative people to find their audience and build something meaningful. He believes that there is a growing opportunity for creative expression and entrepreneurship, providing freedom and possibilities for individuals.

Q: What areas does Seth Rosenberg plan to explore in 2022?

In 2022, Seth Rosenberg plans to explore more applications for zero-knowledge proofs and digitally native consumer investment platforms. He is interested in the potential of these technologies and their impact on privacy and investment opportunities.

Q: What personal passion does Seth Rosenberg have outside of the VC and startup world?

Outside of the VC and startup world, Seth Rosenberg is passionate about mental health. He has spent the past two and a half years volunteering at the San Francisco Suicide Prevention Hotline, answering phone calls. He is working with his sister to find ways to tell some of the stories from his experience more broadly.

Q: What did Jerry Chen learn in 2021?

Jerry Chen learned about spaced repetition learning as an effective tool for memorizing all 100 questions on the American citizenship test. He used this method to become an American citizen.

Q: What is Jerry Chen's prediction for the blurring of boundaries between different technologies?

Jerry Chen predicts that different technologies will increasingly blur together in 2022. He mentions the blurring of crypto and NFTs, as well as cloud and decentralized computing. He sees all these technologies and markets merging into one giant market, creating new opportunities and possibilities.

Q: What excites Jerry Chen about the future?

Jerry Chen finds excitement in the optimism and ambitions of the entrepreneurs he meets. He believes that they are building the innovations of tomorrow and that they have the potential to create iconic tech companies. He sees the pandemic as a period of time that has led to the creation of some of the most important and impactful tech companies.

Q: What travel plans does Jerry Chen have once life returns to normal?

Once life returns fully to normal, Jerry Chen plans to go on a road trip food tour of the American South. He wants to explore different cities and experience their unique food cultures. Specifically, he mentions visiting cities like Atlanta, Nashville, Memphis, and New Orleans.

Q: What did Lee Haney learn in 2021?

Lee Haney learned how much he can increasingly run his life from his phone. He mentions using apps connected to his home's sprinkler and main water supply monitoring systems to save water and gain insights into his water usage.

Q: What does Lee Haney predict for cryptography in 2022?

Lee Haney predicts that cryptography will become a more mainstream topic of conversation in households in 2022. He envisions a future where even his mom will be asking about whether she should invest in cryptocurrencies.

Q: What gives Lee Haney hope for the future?

Lee Haney finds hope in seeing the next generation, particularly his fourteen-year-old niece, thriving and succeeding. He believes that the younger generations will take on the mantle and continue to drive progress and innovation.

Q: What is the first travel plan for Lee Haney once life returns to normal?

The first travel plan for Lee Haney once life returns to normal is to go on a road trip food tour of the American South. He wants to explore the food culture of cities like Atlanta, New Orleans, Memphis, and Nashville.

Q: What is the focus of Glenn Evans in his role at Greylock?

Glenn Evans focuses on recruiting and talent at Greylock. He works with companies and founders on all things related to hiring and building effective teams. He emphasizes the importance of quality and fit in hiring decisions.

Q: What does Glenn Evans predict for companies and founders in 2022?

Glenn Evans predicts that companies and founders who have learned from the competitive landscape of hiring great talent will invest in recruiting and HR sooner and more effectively in 2022. He believes that treating recruiting and HR as strategic partners will greatly increase the chances of success.

Q: What gives Glenn Evans hope for the future?

Glenn Evans finds hope in spending time with his team at Greylock in person. He looks forward to more in-person interactions and connections with his colleagues and team members.

Q: What has been the focus of Seth Rosenberg in his role at Greylock?

Seth Rosenberg focuses on working with founders in fintech and crypto, primarily based in New York. He helps them with go-to-market strategies and customer development.

Q: What did Seth Rosenberg learn in 2021?

In 2021, Seth Rosenberg learned about spaced repetition learning and used it to memorize all 100 questions on the American citizenship test. He also became an American citizen in 2021.

Q: What areas does Seth Rosenberg plan to explore in 2022?

In 2022, Seth Rosenberg plans to explore more applications for zero-knowledge proofs and digitally native consumer investment platforms. He sees potential in these areas and their impact on privacy and investment opportunities.

Q: What aspect of mental health is Seth Rosenberg exploring outside of the VC and startup world?

Outside of the VC and startup world, Seth Rosenberg is passionate about mental health. He has been volunteering at the San Francisco Suicide Prevention Hotline for the past two and a half years, answering phone calls. He is also working on sharing some of the stories from his experience more broadly with his sister.

Takeaways

The takeaway from this video is that 2021 has been a year of significant growth, innovation, and change in various technology sectors, including AI, web3, crypto, and enterprise software. The investors and specialists have learned and observed the potential of these technologies in solving global problems and creating opportunities for entrepreneurs. They predict continued acceleration and blurring of boundaries between different technologies in 2022, leading to new possibilities and challenges. They also express hope for the future, highlighting the progress made in areas like the COVID-19 vaccine and the optimism and ambition of entrepreneurs. Outside of work, they mention various personal interests and travel plans that they are looking forward to once life returns to normal.

Summary & Key Takeaways

• Greylock investors and specialists discuss their learnings and predictions for the coming year, focusing on topics such as AI models for coding, NFTs, web 3.0, and decentralized finance.

• They express optimism about the potential for technology to solve major world problems, such as climate change, health and disease, education, and supply chain issues.

• The experts emphasize the blurring of boundaries between different technologies and industries, as well as the importance of community-building and talent acquisition in the startup ecosystem.