Portal Ventures – Accelerating the protocol economy through business fundamentals | Fundamentals ep.66

In this episode of the Fundamentals podcast, we’re joined by Evan Fisher, the founder of Portal Ventures – a fund that is accelerating the protocol economy through business fundamentals.

Portal Ventures identifies and supports crypto businesses that will define the next generation of our economy. They advise on strategy, roadmap, go-to-market, value capture, fundraising, and more.

Listen to the episode

In this episode with Evan, we discuss Portal Venture, their investment strategy, and how they work with the projects they invest in. We cover what makes crypto interesting, and what the most common misconceptions are that traditional investors have about the asset class.

We also break down the pros and cons of liquid venture, discuss crypto business models, and speak about whether crypto projects are software or marketplace businesses. Finally, Evan shared what he is most excited about in crypto right now. Tune in for a great discussion about the fundamentals of the protocol economy.

Timestamps:
00:00 Introduction
00:58 Evan’s introduction & background
02:53 Overview of Portal Ventures
05:12 The problem that Portal Ventures solves for investors
07:40 Is Ethereum a marketplace or a software business?
10:10 The biggest misconceptions that traditional investors have about crypto
13:28 Crypto business models & how does Evan approach valuing early-stage projects that don’t yet have cashflows?
15:27 The pros and cons of liquid venture
18:24 Portal Ventures’ investment underwriting process: sourcing, diligence, decision-making
22:06 What stage does Portal Ventures invest at?
23:25 Does every investment need to be able to theoretically return the fund?
25:30 How does Portal Ventures utilize data?
27:41 How does Portal Ventures work with the projects they invest in?
31:22 A need for more non-technologists in crypto
32:03 Investment case: Blueprint (Concrete)
35:10 What is Evan most excited about in crypto right now?
37:30 The biggest challenge that funds face in this space today

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