The Capital Efficiency of DeFi and Web3 — a threat to incumbents.

How DeFi compares with TradFi and what this means for the next generation of founders and funders.

Bear markets create great companies.

The combination of scarce capital and suppressed market demand forces founders and teams to become both fiscally frugal and laser-focused on high value activities.

People often point to the likes of UBER, Dropbox, Facebook, and Airbnb — among others — as bear market success stories, having all hit their stride during the global financial crisis of 2008 and 2009.

While the bear market might have played a role, these companies also benefited from the coalescence and proliferation of internet connectivity, mobile, and cloud computing.

This radically lowered the barriers to entry and customer distribution, making it easy for almost anyone to start and scale a tech company.

Rapid business creation recovery, in line with the mobile boom.

The Bear Market of 2022

Fast forward to today, and we’re gripped by yet another bear market. Inflation is soaring, we’re heading for a…