This is a segment from the Empire newsletter. To read full editions, subscribe . “Be prepared to do more with less,” Framework Ventures’ Michael Anderson said on this week’s Empire round-up . Empire co-host Santiago Santos joined the Bell Curve round-up to chat about the cycle, and he talked a lot about what this moment means for founders, given that the overall attitude around crypto is pretty bullish…and yet it’s a tough time to build in crypto. As Dragonfly’s Rob Hadick told us yesterday , the valuations are pretty high at this point, and Anderson added another interesting layer: This industry has to be “efficient with the money that we’re using.” “ There is generally going to be less money than people expect. Every year over the last five years, we’ve had less money than the previous year from a venture-allocation perspective,” he added. For the founders out there, Santos offered some advice from his unique position of being both a VC and a founder himself: Keep at least 24 months of runway and “understand your position in the stack.” Which means having an understanding of a monetization plan. Santos added that Facebook, back when it was planning to go public — and even after it IPO’d — didn’t have a monetization plan. It actually got dinged by investors for it, if you look at the historical data. “It just said, we’re gonna build a killer product that people love and we’ll then figure out how to monetize,” Santos said. But as crypto evolves, the path towards monetization models will also become more clear as users come onboard and — as Santos put it himself — “ if you have attention of the user, you can monetize the shit out of it.” So go forth and monetize…one day. Get the news in your inbox. Explore Blockworks newsletters: Blockworks Daily : Unpacking crypto and the markets. Empire : Crypto news and analysis to start your day. Forward Guidance : The intersection of crypto, macro and policy. 0xResearch : Alpha directly in your inbox. Lightspeed : All things Solana. The Drop : Apps, games, memes and more. Supply Shock : Bitcoin, bitcoin, bitcoin.
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