Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.
This week I’m delighted to bring you my conversation with Packy McCormick, founder of Not Boring, a biweekly newsletter that now has over 100K subscribers and covers tech, strategy, finance, economics, and everything in between.
In July 2021, Packy launched the Not Boring Capital which closed at just under $10MM and has invested in over 50 companies.
Packy also started the Not Boring Club, a social and “extracurricular” community for like-minded individuals, and he also serves as a Web3 advisor for Andreessen Horowitz.
About Packy McCormick
Packy McCormick started his career in Investment Banking at Bank of America/Merrill Lynch, which lead him to Breather, an on-demand network of over 80 beautiful meeting spaces in New York City. In April of 2020, he started writing Not Boring, and his analysis, insight, and wit quickly grew to be one of the most-read newsletters in the startup and web3 space. He has been a big proponent in DAOs and has recently been helping to raise awareness and orchestrate how crypto investors can help the Ukrainian cause. Packy did his undergrad at Duke University.
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In this episode we discuss:
02:44 Why Packy started the Not Boring newsletter
07:17 Is investing a side hustle or a full-time commitment for smaller solo-GPs?
09;13 How writing helps his investing
12:28 Why it’s hard to understand and underwrite to exponential growth
14:34 How he creates personal scale to be able to help 50+ portfolio companies
17:11 Managing top of the funnel deal-flow
20:02 The non-obvious trends that get him excited in web3
22:17 How can firms should think about de-commoditizing themselves
27:27 Sizing your firm correctly and narrowing your focus
29:33 Deciding when you need to change swim lanes as an investor
31:11 Not Boring’s portfolio construction theory
34:03 How the market continues to evolve so dynamically, and the opportunities for solo-capitalists
36:45 Why do later-stage investing as a solo capitalist
41:05 The speed of growth in modern startups
43:58 Packy’s view on LPs
50:38 The best piece of career advice he’s received
I’d love to know what you took away from this conversation with Packy. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.
Not Boring's Packy McCormick on VC's building brand through content creation, tech trends he's most excited about, and how writing has helped him with investing.