I aspire to run the most transformative and highest-return hard tech investment syndicate on the planet. Here's the thesis:

High conviction and low volume. The incentive and strategy for most syndicate leads is to take a large number of shots on goal. I believe that startup success is highly non-random and outsized returns are possible by adhering to a disciplined investing philosophy.
The minimum bar: zero market risk. The unique value proposition of hard tech investing is that if the team can do the thing, people will definitely want to buy it. All of the risk is compressed into execution: can the team actually do the thing? If they do the thing and that's still not obviously a multi-billion market, we're not going to invest. This discipline reduces market and competitive risk, offsetting the capital intensity of hard tech relative to software investing.
Understand the tech. For all the hype about contrarianism in venture capital, there is a limited amount of non-consensus thinking. Very often, investors are looking for non-consensus bets that will resolve on a short timeline. Ask any hard tech founder if this is a problem. I take the time to understand what the company is building, how it works, and how it fits into a realistic and exciting vision of the future. I'm willing to make long-term contrarian bets if they make sense and match my thesis.
Iteration speed is everything. On paper, SpaceX and Blue Origin are similar companies: rocket companies funded by billionaires. The difference is that SpaceX flies half-baked prototypes and Blue Origin designs their rockets to perfection before launching them. This distinction is why SpaceX launches more mass than the rest of the world combined and Blue Origin has still not been to orbit. We are looking for founders and teams that understand the importance of hitting early milestones in a rapid and scrappy way.

If this approach appeals to you, join us.

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