Aircraft Carrier investing

Donna See Conversation 25 April 2021

# Acquired Don Valentine Podcast
It was super hard for Don valentine to get people 
Passing over control of the firm is a big deal
Sequoia focuses on building a crazy good organization - cares less about funding or founders
‘Aircraft carrier’ investing - invest in a technology *and* the surrounding technologies
A couple million is a constant start money
https://overcast.fm/+FaxnVsu28/23:21
Oracle bootstrapped off of 2000 dolalrs
https://overcast.fm/+FaxnVsu28/1:01:03
Aircraft carrier investing
[Sequoia Capital (Part 1) — Acquired — Overcast](https://overcast.fm/+FaxnVsu28/58:10)
Sequoia only works with institutional investors who don’t have tax incentives to pull money early
[Sequoia Capital (Part 1) — Acquired — Overcast](https://overcast.fm/+FaxnVsu28/54:32)
Don Valentine required questions to be 20 words of less
[Sequoia Capital (Part 1) — Acquired — Overcast](https://overcast.fm/+FaxnVsu28/45:47)
## Questions
## Thoughts
## Related
[[Sequoia Capital]]
## Authors
[[Ben Gilbert]]
## Link


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Innovation requires multiple heuretics

DARPA works on programs that go against the established paradigm

Notes on the changing structure of American Innovation

# Aircraft Carrier investing
The idea of investing in all the technologies that are needed for an ecosystem around a core one. 

Originally articulated by [[Don Valentine]]

### References
- [[Acquired Don Valentine Podcast]]
- [[Creative Capital: Georges Doriot and the Birth of Venture Capital]]



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§ARPA model

DARPA has a mixed record on transitioning

ARPA-E and DARPA - Applying the DARPA Model to Energy Innovation

The DARPA Model for Transformative Technologies

DARPA works where markets dont

Many of ARPAs outlier results were things that nobody was asking for

DARPA’s Process for Creating New Programs

ARPA-E faces different industry incentives than DARPA

Paradigm shifts require extraordinary individuals

An Institute for Creative Technology - Riffing on ARPA

# DARPA works on programs that go against the established paradigm
[[Changing paradigms is hard]]

- DARPA has been a pursuer of new breakthrough technologies *independent of defined needs* and that address needs but not requirements. - These two roles are in tension.
- DARPA responsible for  “Revolution in Military Affairs” implemented in 1990’s
- Nobody wanted stealth technology, drones
- DARPA arguably created the niche outside of IBMs game 

 `If DARPA had not been available, university researchers would have had to use ‘free’ equipment from companies like Digital and IBM to do their research. DARPA funding of research was essential in providing an ability to make independent choices. `[[Vinod Khosla]] 1991

DARPA can actually work on things that go against incumbents because it can’t be bought out in the same way a normal org can

### Related
- [[Maverick work is lonely and DARPA provides peers and community]]
- [[Aircraft Carrier investing]]



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Systemic decay theory of stagnation

Ben's working notes

Aircraft Carrier investing

References

Links to this note