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USV Thesis 3.0 | Union Square Ventures

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The commitment to a thesis is part of the fiber of USV–a shared set of ideas creates a framework that allows us to operate with focus and work on what matters most to our team. But what that thesis is has evolved over time and will continue to evolve. It reflects both a changing world as well as the shifting interests of our partnership. Recently, we have been working on its third iteration. In its earliest days, USV started with a focus on the application layer of the web. The team quickly realized that network effects play a central role in all of these applications and Thesis 1.0 emerged: Invest in large networks of engaged users, differentiated by user experience, and defensible through network effects. This post breaks down the components, but the crux of this thesis involved primarily consumer focused businesses where the value of the service to a user increases as others use it, too. These network effects create defensibility and lead to scale. This thesis drove USV’s investment

The commitment to a thesis is part of the fiber of USV–a shared set of ideas creates a framework that allows us to operate with focus and work on what matters most to our team. But what that thesis is has evolved over time and will continue to evolve. It reflects both a changing world as well as the shifting interests of our partnership. Recently, we have been working on its third iteration. In its earliest days, USV started with a focus on the application layer of the web. The team quickly realized that network effects play a central role in all of these applications and Thesis 1.0 emer

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