In this conversation, Renee Reinsberg interviews Reid Hoffman, co-founder of LinkedIn, about his insights on the current state of the internet, crypto, social networks, and entrepreneurship. They discuss the parallels between the early days of the internet and the emerging field of crypto, the convergence of web 2 and web 3 technologies, and the importance of building resilient ecosystems. Reid also shares his recommendations for entrepreneurs in the new web stream world and highlights the significance of scale in achieving success.
Reid emphasizes the similarities between the early internet and the world of crypto. Both represent new platforms that have the potential to reshape entire value chains. He discusses the excitement and unpredictability surrounding the thousands of crypto projects being created and their potential impact on individuals, societies, and markets. Unlike the early internet, where skepticism prevailed, Reid notes that there is now a more substantive conversation around crypto, with serious considerations about its future. He references the creation of the Crypto Rap to encourage dialogue between different camps and foster a shared vision of the future.
The discussion then shifts to the relationship between web 2 and web 3 technologies. While traditional web 2 social networks continue to emerge, there are also new attempts in the web 3 space. Reid acknowledges that both worlds will coexist and intermingle. He cites examples like Facebook’s foray into cryptocurrency with Libra as a natural tie between web 2 and financial systems. Additionally, he believes that new developments in web 3 platforms will arise, thanks to the intersection of data and crypto. Reid explains how data has become a fundamental building block, just as he predicted in his previous talk on the web 3.0 revolution.
Renee brings up Reid’s book “Blitzscaling” and its relevance to entrepreneurs in the new web stream world. Reid explains that blitzscaling is about prioritizing speed over efficiency to achieve rapid scale, especially with new platforms, software, and networks. He advises entrepreneurs to be comfortable taking risks, even if they don’t have a fully established business model or customer acquisition costs. Being the first to scale is crucial in setting the ecosystem, although product-market fit and adoption are equally important. Reid’s book offers insights into what works and what doesn’t when it comes to prioritizing speed and growth.
Reid shares his current reading recommendation, “Antifragile” by Nassim Taleb. He highlights the relevance of the book to the Kuneco and crypto community. “Antifragile” explores the concept of creating ecosystems that become more resilient and less fragile as they are used. Reid draws connections between the security systems of crypto platforms and the improvement of their infrastructure as they grow. The book’s ideas serve as catalysts and provocations for designing robust and sustainable networks, especially in the context of open and permissionless networks.
Renee expresses her gratitude to Reid for joining the conversation and participating in Kuneco on its special day. Reid acknowledges the journey and the incredible system built by the Kuneco team. The interview concludes with appreciation for the opportunity to contribute to the ongoing development of the ecosystem.