BeReal

“The social graph, as I said, is completely commoditized. Now, every social product that comes out can instantly have a social graph just by ingesting your contacts list, right? So you and I meet on the street somewhere. You say, Hey, Mike, what's your phone nu…”

“Yes, a hundred percent. I think it is a worry. And admittedly, I think it is a worry for B-Real. I think B-Real is a great product. The reality is I don't think their format is, is, is something that Instagram can't copy easily, right? It is a photo at a speci…”

“I think it's a really powerful mechanic. I think it's it was an amazing moment. I think it was, like, incredibly culturally relevant. I think when that, when you have that explosive growth like that, that you just focus a hundred percent on just keeping the li…”

“If I had done reserves, I would have put money into Hopin, Clubhouse, and be real. That would not have been a good set of events.”

“What happened with Be Real in my estimation is that they did capture that why now of the authenticity But they could never earn the right to enough minutes for a consumer because the consumer was then having, you know, the dopamine hits of, you know, the most …”

“I had be real from like the first check or the precede round, and I could have sold consistently in multiple different rounds, and I never sold.”

“My biggest mistakes in the last few years, honestly, Kevin, were be real, hop in, a clubhouse. I could have sold in all of them, and I didn't.”

“Be Real was a fantastic product innovation. That just fucked it with not doing enough video.”

“Truth be told, honestly, Nick, I've been in some rockets that then turned out to not be rockets. Your clubhouse to your hop in to your be real. And they are portfolios with assets in, whether you like it or not in terms of naming. And I should have been much m…”

“I do not do reserves, and I don't because I was in Hopin, I was in Clubhouse, I was in Be Real, all lost money, and then I've got a load of companies which were much slower In enterprise and a phenomenal investments.”

“With my first fund, after 18 months, I predicted my top five fund returners, and you had your hop-ins, you had your B-reels, you had your clubhouse, and none of the five outperformers ended up being the outperformers, and the five outperformers I always had in…”

“Be Real didn't have the feedback loop. It required people to do something every day, and people don't want to have to do something every single day, and I think as soon as you lose that, you lose momentum very quickly.”