What is your background briefly?
I am a Political Science/Sociology major who learned to code at 20. That was a long time ago, but it has served me well. I am a product thinker, starting with meeting human needs or desires. I started one of the earliest database and networking companies in the UK, then the first Internet Service Provider for consumers in 1994. I moved to Silicon Valley after EasyNet did an IPO in 1996-7. I founded RealNames there, and ended up as Michael Arrington’s partner at TechCrunch. I was founding shareholder there. Since 2010 I have been investing and now am Executive Chair at a $200m UK Venture Company – Accelerated Digital Ventures.
Since mid 2017 I have focused on Blockchain startups personally, and started to learn about the next version of the Internet (Internet 3.0).
Does it seem like a logical background to what you do now?
Definitely. I have almost always sought to innovate at the point at which a new platform is being born. Networks and multi-user databases in the 1980s; Internet in the mid 1990s; Web Services between 1998 and 2008; Mobile since 2008, and now Blockchain. Most new value is created at these moments of infrastructure shift, and the most fun is had as new paradigms replace older ones.
— Keith Teare (@kteare) February 1, 2017
1 min pitch for what you are doing now?
I am trying to transform the experience of startups with investors. My belief is that since 2000, and the post bubble era, most investors became risk averse. The Sandhill Road investors largely moved to “growth” investing – meaning after the risk had receded in a company. Into the vacuum came a new class of seed investors who focus on small investments, tied to “traction”. In between these two extremes there is almost zero true risk taking Venture capital. Applying to accelerators, incubators and doing template slide decks with “growth hacked” numbers has replaced true long-term big thinking.
With ADV we are trying to be a patient evergreen investor capable of funding a company through all of its phases. ICOs represent an attractive option for a startup founder if the company has a product that lends itself to tokenization. It contributes to the ability to raise significant capital for big transformative ideas, led by strong teams.
Why did you get involved with Medichain?
The atomization of medical records is a major inefficiency facing humanity. If you see two or three specialists, each one has only a small piece of your medical history. This leaves huge gaps in knowledge about a patient. The rules governing use of medical data make it hard to impossible for those medical professionals to see each other’s view of a patient. By placing the records in the hands of the patient it becomes possible for a single point of permission, and complete records, to exist. This will improve medical insight. Add to that the impact of digitization of medical data on the ability to apply machine learning to the underlying data, and science gets an entirely new way to learn and diagnose. The is an idea that has been talked about a lot. Now it can become a practical effort.
— MediChain (@MediChainOnline) February 14, 2018
Why do you think it is such a powerful idea?
Open (anonymized) data, science and patient-centricity will re-make medical science and practice. Medichain want to try and be a catalyst for that. Its hard to find a reason not to want that.
How can people find out more aboutMedichain and your work?