{
  "docId": "019f6b8f-52dd-703b-97fe-389e7a00b8ad",
  "docSlug": "jarvis-placeholder-thesis-summary",
  "documentTitle": "Placeholder Thesis Summary",
  "authorId": "placeholder-thesis-summary",
  "authorName": null,
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": null,
  "orientation": null,
  "aspectRatio": null,
  "pageNumber": 13,
  "pageCount": 19,
  "prevPage": 12,
  "nextPage": 14,
  "slideType": "other",
  "function": "establish_context",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide is text-heavy and serves as a narrative explanation of investment philosophy.",
  "elementsJson": null,
  "metadataConfidence": 0.9,
  "imagePath": null,
  "slideHref": "/slides/019f6b8f-52dd-703b-97fe-389e7a00b8ad/13",
  "deckHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad",
  "deckJsonHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad.json",
  "deckAnchorHref": "/decks/019f6b8f-52dd-703b-97fe-389e7a00b8ad#slide-13",
  "components": [
    {
      "bbox": {
        "h": 0.225,
        "w": 0.766,
        "x": 0.117,
        "y": 0.591
      },
      "kind": "paragraph",
      "text": "Strong technology is particularly important at the infrastructure layer, where new consensus algorithms are being developed and the potential for edge case game theoretics may arise. Since these are open source systems, it is important that the team building and curating extends beyond the core developers and into a broader community of contributors. It is, however, not the primary driver of value and defensibility in these networks. Because all the software is open source, there is no long-term defensibility in the code (or data). We’ve seen teams with strong technology come to market, only to have a clone steal it from under them. Usually, this happens as a result of bad governance on the part of the core developers, which the market finds a way to punish.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16ae831c-6a96-4054-af9c-ced1da8f6bd4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.065,
        "w": 0.766,
        "x": 0.117,
        "y": 0.154
      },
      "kind": "paragraph",
      "text": "Our sourcing and selection process begins with our investment thesis. We focus on (1) decentralized information networks (2) coordinated by a scarce token (3) which appreciates in value as user demand for the service grows.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6c587002-cc7f-4ee5-aab6-c867874aa280",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.085,
        "w": 0.766,
        "x": 0.117,
        "y": 0.225
      },
      "kind": "paragraph",
      "text": "We believe these kinds of networks are going to generate the highest returns; we avoid equity businesses with traditional revenue-based business models, centralized services that use a token purely as a fundraising mechanism or payment method, private blockchains, and other implementations that would not be described as “open.”",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ce70afd-23e6-4419-9a60-995c073d42ce",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.185,
        "w": 0.766,
        "x": 0.117,
        "y": 0.345
      },
      "kind": "paragraph",
      "text": "The relationships we build with teams is our greatest asset, so we select investments where we can be a partner to the core development team and work to become prominent members of their community. This founder-focused approach to investing has three advantages: (1) it evolves our investment thesis as the market develops through real-time inputs from the entrepreneurs (2) builds our reputation in the space as value-add investors, exposing us to more proprietary deal flow and (3) informs how we build up (or scale down) individual positions over time. Our long term edge comes from the direct support we provide to entrepreneurs and their communities on protocol design, cryptoeconomics, strategy, and governance.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d4283eb-aa28-4777-acb6-f682a2b1bfd1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.018,
        "w": 0.315,
        "x": 0.117,
        "y": 0.118
      },
      "kind": "title",
      "text": "6. Sourcing and selection criteria",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b984d4a-98c0-427f-86e8-7035873a2dea",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [
    {
      "to": 19,
      "from": 2,
      "name": "Golden Circle",
      "slug": "11-golden-circle",
      "bestFor": "Visionary leadership, brand positioning, mission statements",
      "matchId": "719d7c7d-4420-444b-abbc-3dadfdaa87f9",
      "evidence": "The deck's structure and content suggest a golden circle loop, with a why-what-how progression",
      "position": 0,
      "objective": "Why open standards and open source data drive investment returns",
      "structure": "The Why (Belief) -> The How (Process) -> The What (Result)",
      "confidence": 0.7,
      "description": "Invert the typical pitch by starting with why you exist, rather than what you do"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}