Internet Capital Markets is actually just a Creator Capital Markets wrapper If you think about it, what are you really betting on in ICM? Is it the product, or the founder? 99% of the time, it's the founder Without the founder, a product can only communicate tangible value (tech, features). Tangible value isn't able to directly elicit emotions. No emotions, no attention. It's the founder who's actually able to make you feel something intangibly (inspiration, confidence) This is also why I think CCM is a much simpler narrative. See people as the businesses themselves. Invest in people who do a variety of interesting things, as opposed to investing in something that could be interesting Businesses have significant execution risk. People have less. A business running into a roadblock is bearish. A person running into a roadblock but gracefully scrapping, adapting, or pivoting in public is bullish CCM was the narrative all along. Unquantifiable authenticity is the only moat left in a world where the cost of almost everything eventually trends to zero. True humanness is what's real and what wins in the long run