One of the best decisions we made early at @chapterone: we didn’t build around an office, but rather we built around access. Most emerging managers cluster in SF or NY. We went distributed from day one, with investors in California, New York, and London. That choice changed our entire trajectory. Our deal flow doesn’t always look like the popular “hot SF seed rounds.” Many of the companies we’ve led weren’t being shopped around on VC Twitter. And we like it that way. Ironically, our first three core Fund III deals (2025 activated) are SF-based. But that’s the point: access > geography. Distribution creates surface area. We also just activated a new crypto fund (separate fund) & our first two founding teams are based in the Middle East, South Africa, LA, and Texas. We would’ve never seen these deals if we anchored the firm to one zip code. There’s no one way to build a great venture firm. But if you’re copying Sequoia or Benchmark in 2025, you’re already behind. The real opportunity is to build something no one else would think to build. That’s what we’re doing at @chapterone.