An Interview With Mike Dudas

This interview was published in In The Loop course.

Mike Dudas is the founder of 6thManVentures, a $145M crypto fund. Previously he was the CEO of The Block, a well-known cryptocurrency news site that he also founded. I asked him 2 questions about raising funds in the Web3 space.

1) What are the most important things you look for before deciding to invest in a project building in the web3 space?

"a) progress on build, b) team suitability - experience OR authentic passion acceptable, c) warriors / builders / doers (reference checked), d) do i like it / think others would, e) does it need a token / blockchain / nft-enabled tech, f) do we think we can uniquely help them, g) is the valuation reasonable, h) is the roadmap credible, i) is it a good market we think is ready for users, business or retail, in next few years j) reasonably regulatory & legal risk, k) understanding of the tech, l) understanding of community / web3 ethos and benefits"

2) What advice would you give to first-time founders?

"This is a hard question to answer because it's based on many variables, but here is my advice:

a) focus on product and revenue milestones, not money raised, b) be relentless in prioritization, c) if you think you're working fast & smart, work faster & smarter, d) conduct tons of customer and prospect diligence, internalize it, but don't treat it as the only input - your instincts and expertise matter, e) make sure you work on something you can care about for years, f) get ready for a roller coaster"

What We Can Learn

The investor’s approach reflects a rigorous, multifaceted evaluation strategy tailored for the complexities and nuances of the Web3 landscape. For founders, the advice leans toward rapid, agile operations and a balanced, holistic decision-making approach. Both viewpoints underscore the multi-dimensional competence needed to navigate the fast-evolving, high-stakes realm of Web3.