Fundrise is your path to the private markets, including real estate, venture capital, and private credit. Disclosure: https://xitter.cf/t.co/JMPglCFgpA
Washington, DC
Joined April 2011
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Fundrise retweeted
We are ecstatic to be hosting events during #LATechWeek #SFTechWeek
If you are a founder or investor interested in great conversation & even better company, links in comments to apply to join our exclusive dinners!
@Techweek_
Fundrise retweeted
Life after AI, with Kanika Bahl former board member of Anthropic’s benefit corporation
What happens if artificial intelligence becomes as capable as—or more capable than—human beings?
Most conversations about AI stop at whether artificial general intelligence will arrive. In this episode of Onward, Ben Miller and Kanika Bahl accept that premise and ask the more difficult question: What happens after?
Kanika is the founder and CEO of the AI Access Initiative and a former founding member of Anthropic’s Long-Term Benefit Trust, an independent governance body created to help ensure that Anthropic develops AI for the long-term benefit of humanity. She previously led Evidence Action, where her work helped deliver health and economic interventions to hundreds of millions of people living in poverty.
open.spotify.com/episode/1Z6…
podcasts.apple.com/us/podcas…
youtube.com/watch?v=IxRYjqlJ…
Fundrise retweeted
NEW: Interview with Paul Adams, Chief Product Officer of Fin (formerly Intercom)
@Padday helped lead one of the most successful AI refoundings in software: @intercom bet a $300M/yr business to build @fin_ai, an AI customer service agent. We sat down on Onward to talk about what that bet looked like from the inside, and where he thinks AI takes knowledge work next.
Full disclosure: $VCX is a proud investor in Fin.
In this episode, we cover:
- The internal memo that called ChatGPT "the iPhone moment" and the $300M business Intercom bet on it
- Why going all-in on AI was the easy decision, and why the culture change nearly broke the company
- How the bet refortified the legacy business instead of killing it
- Customer service as the canary in the coal mine for AI and knowledge work
- The three layers Fin runs on, including the models Intercom trains itself
- Read vs. write: the line where an AI agent's risk and power both live
- Why we judge AI against a standard no human meets (a chaotic Vodafone call center)
- Claude Code as "magic": a non-coder turning one prompt into a finished video
- @Fundrise is a customer of Fin with: ~94% resolution and ~$600K in support cost reduced
- Why technology moves fast and people move slowly (and what retail's collapse teaches)
- Scenario planning the next few years: real pain and a wave of one-person companies
- Why Paul calls himself a "delusional optimist," not a doomer
Watch the full episode below →
𝐓𝐈𝐌𝐄𝐒𝐓𝐀𝐌𝐏𝐒
(00:00) Paul Adams, CPO of Fin (formerly Intercom)
(00:51) Competing with the AI labs, and the three layers Fin runs on
(05:46) Technology moves fast, people move slowly
(09:33) The Block layoffs
(12:24) Intercom's refounding: IPO, ChatGPT, all-in on AI
(15:31) Why the culture change was the hardest part
(15:59) How the AI bet refortified the legacy business
(20:20) Customer interview: Fundrise on Fin
(22:48) The economics (~$600K saved vs. ~$80K)
(24:45) Customer service as the canary in the coal mine
(26:12) New jobs that didn't exist, like agent orchestration
(30:11) Read vs. write to the database (the Delta story)
(31:53) Hallucinations and the Vodafone call center
(37:00) Claude Code as "magic"
(40:25) Scenario planning the next few years
(44:35) Europe vs. the US and China
(49:37) Cancer, optimism, and governing AI well
(52:40) Wrap
Fundrise retweeted
"A pill that makes dogs live longer...sounds like magic."
Excited to share my full conversation with @loyalfordogs CEO and founder @celinehalioua, tomorrow morning.
Fundrise retweeted
Fundrise CEO @BenMillerise says their new venture fund VCX is “super disruptive to the venture industry.”
“They’re going to want us and hate us at the same time.”
“To the private companies: we’re a venture fund.”
“There’s no difference except our capital is evergreen. It’s forever capital—low-cost and passive.”
“To me, as a founder and a builder—that’s the best money around. I’d rather have that than ‘value add.’”
“I think we get to a place where, structurally, an allocation to passive long-term money becomes—the best companies get it, and the best companies want it.”
Fundrise retweeted
SpaceX. OpenAI. Anthropic. Databricks. All onchain.
xStocks has partnered with @Fundrise to tokenize VCX, bringing tokenized exposure to some of the world's most sought-after private tech companies through a single asset.
Private markets, now onchain.
blog.kraken.com/product/xsto…
Fundrise retweeted
In 2011, I pitched a top securities attorney in New York on democratizing investing. After hearing me list all of the ways I believed retail investors were disadvantaged by the financial system, he just looked at me and said:
“Why would you bother with the little guy?”
Today, 15 later, we’re listing the @fundrise Innovation Fund on the NYSE under the ticker $VCX.
The financial system has a structural problem that most people can feel but few can name. The most valuable private technology companies are worth hundreds of billions, even over a trillion dollars, and they’ve never gone public. The wealth creation that used to flow through public markets—enabling everyone to participate—now happens behind a wall that excludes everyday investors.
AI compounds the urgency. The companies building the most transformative technology in a generation are growing at rates we’ve never seen before, and the gap between who owns that growth and who benefits from it widens every quarter.
We started working on the Fundrise Innovation Fund in 2021 to test whether a public venture capital fund could work. Over 100,000 investors now own a portfolio concentrated in the leading private AI and technology companies, making VCX one of the largest funds of its kind to ever list on a major exchange. No accredited investor requirement. Now available in any brokerage account.
When that attorney asked me why I’d bother with the little guy, I told him: because they’re getting screwed! But I believe today marks another step in building a better financial system for the individual investor.
Onward
Fundrise retweeted
"If you have neither the Trump put nor the Fed put, that would be an ingredient for a deep recession on top of the actual economics of it—which is that, when you have higher trade barriers, it leads to perhaps manufacturing inefficiency. And cost of production is higher. It slows down the potential GDP growth of the U.S. over the next 4-8 years."
-@AnnaEconomist
Fundrise retweeted
How will tariffs impact the US economy?
My latest podcast with @AnnaEconomist, Chief Economist for Bloomberg.
Anna Wong is one of the most balanced economists in the nation. She worked in the Trump White House, Obama Treasury Dept., and the Fed!
Fundrise retweeted
What will AI be worth?
Our team did a few months of research and found a surprising pattern in the financial data, which @BusinessInsider wrote an article about yesterday.
We agreed to wait 24 hours before we published the full results.
Fundrise retweeted
Business Insider: Everyone wants to know what AI is worth. One investor looked to the past for the $20 trillion answer.
Phenomenal writeup of our research by @emmacos.
businessinsider.com/ai-value…
@BusinessInsider
Fundrise retweeted
“Literally, you are a masochist” —@profgalloway
I loved spending 25 minutes chatting with Scott and @edels0n on the Prof G Markets Podcast.
We discussed the evolution of private markets, and why entrepreneurs have to “embrace the suck.”
tinyurl.com/3zz7uvrt
Fundrise retweeted
🎧 World of DaaS this week 🎧
@BenMillerise (CEO of @fundrise) talks public/private market convergence, real estate tech, future of office + commercial, recession forecasting, and much more
Fundrise retweeted
Bloomberg TV: @Fundrise CEO on Retail Investing In Private Markets
bloomberg.com/news/videos/20…
Big thank you to @TheChartress
Fundrise retweeted
I did this Pareto Principle talk for the company, Fundrise, and thought to share it more broadly.
youtube.com/watch?v=FWeapmlL…
Fundrise retweeted
The Pareto Principle (80/20 Rule) is one of the most powerful ways to improve judgement, yet most people get it wrong.
Why?
Fundrise retweeted
“We want to democratize access to private tech companies,” @Fundrise
cnbc.com/video/2024/03/14/we…
Fundrise retweeted
“There's likely to be a boom and a bubble,” says Fundrise CEO @BenMillerise on the growth of AI. “We looked at all of the past waves of technology, PC mobile, internet cloud, and it looks like AI is likely to be about a $15 trillion market by the early 2030s.”
Fundrise retweeted
This is an excerpt from our end-of-year letter to investors, published Dec. 30, 2023. Link below.
It's the big things that matter.
We live in a world that demands a constant stream of new and interesting content to digest. Financial news sites like CNBC or Bloomberg update articles multiple times a day with theories and predictions about why things are moving in one direction or the other. And, as a result, we are prone to over-extrapolating a lot of the noise caused by “little things” that eventually just fade away into the background.
Ultimately, it’s the few big things (more obvious often than we’d like to admit) that really matter.
The past several years have seemingly been a steady stream of one random unprecedented event after the next, when in actuality they are the logical and sequential consequences brought about by the pandemic — it was the big thing.
The onset of covid led to a global shutdown. The shutdown broke supply chains along with decades-old patterns and systems that had become ossified within both society and the economy. The response to the shutdown was unprecedented government stimulus, vast amounts of newly printed money, and a 0% interest rate monetary policy. This simultaneous shrinking of supply with a rapid expansion of demand led to inflation, which in turn led to the first significant rate hiking cycle in nearly 50 years. And rising interest rates led to a fall in asset values because, as we’ve now stated ad nauseam, prices move down when interest rates go up.
As the system continues to work through the domino effect of unwinding the past several years, we still expect tighter monetary policy to result in an inevitable dampening of the broader economy, including slower growth, rising unemployment, and potentially a significant decline in stocks. The irony is that in some sense regardless of the reason rates come down—either because the Fed was right about a soft landing or we are correct about a recession—it’s strongly positive for real estate values and, in our expectation, the Fundrise portfolio (again, remember that in the near term lower interest rates boost real estate values).
Read the full letter: fundrise.com/education/2023-…
