The real problem, in my mind, isn’t in the nature of this particular Venture-Capital operation. Because the whole raison-d’etre of Venture Capital is to make money for the “Limited Partners” who provide the capital. Since VC investments are high-risk, most are expected to fail, and the ones that succeed have to exhibit exceptional revenue growth and profitability. Which is a direct path to the problems of survival and product quality that I mentioned above.
To be clear, I’m a fan of the Bluesky leadership and engineering team. With the VC money as fuel, I expect their next 12 months or so to be golden, with lots of groovy features and mind-blowing growth. But that’s not what I’ll be watching. I’ll be looking for ecosystem growth in directions that enable survival independent of the company. In the way that email is independent of any technology provider or network operator. Just like Mastodon and the Fediverse already are.
