# kaal:claim:3606663-017

**Claim.** Early stage investing in digital assets is a relationships business, and without access to a network of core industry expertise early stage investments in the digital asset industry are rarely successful.

**Type.** condition  **Support.** asserted

**Holds when.**

- early stage investors in digital asset startups

**Source quote.**

> Without access to a network of core expertise early stage investments in the digital asset industry are rarely successful.

**From.** Kaal, *Digital Asset Market Evolution* (2020), 3. Challenges for Early Stage Investors, page 33

**Cite as.** Kaal, Digital Asset Market Evolution (2020). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3606663

**Verify.** sha256 of source PDF `d1d4a15a293b715bb6a5a32e689f59c3a1587915039ba9a1cf4eeb8ee2a1e57c` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202020%20-%20Digital%20Asset%20Market%20Evolution.pdf

**Failure mode.** no expertise network, no successful early stage investment  (family: cold-start-and-bootstrapping)

**Topics.** innovation

**Keywords.** early-stage-investing, expertise-networks, venture-capital, digital-assets, due-diligence

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