Blueseed - Lessons learned four years later

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One entrepreneurial step to the oceans Dan Dascalescu CTO, Blueseed Entrepreneurship advisor, 2015-Oct-24 Oceanus AquaConference

Transcript of Blueseed - Lessons learned four years later

Page 1: Blueseed - Lessons learned four years later

One entrepreneurial stepto the oceans

Dan DascalescuCTO, BlueseedEntrepreneurship advisor,

2015-Oct-24Oceanus AquaConference

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Seasteading concept “Artisanopolis” by Roark 3D

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Dream big, but be realistic - size

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Dream big, but be realistic - laws

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Feasible - incremental

Likeable (not just legal)

Profitable

“The adjacent possible”

Big, disruptive new ideas must be…

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Start with solving ONElegal problem

(but that’s just the beginning)

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“There simply are no U.S. visas available for entrepreneurs”

PROBLEM #1

Source: http://www.youtube.com/watch?v=FLCYfhZEFb8#t=3m15s

-- American Immigration Lawyers Association,March 2012

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Visa typeCan

work?Can self-employ?

Expires Restrictions

B1/B2 Business,Tourist or Waiver

✗ ✗<6 mo/yr

in U.S.Can’t earn income

But can travel!

E-2Treaty Investor,or Employee of

✓ ✓2+2+2…

yrs

Not for India, Brazil, Russia, China“substantial” investment (~$100K)

must own 50%+ of the businesscan’t convert to Green Card

EB-5 Investor ✓ ✓ NeverMust invest $1M+ and create 10

jobs

H1-BSkilled worker

✓ ✗ 3+3 yrsIf laid off, must find new sponsor ASAP – there is no grace period

L-1Intra-company

Transfer✓ ✗ 3 yrs

Must have worked at foreignbranch for 1+ years

Existing alternatives are inadequate

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Entrepreneurs are kicked out of U.S.

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Image credit: siliconvalley.com

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International waters line

Ship located 12 miles offshore,in international waters,

outside US jurisdiction – Bahamas flag

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Convert a used cruise shipto a live/work/play space for 1000

2

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30 minutes to shore 20 minutes to Palo Alto

Convenient travel both waysby ferry, helicopter

3

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Use B1/B2 business/tourist visato travel to mainland & stay <180 days

,0

500,000

1000,000

1500,000

2000,000

2500,000

3000,000

3500,000

4000,000

H-1B (skilledworker)

L-1 (intracompanytransfer)

B1/B2(business/tourism)

Average # of U.S. visas granted per year, 2006-2011

Source: http://www.travel.state.gov/xls/FYs97-11_NIVDetailTable.xls

4

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Business/Tourist Visa:• can travel to US, 180 days/yr• can attend meetings, events

Bahamas flagged ship:• can earn income, start companies• streamlined regulatory environment

Work on the ship, in international watersTravel to the US using business/tourist

visas, which are easier to obtain

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High-tech university

dorm

24/7 hackathon &

coworking space

Awesome startup-and technology-oriented space

The “Googleplex of the Sea”

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Blueseed: The innovators’ gatewayinto Silicon Valley

Early-stagestartups

$uccessful$caling

$tartups

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The Blueseed team, 2011met at The Seasteading Institute

Max MartyCEO

Dario MutabdzijaPresident

Dan DascalescuCIO

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Startups that expressed interestLatest stats at blueseed.com/come-aboard/results

1500+ entrepreneurs

540+ startups

72 countries

United States23%

India 10%

Canada 4%

Australia 4%

Russia 2%Italy 2%UK 6%Spain 3%Brazil 3%

France 3%

Germany 2%

China 2%

Singapore 2%

Other 34%

blueseed.co/come-aboard/results
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Mike Maples Jr. / Floodgate

Raised $0.5M

+ 4 Bitcoin investors+ other angels

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Profitable –Revenue and business model

• 300+ startups, ~6.5% avg. equity stake in each

• The next Instagram that we host =

Equity position in startups

• Residential – avg. $1600/p/mo

• Commercial

• Event space, hotel roomsRent

• Food

• Tours

• Media (TV, advertising) and sponsorships

Other revenue streams

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Maritime law (UNCLOS protects us)

Immigration law (former USCIS director is our advisor)

Ocean conditions and ship stability

Open-ocean docking and personnel transfer

Transportation options (ferries, helicopters)

Ship space re-allocation

Internet connectivity

A LOT more. Check out blueseed.com/faq

Feasible –We’ve researched:

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BlueseedLos Angeles

BlueseedEast Coast

Near futureUS ships

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Concept ship – Terraces

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Concept ship – Artful Containers

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Concept ship – Hive

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Blueseed Atoll concept – stabilization barges and floating breakwaters

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Long term vision

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Concept ship – Modern Hull

When do we launch?

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Blueseed is now on hold pending funding.

Here’s what we’ve learned.

http://blueseed.com/investors
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Address the deal breakers first!

Approach Coast Guard from the get go

Determine environmental stakeholders

Identify logistical challenges

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Challenges

Logistical

Funding & operating costs

Political

Public image

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Logistical

Ocean conditions

Ship finding & converting

Resupplying

Personnel transfer at sea

Waste management

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Mavericks, Half Moon Bay, California

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Wave research

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Ship > 500 ft. long

MS Island Escape190m / 623ft long27m / 88ft wide1540 passengers max.

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Use a Catamaran/SWATH ship

Example: China Star131 meters / 430ft long32 meters wide354 passengers

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MVP

Build: $200M

Buy used: $50M

Charter: $27M

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Extensive analysis of the

Island Escapeship

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Resupplying at sea is hard

Dock in SF every 2 weeks instead

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Passenger transfer at sea

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Motion-compensated gangway (video)

https://www.youtube.com/watch?v=BI8U6dVIYIo
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Monterey Bay NationalMarine

Sanctuary

“clean graywater only”-- Sanctuary Regulations,Title 15, Part 922, section 922.132

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Self-Sufficient Ocean Platforms

Professor Peter J. Schubert, Ph.D., P.E.

Director, Richard G. Lugar Center for Renewable Energy

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MSW Gasifier/Oxidizer PilotOperational now – subject of MS thesis

Handles all municipal solid waste

No sorting, no size-reduction

NOT an incinerator – cleaner!

Containerized for easy delivery

Scalable and modular

Produces heat for water, sanitation

Can also produce electric power

“Old Blue” 47

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Funding - how to raise $31M

Investors in startup

accelerators

Investors in ship

businesses?

Silicon Valley VCs: “Ships not in our mandate”

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Investor categories

Angel investors – amounts too low

Angel Groups – Gust, CapLinked: didn’t help

VCs – “ships not in our mandate”

Institutional investors (LPs) – we compete with VCs

Crazy-bold investors except Peter Thiel?

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Political

Laws

Immigration

Coast Guard

DHS

Environmental agencies

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What laws apply on board?

• Bahamas (English common law)The laws of the flag

state

• Fair, efficient, speedy, predictableInternational

commercial arbitration

• To country of residence/incorporation

• No taxes paid to BlueseedTaxes

• International patents (WIPO)

• United States patents (USPTO)Patents – as usual

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Ask your customers & pivot PR

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Problems leading with the “visa” story

“Train Americans instead!”

“These foreigners will steal American jobs!”

What if some Startup Visa Act passes?

Visa story is vulnerable

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Top motivation for Blueseed – unassailable

“Living and working in an awesome startup- and technology- oriented space”

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it’s Y Combinator

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Combine that with…

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Startups

Talent pool

Startup*community*

Don’t position as an accelerator

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“The people who are crazy enough to think they can change the world, are the ones who do.”

-- Steve Jobs, 1955-2011

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How do we move forward?

[email protected]

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FAQ – blueseed.com/faq

• Not a problem: large vessel (623ft x 88ft)

• Meclizine - inexpensive preventative medicationSeasickness

• Tsunamis/earthquakes doesn’t affect ships at sea

• Hurricanes don’t exist near California

Tsunamis,Hurricanes

• Happen rarely; affect large vessels less

• In case of “force majeure”, we can come to shoreStorms

• We’re the only ones in the region :)Pirates :)

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Cost of living aboard Blueseed (preliminary estimates; Blueseed doesn’t impose tax)

From $1200/person/month(shared room for 4)

Up to $3000/person/month(private room with ocean view)

Cost includes office space

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Wireless 1Gbps+ link to shore

Liquid Robotics ocean drone relays mesh network

O3b satellite backup,130ms round-trip, 500Mbps

Future: fiber-optic cable

High-speed Internet access


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