We dive deep into our sectors. Our research drives our insights and thesis-driven approach.

We’re kicking off our 2023 Spring intern recruiting process and this year we’re looking to bring on a few team members to support across 2 of our core focus areas: Supply Chain & Climate. Our Spring interns work with our investment team to research specific industry themes and analyze investment opportunities in support of our thesis-driven approach.

While “moats” is a word tossed around venture circles a lot, we often think it’s misunderstood. What others may see as a moat, we may more earnestly see as “stickiness” or “defensibility” rather than as an outright moat. As we wrote about in “What is a “Moat” and why does it matter?”, we define moats as “Proven, perpetuating and permanent unit economic advantages from peers within a competitive set”.

A lot of people ask me “Why does Equal exist?” It’s a pretty existential question, but my core belief is that we’re here to do something incredibly simple — Deliver the same VC product that founders have grown to expect, to the next generation of founders.

Free and seamless returns have long been cited as a critical part of the ecommerce customer experience. Over the past few years, as retailers and brands made ecommerce returns increasingly effortless, consumers bought more stuff online and, because returns were getting easier, returned more stuff! A vicious, unstainable cycle of returns proliferation had started and COVID made things even worse. ~40% of retailers further relaxed their return policies in order to incentivize purchases — the value of all retail merchandise returned in 2021 reached $761B with return rates of ~20% for ecommerce, vs. 15% for non-ecommerce sales. The story is even worse when we zoom into different product categories.

Nine years ago, I was finishing up business school at Columbia, doing just about anything I could to break into VC full-time. I was interning at two firms (Bowery Capital and Foundation Capital) and volunteered to be Co-President of the schools PE/VC Club. I went to business school for a singular purpose, to break into VC, and wanted to exhaust every last opportunity I could to make that happen. For many (even our own career services department), it seemed that my transition into VC just wasn’t going to happen.