A livestreaming platform that lets people enjoy concerts together while at home walked away as the winner of dot.LA's first Startup Pitch tournament.

The brainchild of UCLA business school graduates — one of whom lost his job in the music events industry during the pandemic — Crewtify is one of a number of livetreaming platforms that have bubbled up to solve an immediate need: connecting musicians with their fans during the COVID era and beyond.

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It seems everyone wants to be a VC these days, so why can't the Chainsmokers join the line-up?

Earlier this year, the electronic DJ and production duo, Alex Pall and Drew Taggart, announced the debut of their $35 million early-stage fund.

Being a DJ and a startup VC would appear to have little in common, but at a lunchtime panel on the first day of the dot.LA Summit, the pair said there are actually a number of parallels.

"We built the Chainsmokers from nothing and so we think of ourselves as founders, too," said Taggart, who added that personal chemistry is key in both music and startups. "The luckiest thing was to meet each other."

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I have long been a proponent of going public because I believe it creates stronger, more disciplined companies that deliver greater shareholder value. It's great to see the pendulum in the founder and venture capital community swinging away from the "stay private longer" attitude that dominated tech over the last decade.

That said, the traditional IPO listing path has many shortcomings. I experienced this firsthand in 2011 when we took Zillow public. The cover price on the original S-1 was $12-$14 a share, but we upped it to $14-$16 due to strong demand on the IPO roadshow. We priced it at $20 a share, only to watch the first trade open at $60 that day. (Note: Zillow has since done a 3-for-1 stock split, so divide these numbers by three if you're trying to compare it with today's ~ $100 stock price.)

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