Dan broke the traditional venture path by launching Commerce Ventures as a principal with a small, sector-focused fund built around strategic corporates and individuals from retail and financial services, positioning the firm as participants in the ecosystem rather than outside observers. His investment approach combines rigorous thematic work on narrowly defined infrastructure problems with a toe-hold then double-down strategy, while placing distinctive emphasis on second-time founders for their learned responses to challenges and ability to leverage existing relationships. Dan broke the traditional venture path by launching Commerce Ventures as a principal with a small, sector-focused fund built around strategic corporates and individuals from retail and financial services, positioning the firm as participants in the ecosystem rather than outside observers. His investment approach combines rigorous thematic work on narrowly defined infrastructure problems with a toe-hold then double-down strategy, while placing distinctive emphasis on second-time founders for their learned responses to challenges and ability to leverage existing relationships.