Inflection is an early stage venture firm investing into the open economy. We evaluate startup companies as complex, adaptive systems on a case by case basis. At the same time we developed a thesis to articulate what we care about most and where we see outsized opportunities for entrepreneurs. It serves us as a high level framework of thought. As societal and technological inflection points continue to form, so does our thesis. We believe that digital scarcity and smart contract based market orchestration are the foundational building blocks for an internet native, more inclusive and collaborative economy. We call it the open economy. It is created around the principles of transparency, participation and collaboration rooted in open source software development. Its markets are coordinated by stakeholder owned software networks instead of intermediaries. It's a place where creators and users are controlling their data assets in private to restore the human dignity they lost in the age of surveillance capitalism. What started with Bitcoin evolved into an open source Wall Street following transparent and self enforcing laws written into code. From there it will grow into other categories such as the open web and open media. Being perceived as a speculative niche phenomenon today the open economy will soon turn into the world's global economic backbone, knowledge graph and nervous system.