Fantasy Capital

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Today, if VCs are to finance capital-intensive projects, they need to recall their past. They can supply large sums of capital if they are allowed to own a large share of the resulting company.

Sebastian Mallaby • The Power Law: Venture Capital and the Making of the New Future

So if not for the structure, what caused venture’s shift towards such risk-averse investing? As fund sizes grew dramatically and a tech boom spurred a startup surge, the industry's emphasis shifted from discerning selection towards a more diversified 'spray and pray' approach, diluting the value of traditional tasteful investing. When the game of b... See more

good artists copy, great artists steal

There are some phenomenal products in some of the companies that were overfunded and are haunted by past decisions. The valuations at which these companies raised capital set them on the wrong path - a path that fails to attract and reward critical talent, a path that incentivizes excess expenditure for growth at the expense of structuring a busine... See more

Scott Belsky • The Great Sobriety for Venture Investing, Where To Start with AI, & Undeniable Data

The startup ecosystem is experiencing a series of changes that can't be ignored:- cambrian explosion of funding availability- more value is being created on private markets- going from zero to one is no longer a dark art - ie more talented operators, more infrastructure to build quickly and cheaplyChange is coming to the VC ecosystem. Who will win:... See more

The Three-Body Problem: Finding the New Stable Points in Venture Capital

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