vc

Taste will be paramount as the key driver for the long tail of smaller funds, and sub-sectors (deep-tech, climate) will further specialise (chips, energy) with value compounding in those comfortable with getting creative around new sectors, business models, technologies or markets.

I’ve long joked venture is finance for people who don’t understand how money works, and it really has felt like this for a while - with certain exceptions there has been minimal innovation on the 2% management fee, 20% carry model in the 25 years venture has been active in Europe. Perhaps little wonder when you consider the classic path of... See more

Anecdotally, the concepts of Seed-Strapping (one round to get going, then drive towards profitability fast) and “minimum viable venture” (the smallest possible angel/VC round to minimise dilution early on) have rapidly normalised.

I believe that within a decade the number of funds will be 30-50% less than it is today , even if the money into the sector remains similar. This will kill the middle of the industry , bifurcating venture into massive scaled platforms who look more like offshoots of government-come-hedge funds, and a long tail of specialists who will capture all... See more

Over a reasonable time horizon, eliminating the human labor bubble is the single biggest AI opportunity we face. In most segments, the race to do that seriously has just begun.

There is appeal, no doubt, in the attempts to automate away entire job functions or professions such as lawyers or radiologists. But there is perhaps even greater appeal in a straightforward, bottom-up approach to identifying pockets of replaceable expensive human toil: the thousands of emails that must get categorized and responded to, the... See more

There is no better place to deploy an AI-powered solution than where a local human labor bubble exists.