mj

There’s still a severe talent shortage - both executive and technical. It feels somehow like there are more GPs interested in deep tech than founders.

Today, it’s quite different. The VC side has unbundled into all sorts of niche firms who act as signal for larger multi-stage GPs, and who partner at nearly every stage of technology risk level.

Our thesis is that:

1. The best deep tech GPs will see better opportunities now than they did five years ago,


2. These opportunities will be missed by most outsider investors, and


3. Because of way tech risk is mitigated, the biggest bottleneck to allocation exists at seed

We try to be open minded on where to look, and have found robotics and life science to be fairly good ponds to fish in!

Ours is a livelihood dependent on successfully being able to predict the future. And in a world so dominated by fat tails, randomness and optionality, this is a very hard thing to do.

Specialisation, solo-GPs, a separation of advice, money, and control, these are all traits of an unbundling industry.

Speaking to these guys, a common sentiment that’s come through is that the good founders want to deal with individuals. Julian Shapiro put it well the other day: You can carry a hero brand within a firm (such as Chris Dixon in a16z crypto), or you can carry a firm on your hero brand.