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“Venture capital is not an asset class.” Ian Sigalow explains why diversification in venture can actually LOWER returns — and why only a small number of firms consistently matter. One of the clearest explanations of venture power laws and allocator behavior I’ve heard. Full conversation on YouTube.

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David Weisburd 🚀

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960,427 просмотров • 4 месяцев назад •via X (Twitter)

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The top venture funds charging 2.5 and 30 may be a feature, not a bug. Miguel Luina says the expensive managers often earn it net of fees. Miguel Luina, Co-Head of Global Venture Capital at Hamilton Lane: "venture and growth is a very expensive asset class. There's no way around it." "It's an asset class where you get what you pay for." The uncomfortable reality: in venture, cheap access can be the expensive mistake. The best brands charge premium economics because access, selection, and outlier ownership are scarce. Fee sensitivity can become alpha sensitivity.
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The top venture funds charging 2.5 and 30 may be a feature, not a bug. Miguel Luina says the expensive managers often earn it net of fees. Miguel Luina, Co-Head of Global Venture Capital at Hamilton Lane: "venture and growth is a very expensive asset class. There's no way around it." "It's an asset class where you get what you pay for." The uncomfortable reality: in venture, cheap access can be the expensive mistake. The best brands charge premium economics because access, selection, and outlier ownership are scarce. Fee sensitivity can become alpha sensitivity.

David Weisburd 🚀

15,785 просмотров • 2 месяцев назад

Coming tomorrow: one of the most ambitious and talented investors in venture ophelia Blossom Capital Scaling Blossom to their $475M fund. Why multi stage funds ruined venture over the last few years. Why VC marketing is BS. This is not one to be missed. 🔥 👇
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Coming tomorrow: one of the most ambitious and talented investors in venture ophelia Blossom Capital Scaling Blossom to their $475M fund. Why multi stage funds ruined venture over the last few years. Why VC marketing is BS. This is not one to be missed. 🔥 👇

Harry Stebbings

16,733 просмотров • 3 лет назад

#SamAltman on why he invested his time and money on me in the early days of my venture capital journey… #OpenAi
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#SamAltman on why he invested his time and money on me in the early days of my venture capital journey… #OpenAi

Arlan 👊🏾

42,385 просмотров • 2 лет назад

Today, Space VC becomes Ambition Capital Five years ago, I launched a venture firm to little fanfare. Few in venture had heard of us, and even fewer believed the thesis
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Today, Space VC becomes Ambition Capital Five years ago, I launched a venture firm to little fanfare. Few in venture had heard of us, and even fewer believed the thesis

Jonathan Lacoste

27,882 просмотров • 2 месяцев назад

In a matter of months or years, AI agents will be some of the best (if not *the* best) venture investors in the world. That's why we're excited to give a sneak peak of ADIN -- AI-powered venture capital. ADIN is a network of AI agents that are able to: * evaluate deals, performing superhuman diligence in a matter of minutes * predict the value of a company (with reasonably accuracy, without knowing the value beforehand) * democratically vote on whether to invest in a project * recommend an investment amount based on the DAO/fund's thesis, deployment schedule, size, stage focus, and risk appetite With ADIN, we’re aiming to push both DAOs and venture into an agentic future.
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In a matter of months or years, AI agents will be some of the best (if not *the* best) venture investors in the world. That's why we're excited to give a sneak peak of ADIN -- AI-powered venture capital. ADIN is a network of AI agents that are able to: * evaluate deals, performing superhuman diligence in a matter of minutes * predict the value of a company (with reasonably accuracy, without knowing the value beforehand) * democratically vote on whether to invest in a project * recommend an investment amount based on the DAO/fund's thesis, deployment schedule, size, stage focus, and risk appetite With ADIN, we’re aiming to push both DAOs and venture into an agentic future.

Aaron Wright

29,589 просмотров • 1 год назад

I used to be in the U.S. Army, became a lawyer, worked in investment banking and venture capital, and now I’m back in the Army. I did a full circle. A fter seeing the power of combining venture capital money and mentorship with startup culture. I can say unequivocally that the Silicon Valley approach is absolutely ideal for the Army.
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I used to be in the U.S. Army, became a lawyer, worked in investment banking and venture capital, and now I’m back in the Army. I did a full circle. A fter seeing the power of combining venture capital money and mentorship with startup culture. I can say unequivocally that the Silicon Valley approach is absolutely ideal for the Army.

Secretary of the Army

70,130 просмотров • 11 месяцев назад

"Disinformation" was such a huge and growing field in 2023 that venture capital firms were investing hundreds of millions of dollars into "disinformation"-focused start-ups to get in on the financial upside of the censorship gold rush.
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"Disinformation" was such a huge and growing field in 2023 that venture capital firms were investing hundreds of millions of dollars into "disinformation"-focused start-ups to get in on the financial upside of the censorship gold rush.

Mike Benz

50,487 просмотров • 4 месяцев назад

Q: What are VCs looking for in the companies they fund? Marc Andreessen, founder of Netscape and venture firm a16z, explains in the clip below that venture capitalist business is a game of outliers: “The conventional statistics are that about 200 of the 4,000 venture-fundable companies per year will be funded by a top-tier VC. About 15 of those will someday get to $100MM of revenue, and those 15 will generate something on the order of 97% of all of the returns for the entire category of venture capital in that year.” He continues: “Venture capital is such an extreme feast or famine business. You’re either in one of the 15 or you’re not.” Most VCs are looking for extreme outliers, and when they’re evaluating your startup, they’re asking themselves if this business is one of the 15 businesses that year that will get to $100MM in revenue. One principle Marc believes helps firms invest in outliers is: invest in strength rather than lack of weakness. “The default way to do venture capital is to check boxes: really good founder, really good idea, really good product, really good initial customers. Check, check, check, check. ‘Ok this is reasonable, I’ll put money into it.’ But what you find with those checkbox deals is that they don’t have something that makes them really remarkable and special. They don’t have an extreme strength that makes them an outlier.” The takeaway for founders here is to make sure they highlight to VCs during the funding process that they have a really extreme strength across an important dimension.
1:57

Q: What are VCs looking for in the companies they fund? Marc Andreessen, founder of Netscape and venture firm a16z, explains in the clip below that venture capitalist business is a game of outliers: “The conventional statistics are that about 200 of the 4,000 venture-fundable companies per year will be funded by a top-tier VC. About 15 of those will someday get to $100MM of revenue, and those 15 will generate something on the order of 97% of all of the returns for the entire category of venture capital in that year.” He continues: “Venture capital is such an extreme feast or famine business. You’re either in one of the 15 or you’re not.” Most VCs are looking for extreme outliers, and when they’re evaluating your startup, they’re asking themselves if this business is one of the 15 businesses that year that will get to $100MM in revenue. One principle Marc believes helps firms invest in outliers is: invest in strength rather than lack of weakness. “The default way to do venture capital is to check boxes: really good founder, really good idea, really good product, really good initial customers. Check, check, check, check. ‘Ok this is reasonable, I’ll put money into it.’ But what you find with those checkbox deals is that they don’t have something that makes them really remarkable and special. They don’t have an extreme strength that makes them an outlier.” The takeaway for founders here is to make sure they highlight to VCs during the funding process that they have a really extreme strength across an important dimension.

Michael McGuiness

587,670 просмотров • 3 лет назад

Fantastic breakdown from Ben Horowitz on the history of venture capital and how the industry has evolved over time If you are building a VC firm or an entrepreneur thinking about raising money from venture capital, this is worth a listen "In venture capital, the fundamental thing you have to be is top tier. If you are not top tier, the best entrepreneurs will not take your money. There are times when the market is so blazing hot that you can be a not-important VC firm and jump into good deals to make money. But most times, if you are not top tier, you will go out of business."
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Fantastic breakdown from Ben Horowitz on the history of venture capital and how the industry has evolved over time If you are building a VC firm or an entrepreneur thinking about raising money from venture capital, this is worth a listen "In venture capital, the fundamental thing you have to be is top tier. If you are not top tier, the best entrepreneurs will not take your money. There are times when the market is so blazing hot that you can be a not-important VC firm and jump into good deals to make money. But most times, if you are not top tier, you will go out of business."

Boring_Business

21,897 просмотров • 7 месяцев назад

My conversation with Rebecca Kaden Rebecca Kaden is a General Partner at Union Square Ventures, one of the world's leading venture capital firms and an early investor in companies like Twitter, Etsy, Coinbase, and Twilio. She focuses on identifying the next generation of technology platforms shaping the future of AI, energy, and software. We discuss why AI is still dramatically underhyped, how the next wave of billion-dollar companies will be built, the future of open versus closed AI ecosystems, why venture capital operates on decade-long cycles, and the frameworks Rebecca uses to evaluate world-changing technologies before the rest of the market. We also discuss: - Why USV open-sources its investment thesis - The four possible futures of AI - How AI agents are changing venture capital - Why USV is investing in programmable energy - Why the best VCs think in decades, not years - Why founders should optimize for bigger outcomes, not safer bets Enjoy! Timestamps: 00:00 - Intro 5:28 - Market Cycles vs. Fund Cycles 8:28 - The Rebel Alliance & Open Ecosystems 11:18 - The Four Quadrants & Future Of AI 12:51 - Programmable Energy Bets 14:02 - Renewed Application Layer Conviction 18:11 - Public Thinking as Alpha 21:39 - Developing and Testing a Thesis 27:16 - Changing Market Structures From The Outside In 33:26 - Flexibility in Small Fund Sizes 35:59 - Selling on the way up 39:58 - Building Internal AI Agents 47:00 - Data at the Edge Thesis 51:46 - Trailblazer Trade-offs
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My conversation with Rebecca Kaden Rebecca Kaden is a General Partner at Union Square Ventures, one of the world's leading venture capital firms and an early investor in companies like Twitter, Etsy, Coinbase, and Twilio. She focuses on identifying the next generation of technology platforms shaping the future of AI, energy, and software. We discuss why AI is still dramatically underhyped, how the next wave of billion-dollar companies will be built, the future of open versus closed AI ecosystems, why venture capital operates on decade-long cycles, and the frameworks Rebecca uses to evaluate world-changing technologies before the rest of the market. We also discuss: - Why USV open-sources its investment thesis - The four possible futures of AI - How AI agents are changing venture capital - Why USV is investing in programmable energy - Why the best VCs think in decades, not years - Why founders should optimize for bigger outcomes, not safer bets Enjoy! Timestamps: 00:00 - Intro 5:28 - Market Cycles vs. Fund Cycles 8:28 - The Rebel Alliance & Open Ecosystems 11:18 - The Four Quadrants & Future Of AI 12:51 - Programmable Energy Bets 14:02 - Renewed Application Layer Conviction 18:11 - Public Thinking as Alpha 21:39 - Developing and Testing a Thesis 27:16 - Changing Market Structures From The Outside In 33:26 - Flexibility in Small Fund Sizes 35:59 - Selling on the way up 39:58 - Building Internal AI Agents 47:00 - Data at the Edge Thesis 51:46 - Trailblazer Trade-offs

Erica Wenger

30,267 просмотров • 1 месяц назад

"The West Coast is definitely eating the East Coast." Jeremy Giffon on where the next great financial firms will come from: "Venture capital has created the biggest businesses in the world, and private equity has not. The largest and most important finance firms come out of a culture of leveraged buyout. The core idea behind it is like using debt and financial engineering to make a lot of money. What does it look like when the largest financial firms in the world, their founding action was seed investing? It's equity driven, it's power law. It's hugely optimistic. Venture capital is this tiny little asset class that has produced all the most important things in the world. It is this civilizational technology which is you're willing to give young people millions of dollars to try a very speculative idea with basically no retribution or downside if it doesn't work.
2:01

"The West Coast is definitely eating the East Coast." Jeremy Giffon on where the next great financial firms will come from: "Venture capital has created the biggest businesses in the world, and private equity has not. The largest and most important finance firms come out of a culture of leveraged buyout. The core idea behind it is like using debt and financial engineering to make a lot of money. What does it look like when the largest financial firms in the world, their founding action was seed investing? It's equity driven, it's power law. It's hugely optimistic. Venture capital is this tiny little asset class that has produced all the most important things in the world. It is this civilizational technology which is you're willing to give young people millions of dollars to try a very speculative idea with basically no retribution or downside if it doesn't work.

Patrick OShaughnessy

277,640 просмотров • 2 месяцев назад

The Venture Capital Investment of the Decade: Cerebras "Foundation (Steve Vassallo) did real venture, not just capital deployment. They found the founder early, built the relationship and incubated the company from scratch. It was not obvious, not trendy and required conviction before the market saw it. That is what defines a true investment of the decade." Jason ✨👾SaaStr.Ai✨ Lemkin
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The Venture Capital Investment of the Decade: Cerebras "Foundation (Steve Vassallo) did real venture, not just capital deployment. They found the founder early, built the relationship and incubated the company from scratch. It was not obvious, not trendy and required conviction before the market saw it. That is what defines a true investment of the decade." Jason ✨👾SaaStr.Ai✨ Lemkin

Harry Stebbings

37,384 просмотров • 4 месяцев назад

This was an exceptionally cogent articulation from Roelof about the state of venture capital. "There's a lot more talent than really interesting companies to be built. And I think we're spreading a lot of that talent thin right now." "Venture is a return-free risk."
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This was an exceptionally cogent articulation from Roelof about the state of venture capital. "There's a lot more talent than really interesting companies to be built. And I think we're spreading a lot of that talent thin right now." "Venture is a return-free risk."

Jack Altman

745,679 просмотров • 11 месяцев назад

How can venture better serve founders in an era of extremely concentrated outcomes? This question runs through my Q2 review and my conversation with Packy McCormick: The Great Concentration Fixing the K-shaped Economy Buying a Hospital What a VC Is Actually For (and capital entrepreneurship) The Stack as the Antidote My answer, across all of it: innovate on capital so more companies can thrive, and transform legacy institutions so the benefits of intelligence reach everyone. read here:
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How can venture better serve founders in an era of extremely concentrated outcomes? This question runs through my Q2 review and my conversation with Packy McCormick: The Great Concentration Fixing the K-shaped Economy Buying a Hospital What a VC Is Actually For (and capital entrepreneurship) The Stack as the Antidote My answer, across all of it: innovate on capital so more companies can thrive, and transform legacy institutions so the benefits of intelligence reach everyone. read here:

Hemant Taneja

72,427 просмотров • 1 месяц назад

Managing Partner at Compound Michael Dempsey explains why venture firms have to keep rebuilding their edge. “Now any person in the world can take an academic paper, put it in ChatGPT and say, ‘Explain this to me like I’m 16.’ That edge is largely gone.”
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Managing Partner at Compound Michael Dempsey explains why venture firms have to keep rebuilding their edge. “Now any person in the world can take an academic paper, put it in ChatGPT and say, ‘Explain this to me like I’m 16.’ That edge is largely gone.”

Delphi Digital

37,488 просмотров • 1 месяц назад