Building a Sustainable Competitive Advantage in the DTC Industry

Jerry Neumann (@ganeumann), founder of Neu Venture Capital, joins Erik on this episode.

They discuss:

- Carlota Perez’s work and the implications for investors and founders, including what would change if VCs took her ideas seriously.

- What people misunderstand the most about moats.

- Why he wants to invest in situations where there is uncertainty, and what the right kind of uncertainty is.

- Whether you can predict what the next technological revolution will be, and why the predictions themselves end up shaping the future.

- Why he says that the power law distribution in venture is a result of the picking process.

- How he thinks about follow-on investments.

- Venture capital and poker.

- The reasons that the structure of venture funds hasn’t changed.

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