Tomasz Tunguz, Founder of Theory Ventures, is widely recognized for his analytical approach to venture investing. Now, he’s building Theory with a philosophy rooted in research and data-driven decision-making. Tomasz sits down with Nick Chirls, General Partner at Asylum Ventures and Beezer Clarkson, LP at Sapphire Partners and co-founder of OpenLP, to discuss spinouts and succession in established firms and the value of running high-risk, high-reward experiments at specialist firms like Theory. Tomasz also shares his belief that investors will need to adapt to a future where asking the right questions of LLMs will be critical for success.
CHAPTERS:
0:00 Welcome to Origins
4:05 Why Are So Many People Leaving Top Firms?
12:15 Getting the Probabilities On Your Side
16:01 Building Highly Concentrated Portfolios
17:33 Lessons Learned in Fund One
21:37 Tomasz’s Brand v. Theory’s Brand
27:15 Using Tech at the Core of Theory
34:31 Asking the Right Questions in AI
36:56 Predictions for 2026
Learn more about Sapphire Partners: https://sapphireventures.com/sapphire-partners
Learn more about OpenLP: https://openlp.vc
Learn more about Asylum Ventures: https://asylum.vc
Learn more about Theory Ventures: https://theory.ventures
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Origins is produced by Sapphire Ventures in partnership with Pod People.
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