What Venture Capital Really Optimizes For in an AI-Driven World with Peter Harris

Venture capital looks glamorous from the outside, but the reality is far more nuanced. From surviving market cycles to backing founders through years of uncertainty, long-term success in venture comes down to judgment, grit, and pattern recognition earned the hard way. Peter Harris, Partner at University Growth Fund, brings a rare perspective shaped by nearly two decades in venture investing, student-led fund models, and firsthand experience navigating both booms and downturns in technology markets  .

Peter’s path into venture capital started early, influenced by entrepreneurship, real estate investing, and a shift from wanting to be an engineer to seeing business itself as a tool for solving problems at scale. After helping rebuild and operate one of the largest student-run venture funds in the country, he went on to co-found University Growth Fund, a diversified Series A and beyond firm with a mission that blends strong returns, student development, and economic impact.

The conversation spans what makes founders investable beyond pitch decks, why fundraising ability is often underestimated as a CEO skill, and how venture dynamics change when markets tighten. Peter also shares how AI is rapidly reshaping creation, distribution, and labor, and why ownership of assets may matter more than ever in the decade ahead.

Topics covered include:

• Peter’s journey from student venture investor to Partner at University Growth Fund and the lessons learned rebuilding a fund from the ground up
• How living through multiple market cycles changes how investors evaluate risk, founders, and timing
• Why a CEO’s ability to raise capital in both good and bad markets can determine a company’s survival
• The concept of grit in founders and why simply outlasting competitors can be a decisive advantage
• What Peter looks for beyond resumes including earned secrets, founder insight, and lived experience
• How University Growth Fund balances real venture execution with training the next generation of investors
• Why most businesses should not raise venture capital and the control trade-offs founders must accept if they do
• How AI is driving the cost of creation toward zero and shifting competitive advantage toward distribution, sales, and brand
• The implications of AI on labor markets and why asset ownership may become increasingly critical
• Common mistakes founders make when pitching VCs and how to think more clearly about what capital is actually needed for

For founders, operators, and anyone trying to understand how venture capital is evolving in an AI-driven world, this episode offers a grounded and experience-backed look at what really matters when building companies that last.

Connect with Peter Harris on LinkedIn: https://www.linkedin.com/in/vcpete/

Learn more about University Growth Fund: https://www.ugrowthfund.com/

Listen to Peter’s podcast, VC.fm: https://vc.fm/

Connect with Greg Toroosian on LinkedIn: https://www.linkedin.com/in/gregtoroosian/