The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 477. The Biggest Misconceptions About AI Agents, Why Defensibility Doesn’t Matter at Seed, and Whether the AI Center of Gravity Is Shifting to China (Aaref Hilaly)
Apr 7, 2025
Aaref Hilaly, a partner at Bain Capital Ventures with a rich background in AI and venture capital, shares valuable insights on AI investment dynamics. He busts myths about AI agents and discusses why traditional defensibility concerns may not apply to seed-stage investments. Hilaly emphasizes the complexities of open versus closed source AI models and their implications for businesses. He also highlights the shifting center of gravity in AI towards China and the importance of understanding market demand in a rapidly evolving tech landscape.
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Episode notes
1 2 3 4 5 6
Intro
00:00 • 2min
Navigating AI and Investment Strategies
01:43 • 10min
Navigating the Open vs. Closed Source Dilemma in AI
11:41 • 2min
Debunking Defensibility in Early-Stage AI Ventures
13:18 • 2min
Navigating Market Demand in a Fast-Paced Tech Landscape
14:52 • 2min
Navigating the Future: Scenario Planning in AI and Investment
16:47 • 13min
