The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 443. The Path from Aspiring VC to Partner at Bessemer, Building Non-Consensus Conviction, The Most Compelling Vertical Applications of AI, and Why Fintech is the New Frontier in Supply Chain (Mike Droesch)
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Jul 22, 2024 Mike Droesch, Partner at Bessemer, talks about AI applications, vertical AI companies, FinTech in supply chain, and making non-consensus bets in venture capital. They discuss advancements in AI, challenges in supply chain operations, and the potential for FinTech to revolutionize efficiency.
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Mike Droesch's Path to Venture Capital
- Mike Droesch's path to venture capital started in engineering and consulting.
- It involved a GovTech deep dive project that landed him an internship at Bessemer.
Breaking into VC
- To break into VC, be self-directed and create projects showcasing your skills.
- This demonstrates initiative and makes it easier for VCs to say yes.
Multimodal AI Applications
- Multimodal AI applications are more impactful than text -based ones.
- They incorporate multiple senses, impacting industries with significant human work.