The Learning Corner by Precursor

In this week’s episode of The Learning Corner, recorded in person during Precursor’s team onsite in San Francisco, Mia Farnham and Charles Hudson dive into the following topics: Embracing Optimism in Venture Inspired by a recent essay from Collin and Joshua Wallace, we explore the often-overlooked value of modeling best-case scenarios. While founders and investors are trained to anticipate risk, we ask: what would it look like to plan with optimism, and why is that mindset essential to long-term success? Bill Gurley on the Broken Math of Seed We break down Hadley Harris’ viral thread and Bill Gurley’s response on how price does matter in seed investing and how it could become more difficult to win back ownership in follow on strategy. Aumni’s Q1 2025 Venture Beacon Report With deal sizes compressing and investor protections rising, we examine the broader recalibration of the venture market. (0:12) Introduction and episode overview (0:43) Balancing risk management with positive visualization and modeling radical success scenarios (2:23) The reality of pre-seed investments and Caper acquisition by Instacart (3:50) The role of optimism in investment decisions and the unpredictability of acquisition paths (7:01) Evaluating AI startups and insights on seed investing math (10:08) Multi-stage funds and the impact of mega fund seed programs on valuations (13:07) IPOs as down rounds and key themes from Omni's Q1 2025 Venture Beacon (15:18) Supporting non-series A ready companies and the reality of current graduation rates (21:00) Interview with Jane Doe from XYZ Ventures (28:50) How to approach pivoting your startup (34:20) The role of mentorship in early-stage startups (40:10) Listener questions and answers (47:45) Closing remarks and upcoming episode preview (49:00) Sponsor message from ABC Corporation

In this episode of The Learning Corner by Precursor, Mia Farnham and Charles Hudson explore the emotional rollercoaster faced by startup founders, shedding light on the prevalence of burnout and the implications of startup culture on personal well-being. They delve into the role of AI in education, discussing both the hurdles and opportunities it presents. The conversation broadens to the global repercussions of AI transformation and its influence on venture capital dynamics. Additionally, they examine the business models and inherent challenges confronting AI companies. The startup postmortem I’ve been avoiding by Quinn Wang Teachers are note OK by Jason Koebler Trends - artificial intelligence by Bond Cap (0:00) Welcome and the emotional journey of founders (4:03) Avoiding burnout and the impact of startup culture on personal life (9:20) AI in education: Challenges and potential solutions (17:01) The global impact of AI transformation and venture capital dynamics (20:01) Business models and challenges for AI companies (20:41) Episode wrap-up and closing remarks

In this episode of The Learning Corner by Precursor, hosts Mia Farnham and Charles Hudson dive into the week’s most thought-provoking articles and trends shaping tech, venture capital, and the future of work. They explore the growing tension between AI advancement and labor displacement, discussing how automation is reshaping entry-level jobs and what it means for the next generation of workers. The conversation also unpacks the realities behind “bridge rounds” in startup funding—when they work, when they don’t, and what founders and investors should consider before doubling down. Finally, Mia and Charles break down the DOJ’s antitrust investigation into Google’s acquisition tactics in the AI space, and what these new “acqui-license” deals mean for founders, incumbents, and the broader tech ecosystem. Tune in for candid insights, practical advice, and a behind-the-scenes look at the decisions shaping tomorrow’s economy. (0:00) Introduction to the episode and AI's impact on labor (3:50) The venture capitalist's role in economic shaping and consistency in business (7:37) Bridge rounds in venture capital: Analysis and advice (15:55) Antitrust concerns and Google's AI strategy (19:19) Closing remarks and thanks to listeners

This week, Mia, Charles and Leon break down three timely topics shaping the future of venture and technology: VC Exit Math is Changing: David Clark (VenCap) expands on Packy McCormick’s analysis of billion-dollar exits, showing how top-tier venture returns are moving from $1B to $20B+ outcomes. We explore what this shift means for fund pacing, graduation rates, and why mid-sized funds are feeling the squeeze. “Vibe Investing” & Perishable Knowledge: Collin Wallace (Lobby Capital) dives into AI’s impact on investor behavior and startup creation. We talk about the limits of pattern recognition, the risk of thesis mimicry, and why real conviction still requires “showing your work.” Was Advertising the Web’s Original Sin?: Ben Thompson’s latest Stratechery essay revisits internet economics in the age of AI. We unpack the idea of an “agentic web,” what AI-native payments might look like, and how stablecoins could become critical for creator monetization. (0:12) Introduction and episode overview (1:28) Venture exit values, fund size, and returns (4:18) Advising founders and team assessment in venture investing (6:46) Vibe Investing, AI's role in venture decision-making, and perishable founder knowledge (12:11) Showing your work in investing and Ben Thompson's essay on advertising and AI (16:22) The future of digital content: Agentic web, AI native payments, and monetization challenges (19:52) Closing remarks

In this episode we unpack three topics across the VC/Startup ecosystem: AI Is Coming for Jobs, And CEOs Are Finally Saying It: Fiverr CEO Micha Kaufman recently published one of the most candid memos we’ve seen, acknowledging AI’s very real disruption of the gig economy. We talk about what happens when leaders stop spinning AI as pure efficiency, and start confronting what’s being lost. The Myth of the AI-Native Startup: Why are so many “AI-native” companies failing to deliver meaningful results? We discuss Casey Newton’s piece on the reality of these startups, how investor FOMO is outpacing ROI, and what lessons from SaaS might apply as the hype cycle matures. Why Specialist Funds Lose Their Edge After Fund I: Nick Moran shared a sharp LP take: specialist funds often outperform early, but lose discipline as they scale. We debate whether today’s real arbitrage might be outside of AI entirely, and what long-term evolution really looks like in venture. Fiverr CEO Memo on AI Stealing Jobs The Myth of the AI-native Startup by Casey Newton LP View of Specialist Fund I Performance by Nick Moran (0:00) Introduction and host backgrounds (0:12) Welcome to the Learning Corner (0:45) AI's impact on gig work and CEO perspectives (5:42) AI native startups and investment expectations (11:37) Specialist VC funds and SaaS success stories (15:47) The challenge of marketing a generalist fund (16:37) Closing remarks and thanks

In this episode of The Learning Corner, we explore founder frustrations with venture capital and the concept of VC prenups. The discussion transitions into the blurring lines between venture capital and private equity, examining their structural differences. We delve into the evolution of venture capital, focusing on profitability and LightSpeed Venture Partners' shift to RIA status. The conversation highlights the impact of RIA status from the perspective of founders and the trend toward diversified VC firms. We also discuss the sustainability of mid-sized venture funds, with insights from The Information's AI event, and examine consumer behavior and the integration of AI into daily life. We Need a VC Prenup: Creating Off-Ramps for Tech Businesses by Edited Capital Lightspeed Is Latest Firm to Shift Away from Classic VC Model by Bloomberg Financing the AI Revolution: The Highlights by The Information (0:00) Founder frustrations with venture capital and VC prenups (1:39) Blurring lines between VC and PE, including structural differences (5:26) Evolution of venture capital, profitability, and LightSpeed Venture Partners RIA shift (10:03) Impact of RIA status and founders' perspective on diversified VC firms (12:58) Sustainability of mid-sized venture funds and insights from The Information's AI event (17:25) Consumer behavior and integration of AI into daily life

In this episode of The Learning Corner, we delve into the impact of AI enthusiasm and tariffs on tech businesses, exploring how these factors are reshaping the landscape. Charles Hudson shares insights on talent retention challenges faced by startups. The conversation shifts to Plaid's potential public offering and the considerations for venture capital returns. We also discuss liquidity and secondary opportunities available to limited partners. The episode examines tariffs and their economic effects on startups. The episode concludes with final thoughts on the broader implications of tariffs. Figma, Plaid And The Battle To Retain Talent At Almost-Exited Startups by Alex Konrad Winning Fast in Venture by Josh Kopelman How Are US Consumers and Firms Responding to Tariffs? by Apollo (0:00) The impact of AI enthusiasm and tariffs on tech businesses (0:52) Talent retention challenges and insights from Charles Hudson (5:00) Plaid's potential public offering and VC returns considerations (11:28) Liquidity and secondary opportunities for LPs (14:08) Tariffs and their economic effects on startups (18:38) Final thoughts on tariffs' impact on e-commerce platforms (19:17) Sponsor: ${name}

In this episode of The Learning Corner, we begin with an introduction and welcome before diving into Ed Sim's insights on the "Enterprise Agent Hunger Games." The discussion explores the dynamics of enterprise software, the challenges posed by AI, and the competitive landscape. We examine how founders can build for scale and sustain AI tools within enterprises. The conversation shifts to reframing board meetings and Precursor's approach to supporting founders. We also touch on Halle Tecco's decision to move away from angel investing after years in the ecosystem. The Enterprise Agent Hunger Games by Ed Sim Reframing the Board Meeting: It’s Not a Performance Review by Jeffrey Silverman Why I Stopped Angel Investing by Halle Tecco (0:12) Introduction and welcome (0:45) Enterprise agent hunger games by Ed Sim (1:21) Dynamics of enterprise software, AI challenges, and competitive landscape (4:18) Founders building for scale and sustaining AI tools in enterprises (7:07) Reframing the board meeting and Precursor's support for founders (15:43) Holly Teko's departure from angel investing and running a venture fund (20:12) Closing remarks and invitations to like and subscribe

In this episode of The Learning Corner, we kick off with an introduction and overview before diving into a consolidated discussion on Fund Ones and the factors that contribute to VC success. The conversation explores how VC firms are evolving into media companies and the importance of content strategy. We also delve into the patience and emotional aspects of early-stage venture capital, highlighting market conditions and portfolio management challenges. The episode wraps up with closing remarks and expressions of gratitude. The Math of Fund 1s: Why First-Time Funds Mathematically Outperform by Steve Kim The Next Great VC Firm Will be Built like a Media Company by Paul Smalera Patience Across Early Stage Venture by Jenny Fielding (0:00) Introduction to the episode and overview (1:29) Consolidated Discussion on Fund Ones and VC Success Factors (6:22) VC Firms as Media Companies and Content Strategy (16:55) Patience and Emotional Aspects of Early Stage VC (19:08) Market Conditions and Portfolio Management in VC (19:37) Closing remarks and thank yous

In this episode of The Learning Corner, the discussion begins with an overview of AI fever and its profound implications for startups. We examine the rise of tourist founders and the role of venture capital in the AI boom, along with the mounting pressure on companies to pivot towards AI. The conversation shifts to the new phenomenon of senior partner departures from larger funds across the ecosystem. Shopify's Internal Memo Opportunism by Sriram Krishnan Many senior venture capitalists are leaving big firms. Insiders boil it down to a few reasons (0:00) Introduction to the Learning Corner podcast (0:44) AI fever and its implications for startups (7:17) Tourist founders and VC's role in AI (12:08) Navigating the pressure to pivot to AI (13:11) High-profile VC exits and their effects (18:56) Continuation of VC partner departure impacts