The Learning Corner by Precursor

This episode of The Learning Corner delves into the dynamics between founder quality and market conditions. An introduction to the podcast sets the stage for a discussion on Bradley Tusk's venture fund evolution, highlighting the hybrid model's impact. The roles and innovations in fund management are explored, emphasizing the balance between meaningful support and marketing in venture funds. The conversation then shifts to platform resources and strategies for navigating overheated markets. The episode also examines adjustments in AI investment strategies, addressing price sensitivity and the emotional commitment required in investments. Bradley Tusk says VC is dead. But the ‘fixer’ in him is just getting started by Rebecca Bellan and Theresa Loconsolo Learnings From The Last Overheated VC Market by Rob Bo (0:00) Founder quality and market conditions (0:11) Introduction to the Learning Corner podcast (0:42) Bradley Tusk's venture fund evolution and the hybrid model (2:07) Roles and innovations in fund management (4:43) Meaningful support vs. marketing in venture funds (7:35) Platform resources and overheated market strategies (11:23) AI investment strategy adjustments (13:00) Price sensitivity and emotional commitment in investments

In this episode of The Learning Corner, we dive into the venture ecosystem, focusing on optics versus nuance and founder expectations. We explore acqui-hires, small exits, and alternative startup paths, emphasizing transparency. A controversy around an AI sales startup sparks a discussion on founder honesty. We also discuss capitalizing on arbitrage windows, challenges for specialists, and investing in out-of-favor categories like African fintech. The debate continues on AI-focused funds and the generalist versus specialist approach in venture capital, concluding with thoughts on supporting individual contributors. Headlines Rarely Tell You the Story by Jesse Middleton a16z- and Benchmark-backed 11x has been claiming customers it doesn’t have by TechCrunch Venture Manager Selection: Capitalising on Arbitrage Windows by Jordan Nel (0:00) Introduction and episode overview (1:00) Venture ecosystem insights: optics vs. nuance and founder expectations (2:58) Acqui-hires, small exits, and alternative startup paths (6:45) Transparency in the startup and venture ecosystem (8:49) 11x AI sales automation startup controversy and founder honesty (17:31) Venture capitalizing on arbitrage windows and the specialist challenge (20:09) Investing in out-of-favor categories and African fintech (21:17) AI-focused funds and the generalist vs. specialist debate in venture capital (23:18) Backing individual contributors and closing remarks

This episode of The Learning Corner kicks off with an introduction and overview, setting the stage for a deep dive into Cendana Capital's unique approach to secondaries and small fund liquidity. The conversation moves on to the concept of tourist fund managers, offering insights on how founders can evaluate them effectively. The growth of CoreWeave under the influence of NVIDIA is explored, raising questions about the sustainability of AI infrastructure companies. The discussion then shifts to the challenges surrounding reserve funds and follow-on investments. The episode wraps up by examining the balance between supporting founders and adhering to investment strategy, concluding with closing remarks and gratitude to listeners. Here’s why seed fund investor Michael Kim of Cendana Capital says last year was among his most liquid by StrictlyVC Download ‘Project Osprey:’ How Nvidia Seeded CoreWeave’s Rise by The Information Questioning the Conventional Wisdom of the Reserve Fund by Clint Korver (0:18) Introduction and episode overview (0:50) Cendana Capital's approach to secondaries and small fund liquidity (3:34) Tourist fund managers and evaluating them for founders (6:23) NVIDIA and the growth of CoreWeave (9:27) Sustainability of AI infrastructure companies (10:15) Reserve funds and follow-on investment challenges (14:21) Balancing founder support with investment strategy (16:42) Closing remarks and thank you to listeners

In this episode of The Learning Corner, the discussion begins with an introduction to the podcast and hosts, followed by an overview of Harvey AI's impressive $300M Series D funding round. The conversation then shifts to a TechCrunch article addressing the issue of VC ghosting and the frustrations it causes for founders. The episode also examines the tendency of AI startups to exaggerate their traction, introducing the concept of "annual curiosity revenue." Lawrence Lundy Brian's post on the future of data-driven venture capital is explored, highlighting its potential impact. The episode concludes by examining the intersection of AI, data-driven investing, and venture capital, wrapping up with a sign-off. Sequoia Bets $300M on Harvey’s Unorthodox Playbook by Caroline Thompson Why VCs ghost founders, or reject deals and never speak to the founder again by TechCrunch Data Driven VC Is Over by Lawrence Lundy-Bryan (0:00) Introduction to the podcast and hosts (0:40) Overview and Analysis of Harvey AI's $300M Series D (5:09) TechCrunch article on VC ghosting and founder frustrations (12:15) Exaggeration in AI startups' traction and "annual curiosity revenue" (16:57) Lawrence Lundy Brian's post on the future of data-driven VC (21:04) The Intersection of AI, Data-Driven Investing, and Venture Capital (24:12) Conclusion and sign-off

The discussion turns to venture capital insights, focusing on the importance of liquidity in the ecosystem. The nuances of secondary sales and the role of employee liquidity are explored, shedding light on their significance for startup growth. Attention is given to the challenges of overfunding and the necessity for capital efficiency in startups. The episode features a thoughtful discussion on a blog post, offering additional perspectives. It wraps up with closing remarks and a note of gratitude to the listeners. Chris Farmer Interview, Strictly VC Download Podcast Stripe's Valuation Climbs to $91.5b in Secondary Stock Offer by CNBC Drinking From a Firehose by Fred Wilson A Cornucopia of Takes by Yoni Rechtman (0:00) Welcome and Introduction (1:11) Venture Capital Insights and Liquidity (5:59) Secondary Sales and Employee Liquidity (14:26) Overfunding and Capital Efficiency in Startups (20:34) Blog Post Discussion and Closing Remarks (21:26) Sponsor: Thanks to our listeners

In this episode of The Learning Corner, the conversation begins with an introduction to the hosts before diving into Anthropic's recent AI funding and the competitive landscape of large language models. The discussion then addresses consumer adoption of AI tools and Google's struggles in AI development. Attention is given to the impact of internal politics on tech innovation, exploring how organizational dynamics can hinder progress. The episode shifts to trends in the venture ecosystem, focusing on IPOs and secondary liquidity. It concludes with an analysis of the evolving venture model, highlighting the increasing importance of financial sophistication. AI startup Anthropic close to $3.5 billion fundraise, sources say by Reuters Google's AI Efforts Marred by Turf Disputes by The Information What if the Current Tech IPO Drought isn't a Drought but the New Normal for Venture? by Charles Hudson (0:19) Introduction to the episode and hosts (1:02) Anthropic's AI funding and the competitive landscape of LLMs (5:10) Consumer adoption of AI tools and Google's AI development struggles (10:48) The impact of internal politics on tech innovation (14:30) The venture ecosystem: IPOs and secondary liquidity trends (19:34) The evolving venture model and financial sophistication

In this episode of The Learning Corner, the conversation kicks off with insights into understanding the role of Agtech in early-stage investing. The discussion then moves to identifying signs that a startup might be on the brink of failure, with a focus on the critical role of product velocity. Attention is given to recognizing red flags in founder behavior that could signal potential challenges. The episode concludes with a detailed exploration of pre-seed rounds, highlighting their significance and impact on the broader venture capital landscape. Is Agtech Broken for Venture Capital—or Are We Asking the Wrong Question? by Sarah Nolet 9 Signs a Startup Isn't Going to Make It by Amelia Ibarra What Actually Is a Pre-Seed Round by Peter Walker (0:00) Picking the right people and agtech in early-stage investing (6:50) Signs a startup might fail and the importance of product velocity (11:22) Recognizing red flags in founder behavior (13:34) Defining pre seed rounds and their impact on venture capital

In this episode of The Learning Corner, the discussion kicks off with an introduction to the podcast and the significance of ARR milestones in the startup journey. The conversation then transitions into the evolving landscape of venture capital in the AI era, examining AI's influence on VC operations and the unique challenges faced in pre-seed funding. The episode delves into the nuances of analyzing early-stage traction, debunking common misconceptions. A comparison is drawn between the current AI investment hype and the 1999 tech bubble, offering insights into the potential parallels. The episode wraps up with a forward-looking perspective on AI investment strategies and concluding thoughts. How “Venture Capital 3.0” Impacts Founders in the AI Age by James Currier On seed-stage startup traction (and why to ignore it) by Jared Heyman Have We Been Partying Like It’s 1999? by Paul Krugman (0:00) Introduction and the significance of ARR milestones (0:49) Venture capital insights in the AI era (2:18) AI's influence on venture capital operations (5:19) The role of AI in PreSeed venture challenges (7:15) Analyzing early-stage traction in investments (12:14) Context and misconceptions around early-stage traction (14:55) Comparing AI investment hype to the 1999 tech bubble (17:19) Future outlook for AI investment strategies (19:08) Conclusion and final thoughts

In this episode of The Learning Corner the episode delves into Hunter Walk's essay, exploring the critical themes of founder perseverance and timing decisions in the startup journey. The conversation then shifts to a Forbes article examining Sarah Guo's recent fundraise and the opportunity of spinouts across venture capital. The episode also reviews the AngelList state of venture report, offering a comprehensive look at current and future trends in seed and venture dynamics. I never want founders to QUIT, but sometimes they should STOP by Hunter Walk Goodbye Golden Handcuffs, Inside the Partner Exodus Rippling Across Venture Capital by Forbes The State of Venture in 2024 by AngelList (0:00) Introduction and welcome (0:42) Hunter Wach's essay on founder perseverance and timing decisions (7:02) Forbes article on Seroquel's latest fundraise and spinout challenges (13:17) AngelList state of venture report and future trends in seed and venture dynamics (18:47) Closing remarks and thank yous

In this episode of The Learning Corner, the discussion begins with an introduction to the podcast, setting the stage for an analysis of DeepSeek and ripple effects across venture, the public markets and startups. The conversation then shifts to predicting the future of AI, focusing on the potential of low-cost models. The episode explores auction-based fundraising, offering practical advice for founders. The importance of maintaining an updated diligence room for founders is emphasized, followed by a discussion on the dynamics of seed rounds, where size truly matters. The challenges and tips for founders navigating large seed rounds are also covered. The episode wraps up with closing thoughts and a call to action. DeepSeek Has Been Inevitable and Here's Why by Steven Sinofsky Always Run an Auction by Aaron Harris Seed Rounds Got Larger Through The Downturn. Why Is That? by Crunchbase News (0:00) Introduction to The Learning Corner by Precursor (1:35) DeepSeek's impact on the venture ecosystem (3:15) Predicting the future of AI and low-cost models (6:08) Auction-based fundraising and founder advice (12:11) The importance of an updated diligence room for founders (14:38) Seed rounds dynamics: Size matters and its implications (18:06) Challenges and tips for founders on large seed rounds (20:07) Episode closing and call to action