Origins - Inside Venture Capital, Hosted by a GP and an LP

Discover insights on Bitcoin's scarcity and the challenges of Web3 adoption. Learn how early-stage venture capital can benefit from the unique skill set of crypto traders. The hosts discuss the importance of recognizing crypto market cycles and how to evaluate crypto managers effectively. Nick emphasizes the true challenge of holding Bitcoin amidst volatility, contrasting it with traditional venture exit strategies. Tune in for a deep dive on how crypto experiences translate into success in traditional finance.

Kyle Samani, Founder and Managing Partner of Multicoin Capital, shares insights on the future of finance and blockchain technology. He discusses how traditional banks may be disrupted by the rise of on-chain trading and the emerging concept of Internet Capital Markets. Kyle explains why he prefers productive blockchains like Ethereum and Solana, and he highlights the potential of embedding trading platforms in everyday media. He also emphasizes the importance of execution over novel ideas and the promise of decentralized finance in reshaping markets.

Explore the insights from Sarah Tavel's strategic retreat to focus on AI and what this means for investors. The hosts dive into the balancing act of valuing AI-driven startups and discuss the potential risks of inflated valuations. Can LPs diversify in a world obsessed with AI? They tackle this pressing question and consider innovative strategies to mitigate concentration risks. The importance of carving out deep thinking time for better decision-making is also highlighted, proving crucial in today’s fast-paced venture landscape.

In this discussion, Sarah Tavel, Venture Partner at Benchmark and former general partner, dives into her journey into the world of AI. She explains her strategic shift to focus more on AI and highlights the importance of balancing time for deep thinking. Sarah sheds light on what it means to be AI native, emphasizing the blend of solo and social AI use. She also explores how our cognitive processes must evolve in this tech landscape and shares insights on adjusting investment strategies in a rapidly changing market.

The hosts dive into whether we've returned to the wild market of 2021, highlighted by recent 100x multiples. They discuss how firms are deploying capital without the pressure to fundraise, altering traditional fund dynamics. There's an emphasis on the importance of being selective with high-priced deals while exploring creative liquidity options. The conversation considers whether venture bubbles might occur more frequently, reflecting on the lessons learned from the past. Curiosity and diligence among LPs and GPs are celebrated as key to navigating this uncertainty.

Alex Edelson, founder of Slipstream Investors and a savvy LP, discusses the intriguing landscape of fund of funds. He shares insights on identifying hard-to-find, high-potential funds that could outperform established players. Alongside Beezer Clarkson and Nick Chirls, they delve into strategies for capital raising and the importance of empathy in GP-LP relationships. They also debate the impact of mega-funds on early-stage investments and navigate the challenges presented by today's volatile venture capital cycles.

Curiosity is explored as a vital ingredient for success in venture capital, illuminating how it shapes team dynamics and decision-making. The hosts delve into maintaining relevance in an ever-evolving landscape, emphasizing the need for adaptability. They also share personal insights on balancing introversion and extroversion in their professional lives. The discussion highlights the importance of strong communication between general and limited partners while navigating the unique challenges of the industry.

Sunil Dhaliwal, founder of Amplify, and Mike Dauber, a partner since 2014, delve into their venture strategies focusing on outliers in tech and biotech. They discuss the evolution of the venture capital landscape, emphasizing the shift in supporting technical founders. The duo also shares insights from their recent $900 million fundraise and the launch of Amplify Bio, revealing their commitment to long-term investments in life sciences. Their approach champions decentralized decision-making, fostering innovative leaders in AI and cloud infrastructure.

This conversation dives into the risks posed by AI to established tech giants, particularly in healthcare. The discussion highlights how major incumbents like Microsoft and Google maintain dominance despite the threat of innovative newcomers. There's a thought-provoking exploration of authenticity in a world dominated by processed content, and how humor can spark more genuine connections in venture capital. The hosts also navigate the complexities of monopolistic advantages in AI, adding a light-hearted touch to their insights.

Will Manidis, SVP of AI at Veradigm and former founder of Science.io, shares his insights on the transformative power of AI in healthcare, emphasizing its potential to enhance patient outcomes. He discusses the shift from traditional venture capital to merchant banking structures, advocating for better alignment of incentives and innovative financial models. The conversation also explores the evolving landscape of healthcare services and the impact of AI on media, showcasing the challenges and opportunities ahead for both sectors.