Upside

Hosts: Dan Bowyer, Lomax Ward, Mads Jensen.The real news behind the headlines affecting European Venture.ECB interest rate cuts, IPO market divergence, AI copyright tension, UK Strategic Defence Review, and the NHS starts liquid biopsies.00:58 – ECB Rate Cuts: So what for Europe and Startups?8 rate cuts in 12 months signals easing. EU’s sub-2% inflation vs. US’s higher inflation + deficit (~7% of GDP).Fiscal strength = leverage for defence and energy investment.04:34 – Capital Flows & SentimentWill a weaker euro drive more capital to riskier assets?05:27 – Contrasting the US Volatility vs. EU StabilityVolatility in the US makes EU relatively attractive, but low EU growth remains a concern. Lower rates long-term can push capital into startups and infrastructure.07:21 – IPO Markets: A Tale of Two CitiesUS IPO market is booming (+80%), UK (-80%). 143 US IPOs vs. 5 UK IPOs YTD. $13B raised in US vs. ummm £75M in UK?!09:11 – Why is the UK IPO Scene Lagging?US market cap ~17x that of UK; daily trading 50x more.12:35 – Pisces Liquidity Schemes: Public vs. Private Market DebatePisces—a new semi-liquid scheme for startup equity. Private markets aren’t built for public-style trading. Carta tried—failed.15:11 – Systemic Decline of London’s Public MarketFrom ~1/3 the size of S&P 500 in 2007 to 1/17 today. Staggering numbers.21:49 – UK Defence Review: Investment & OpportunityNew £87B plan over 10 years. Will it benefit startups? Still heavily physical (~80%), but £400M earmarked for innovation.28:24 – Sovereign Tech & Europe's Defence RoleIs £400M enough? Contextualised vs. Anduril’s $2.5B raise.37:08 – AI Infrastructure in EuropeLinks defence with economic growth. EU's €20B AI Superfactory plans underway; Germany’s first data cluster. Huge challenge: power costs & permitting.40:19 – NHS Liquid Biopsies: Tech Meets Real-World HealthcareNHS rolling out liquid biopsy for lung/breast cancer patients. Huge potential.45:54 – The Case for Healthcare Tech EfficiencyNHS productivity is down despite 14% spending increase since 2019.46:12 – Deals of the WeekMUBI: UK-based streaming platform raises $100M from Sequoia.Beckley Psytech & Atai merger: A pivotal moment for psychedelics + mental health.Grammarly: $1B non-dilutive raise led by General Catalyst; Ukrainian roots, US-led round.Until next week fine people...

Trade Wars, Tariffs, and Tech Shifts – The Big Picture Shaping European StartupsWith Dan Bowyer, Mads Jensen & Lomax Ward00:00 – Intro: The Need to Talk TariffsDan kicks off the episode with a reminder: No groans, we need to talk tariffs.Taco tariffs, international trade deals, and looming US-EU trade tensions.00:29 – Federal Judges, EU-US Trade, and Startup ImpactsThe EU-US trade deal cajoled activity: what does it mean for investors, startups, and Europe?00:59 – Lomax’s Context: The Behemoth US-EU Trade Relationship$1.5 trillion annual trade; US-EU dwarfs US-China.Why has there never been a formal trade deal? Regulatory misalignments and subsidy wars (Airbus-Boeing).Harmonisation of standards as a critical issue—hardware startups especially at risk.02:12 – Regulatory Divergence and Why It MattersEU’s precautionary principle vs. US’s risk-based model.Trade deals aren't just tariffs—harmonising standards can unlock growth.03:50 – Hardware Startups & the Tariff Threat10% of EU startups are hardware—“they will struggle if tariffs hit 50%.”04:28 – The China & Russia Factor in Trade RebalancingTrump’s chaotic policies, stock markets up despite tariff shocks.06:01 – Inflation, Deficits, and Market VolatilityResidual tariffs could push US inflation by .5-1%.“Congress looking to add $3-4 trillion over 10 years.”The importance of EU sophistication in trade negotiations08:55 – Direct vs. Indirect Impact on StartupsTariffs affect hardware directly; inflation and interest rates indirectly.Interest rates impact M&A, liquidity, DPI, and venture capital flows.11:27 – Markets’ Schism: Bond Traders vs. Equity InvestorsBond traders panic over risk; equity investors bet on AI’s promise.12:09 – Trump’s Amplifier Effect: Deregulation vs. ChaosThe paradox of Trump’s anti-regulation stance fuelling optimism vs. destabilisation.13:42 – EU’s Startup & Scale-Up Strategy: Will It Work?€10B blended fund, blue carpet initiative for talent, regulatory simplification.17:23 – The Slow Pace of EU Policy: 2026-27 TimelinesLomax: “28th regime sounds like a Robert Harris novel—big thanks to Andreas Klinger for pushing it.”19:50 – Employee Stock Options: Europe’s Broken SystemThe need for harmonisation—“It’s key to unlocking talent.”21:49 – Big Tech Announcements: AI’s VelocityGoogle I/O, Microsoft Build, Nvidia’s blowout quarter.AI’s exponential growth—“50x increase in token processing in a year.”27:30 – The Application Layer: Opportunities and DisruptionsAI’s impact on startup building: velocity of product cycles, risk of obsolescence.Dan: “Will SaaS die as AI tools empower in-house builds?”36:54 – OpenAI + Johnny Ive: Hardware, Form Factors, and SpeculationA $6.5B stock deal, secretive hardware project—pendant? Phone? Glasses? A new paradigm?“I hope it’s not a pendant!”39:10 – The Race for the Next Form FactorApple’s stagnation; OpenAI’s ambition to dethrone them.41:10 – Wrap-Up: EU Urgency, Munich’s Tech Momentum, and the Week AheadMunich as a growing hub: TSMC, Apple, Quantum Systems.Lomax: “Bright Flag’s $425M exit is a big deal for the European ecosystem.”

The real stories behind the headlines affecting European Venture.This week Mads, Lomax, Andrew and I are all out and about at various conferences and events speaking with European LPs and GPs about our ecosystem - themes and trends for 2025 and beyond, how we grow, how we go toe-to-toe. The pitfalls, the breaks and beyond.Interviews with:Jone Vaituleviciute from First PickFrancesco Perticarari from siliconroundabout.ventures Charlotte Palmer from Integra Global AdvisorsMike Sigal from Sigal venturesDan Smith from Repeat VenturesAntonio Miguel from Maze ImpactOzge Oz from QNBEYOND VenturesPhilipp Herkelmann from EU IncAndreas Klinger from EU Inc and PrototypeTimestamps:00:00 Introducing Dragons with Andrew Scott07:40 Lomax goes toe-to-toe with Silicon Valley13:05 Jone from First Pick and her Lithuanian adventures15:15 Francesco from SiliconValley Ventures on 2025 deep tech opportunities16:36 Oz from QNB and his one big ask17:12 Charlotte from Integra - what to look for in emerging managers19:50 Mike Sigal breaks down the European capital challenge24:20 Dan from Repeat on renewed LP positivity25:22 Antonio from Maze on Trump crushing Impact - or is he?26:35 Mads with EU Inc founders Andreas and Philip - Why Europe why now

🎙️ Upside: Special Edition with Jo Living — Poker, Pressure & Performance in Business, Startups and InvestingHost: Dan Bowyer Guest: Jo Living, Founder of ACES HighJo Living joins Dan to explore the high-stakes parallels between poker and the business world. From her upbringing around cards to founding a FemTech startup and launching ACES High, Jo unpacks how poker has helped her navigate negotiations, raise capital, build teams—and teach others to perform under pressure.01:07 – Jo’s Career Journey From investment banking to FemTech founder to poker circuit regular, Jo traces the experiences that led to ACES High.03:29 – The Trigger Moment A trip to Morocco, winning a poker tournament while pregnant, and launching informal poker nights back home.05:19 – Skills Poker Builds for Business Jo outlines the key transferable skills: deep listening, risk management, performance under pressure, and reading the room.05:59 – Poker & Gender Imbalance Despite the male-dominated scene, Jo shares how the environment is evolving and why inclusivity—not 50/50 parity—is the goal.07:44 – Lessons for Startup Teams Jo compares limited data in poker and startups, bankroll/runway management, and the importance of making high-quality decisions consistently.09:49 – Playing the Long Game Resilience, persistence, and strategic decision-making.10:29 – Aura Fertility & Negotiating as a Founder Jo shares how she raised £600k for her FemTech startup and used poker instincts to navigate valuation and investor conversations.13:55 – Negotiation Mistakes: The "All-In" Fallacy Jo unpacks why some founders or investors go "all in"—and what they’re really signaling about negotiation ability and ego.14:37 – Executive Presence & Investor Psychology Playing not just the cards, but the perceptions. Jo explains how table presence mirrors founder confidence in boardrooms.15:10 – Poker Misconceptions Debunking myths: poker isn’t all bluffing. Jo explains the difference between bluff-based games and Texas Hold'em.16:20 – Why Texas Hold’em is a Business Masterclass Community cards mean shared data, emphasising logic, negotiation, and risk evaluation—not deception.17:22 – Should All Founders Learn Poker? Jo makes a strong case for poker as a self-awareness tool—revealing how we handle stress, risk, and conflict.20:56 – Biggest Founder Lesson from Poker Avoiding "tilt" after a setback and how to bounce back with focus and discipline.21:45 – Bankroll Strategy & Knowing Your Levers Jo explains why you need "enough chips to do damage"—and how that applies to leverage in business negotiation.23:16 – Poker as a Hiring Tool? Jo suggests poker simulations may outperform psychometric tests in surfacing resilience, strategy, and interpersonal savvy.24:56 – Duplicate Bridge & Gamified Hiring A thought-provoking take on creating controlled poker challenges to assess talent and founder potential.26:07 – Poker is Not Just for the Bros Jo highlights how beginner women often outperform overconfident players through disciplined, strategic play.27:15 – Final Thoughts: A Tool for Strategic Insight Poker as a lens for understanding investment decisions, founder mindset, and long-term success.Website: aceshighlondon.comInstagram: @aceshighlondonLinkedIn: Jo Living

Upside: Public Meets Private – What It Means for VentureIn this episode of Upside, Dan is joined by Lomax from Outsized, Andrew from 7%, and Mads from SuperSeed to explore how public markets intersect with private markets—and why it matters for VCs and founders alike.Key Topics Covered:[00:01] Welcome & Intros:Dan welcomes guests and sets the scene for a deep dive into public vs. private markets.[02:00] Ørsted’s Offshore Wind Cancellation:Mads unpacks the Hornsea phase four cancellation.Energy security, interest rates, and the geopolitical chessboard.[07:20] The UK’s Future of Compute:Lomax highlights Albion VC’s report on UK deep tech and compute.What went wrong with Graphcore and what’s next for quantum players like Riverlane and Quantum Motion.[10:45] Healthcare IT & NHS Modernisation:Andrew revisits the NHS’s tech failures and weighs the new £21B upgrade plan.The case for agile, smaller tech firms in public procurement.[16:30] DoorDash-Deliveroo Deal & EIF Market Pulse:Dan covers DoorDash’s acquisition of Deliveroo and what it says about European tech exits.EIF’s barometer survey: what’s top of mind for VCs and PE in Europe right now.[18:38] UK-EU Youth Mobility & Trade Talks:Mads outlines the potential for a youth mobility deal post-Brexit.Lomax emphasizes the enduring importance of EU-UK trade vs. US-UK hype.[20:55] Public Markets’ Role in VC:Dan kicks off a new segment: why public markets matter even if you're a private investor.Surprising stats on IPO sizes, US investor involvement, and cross-border exits.[29:17] Lightspeed’s RIA Move Explained:Lomax explains why Lightspeed and other big VCs are becoming RIAs.What it means for fund structures, founders, and the evolving investment landscape.[50:20] Secondaries Deep Dive:The group discusses the booming role of secondaries in venture.Liquidity, DPI, and how VCs are adapting to a world of longer-hold private assets.[59:37] AI Corner:Mads updates on Google’s new AI milestone overtaking Anthropic’s Claude 3.7.OpenAI’s nonprofit drama and its funding round headaches.[1:01:30] Deal of the Week:Spotlight on two European drone unicorns: TechEver (Portugal) and Quantum Systems (Germany).The rise of defence-tech in Europe and implications for global security.[1:06:10] Marrakesh & EU VC Meetups:Dragon Chasers VC retreat in Marrakesh—paragliding and power networking.EU VC crew gathering in London to strengthen European venture ties.If you're a founder, investor, or just passionate about startups and venture capital, Upside is your go-to source for deep dives into the trends shaping Europe’s tech scene.

🎙️ Upside #40 Podcast — For The Real Stories Behind The European Venture HeadlinesIf you're into startups, VC investing, European Venture, or anything startup-ecosystem and business - this podcast is for you.Host: Dan Bowyer (SuperSeed) Guests: Lomax (Outsized), Mads (SuperSeed), Chris Elphick (BVCA)00:00 — Introduction Dan welcomes listeners to Upside, introducing co-hosts Lomax and Mads. Special guest Chris Elphick, Head of Venture Capital at the British Venture Capital Association (BVCA), joins to unpack the European venture scene.🏛️ BVCA, Government, and the Venture Landscape00:41 — Chris Elphick: Inside the BVCA Chris shares BVCA’s role as the voice of UK VC, its upcoming conference, and engagement with government and industry leaders like Peter Kyle (UK Secretary of State for Science, Innovation and Technology).01:30 — AI, MPs, and Government Tools Discussion on the use of AI in government, freedom of information requests, and whether MPs should be criticised or encouraged for experimenting with tools like ChatGPT.⚙️ Politics, Elections & Economic Backdrop05:00 — UK Local Elections & Reform’s Rise Chris and the team unpack local election results, the rise of Reform UK, and parallels with Trump-era political trends.06:50 — US-China Trade War & Global Impact Mads breaks down the effect of US-China tariffs on global trade, the likelihood of recession, and inflationary pressures.✈️ Aerospace & European Tech Ecosystem10:00 — Heart Aerospace Moves to the US The team explores why Swedish startup Heart Aerospace is relocating to LA,  touching on the US-Europe funding gap and the challenges of raising large growth rounds in Europe.13:00 — UK VC Fundraising Trends Chris shares new BVCA data: venture fundraising doubled from £2.3B (2023) to £4B (2024), with notable increases in US LP participation, but highlights the persistent absence of UK pension capital.💰 Pension Reform & the Scale-Up Gap25:00 — EIS, VCT, & British Business Bank Programmes Explaining the importance of Enterprise Investment Scheme (EIS), Venture Capital Trusts (VCT), and the British Business Bank in seeding UK funds.35:00 — Mansion House Compact & Pensions Deep dive into the push to unlock UK pension capital for VC:Charge cap changesLTAFs (Long-Term Asset Funds) are hereThe Nova initiative (inspired by France’s Tibi scheme)Challenges: fees, liquidity, education, performance🌍 European Comparisons56:00 — Who’s Doing Pension Release Well? Discussion of successful pension-backed VC models in Sweden, the Netherlands, France (Tibi), and lessons for the UK.🤖 AI Corner & Deal of the Week58:00 — AI: Changing the Game Mads highlights that ~30% of Microsoft and Google code is now AI-generated; Cursor hits 1B lines/day.59:00 — Defence & Geopolitics Lomax points to a Series A defence deal led by Index Ventures. Mads reviews the U.S.-Ukraine minerals deal as geopolitical chess.

🎙️ Upside Podcast: The Real Stories Behind The Headlines Affecting European VentureHosts: Dan Bowyer (SuperSeed), Andrew J Scott (7Percent), Mads Jensen (SuperSeed) 🔥 Episode HighlightsThis week, Dan, Andrew, and Mads tackle the latest trends shaping Europe’s startup and tech ecosystem, including:Cash Inflows into Europe: Massive cash movements into European funds – but how meaningful is this trend? Could instability in the US be Europe's gain?Drone Regulations and the Future of Delivery: With new UK drone regulations expected by 2026, Andrew explores whether drone grocery delivery is realistic – and where it makes the most sense.Wayve’s Breakthrough in Japan: Mads shares insights on Wayve’s strategic entry into Japan with Nissan, how it's setting a global stage for autonomous driving, and why Europe must compete.Tesla’s Shifting Focus: Dan highlights Tesla’s Q1 struggles, Musk stepping back from DOGE, and what that could mean for Tesla’s full self-driving ambitions.Early Stage VC Trends: Key findings from Dealroom’s Q1 report: healthtech dominance, foreign capital influx, and the evolving pre-seed landscape.Is Europe’s Surge in Investment Patriotism or Pragmatism? The team debates whether Europe's increasing inflows are a flash in the pan or a sign of a long-term shift.🥩 FoodTech & Future FarmingLab-Grown Meat Breakthroughs: Exciting developments from the University of Tokyo, Meatly, Miriam Eats, and 3DBT are pushing lab-grown meat closer to supermarket shelves. The panel discusses why cost remains the main hurdle and why agriculture as we know it could radically change within 20–30 years.Space-Grown Food: Space agencies are exploring cultivated food in low-gravity environments. Can startups tap into this cosmic opportunity?🔍 OpenAI's Big Moves & Antitrust DramaOpenAI Eyeing Google’s Chrome? The DOJ’s antitrust actions could force Google to sell Chrome – and OpenAI is reportedly interested. Is this good for competition, or are regulators overreaching?The Future of Foundational Models: Should OpenAI stay focused on core models or build an AI-driven app store? The team unpacks what’s next for AI’s leading players.🏥 Deal of the WeekSkin Analytics' £15M Raise: Dan spotlights Skin Analytics' Series B success to advance AI-driven skin cancer diagnostics — a meaningful healthtech leap for the UK.🛠️ Policy & Regulation CornerDeregulation Win: Mads celebrates new EU legislation easing sustainability reporting requirements — expected to save businesses €4–6 billion in administrative burden.🌟 Bonus: Cool Startups & What's NextNiobolt's Ultra-Fast Charging Tech: Andrew showcases a Cambridge spinout promising EV battery charging in under 6 minutes — a game-changer if it scales.Thanks for listening to Upside – where we make sense of the chaos behind Europe's venture scene. 👉 Subscribe, rate, and share if you enjoy the show!

🎙 Upside: The Real Stories Behind European VentureHosts: Dan (SuperSeed), Lomax (Outsized), Andrew (7%), Guest: Dilek Dayinlarli (Scalex Ventures)⏪ In This EpisodeThis week on Upside, the gang is joined by the brilliant Dilek Dayinlarli, founder and managing partner at Scalex Ventures. Together, they unpack the latest headlines, industry trends, and ecosystem insights — with a deep dive into the fast-emerging Turkish tech scene.🔥 What We Cover⚡ Rapid-fire News RoundupMurati raises $2B at $10B valuation — with talent from OpenAI and the Albanian PM cheering her onSynthesia hits $100M ARR and partners with Adobe — a UK generative AI success storyControversy as EIF refuses to back weapons/defence startups, even as Europe ramps defence spendingASML's Q1: Strong results but order volumes down — signs of tariff jitters?Figma confidentially files for IPO, bucking the trendHugging Face acquires a French humanoid robotics startupDollar drops: good for European stocks, not so good for US VC-backed markupsUK's bid for a piece of the $500B Stargate AI data centre projectNew Finnish startup hub Maria 01 scaling up to 70K sq ft — the Paris Station F playbook📈 Reports & Market TrendsDealroom x HSBC Q1 Report: UK startups raised $4.2B in Q1 2024 - led by healthtech, with outsized deals like Isomorphic ($600M) and Vediva ($400M)Concerns over UK IPO pipeline - will LSE stage a comeback?The "founder flywheel" is spinning: UK seeing post-exit talent build new venturesBig players still dominate fundraising: EIF, British Business Bank, British Patient Capital lead LP activity💬 Big ConversationsLiquidity crisis in European VC: money going in, but exits not keeping paceWhy mid-sized exits matter more than everCapital efficiency in emerging markets vs. “go big or go home” mentalityCan European VCs stomach the high-stakes bets their founders need?Secondary markets & the art of managing the “middle third” of your portfolio🌍 Spotlight on Turkey Dilek brings us into the fast-growing Turkish tech ecosystem:From $10M invested in 2012 to $2.6B+ in 2023Gaming, fintech, defence tech, and B2B software leading the chargeMassive spillover effects: Peak Games and Getir have spawned 100+ startupsEntry valuations 60% lower than the US, and capital efficiency is keySeries B gap remains a challenge — but momentum is buildingTurkey’s global diaspora plays a crucial role in scaling internationally🏆 Deals of the WeekDilek: Incident.io raises $62M Series B — another evolution in incident managementLomax: Strava acquires Runna, a top 3 UK fitness app — a quick win, or premature exit?🔗 Resources MentionedDealroom x HSBC UK Innovation Update (Q1 2024)PitchBook European VC Report (2024 Roundup)Maria 01 Startup Hub - Helsinki

🎙️ Featuring: Dan (SuperSeed VC) Lomax (Outsized) Andrew (7%)00:30 – Klarna’s IPO Pulled & BNPL Under Pressure Lomax reflects on Klarna pulling its IPO, amid turbulent markets and declining peers like Affirm. Is the buy-now-pay-later model starting to creak under macro pressure?02:15 – Wave AI x Nissan: A Mega Auto Deal from Cambridge A highlight for the UK: Wave AI’s $1.2B-backed AV tech lands a landmark partnership with Nissan for post-2027 production.03:30 – Shopify's CEO Goes AI-First Dan and Andrew react to a leaked Shopify memo urging teams to prove a task can’t be done by AI before requesting headcount.05:05 – AI Futures Project: Black Mirror Vibes A fascinating, speculative look at global AI scenarios via ai-2027.com — think Asimov meets geopolitics.06:45 – Tariff Talk: Trump, Trust & Europe’s Wake-Up Call Dan shares his eight theories on Trump's new tariff push, what it means for global trust, and Europe’s potential silver linings — including brain drain reversals and safe haven appeal.10:45 – What Founders Should (and Shouldn’t) Do Lomax: “Head down and build” remains the advice — though hardware startups at Series A/B should evaluate manufacturing strategy. Dan and Andrew agree: short-term panic isn’t the play.14:45 – Hardware & Biotech: Sector-Specific Risk How US-origin requirements, reshoring costs, and future pharma tariffs could force hard decisions on supply chains and capex.17:45 – Market Reactions, Investment Shifts & “VC Panic” From "RIP Good Times"-style memos to portfolio rebalancing — VCs are reacting in varied (and sometimes dramatic) ways.22:15 – Report Review: State of Venture (CB Insights Q1 2025)Global VC hit $121B — highest since Q2 2022AI dominated with $40B for OpenAI aloneCVC activity dropped sharply, particularly in Europe & AsiaUK VC funding hit a 5-year low; Nordics and France on the riseFewer deals, bigger rounds, and a record 12 $1B+ M&A deals27:15 – AI Bubble or Boom? Dan & Lomax debate how long the mega-investments in gen AI can last. Andrew points to foundational tech (chips, infra, cyber) as the safer long-term bets.32:30 – The Data Center Power Squeeze Power scarcity is slowing new data center builds — particularly in Europe. Efficiency, not just scale, may be the next AI gold rush.34:30 – Report Review: UK AI Sector (Tech Nation)2,300 AI startups worth $230B$1B raised in Q1 202576% of CEOs report positive impactGrowth capital & talent cited as top challengesPolicy still biased toward risk-aversion, not growth38:45 – “The UK Thinks Small” Lomax reads Barney Hussey-Yeo’s powerful critique of UK scale-up culture — a call for bigger ambition, smarter regulation, and less fear.41:45 – What Needs to Change? Andrew: “We don’t need more government-run funds — we need to unwind bad policies.” Immigration, pensions, and tax reforms are the real levers for growth.44:15 – Deals of the Week 🚀Polamist: European maritime defense techGreen Jets: $7M electric jet engine raiseJensen AI: Open-source distributed AI infraIsomorphic Labs: $600M mega-raise led by US capital46:45 – Final Thoughts Despite the gloom around tariffs, IPO slowdowns, and policy inertia, Q1 shows Europe's tech scene still has major moves to make — especially if founders stay focused and regulators get out of the way.

The shifting sands of geopolitics, defence tech, and AI — and what it all means for European startups, investors, and the broader ecosystem. From Germany’s defence splurge to Trump’s tariff theatrics and the commoditisation of LLMs, this one spans continents and controversies.🧵 Topics CoveredLiberation Day (US): What does Trump’s tariff agenda mean for European startups? Is it just noise, or should we be worried about supply chain shock and retaliatory regulation?European Defence Tech Boom: Germany’s lifted debt ceiling, tanks from Volkswagen, and defence ETFs surging 70-170%. Is this the economic unlock Europe’s been waiting for? Will the flood of money fuel true innovation, or just line the pockets of the usual suspects?The Dual-Use Dilemma: AI startups becoming “peace tech” and the sudden defence pivot — are we heading for a repeat of the blockchain hype cycle? What does real opportunity look like in this space?The AI Opportunity – or Not? Inspired by Nicolas Colin’s Drift Signal piece, the gang debates: Can Europe play a Japan-in-the-‘80s role in the AI era by winning at the application layer? Or is that wishful thinking?Pension Power in VC: UK’s Mansion House Compact and the potential influx of pension capital into venture. Will it finally trickle down to true innovation?TikTok Shop & Bezos’ Moves: What’s Amazon doing cozying up to Trump? Is TikTok’s forced sale the ultimate VC party round?📊 Data Points0.007%: UK pension allocation to VC5%: Targeted allocation by 2030 under the Mansion House Compact25,000 parts: Average number in a modern car — a tariff tangle waiting to happenUp to 170%: Growth in defence ETF performance400M: Capital raised by ISAR for its (exploding) rocket launch30 AI avatars: H&M replaces human models in new campaign50%+: US consumer share of GDP — explains the political calculus behind tariffs📝 Show Notes Extras📖 Recommended Read: Nicolas Colin's “Who Will Be the Japan of the AI Era?” on Drift Signal📈 Theororm’s Report: Resilience sector is up 30% in Europe while overall VC is down 45%🧠 Trivia: The UK launched a satellite into orbit before the EU ever did… back in 1971. RIP Black Arrow.🎙️ Upside: The Real Stories Behind The Headlines Affecting European VentureHosts:Dan (SuperSeed VC)Lomax (Outsized)Andrew (7%) (Mads is away enjoying cherry blossoms in Japan 🌸)